Group 1 - The core point of the article is that Li Auto Inc. (02015.HK) announced a share buyback on March 25, 2026, spending HKD 1.7006 million to repurchase 24,400 shares at a price range of HKD 69.65 to 69.70 per share [1]

Group 1 - The company, Li Auto-W (02015), announced a share repurchase plan, committing to buy back 210,500 shares at a total cost of $1.8809 million [1] - The share repurchase is scheduled to take place on March 24, 2026 [1] - This move indicates the company's strategy to enhance shareholder value through share buybacks [1]

Group 1 - The core viewpoint of the report is that Kerry Properties (00683) continues to offer an attractive dividend yield, with the target price raised from HKD 19.6 to HKD 22.2, maintaining an "outperform" rating [3] - Kerry Properties' basic earnings are expected to decline by 22% year-on-year in 2025, primarily due to increased expenses, rising financial costs, and higher taxes [3] - The company has made significant progress in deleveraging, with the net debt ratio improving from 41.5% at the end of December 2024, and is expected to drop below 30% by the end of 2026 [3] Group 2 - The report indicates that Kerry Properties now has a clear profit trajectory and will focus on new investments, particularly in the Hong Kong residential market [3] - Core earnings forecasts for 2026 and 2027 have been revised down by 38.9% and 19.6% respectively, reflecting higher expense levels, while maintaining stable dividend forecasts [3]

Core Viewpoint - The company reported a significant increase in annual profit, driven by growth in demand across various sectors, particularly due to the AI boom and the proliferation of electronic products [3]. Financial Performance - The company's annual profit attributable to shareholders reached HKD 1.353 billion, representing a year-on-year increase of 28.66% [3]. - The profit growth rate outpaced revenue growth, attributed to benefits from high-demand AI sectors, business structure optimization, and increased margins from rising prices of electronic components [3]. Business Segments - All business segments experienced growth, with a notable 30% year-on-year increase in AI-related business and a 20% increase in regional net profit [3]. - The company serves as a core partner for NVIDIA in Southeast Asia, contributing to the establishment of multiple AI computing centers and expanding market share with international brands such as Apple, HPE, and Dell [3]. Market Trends - The company is expected to benefit from the acceleration of digital transformation in Southeast Asia and the increasing demand from Chinese tech companies expanding overseas [3]. - The local channels, technical support, and delivery capabilities position the company well to capitalize on growth opportunities in AI infrastructure and regional ICT demand expansion [3].

Core Viewpoint - The company reported a revenue of 162.35 billion yuan for 2025, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 22.64 billion yuan, up 1.2% year-on-year [1] Financial Performance - In H2 2025, the company achieved a revenue of 81.31 billion yuan, a quarter-on-quarter increase of 0.3%, while the net profit attributable to shareholders was 10.28 billion yuan, a quarter-on-quarter decrease of 16.8% [1] - The decline in H2 performance is attributed to a drop in alumina prices and an increase in financial and other expenses by 1.59 billion yuan compared to H1 [1] Dividend Distribution - The company plans to distribute a dividend of 0.165 HKD per share, amounting to approximately 14.42 billion yuan, with a dividend payout ratio of 63.7%, corresponding to a dividend yield of 4.8% based on the stock price as of March 24 [1] Electrolytic Aluminum Segment - The company maintained stable production and sales in the electrolytic aluminum segment, with a sales volume of 5.824 million tons in 2025, remaining flat year-on-year [1] - The average aluminum price for 2025 was 20,721 yuan per ton, reflecting a year-on-year increase of 4.0% [1] - The production cost per ton of aluminum in 2025 was 13,000 yuan, a decrease of 200 yuan year-on-year, with a gross profit of 5,200 yuan per ton, an increase of 900 yuan year-on-year [1] Alumina Segment - The company reported an alumina sales volume of 13.397 million tons in 2025, a year-on-year increase of 22.7% [2] - The average alumina price in Shandong for 2025 was 3,178 yuan per ton, a year-on-year decrease of 21.0% [2] - The production cost per ton of alumina was 2,255 yuan, an increase of 2.1% year-on-year, with a gross profit of 643 yuan per ton, a decrease of 569 yuan year-on-year [2] Industry Positioning - The company has a well-integrated industrial chain with a compliant electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons [3] - The transition of electrolytic aluminum production capacity to Yunnan, which primarily uses hydropower, supports long-term development in the context of green energy [3] - The company has stakes in Guinea's iron ore projects, expanding its resource base horizontally [3] Future Outlook - The company is expected to achieve net profits of 36.85 billion yuan, 37.74 billion yuan, and 39.03 billion yuan for 2026-2028, corresponding to a price-to-earnings ratio of 8 times [4]

Group 1 - On March 24, Baker Hughes (02149) shares were transferred from Citibank to BNP Paribas, with a market value of HKD 38.0325 million, representing 5.63% of the total shares [3] - On February 2, RAYS Capital Partners Limited increased its stake in Baker Hughes by acquiring 30,000 shares at a price of HKD 43.2332 per share, totaling approximately HKD 1.297 million [3] - Following the acquisition, RAYS Capital Partners Limited's total shareholding rose to 3.0882 million shares, which accounts for 17.15% of the company's total shares [3]

Core Points - The U.S. and Israel have temporarily removed two senior Iranian officials, Foreign Minister Zarif and Speaker Ghalibaf, from their elimination list for a period of four to five days [1] - Washington is exploring potential ceasefire negotiations, indicating a shift in diplomatic efforts [1] - Trump has opened the door for negotiations aimed at ending the conflict [1]

Core Insights - The Amplify Video Game Leaders ETF (GAMR) underwent a significant rebalance in March, involving 22 constituent adjustments aimed at capturing a shifting global landscape and reinforcing core gaming fundamentals [1] Group 1: Changes in Holdings - The rebalance included a notable shift from U.S.-listed shares of NetEase, Inc. (NTES) to Hong Kong-listed shares (9999) at a 2.5% weight, indicating a preference for local listings for international companies [2] - Bilibili Inc (9626) was added to the portfolio at a 2.5% weight, enhancing exposure to digital entertainment platforms linked to gaming and streaming [2] Group 2: Weight Adjustments - Electronic Arts (EA) saw a weight increase of 2.16%, bringing its total to 5.0%, while Unity Software (U) increased by 1.32% to a 2.5% stake, reflecting renewed confidence in gaming industry architects [3] - AppLovin (APP) and Sea Ltd (SE) were both allocated 5.0%, emphasizing the importance of mobile and monetization platforms in the gaming model [4] Group 3: Trimming of Megacap Holdings - The rebalance involved trimming positions in top-performing holdings like Nvidia (NVDA) and Meta Platforms (META), both reduced to a capped weight of 10.0%, and Roblox (RBLX) trimmed to 2.5% [5] - The adjustments reflect a normalization phase after significant gains in AI-driven and platform-centric companies, with Nexon being removed from the index [6] Group 4: Industry Trends - The March rebalance indicates a strategic rotation within the gaming ETF landscape, reallocating gains from megacap tech leaders towards a more diversified mix of gaming publishers, development platforms, and mobile-first companies [7] - The shift towards local listings highlights the increasing significance of global market structures in index construction [7]

Group 1 - The core point of the article is that southbound funds have reduced their holdings in Melco International Development (00200.HK) by 31,900 shares on March 25, with a total net reduction of 114,000 shares over the past five trading days [1] - Over the last 20 trading days, there have been 12 days of net increases in southbound fund holdings, totaling an increase of 2,501,800 shares [1] - As of now, southbound funds hold 156 million shares of Melco International Development, representing 6.85% of the company's total issued ordinary shares [1] Group 2 - Melco International Development Limited is primarily engaged in the investment holding of entertainment and hotel businesses [1] - The company operates through two segments: the entertainment and hotel segment, which includes casino operations and hotel services, and the other segment, which focuses on investment activities [1]

Group 1 - Southbound funds reduced their holdings in Alibaba Health (00241.HK) by 6.39 million shares on March 25 [1] - Over the past 5 trading days, southbound funds increased their holdings on 3 days, with a total net increase of 1.62 million shares [1] - In the last 20 trading days, there were 11 days of net increases by southbound funds, totaling 20.04 million shares [1] - Currently, southbound funds hold 2.005 billion shares of Alibaba Health, accounting for 12.39% of the company's total issued ordinary shares [1] Group 2 - Alibaba Health Information Technology Co., Ltd. provides industrial internet solutions for the medical and pharmaceutical industry [2] - The company is the flagship platform of Alibaba Group in the health sector, primarily engaged in the sales of pharmaceutical health products [2] - Alibaba Health operates an e-commerce platform for pharmaceuticals and a consumer healthcare service platform, utilizing cloud computing and big data for traceability and digital healthcare [2]