Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Core Viewpoint - The company reported a stable financial performance for the fiscal year 2024/25, with a focus on maintaining dividends and expanding its property portfolio despite external challenges in the market [3][4][6]. Financial Performance - The group's underlying profit attributable to shareholders was HKD 5.118 billion, with a basic earnings per share of HKD 0.58. After accounting for investment property revaluation losses, the net profit attributable to shareholders was HKD 4.019 billion, with earnings per share of HKD 0.45 [3]. - The board proposed a final dividend of HKD 0.43 per share, maintaining the same level as the previous year, resulting in a total annual dividend of HKD 0.58 per share [3]. Property Sales - The company achieved property sales revenue of HKD 10.813 billion, a 21.6% increase from HKD 8.893 billion in the previous year. Several residential projects are set to launch in the 2025/26 fiscal year, including developments in Yau Tong and Yuen Long [4]. - Following the fiscal year-end, the company launched new projects in Yuen Long and Tseung Kwan O, with strong sales responses, selling over 145 and 630 units respectively [4]. Investment Properties and Hotel Business - Total rental income for the year was HKD 3.486 billion, a slight decrease of 1.8% due to challenges in the retail and office markets. However, residential property occupancy rates increased to 90.7%, up 3.9 percentage points year-on-year [6]. - The hotel business benefited from the recovery of tourism, with nearly 47 million visitors recorded, leading to stable operating income of HKD 1.506 billion and operating profit of HKD 0.475 billion [6]. Sustainable Development - The company has been recognized for its sustainable development efforts, being included in the "World's Most Sustainable Companies" list by Time magazine and Statista for two consecutive years, as well as being part of the FTSE4Good Index series and achieving an "A" rating from CDP [6]. Leadership Transition - The chairman announced plans to step down on August 31, 2025, with the board nominating Mr. Daryl Ng to succeed him, indicating a commitment to continued collaboration for the company's future growth [7].

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

信和置业(00083)公布截至2025年6月30日止年度业绩，收入81.83亿港元，同比减少6.64%;公司股东应占 溢利40.19亿港元，同比减少8.7%;每股盈利0.45港元，末期股息每股43港仙。 ...

格隆汇8月27日丨信和置业(00083.HK)发布公告，截至2025年6月30日止的年度，实现收益81.83亿港 元，同比减少6.6%；毛利为38.95亿港元，同比增加13.9%；公司股东应占溢利为40.19亿港元，同比减 少8.7%；在撇除投资物业公平值变动的影响后，集团股东应占基础溢利为51.18亿港元；基本每股盈利 0.45港元。董事会建议派发本财政年度的末期股息每股43港仙。 ...

信和置业(00083)公布截至2025年6月30日止年度业绩，收入81.83亿港元，同比减少6.64%;公司股东应占 溢利40.19亿港元，同比减少8.7%;每股盈利0.45港元，末期股息每股43港仙。 ...

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文件的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件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。 (股份代號：83) 載有關於以股代息計劃詳情之通函及選擇以股代息之表格，將約於二零二五年十一月六 日寄予各股東。預計末期股息單及股票將約於二零二五年十二月二日發送給股東。 主席報告 本人謹向股東提交二零二四╱二零二五年度之年報。 業績 截至二零二五年六月三十日止之年度（「本財政年度」），在撇除投資物業公平值變動的 影響後，集團股東應佔基礎溢利為五十一億一千八百萬港元（二零二三╱二零二四：五十 一億七千一百萬港元）。每股基礎盈利為零點五八港元（二零二三╱二零二四：零點六一 港元）。 計及為非現金項目的投資物業重估虧損（扣減遞延稅項）十億八千四百萬港元（二零二三 ╱二零二四：重估虧損五億八千萬港元），本財政年度集團股東應佔淨溢利為四十億一千 九百萬港元（二零二三╱二零二四：四十四億零二百萬港元）。本財政年度每股盈利為零 點四五港元（二零二三╱二零二四：零點五二港元）。 末期股息 董事會建議派發本財政年度之末 ...

免責聲明 | | 卓佳證券登記有限公司 | | --- | --- | | 股份過戶登記處及其地址 | 夏慤道16號 | | | 遠東金融中心17樓 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司之執行董事為黃志祥先生、黃永光先生、陳榮光先生、李正強先生、田兆源先生及廖懿妮女士， | | | 非執行董事為夏佳理先生及黃敏華女士，而獨立非執行董事為盛智文博士、李民橋先生、黃楚標先生及陳仲尼議員。 | | 第 2 頁 共 2 頁 v 1.1.1 | 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 | ...

Financial Performance - The company's underlying profit decreased by 1% year-over-year to HK$5,118 million[13, 15] - Net profit attributable to shareholders decreased by 8.7% year-over-year to HK$4,019 million[13, 15, 16] - Underlying earnings per share (EPS) decreased by 4.9% year-over-year to HK$0.58[13, 15] - Revenue decreased by 6.6% year-over-year to HK$8,183 million, mainly due to a HK$668 million reduction in property sales[15] - Net cash increased by HK$3,876 million year-over-year, reaching HK$49,461 million[13, 19] Segment Performance - Property sales profit contribution increased by 28.4% to HK$1,030 million, driven by an enhancement in segment gross profit margin[17] - Property rental profit contribution decreased by 4.4% to HK$2,799 million due to the full-year effect of the discontinuation of waiver fee concession[17] - Hotel operations profit contribution decreased by 2.5% to HK$475 million, impacted by downward pressure on room rates in Hong Kong and Singapore[17] Land Bank and Property Sales - The company has an attributable land bank of 18.9 million square feet as of June 30, 2025[22] - Property sales recognized in the financial year increased by 21.6% to HK$10,813 million, with a gross profit margin of 9.4%[37] - Total attributable contracted sales of over HK$4 billion have not yet been recognized[39] Property Rental and Investment Properties - Overall occupancy rate slightly decreased to 89.6%[53] - Revaluation loss on investment properties (net of deferred taxation) was HK$1,084 million[16, 65] - Total attributable value of investment properties increased by 0.9% to HK$89,137 million[65]

该行指，香港发展商股价在拆息低企期间跑赢恒指，预期拆息回复至预测水平及香港浮息按揭重新定价 至P按上限3.5厘，有关股份将经历一轮疲软。整体预期香港住宅楼市缓慢反弹的观点维持，预计今年楼 价持平，未来两年反弹5%及6%。该行维持对长实集团(01113)及新鸿基地产(00016)"买入"评级，以及对 恒基地产(00012)和信和置业(00083)"沽售"评级。 高盛发布研报称，香港银行同业拆息(HIBOR)昨(18日)回升至2厘，为5月初以来首次。银行体系结余由 高峰期1,770亿港元降至530亿港元，对比流动性涌入前的440亿港元。有关情况符合该行预期。 ...