廖创兴企业2025年年报

InnovativeThinking 創 新 思 維 StrongCompetitiveEdge強 化 優 勢 親愛的股東： Dear Shareholders, 本人欣然向閣下呈報本集團二零二五年 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 to you a review of the Group’sbusiness performance, along with observations on theoverall economic environment in 2025 and expectations forthe year ahead. 二 零 二 五 年 回 顧 2025 REVIEW 在去年的主席報告書中，我們預測二零二五年將是充滿挑戰的一年。事實證明，挑戰確實存在，尤其是在二零二五年四月。然而，年內整體表現最終仍然平穩渡過，全球經濟增長率達到3.3%，與二零二四年持平。增長主要來自資訊科技投資，尤其是人工智能領域的發展，以及財政與貨幣政策的支持；更重要的是，正如國際貨幣基金組織(IMF)所言，增長亦得力於「私營部門的適應能力」。 In the Chairman’s Statement of last year, we predicted 2025would be a year of challenges. Challenges were indeed there,especially in April 2025, but the year eventually passed withthe world economic growth rate at 3.3%, the same as in2024. The growth came from investment in IT, especially inthe AI, fiscal and monetary support, and more importantly, toquote the IMF, from the “adaptability of the private sector”. 上述因素抵銷了貿易政策持續變動所帶來的影響。貿易相關緊張局勢雖不時升溫，但最終有所緩和，尤其中美之間。然 而，美 國 實 際 關 稅 稅 率 仍 約 為16%，相比二零二五年初的2.4%顯著上升。儘管本世紀以來關稅水平上升，但全球通脹已由二零二二年的高位回落，至二零二五年底平均約4.2%。 All these factors offset the constant shifting of tradepolicies. The trade-related tension, which flared up fromtime to time, eventually eased, especially between China andthe U.S. However, the effective rate of the U.S. tariff is stillaround 16%, compared to 2.4% at the start of 2025. Despitethis century’s rise of tariff rate, global inflation softened fromits peak in 2022 to an average of 4.2% at the end of 2025. 在已發展國家中，美國通脹率已回落至2.7%，歐元區為2.1%，而英國為3.4%。 Of the developed countries, the U.S. inflation rate hasreduced to 2.7%, Euro zone to 2.1%, and the U.K. to 3.4%. 主要經濟體的中央銀行多次下調利率：美國聯邦儲備局(FED)三度下調至3.5%–3.75%，歐洲中央銀行(ECB)亦三度下調至2%，英倫銀行則四度下調至3.75%。 Central Banks in the major economies have reduced interestrates: the Federal Reserve (FED) 3 times to 3.5%-3.75%, theEuropean Central Bank (ECB) also 3 times to 2%, and theBank of England 4 times to 3.75%. 全球股票市場自二零二五年四月「解放日」(Liberal Day)關稅措施引發的急挫後回升，並於二零二五年底以強勁升勢收官。各主要指數均錄得可觀升幅，介乎MSCI新興市場指數上升34%至標普500指數（S&P）上升18%；標普500指數18%的升幅為二十年來首次表現最差的主要股市。恒生指數上升28%，上證綜合指數上升18%，英國富時100指數上升22%，歐洲史 托 克600指 數 上 升17%。過 去 數 年 主導標普500指數的「七巨頭」僅貢獻標普升幅的28%，反映投資者開始挑選人工智能競賽的最終贏家；其中Alphabet上升68%，英偉達上升41%。 The Global stock market recovered from the “Liberal Day”tariff imposition crash in April 2025 to a strong finish in2025. All major indices made substantial gain ranging fromMSCI emerging market 34% to S&P 18%, which, for the firsttime in 20 years, was the worst-performing major equitymarket. Hang Seng 28%, Shanghai Composite Index 18%, FTSE100 22%, EUROSTOXX 600 17%. The “Magnificent Seven”,which dominated the S&P 500 index market in the past fewyears, accounted for only 28% of the S&P rise, reflectinginvestors starting to pick the eventual winners of the AI race,Alphabet gain 68% & Nvidia 41%. 在貨幣方面，美元錄得自二零零九年以來最急跌幅；按貿易加權計算的美元匯率約下跌7%。歐元及英鎊分別上升13%及8%，成為主要受惠者。 LIU CHONG HING INVESTMENT LIMITEDFor currencies, the U.S. has the steepest drop since 2009;the trade-weighted U.S. dollar fell roughly 7%. The Euro andPound Sterling, rising by 13% and 8% respectively, were themain beneficiaries. 黃金在二零二五年成為明顯的贏家，反映市場全年所累積的焦慮情緒。受關稅、美國財赤、全球經濟狀況以及「錯失機會」的擔憂所推動，金價上升約60%。美國國債及英國國債亦受惠於利率下調，分別上升6.3%及5%。 ANNUAL REPORT 2025Gold was a clear winner in 2025, tapping into the anxietyof the year. It rose by about 60% due to concerns abouttariffs, U.S. deficits, global economic conditions, and missingout. The U.S. Treasury and U.K. gilts both benefited fromthe reduction in interest rates, rising by 6.3% and 5%,respectively. 二零二五年美國政局的發展可謂非比尋常。所幸，特朗普總統仍關注美國股市及美國經濟。因此，原本將嚴重衝擊美國 經 濟 的「 解 放 日 」關 稅 很 快 被 擱 置，取而代之的是較溫和的「實際關稅稅率」17%，為自一九三零年代以來最高水平。美國二零二五年經濟增長為2.1%，主要由科技投資回升及消費支出帶動。儘管通脹維持在略低於3%的水平，但據《金融時報》報道：「感恩節前夕……多數美國人認為唐納德·特朗普正令全國生活負擔危機惡化。」美國就業增長亦出現停滯，非農就業人數五年來首次下降。受關稅影響的行業（如批發貿易、製造業、能源及採礦業）均出現裁員。專家憂慮勞動市場正處於「低招聘、低解僱」狀態：僱主不願增聘，而僱員亦難以轉職。 What has happened to the U.S. politically in 2025 isextraordinary. Fortunately, President Trump is still concernedabout the U.S. stock market and the U.S. economy.Thus, the“Liberal Day” tariffs, which would have seriously impactedthe U.S. economy, were quickly set aside in favor of a muchmilder “actual tariff rate” of 17%, the highest since the 1930’s.Economic growth in the U.S. in 2025 is 2.1%, driven by apickup in technology investment and consumer spending.Although inflation has stayed at just below 3%, accordingto the Financial Times, “On the eve of Thanksgiving…most Americans think Donald Trump is making a nationalaffordability crisis worse”. The U.S. has also experiencedstagnation in job growth, with non-farm payrolls reducingpositions for the first time in 5 years. Tariff affectedindustries such as wholesale trade, manufacturing, energy,and mining have shed jobs. Experts fear the labor market is a“low hire and low fire” situation, with employers reluctant tohire and workers cannot switch jobs. 歐盟於二零二五年的GDP增長為1.4%，較二零二四年有所上升。這令人驚喜。此顯示歐洲經濟具備韌性，能在關稅逆風下仍維持溫和而穩健的擴張動力。增長主要來自消費支出上升，部分得益於穩健的勞動市場，尤以