ab 29 November 2025 William Deng Economist william-w.deng@ubs.com +852-2971 6765 Global Research Equity Strategy Hong Kong Angus Chan Analyst angus.chan@ubs.com +852-2971 7530 Perry Yeung Analyst perry.yeung@ubs.com +852-2971 6349 John Lam, CFA Analyst john-za.lam@ubs.com +852-2971 6358 Mark Leung Analyst mark.leung@ubs.com +852-2971 8636 Helen Li, CFA Analyst helen-za.li@ubs.com +852-2971 6066 Charles Zhou Analyst charles.zhou@ubs.com +852-3712 3887 This report has been prepared by UBS Securities Asia Limi ...