為成功保駕護航：推動可持續發展及創新，鞏固香港作為全球重要保險樞紐的地位 （暫定標題） 保駕護航：推動可持續發展及創新，鞏固香港作為全球重要保險樞紐的地位 目錄 | 報告摘要 | 04 | | --- | --- | | 鞏固香港作為亞洲領先全球保險樞紐地位 | 06 | | 在行業挑戰中探索發展機遇 | 07 | | i. 加強跨市場與業務領域的多元化發展 | 07 | | ii. 增加長期資產供應，以助履行對人壽保險保單持有人的合約責任 | 09 | | iii. 開拓新增長領域，鞏固香港的風險管理中心地位 | 09 | | 釋放保險資本，推動低碳轉型 | 12 | | i. 保險業在低碳氣候轉型中的積極作用 | 12 | | ii. 業界在綠色經濟轉型中面臨的挑戰 | 13 | | 加速數碼化轉型，革新內部陳舊系統 | 15 | | i. 全球保險業自動化與數碼化現狀 | 15 | | ii. 加速本港保險業數碼轉型與科技融合 | 16 | | 政策建議 | 18 | | 建議一：制定全面路線圖以加快跨行業數碼轉型進程 | 19 | | 建議二：探索於保險服務更全面應用「智方便」、數碼身份及相關數碼平台 ...

Industry and Company Overview * **Industry**: Tobacco and related products * **Company**: Central Hong Kong, a subsidiary of China Tobacco International * **Role**: Capital operation platform and international business expansion for China Tobacco Key Points Business Segments 1. **Tobacco Imports**: * High margin Brazilian tobacco imports contribute to increased gross margins. * Brazil's impact on gross margins due to cost and price increases. * Tobacco imports are planned and dependent on annual quotas. * Gross margins for tobacco imports increased by 6% due to cost plus pricing model. * [10][11][12][13] 2. **Tobacco Exports**: * Exports to Hong Kong, Macau, Taiwan, and Southeast Asia. * Sales volume and margins increased due to higher prices and improved product mix. * Sales volume and margins are expected to grow in the next few years. * [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 3. **New Tobacco Products**: * Sales in four core regions: Russia, Eastern Europe, the Middle East, and North Africa. * Focus on deepening market penetration and improving profitability. * Gross margins increased from 2.3% to 4.4% in the first half of 2024. * [39][40][41][42][43] 4. **H&B Products**: * Strategic focus for China Tobacco. * Price optimization, cost reduction, and product innovation. * Expansion into new markets based on market maturity. * [41][42][43] Financial Performance 1. **2024 Mid-Year Results**: * Revenue, gross margins, and scale all recorded normal growth. * Profitability continued to strengthen. * [5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 2. **Associated Party Transactions**: * Renewal of agreements with six overseas associated parties. * Approval of new three-year associated transaction amount limits. * [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] Future Outlook 1. **Tobacco Imports**: * Gross margins expected to remain stable. * Focus on maintaining cost competitiveness and optimizing product mix. * [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 2. **Tobacco Exports**: * Continued growth in sales volume and margins. * Expansion into new markets and product categories. * [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 3. **New Tobacco Products**: * Deepening market penetration in core regions. * Continuous improvement in profitability. * [39][40][41][42][43] 4. **H&B Products**: * Strategic focus for China Tobacco. * Continuous innovation and expansion into new markets. * [41][42][43]

Investment Rating - The report emphasizes the importance of Hong Kong's role in the internationalization of the mainland carbon market, suggesting a positive outlook for investment opportunities in this sector [26][27]. Core Insights - The report highlights the rapid development of the global carbon market, particularly the voluntary carbon market, and the urgent need for Hong Kong to become a major carbon trading center [27][28]. - It outlines the potential growth of the mainland carbon market, which is expected to expand significantly, with the mandatory carbon market projected to reach RMB 14.7 trillion (approximately USD 2.06 trillion) by 2030 [37][39]. - The report identifies key challenges facing the internationalization of the mainland carbon market, including low international recognition and lack of cross-border trading channels [55][61]. - It proposes several policy recommendations to enhance Hong Kong's role, including stimulating demand for carbon credits, establishing a cross-border trading mechanism named "Carbon City Link," and creating a non-governmental carbon registry system [80][81][82]. Summary by Sections Introduction - The introduction discusses the critical role of carbon markets in achieving sustainability and the potential for financing transitions to greener economies [33][34]. Importance of Internationalizing the Mainland Carbon Market - The mainland carbon market consists of a mandatory carbon market and a voluntary carbon market, with the former being the largest globally [37][39]. - The report notes that the mainland's carbon market is essential for achieving national decarbonization goals aligned with the Paris Agreement [27][28]. Challenges Facing Internationalization - Key challenges include low international recognition of CCER (China Certified Emission Reduction) and the need for improved cross-border trading mechanisms [55][61]. Unique Role of Hong Kong - Hong Kong is positioned to enhance the credibility of CCER and facilitate cross-border trading due to its unique advantages as an international financial center [68][69]. Policy Recommendations - Recommendations include stimulating market demand for carbon credits, establishing "Carbon City Link" for cross-border trading, creating a non-governmental carbon registry, providing legal certainty for carbon credits, and developing a vibrant carbon market ecosystem [80][81][82]. Conclusion - The report concludes that Hong Kong must take decisive actions to support the internationalization of the mainland carbon market, thereby reinforcing its position as a leading green finance center in Asia [143][144].

2024年11月 FSDC Paper No.66 ELOPMENT COUNCIL 香港金融發展局 nit 250 8 102 94 引領可持續發展的多變格局： 香港在推動可持續轉型金融的關鍵作用 引領可持續發展的多變格局： 香港在推動可持續轉型金融的關鍵作用 引領可持續發展的多變格局： 香港在推動可持續轉型金融的關鍵作用 目錄 | --- | --- | |----------------------------------------------------------------------------------------------------|-------| | 報告摘要 | 4 | | 引言 | 6 | | • 轉型金融：引導全球投資，邁向可持續未來 | 6 | | 探索轉型金融前沿 | 9 | | | | | • 在當今轉型金融不斷發展的背景下的共同理解 | 9 | | • 轉型金融在高排放及難減排行業的重要作用 | 12 | | • 轉型金融的現況 | 14 | | 香港在轉型金融中的策略地位及全球面臨的共同挑戰 | 21 | | • 香港整裝待發，致力推動轉型金融發展 | 21 | ...

賦能監管框架，助力金融 創新：Web3 及金融科技 委託撰寫機構： 2024 年 10 月 賦能監管框架，助力金融創新：Web3 及金融科技 賦能監管框架，助力金融創新： Web3 及金融科技 作者 Simon Mills 及 Mike Wardle，Z/Yen Group 香港金融發展局委託撰寫 封面圖使用 OpenArt AI 生成 2024 年 10 月 1 賦能監管框架，助力金融創新：Web3 及金融科技 目錄 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------| | | | | 前言 ............................................................................. ...

October 17, 2024 06:06 AM GMT M Update Semiconductor Production Equipment | Japan | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

M Update Hong Kong/China Insurance | Asia Pacific October 17, 2024 05:27 PM GMT Growth for Both Life and P&C GWP Still Healthy in September September saw most insurers' life GWP growth at a healthy level while 3Q24 new sales rose strongly. This, along with y-y increased margin, could act key drivers of superb VNB growth in 3Q. P&C GWP continued the growth trend and saw decent growth. Life GWP rose at a slower pace in September vs. August, but YTD growth still rose: Gross written premium (GWP) growth for all ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： Airlines Japan Industry View Attractive Marine Transportation Japan Industry View Cautious Diversified Services Japan Industry View No Rating Logistics Japan Industry View Attractive Tourism Japan Industry View In-Line Railways Japan Industry View In-Line shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： M Update Transportation | Japan October 14, 2024 02:44 PM GMT Top ...

October 13, 2024 03:10 AM GMT M Update HK/China Transportation & Infrastructure | Asia Pacific Week in Review (Issue 41-24) Week in review: 3Q24 prelims from CSH and OOIL; J&T 3Q24 operation update; 2024 National Holiday express and pax volume; investor presentation on China Express Tech Diffusion 3Q24 Prelims from CSH and OOIL: CSH's 3Q24 recurring net profit was Rmb21.2bn, +288.57% YoY, largely in line with our expectations. Implied 3Q24 minority interest was Rmb2.8bn, +250% YoY, vs. Rmb1.5bn in 2Q24, tha ...

M Update China/Hong Kong Consumer | Asia Pacific October 10, 2024 06:35 PM GMT 3Q24 Preview Summary: Onestop Shop for Forecasts We summarize our 3Q24 forecasts. Following the reductions after 2Q24 results, the magnitude of revisions into the 3Q results season was less. We do not expect major shifts in momentum in 3Q24 vs. 2Q24. Key Takeaways We highlight key trends for 3Q24 results vs. current consensus. Going into results, most stocks did not have further revisions. Those which did showed a mix of raises a ...