Core Viewpoint - UBS reports that geopolitical conflicts in the Middle East have led to increased macroeconomic uncertainty, making the risk-return profile of Hong Kong conglomerates more sensitive to external factors [1][2]. Group 1: Market Impact - UBS assumes that the Middle East conflict will remain unresolved until the end of Q3 this year, with reduced tanker traffic through the Strait of Hormuz and an average Brent crude oil price of $132.5 per barrel for the year [1][2]. Group 2: Company Ratings - UBS sets a target price of HKD 67 for Cheung Kong (00001) with a "Buy" rating, while Swire Properties (00019) receives a "Neutral" rating with a target price of HKD 72.7 [1][2]. Group 3: Financial Projections - UBS estimates that Cheung Kong's net asset value and potential earnings for 2026 could increase by 9% and 66%, respectively, primarily due to its subsidiary Cenovus Energy benefiting from rising oil prices [3]. - Conversely, Swire Properties' net asset value and potential earnings for 2026 may decline by 19% and 26%, respectively, due to fuel cost pressures affecting its subsidiary Cathay Pacific (00293) [3].

Group 1 - UBS reports that geopolitical conflicts in the Middle East have increased macroeconomic uncertainty, making Hong Kong conglomerates more sensitive to external impacts [1] - The firm assumes that the Middle East conflict will remain unresolved until the end of Q3 this year, with reduced tanker traffic through the Strait of Hormuz and an average Brent crude oil price of $132.5 per barrel for the year [1] - UBS sets a target price of HKD 67 and a "Buy" rating for Cheung Kong (00001), while Swire Properties (00019) receives a "Neutral" rating with a target price of HKD 72.7 [1] Group 2 - UBS estimates that Cheung Kong's net asset value and potential earnings for 2026 could increase by 9% and 66%, respectively, mainly due to its subsidiary Cenovus Energy benefiting from rising oil prices [1] - In contrast, Swire Properties' net asset value and potential earnings for 2026 may decline by 19% and 26%, respectively, due to fuel cost pressures on its subsidiary Cathay Pacific (00293) [1]

Core Viewpoint - UBS reports that geopolitical conflicts in the Middle East have increased macroeconomic uncertainty, making the risk-return profile of Hong Kong conglomerates more sensitive to external factors [1] Group 1: Market Impact - The assumption is that the Middle East conflict will persist until the end of Q3 this year, leading to reduced tanker traffic through the Strait of Hormuz and an average Brent crude oil price of $132.5 per barrel for the year [1] Group 2: Company Analysis - Longfor's net asset value and potential earnings for 2026 are estimated to increase by 9% and 66%, respectively, primarily due to its subsidiary Cenovus Energy benefiting from rising oil prices [1] - Swire Pacific's net asset value and potential earnings for 2026 may decline by 19% and 26%, respectively, due to fuel cost pressures affecting its subsidiary Cathay Pacific [1] Group 3: Ratings and Targets - UBS sets a target price of HKD 67 for Longfor with a "Buy" rating [1] - UBS sets a target price of HKD 72.7 for Swire Pacific with a "Neutral" rating [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長江和記實業有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00001 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 1 HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 1 HKD | | 8,000,000,000 | 本月底法定/註冊股本總額： HKD 8,000, ...

Core Viewpoint - The People's Bank of China (PBOC) continues to implement a moderately accommodative monetary policy while emphasizing the need to regulate credit market operations and reduce financing intermediary costs [1][2][3] Group 1: Monetary Policy Adjustments - The PBOC's monetary policy committee meeting highlighted the need for increased counter-cyclical and cross-cyclical adjustments to better utilize monetary policy tools for stable economic growth and reasonable price recovery [2] - The meeting reiterated the importance of maintaining ample liquidity and aligning social financing scale and money supply growth with economic growth and price level expectations [2] Group 2: Financing Costs and Market Behavior - A new focus on "regulating credit market operations and reducing financing intermediary costs" was introduced, indicating a shift towards lowering additional costs associated with financing beyond principal and interest [3] - The meeting emphasized the role of large banks in supporting the real economy and encouraged small and medium-sized banks to focus on their core responsibilities while enhancing capital strength [3] Group 3: Exchange Rate and Financial Stability - The PBOC aims to enhance the resilience of the foreign exchange market and stabilize market expectations, maintaining the RMB exchange rate at a reasonable and balanced level [3] - The meeting underscored the importance of maintaining financial market stability and advancing high-level financial openness while improving economic and financial management capabilities under open conditions [3]

Group 1 - The investment management business continues to be a significant pillar for the group's performance growth and profit enhancement in 2025, with a stable asset management scale of 28.4 billion yuan by year-end [1] - The group has successfully executed orderly project exits, distributing approximately 2.5 billion yuan to LPs throughout the year, leading to an increase in fund DPI, with 5 out of 11 main funds exceeding 100% DPI [1] - The group achieved approximately 524 million yuan in income from attached rights in 2025, with a cumulative realization of about 1.3 billion yuan, indicating a strong cash flow and profit contribution from the investment management business [1] Group 2 - Huaxing Securities has made significant improvements in overall business performance during the reporting period, with revenue and net investment income reaching 294 million yuan, a year-on-year increase of 19% [2] - The operating loss narrowed by 52% to approximately 46 million yuan, with retail and brokerage business revenue growing by 55%, accounting for 43% of total revenue, becoming a key growth driver [2] - The asset management business has strengthened its research and investment capabilities, achieving rapid growth in both revenue and management scale, while the investment banking sector continues to focus on hard technology [2] Group 3 - Huaxing Capital Holdings reported an annual revenue of 1.066 billion yuan for the year ending December 31, 2025, representing a year-on-year increase of 37.19% [3] - The company turned a profit with a net profit attributable to shareholders of 101 million yuan, compared to a loss in the previous year, with earnings per share of 0.19 yuan [3]

责任编辑：卢昱君 行情图 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，3月24日，贝莱德减持长和（00001）1793.3936万股，每股均价59.5998港 元，总金额约为10.69亿港元。减持后最新持股数目约为1.80亿股，最新持股比例为4.69%。 行情图 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，3月24日，贝莱德减持长和（00001）1793.3936万股，每股均价59.5998港 元，总金额约为10.69亿港元。减持后最新持股数目约为1.80亿股，最新持股比例为4.69%。 ...

Group 1 - BlackRock reduced its stake in CK Hutchison Holdings (00001) by selling 17,933,936 shares at an average price of HKD 59.5998 per share, totaling approximately HKD 1.069 billion [1] - Following the sale, BlackRock's remaining shareholding is approximately 180 million shares, representing a stake of 4.69% in the company [1]

Group 1 - BlackRock reduced its stake in Cheung Kong Holdings (00001) by 17,933,936 shares at an average price of HKD 59.5998 per share, totaling approximately HKD 1.069 billion [1] - After the reduction, BlackRock's latest shareholding stands at approximately 180 million shares, representing a holding percentage of 4.69% [1]

Core Viewpoint - Huaxing Capital Holdings (01911) reported a net profit attributable to shareholders of RMB 101 million for the year ending December 31, 2025, marking a turnaround from losses in the previous year, with total revenue increasing by 37.19% to RMB 1.066 billion [1] Group 1: Investment Management Business - The investment management business continued to be a key pillar for the group's revenue growth and profit enhancement, with a stable asset management scale of RMB 28.4 billion at year-end [2] - The group distributed approximately RMB 2.5 billion to limited partners (LPs) during the reporting period, with five out of eleven main funds achieving a DPI (Distributions to Paid-In) ratio exceeding 100% [2] - The group realized approximately RMB 524 million in carried interest income in 2025, with cumulative carried interest realized reaching around RMB 1.3 billion [2] Group 2: Huaxing Securities Performance - Huaxing Securities reported revenue and net investment income of RMB 294 million, a year-on-year increase of 19%, while operating losses narrowed by 52% to approximately RMB 46 million [3] - Retail and brokerage business revenue grew by 55%, accounting for 43% of Huaxing Securities' total revenue, becoming a significant growth driver [3] - The number of registered users for the Duoduo Jin app reached approximately 570,000, a 47% increase year-on-year, with active customer numbers growing by 58% to around 310,000 [3]