Group 1 - The core point of the news is that southbound funds have increased their holdings in Wan Zhou International (00288.HK) by 694,800 shares on February 13, 2026, with a total net increase of 1,479,300 shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have reduced their holdings on 11 days, resulting in a total net decrease of 3,347,900 shares [1] - As of now, southbound funds hold 786 million shares of Wan Zhou International, accounting for 6.12% of the company's total issued ordinary shares [1] Group 2 - The company operates primarily in the pork business through three segments: meat products, pork, and others [2] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [2] - The pork segment engages in the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [2]

Core Viewpoint - Southbound funds have reduced their holdings in WH Group (00288.HK) by 1.83 million shares on February 12, indicating a trend of net selling over recent trading days [1]. Group 1: Shareholding Changes - In the last 5 trading days, southbound funds have reduced their holdings for 3 days, with a total net reduction of 1.03 million shares [1]. - Over the past 20 trading days, there have been 11 days of net reductions, totaling 3.78 million shares [1]. - As of now, southbound funds hold 785 million shares of WH Group, accounting for 6.11% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On February 12, 2026, the total shareholding was 785 million, with a decrease of 1.83 million shares, reflecting a change of -0.23% [2]. - On February 11, 2026, the total shareholding was 787 million, with an increase of 1.014 million shares, reflecting a change of +0.13% [2]. - On February 10, 2026, the total shareholding was 786 million, with an increase of 2.912 million shares, reflecting a change of +0.37% [2]. - On February 9, 2026, the total shareholding was 783 million, with a decrease of 1.3115 million shares, reflecting a change of -0.17% [2]. - On February 6, 2026, the total shareholding was 785 million, with a decrease of 1.8154 million shares, reflecting a change of -0.23% [2]. Group 3: Company Overview - WH Group Limited primarily engages in the pork business and operates through three segments: meat products, pork, and others [2]. - The meat products segment is involved in the production, wholesale, and retail of both chilled and frozen meat products [2]. - The pork segment handles the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [2]. - The other segment is engaged in poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and food retail chains [2].

Core Viewpoint - Citic Lyon has upgraded the weighting of the Hong Kong market to overweight by 20%, citing reduced correlation with the Chinese market and allowing for differentiated allocation [1] Group 1: Market Performance - The Hong Kong IPO market is expected to surpass its performance in 2025, with total IPO and placement fundraising amounting to $82.3 billion last year [1] - The Hong Kong property market has recorded its first annual increase since 2021, which is anticipated to boost the stock market [1] Group 2: Earnings and Valuation - Earnings forecasts for Hong Kong companies are projected to turn positive starting July 2025, ranking second in the Asia-Pacific region after Japan, South Korea, and Taiwan [1] - The valuation of the Hong Kong stock market is attractive relative to regional peers, with a price-to-earnings ratio of 16.7 times, slightly below the 35-year average of 17.2 times [1] - The Hong Kong market is the furthest from its historical highs, indicating potential for catch-up [1] Group 3: Stock Recommendations - Preferred stocks include WH Group (00288), AIA (01299), Hong Kong Exchanges and Clearing (00388), Sun Hung Kai Properties (00016), CK Hutchison Holdings (00001), Techtronic Industries (00669), and Galaxy Entertainment Group (00027), all rated as "outperform" [1] - WH Group is highlighted as a stock with "high confidence" by the firm [1]

Core Viewpoint - Southbound funds increased their holdings in WH Group (00288.HK) by 1.014 million shares on February 11, while experiencing a net reduction of 3.0549 million shares over the last five trading days [1] Group 1: Southbound Fund Activity - Over the past five trading days, there were three days of net reductions in holdings by southbound funds, totaling 3.0549 million shares [1] - In the last twenty trading days, there were ten days of net reductions, amounting to 1.3993 million shares [1] - Currently, southbound funds hold 787 million shares of WH Group, representing 6.13% of the company's total issued ordinary shares [1] Group 2: Company Overview - WH Group Limited primarily engages in the pork business and operates through three segments [1] - The meat products segment is involved in the production, wholesale, and retail of both chilled and frozen meat products [1] - The pork segment handles the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming activities [1] - The other segment is responsible for poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and financial services [1]

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Wan Zhou International (00288.HK) by 1.31 million shares on February 9, with a total net reduction of 5.25 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net reductions by southbound funds, totaling 4.47 million shares [1] - As of now, southbound funds hold 783 million shares of Wan Zhou International, accounting for 6.1% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business and operates through three segments [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, as well as pig farming [1] - The other segment deals with poultry slaughtering and sales, along with providing related products and services such as logistics, seasoning production, and packaging materials [1]

Core Viewpoint - Southbound funds have reduced their holdings in Wan Zhou International (00288.HK) by 1.8154 million shares on February 6, indicating a trend of net selling over recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have reduced their holdings on 3 days, with a total net reduction of 5.4726 million shares [1] - Over the past 20 trading days, there have been 10 days of net selling by southbound funds, totaling a net reduction of 2.8743 million shares [1] - Currently, southbound funds hold 785 million shares of Wan Zhou International, representing 6.11% of the company's total issued ordinary shares [1] Group 2: Company Overview - Wan Zhou International Limited primarily engages in the pork business and operates through three segments [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [1] - The other segment handles poultry slaughtering and sales, along with providing related products and services such as logistics, seasoning production, and packaging materials [1]

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Wan Zhou International (00288.HK) by 806,000 shares on February 3, with a total net increase of 4.81 million shares over the last five trading days and 8.08 million shares over the last twenty trading days [1] - As of now, southbound funds hold 789 million shares of Wan Zhou International, representing 6.14% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business and operates through three segments: meat products, pork, and others [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [1] - The other segment includes poultry slaughtering and sales, as well as providing related products and services such as logistics, seasoning production, and financial services [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 | | | 致：香港交易及結算所有限公司 公司名稱: 萬洲國際有限公司 呈交日期: 2026年2月3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) | 00288 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | 本月底法定/註冊股本總額： USD 5,000,000 ...

Core Viewpoint - Wan Cheng International (00288) shows signs of recovery in the Chinese market, with expected growth in packaged meat sales driven by the expansion of professional distributors and emerging retail channels [1] Group 1: Chinese Market Performance - The company’s sales in China are stabilizing, with a forecasted low single-digit growth in packaged meat sales by Q4 2025, benefiting from the expansion of distribution channels [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - Management aims for a mid-single-digit sales growth in 2026, supported by improved price differentials and product structure optimization [1] Group 2: U.S. Market Performance - The growth momentum in the U.S. market continues, with a reduction in hog farming capacity to 11.5 million heads expected to enhance profit margins [1] - Favorable pork prices, projected to rise by 9% in 2025, along with lower feed costs, are anticipated to support double-digit growth in operating profit for Q4 [1] - In 2026, moderate growth in packaged meat sales is expected, as pork remains a more affordable protein source compared to beef, with pricing power and product mix optimization likely to drive mid-single-digit growth in operating profit [1] Group 3: Earnings Forecast - Based on improved profit outlooks in the U.S. and Europe, the company’s earnings forecast for the fiscal year 2026 has been raised by 2% [1]

Core Viewpoint - Wan Zhou International (00288) shows signs of recovery in the Chinese market, with expected growth in packaged meat sales driven by the expansion of professional distributors and emerging retail channels [1] Group 1: Chinese Market Performance - The company is expected to achieve low single-digit growth in packaged meat sales by Q4 2025, which is an improvement compared to previous quarters [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - Management aims for mid single-digit sales growth in 2026, supported by improved price differentials and product structure optimization [1] Group 2: U.S. Market Performance - The growth momentum in the U.S. market continues, with a reduction in hog farming capacity to 11.5 million heads expected to enhance profit margins [1] - Favorable pork prices, projected to rise by 9% in 2025, along with lower feed costs, are anticipated to support double-digit growth in operating profit for Q4 [1] - In 2026, moderate growth in packaged meat sales is expected, as pork remains a more affordable protein source compared to beef; pricing power, product mix optimization, and ongoing efficiency improvements may drive mid single-digit growth in operating profit [1] Group 3: Earnings Forecast - Based on improved profit outlooks in the U.S. and Europe, the company's earnings forecast for the fiscal year 2026 has been raised by 2% [1]