提名委員會成員之變動 恒基兆業地產有限公司(「本公司」)之董事局(「董事局」) 謹此宣佈，自二零二五年 十二月⼀日起，本公司執行董事馮李煥琼女士已獲委任為本公司提名委員會成員，以 接替本公司副主席及執行董事林高演博士。 上述變動旨在提升本公司提名委員會之性別多元化。 承董事局命 公司秘書 廖祥源 謹啟 香港，二零二五年十二月⼀日 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佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份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。 於本公佈日期，董事局成員包括 : (1) 執行董事 : 李家傑 ( 主席兼董事總經理 ) 、李家誠 ( 主席兼董事總經 理 ) 、林高演 ( 副主席 ) 、葉盈枝、馮李煥琼、郭炳濠、孫國林、黃浩明及馮孝忠 ; (2) 非執行董事 : 李王佩玲 ; 以及 (3) 獨立非執行董事 : 鄺志強、高秉強、胡經昌、胡家驃、潘宗光及歐肇基。 ...

Core Viewpoint - Anhui Expressway (AHE) is initiated with an OUTPERFORM rating, targeting Rmb17.32 for A-shares and HK$15.12 for H-shares, indicating attractive dividend yields for 2025 and 2026 [1][7] Investment Positives - AHE's road assets are strategically located on key interprovincial routes, ensuring strong profitability and extended toll collection periods, with an average gross margin of 59.5% from 2014 to 2024 [2] - The company is expected to benefit from the acquisition of the Anhui section of the Fuzhou and Sixu Expressways and the completion of renovations on existing expressways, potentially increasing earnings [3] - AHE's dividend payout ratio is projected to be at least 60% for 2025-2027, with A-shares yielding 4.5% and H-shares yielding 5.4% for 2025, both among the highest in their respective sectors [4][7] Financials and Valuation - Expected EPS for AHE is Rmb1.15 in 2025 and Rmb1.27 in 2026, reflecting a CAGR of 14.0% from 2024 to 2026, justifying a valuation premium due to high-quality assets and growth potential [6] - Target price for A-shares is set at Rmb17.32 based on a 4% dividend yield, implying a P/E of 15.0x for 2025 and 13.6x for 2026, with an upside of 12.0% [6] - Target price for H-shares is set at HK$15.12 based on a 5% dividend yield, implying a P/E of 12.0x for 2025 and 10.8x for 2026, with an upside of 8.0% [7] Market Differentiation - While the market expresses concerns regarding AHE's debt-to-asset ratio and cash flow, the company anticipates increased vehicle traffic on renovated roads and has solid financing options [5]

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]

Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]

Core Viewpoint - The article highlights the rapid response from various sectors in Hong Kong to support victims of the fire incident at Hong Fu Court in Tai Po, with significant donations and aid being mobilized for emergency relief and recovery efforts [1][2][4]. Group 1: Donations and Aid - The Hong Kong Jockey Club announced an initial aid of 100 million HKD through its "Emergency Relief Fund" to assist the injured and families of the deceased, with more support planned in the future [1]. - China Merchants Group allocated 20 million HKD to establish a special charity fund for emergency relief and post-disaster recovery efforts [1]. - The Lee Shau Kee Foundation pledged 30 million HKD for emergency relief and transitional housing for affected individuals [1]. - The Macao Ho Ying Tung Foundation, Hong Kong Ho Ying Tung Foundation, and Ho Ying Tung Group collectively donated 30 million HKD to support residents of Hong Fu Court [2]. - The Sun Hung Kai Properties and Huang Ting Fang Charity Foundation announced a donation of 20 million HKD for disaster relief [2]. - Several banks, including HSBC and Hang Seng Bank, contributed an initial 30 million HKD for post-fire recovery efforts, while Bank of China (Hong Kong) donated 20 million HKD [2]. - Lenovo Hong Kong and Lao Pu Gold each donated 10 million HKD for emergency relief, supply of living materials, medical assistance, and subsequent recovery efforts [2]. Group 2: Ongoing Support and Coordination - The Chinese Red Cross Society donated 2 million RMB to the Hong Kong Red Cross [3]. - Donations from various sectors continue to accumulate, and aid efforts are ongoing [4].

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]