Core Insights - Morgan Stanley increased its stake in Muyuan Foods Co., Ltd. by purchasing 1,266,140 shares at an average price of HKD 40.3031 per share, totaling approximately HKD 51.03 million [1] - Following this transaction, Morgan Stanley's total holdings in Muyuan Foods rose to 31,061,241 shares, increasing its ownership percentage from 10.87% to 11.33% [1] Summary by Sections - **Transaction Details** - Morgan Stanley acquired 1,266,140 shares on February 9, 2026, at an average price of HKD 40.3031 [1] - The total investment for this acquisition was about HKD 51.03 million [1] - **Ownership Changes** - After the purchase, Morgan Stanley's total shareholding in Muyuan Foods reached 31,061,241 shares [1] - The ownership percentage increased from 10.87% to 11.33% [1]

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

香港联交所最新资料显示，2月9日，Morgan Stanley增持牧原股份（002714）(02714)126.614万股，每股 作价40.3031港元，总金额约为5102.94万港元。增持后最新持股数目约为3106.12万股，最新持股比例为 11.33%。 ...

Group 1 - Morgan Stanley increased its stake in Muyuan Foods (02714) by 1,266,140 shares at a price of HKD 40.3031 per share, totaling approximately HKD 51.0294 million [1] - Following the increase, Morgan Stanley's total shareholding in Muyuan Foods is approximately 31,061,200 shares, representing a holding percentage of 11.33% [1]

在10日晚上的小年联欢会上，近两百位职工与家属围坐品美食、唠家常，拔河、接力赛等趣味游戏依次 上演。 中新网郑州2月11日电(王佳宁)"这是我第一次在养猪场里过春节。"10日是北方的农历小年，河南汝州 市牧原现代农业综合体有限公司内暖意融融，经过严格检疫消毒，王辰睿带着弟弟来到了身为养猪工程 师的父母身边，一家四口在此团圆。 生猪养殖关乎千家万户"肉盘子"。作为全国生猪生产和猪肉供应大户，牧原实业集团有限公司(以下简 称牧原)春节期间多措并举守护消费者餐桌安全，上万名养猪工程师放弃返乡，坚守一线，做好生猪稳 产保供及冬季疫病防控工作。 图为职工家属进场区后合影。沈世成 摄 为让养猪工程师们过个暖心年，牧原早早就开始筹备组织家属进场团聚活动，安排专车接送、为随行孩 子准备保暖衣物和新年礼物。 (新春走基层)养猪场里的"团圆年" "来到这儿就像回家了一样，衣食住行非常贴心。"职工家属唐欢欢带着一双儿女来到丈夫身边，两个孩 子在进入场区的摆渡车上轻声哼起了歌曲。 "孩子正在隔离中心洗澡消毒，3个月没见了，应该又长高了一些。"养猪工程师陈延浩说，这是他和孩 子在场区过的第二个春节。 据统计，春节期间牧原各场区将陆续接 ...

北京商报讯（记者 陶凤 王悦彤） 2月11日，牧原股份在投资者互动平台表示，公司2026年1月的生猪养 殖完全成本在11.8元/kg左右。 ...

证券日报网讯 2月11日，牧原股份在互动平台回答投资者提问时表示，二级市场股价受多种因素影响。 公司自上市以来一直重视投资者回报，将持续做好经营管理，提升盈利能力，更好地为股东创造回报。 未来如有相关计划，将严格按照法律法规的要求及时履行信息披露义务。 （编辑 姚尧） ...

证券日报网讯 2月11日，牧原股份在互动平台回答投资者提问时表示，公司固定资产折旧政策是根据资 产类别、预期使用寿命及会计准则要求等综合制定的。公司的固定资产折旧等相关信息已在定期报告中 披露，不同类别有不同的折旧年限。 （文章来源：证券日报） ...

证券日报网讯2月11日，牧原股份（002714）在互动平台回答投资者提问时表示，公司自上市以来一直 重视投资者回报，将持续做好经营管理，提升盈利能力，更好地为股东创造回报。未来如有相关计划， 将严格按照法律法规的要求及时履行信息披露义务。 ...

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]