Core Insights - UBS reports that the office market in mainland China faces challenges due to ample supply, while there are clear signals indicating a recovery in the Hong Kong office market [1] - UBS believes that the Grade A office market in Central Hong Kong is nearing its bottom as supply is expected to decrease between 2026 and 2027, which will benefit stocks with Grade A office business in Hong Kong [1] Summary by Category Hong Kong Office Market - The recovery of the Hong Kong office market is expected to continue benefiting companies such as Swire Properties (01972), Swire Pacific Ltd A (00019), Land Lease, Hysan Development (00014), and Henderson Land Development (00012) [1] - UBS indicates that the Grade A office market in Central Hong Kong is approaching a bottom due to a decrease in supply expected in the coming years [1] Shanghai Office Market - According to CBRE data, Shanghai office rents decreased by 0.8% quarter-on-quarter in Q3 [1] - The supply of office space in Shanghai increased by 116,000 square meters due to the completion of two new buildings, while net absorption rose by 6.7% to 100,000 square meters [1] - UBS anticipates that 820,000 square meters of new supply will enter the Shanghai market in the next six months, and due to ample supply in the next two years, office rents in Shanghai are expected to continue declining next year [1]

Core Viewpoint - UBS reports indicate that there are more clear signals suggesting a recovery in the Hong Kong office market, particularly in the Central district, with a projected decline in supply from 2026 to 2027 [1] Group 1: Market Recovery - The Grade A office market in Central Hong Kong is nearing a bottom, according to UBS [1] - The recovery in the office market is expected to benefit stocks with Grade A office business in Hong Kong, including Swire Properties, Swire Pacific, Land Lease, Hysan Development, and Henderson Land [1]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 0.58% on November 24, 2023, and a trading volume of 1.7916 million yuan [1] Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1] - The management fee is set at 0.30% annually, while the custody fee is 0.10% annually [1] - As of November 21, 2023, the fund has a total of 160 million shares and a total size of 166 million yuan [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a total trading amount of 183 million yuan, with an average daily trading amount of 9.1706 million yuan [1] Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.44% during their tenure [1] Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares, valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, valued at 3.0623 million yuan [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.33% in its closing price on November 21, with a trading volume of 8.4005 million yuan [1]. Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Fund Size and Liquidity - As of November 20, the latest share count for the ETF is 161 million shares, with a total size of 170 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount reached 218 million yuan, with an average daily trading amount of approximately 10.8994 million yuan [1]. Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 6.76% during their tenure [1][2]. Top Holdings - The ETF's top holdings include: - Hang Lung Properties (1.08% holding, 496,000 shares, market value of 4.0664 million yuan) - Jiangxi Copper Co. (1.08% holding, 122,000 shares, market value of 4.0565 million yuan) - China Shenhua Energy (1.05% holding, 110,000 shares, market value of 3.9728 million yuan) - Far East Horizon (0.99% holding, 588,000 shares, market value of 3.7202 million yuan) - CNOOC (0.96% holding, 210,000 shares, market value of 3.6159 million yuan) - Sino Land (0.94% holding, 384,000 shares, market value of 3.5443 million yuan) - PetroChina (0.87% holding, 496,000 shares, market value of 3.2921 million yuan) - Hengan International (0.87% holding, 134,500 shares, market value of 3.2589 million yuan) - Henderson Land Development (0.81% holding, 122,000 shares, market value of 3.0452 million yuan) - Bank of China Hong Kong (0.81% holding, 91,000 shares, market value of 3.0623 million yuan) [2].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [8] Core Insights - The Hong Kong real estate market is experiencing a significant recovery, driven by the removal of restrictive measures and declining interest rates. The private residential price index has risen for four consecutive months, with a month-on-month increase of 1.32% in September. The rental index has also increased for ten months, reaching a historical high [16][18] - The competitive landscape among Hong Kong developers is becoming increasingly concentrated, with the top four developers accounting for nearly 50% of total sales in 2024. This trend indicates a shift towards a more monopolistic market structure [18] - The report highlights the importance of policy adjustments, such as reducing purchase restrictions and expediting the recovery of idle land, to boost market confidence and stimulate demand [3][20] Summary by Sections Hong Kong Real Estate Market - The market is witnessing a recovery due to the removal of demand management measures and lower transaction costs, which have significantly stimulated homebuyer demand [16][18] - The top four developers in Hong Kong, including Sun Hung Kai Properties and Henderson Land, have seen substantial sales, with Sun Hung Kai achieving sales of HKD 36 billion in 2024, representing 20% of total sales [18] Market Performance - The A-share real estate sector outperformed the broader market, with a weekly increase of 2.70%, surpassing the benchmark by 3.78 percentage points [20][21] - The Hong Kong real estate sector also outperformed, with a weekly increase of 4.99%, exceeding the Hang Seng Index by 3.73 percentage points [33] Credit Market - The issuance of real estate credit bonds totaled CNY 3.62 billion this week, with a net financing amount of -CNY 4.13 billion. Cumulative issuance for the year stands at CNY 374.38 billion, with a net financing amount of -CNY 41.90 billion [20][40] REITs Market - The REITs index increased by 0.82% this week, with the property-type REITs index rising by 0.62% and the operating rights-type REITs index increasing by 1.08% [42][51] - The total transaction volume for REITs this week was CNY 1.353 billion, with property-type REITs accounting for CNY 732 million [56]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong property market is showing signs of recovery, driven by improved funding conditions and stronger economic expectations, which are expected to enhance market sentiment and create a positive feedback loop between the stock and property markets [1][2]. - In October, the number of existing property mortgage registrations reached 6,463, a month-on-month increase of 7.1%, marking the third consecutive month above 6,000 registrations [1]. - New property mortgage registrations fell to 595 in October, a decrease of 44% month-on-month, primarily due to a reduction in the number of large new developments launched that month [1]. Group 2 - Citigroup forecasts a 3% increase in residential property prices in 2026, indicating the beginning of a multi-year upward cycle [2]. - The report from Citigroup highlights several factors contributing to the anticipated recovery in the Hong Kong real estate market, including improved profit margins on new sales, stabilization in retail sales, and robust performance of prime office spaces [1]. - Local property-related stocks in Hong Kong include Kowloon Development (01997), Hysan Development (00014), Hang Lung Properties (00101), Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Link REIT (00823) [3].

Group 1 - The core viewpoint is that the Hong Kong property market is showing signs of recovery, driven by improved funding conditions and stronger economic expectations, which may enhance market sentiment and create a positive cycle between the stock and property markets [1] - In October, the number of existing property mortgage registrations reached 6,463, a month-on-month increase of 7.1%, indicating a stable upward trend in the property market [1] - The number of new property mortgage registrations fell to 595 in October, a decrease of 44% month-on-month, primarily due to a reduction in the number of large new projects launched [1] Group 2 - Citigroup's report is optimistic about the Hong Kong real estate market, predicting a recovery post-2025, with residential prices expected to rise by 3% in 2026 and enter a multi-year upward cycle [2][3] - The report highlights that retail sales, particularly luxury goods, are performing better than the market average, with expectations of stabilization in the mass market starting from May 2025 [2] - The office market is expected to see increased competition in 2026 after a record completion of new buildings in 2025, but core area Grade A office buildings are anticipated to perform steadily [2] Group 3 - Local Hong Kong property-related stocks include Kowloon Development (01997), Hysan Development (00014), Hang Lung Properties (00101), Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Link REIT (00823) [4]

提名委員會之職權範圍 (a) 至少每年檢討本公司董事局(「董事局」)的架構、人數及組成（包括技能、知 識及經驗方面）、協助董事局編制董事局技能表，並就任何為配合公司策略， 兼顧及董事局成員多元化政策，而擬對董事局作出的變動提出建議； (b) 處理有關董事局成員多元化的事宜，並檢討董事局成員多元化政策的實施及 有效性； (c) 物色具備合適資格可擔任董事的人士，並充分考慮提名政策以挑選提名有關 人士出任董事或就此向董事局提供意見； (d) 評核獨立非執行董事的獨立性； (e) 評估每位董事付出的時間和對董事局作出的貢獻，以及董事能否有效地履行 其角色和職責； (f) 就董事委任或重新委任以及董事繼任計劃向董事局提出建議； (g) 支援本公司定期評估董事局表現；及 (h) 於適當及必要時向董事局匯報委員會之決定或建議，除非受法律或監管限制 所限而不能作此匯報。 註﹕ 本文件僅為提名委員會職權範圍書之中文譯本。如本文件與提名委員會職權範圍書之英文版有仼何歧義，概以英文 版本為準。 提名委員會之職權範圍包括下列職責： 二零二五年⼗⼀月 ...

Core Viewpoint - Citi's report is optimistic about the Hong Kong real estate market recovering after hitting a low in 2025, with further recovery expected in 2026 due to several factors [1] Group 1: Housing Market - Housing prices are entering an upward cycle, with new sales profit margins improving (currently between 5% to 9%) and net asset values having room for growth [1] - A forecasted 3% increase in residential prices for 2026, with a similar 3% increase expected in 2025, indicating the start of a multi-year upward trend [1] Group 2: Retail Sales - Luxury goods are outperforming the broader market, while the mass market is expected to stabilize starting May 2025, with a recovery anticipated from the second half of 2026 [1] Group 3: Office Space - The completion of office buildings is expected to reach a record high in 2025, leading to increased competition in 2026; however, core area Grade A office buildings are expected to perform steadily [1] Group 4: Corporate Financial Health - Listed companies are becoming more streamlined, with active capital circulation, reduced debt, and lower capital expenditure and financing costs, which should support growth through stable dividends and cash flow [1] Group 5: Investment Sentiment - There is a rebound in investment willingness, alongside smooth transitions in leadership and new strategies among some companies [1] Group 6: Preferred Stocks - Citi's preferred stocks include Hysan Development, Hang Lung Properties, New World Development, Henderson Land, and Link REIT [1]

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]