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]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a slight increase in its closing price and has a total trading volume of approximately 9.8 million yuan as of November 11, 2023 [1]. Group 1: Fund Overview - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. - As of November 10, 2023, the fund has a total of 175 million shares and a total size of 185 million yuan [1]. Group 2: 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 5.37% during their tenure [1]. Group 3: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, valued at approximately 4.07 million yuan [2]. - Jiangxi Copper: 1.08% holding, valued at approximately 4.06 million yuan [2]. - China Shenhua: 1.05% holding, valued at approximately 3.97 million yuan [2]. - Far East Horizon: 0.99% holding, valued at approximately 3.72 million yuan [2]. - CNOOC: 0.96% holding, valued at approximately 3.62 million yuan [2]. - Sino Land: 0.94% holding, valued at approximately 3.54 million yuan [2]. - China Petroleum: 0.87% holding, valued at approximately 3.29 million yuan [2]. - Hengan International: 0.87% holding, valued at approximately 3.26 million yuan [2]. - Henderson Land: 0.81% holding, valued at approximately 3.05 million yuan [2]. - Bank of China Hong Kong: 0.81% holding, valued at approximately 3.06 million yuan [2].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a modest increase of 0.38% in its closing price on November 7, with a trading volume of 6.93 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 for the fund 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]. Group 2: Fund Size and Management - As of November 6, the fund has a total of 175 million shares outstanding, with a total size of 182 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.82% during their tenure [2]. Group 3: Top Holdings - The fund's major holdings include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper Co.: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - China Petroleum: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China (Hong Kong): 0.81% holding, valued at 3.0623 million yuan [3]

Core Viewpoint - Hong Kong real estate stocks have collectively risen, with significant increases in major companies, indicating a positive trend in the market supported by various factors [1] Group 1: Market Performance - Henderson Land (00012) increased by 4.04% to HKD 29.38 - Wharf Holdings (00004) rose by 3.29% to HKD 21.98 - Sun Hung Kai Properties (00016) gained 0.72% to HKD 98.25 [1] Group 2: Price Recovery - Since the low in March 2025, Hong Kong residential prices have rebounded over 4% - J.P. Morgan forecasts an additional price increase of approximately 5% by the end of 2026 [1] Group 3: Supporting Factors for Recovery - Observed resilience in stock market performance, historically correlated with property prices - Release of pent-up demand leading to strong transaction volumes - Banks have raised property valuations - Decrease in the number of listings in the secondary market - Increasing number of transactions completed above valuation prices, fostering a "fear of missing out" sentiment - Anticipated further decline in interest rates - Decreasing inventory levels and rising rental prices - Steady interest from mainland buyers - Recovery in the financial sector [1] Group 4: Market Sentiment and Risks - The positive outlook is contingent on the continued resilience of the Hang Seng Index, as the real estate market is driven by sentiment - Key downside risk identified is a potential stock market crash, although this is not considered the base case by J.P. Morgan [1]

Core Viewpoint - Hong Kong real estate stocks are experiencing a collective rise, with significant increases in major companies' stock prices, indicating a positive trend in the market [1] Group 1: Market Performance - Henderson Land (00012) increased by 4.04% to HKD 29.38 - Wharf Holdings (00004) rose by 3.29% to HKD 21.98 - Sun Hung Kai Properties (00016) saw a 0.72% increase to HKD 98.25 [1] Group 2: Market Recovery Indicators - Since the low point in March 2025, Hong Kong residential prices have rebounded over 4% - Positive signs for continued recovery include resilient stock market performance, strong transaction volumes, and banks raising property valuations - The number of listings in the secondary market is decreasing, and more transactions are occurring above valuation prices, fostering a "fear of missing out" sentiment [1] Group 3: Future Predictions - JPMorgan forecasts a further rebound of approximately 5% in property prices by the end of 2026 - The outlook is contingent on the sustained resilience of the Hang Seng Index, as the real estate market is driven by sentiment [1]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 1.17% and a trading volume of 18.4374 million yuan on November 6, 2023 [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 Management - As of November 5, 2023, the fund has a total of 175 million shares and a total size of 180 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both managing the fund since its inception, with a return of 2.53% during their tenure [2]. Top Holdings - The latest report indicates that the top holdings of the fund include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - PetroChina: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China Hong Kong: 0.81% holding, valued at 3.0623 million yuan [3].

Market Performance - The Hang Seng Index rose by 550.49 points, an increase of 2.12%, closing at 26,485.9 points [1] - The H-share Index increased by 192.73 points, closing at 9,355.97 points, with a rise of 2.1% [1] - The Hang Seng Tech Index gained 158.37 points, closing at 5,944.22 points, reflecting a growth of 2.74% [1] Trading Volume - The total trading volume on the main board reached HKD 234.653 billion [1] Blue-chip Stocks - Tencent Holdings rose by 2.38%, closing at HKD 644 [1] - Hong Kong Exchanges and Clearing increased by 2.22%, closing at HKD 433 [1] - China Mobile saw a rise of 0.58%, closing at HKD 87.15 [1] - HSBC Holdings increased by 3.05%, closing at HKD 110.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.3%, closing at HKD 39.64 [1] - Sun Hung Kai Properties increased by 0.72%, closing at HKD 97.55 [1] - Henderson Land Development rose by 0.71%, closing at HKD 28.24 [1] Chinese Financial Stocks - Bank of China rose by 0.88%, closing at HKD 4.57 [1] - China Construction Bank increased by 1.5%, closing at HKD 8.14 [1] - Industrial and Commercial Bank of China rose by 0.96%, closing at HKD 6.31 [1] - Ping An Insurance saw an increase of 3.11%, closing at HKD 58 [1] - China Life Insurance rose by 4.86%, closing at HKD 25.9 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.19%, closing at HKD 4.25 [1] - China National Petroleum Corporation increased by 1.08%, closing at HKD 8.45 [1] - CNOOC Limited saw a rise of 2.65%, closing at HKD 20.88 [1]

Core Points - The Hang Seng Index fell by 16.99 points, a decrease of 0.07%, closing at 25,935.41 points [1] - The Hang Seng China Enterprises Index decreased by 9.97 points, closing at 9,163.24 points, down 0.11% [1] - The Hang Seng Tech Index dropped by 32.44 points, closing at 5,785.85 points, a decline of 0.56% [1] Blue Chip Stocks - Tencent Holdings remained unchanged, closing at 629 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.47%, closing at 423.6 HKD [1] - China Mobile decreased by 0.06%, closing at 86.65 HKD [1] - HSBC Holdings increased by 0.19%, closing at 108.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.05%, closing at 39.52 HKD [1] - Sun Hung Kai Properties fell by 1.42%, closing at 96.85 HKD [1] - Henderson Land Development increased by 0.72%, closing at 28.04 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.53 HKD [1] - China Construction Bank decreased by 0.37%, closing at 8.02 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.25 HKD [1] - Ping An Insurance fell by 0.97%, closing at 56.25 HKD [1] - China Life Insurance remained unchanged, closing at 24.7 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.71%, closing at 4.2 HKD [1] - PetroChina increased by 0.36%, closing at 8.36 HKD [1] - CNOOC decreased by 0.29%, closing at 20.34 HKD [1]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恒基兆業地產有限公司 呈交日期: 2025年11月5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) | 00012 | 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 | | | 4,841,387,003 | | 0 | | 4,841,387,003 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,841,387,003 | | 0 | | 4,841,387 ...