一、千亿总资产与超低净负债 其实很多时候，市场对于一些大型企业资产运作的敏感与担忧，往往源于对庞大商业帝国整体实力与战略纵深的不完全理解。 要知道，周大福集团是一个典型的多元化、跨产业的家族财团。其公开的上市版图中，周大福珠宝集团是全球市值最高的珠宝公司之一，新世 界发展是香港主要的房地产开发商之一，周大福创建集团则覆盖了建筑、保险、物流和设施管理等多元业务。 周大福集团旗下企业结构图 仅这些主要上市公司的总资产合计已远超数千亿港币，整个集团据市场估算的估值规模约在2000亿美元量级。如此庞大的产业布局和资本厚 度，意味着其风险被高度分散，任何单一板块的短期调整都不足以撼动整体的根基。 而要理解周大福创建的价值，首先要跳出对单一业务板块短期波动的讨论，对其整体资产状况进行综合审视。 每当提及周大福集团，市场的目光总不由自主地被其旗下的"明星"吸引：全球门店超六千家的周大福珠宝，处于债务管理关键期的新世界发 展，或是承载着家族声誉与顶级生活方式的瑰丽酒店。 媒体的叙事往往围绕着它们展开，或赞其增长，或剖其危机，勾勒出一幅幅充满戏剧张力的商业图景。然而，在一场宏大的棋局中，能冲锋陷 阵的"车马炮"固然重要，但看似 ...

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: | 2026年1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: | 新世界發展有限公司 | | | 呈交日期: | 2026年2月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00017 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,516,633,171 0 2,516,633,171 增加 / 減少 (-) 0 本月底結存 2,516,633,171 0 2,516,633,171 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1) ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint On February 2, the capital market remained balanced and stable, the bond market oscillated weakly, the main indexes of the convertible bond market declined collectively, most convertible bond issues fell, the yields of US Treasury bonds across all tenors generally rose, and the yields of 10-year government bonds in major European economies generally rose [1][2]. 3. Summary by Section 3.1 Bond Market News - **Domestic News**: Premier Li Qiang emphasized promoting development, improving people's livelihoods, and enhancing the development potential in Shandong; the central government approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023 - 2035)", which is significant for Beijing - Tianjin - Hebei coordinated development; the "2026 'Happy Shopping Spring Festival'" event will be launched to boost consumption; the Ministry of Finance and the State Taxation Administration issued relevant tax management measures [4][5][8]. - **International News**: The US January ISM manufacturing PMI far exceeded expectations; the US and India reached a trade agreement to lower tariffs; international crude oil and natural gas prices declined [9][10][11]. 3.2 Capital Market - **Open - market Operations**: On February 2, the central bank conducted 750 billion yuan of 7 - day reverse repurchase operations with a rate of 1.40%. With 1505 billion yuan of reverse repurchases maturing, there was a net withdrawal of 755 billion yuan [13]. - **Funding Rates**: The capital market remained balanced and stable. DR001 rose 3.65bp to 1.364%, and DR007 fell 10.2bp to 1.491%. Other funding rates also showed changes [14]. 3.3 Bond Market Dynamics - **Interest - rate Bonds**: In the morning, the bond market was bullish due to the disappointing January PMI data, but then oscillated weakly. The yields of some bonds changed, such as the 10 - year Treasury bond active issue 250016's yield rising 0.50bp to 1.8150%. The bond bidding situation showed different issuance scales, yields, and multiples [15][16]. - **Credit Bonds**: Three industrial bonds had a trading price deviation of over 10%. There were also various credit - related events such as debt and guarantee overdue, investment negotiations, bond suspension and resumption, and rating adjustments [17][19]. - **Convertible Bonds**: The A - share market declined, and the convertible bond market followed suit. The main convertible bond indexes fell, and most individual convertible bonds declined. The trading volume of the convertible bond market shrank, and some bonds had significant price changes. Yifeng Convertible Bond may trigger the condition for downward adjustment of the conversion price [19][20][22]. - **Overseas Bond Markets** - **US Bond Market**: Yields of US Treasury bonds across all tenors generally rose, and the yield spreads of some maturities narrowed. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate declined [23][24][26]. - **European Bond Market**: Except for the 10 - year UK government bond yield, which declined 2bp, the 10 - year government bond yields of other major European economies generally rose [27]. - **Chinese - funded US - dollar Bonds**: The daily price changes of Chinese - funded US - dollar bonds showed significant differences among different issuers, with some rising and some falling [29].

Group 1: Domestic News - Premier Li Qiang emphasized the importance of combining short-term and long-term strategies to effectively promote development and improve people's livelihoods during his research in Shandong [2] - The Central Committee and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", which aims to enhance the capital's functions and promote high-quality regional development [2] Group 2: International News - The ISM Manufacturing PMI for January in the U.S. rose significantly from 47.9 to 52.6, surpassing expectations of 48.5, indicating robust growth in new orders and production [5] - A trade agreement between the U.S. and India was reached, reducing U.S. tariffs on Indian goods from 25% to 18%, with India agreeing to lower its tariffs on U.S. products [6] Group 3: Commodity Market - International crude oil prices fell, with WTI crude down 4.71% to $62.14 per barrel and Brent crude down 4.36% to $66.30 per barrel [7] Group 4: Financial Market - The central bank conducted a 7-day reverse repurchase operation of 750 billion yuan at an interest rate of 1.40%, resulting in a net withdrawal of 755 billion yuan due to 1,505 billion yuan of reverse repos maturing [8] - The money market remained stable, with the DR001 rate rising by 3.65 basis points to 1.364% and the DR007 rate falling by 10.2 basis points to 1.491% [9] Group 5: Bond Market - The bond market experienced fluctuations, with the 10-year government bond yield rising by 0.50 basis points to 1.8150% [9] - In the credit bond market, significant price deviations were noted, with "H0 Zhongjun 02" dropping over 72% and "H1 Bidi 03" dropping over 56% [11] Group 6: Convertible Bonds - The convertible bond market saw a collective decline, with major indices falling by 2.39% to 2.31%, and a total trading volume of 850.83 billion yuan, down 81.89 billion yuan from the previous trading day [14]

Core Viewpoint - New World Development's stock price has experienced a significant decline of 11.25%, currently trading at HKD 10.1, with a trading volume of HKD 97.77 million [1] Group 1: Investment Activity - Blackstone Group is reportedly in negotiations to become the largest shareholder of New World Development, with discussions starting in Q4 2025 and currently in the core terms negotiation phase [1] - Blackstone plans to increase its stake through a combination of cash subscription for new shares and acquisition of existing shares from the Cheng family, potentially raising its ownership to over 30% [1] - The Cheng family is expected to retain a stake in the company, although their ownership may decrease to below 15% [1] Group 2: Company Response - New World Development issued a statement acknowledging media speculation regarding potential investors, confirming that its controlling shareholder, Chow Tai Fook Enterprises, has been approached by several potential investors [1] - The company clarified that no agreements have been reached with any potential investors regarding the amount, nature, or form of investment [1] - There is no guarantee that any potential investment will proceed [1]

Group 1 - The U.S. President Trump is set to announce the nominee for the Federal Reserve Chair, concluding a months-long selection process that has generated global speculation about the central bank's future direction [13][14] - The final candidates for the position include Kevin Hassett, Christopher Waller, Kevin Walsh, and Rick Rieder, with the selection process led by Treasury Secretary Mnuchin [14] - Trump indicated that the nominee would not be surprising and is well-known in the financial community, suggesting that many believe this person should have been nominated years ago [14] Group 2 - China’s international balance of payments for December 2025 showed a total trade in goods and services of 52,808 billion yuan, with exports of 26,647 billion yuan and imports of 18,114 billion yuan, resulting in a surplus of 8,533 billion yuan [22] - The service trade for December 2025 recorded exports of 3,541 billion yuan and imports of 4,507 billion yuan, leading to a deficit of 966 billion yuan [22] - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 4,775 billion yuan at a rate of 1.40%, with a net injection of 3,525 billion yuan on the same day [22] Group 3 - Huazhong City (01668.HK) announced progress in discussions with overseas creditors regarding a proposed debt restructuring plan, which, if approved by the Hong Kong court, would allow for the permanent suspension of a liquidation order [15] - CIFI Holdings Group (00884.HK) plans to sell a 50% stake in Luoyang Zhuofa for 105 million yuan, aligning with its strategic development goals and providing immediate cash flow [15] - Ruian Real Estate (00272.HK) accepted and registered a total of 295 million USD in bonds as part of a buyback offer, with an outstanding principal of 105 million USD as of January 29, 2026 [15]

Market Overview - The Hang Seng Index is expected to test the 27,000 point level as 2026 marks the beginning of the 15th Five-Year Plan, with expectations for policy initiatives in the first quarter focusing on expanding domestic demand and achieving technological self-reliance [1] - Despite geopolitical instability affecting risk appetite, the upgrade of AI large models has led to a surge in financing activities within the industry, supporting the AI market [1][7] - The Hang Seng Index reached a high of 27,381 points, but recent developments regarding the Federal Reserve's leadership have led to a rebound in the US dollar index, suggesting a potential decline in the Hang Seng Index [1] Sector Focus - The market is currently focused on manufacturing purchasing manager indices (PMI) from China, Japan, the Eurozone, and the US for January [2] Corporate News - Xiaomi delivered over 39,000 vehicles in January, while sales of the SU7 Ultra model dropped significantly in December [4] - China National Aviation Holdings is expected to report a loss of 1.9 billion RMB for the previous year [5] - The telecommunications sector is facing revenue and profit impacts due to adjustments in the value-added tax scope, with major telecom companies like China Mobile, China Unicom, and China Telecom indicating potential effects on their financials [10] Economic Indicators - China's manufacturing PMI fell to 49.3 in January, indicating a contraction, while the non-manufacturing PMI dropped to 49.4, the lowest in over three years [9] - The Chinese government is considering issuing special bonds to inject 200 billion RMB into leading insurance companies, marking a significant move to strengthen the sector [9] - The overall public budget revenue in China for 2025 is projected at 21.6 trillion RMB, reflecting a year-on-year decline of 1.7% [9] International Developments - OPEC+ has agreed to continue suspending production increases in March, following a similar decision in January [8] - The US PPI for final demand rose by 3% year-on-year in December, exceeding expectations, indicating inflationary pressures [8]

2. 资金面 1. 公开市场操作 央行公告称，1月30日以固定利率、数量招标方式开展了4775亿元7天期逆回购操作，操作利率1.40%，投标量4775亿元，中标量4775亿元。Wind数据显 示，当日1250亿元逆回购到期，据此计算，单日净投放3525亿元。当周实现净投放5805亿元。 2月2日到6日当周，央行公开市场将有17615亿元逆回购到期，此外，2月4日将有7000亿元91天期买断式逆回购到期。 （*数据来源：Wind-央行动态PBOC） 银行间市场资金面整体平稳均衡，DR001加权平均利率降超3bp至1.32%附近。匿名点击（X-repo）系统上，隔夜报价在1.30%，供给在百亿左右。交易员 称，跨月整体比较平稳；同时央行公开市场逆回购操作力度加大，呵护意图明显。 海外方面，最新美国隔夜融资担保利率为3.64%。 // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.60%位置，较上日小幅下行。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） 10年期主力合约涨0.06% 5年期主力合约涨0.01% ...

证券研究报告 | 2026年02月01日 港股市场速览 优于大市 大盘风格传统行业估值拉升 股价表现：大盘风格传统行业带动市场显著上涨 本周，恒生指数+2.4%，恒生综指+1.8%。风格方面，大盘（恒生大型股+2.2%） ＞中盘（恒生中型股+0.3%）＞小盘（恒生小型股-1.2%）。 主要概念指数分化。上涨的主要有恒生高股息（+4.2%）；下跌的主要有恒 生生物科技（-2.5%）。 国信海外选股策略分化。上涨的主要有红利贵族 50（+2.8%）；下跌的主要 有自由现金流 30（-1.7%）。 16 个行业上涨，14 个行业下跌。上涨的主要有：石油石化（+8.7%）、综合 （+6.3%）、建材（+6.3%）、房地产（+5.8%）、非银行金融（+5.8%）；下 跌的主要有：国防军工（-4.5%）、电力设备及新能源（-3.4%）、医药（-2.8%）、 钢铁（-2.3%）、汽车（-2.2%）。 估值水平：红利估值拉升，多数概念下降 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）+1.8%至 12.0x； 恒生综指估值+1.2%至 12.0x。 主要概念指数估值普遍下降。上升幅度较大的是恒生高股息（+4.2 ...

证券研究报告 | 2026年02月01日 港股市场速览 优于大市 大盘风格传统行业估值拉升 股价表现：大盘风格传统行业带动市场显著上涨 本周，恒生指数+2.4%，恒生综指+1.8%。风格方面，大盘（恒生大型股+2.2%） ＞中盘（恒生中型股+0.3%）＞小盘（恒生小型股-1.2%）。 主要概念指数分化。上涨的主要有恒生高股息（+4.2%）；下跌的主要有恒 生生物科技（-2.5%）。 国信海外选股策略分化。上涨的主要有红利贵族 50（+2.8%）；下跌的主要 有自由现金流 30（-1.7%）。 16 个行业上涨，14 个行业下跌。上涨的主要有：石油石化（+8.7%）、综合 （+6.3%）、建材（+6.3%）、房地产（+5.8%）、非银行金融（+5.8%）；下 跌的主要有：国防军工（-4.5%）、电力设备及新能源（-3.4%）、医药（-2.8%）、 钢铁（-2.3%）、汽车（-2.2%）。 估值水平：红利估值拉升，多数概念下降 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）+1.8%至 12.0x； 恒生综指估值+1.2%至 12.0x。 主要概念指数估值普遍下降。上升幅度较大的是恒生高股息（+4.2 ...