智通财经网·2025-12-31 08:44Group 1 - The core viewpoint of the article is that 2026 will be filled with catalysts for Hong Kong conglomerates, with Chow Tai Fook (00659), Jardine Matheson, and First Pacific (00142) expected to have the most catalysts [1] - The industry is anticipated to see a 5% growth in recurring profits by 2026, supported by a weak US dollar, and the likelihood of dividend cuts is low, leading to a projected 3% year-on-year increase in industry dividends for 2026 [1] Group 2 - The top stock picks are Chow Tai Fook and Cheung Kong (00001), as they offer the most attractive risk-reward profiles, with target prices set at HKD 8.8 and HKD 61 respectively, both rated as "outperform" [1] - The report is also optimistic about First Pacific, Swire Properties (00019), and Jardine Matheson, with target prices of HKD 8.2 and HKD 74 for the first two, both rated as "outperform" [1]