Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a significant decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - As of February 5, 2025, the ETF closed with a gain of 0.65% and a trading volume of 7.7934 million yuan [1]. - The fund's management fee is 0.30% annually, and the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. Group 2: Fund Size and Liquidity - As of February 4, 2025, the ETF had a total of 84.4012 million shares and a total size of 90.5793 million yuan [1]. - The fund's share count has decreased by 41.95% and its total size has decreased by 38.82% since December 31, 2025, when it had 145 million shares and a size of 148 million yuan [1]. - Over the last 20 trading days, the ETF has accumulated a trading amount of 152 million yuan, with an average daily trading amount of 7.6127 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 7.68% during their tenure [2]. - The ETF's top holdings include Jiangxi Copper Co., Far East Horizon, China Shenhua Energy, CNOOC, Hang Lung Properties, China Petroleum & Chemical Corporation, Sino Land, Hengan International, and Hang Seng Bank [2]. Group 4: Top Holdings Breakdown - Jiangxi Copper Co. holds 4.39% of the portfolio with a market value of 6.5067 million yuan [3]. - Far East Horizon accounts for 3.33% with a market value of 4.9236 million yuan [3]. - China Shenhua Energy represents 3.09% with a market value of 4.5734 million yuan [3]. - CNOOC comprises 3.04% with a market value of 4.5018 million yuan [3]. - Hang Lung Properties makes up 2.97% with a market value of 4.4016 million yuan [3]. - China Petroleum holds 2.92% with a market value of 4.3295 million yuan [3]. - Sino Land accounts for 2.77% with a market value of 4.0985 million yuan [3]. - Hengan International represents 2.73% with a market value of 4.0446 million yuan [3]. - China Petroleum & Chemical Corporation comprises 2.59% with a market value of 3.8384 million yuan [3]. - Hang Seng Bank holds 2.53% with a market value of 3.7434 million yuan [3].

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: | 2026年1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: | 信和置業有限公司 | | | | 呈交日期: | 2026年2月5日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 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17.3 ...

Core Viewpoint - The "Yang Hai" project in Wong Chuk Hang, developed by Kerry Properties, Sino Land, and MTR Corporation, has successfully sold three units through a tender process for a total transaction amount of approximately HKD 190 million [1] Group 1: Sales Details - The sold units include three apartments located in Tower 1 (1B), specifically units on the 31st floor A, 10th floor A, and 31st floor B, with usable areas of 1,420 square feet, 1,420 square feet, and 941 square feet respectively [1] - The units feature designs of four-bedroom dual suites and three-bedroom one suite, all offering views of Deep Bay [1] Group 2: Project Performance - To date, the project has sold a total of 587 units, representing over 97% of the total inventory, with a cash collection amount exceeding HKD 14.7 billion [1] - Currently, only a limited number of three-bedroom, four-bedroom, and some top-floor specialty units remain available for sale [1]

Core Insights - The real estate sector has shown a decline of 2.1% over the past week, ranking 17th among 29 sectors in the market, while the Shanghai and Shenzhen 300 index and the Wind All A index experienced changes of 0.1% and -1.6% respectively [5][38]. - New home sales in 36 cities reached 1.425 million square meters last week, reflecting a week-on-week increase of 14.2% and a year-on-year increase of 146.5%. However, cumulative sales from January 1 to January 30 totaled 5.398 million square meters, down 30.3% year-on-year [5][10]. - The second-hand housing market saw a total transaction area of 1.706 million square meters across 15 cities last week, with a slight week-on-week decrease of 0.7% but a significant year-on-year increase of 744.4%. Cumulative sales for the same period reached 6.739 million square meters, up 15.8% year-on-year [5][16]. Real Estate Market Conditions - The inventory of new homes in 13 cities stands at 7.7738 million square meters, showing a slight decrease of 0.2% week-on-week and a year-on-year decrease of 3.8%. The average de-stocking period is 23.0 months, which is stable compared to the previous week but has increased by 6.7 months year-on-year [5][24]. - In terms of land transactions, the total area sold in 100 cities from January 26 to February 1 was 1.7955 million square meters, marking a week-on-week increase of 49.2% and a year-on-year increase of 419.7%. The average land price was 979 yuan per square meter, down 28.0% week-on-week and down 74.4% year-on-year [5][32]. Investment Recommendations - For mainland developers, the report recommends companies such as Binjiang Group and China Merchants Shekou in A-shares, and China Overseas Development and Greentown China in Hong Kong stocks, highlighting that sales growth expectations post-market recovery will drive valuation improvements [5][9]. - Light asset operation companies are also recommended, as they are expected to maintain stable fundamentals during the downturn. Suggested companies include Greentown Service for property management and China Resources Mixc Lifestyle for commercial management [5][9]. - For Hong Kong developers, the report suggests focusing on companies like Sun Hung Kai Properties and Henderson Land Development, which are expected to benefit from a recovering residential sales market [5][9]. Financing Conditions - In the realm of domestic credit bonds, real estate companies issued a total of 8 bonds last week, amounting to 4.96 billion yuan, which is a decrease of 42.9% week-on-week but an increase of 346.3% year-on-year. The net financing amount was -3.97 billion yuan due to repayments totaling 8.93 billion yuan [5][36].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a decrease in both share count and total assets since the beginning of the year, indicating a potential shift in investor sentiment towards this fund [1][2]. Fund Overview - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) was established on September 30, 2025, with a management fee of 0.30% and a custody fee of 0.10% [1]. - As of February 2, 2025, the fund's latest share count was 89.40 million, with a total asset size of 94.24 million yuan, reflecting a 38.51% decrease in shares and a 36.35% decrease in total assets since December 31, 2025 [1]. Liquidity Analysis - The cumulative trading amount for the ETF over the last 20 trading days reached 174 million yuan, with an average daily trading amount of 8.68 million yuan [1]. Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 7.68% during their tenure [2]. Top Holdings - The ETF's major holdings include Jiangxi Copper Co. (4.39%), Far East Horizon (3.33%), China Shenhua Energy (3.09%), CNOOC (3.04%), and Hang Lung Properties (2.97%), among others, with specific holding percentages and market values detailed [3].

里昂发布研报称，香港地产商本年至今股价表现强劲，主要受惠于部分新盘销售热烈以及市场情绪乐 观。该行相信楼价上升趋势将持续，而信和置业(00083)的净现金价值，相对于同业的物业资产组合将 逐渐下降。因应完工时间变动及新增补缴税项的影响，该行对信置2026及27财年盈利预测分别下调10% 及0.6%。自该行于去年2月给予"高度确信跑赢大市"评级以来，股份已累升42%，且其净现金不再是显 著优势资产，该行对其评级下调至"跑赢大市"，目标价则由10.74港元升至12.1港元。 ...

智通财经APP获悉，里昂发布研报称，香港地产商本年至今股价表现强劲，主要受惠于部分新盘销售热 烈以及市场情绪乐观。该行相信楼价上升趋势将持续，而信和置业(00083)的净现金价值，相对于同业 的物业资产组合将逐渐下降。因应完工时间变动及新增补缴税项的影响，该行对信置2026及27财年盈利 预测分别下调10%及0.6%。自该行于去年2月给予"高度确信跑赢大市"评级以来，股份已累升42%，且 其净现金不再是显著优势资产，该行对其评级下调至"跑赢大市"，目标价则由10.74港元升至12.1港元。 ...

股息方面，花旗表示，太古地产(01972)及香港置地承诺实现中单位数同比增长，九龙仓置业(01997)的 每股股息增长主要得益稳定的65%派息率下利息成本的节省。新鸿基地产、长实集团(01113)、信和置 业、嘉里建设(00683)、恒隆地产、希慎兴业(00014)、九龙仓集团(00004)，股息预计维持稳定。迎来五 十周年的恒基地产股息存在争议。领展房产基金(00823)、置富产业信托(00778)及冠君产业信托(02778) 因租金负增长，预计每基金单位分派数下降。 盈利方面，花旗预计香港置地、九龙仓置业及置富产业信托录得增长;新鸿基地产、信和置业、长实集 团、希慎兴业大致稳定;恒隆地产及太古地产同比下降0%至5%，但2025年下半年已因零售营业额租金改 善而好转;嘉里建设(倒退15-20%符预期)、恒基地产(倒退40%，因缺乏出售收益等)、冠君产业信托(倒退 10%)、领展表现疲弱。 花旗认为，相较于收租股，发展商在2026至2027年展现更大的每股盈利上行潜力，主要得益房价改善带 来的房屋销售利润率提升，及潜在具增值效益的新土地收购，推荐股票包括新鸿基地产(00016)、信和 置业(00083)、恒基 ...

Group 1 - The core viewpoint of the articles is that investors have overlooked the subdued performance of the Hong Kong real estate market last year, focusing instead on the potential for rising property prices, profit margins, and sales in 2026 and 2027 [1] - Citi believes that property developers will show greater earnings per share upside potential compared to rental stocks from 2026 to 2027, driven by improved housing sales profit margins and potential value-accretive land acquisitions [1] - Recommended stocks include Sun Hung Kai Properties (00016), Sino Land (00083), Henderson Land Development (00012) after March, and Hang Lung Properties (00101) [1] Group 2 - Regarding dividends, Citi states that Swire Properties (01972) and Hongkong Land are committed to achieving mid-single-digit year-on-year growth, while Wharf Real Estate Investment's (01997) per-share dividend growth is mainly due to a stable 65% payout ratio and savings on interest costs [2] - Expected stable dividends for Sun Hung Kai Properties, Cheung Kong Holdings (01113), Sino Land, Kerry Properties (00683), Hang Lung Properties, Hysan Development (00014), Wharf Holdings (00004) [2] - The performance of Link REIT (00823), Prosperity REIT (00778), and Champion REIT (02778) is expected to decline due to negative rental growth [2]

Group 1 - The overall sentiment of surveyed residents in Hong Kong is more cautious than expected, despite stable financial conditions over the past 12 months [1] - The number of respondents with a positive outlook on Hong Kong's economic prospects for the next 12 months has decreased, which has suppressed consumer willingness [1] - Investment sentiment remains relatively stable, with key concerns among respondents including rising living costs and job security [1] Group 2 - UBS believes that the positive momentum in Hong Kong's financial sector should support overall economic and labor demand, with potential for improvement in resident confidence by 2026 [1] - The firm maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]