Investment Rating - The report assigns a "Market Perform" rating to the company with a target price of HKD 10.6 [1] Core Insights - The company's performance for the first half of the fiscal year 2026 met expectations, with a basic profit of approximately HKD 2.22 billion, while basic earnings per share decreased by 6.3% year-on-year to HKD 0.24 due to an expanded share base [1] - The interim dividend remains unchanged at HKD 0.15, and the report anticipates that the option for scrip dividends may cease in the short term, with potential announcements for share buybacks and increased dividends during the final earnings report [1] - As of the end of last year, the company's net cash increased by HKD 1.9 billion to HKD 51.4 billion, primarily due to increased property sales receipts [1] - Interest income declined by 14% year-on-year, influenced by a drop in Hong Kong interbank offered rates [1] - The report highlights a strong momentum in the physical market with recorded sales of HKD 6.4 billion for the first half of fiscal year 2026 and HKD 1.5 billion in contract sales year-to-date [1] - It is expected that the profit margin for residential property development may have bottomed out, with unrecognized sales amounting to HKD 4.6 billion and anticipated higher profit margins from land acquired post-2023, estimated to reach high single digits [1]

Market Performance - The real estate sector (CITIC) experienced a weekly change of +0.9%, while the CSI 300 and Wind All A indices changed by +1.1% and +2.7%, respectively, resulting in excess returns of -0.2% and -1.9%[47] - Among 29 CITIC industry sectors, real estate ranked 20th in performance[47] New Housing Market - In the week from February 21 to February 27, 2026, the new housing transaction area in 36 cities was 780,000 square meters, showing a month-on-month increase of +431.2% but a year-on-year decrease of -69.3%[11] - Cumulative new housing transactions from February 1 to February 27, 2026, totaled 3.407 million square meters, down -41.0% year-on-year[11] - Year-to-date cumulative transactions as of February 27, 2026, reached 9.001 million square meters, reflecting a year-on-year decline of -33.6%[11] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 804,000 square meters, with a month-on-month increase of +749.4% but a year-on-year decrease of -55.8%[16] - Cumulative second-hand housing transactions from February 1 to February 27, 2026, amounted to 3.627 million square meters, down -24.7% year-on-year[16] - Year-to-date cumulative transactions as of February 27, 2026, reached 10.475 million square meters, showing a slight year-on-year decline of -1.5%[16] Inventory and Depletion - The cumulative inventory of new homes in 13 cities was 76.847 million square meters, unchanged month-on-month but down -3.2% year-on-year[25] - The new home depletion cycle in these cities was 24.8 months, with a month-on-month increase of +0.6 months and a year-on-year increase of +8.4 months[25] Land Market - From February 23 to March 1, 2026, the land transaction area in 100 cities was 1.8585 million square meters, reflecting a month-on-month increase of +2033.5% but a year-on-year decrease of -26.5%[40] - The average land price was 1,734 yuan per square meter, with a month-on-month increase of +262.0% and a year-on-year decrease of -13.6%[40] - Year-to-date cumulative land transaction area as of March 1, 2026, was 15.9928 million square meters, down -18.0% year-on-year[40] Investment Recommendations - Recommended mainland developers include Binjiang Group and China Merchants Shekou for A-shares, and China Overseas Development and Greentown China for Hong Kong stocks[10] - Suggested light-asset operation companies include Greentown Service for property management and China Resources Vientiane Life for commercial management[10]

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 信和置業有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00083 說明 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 9,484,494,433 0 9,484,494,433 增加 / 減少 (-) 0 0 本月底結存 9,484,494,433 0 9,484,494,433 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1 ...

Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

Core Viewpoint - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend ETF (513630) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1]. Group 1: Fund Overview - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend ETF was established on November 23, 2023, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 26, 2024, the fund's latest share count is 9.58 billion, and the total asset size is 16.508 billion [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1]. Group 2: Performance Metrics - Year-to-date, the fund has seen a 7.22% decrease in share count and a 0.82% decrease in total assets compared to December 31, 2023 [1]. - Over the last 20 trading days, the cumulative trading amount reached 7.782 billion, with an average daily trading amount of 389 million [1]. - In the year-to-date period, the cumulative trading amount is 14.394 billion, with an average daily trading amount of 423 million [1]. Group 3: Fund Management - The current fund managers are He Zhihao and Hu Di, both of whom have managed the fund since its inception, achieving a return of 71.48% during their tenure [2]. - The latest report indicates that the fund's top holdings include Jiangxi Copper Co., Far East Horizon, China Shenhua Energy, CNOOC, and others, with specific weightings in the portfolio [2]. Group 4: Top Holdings - Jiangxi Copper Co. holds 4.51% of the portfolio, valued at 751 million [3]. - Far East Horizon accounts for 3.37%, valued at 561 million [3]. - China Shenhua Energy represents 3.12%, valued at 519 million [3]. - CNOOC has a holding of 3.11%, valued at 518 million [3]. - Other significant holdings include Henderson Land Development, China Petroleum & Chemical Corporation, and Hang Seng Bank, each with varying percentages and valuations [3].

Core Viewpoint - Sino Land Company Limited announced an interim dividend of HKD 0.15 per share for the six months ending December 31, 2025, with options for shareholders to receive the dividend in cash or new shares [1] Dividend Announcement Details - The key dates for the dividend distribution have been established, with the ex-dividend date set for March 12, 2026 [1] - The deadline for submitting transfer documents is March 13, 2026, at 16:30 [1] - The suspension of the transfer registration period will occur from March 16 to March 18, 2026, with the record date on March 18, 2026 [1] - The dividend payment and share dispatch date is scheduled for April 23, 2026 [1]

Core Viewpoint - Sino Land Company Limited (00083.HK) reported a revenue of HKD 5.185 billion for the six months ending December 31, 2025, representing a year-on-year increase of 34.5% [1] Financial Performance - The gross profit for the same period was HKD 2.257 billion, reflecting a year-on-year increase of 36.5% [1] - The profit attributable to shareholders was HKD 1.533 billion, which is a year-on-year decrease of 15.8% [1] - Basic earnings per share stood at HKD 0.17, with an interim dividend of HKD 0.15 per share [1]

Core Viewpoint - The company reported a revenue of HKD 5.185 billion for the six months ending December 31, 2025, representing a year-on-year increase of 34.54%. However, the profit attributable to shareholders decreased by 15.77% to HKD 1.533 billion, with basic earnings per share at HKD 0.17. A mid-term dividend of HKD 0.15 per share is proposed [1]. Revenue Summary - The revenue growth is primarily driven by property sales from projects expected to be completed in the fiscal year 2024/2025, including Kai Bo Fung I, II, and III in Tseung Kwan O, and Pak Lung I and II in Yuen Long [1]. Profit Summary - The profit attributable to shareholders saw a decline of 15.77%, amounting to HKD 1.533 billion, indicating potential challenges in maintaining profitability despite revenue growth [1]. Dividend Summary - The company plans to distribute a mid-term dividend of HKD 0.15 per share, reflecting its commitment to returning value to shareholders [1].

Group 1 - The company, Sun Hung Kai Properties (00083), announced a mid-term dividend of HKD 0.15 per share to be distributed on April 23, 2026 [1]

| 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 | | | --- | --- | | 公告全部或任何部份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。 | | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | 信和置業有限公司 | | 股份代號 | 00083 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止六個月的中期股息 | | 公告日期 | 2026年2月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年6月30日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 不適用 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄發股票日期 | 202 ...