Group 1 - The new Federal Reserve Governor, Milan, advocates for aggressive interest rate cuts, suggesting a reduction of at least 150 to 200 basis points from the current range of 4.00%-4.25% [2] - Milan's stance is based on the concept of "neutral interest rate," which he believes is currently around 2%, significantly lower than the existing federal funds rate [2] - He attributes the previous higher neutral rate to government borrowing and increased immigration, which have now slowed due to tightened border policies and rising tariff revenues [2] Group 2 - No new issuances were reported in the primary market today [4] - Three companies had their ratings updated, including New World Development, which terminated a subscription agreement due to current market conditions [5] - Shimao Group is actively negotiating loan extensions and restructuring with domestic creditors, with approximately RMB 22.8 billion of loans successfully extended [5] - Poly Property Group announced a reduction in the coupon rate of a bond by 180 basis points, effective from November 1, 2025 [5] Group 3 - The Hong Kong Monetary Authority is expanding its RMB trade financing liquidity arrangement to support offshore RMB business growth [10] - The People's Bank of China conducted a reverse repurchase operation of CNY 165.8 billion at a rate of 1.40%, with a net injection of CNY 4.115 billion for the day [10]

保利置业通过精准调控土储结构、持续升级产品力、系统优化财务结构，成功穿越行业周期。 ◎ 文 / 房玲、洪宇桁 在房地产行业深度调整的背景下，保利置业以稳健的经营策略实现逆势崛起。根据克而瑞数据显示，保利置业 全口径销售行业排名从2021年的第60位持续攀升，至2025年中期已跃居第15位，展现出强劲的发展韧性。 行业排名持续提升 合约销售均价创新高 01 2025上半年保利置业实现全口径合约销售金额267亿元，同比减少6%， 跌幅同比优于百强房企平均水平的 11.4%， 在克而瑞《2025上半年中国房地产企业销售TOP100排行榜》上全口径销售额排名相较于2024年底提 高2名至第15名。 2025年8月单月全口径销售金额进入行业前十。 在百强销售规模持续下跌的背景下，保利置 业已经连续5年保持500亿元以上的销售规模，增速始终由于百强平均值， 行业排名也持续上升。 业绩的稳步前行离不开高品质项目的支撑。上海保利海上印4月底开盘以来，5个月时间内四开四罄；8月深圳 保利瑧誉首次开盘，当天销售额达23亿元、去化率96%，创下深圳年度新盘首开去化纪录；9月， 广州·保利翡 丽甲第入市，项目为保利置业的TOP级产品 ...

机构：中金公司 研究员：宋志达/孙元祺/李晓豪/刘慧婷 投资亮点 首次覆盖保利置业（00119）给予跑赢行业评级，目标价2.15 港元，对应0.24/0.24 倍2025/2026 年P/B 和 28%上行空间。公司是保利集团下属重要的地产开发平台，本轮下行周期中经营表现稳健；结合公司低 估值现状，我们给予跑赢行业评级。理由如下： 低估值是先决条件，公司基本面未能公允定价。公司此前受"同业竞争"与阶段性治理不确定性影响，股 价曾长期承压。 风险 随着前述问题解决，公司经营和资产质量在行业下行过程中持续改善。我们基于NAV 模型和行业可比 公司，判断合理估值区间在0.35-0.45x P/B。 基本面超预期下行，公司拿地销售不及预期；治理提升与架构调整不及预期；港股市场风偏超预期下 行，流动性改善不及预期。 潜在催化剂：2025 年四季度销售、拿地等经营表现超出市场预期。 盈利预测与估值 我们预计公司2025~2026 年EPS 分别为0.04 元、0.04 元。公司当前交易于0.17/0.17 倍P/B 和63%的NAV 折让，我们给予公司跑赢行业评级，目标价2.15 港元/股，对应28%的上行空间，对应52 ...

Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with an "outperform" rating and a target price of HKD 2.15, indicating a 28% upside potential based on 0.24x P/B for 2025/2026 [1][2] Investment Recommendations - Expected EPS for the company in 2025 and 2026 is projected at HKD 0.04 each, with current trading at 0.17x P/B and a 63% discount to NAV. The target price of HKD 2.15 per share corresponds to a 28% upside and a 52% NAV discount [2] - Potential catalysts include sales and land acquisition performance exceeding market expectations in Q4 2025 [2] Valuation Insights - The company has faced long-term pressure on its stock price due to "peer competition" and governance uncertainties, but these issues are being resolved, leading to improved operational and asset quality during the industry downturn. The reasonable valuation range is estimated at 0.35-0.45x P/B based on NAV models and comparable companies [3] Market Positioning - The company possesses unique attributes such as being a Deep Hong Kong Stock Connect target, a state-owned enterprise, and a small-to-mid-cap stock. Low trading activity has constrained value release, but the relatively loose liquidity in the Hong Kong market since the beginning of the year has created a favorable environment for value discovery [4] Operational Performance - From 2020 to 2024, national and top 100 new home sales declined by 44% and 68%, respectively, while the company maintained stable sales between RMB 50-60 billion, improving its industry ranking by 50 positions to 17th. The company is highly likely to achieve its annual sales target of RMB 50 billion, with a potential for slight year-on-year growth [5]

Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with an "outperform" rating and a target price of HKD 2.15, indicating a 28% upside potential based on 2025/2026 P/B ratios of 0.24 [1][2] Investment Recommendations - Expected EPS for the company in 2025 and 2026 is projected at CNY 0.04 each year, with current trading at 0.17 times P/B and a 63% discount to NAV. The target price reflects a 28% upside and a 52% NAV discount [2] Valuation Insights - The company has faced long-term pressure on its stock price due to "peer competition" and governance uncertainties. However, with these issues resolved, the company's operational and asset quality have improved during the industry downturn. The reasonable valuation range is estimated at 0.35-0.45 times P/B based on NAV models and comparable companies [3] Market Positioning - The company possesses unique attributes such as being a Deep Hong Kong Stock Connect target, a state-owned enterprise, and a small to mid-cap stock. The low trading activity has been a constraint on value realization, but the relatively loose liquidity in the Hong Kong market since the beginning of the year has created a favorable environment for value discovery [4] Operational Performance - From 2020 to 2024, national and top 100 new home sales declined by 44% and 68%, respectively, while the company's total sales remained stable at CNY 50-60 billion, improving its industry ranking by 50 positions to 17th. The company is highly likely to achieve its annual sales target of CNY 50 billion, with potential for slight year-on-year growth [5]

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：00119) N OT IF IC ATI ON LET TE R 通知信函 Dear Non-registered Shareholder(Note 1) , Poly Property Group Co., Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Interim Report") The English and Chinese versions of the Company's Interim Report are available in the Investor Relations section of the Company's website at www.polyhongkong.com and on the website of Hong Kong Exchanges and Clearing Limited ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） 26 September 2025 Dear Registered Shareholder, Poly Property Group Co., Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Interim Report") The English and Chinese versions of the Company's Interim Report are available in the Investor Relations section of the Company's website at www.polyhongkong.com and on the website of Hong Kong Exchanges and Clearing Limited ("HKEX") at www.hkexnews.hk. If you have previously ...

於香港註冊成立之有限公司 股份代號：00119 2025 中 期 報 告 心安吾鄉 HOME IS WHERE MY HEART IS Interim Report 2025 二零二五中期報告 目 錄 目錄 目錄 2 公司資料 3 管理層討論與分析 16 中期業績 16 簡明綜合損益表 17 簡明綜合全面收益表 18 簡明綜合財務狀況表 21 簡明綜合權益變動表 22 簡明綜合現金流量表 23 簡明綜合財務報表附註 43 其他資料 公司資料 董事會 執行董事 萬宇清 （主席） 胡在新 （總經理） 薪酬委員會 黃家倫 （主席） 胡在新 張毅 （於二零二五年二月二十一日委任） 陳育文 （於二零二五年二月二十一日退任） 馮志堅 梁秀芬 提名委員會 萬宇清 （主席） 龔健 （於二零二五年二月二十一日委任及 於二零二五年九月十八日退任） 馮志堅 梁秀芬 黃家倫 環境、社會及管治委員會 吳劍林 （主席） 胡在新 鄧歡 （於二零二五年二月二十一日委任） 陳育文 （於二零二五年二月二十一日退任） 馮志堅 非執行董事 張毅 （於二零二五年二月二十一日委任） 龔健 （於二零二五年二月二十一日委任及 於二零二五年九月十八日退任） ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].

保利置业集团(00119)发布公告，龚健先生因已达退休年龄，已于2025年9月18日起退任公司非执行董 事、审核委员会及提名委员会成员职务。 ...