在此背景下，第一太平作为深耕亚太市场的投资管理龙头，已构建消费性食品、电讯、基建及天然资源四大核心业务 版图，扎根印尼、菲律宾等关键市场，凭借扎实盈利与清晰增长逻辑，正迎来价值重估窗口期。 一、多元协同筑底盈利，民生赛道凸显韧性 第一太平的盈利扎实性，根植于民生产业的精准布局与多元业务的协同对冲效应。 在资本市场中，券商等专业机构的评级向来是感知企业投资价值的重要风向标。 近日，国盛证券发布对第一太平的首次覆盖报告，给予"买入"评级，预测2025年至2027年公司归母净利润将实现 6.49、7.08、7.67亿美元的稳步增长，同比增速分别达8.2%、8.9%、8.4%，引发市场对这在亚太发展逾四十年有稳健 实力的投资管理公司的关注。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万美元) | 10,511 | 10,057 | 10,585 | 11,220 | 11,958 | | 增长率 yoy(%) | 2.0 | -4.3 | 5.3 | 6.0 | 6.6 ...

2026年，是国家"十五五"规划的开局之年，这一新五年规划系统性勾勒出中国至2030年的发展蓝图。新 旧动能转换、发展范式升级、全球格局重塑，都将在这一时期找到新的交汇点。 理解"十五五"的顶层设计，是预见未来经济脉动与市场机遇的起点。时代的机遇藏在哪里？未来中国经 济增长的核心动力如何精准判断？值此开年之际，南都湾财社发起《开局2026：在新周期起点上》专题 策划。 第一太平戴维斯深圳董事总经理吴睿在接受南都·湾财社记者专访时表示，2026年作为"十五五"开局的 关键之年，房地产行业正处于企稳修复与结构转型的双重关键期，无论是住宅市场的城市分化，还是商 业地产的资本布局，都将呈现出新的特征与机遇。结合当前行业走势、政策导向以及市场表现，当下能 清晰捕捉到楼市筑底复苏的信号，同时也能看到商业地产在调整期中孕育的投资窗口，这些都值得市场 参与者重点关注与思考。 2026年楼市转型，优质资产表现将提振信心 南都·湾财社：站在2026年的全新起点，楼市将走向何方？是延续底部徘徊，还是迎来稳步升温？为什 么做出这样的判断？ 南都·湾财社：判断市场筑底完成或迎来转机的关键指标有哪些？支撑楼市触底回升的核心动力是什 么？ ...

Core Insights - The report by Savills China highlights that modern data centers are evolving from mere "server warehouses" to integrated operating systems that combine energy, cooling, network resilience, and physical security, increasingly incorporating AI-driven operational capabilities [1] Group 1: Data Center Value Proposition - The core value of data centers is no longer determined by floor area but by their ability to continuously, densely, and stably provide computing power [1] - Unlike traditional commercial real estate, the competitiveness of data centers is influenced by factors such as power supply and redundancy, cooling efficiency, network connectivity, operational reliability, and access to low-carbon electricity [1] Group 2: Regional Specialization in Data Centers - The report indicates a clear regional specialization in China's data center operations based on workload characteristics and application scenarios [1] - The eastern region is most suitable for deploying latency-sensitive, high-density workloads, while the central and western regions leverage lower land and electricity costs to handle high-energy tasks like AI training and cold data [1] - Actual utilization rates in these regions depend on the matching of network latency, connectivity, and downstream demand [1]

Core Insights - The Shenzhen real estate market is showing signs of structural optimization and steady recovery in 2025, with a focus on long-term value as it transitions into a new phase [1] - The First Pacific Davis released a report analyzing the Shenzhen real estate market, highlighting significant trends and developments [1] Commercial Real Estate - In 2025, Shenzhen will see a supply of 1.182 million square meters of Grade A office space, marking the first time in three years that the market reaches this level [2] - The total stock of Grade A office space in Shenzhen is expected to increase by 9.4% year-on-year to 12.843 million square meters by the end of 2025 [1] Net Absorption and Vacancy Rates - The net absorption for Shenzhen in 2025 is projected to reach 664,000 square meters, a new high since 2021, and 16.9% higher than the five-year average [2] - The average vacancy rate for Grade A office space in Shenzhen is expected to be 31.4% by the end of 2025, showing a slight decrease of 0.2 percentage points quarter-on-quarter but an increase of 0.8 percentage points year-on-year [2] Retail Properties - Six new retail projects will enter the Shenzhen market in 2025, contributing a total supply of 825,000 square meters, the highest since 2018 [2] - The total stock of retail properties in Shenzhen is projected to rise by 11.2% year-on-year to 8.188 million square meters by the end of 2025 [2] Residential Market - The residential market in Shenzhen will see several high-end projects launched in 2025, with strong demand for luxury homes, although overall transaction volume is expected to decline by 24.2% year-on-year to 3.785 million square meters [3] Qianhai Development - Qianhai has transitioned from a "policy testing ground" to a "functional agglomeration area," showcasing characteristics of institutional innovation and industrial ecosystem collaboration [3] - By 2025, over 60% of new demand for Grade A office space in Qianhai will come from financial technology and cross-border service enterprises, indicating strong industrial centripetal force [3] - Future developments in Qianhai are expected to focus on breakthroughs in cross-border data flow, green finance innovation, and high-end professional services, solidifying its strategic position in the Guangdong-Hong Kong-Macao Greater Bay Area [3]

Core Insights - Despite significant supply pressure, the Shenzhen office market showed notable highlights in 2025 with a return of over one million square meters of supply for the first time in three years [1] - The demand from technology companies for upgrades and expansions significantly contributed to large transactions and supported net absorption growth [1] - The annual net absorption reached 664,000 square meters, marking a new high since 2021 and exceeding the five-year average by 16.9% [1] Supply and Demand - In 2025, 21 new projects were launched, contributing a total supply area of 1.182 million square meters [1] - The average vacancy rate for Grade A office buildings in Shenzhen was recorded at 31.4%, with a slight decrease of 0.2 percentage points [1] - Rental index decreased by 1.9%, with average rent falling to 132.6 yuan per square meter per month [1] Future Outlook - The overall supply scale of Grade A office buildings in Shenzhen is expected to remain substantial in 2026, potentially surpassing one million square meters [2] - The development of technology, high-end, and high-tech manufacturing industries is anticipated to positively impact office demand, with expectations for continued growth [2] - The Qianhai area is transitioning from "functional aggregation" to "capability leap," with new breakthroughs expected in cross-border data flow, green finance innovation, and high-end professional services [2]

来源：格隆汇APP 格隆汇1月13日丨根据联交所最新权益披露资料显示，2026年1月7日，第一太平(00142.HK)获Brandes Investment Partners, L.P.在场内以每股均价5.89港元增持78.83万股，涉资约464.31万港元。 增持后，Brandes Investment Partners, L.P.最新持股数目为341,616,527股，持股比例由7.99%上升至 8.02%。 | 股份代號: | 00142 | | --- | --- | | 上市法國名稱 ... 日期(日/月/年): | 第一太平有限公司 13/12/2026 - 13/01/2026 11-201 | | | 大粒里/篮幕/能高行以人員名稱 作出張蘿的 真人/賣出或者及給我,面極的平均值 | | 药劳模式的股份數目 估已發行的 南國泰在的日期 相關注黨發出台 債權證據設 | | --- | --- | --- | --- | | | of the other free of | | 理事 (在人员/日) 官員與原因為《第四,日) 權 | | | | | CHE PHONE | | CS20260110 ...

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | | | 章大 份數目 | | | (請參閱上述 *註解)有投票權股 (日/月/4 | | | | | | | 份自分比 | | | | | | | 96 ) | | | CS20260110E00025 | Brandes Investment Partners. [101(L) | 788.301(L) | HKD 5.8900 | 341.616.527(L) | 8.02(L)07/01/2026 | | 股份代號: | 00142 | | --- | --- | | 上市法國名稱: | 第一太平有限公司 | | 日期 (日 / 月 / 年): | 13/12/2025 - 13/01/2026 | 格隆汇1月13日丨根据联交所最新权益披露资料显示，2026年1月7日，第一太平(00142.HK)获Brandes Investment Partners, L.P.在 ...

香港联交所最新资料显示，1月7日，Brandes Investment Partners,L.P.增持第一太平(00142)78.8301万股， 每股均价5.89港元，总金额约为464.31万港元。增持后最新持股数目约为3.42亿股，最新持股比例为 8.02%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月7日，Brandes Investment Partners, L.P.增持第一太平 (00142)78.8301万股，每股均价5.89港元，总金额约为464.31万港元。增持后最新持股数目约为3.42亿 股，最新持股比例为8.02%。 ...

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: 2025年12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: 第一太平有限公司 呈交日期: 2026年1月5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) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | 本月底法定/註冊股本總額： USD 60,000, ...