Core Viewpoint - The collaboration between Cheung Kong Property Holdings Limited and MTR Corporation on the "Blue Coast" residential development in South Island, Hong Kong, is nearing completion with the official launch of the Bluestar elevator, indicating readiness for the sale of completed units [1][3]. Group 1: Project Details - "Blue Coast" is currently the only project located above the shopping mall THE SOUTHSIDE in South Island, providing convenient access to public transportation [3]. - The project will soon announce the first price list for completed units, likely including new 2-bedroom and 3-bedroom layouts [3]. - The 3-bedroom unit (G unit, Tower 3) has a usable area of 759 square feet, featuring a living and dining area approximately 18 feet 11 inches long and 10 feet wide, with glass curtain wall corner windows for enhanced natural light [3][5]. - The 2-bedroom unit (F unit, Tower 3) has a usable area of 443 square feet, with a living and dining area approximately 15 feet long and 10 feet wide, also featuring glass curtain wall windows [7][8]. Group 2: Amenities and Features - The kitchens in both unit types are equipped with German brand Leicht cabinets and Gaggenau appliances, including a refrigerator, range hood, gas stove, induction cooktop, steam oven, and washer/dryer [4][5][8]. - The master bedroom in the 3-bedroom unit is spacious, measuring approximately 11 feet 9 inches by 8 feet, with provisions for a walk-in closet [5]. - The project includes high-end amenities such as the "BIOPHILIA REALM" and "Central Clubhouse" for residents, enhancing the overall living experience [10]. Group 3: Market Potential - The "Blue Coast" series offers a total of 1,200 residential units, designed as 2-bedroom and 3 to 4-bedroom apartments, strategically located near traditional luxury residential areas like Deep Water Bay and Repulse Bay [10]. - The seamless connection to THE SOUTHSIDE shopping mall and direct access to the core business district of Admiralty via two MTR stations is expected to boost the local real estate market for rentals and sales [10].

2019年西安地铁总里程只有158公里，到了2024年，地铁里程已突破400公里，跻身全国地铁第十城， 值得注意的是，近期西安地铁和港铁联手合作，消息一出惊起千层浪，一南一北相隔超1400公里的城市，究 竟想要下一盘怎么样的大棋？ 在中国城市交通版图中，西安是一个特殊的存在。 因其地理位置，被网友戏称为"唯一没有民用机场的省会"，殊不知它正以独特的历史底蕴与现代活力，书写 着属于自己的"地下长安"篇章。 从单一骨干线路到"棋盘+环+放射"的立体格局，地铁，正成为这座千年古都焕新发展的"动脉"。 地铁，2025年最难的生意 当前，中国地铁行业普遍陷入"高投入、低回报"的困境。在已经发布2024年财报的28个城市地铁公司中，若 扣除补贴，除福州和上海外，其余26城地铁公司均处于亏损状态。 全国地铁运营里程前十名的城市经营情况 | 城市 | | 归母净利润 政府补助 扣除政府补 | | | --- | --- | --- | --- | | | (亿元) | (亿元) | 助后的利润 | | 北京 | 31.53 | 248.52 | -216.99 | | 上海 | 0.52 | 0.1 | 0.42 | | 广 ...

Forward-looking statements Certain statements contained in this presentation may be viewed as forward- looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Interim Results 2025 Business Review MTR Corpo ...

瑞银指，由于新铁路项目的资本开支不断增加，加上利息支出上升，估计港铁在2025至2029年期间可能 面对1170亿港元的资金缺口。若土地市场持续低迷，地铁的净资产负债比率(将永久资本证券视为债务) 到2029年可能接近100%，令人关注长期股息的可持续性。 智通财经APP获悉，瑞银发布研报称，维持港铁公司(00066)"沽售"评级，以反映风险/回报缺乏吸引 力。同时调低2025至2027年每股盈利预测2至12%，以反映较高的利息支出。目标价则由21.6港元升至 24港元，相当于每股资产净值折让30%。 该行指，港铁股息率为4.7%，而龙头开发商的平均股息率为5.4%，风险回报并不吸引，因为每股派息 上升空间有限，且独立信贷状况较弱，令股息率受压。另外，2009至2018年上升周期的历史表现显示， 港铁在住宅物业复苏初期的表现逊于龙头发展商。 瑞银料港铁2025年派息后的自由现金流为负129.8亿港元(2024年为负100.82亿港元)、2026至2029年派息 后的自由现金流预测为负85.17亿、263.69亿、344.7亿及350.78亿港元。该行料港铁今明两年每股派息均 为1.31港元。 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 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7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: | 香港鐵路有限公司 | | | 呈交日期: | 2025年8月5日 | | | I. 法定/註冊股本變動 | 不適用 | | 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 | | | 上月底結存 | | | 6,224,823,171 | | 0 | | 6,224,823,171 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - Morgan Stanley has initiated coverage on MTR Corporation (00066) with a target price of HKD 29 and a "Neutral" rating, highlighting the company's unique business model that combines railway operations with real estate development [1] Summary by Relevant Categories Business Model - MTR Corporation utilizes a distinctive business model that integrates railway operations with real estate development, leveraging its transportation infrastructure to unlock real estate investment opportunities [1] Financial Performance - The risk-reward profile for MTR appears balanced, with local railway operations in Hong Kong showing a rebound post-pandemic [1] - However, the company's upside potential is constrained by several factors, including sluggish growth in leasing business and anticipated slowdown in real estate development profits starting in 2027 [1] Capital Expenditure and Profit Outlook - The development of the Northern Link project in Hong Kong is expected to increase capital expenditure requirements [1] - These factors collectively suggest a potential 16% decline in MTR's earnings compound annual growth rate (CAGR) for the fiscal years 2025-2027, which may limit the possibility of significant revaluation of its stock [1] Dividend Expectations - Despite the challenges, Morgan Stanley anticipates that MTR's dividends will remain stable [1]

小摩表示，港铁采用独特的商业模式，将铁路营运与房地产开发相结合，利用其交通基础设施释放房地 产投资机会。目前，港铁的风险回报似乎处于平衡状态，香港本地铁路运营在疫情后反弹的势头已充分 反映。然而，其上行潜力受到以下几个因素的限制：1)租赁业务增长乏力;2) 预计从2027年开始房地产 开发利润将放缓;3) 香港北环线开发项目提供资金导致资本支出需求将增加。 智通财经APP获悉，摩根大通发布研报称，首予港铁公司(00066)目标价29港元和"中性"评级。 这些因素共同导致港铁2025-2027财年的盈利复合或有16%的下降，这可能会限制其估值大幅重估的可 能性。不过，小摩预期股息将保持稳定。 ...

港交所披露数据显示，7月29日共615只港股被沽空，总沽空金额为288.22亿港元。其中沽空金额超1亿 港元的个股有74只，小米集团-W、腾讯控股、药明康德沽空金额位居前三，分别为22.09亿港元、9.55 亿港元、6.98亿港元。 （文章来源：第一财经） 从沽空比率来看，共32只个股沽空比率超30%，深圳高速公路股份、港铁公司、蔚来-SW位居前三，分 别为53.32%、51.83%、45.53%。 从沽空比率偏离幅度来看，共65只个股沽空比率偏离幅度超100%，中国旭阳集团、锅圈、微盟集团位 居前三，分别为403.05%、357.89%、345.55%。 ...

Core Viewpoint - The Hong Kong government has approved the financial arrangements for the first part of the Northern Link project, which aims to enhance transportation efficiency and connectivity in the region, with a target completion date of 2034 or earlier [1][2]. Group 1: Project Overview - The Northern Link main line will connect the existing Tuen Ma Line and East Rail Line, with new stations planned along the route [1]. - The project includes a branch line that will connect to the newly established Huanggang Port station in Shenzhen [1]. Group 2: Financial Aspects - The budget for the first part of the Northern Link project is approximately HKD 31.4 billion, based on prices from July 2025 [2]. - The project aims to significantly reduce travel time from 60-80 minutes to about 12 minutes between Kam Sheung Road and Kwu Tung [2]. Group 3: Strategic Importance - The Hong Kong government emphasizes the strategic value of the Northern Link project, aiming to accelerate its development through innovative planning and the adoption of mainland construction standards [1]. - The project is expected to promote the development of the northern metropolitan area of Hong Kong [2].

Core Viewpoint - The Railway Technology Innovation Alliance is focused on enhancing technological self-reliance and high-quality development in the railway sector through collaborative innovation and the establishment of an international standardization committee [1][2]. Group 1: Achievements and Innovations - The alliance has successfully implemented an innovation-driven development strategy, resulting in significant achievements such as the "Fuxing" high-speed train project winning the National Science and Technology Progress Award [1]. - Key technological advancements include the design and successful release of the CR450 train prototype, the regular operation of 30,000-ton heavy-duty trains, and the deepening of technological innovations in various fields such as mobile equipment and communication signals [1][2]. Group 2: Future Plans and Strategic Focus - The alliance plans to integrate research resources and enhance the synergy between technological and industrial innovation to elevate the overall effectiveness of the railway innovation system [2]. - Future initiatives will focus on major technological breakthroughs, promoting the transformation of scientific achievements into practical applications, and improving the railway technology innovation system [2][3]. Group 3: International Collaboration and Standardization - The establishment of the International Standardization Working Committee aims to convert alliance innovations into national and industry standards, enhancing China's railway standards on an international level [2][3]. - A joint funding agreement was signed to expand the scale of the railway basic research fund, promoting deeper collaboration between Hong Kong and mainland railway technology sectors [3].