印尼通信与数字部于2025年12月7日发布的第469号部长令已明确187类电信产品须强制获得DJID认证方 可进入市场，新规覆盖具有无线功能的智能家电、物联网设备及消费电子产品。该政策于2026年正式执 行，电信设备供应商的合规进度及市场适应性将影响产业链上下游企业。 公司项目推进 第一太平旗下Silangan金铜矿项目预计于2026年第一季度投产，有望在有色金属价格强势周期中释放盈 利弹性。同时，其电讯业务子公司PLDT的金融科技平台Maya已于2025年实现半年度盈利，2026年需关 注其用户增长与商业化深化情况。 经济观察网基于截至2026年02月19日的公开信息，印尼电信相关股票(如第一太平旗下PLDT等)及市场 环境将出现以下值得关注的事件： 行业政策与环境 行业政策与环境 2025年印尼GDP增长5.11%，第四季度增速达5.39%超预期。2026年经济表现将受财政政策有效性、大 宗商品价格波动及央行货币政策影响。凯投宏观预测印尼央行可能降息75个基点，若落地或提振市场流 动性。 行业状况 全球运营商正加速向算力网络、6G预研等新兴领域倾斜资源。印尼作为东南亚新兴市场，其电信运营 商在5G深度覆盖 ...

Core Insights - The Chinese real estate market is in a deep reassessment phase, transitioning from a growth model based on scale and price increases to a structural transformation, with a focus on breaking the cycle of cost reduction and service decline [1][7] - The macroeconomic outlook for 2026-2027 indicates a relatively stable growth trajectory, although the growth rate is expected to be lower than in 2025, with a "slow recovery" pattern emerging [1][9] - The industry is characterized by a "three-speed economy," where traditional sectors like real estate are in a slow adjustment lane, necessitating a redefinition of their roles to align with new development orders [1][14] Market Segmentation - The office market is shifting towards quality and efficiency, adopting a "less is more" strategy, focusing on multifunctional spaces and optimizing value through stock renovation and intensive management [2][18] - The retail market shows stable overall data but increasing differentiation among segments, with traditional core business districts losing their advantages, while regional projects and unique operators are rising [2][26] - The logistics market is closely tied to the real economy, with high-quality assets demonstrating resilience, and the industry is transitioning towards "quality asset holding + refined operations" [2][33] - The residential market is stabilizing at low levels, with sales steady but confidence fragile, emphasizing quality delivery and livability as key competitive factors [2][40] Investment Market Outlook - The investment market is likely to remain sluggish in 2026, but structural opportunities are emerging, with a preference for high-quality assets with stable cash flows [2][48] - The financialization of the industry is accelerating, with an increase in public REITs and holding-type ABS issuance, pushing the industry towards a "hold and operate" model [2][56] - Long-term capital is gradually entering the market, with a shift in valuation systems rewarding discipline and operational capability, making transparent pricing and precise positioning crucial for asset differentiation [2][53] Key Opportunities - The core opportunity for the real estate industry in 2026 lies in aligning with economic transformation and reshaping asset value logic, focusing on quality upgrades, operational optimization, and innovative models [3][8] - Each segment must return to its essence: offices focusing on collaboration efficiency, retail enhancing emotional connections, logistics adapting to supply chain upgrades, and residential emphasizing livability [3][40]

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 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2月2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 60,000,000 第 1 頁 共 10 頁 v 1.2.0 | ...

Core Viewpoint - Guosheng Securities has initiated coverage on First Pacific with a "Buy" rating, forecasting steady growth in net profit from 2025 to 2027, which is expected to reach $649 million, $708 million, and $767 million respectively, with year-on-year growth rates of 8.2%, 8.9%, and 8.4% [1] Financial Performance - Revenue for 2023 is projected at $10,511 million, with a decline to $10,057 million in 2024, followed by a recovery to $10,585 million in 2025, and further growth to $11,220 million in 2026 and $11,958 million in 2027 [2] - Net profit for 2023 is estimated at $501 million, increasing to $600 million in 2024, and continuing to grow to $649 million in 2025, $708 million in 2026, and $767 million in 2027, with year-on-year growth rates of 28.0%, 19.8%, 8.2%, 8.9%, and 8.4% respectively [2] - The latest diluted EPS is projected to rise from $0.12 in 2023 to $0.18 in 2027, while the return on equity is expected to remain stable around 13.6% to 15.3% over the forecast period [2] Business Segments and Growth Drivers - First Pacific has established a diversified business portfolio in consumer food, telecommunications, infrastructure, and natural resources, focusing on key markets like Indonesia and the Philippines [3] - The consumer food segment, particularly through Indofood, is a significant profit driver, contributing $333 million in profit in 2024, which is 42.92% of total profit [6] - The infrastructure segment, led by MPIC, is emerging as a new growth engine, contributing $199 million in profit in 2024, with a 24.78% year-on-year increase [6] - The telecommunications segment, through PLDT, continues to provide stable revenue, while the natural resources segment is positioned to benefit from the strong cycle of non-ferrous metals [7] Strategic Positioning and Market Opportunities - First Pacific's deep engagement in emerging markets like Southeast Asia allows it to capitalize on demographic dividends and consumption upgrades [9] - The company is enhancing its infrastructure capabilities, with MPIC's privatization increasing control over the segment, and expanding its toll road network in Indonesia [10] - The natural resources segment is set to benefit from the strong pricing of gold and copper, with the Silangan project expected to start production in Q1 2026 [10] Valuation and Investment Outlook - According to Guosheng Securities, First Pacific's P/E ratio is projected to be around 5.1 times in 2025, significantly lower than the average P/E ratio of comparable companies at 15.7 times, indicating substantial valuation upside [10][11] - The company's robust profitability and clear growth trajectory are seen as rare strengths in the current market environment, justifying the "Buy" rating [12]

Core Insights - The year 2026 marks the beginning of China's "14th Five-Year Plan," which outlines the development blueprint until 2030, focusing on the transformation of economic drivers, upgrading development paradigms, and reshaping the global landscape [1] - The real estate sector is at a critical juncture of stabilization and structural transformation, with new characteristics and opportunities emerging in both residential and commercial real estate markets [1][3] Real Estate Market Outlook - The overall real estate market is expected to maintain a stabilization trend in 2026, with significant structural differentiation; first-tier cities and prime locations are likely to see a rebound, while third and fourth-tier cities will continue to face inventory pressures [3][4] - Key indicators for market recovery include the reduction of first-hand housing inventory, the volume of second-hand housing transactions, and the participation of private enterprises in land auctions [6][7] - The core driving force for the real estate market's recovery is the overall macroeconomic improvement, which will stimulate demand and investment [7] Commercial Real Estate Opportunities - The global direct investment in real estate is projected to exceed $1 trillion in 2026, with China’s commercial real estate market poised to attract foreign capital, particularly in stable niche sectors like long-term rentals and quality community commercial projects [8][9] - The investment activity in China's commercial real estate is expected to improve, with core assets in first-tier cities returning to long-term investment value ranges, presenting structural opportunities for investors [11] - Domestic investors are encouraged to focus on high-quality, stable-return assets in prime locations, as these present a favorable window for investment amid the ongoing market adjustments [10][11]

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]

Group 1 - Brandes Investment Partners, L.P. increased its stake in First Pacific Company Limited (00142.HK) by purchasing 788,300 shares at an average price of HKD 5.89 per share, totaling approximately HKD 4.6431 million [1] - Following this transaction, Brandes Investment Partners, L.P.'s total shareholding rose to 341,616,527 shares, increasing its ownership percentage from 7.99% to 8.02% [1]

Group 1 - Brandes Investment Partners, L.P. increased its stake in First Pacific Company Limited (00142.HK) by purchasing 788,300 shares at an average price of HKD 5.89 per share, totaling approximately HKD 4.64 million [1] - Following the acquisition, Brandes Investment Partners, L.P.'s total shareholding reached 341,616,527 shares, raising its ownership percentage from 7.99% to 8.02% [1][2]