廖创兴企业2024年年报

親愛的股東： Dear Shareholders, 本人欣然向閣下呈報本集團二零二四年之業績回顧，以及本人對整體經濟環境之觀察所得，對來年發展之期望。 I am pleased to present a review of the Group’s businessperformance, together with some observations from the overalleconomic environment of 2024 and expectations for the yearahead. 二 零 二 四 年 回 顧 2024 REVIEW 二零二四年全球經濟延續了二零二三年的增長勢頭，增長約為3.2%，主要得益於通脹降低、家庭收入和消費增長。失業率保持在歷史低位，但勞動市場逐漸放緩。所有這些因素促使央行放寬利率。美聯儲三次降息至4.25% — 4.5%，歐洲央行四次降息至3%，英倫銀行則兩次降息至4.75%。名義收益率的降低為房地產和信貸市場帶來了一些樂觀情緒。然而，服務業通脹仍然高企。 The Global economy in 2024 maintained its momentum from2023. It grew by some 3.2%, due mainly to lowering inflation,increasing household income and spending. Unemploymentremained at a historical low, but the labor market was looseningup. All these led to the significant Central Banks relaxinginterest rates. The Federal Reserve reduced the interest rate 3times to 4.25% — 4.5%, the European Central Bank 4 times to3%, and the Bank of England twice to 4.75%. Lowering nominalyields gives some optimism to the property and credit markets.However, service sector inflation has remained high. 發達國家的股票市場表現強勁，道瓊斯指 數 上 漲 了13%；標 普500指 數 上 漲 了23%，其中50%的增幅來自於「七巨頭」；納斯達克指數上漲了28.6%。歐洲的斯托克600指數年底上漲6%，而富時250指數則上漲8.1%。亞太地區的股市同樣表現良好，香港恆生指數上漲17%，日經225指數上漲16%，而滬深300指數緊隨其後，上漲15%。衡量美元兌一攬子其他貨幣的美元指數年內上漲超過7%。黃金今年表現也不錯，上漲了27%，超過了標普500指數的增幅。 Stock markets in the developed markets, the Dow Jonesindex rose 13%; the S&P 500 gained 23%, 50% of which wasaccounted for by the Magnificent Seven; and the Nasdaqincreased by 28.6%. Europe’s Stoxx 600 ended the year with a6% gain, while the FTSE 250 improved by 8.1%. In Asia-Pacific,the stock also has a good year. Hong Kong’s Hang Seng Indexis up 17%, and Nikkei 225 is 16%, followed closely by CSI 300with an increase of 15%. The U.S. dollar Index, which measuresthe dollar against a basket of other currencies, was up over 7%annually. Gold also had a good year, an increase of 27% morethan the S&P 500. 二零二四年美國經濟增長2.8%。個人消費增長4.2%是主要的增長動力。雖然固定投資下降，但被商品和服務支出的增加所補償。知識產權產品的投資增長依然強勁，但略低於2023年的水平。住宅投資強勁反彈，勞動市場持續熾熱。 LIU CHONG HING INVESTMENT LIMITEDU . S . e c o n o m y e x p a n d e d 2 . 8 % i n 2 0 2 4 . T h e p e r s o n a lconsumption advances of 4.2% was the chief engine ofgrowth. The drop in fixed investment was overcompensated byspending on both goods and services. The investment growthin intellectual property products remains strong, though, onlyless than 2023. Residential investment rebounded strongly. Thelabor market remained hot. 隨著二零二四年接近尾聲，歐洲（歐元區）面臨經濟停滯，受到繁重的監管、高能源價格、人口結構疲弱、製造業競爭加劇以及技術進步滯後的影響，其經濟僅實現了微弱的0.8%增長。英國二零二四年的國內生產總值增長僅為0.9%。專家表示：「投資低迷、政策失誤、政治不穩定以及英國脫歐等因素共同阻礙了英國經濟增長，其程度比許多同類國家都要嚴重。」新上任的工黨政府在十月預算案中增加了僱主的國民保險繳款，這削弱了企業信心。然而，商業房地產實現了7.7%的回報，高於自二零零零年以來7.2%的年均回報率。 As 2024 drew to a close, Europe (Euro Area) was facing astalling economy, held back by burdensome regulation, highenergy prices, weak demographics, growing competition inmanufacturing sectors, and lagging in technological advances.It only managed a meagre 0.8% growth. The UK GDP risewas only 0.9% in 2024. “Low investment, policy mistakes,political instability, and Brexit have combined to hold backgrowth by more than in many comparable nations,” say thepundits. The incoming Labour Government has weakenedbusiness confidence by increasing employer national insurancecontribution in the October Budget. However, the commercialproperty sector delivered a return of 7.7%, above the averageannual return of 7.2% since 2000. 日本銀行估計日本二零二四財政年度的實際國內生產總值增長率為0.5%。出口和工業生產保持穩定。企業利潤有所增加，商業氣氛良好。儘管價格上漲，私人消費溫和增長，但住房投資相對疲軟。澳大利亞經濟在二零二四年面臨挑戰。經濟增長速度為自一九九零年代初經濟衰退以來的最低水準（不包括疫情期間）。罪魁禍首是通脹及其導致的高利率。企業破產數量最近創下歷史新高。消費者支出的增長遠低於疫情前的平均水平。澳洲二零二四年的國內生產總值增長率為1.2%。 LIU CHONG HING INVESTMENT LIMITEDANNUAL REPORT 2024The Bank of Japan estimated Japan’s Real GDP growth for fiscal2024 was 0.5%. Exports and Industrial production were stable.Corporate profits have increased, and the business sentimenthas been good. Private consumption rose moderately despiteprice rises, but housing investment was relatively weak. TheAustralian economy had a challenging 2024. The economy wasgrowing at its slowest annual rate, excluding the pandemic,since the early 1990s recession. The Culprit was inflation andthe resultant high interest. Business insolvencies recently hit arecord high. Growth in consumer spending was well below thepre-pandemic average. The GDP growth of Australia was 1.2%in 2024. 中國宣布二零二四年國內生產總值增長為5%，符合其官方目標。這反映了強勁的出口和北京自二零二四年九月起採取的貨幣及財政刺激措施的有效性。製造業增長了6.1%；僅高科技產品製造業已增長了9%，與中國對技術增長的重視相呼應。在產品方面，電動車、集成電路和工業機器人分別增長了39%、22%和14%。服務業增長了5%，其中資訊科技及服務業以及租賃和商業服務均實現了兩位數增長。 China has announced that 2024 GDP growth was 5%, whichis on target with its official goal. This reflected strong exportsand the effectiveness of Beijing’s monetary and fiscal stimulusmeasures from September 2024. The manufacturing sectorgrew by 6.1%. The manufacturing of high-technical productsalone grew by 9%, matching China’s emphasis on technologicalgrowth. Regarding products, electric vehicles, integrated circuits,and industrial robots all show impressiv