Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short-Selling Ratios - Anta Sports (82020) has the highest short-selling ratio at 100.00%, followed by China Mobile (80941) at 86.71% and BYD Company (81211) at 82.34% [1][2]. - Other notable companies with high short-selling ratios include China Resources Beer (80291) at 74.99% and JD.com (89618) at 71.60% [2]. Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.798 billion, followed by Tencent Holdings (00700) at 1.686 billion and Ping An Insurance (02318) at 1.465 billion [1][2]. - Alibaba (09988) and Meituan (03690) also feature prominently with short-selling amounts of 1.424 billion and 1.253 billion respectively [2]. Deviation Values - China Sanjiang Chemical (02198) has the highest deviation value at 41.73%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - Other companies with high deviation values include Television Broadcasts (00511) at 38.56% and China Mobile (80941) at 38.41% [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍倉集團有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00004 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,056,027,327 | | 0 | | 3,056,027,327 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - *ST Guohua announced that its subsidiary, Shenzhen Guoke Zhijian Pharmaceutical Co., Ltd., has signed a capital increase agreement with Zhongshan Runle Pharmaceutical Co., Ltd., indicating a strategic investment to enhance its stake in the pharmaceutical sector [1] Group 1 - The company plans to invest 1.04 million yuan in Runle Pharmaceutical [1] - After the capital increase, Guoke Zhijian will hold 50.9804% equity in Runle Pharmaceutical [1] - Runle Pharmaceutical will be included in the company's consolidated financial statements following the completion of the investment [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯合公 告 持 續 關 連 交 易 － 酒 店 服 務 九龍倉置業集團在香港和中國內地擁有多個酒店物業及／或項目。九龍倉集團為 酒店組合（其中包括九龍倉置業集團所擁有的若干酒店物業及／或項目）提供酒 店相關服務並擔當經理。 九龍倉與九龍倉置業於二○二五年十一月二十八日訂立了新概括酒店服務協議， 旨在（其中包括）規管涉及由九龍倉集團成員公司向九龍倉置業集團成員公司提 供酒店相關服務的各項持續關連交易，協議有三年固定有效期，由二○二六年一 月一日起至二○二八年十二月三十一日屆滿。 由於九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權，故 九龍倉和九龍倉置業根據《上市規則》被視為彼此之關連人士。因此，新概括酒 店服務協議及據此進行及／或受其規管的相關交易根據《上市規則》構成九龍倉 和九龍倉置業各自的持續關連交易。新概括酒店服務協議之訂立及相應採納之各 全年上限金額，對九龍倉和九龍 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯合公 告 持 續 關 連 交 易 － 物 業 服 務 九龍倉集團、九龍倉置業集團和海港企業集團在香港、中國內地和新加坡擁有或 持有多項物業作發展及／或投資用途。九龍倉集團、九龍倉置業集團和海港企業 集團各自不時在其日常業務中向其它 WAC 集團成員公司提供或僱用物業服務。 WAC、九龍倉、九龍倉置業與海港企業於二○二五年十一月二十八日訂立了新概 括物業服務協議，旨在（其中包括）規管涉及 WAC 集團成員公司之間提供或僱用 物業服務的各項持續關連交易，協議有三年固定有效期，由二○二六年一月一日 起至二○二八年十二月三十一日屆滿。 九龍倉、九龍倉置業及海港企業 － 聯合公告 (二○二五年十一月二十八日) - 1 - 九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權。就九 龍倉而言，WAC 集團（不包括九龍倉集團）及其聯繫人（其中包括九龍倉置業集 團、海港企業集團和會德豐地產集 ...

九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權。就九龍 倉而言，WAC 集團（不包括九龍倉集團）及其聯繫人（其中包括九龍倉置業集團 和會德豐地產集團）根據《上市規則》被視為九龍倉之關連人士。就九龍倉置業 而言，WAC 集團及其聯繫人（其中包括九龍倉集團和會德豐地產集團，但不包括 九龍倉置業集團本身）根據《上市規則》被視為九龍倉置業之關連人士。 聯合公 告 持 續 關 連 交 易 － 租 賃 九龍倉集團和九龍倉置業集團在香港、中國內地和新加坡擁有或持有多項物業在 日常業務中作租賃及／或許可使用用途。另一方面，九龍倉集團和九龍倉置業集 團各有使用物業從事業務之企業需要。當符合相關 WAC 集團成員公司作為有關物 業之業主或租戶的利益時，WAC 集團成員公司之間租賃及／或許可使用物業相關 之交易可能會不時出現。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 WAC、九龍倉與九龍倉置業於二○二五年十一月二十八日訂立了新概括租 ...

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market, particularly for JD Health, Tencent, and Lenovo, which have the highest short-selling ratios. Group 1: Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [1][2] - Tencent Holdings-R (80700) follows closely with a short-selling ratio of 98.01% [1][2] - Lenovo Group-R (80992) has a short-selling ratio of 88.02% [1][2] Group 2: Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 2.651 billion [2] - Meituan-W (03690) has a short-selling amount of 1.308 billion [2] - Pop Mart (09992) follows with a short-selling amount of 979 million [2] Group 3: Short-Selling Deviation Values - Meilan Airport (00357) has the highest deviation value at 42.95% [1][2] - GF Securities (01776) has a deviation value of 38.39% [1][2] - The unnamed company has a deviation value of 36.78% [1][2]

Core Viewpoint - The article discusses the financial struggles of Hong Kong entertainment company Emperor Group, which is facing a debt crisis of HKD 16.6 billion, prompting its artists to engage in unusual promotional activities to help repay debts [1][2]. Group 1: Debt Crisis and Market Trends - Emperor Group's debt crisis is a reflection of broader challenges faced by Hong Kong real estate companies, which have been reducing their operations in mainland China [1][2]. - The article highlights a significant trend of Hong Kong real estate firms, such as Hongkong Land, downsizing their workforce and operations in mainland China, marking a shift from their previously robust presence [1][2]. Group 2: Historical Performance of Hong Kong Real Estate Firms - Hong Kong real estate companies were once known for their aggressive land acquisitions, setting records for land prices, such as Hongkong Land's acquisition of a site in Shanghai for approximately HKD 31.05 billion in 2020 [4]. - The sales performance of projects developed by Hong Kong firms has been strong, with examples like New World Development's Guangzhou project achieving a record average price of CNY 21,800 per square meter [5][6]. Group 3: Strategic Adjustments and Future Directions - Many Hong Kong real estate firms are now actively adjusting their strategies, with some opting for joint developments to leverage local expertise and resources [20]. - The shift towards a "light asset" model is emerging as a new opportunity for Hong Kong firms, allowing them to maximize their brand and operational capabilities while minimizing capital investment [23][24]. - Companies like Swire Properties and New World Development are exploring light asset collaborations to enhance their operational efficiency and financial stability [24][27]. Group 4: Market Dynamics and Competitive Landscape - The article notes that the competitive landscape in the mainland real estate market has intensified, prompting Hong Kong firms to adapt by improving their development speed and project management [16][19]. - The ongoing adjustments by Hong Kong real estate firms reflect a broader trend of market recalibration, where firms that embrace change are finding new opportunities amidst challenges [28].

图源｜每日经济新闻资料图 2007年，九龙仓以总成交价72.4亿元竞得成都春熙路商圈地块，创下彼时成都总价"地王"纪录，并成功打造了成都IFS国际金融中心（以下简称"成都 IFS"）。此后，和成都IFS楼上的"爬墙熊猫"合影，成了众多来成都游客的必打卡项目。 《每日经济新闻》记者近日获悉，曾经主要提供高端商务和涉外服务、月租金达1.5万—4万元/月的成都IFS服务式公寓，如今将"摇身一变"成为住宅产品 对外出售。这也是时隔18年，成都IFS首次对外出售其自持物业。 据知情人士透露，此次出售的是成都IFS四栋塔楼中的4号楼"国金豪庭"，共有近200套房源，包括建筑面积约250—400平方米的大平层产品以及600平方米 的定制产品。业内人士预估，其套均总价或不低于千万元。 01 将推出近200套千万元级豪宅 从当初拿地到如今即将推出住宅产品，已过去18年。 2007年，老牌港企九龙仓以8800万元/亩、总价72.4亿元的巨资，将春熙路商圈红星路82亩地块收入囊中，这一价格创下彼时成都总价"地王"纪录，并成功 打造了如今的成都IFS。 成都IFS官方信息显示，这座投入约170亿元打造的"城中之城"，总体量达76万平 ...

Core Insights - Chengdu IFS, developed by Kowloon Warehouse, is set to sell residential units for the first time in 18 years, specifically in the "Guojin Haoting" building, which includes nearly 200 luxury apartments priced at over 10 million yuan each [1][4][8] Group 1: Project Overview - The "Guojin Haoting" building will offer units ranging from 250 to 400 square meters for large flat products and a 600 square meter customized product [7] - The total investment for Chengdu IFS was approximately 17 billion yuan, covering a total area of 760,000 square meters, including a shopping center and four towers [4] - The previous function of "Guojin Haoting" was as serviced apartments, which opened in late 2016 and were only available for rent [4][8] Group 2: Market Context - The high-end residential market in Chengdu is experiencing significant growth, with an expected supply of 4,500 to 5,000 new homes priced over 10 million yuan in 2025 [9] - In the first half of this year, the transaction volume for luxury homes in Chengdu reached 983 units, a year-on-year increase of approximately 115.5% [9] - The average transaction price for new homes in Chengdu reached 21,128 yuan per square meter in October, marking a month-on-month increase of 11.1% and a year-on-year increase of 20.95% [9][10] Group 3: Competitive Landscape - The average price for new homes in the Jinjiang District, where Chengdu IFS is located, is approximately 49,800 yuan per square meter, leading the city in property prices [10] - The competitive landscape for luxury properties is intensifying, with a focus on product upgrades, smart home features, and landscape design [9][10] - The ability of "Guojin Haoting" to stand out in a crowded market of high-end products will be crucial for its success [9][10]