Core Insights - As of November 11, 101 stocks reached their 52-week highs, with notable performers including Aide New Energy (02623), Lee's Pharmaceutical (02266), and China Shangcheng (02330) [1] Summary by Category 52-Week Highs - Aide New Energy (02623) closed at 4.850, with a peak price of 6.200, achieving a high rate of 13.76% - Lee's Pharmaceutical (02266) closed at 0.395, with a peak price of 0.490, achieving a high rate of 10.11% - China Shangcheng (02330) closed at 0.500, with a peak price of 0.510, achieving a high rate of 9.68% [1] Additional Notable Stocks - China New Retail Supply Chain (03928) reached a high rate of 9.55% - Chongqing Machinery (02722) achieved a high rate of 9.21% - Other stocks with significant high rates include Caike New Energy (01986) at 7.47% and MOS HOUSE (01653) at 6.71% [1] 52-Week Lows - Hengda Group Holdings (03616) reached a low of 0.360, with a low rate of -15.38% - DeTai New Energy Group (00559) reached a low of 0.100, with a low rate of -14.42% - Other notable lows include Jiahe International Holdings (08513) at -9.09% and Leshushi (02698) at -7.58% [3][4]

Core Viewpoint - The report from Credit Lyonnais indicates a recovery in the Hong Kong real estate market, leading to an increase in the target price for Sun Hung Kai Properties (00016) from HKD 63.6 to HKD 110, and an upgrade in rating from underperform to outperform [1] Group 1: Market Recovery - The Hong Kong property market has rebounded by 4% from its low points, benefiting from factors such as US interest rate cuts and strong rental demand [1] - The initial offering price for the second phase of the Tianxi project by Sun Hung Kai Properties is 29% higher than the first phase [1] Group 2: Future Projections - Credit Lyonnais forecasts a 5% increase in Hong Kong property prices by 2026, with leading developers like Sun Hung Kai Properties expected to benefit [1] - The firm has raised its earnings forecast for Sun Hung Kai Properties for the fiscal year 2027 by 7.6% and increased the dividend per share forecast by 4%, reflecting changes in completion timelines and higher price assumptions [1]

Core Viewpoint - The report from Credit Lyonnais indicates that the initial price of the second phase of the Tianxi project by Sun Hung Kai Properties is 29% higher than the first phase, reflecting a recovery in the Hong Kong property market driven by lower interest rates and strong rental demand [1] Group 1: Market Trends - Hong Kong property prices have rebounded by 4% from their lows, benefiting from the US interest rate cuts and strong rental demand [1] - The forecast for Hong Kong property prices is an increase of 5% by 2026, with leading developers like Sun Hung Kai Properties expected to benefit [1] Group 2: Company Financials - Credit Lyonnais has adjusted its earnings forecast for Sun Hung Kai Properties, lowering the 2026 fiscal year estimate by 3.8% and raising the 2027 fiscal year estimate by 7.6% [1] - The forecast for the 2027 fiscal year dividend per share has been increased by 4% to reflect changes in completion timelines and higher price assumptions [1] Group 3: Target Price and Rating - Due to the recovery in the Hong Kong real estate market, Credit Lyonnais has raised the target price for Sun Hung Kai Properties from HKD 63.6 to HKD 110 [1] - The rating for Sun Hung Kai Properties has been upgraded from "underperform" to "outperform" [1]

Core Viewpoint - The U.S. Federal Reserve has announced a 0.25% interest rate cut, marking the second reduction this year, which aligns with market expectations. This has led to a corresponding decrease in Hong Kong's base rate, impacting borrowing costs and potentially stimulating the housing market [1][5]. Group 1: Interest Rate Changes - The Federal Funds rate target range has been lowered to 3.75% to 4% following the recent cut [1]. - Hong Kong's Monetary Authority has reduced its base rate to 4.25%, with local banks adjusting their prime rates and savings rates accordingly, albeit at a smaller margin [1][6]. - The cumulative interest rate hikes in the U.S. from 2022 to 2023 reached 5.25%, while Hong Kong's banks only increased rates by 0.875% [1]. Group 2: Impact on Housing Market - The reduction in interest rates is expected to lower borrowing costs, easing the financial burden on homebuyers and enhancing their purchasing power, particularly for first-time buyers [1][2]. - For a mortgage of 5 million HKD over 30 years, the monthly payment decreases by approximately 344 HKD with the new interest rate of 3.25%, making it easier for middle-class families to meet bank mortgage requirements [2]. - The rental market is also benefiting, with rental yields in Hong Kong surpassing those in major mainland cities, attracting more investment [2][3]. Group 3: Market Sentiment and Future Outlook - The low-interest environment is anticipated to support the recovery of the Hong Kong property market, with rising rental indices further enhancing investment attractiveness [2][3]. - Recent sales of new properties have been strong, indicating improved buyer confidence following the interest rate cuts [3][4]. - However, the secondary market has seen a decline in transactions as buyers shift focus to new developments, suggesting a potential imbalance in market activity [4][5]. Group 4: Predictions and Economic Indicators - Experts predict that property prices may see a slight increase of 2-3% in 2025, with a potential recovery of 5% next year, although current market conditions may limit significant price rebounds [5][6]. - The upcoming Federal Reserve meeting in December is being closely monitored for further interest rate decisions, which could influence Hong Kong's economic landscape [5][6]. - The consensus among industry analysts is that the interest rate reduction cycle in Hong Kong may be nearing its end, with banks unlikely to follow further U.S. cuts due to high funding costs [6][7].

Core Viewpoint - UBS has set a target price of HKD 24 for MTR Corporation (00066) and assigned a "Sell" rating, reflecting concerns over the company's long-term prospects despite a positive short-term reaction to a recent tender result [1] Group 1: Project Details - MTR Corporation announced that the contract for the first phase of the Tuen Mun Area 16 property development project has been awarded to Sun Hung Kai Properties (00016) [1] - The total gross floor area of the project is 601,000 square feet, expected to provide approximately 1,280 residential units [1] - The total investment for the project is estimated at HKD 6 billion, translating to a land price of about HKD 9,983 per square foot [1] Group 2: Financial Projections - Assuming the average selling price reaches the current level of similar projects in the area, specifically HKD 12,750 per square foot, the overall development gross margin is projected to be around 22% [1] - After profit sharing with MTR, the actual development profit margin for Sun Hung Kai is estimated to be about 15% [1] - The overall land cost is estimated at HKD 4,300 per square foot, which is 12% higher than the price paid by Sino Land (00083) for a similar project in August, but 23% lower than previous estimates [1] Group 3: Market Reaction and Long-term Outlook - UBS anticipates a positive market reaction to the tender results for MTR Corporation's stock [1] - However, the firm remains cautious about the company's long-term outlook due to significant capital expenditure requirements from new railway projects and rising interest expenses [1] - The attractiveness of MTR's land reserves outside the Tuen Mun South Line, such as Tung Chung East, Siu Ho Wan, and North District, is considered low [1]

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 - UBS reports that MTR Corporation's Tuen Mun District 16 Station Phase 1 property development contract has been awarded to Sun Hung Kai Properties, with a total floor area of 601,000 square feet, expected to provide approximately 1,280 residential units [1] Summary by Category Project Details - The total investment for the project is HKD 6 billion, translating to a land price of approximately HKD 9,983 per square foot [1] - If the average selling price reaches the current level of similar projects in the area, specifically at HKD 12,750 per square foot, the overall development gross margin is estimated to be around 22% [1] Financial Implications - After profit sharing with MTR, Sun Hung Kai's actual development profit margin is approximately 15% [1] - UBS anticipates a positive market reaction to MTR's tender results, but maintains a cautious outlook on the company's long-term prospects due to significant capital expenditure requirements from new railway projects and rising interest expenses [1] Target Price and Rating - UBS sets a target price of HKD 24 for MTR Corporation and assigns a "Sell" rating [1]

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]

SUN HUNG KAI PROPERTIES LIMITED (新鴻基地產發展有限公司) 於一九七二年七月十四日註冊成立 香 港 之 組織章程細則 （藉二○二五年十一月六日 通過之特別決議案採納） （此中文版本謹為譯本供參考。 如有任何差異，以英文版本為準。） 商業登記號碼：03645421 公司條例（第 622 章） SUN HUNG KAI PROPERTIES LIMITED (新鴻基地產發展有限公司) 之 特別決議 於二○二五年十一月六日通過 在新鴻基地產發展有限公司（「本公司」）於二○二五年十一月六日（星期四） 正午十二時假座香港港灣道三十號新鴻基中心五十三樓（作為主要會議場地）及 四樓（作為額外會議場地）正式召開及舉行之股東週年大會（「本大會」）上， 以下決議案獲通過為特別決議案： 「動議： (簽署) 容上達 公司秘書 （簽署）SHAM Fai 代行 編號：28646 (a) 批 准 本公 司現 有組織 章 程細 則（ 「 現有 章 程 細 則 」 ）的建 議 修 訂 （「建議修訂」），其主要範圍之概要已載於本公司日期為二○二五年 十月九日之通函的附錄三內； (b) 批准及採納本公司新組織章程細 ...