Group 1 - The average tax refund for the 2026 tax season is $3,804, which is an increase of $351 or 10.2% compared to the average of $3,453 from the same period last year [1][2][7] - The IRS has issued over 28.7 million refunds by February 20, 2026, which is a decrease of 3% from more than 29.6 million refunds issued during the same timeframe last year [5][6] - Tax refunds are anticipated to be larger on average this season due to new deductions available for tip income, overtime income, interest on new car loans for U.S.-assembled vehicles, and enhanced deductions for seniors [3][4] Group 2 - Total tax refunds issued so far amount to over $109.3 billion, reflecting a 6.9% increase from the previous year [9] - The IRS expects that most refunds for early filers claiming the earned income tax credit and additional child tax credit will be available by March 2, 2026, if direct deposit is chosen [10] - Concerns exist regarding potential delays in tax refunds for some taxpayers, particularly those claiming new tax breaks [11]

Core Viewpoint - UBS has raised the target price for Wharf Real Estate Investment Company (01997) to HKD 23, maintaining a "Neutral" rating, citing ongoing long-term headwinds despite recent stabilization in Hong Kong retail sales [1] Group 1: Market Performance - Wharf Real Estate's stock price has increased by 13% year-to-date, driven by a decline in HIBOR and stabilization in retail sales [1] - UBS expects a rebound in retail sales and profit growth, projecting an increase of 2% to 9% for the years 2025 to 2026 [1] Group 2: Long-term Challenges - Long-term challenges persist, primarily due to the rebound in outbound tourism from Hong Kong, more convenient tax refund arrangements in mainland China, and intensified competition among high-end shopping malls [1] - UBS believes that the recent retail sales rebound is likely to be temporary, with discretionary spending facing pressure after the National Day Golden Week [1] Group 3: Financial Projections - Based on HIBOR assumptions, UBS has adjusted its earnings per share estimates for Wharf Real Estate for the years 2025 to 2027 upwards by 4% to 8% [1] - The firm maintains a cautious outlook, predicting that retail sales in Hong Kong are unlikely to see strong growth in the next two years, expecting them to remain nearly flat [1]