Core Viewpoint - The Chinese real estate sector is experiencing a significant downturn, with major property stocks declining sharply amid worsening sales figures and uncertainty regarding debt restructuring plans [1] Group 1: Stock Performance - Major property stocks in China have collectively dropped, with notable declines including: - R&F Properties (融信中国) down 5.42% to HKD 0.157 - China Overseas Grand Oceans Group (中国海外宏洋集团) down 5.22% to HKD 2.18 - Greentown China (绿城中国) down 4.82% to HKD 8.3 [1][1][1] Group 2: Sales Data - From January to September, the total sales area of new commercial housing in China was approximately 6.58 billion square meters, representing a year-on-year decline of 5.5%, with the drop accelerating by 0.8 percentage points compared to January to August [1][1] - The sales revenue for new commercial housing in the first three quarters was about 6.3 trillion yuan, down 7.9% year-on-year, with the decline also widening by 0.6 percentage points compared to the previous period [1][1] Group 3: Debt Restructuring and Market Outlook - R&F Properties' planned domestic debt restructuring scheme, initially set for October, remains uncertain, with intentions to further extend related bonds [1][1] - According to Fitch Ratings, the Chinese real estate industry has not yet hit bottom, and the recovery trend remains uncertain, with new home sales and prices declining since April, and further drops expected through 2026 [1][1][1]

Core Viewpoint - The Chinese real estate sector is experiencing a significant downturn, with major property stocks declining sharply amid worsening sales figures and uncertainty regarding recovery [1] Group 1: Stock Performance - Major property stocks in China have collectively dropped, with R&F Properties down 5% to HKD 0.57, China Overseas Land & Investment down 5.22% to HKD 2.18, and Sunac China down 5.42% to HKD 0.157 [1] - The decline in stock prices reflects broader concerns about the health of the real estate market [1] Group 2: Sales Data - From January to September, the total sales area of new commercial housing in China was approximately 6.58 billion square meters, representing a year-on-year decrease of 5.5%, with the decline accelerating by 0.8 percentage points compared to the first eight months [1] - The sales revenue for new commercial housing in the first three quarters was about CNY 6.3 trillion, down 7.9% year-on-year, with the decline also widening by 0.6 percentage points compared to the previous period [1] Group 3: Debt Restructuring and Market Outlook - Sunac China's planned domestic debt restructuring scheme, initially set for October, remains uncertain, with intentions to extend related bonds [1] - Fitch Ratings indicated that the Chinese real estate industry has not yet hit bottom, with recovery trends remaining uncertain; despite a brief market stabilization in Q1, new home sales and prices have been declining since April, with further drops noted in June [1] - The outlook for 2026 suggests that sales in the real estate market may continue to decline [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Insights - The report highlights structural opportunities in the third and fourth-tier housing markets despite challenges such as inventory overhang and weak demand [6][8] - It emphasizes that the market for "good houses" is stabilizing, with a willingness to pay for quality increasing among consumers in lower-tier cities [6][8] Summary by Sections Market Overview - The inventory clearance cycle in third and fourth-tier cities is relatively stable, with a longer average clearance period of 50.5 months compared to 35.1 months in first-tier cities [11] - Price adjustments in these cities are gradually shrinking, indicating a stabilization in housing prices [11] Land Acquisition Trends - Land acquisition competition is weaker in third and fourth-tier cities, with fewer new entrants due to the exit of distressed developers [14][30] - The land transaction premium in third-tier cities has decreased by 0.7 percentage points compared to the previous year, indicating a more favorable environment for project profitability [14][30] Consumer Preferences - There is a noticeable trend towards larger units in third and fourth-tier cities, driven by family-oriented living arrangements and lower price thresholds [21][16] - The acceptance of "good houses" is higher in these markets, with consumers willing to pay a premium for quality [21][16] Competitive Landscape - The number of developers active in third and fourth-tier cities has significantly decreased, leading to a more favorable competitive environment for established players [30][31] - Companies that have maintained a presence in these markets, such as China Overseas Development and Greentown China, are likely to benefit from improved project margins [35][41] Implications for Higher-Tier Markets - The report suggests that the trends observed in third and fourth-tier cities may also apply to first and second-tier markets, where a differentiation and quality improvement trend is expected to continue [80] - Core areas in first-tier cities are anticipated to stabilize and potentially see price recovery, particularly for high-quality properties [80]

Company News - China Unicom (00762.HK) reported a revenue of 292.985 billion yuan for the first three quarters, a year-on-year increase of 1%; net profit reached 20 billion yuan, up 5.1% year-on-year. The company noted a significant breakthrough in computing power business, with cloud revenue of 52.9 billion yuan and data center revenue of 21.4 billion yuan, an increase of 8.9% year-on-year. The cumulative number of customers for 5G virtual private networks exceeded 20,000. Additionally, the company plans to spin off its smart network technology for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [2] - Tmall (06110.HK) reported a mid-term revenue of approximately 12.2986 billion yuan for the period ending August 31, a decrease of 5.79% year-on-year; net profit was 789 million yuan, down 9.69% year-on-year, primarily due to fluctuations in the offline consumption environment affecting customer traffic. The gross profit margin for the period was 41.0%, a decrease of 0.1 percentage points year-on-year, with inventory at 5.834 billion yuan, down 4.7% year-on-year, and the total number of stores decreased by 19.4% year-on-year [2] - Shanshui Cement (00691.HK) reported operating revenue of 8.946 billion yuan for the first nine months, a year-on-year decrease of 17.99%; the company incurred a loss of 132 million yuan, an increase of 12.47% year-on-year [3] - China Overseas Macro Group (00081.HK) reported an operating profit of approximately 773 million yuan for the first three quarters, a year-on-year decline of 46.7% [4] - Tianjin Port Development (03382.HK) announced that its subsidiary plans to publicly sell 60% of the equity in China Railway Storage and Transportation [5] - China National Foreign Trade (00598.HK) completed the sale of a 25% stake in Lu Kai International, expecting to generate revenue of 1.65 billion yuan [6] - Xinyi International (00732.HK) plans to acquire approximately 11.43% equity in Xinyi Renshou through a public bidding process, involving an investment of 1.05 billion yuan [7] - Shanxi Installation (02520.HK) intends to establish a joint venture with Shanxi Sanjian and Huaneng Power for the Shanxi Qingshui Pumped Storage Power Station project, with a total registered capital of 100 million yuan [8] - Kaisa Group (01813.HK) has postponed the hearing for its liquidation application [9] - Baiguoyuan Group (02411.HK) has received approval from the Hong Kong Stock Exchange for its application to implement full circulation of H-shares [10] Buyback Dynamics - Haotian International Investment (01341.HK) completed the issuance of 1.6 billion shares to PCL [11] - AAC Technologies (02018.HK) repurchased 300,000 shares at a cost of approximately 11.9098 million Hong Kong dollars, with repurchase prices ranging from 39.46 to 39.98 Hong Kong dollars [12] - Mengniu Dairy (02319.HK) repurchased 500,000 shares at a cost of 7.1714 million Hong Kong dollars, with repurchase prices between 14.32 and 14.37 Hong Kong dollars [13] - Lianyi Rong Technology-W (09959.HK) repurchased 2.43 million shares at a cost of approximately 7.47075 million Hong Kong dollars, with repurchase prices ranging from 2.99 to 3.1 Hong Kong dollars [14]

Core Insights - Southbound funds increased their holdings in China Overseas Macro Holdings Group (00081.HK) by 619,000 shares on October 21, 2025, marking a 0.12% increase in total holdings [1] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 14.471 million shares [1] - In the last twenty trading days, there have been 17 days of net increases, totaling 55.3761 million shares [1] - As of now, southbound funds hold 526 million shares of China Overseas Macro Holdings Group, accounting for 14.76% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On October 21, 2025, total shares held reached 526 million, with an increase of 619,000 shares [2] - On October 20, 2025, total shares held were 525 million, with an increase of 1.991 million shares [2] - On October 17, 2025, total shares held were 523 million, with an increase of 1.243 million shares [2] - On October 16, 2025, total shares held were 522 million, with an increase of 8.414 million shares [2] - On October 15, 2025, total shares held were 513 million, with an increase of 2.204 million shares [2] Company Overview - China Overseas Macro Holdings Group Limited primarily engages in property development and commercial property operation [2] - The company operates through two segments: property development, which involves property development and sales, and commercial property operation, which includes property leasing, hotel, and other commercial property operations [2]

Group 1 - The company reported a revenue of approximately RMB 21.249 billion for the nine months ending September 30, 2025, representing a decline of 21.2% compared to the same period last year [1] - Operating profit for the same period was approximately RMB 0.773 billion, down 46.7% year-on-year [1] - In the third quarter of 2025, the company's revenue and operating profit were approximately RMB 6.705 billion and RMB 0.151 billion, respectively [1] Group 2 - The total contracted sales for the company and its joint ventures in the third quarter of 2025 amounted to approximately RMB 6.977 billion, covering a sales area of about 643,600 square meters [1] - Cumulative contracted sales for the nine months ending September 30, 2025, totaled approximately RMB 23.587 billion, with a sales area of about 2.116 million square meters, reflecting a year-on-year decline of 10.7% and 9.1%, respectively [1] - As of September 30, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 0.546 billion, covering an area of about 46,800 square meters [1] Group 3 - During the current season, the company acquired four new land parcels in Baotou, Huizhou, and Tangshan, with a total attributable floor area of approximately 519,300 square meters and a total land cost of approximately RMB 1.822 billion [2] - As of September 30, 2025, the total buildable floor area held by the company and its joint ventures in mainland China was approximately 13.2672 million square meters, of which the company's attributable floor area was approximately 11.2296 million square meters [2]

Core Viewpoint - China Overseas Macro Holdings Group reported a significant decline in revenue and operating profit for the nine months ending September 30, 2025, indicating challenges in the current market environment [1][2] Financial Performance - The group's revenue for the nine months was approximately RMB 21.249 billion, a decrease of 21.2% compared to the same period last year [1] - Operating profit for the same period was about RMB 0.773 billion, down 46.7% year-on-year [1] - For the third quarter of 2025, revenue and operating profit were approximately RMB 6.705 billion and RMB 0.151 billion, respectively [1] Sales and Contracts - The total contract sales for the group and its associated companies in the third quarter reached approximately RMB 6.977 billion, covering an area of about 643,600 square meters [1] - Cumulative contract sales for the nine months amounted to approximately RMB 23.587 billion, with a total area of about 2,116,000 square meters, reflecting declines of 10.7% and 9.1% year-on-year, respectively [1] - As of September 30, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 0.546 billion, covering an area of about 46,800 square meters [1] Land Acquisition and Holdings - During the quarter, the group acquired four new land parcels in Baotou, Huizhou, and Tangshan, with a total attributable floor area of approximately 519,300 square meters and a total land cost of about RMB 1.822 billion [2] - As of September 30, 2025, the total buildable area held by the group and its associated companies in mainland China was approximately 13,267,200 square meters, with the group's attributable share being about 11,229,600 square meters [2] Financial Management and Outlook - The group maintains a professional and prudent financial management approach and will continue to closely monitor external economic conditions, fluctuations in the RMB exchange rate, industry merger and acquisition opportunities, and changes in national policies to optimize long-term returns for shareholders [2]

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之內容概不負責，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。 （在香港註冊成立之有限公司） （股份代號：81） 二零二五年第三季度財務及業務回顧 於本季內，本集團於包頭、惠州及唐山合共新購得四塊土地，其應佔權益樓面面 積合計約達 519,300 平方米，需支付權益地價合計約人民幣 18.22 億元。於二零 二五年九月三十日，中海宏洋系列公司持有位於中國內地可建樓面面積共約為 13,267,200 平方米（其中，包括由聯營公司及合營公司持有，本集團應佔權益之 樓面面積約為 11,229,600 平方米）之土地儲備。 1 本集團保持對財務資源專業及穩健之財務管理，並會繼續密切關注外圍經濟形 勢、人民幣匯率波動、行業收併購機會及國家政策變化對業務運作所帶來的影響， 為股東帶來長遠最佳回報。 一般資料 本公告可能包含涉及風險和不確定因素的前瞻性陳述。公司股東及潛在投資者不 應過份依賴公司於本公告日的前瞻性陳述。此前瞻性陳述是基於本集團自有的資 料和其他我們相信可靠來源的資 ...

Core Viewpoint - Hong Kong real estate stocks are experiencing a counter-trend rally, with notable increases in share prices for several major companies following the release of a government action plan aimed at stabilizing the real estate investment scale in Shanghai [1] Group 1: Market Performance - Country Garden shares rose by 3.5%, while Sunac China and Agile Group increased by 2.5%. Vanke Enterprises saw a nearly 2% rise, and other companies like New City Development, Longfor Group, and China Overseas Macro Holdings also reported gains exceeding 1% [2] - The overall trend indicates a positive market response among real estate stocks despite broader market challenges [1] Group 2: Government Policy - The Shanghai Municipal Government issued a notification to promote high-quality development in the construction industry, emphasizing the need to stabilize real estate investment and strengthen the foundational market in Shanghai [1] - The plan aims to facilitate the construction of "good houses" and provide application scenarios for good design, construction, and services [1] Group 3: Industry Insights - Huatai Securities' research report highlights that the sales performance of "good houses" is significantly better than the average, suggesting that companies with strong product capabilities may achieve better sales conversion and more stable cash flow [1] - The report posits that product strength could become a core competitive advantage for real estate companies, reshaping their market positions and competitive landscape [1] - Huatai Securities continues to recommend real estate stocks characterized by "good credit, good cities, and good products" as a strategic investment focus [1]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The real estate sector continues to face pressure, with significant declines in investment and sales figures. The cumulative year-on-year decline in real estate development investment reached 13.9% for the first nine months of 2025, with new housing starts down 18.9% and completed housing down 15.3% [4][45] - The sales performance of new commercial housing has weakened, with a cumulative year-on-year decline of 7.9% in sales revenue and 5.5% in sales area for the same period. The sales figures for September 2025 indicate a year-on-year decline of 11.8% in sales revenue and 10.5% in sales area [6][45] - The report suggests that the high base effect from last year's fourth quarter will create significant pressure this year, leading to increased policy expectations that may provide opportunities for the real estate sector [5][72] Summary by Sections Investment and Sales Data - In the first nine months of 2025, national real estate development investment totaled 67,706 billion, down 13.9% year-on-year. New housing starts were 45,399 million square meters, down 18.9%, and completed housing was 31,129 million square meters, down 15.3% [4][45] - The sales area of new commercial housing was 65,835 million square meters, with a year-on-year decline of 5.5%, and sales revenue was 63,040 billion, down 7.9% [4][6] Price Trends - The average selling price of new commercial housing was 9,575 yuan per square meter, down 2.5% year-on-year, with a slight improvement in the rate of decline compared to previous months. In September, the average price was 9,406 yuan per square meter, down 1.4% year-on-year [22][45] Development Investment and Funding - Real estate development investment accelerated its decline, with a year-on-year drop of 13.9% for the first nine months. Funding for real estate enterprises was 72,299 billion, down 8.4% year-on-year [45][58] - In September, the year-on-year decline in development investment was 21.3%, while funding saw a decline of 11.5% [45][58] Construction Data - The new housing starts for the first nine months were 45,399 million square meters, down 18.9%, while completed housing was 31,129 million square meters, down 15.3%. However, September saw a year-on-year improvement in completed housing [58][45]