Lyon: It is expected that next year, Hong Kong's comprehensive enterprises will be full of catalyst. The top choices are CTF SERVICES (00659) and CKH HOLDINGS (00001).

Lyon released a research report stating that for Hong Kong conglomerates, 2026 will still be full of catalysts, with CTF SERVICES (00659), Wharf and FIRST PACIFIC (00142) expected to have the most catalytic factors. The bank pointed out that while waiting for catalysts, investors should be able to achieve ideal returns through dividends, as industry profitability is expected to grow by 5% in 2026, coupled with a weak US dollar and low likelihood of dividend cuts, supporting a 3% year-on-year increase in industry dividends in 2026. In terms of stock selection, the bank prefers CTF SERVICES and CKH HOLDINGS (00001) for their attractive risk-return profiles, with target prices of HK$8.8 and HK$61 respectively, both receiving a "outperform" rating. Additionally, the bank is bullish on FIRST PACIFIC, Swire Properties (00019) and Wharf, with target prices of HK$8.2 and HK$74 respectively, both receiving a "outperform" rating.