Good afternoon, everyone. Welcome to the mid-term press conference of Hong Kong Central Media in 2024. This press conference will be in Mandarin and English. Before we start, I'd like to remind you that this press conference is only for analysts and investors. Please adjust your phones to silent mode. Thank you for your cooperation. I'd like to introduce the management staff of the press conference. First, Executive Director, Mr. Wang Wei-yi. Mr. Yang Lui-ming, Chief Financial Officer of the Executive Board ...

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].

Investment Rating - The report emphasizes the importance of transition finance in guiding global investments towards a sustainable future, highlighting Hong Kong's strategic position in this evolving landscape [3][4][10]. Core Insights - The development of green and sustainable finance has become a global priority, with Hong Kong aiming to establish itself as a key player in sustainable economic practices [7][9]. - Transition finance is crucial for bridging the gap between traditional and sustainable finance, particularly for high-emission sectors that require financial tools and support for gradual transformation [9][10]. - The report outlines several strategic recommendations for Hong Kong to enhance its role as a transition finance hub, including adopting a "three-pillar" model and fostering public-private partnerships [10][19]. Summary by Sections Report Summary - The report discusses the evolution of sustainable finance in Hong Kong, noting significant progress since the first report in 2016, and emphasizes the need for continued efforts to address climate-related challenges [7][9]. Introduction - Transition finance is defined as a means to support high-emission sectors in their decarbonization efforts, recognizing the complexity of achieving net-zero emissions [12][14]. Exploring the Frontiers of Transition Finance - The report highlights the necessity of a comprehensive transition finance framework to facilitate effective regulation and mobilize necessary financial resources for sustainable development [23][24]. Policy Recommendations - Recommendations include establishing guiding principles for diverse global pathways, promoting collaboration to enhance transition impact, and clarifying Hong Kong's strategic vision through tailored financing solutions [10][19][29]. Recent Global Initiatives - The report notes the significant investment needs to achieve climate goals, with an estimated $150 trillion required by 2050, emphasizing the critical role of transition finance in directing global investments [19][20]. Analysis of Transition Finance Scope - Transition finance is characterized by its focus on funding high-emission activities to support their decarbonization, acknowledging the importance of gradual progress towards climate goals [28][30]. Global Efforts in Transition Planning Disclosure - The report discusses the establishment of standardized frameworks for transition planning and disclosure, which are essential for effective implementation and assessment of transition finance initiatives [36][37].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the need for a supportive regulatory framework to foster innovation in the financial sector, particularly in the context of Web3 and fintech developments [3][4][19]. Summary by Sections Introduction to Web3 - Web3 represents a significant advancement in the digital realm, enhancing machine readability of web content and fostering a more intelligent, interconnected, and decentralized internet structure. This evolution is expected to transform the financial services landscape, particularly through decentralized finance (DeFi) [4][11]. Challenges in Designing an Enabling Regulatory Framework - The emergence of decentralized finance and Web3 technologies poses challenges to existing regulatory models, necessitating adjustments in regulatory strategies to ensure effective oversight in a low-centralized control environment [5][19]. Common Regulatory Tools and Techniques - Various countries employ structured approaches to regulate fintech and Web3 entities, including formal restrictions, laissez-faire methods, special authorizations, and regulatory sandboxes to facilitate innovation while ensuring safety [6][7]. Regulatory Considerations – Hong Kong Perspective - Hong Kong's approach to regulating Web3 and fintech offers valuable insights for the global community, highlighting the importance of balancing regulation with innovation to maintain competitiveness [8][9]. Global Connectivity - Hong Kong's regulatory experience in Web3 serves as a case study for other regions, emphasizing the need for clear regulatory frameworks that reduce policy uncertainty and support strategic growth in diverse financial environments [9][10]. Observations on Building an Enabling Regulatory Framework - The report outlines key characteristics of an effective regulatory framework, including transparency, supervision, clarity, complementarity, comprehensiveness, outward orientation, and flexibility [20][21]. Effective Regulatory Agency Characteristics - Effective regulatory agencies foster trust in the financial system by ensuring clear communication, understanding regulatory scope, and maintaining predictability in regulatory outcomes [21][24]. Web3's Potential Impact on Financial Services - Web3's core features, such as decentralization and trustlessness, are expected to enhance financial inclusion by providing faster transaction speeds and lower costs, potentially serving the unbanked population globally [17][19]. Enabling Regulatory Framework for Financial Innovation - The stability of national and global financial systems relies on effective regulation of financial institutions, with a focus on prudential regulation, conduct regulation, and systemic regulation to mitigate risks [19][20].

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

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