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告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分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。 MTR CORPORATION LIMITED 香港鐵路有限公司 （於香港成立之有限公司） (股份代號﹕ 66) 委任非執行董事、 根據《章程細則》的規定，只要財政司司長法團控制本公司百分之五十或以上的投票權， 其擁有獨有權利委任本公司任何董事出任本公司主席。現時財政司司長法團以信託形式為 香港特別行政區政府持有本公司超過百分之五十的已發行股份。 本公司另宣布，在金博士成為本公司主席的同時，他亦會成為本公司環境及社會責任委 員會主席、提名委員會成員以及薪酬委員會成員。 金博士（現年 63 歲）於 1995 年加入本公司，並曾在車務處、工程處以及中國內地及國 際業務處擔任不同管理職位。他於 2019 年 4 月 1 日獲委任為行政總裁，並自該日起一直 擔任董事一職。獲委任為行政總裁前，金博士於 2011 年 1 月至 2016 年 4 月期間為車務 總監及由 2016 年 5 月起為常務總監 – 車務及中 ...

Core Viewpoint - UBS upgraded the investment rating of Cheung Kong Property from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] Group 1: Potential Catalysts for Value Release - Potential catalysts for value release include acquisitions of distressed commercial real estate (CRE) assets in Hong Kong, continuous improvement in hotel profitability, and opportunities to convert hotels into student accommodations due to a structural increase in non-local student enrollment [1] - Additional catalysts mentioned are the disposal of UK railway assets and higher foreign exchange conversion gains following potential interest rate cuts by the Federal Reserve [1] Group 2: Stance on Hong Kong Banks and Developers - UBS maintains a "Neutral" stance on Hong Kong banks due to increased provisioning expenses related to commercial real estate exposure and risks of net interest margin contraction from a potential rate cut cycle [1] - The bank holds a "Positive" stance on Hong Kong developers, with top picks including Henderson Land, Sun Hung Kai Properties, Link REIT, Wynn Macau, Galaxy Entertainment, and Cathay Pacific, all rated as "Buy" [1] - Conversely, UBS is bearish on MTR Corporation, rating it as "Sell" [1]

Group 1 - The Hong Kong government plans to auction a residential site in Jordan Valley, Kowloon, which can provide approximately 570 units in the third quarter of the fiscal year 2025 (October to December) [1] - In addition to the auction, the Hong Kong Railway Corporation has begun bidding for a property development project in Tuen Mun District 16, offering around 1280 units [1] - A total of eight private development and redevelopment projects are expected to complete land administrative procedures in the third quarter, providing about 4570 units, with two larger projects located in the Hung Shui Kiu/Ha Tsuen New Development Area and Sheung Shui [1] - The Secretary for Development, Ning Hanhao, indicated that the total private housing land supply for the first three quarters of this fiscal year is expected to reach approximately 12430 units, which is 94% of the annual supply target [1] - Recent recovery in the residential property market, along with the U.S. resuming interest rate cuts, has boosted market confidence, making the government's land sale initiative timely [1] Group 2 - The Vice President of the Unity Hong Kong Foundation, Ye Wenqi, suggested extending the "infrastructure first" principle from Hung Shui Kiu to other areas, with the government leading investments in capital-intensive major transportation projects to enhance investment visibility and land attractiveness [2]

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9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港鐵路有限公司 | | | 呈交日期: | 2025年10月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 FF301 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) | 00066 | 說明 | 不適用 | | | | | | | | 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 | ...

Core Viewpoint - The Hong Kong Railway Company (MTR) has officially launched the Northern Link project, which is a significant transportation backbone for the Northern Metropolis area and the largest among several railway projects being promoted by MTR [1][2]. Group 1: Project Overview - The Northern Link project will connect the East Rail Line and the Tuen Ma Line, with a branch line directly linking to the Shenzhen Huanggang Port, establishing the third direct railway connection between Hong Kong and mainland China [2]. - The main line of the Northern Link is expected to enhance public transport connectivity in multiple new development areas within the Northern Metropolis, forming a circular railway that significantly improves the coverage and resilience of the railway network [2]. Group 2: Government and Company Statements - The Secretary for Transport and Logistics of the Hong Kong SAR Government, Chen Mei-bao, emphasized that the Northern Link is a landmark project in the infrastructure of the Northern Metropolis, facilitating the flow of people and contributing to regional development [2]. - MTR Chairman, Ouyang Boquan, stated that the Northern Metropolis is a new engine for Hong Kong's future development, and the railway will deepen cross-border connections with the mainland [2]. Group 3: Project Timeline and Progress - MTR reported that the construction progress of the East Rail Line's Kwu Tung Station, part of the Northern Link project, is on track, with structural completion expected in November 2023 and operations targeted to commence in 2027 [3].

Core Points - The Hong Kong Railway Company (MTR) launched the Northern Link project, which is a significant transportation backbone for the Northern Metropolis [2] - The main line will connect the East Rail Line and the Tuen Ma Line, while the branch line will directly link to the Shenzhen Huanggang Port, establishing a third direct railway connection between Hong Kong and the mainland [2] - The project aims to enhance accessibility in the Northern Metropolis and strengthen cross-border connections with the mainland [3] Summary by Sections - **Project Overview** - The Northern Link is the largest railway project currently being promoted by MTR [2] - The project includes a main line and a branch line, with the main line serving as a public transport backbone for new development areas in the Northern Metropolis [2] - **Government and Company Statements** - The Secretary for Transport and Logistics of the Hong Kong SAR Government emphasized the project's role as a vital transport artery for regional development [2] - MTR's Chairman highlighted the importance of the Northern Link in enhancing accessibility and deepening cross-border ties with the mainland [3] - **Construction and Timeline** - MTR aims to complete the main line and branch line by 2034 [3] - The construction of the East Rail Line's Kwu Tung Station is progressing well, with structural completion expected in November 2023 and operations targeted for 2027 [3]

该行将港铁今年基本盈利预测上调12%，明年预测亦上调4%，目标价相应由49港元升至50港元，并指港铁现价相当于 资产净值折让28%，历史平均水平为15%，维持"买入"评级。 里昂发表报告表示，港铁公司(0066.HK)5月营运数据显示，本地乘客数量迅速恢复正常，达到正常水平77%，相信乘 客数量恢复将支持商场和车站商铺租户今年上半年的营业额。 ...

Core Viewpoint - Bank of America Securities reports that the Hong Kong property market has begun to recover, predicting a rebound in residential property prices from 2027 to the second half of 2026, with an expected increase of approximately 3% and a further 5% rise in 2027 [1] Summary by Category Market Outlook - The forecast for residential property price rebound has been advanced to the second half of 2026 from 2027, with an anticipated increase of about 3% in 2026 and an additional 5% in 2027 [1] - The recovery in property prices is expected to lead to a resurgence in profitability and dividends for local property developers by 2027 [1] Company Ratings and Target Prices - Average target prices for local property stocks have been raised by 3%, with earnings forecasts adjusted upwards by up to 4% from this year to 2027 [1] - Longfor Group (01113) and Sino Land (00083) are favored among developers, with Longfor's rating upgraded from "Neutral" to "Buy" and target price increased from HKD 39 to HKD 42 [1] - Sino Land is also given a "Buy" rating, with its target price raised from HKD 9.8 to HKD 10.8 [1] Rental Stocks - The report expresses a positive outlook on Hang Lung Properties (00101) and Swire Properties (01972), both receiving "Buy" ratings, with target prices adjusted to HKD 10 and HKD 24.5 respectively [1] - The rating for MTR Corporation (00066) is maintained at "Underperform" [1]

Core Insights - Shenzhen Metro's operational mileage has surpassed 600 kilometers, reaching 609.6 kilometers, ranking fifth nationally [2][3] - The rapid expansion of the Guangdong-Hong Kong-Macao Greater Bay Area's rail transit network is facilitating the smooth flow of regional production factors and reshaping urban space and industrial patterns [2][4] Summary by Sections Shenzhen Metro Expansion - Shenzhen Metro's operational mileage reached 609.6 kilometers with the opening of Line 16 Phase II and Line 6 Branch II, maintaining the highest network density among mainland cities at 0.305 kilometers per square kilometer [3] - The metro's ridership has been robust, with an entry volume of 169.48 million and a passenger flow of 300.13 million in August, ranking third nationally [3] - Daily average ridership from January to August was 8.95 million, showing a significant year-on-year increase of 7.1% [3][4] Population Growth and Demand - The surge in metro ridership is attributed to a substantial increase in the resident population, which reached 22.38 million by the end of 2024, marking a year-on-year increase of 741,100 [4] - The opening of the Shenzhen-Zhongshan Channel and the rise in cross-border travel from Hong Kong have also contributed to increased metro usage [4] Future Developments - Shenzhen is set to welcome four new metro lines by the end of the year, enhancing the coverage and operational efficiency of its rail network [4] - Ongoing construction of the metro's fifth phase is expected to push the total mileage beyond 800 kilometers by 2030, connecting with neighboring cities like Dongguan and Huizhou [4][5] Greater Bay Area Connectivity - The integration of Shenzhen's metro with Dongguan's rail system is underway, with plans for extensions that will enhance connectivity between the two cities [5] - The overall development of the Greater Bay Area's rail network is anticipated to significantly reduce commuting costs and time, fostering economic collaboration among cities [8] Economic Implications - The expansion of the rail network is expected to reshape the industrial and population layout in the Greater Bay Area, enhancing the flow of talent, technology, and capital [8] - The construction of cross-city metro lines will facilitate a "same-city life" experience for residents, while also restructuring urban and industrial logic [8][9]

Core Viewpoint - ST Jinhong (000669.SZ) announced that its subsidiary, Hunan Shenzhou Jiepai Ceramics Co., Ltd. (referred to as "Shenzhou Jiepai"), will temporarily suspend operations for a comprehensive technical upgrade of its mining system to enhance safety, environmental protection, and economic efficiency [1] Company Overview - The main business of ST Jinhong is natural gas comprehensive utilization, while Shenzhou Jiepai focuses on the mining and sales of non-metallic minerals, specifically feldspar and kaolin, which are ceramic raw materials [1] Financial Impact - For the fiscal year 2024, Shenzhou Jiepai's audited revenue and net profit accounted for 3.54% and -4.40% of the company's consolidated revenue and net profit, respectively [1] - In the first half of 2025, Shenzhou Jiepai's unaudited revenue and net profit represented 2.39% and 0.35% of the company's unaudited consolidated revenue and net profit, respectively [1] - The temporary suspension of operations is not expected to have a significant impact on the company [1]