Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Core Viewpoint - The Hong Kong property market is experiencing a significant recovery, driven by the removal of cooling measures and a favorable economic environment, leading to increased buyer confidence and transaction volumes [1][2][4][10]. Group 1: Market Performance - Hong Kong's Sierra Sea Phase 2A recorded approximately 42,000 buyer registrations, with 213 units oversubscribed by over 196 times, setting a new record for 2023 [1]. - In 2025, the total number of property transactions reached 80,702, the highest in four years, with residential transactions totaling 62,832, valued at HKD 519.83 billion, marking year-on-year increases of 18.3% and 14.4% respectively [2]. - The Central City Leading Index (CCL) rose to 144.11 points in 2025, a 4.7% increase year-on-year, indicating a reversal of the previous three years' decline [2]. Group 2: Factors Driving Recovery - The recovery of the Hong Kong property market is attributed to multiple factors, including global economic conditions, interest rate cuts stimulating demand, and a clear economic recovery [4][5][6]. - The rental market's new dynamics, with high rental yields and a significant percentage of properties offering lower costs than renting, are encouraging buyers to enter the market [5][6]. - The local economic recovery is evidenced by a 40% rebound in the Hong Kong stock market and a 3.8% year-on-year GDP growth in the third quarter of 2025 [6]. Group 3: Policy Impact - The comprehensive removal of cooling measures in 2024 has significantly lowered entry barriers for non-local buyers, enhancing their willingness to invest in Hong Kong real estate [8][9]. - The introduction of talent attraction policies has further stimulated demand, with a notable increase in the number of Mandarin-speaking buyers entering the market [9]. Group 4: Future Outlook - The property market is expected to continue its upward trajectory in 2026, with a projected 15% increase in property prices and a significant rise in transaction volumes for both new and second-hand properties [10][11]. - The rental market is also anticipated to see a 5% increase in rents, although property price growth is expected to outpace rental increases [12].

Core Viewpoint - Cathay Pacific announced a share buyback plan and a share placement agreement with China National Aviation Holding Company, which will result in changes to the shareholding structure of the company [1] Group 1: Share Buyback and Placement - Cathay Pacific plans to conduct an off-market share buyback, with the announcement made on January 6 [1] - China National Aviation has entered into a share placement agreement to sell 108,080,000 shares, expected to be completed before a special shareholders' meeting [1] - Following the completion of the share placement and buyback, Swire's shareholding will increase from approximately 43.09% to about 47.65% [1] Group 2: Shareholding Changes - After the share placement, China National Aviation's shareholding will rise from approximately 27.11% to about 29.98% [1] - The changes in shareholding reflect the adjustments made in the irrevocable commitment previously signed by China National Aviation [1]

Group 1 - The event showcases a blend of sports, culture, consumer experience, and urban brand promotion, highlighting the diverse ecosystem of "Horse Culture+" [2] - The finals feature two main categories: dressage and show jumping, with a total of eight competition events [2] - Over the year, nine qualifying competitions attracted more than 4,000 horse-rider combinations from key cities in the Pearl River Delta [2] Group 2 - The event aims to set a new benchmark for the integration of "sports + culture + consumption," featuring performances of national intangible cultural heritage and a themed consumer area [3] - The Guangdong Equestrian League has seen significant growth, with the number of participating clubs increasing from fewer than 10 to nearly 80 over eight years [3] - By the end of the 2025 season, the number of horse-rider combinations participating in the league and U series is expected to reach 5,000, with nearly 2,000 active youth riders [3]

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | Swire Pacific Limited 太古股份有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | Swire Pacific Limited 太古股份有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 II. 已發行股份及/或庫存股份變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 ...

Group 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]

Core Viewpoint - The report from Credit Lyonnais indicates that the year 2026 will be filled with catalysts for Hong Kong conglomerates, with Chow Tai Fook (00659), Jardine Matheson, and First Pacific (00142) expected to experience the most catalysts [1] Industry Summary - The industry is projected to see a 5% growth in recurring earnings by 2026, supported by a weak US dollar, which creates favorable conditions [1] - The likelihood of dividend cuts is considered low, supporting a year-on-year growth of 3% in industry dividends for 2026 [1] Company Summary - Chow Tai Fook and Cheung Kong (00001) are identified as top picks due to their attractive risk-return profiles, with target prices set at HKD 8.8 and HKD 61 respectively, both rated as "Outperform" [1] - First Pacific, Swire Properties (00019), and Jardine Matheson are also viewed positively, with target prices of HKD 8.2 and HKD 74, both rated as "Outperform" [1]

近年来，随着"真如境"项目从"蓝图"变实景，红旗村完成了从城中村到城市新地标的华丽蝶变，城市界面持续焕新。今年，继"真如翠谷"板块启动土地供 应和住宅用地开发之后，真如城市副中心核心版图最后一块重要拼图——"真如之心"控规也已获批，即将挂牌入市。如何进一步提升城市建设品质，打造 高端产业与城市烟火融合的典范，成为当前关键议题。 此次沙龙通过平等、开放的交流，为真如城市副中心下一步发展提供了多元思路。随着核心地块陆续推出，真如城市副中心在各方协作下，即将焕发更璀 璨的光彩、书写更加辉煌的发展篇章。 "真如之心"规划效果示意图 "真如板块规划起点高，随着近年商业、办公、轨交配套逐步完善，吸引了不少高素质就业人群，发展确定性增强。"来自房地产评估行业咨询机构的资深 技术总负责人从土地价值发掘方面对真如板块重点地块的发展潜力给予了肯定。房地产市场领域专业研究机构资深从业人士则立足当前行业发展挑战和房 地产市场大环境，结合近几年普陀土地供应和房屋销售数据，重点对真如及周边板块进行了深度剖析，为各方把握市场脉搏、谋划发展方向提供专业参 考。 来自中海、华润、金茂、上海城建等中央、地方国企以及香港瑞安、太古、新鸿基等知名房 ...

Group 1 - High-level opening is seen as a "promoter" for mutually beneficial cooperation between China and the world, with a focus on aligning with international high-standard economic and trade rules by 2025 [1] - The Central Economic Work Conference identified "maintaining openness and promoting multi-field win-win cooperation" as a key task for China's economic work in the coming year [1] - There is a continuous emergence of new growth drivers in the Chinese economy, with foreign investment seizing high-quality development opportunities [1] Group 2 - Multinational companies are increasingly viewing China as a global innovation testing ground, with significant R&D centers established in the country [2] - The rapid industrial upgrade and green transformation in China are attracting foreign investment, as companies seek to deepen their roots in the Chinese market [2] - The actual use of foreign capital in high-tech industries reached 221.26 billion RMB, accounting for over 30% of the total foreign capital used [3] Group 3 - China's foreign trade showed resilience, with a total import and export value of 41.21 trillion RMB in the first 11 months of 2025, a year-on-year increase of 3.6% [5] - The number of newly established foreign-invested enterprises in China exceeded 60,000 in the first 11 months of the year, a 16.9% increase year-on-year [3] - China has continuously increased imports from the least developed countries, with a cumulative increase of over 55 billion RMB in imports over the past year [5] Group 4 - The Hainan Free Trade Port has seen significant growth, with 1,972 new foreign trade registered enterprises in its first week of operation, a 2.3-fold increase [7] - A series of institutional opening measures are set to be implemented in 2025, including the introduction of 20 measures to stabilize foreign investment [7] - The signing of the upgraded version of the China-ASEAN Free Trade Area 3.0 agreement marks a shift towards "institutional opening" [8]