证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-275.74%，算上全部成本后，公司产品或服务的附加值不高。从历史 年报数据统计来看，公司近10年来中位数ROIC为0.85%，中位投资回报较弱，其中最惨年份2024 年的ROIC为-31.95%，投资回报极差。公司历史上的财报非常一般，公司上市来已有年报36份， 亏损年份6次，如无借壳上市等因素，价投一般不看这类公司。 财报体检工具显示： 据证券之星公开数据整理，近期*ST荣控(000668)发布2025年中报。根据财报显示，*ST荣控增收不增 利。截至本报告期末，公司营业总收入1.17亿元，同比上升506.91%，归母净利润-2501.67万元，同比下 降42.31%。按单季度数据看，第二季度营业总收入3634.59万元，同比上升266.57%，第二季度归母净利 润-1041.68万元，同比上升12.73%。 本次财报公布的各项数据指标表现一般。其中，毛利率1.61%，同比减81.43%，净利率-21.55%，同比 增76.98%，销售费用、管理费用、财务费用总计2479.69万元，三费占营收比21.18%，同比减85.11%， 每股净资产4.8 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - AIA Group Ltd (友邦保险-R) and JD Health (京东健康-R) both have a short-selling ratio of 100.00%, indicating complete short interest [1][2]. - JD Group (京东集团-SWR) follows with a short-selling ratio of 87.80% [1][2]. Short Selling Amounts - Alibaba Group (阿里巴巴-SW) leads in short-selling amount with 19.21 billion, followed by Tencent Holdings (腾讯控股) at 18.81 billion and Sanofi (三生制药) at 14.30 billion [1][2]. - Other notable companies include Meituan (美团-W) with 13.13 billion and BYD Company (比亚迪股份) with 12.05 billion [2]. Deviation Values - The top three stocks with the highest deviation values are Hong Kong Exchanges and Clearing (香港交易所-R) at 40.73%, AIA Group (友邦保险-R) at 37.99%, and JD Group (京东集团-SWR) at 36.59% [1][2]. - This deviation indicates a significant difference between current short-selling ratios and their historical averages [2]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling amounts, ratios, and deviation values, showcasing the current market sentiment towards these companies [2].

正在兴建的港铁东涌线延线东涌东站工程被曝出，承建商未按照合同规定在车站设备房间的墙砖上使用 指定的德国品牌材料，而是选用了内地墙砖。25日晚，港铁回应南都记者称，较早前已接获投诉信件， 关注工程合约中使用的一些材料。公司在收到信件后已开展调查工作，并向总承建商查询，要求其核查 有关情况并就事件提供全面的报告。后续，港铁将会对报告进行独立检查及核实。 港铁称，上述事件中提到的材料，为用来砌造车站设备房间的非结构性间隔墙砖材，由总承建商通过招 标聘用的分包商负责采购及进行工程作业。目前总承建商已向港铁确认相关批次砖材将不会在本次工程 中使用。港铁称，将与总承建商继续跟进有关调查，并督导其按合约、按时、按质、按量完成工程。 日前，香港铁路有限公司（下称"港铁"）东涌线延线东涌东站工程被曝出，承建商未按照合同规定在车 站设备房间的墙砖上使用指定的德国品牌材料，消息引发关注。8月25日晚，港铁回应南都N视频记者 称，公司已接获投诉信件并开展调查工作，要求总承建商核查有关情况并就事件提供全面的报告。相关 材料将不会在本次工程中使用。 据悉，港铁东涌线延线项目将会在现有欣澳站及东涌站之间，加建东涌东站。为将现有路轨接驳至未 ...

Core Viewpoint - The report from Credit Lyonnais indicates that MTR Corporation's recurring profit growth remains weak due to rising expenses potentially dragging down profits, while revenues also remain weak [1] Financial Performance - Credit Lyonnais has lowered the target price for MTR Corporation from HKD 30 to HKD 27 and downgraded the rating from outperform to hold [1] - The firm has reduced its recurring profit forecasts for 2025 and 2026 by 28% and 33% respectively [1] Capital Expenditure and Debt Ratios - Increased capital expenditures may lead to MTR's adjusted net debt-to-equity ratios rising to 46% and 55% for 2026 and 2027 respectively [1] - The forecast for MTR's working capital to net debt ratio for 2027 has been lowered to 14% [1] Dividend and Risk Assessment - With a dividend yield of 4.8% per year, Credit Lyonnais considers MTR's risk-return profile unattractive and does not rule out the possibility of issuing convertible bonds or even equity [1]

智通财经APP获悉，里昂发布研报称，港铁公司(00066)经常性溢利增长仍然疲弱，因为开支增长可能会 拖累溢利，而收入仍然疲弱。该行将目标价由30港元下调至27港元，并将评级由跑赢大市下调至持有。 该行下调2025和2026年经常性溢利预测28%/33%。该行指，资本开支上升亦可能令港铁2026及2027年经 调整净负债权益比率分别上升至46%及55%;该行调低港铁2027年的营运资金与净负债比率预测至14%。 里昂指，以每年4.8%的股息率计算，认为港铁的风险回报不吸引，亦不排除会发行可转换债券，甚至 股票的可能性。 ...

Core Viewpoint - The company is adapting to the new consumer behavior in Hong Kong's retail market, focusing on strengthening its dining segment while maintaining a 100% occupancy rate across all its malls [1][2] Group 1: Retail Market Impact - The overall retail sales in Hong Kong have been declining, leading to a decrease in rental income for the company, which has recorded a single-digit percentage drop [1] - The new consumer behavior is affecting entertainment, general retail, and local attractions, indicating a potential long-term trend that tenants must adapt to [1] Group 2: Strategic Adjustments - The company is actively adjusting its strategy by regularly phasing out unpopular tenants and introducing new brands to enhance customer choices and meet changing consumer demands [1] - The dining segment is a crucial pillar for the company, with its share in malls increasing from approximately 20% to 30%, and it is expected to rise further [1] Group 3: Real Estate Development - The company plans to prioritize the Tuen Mun A16 project, covering an area of 4 million square feet, with the first phase of land tendering involving several hundred thousand square feet and over a thousand residential units [2] - A second project in Tung Chung is also in the pipeline, but the company acknowledges that market conditions are constantly changing, which may affect future plans [2]

Core Insights - The company is adapting to the new normal in the retail market due to a decline in overall retail sales in Hong Kong and changing consumer behaviors [1][2] - The company plans to focus on strengthening its dining segment, which has shown resilience, with the proportion of dining in its malls increasing from approximately 20% to 30% [1] - The company will prioritize the launch of new projects in Tuen Mun and Tung Chung, with the Tuen Mun A16 site covering 4 million square feet and the first phase of bidding for residential land expected to yield over a thousand units [2] Group 1 - The company’s malls maintain a 100% occupancy rate, benefiting from seamless connections to the railway and stable foot traffic from surrounding residential areas [1] - The company is actively adjusting its strategy by phasing out unpopular tenants and introducing new brands to meet changing consumer demands [1] - The recent increase in property transactions and sales volume indicates a potential recovery in the real estate market, prompting the company to study market demand for future project launches [1] Group 2 - The company emphasizes the importance of the dining sector, noting that Hong Kong residents frequently dine out, which supports the stability of this segment [1] - The company acknowledges that the market environment is constantly changing, which may lead to adjustments in its future sales strategies [2]

Core Viewpoint - The report from Credit Lyonnais indicates that MTR Corporation's recurring profit growth in the first half remains weak due to rising expenses potentially dragging down profits, while revenues also remain weak [1] Financial Performance - Credit Lyonnais has lowered its recurring profit forecasts for MTR Corporation by 28% for 2025 and 33% for 2026 [1] - The increase in capital expenditures may lead to adjusted net debt-to-equity ratios rising to 46% and 55% for 2026 and 2027, respectively [1] Investment Outlook - Based on a dividend yield of 4.8% per year, Credit Lyonnais finds MTR Corporation's risk-reward profile unattractive and does not rule out the possibility of issuing convertible bonds or even stocks [1] - The target price for MTR Corporation has been reduced from HKD 30 to HKD 27, and the rating has been downgraded from "Outperform" to "Hold" [1]

新华社香港8月20日电（记者王昕怡）香港铁路有限公司（港铁）20日宣布，"猫狗同行"轻铁试行计划 上线3个多月来，已有逾1300名乘客购买"猫狗同行证"。经审慎评估，该计划将于9月起转为常态化服 务，并沿用相关细则，以推动社区共融。 该计划于5月1日起在轻铁全线启动试行，允许每位宠物主人在每周六、日及公众假期携带猫狗搭乘轻 铁。原定两个月的试行期已延长至四个月，现从9月起转为常态化服务，依旧仅限周末与公众假期开 放，在兼顾不同乘客出行需求的同时，着力共建友善乘车环境。 根据规定，携带猫狗的乘客除正常支付本人车费外，须购买并持有"猫狗同行证"，警犬及导盲犬不在此 限。宠物主人需按指定时间、位置及方式等细则，携带猫狗搭乘轻铁。 港铁表示，公司于试行期间开展了意见调查，涵盖携带宠物的乘客及非宠物主人，超过95%的受访者对 计划给予正面评价，认可港铁此举在推动共融社区上的努力。港铁也邀请香港爱护动物协会及亚洲动物 基金的义工带猫狗乘搭轻铁并实地观察，发现超九成的宠物主人能遵守乘车细则，且宠物乘车时表现平 静，能与其他乘客和谐共处。 港铁公司车务营运及本地铁路总管李婉玲表示，港铁会继续与持份者沟通，持续留意实施情况，致 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development (100.00%), Hang Seng Bank (95.70%), and JD.com (92.60%) [1][2] - Other notable stocks with high short-selling ratios include Lenovo Group (90.03%) and Xiaomi Group (89.73%) [2] Group 2: Top Short-Selling Amounts - Tencent Holdings leads in short-selling amount with 2.243 billion, followed by Xiaomi Group at 1.941 billion and Alibaba at 1.288 billion [1][2] - Other significant short-selling amounts include Meituan (842 million) and Ctrip Group (815 million) [2] Group 3: Top Short-Selling Deviation Values - Hang Seng Bank has the highest deviation value at 47.89%, followed by Xiaomi Group at 40.17% and Lenovo Group at 35.95% [1][2] - Other stocks with notable deviation values include JD.com (35.62%) and New World Development (35.46%) [2]