Core Viewpoint - The Hong Kong stock market had a strong performance in 2025, with significant stock buybacks, although the total buyback volume and amount decreased compared to 2024 [2][4][3]. Buyback Data - In 2025, 307 H-share companies initiated buybacks, totaling 11.309 billion shares and a total buyback amount of 319.154 billion HKD, which represents a decrease of 18.05% in volume and 17.64% in amount compared to 2024 [2][4]. - Notably, 104 H-share companies had buybacks exceeding 100 million HKD, with 31 companies exceeding 1 billion HKD, and 6 companies surpassing 10 billion HKD [4]. Industry Performance - The buyback activity was primarily concentrated in the technology, banking, insurance, and healthcare sectors [5]. - The top ten companies by buyback amount had a threshold of 7 billion HKD, including Tencent, HSBC, Standard Chartered, AIA, Alibaba, Midea Group, Prudential, Yum China, Beike, and COSCO [5]. Tencent's Dominance - Tencent was the largest contributor to buybacks, accounting for 25% of the total buyback volume, with 130 buyback transactions totaling 1.53 billion shares and an amount of 800.36 billion HKD [6][7]. - Tencent's stock price increased by 17.67% in 2025, closing at 599 HKD per share, with a total market capitalization of 5.46 trillion HKD [7]. Financial Performance - Tencent reported total revenue of 557.395 billion CNY in the first three quarters of 2025, a year-on-year increase of 14%, and a net profit of 166.582 billion CNY, up 17% [7].

6月23日，截至港股收盘，恒生指数上涨0.67%，报23689.13点。美联集团（01200.HK）收报1.35港元/ 股，上涨8.87%，成交量239万股，成交额308.86万港元，振幅10.48%。 最近一个月来，美联集团累计涨幅18.1%，今年来累计涨幅47.62%，跑赢恒生指数17.3%的涨幅。 财务数据显示，截至2024年12月31日，美联集团实现营业总收入56.34亿元，同比增长49.03%；归母净 利润2.97亿元，同比增长864.2%；毛利率99.51%，资产负债率78.89%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 作者：行情君 行业估值方面，地产行业市盈率（TTM）平均值为4.84倍，行业中值-0.15倍。美联集团市盈率2.78倍， 行业排名第5位；其他百仕达控股(旧)（02983.HK）为0.48倍、百仕达控股(新)（01168.HK）为0.5倍、 恒达集团控股（03616.HK）为1.71倍、中国新城市（01321.HK）为2.22倍、瑞森生活服务 （01922.HK）为2.82倍。 资料显示，美联集团有限公司为香港最大型地产代理公司之一。美联成功过渡97-03年香港楼市 ...