Core Viewpoint - Haitian Flavor Industry (03288.HK) saw an increase of over 2%, with a current price of 32.46 HKD and a trading volume of 60.48 million HKD [1] Group 1 - The stock price of Haitian Flavor Industry rose by 2.14% [1] - The current trading price is reported at 32.46 HKD [1] - The total trading volume reached 60.48 million HKD [1]

Core Viewpoint - Haitan Flavor Industry (03288) has seen a stock price increase of 2.14%, reaching HKD 32.46, with a trading volume of HKD 60.48 million, following the announcement of a board meeting to consider a special dividend and a shareholder return plan for 2025-2027 [1] Group 1 - The board meeting is scheduled for December 18, 2025, to discuss the proposal for a special dividend and the future three-year shareholder return plan [1] - The announcement indicates that the proposals may not necessarily be approved by the board, advising shareholders and potential investors to act cautiously when trading the company's shares [1] - Morgan Stanley views this news as a positive surprise for the market, reflecting the company's commitment to enhancing shareholder returns [1] Group 2 - Morgan Stanley anticipates an increase in the company's regular dividend payout ratio, with market expectations for dividends per share of RMB 0.86 and RMB 0.96 for 2025 and 2026, respectively, suggesting potential for upward adjustments [1]

Core Viewpoint - Haitian Flavor Industry (603288) announced a board meeting on December 18, 2025, to consider a special dividend and a shareholder return plan for the next three years (2025-2027) [1] Group 1: Stock Performance - Haitian Flavor Industry's stock rose by 2.14%, trading at HKD 32.46, with a transaction volume of HKD 60.48 million [1] Group 2: Market Reaction - Morgan Stanley views the announcement as a positive surprise, indicating the company's commitment to enhancing shareholder returns [1] - The market anticipates an increase in the regular dividend payout ratio, with expected dividends of RMB 0.86 and RMB 0.96 per share for 2025 and 2026, respectively, suggesting potential for upward adjustments [1]

Group 1 - The company, Foshan Haitian Flavoring Food Co., Ltd., will hold a board meeting on December 18 to consider the proposal for a special dividend [1] - The board will also review and approve the shareholder return plan for the years 2025 to 2027 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 由於前述議案未必一定會獲董事會批准，故本公司股東及潛在投資者於買賣本公 司股份時務請審慎行事。 佛山市海天調味食品股份有限公司 董事會 香港，2025年12月8日 於本公告日期，董事會成員包括：(i)執行董事程雪女士、管江華先生、黃文彪 先生、文志州先生、廖長輝先生及代文先生；及(ii)獨立非執行董事張科春先生、 屈文洲先生及丁邦清先生。 （股份代號：3288） 董事會會議召開日期 及 建議派發特別股息 佛山市海天調味食品股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董 事會會議（「董事會會議」）將於2025年12月18日（星期四）舉行，藉以（其中包括） (1)考慮建議派發特別股息（「特別股息」）及(2)審議及批准本公司未來三年（2025 年－2027年）股東回報規劃。 經於董事會會議上批准後，本公司將於董事會會議後另行刊發公告，以載列特別 股息之詳情（如有）。 FOSHAN HAITIAN ...

Core Viewpoint - Haitian Flavor Industry (03288.HK) announced that its board meeting will be held on December 18, 2025, to consider the proposal for a special dividend and to review and approve the shareholder return plan for the next three years (2025-2027) [1] Group 1 - The board meeting is scheduled for December 18, 2025 [1] - The agenda includes considering a proposal for a special dividend [1] - The meeting will also review and approve the shareholder return plan for 2025-2027 [1]

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

Core Insights - The "Southern Finance Forum 2025 Annual Meeting" was held on December 5-6 in Guangzhou, focusing on the theme "The Power of Consensus - Innovation Surge, China's Asset Revaluation" [1][4] Group 1: Trends in International Business - Over the past three years, the number of new issuers with international business has gradually increased, with more than half of this year's issuers planning to engage in international business or generating international revenue [3][6] - Funds raised in the Hong Kong stock market are primarily being used for overseas expansion by these companies [3][6] Group 2: Notable Examples - Companies like CATL (Contemporary Amperex Technology Co., Limited) and Haitian Flavoring & Food Company have utilized a significant portion of their IPO funds for international projects, such as CATL's battery factory in Europe and Haitian's global sales channels and Southeast Asian supply chain [3][6] - A common characteristic among leading companies like CATL, Haitian, and Heng Rui is their A+H listing strategy, which has contributed significantly to trading volume and new stock fundraising in the Hong Kong market this year [3][6] Group 3: A+H Listings - As of the third quarter of 2025, 14 companies have completed A+H listings in the past year, with over 77 applications submitted by September 30 [3][6] - The A+H listing model has proven to be a crucial funding platform for mainland enterprises in Hong Kong [3][6]

Group 1: Market Performance - The consumer sector continues to experience a pullback, with the Consumer ETF (159928) declining nearly 1% for the fourth consecutive day, with a trading volume exceeding 450 million yuan [1] - The Consumer ETF (159928) has accumulated over 420 million yuan in inflows over the past 20 days, and as of December 3, its latest scale exceeds 21.1 billion yuan, leading its peers significantly [1] - The Hong Kong Stock Connect Consumer 50 ETF (159268) also fell nearly 1%, with a trading volume exceeding 24 million yuan, and it received a net subscription of 2 million shares during the day, accumulating over 67 million yuan in inflows over the past 20 days [3] Group 2: Valuation and Investment Strategy - As of December 3, the TTM price-to-earnings ratio of the Consumer ETF (159928) is 19.74, which is at the 3.99% percentile over the past 10 years, indicating a higher valuation attractiveness [5] - Market style is expected to favor low valuations as the year-end approaches, with seasonal patterns suggesting a shift in investor allocation strategies [5] - High dividend and stable performance stocks are recommended for long-term attention in the context of insufficient growth and declining interest rates [7] Group 3: Alcohol Industry Insights - The white liquor sector is currently in a deep adjustment phase, with the demand and pricing strategies of leading brands like Moutai remaining uncertain [8] - Moutai's pricing strategy includes maintaining high-quality development and focusing on market-oriented marketing transformations, with an emphasis on digital and green transitions [8] - The white liquor sector is expected to see a recovery in demand, particularly with the upcoming long holiday period, which may support valuation recovery [8][9]

Group 1: Market Performance - The consumer sector experienced a decline, with the Consumer ETF (159928) dropping by 0.49%, marking its third consecutive day of decline, and a trading volume exceeding 250 million yuan [1] - The Consumer ETF (159928) saw a net subscription of 26 million units during the day, with a net inflow of 107 million yuan yesterday, accumulating over 390 million yuan in the past 20 days [1] - As of December 2, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers significantly [1] Group 2: Policy and Support Measures - Hunan province introduced 11 measures to boost consumption, emphasizing increased financial support for key consumption areas such as trade circulation and life services [3] - Hainan province issued a child-rearing subsidy plan, providing annual subsidies of 3,600 yuan per child for eligible families starting from January 1, 2025 [3] Group 3: Valuation and Investment Outlook - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 19.89, which is at the 4.41% percentile over the past decade, indicating a high valuation attractiveness [5] - Seasonal trends suggest that Q4 often sees shifts in investment styles, with December being a period where low valuation stocks may gain favor [5] Group 4: Future Consumption Trends - According to Jiangyin International, consumer spending is expected to see a slight recovery in 2025, with moderate growth continuing into 2026, driven by structural changes in consumer demand [7] - The consumer confidence index is gradually improving but remains below the threshold, indicating cautious consumer sentiment [7] Group 5: Food and Beverage Sector Insights - Huachuang Securities anticipates that traditional leading companies in the food and beverage sector will improve their market share, while new industry trends are emerging [8] - The food and beverage industry is expected to stabilize after a period of supply-demand imbalance, with a focus on traditional products like beer and dairy [9] - The industry is witnessing a shift towards new demands and business models, with opportunities in functional foods and health products [9]