瑞银发表研报指，恒基地产去年核心盈利61亿港元，按年下跌38%，符合该行预期。公司削减末期息至 每股0.76港元，连同中期息每股0.5港元，全年共派息1.26港元，按年减少30%，减幅大致符合市场预 期。该行指出，恒地现时预测股息率为4.2%，高于新地的3.1%，相信股息削减的不明朗因素消除后， 资金或将转向恒地。另外，报告引述恒地管理层指，预期在西半山天御项目入帐支持下，2026财年香港 地区发展物业毛利率将回升至17%至19%(high teens)水平。该行予恒地目标价30.5港元，评级"中性"。 ...

Core Points - The 2026 "Li Ning Cup" China Pickleball Tour (CPC-1000) registration has officially started [1][7] Event Information - The event will take place from April 18 to 19, 2026, at Jiangxi Software Vocational Technology University (Jinggangshan Campus) and Jinggangshan Shuangmashi Smart Sports Park Gymnasium [2][8] - Registration is open from now until April 12, 2026, at 18:00 [2][8] - There are two main categories for participants: - Open Group (born between 1961 and 2007) with events for men's singles, women's singles, men's doubles, women's doubles, and mixed doubles - Evergreen Group (born between 1961 and 1976) with events for men's doubles, women's doubles, and mixed doubles [2][8] Registration Details - Participants must register online and pay through the designated "Le Dong Li Tennis" platform by the China Tennis Association, including wildcard athletes [2][8] - The organizing committee will provide sports accident insurance for all participants and referees [3][9] - If a participant needs to withdraw, they must cancel their registration through the official WeChat mini-program before the deadline for a full refund; late cancellations will not be accepted [3][10] Event Highlights - This event is a CPC-1000 points tournament, and winners will earn points that count towards annual rankings [4][11] - Prizes for the top eight in each category include cash rewards, certificates, and Li Ning pickleball equipment: - Doubles champions: 8,000 yuan (pre-tax) + certificates + medals + two Li Ning pickleball rackets valued at 1,680 yuan - Singles champions: 5,000 yuan (pre-tax) + certificates + medals + one Li Ning pickleball racket valued at 1,680 yuan [4][11] - A special "First Participation Award" is set to encourage new potential players [4][11] Participation Appeal - The event is designed to cater to both experienced players and beginners, promoting pickleball as a sport that connects people [6][13]

智通财经APP获悉，里昂发布研报称，下调对恒基地产(00012)今明两年盈利预测29.8%及28.3%，但改 用"资产净值折让"估值，并在楼市情绪改善支撑下，将目标价从23.1港元上调至30.6港元。维持"持 有"评级。新目标价较资产净值折让54.4%，折让幅度较其五年平均值高0.5个标准差。 恒基地产去年基本盈利及每股派息分别较市场共识预测低21%及26%，主要因缺乏可观资产出售收益， 而管理层对宏观环境持谨慎态度。但随着香港楼价回升、内地物业组合出租率趋稳，以及资产出售基数 偏低，是次超预期的跌幅很可能标志着盈利已见底，该行认为此次削减每股派息属一次性事件。该行预 期股息未达预期将对股价造成短期压力，但随着香港楼市进入正常化周期，估值焦点将转向资产净值。 ...

Core Viewpoint - The Hong Kong automotive stocks experienced significant gains in the late trading session, indicating a positive market sentiment towards the sector [1] Group 1: Stock Performance - Geely Automobile (00175.HK) rose by 4.9%, reaching HKD 20.98 [1] - BYD Company (01211.HK) increased by 4.1%, trading at HKD 106.6 [1] - Li Auto-W (02015.HK) saw a rise of 4.01%, with shares priced at HKD 67.4 [1] - Xpeng Motors-W (09868.HK) gained 3.21%, with a share price of HKD 73.9 [1]

Core Viewpoint - DCH's report indicates a cautious optimism from China Resources Beer management regarding the upcoming peak season despite a slight decline in revenue and a drop in average selling prices [1] Group 1: Financial Performance - China Resources Beer reported a revenue of 37.985 billion RMB for 2025, reflecting a year-on-year decrease of 2% [1] - Adjusted EBITDA reached 9.879 billion RMB, showing a year-on-year increase of 10% [1] - Beer sales volume increased by 0.4% in the second half of 2025, while the average selling price decreased by 5% due to proactive promotional activities [1] Group 2: Management Outlook - Management has observed positive effects from recent initiatives, with sales volume and average price both recording growth in the first two months of the year [1] - DCH maintains a "Buy" rating for China Resources Beer, adjusting the target price from 3.38 HKD to 3.03 HKD, which corresponds to an estimated enterprise value to EBITDA ratio of 6.3 times for the year [1] Group 3: Liquor Business - The report anticipates that if operations stabilize, the goodwill impairment losses for the liquor business will narrow this year [1]

Core Viewpoint - China Resources Beer is exploring a second growth curve despite facing challenges in its white liquor business, which has impacted its profitability significantly in 2025 [1][8]. Financial Performance - In 2025, China Resources Beer reported a revenue of 37.985 billion RMB, a decrease of 0.76% year-on-year, and a net profit attributable to shareholders of 3.371 billion RMB, down 28.87% [1]. - The company declared a dividend of 1.021 RMB per share for 2025, an increase of 34.3% year-on-year [1]. Beer Sales and Market Strategy - The company achieved beer sales of approximately 11.03 million kiloliters in 2025, reflecting a year-on-year growth of 1.4% [4]. - High-end beer products continued to grow, with sales of premium and above beers increasing by nearly 10%, while sales of sub-premium beers grew in the mid-single digits, accounting for nearly 25% of total sales [4]. - The management team, newly appointed, is focused on addressing the challenges posed by a contracting market and increasing competition [3]. White Liquor Business - The white liquor segment, which has been part of the company's strategy for nearly three years, reported a revenue of 1.496 billion RMB in 2025, a decline of nearly 30% from 2.149 billion RMB in 2024 [8]. - A goodwill impairment of 2.877 billion RMB was recorded due to the acquisition of the white liquor business, marking a significant impact on overall profitability [8]. - The chairman expressed confidence in the long-term potential of the white liquor market despite current challenges, emphasizing the need for a second growth curve for the company [9][10]. International Expansion - The company is preparing for international expansion during the 14th Five-Year Plan period (2026-2030), leveraging its partnership with Heineken to explore overseas markets [7]. - The strategy includes focusing on countries that are culturally friendly to China and utilizing cooperative approaches to mitigate risks [7].

Core Viewpoint - UBS reports that China National Pharmaceutical Group (01099) is expected to have total revenue of 575.1 billion RMB in 2025, a year-on-year decrease of 1.6%, while net profit attributable to shareholders is projected to be 7.16 billion RMB, a year-on-year increase of 1.5%, both in line with expectations [2] Group 1: Financial Performance - The company is expected to experience a revenue decline due to ongoing industry policy headwinds affecting distribution income [2] - Despite the revenue decline, the company has managed to lower its operating expense ratio through cost control and business optimization [2] - UBS has raised its earnings per share forecast for 2026 to 2028 by 1% to 2% and maintained a "Buy" rating, increasing the target price from 24.2 HKD to 25.7 HKD [2] Group 2: Market Position and Growth - The company is anticipated to achieve revenue growth that outpaces the industry this year, primarily benefiting from an increase in market share, innovative drug distribution, and retail business [2] - There is an expectation of a slight expansion in net profit margin for the company [2]

Core Viewpoint - Recent reports indicate that some Android users experienced abnormal deletion notifications for images and videos while using the Meituan app, which the company attributes to a rare conflict with third-party SDKs during automatic cache clearing [1] Group 1: User Impact - Over 180 users have contacted customer service regarding the issue, with an estimated potential impact on several hundred users [1] - The problem is localized to the users' mobile system and does not involve Meituan's app reading, storing, or transferring any personal data, ensuring user privacy and account information remain unaffected [1] Group 2: Company Response - Meituan has quickly established a special technical support team to assist affected users in recovering their data [1] - The company has apologized to each affected user and will cover all costs and compensate for any corresponding losses [1]

Core Viewpoint - The automotive internet service platform, Autohome (02518.HK), has faced restrictions on multiple social media accounts due to violations of laws and regulations, impacting its online presence and user engagement [2][4]. Group 1: Account Restrictions - Autohome's Weibo account, with approximately 9.79 million followers, has been banned from being followed, with the last update on January 5 [2]. - The official Douyin account of Autohome, which has 6.51 million followers, is also prohibited from being followed, along with its accounts on Kuaishou and Bilibili, citing "account abnormalities" or "violations of community regulations" [2]. - The company has not provided clear reasons for these restrictions, with only the Weibo account responding to inquiries [4]. Group 2: Regulatory Issues - In January, Autohome was criticized by the Central Cyberspace Affairs Commission for conducting non-standard evaluation projects, which misled the public regarding automotive product quality and performance [4]. - The commission highlighted that platforms like Autohome and Pacific Automotive engaged in misleading automotive evaluations [4]. Group 3: Company Background and Financial Performance - Autohome was founded in 2005 by Li Xiang and transitioned from a vertical automotive content platform to a comprehensive automotive service platform [4]. - The company went public in the U.S. in December 2013, reaching a peak stock price of over $120, with a market capitalization exceeding $10 billion [4]. - In March 2025, Autohome reported a total revenue of 1.46 billion RMB for Q4 and an adjusted net profit of 304 million RMB [6]. - For the full year of 2025, the total revenue was 6.45 billion RMB, with an adjusted net profit of 1.61 billion RMB [6]. - The CEO emphasized that 2025 marks a pivotal year for Autohome's transformation into a one-stop automotive ecosystem service platform, focusing on enhancing content quality and building an integrated service system [6].

Group 1 - Multiple official accounts of Autohome have been banned from being followed on various social media platforms due to violations of laws and regulations [1][2] - The official Douyin account of Autohome, which has 6.51 million followers, has also been banned, along with its accounts on Kuaishou and Bilibili, with reasons cited as "account abnormal" or "violating community regulations" [2] - In January, Autohome was criticized by the Central Cyberspace Administration for conducting non-standard evaluation projects, which misled the public regarding the quality and performance of automotive products [6]