Major Events - Yunzhisheng (09678) secured a regional medical cooperation contract worth over 20 million [1] - Kelun-Biotech (06990) received breakthrough therapy designation from NMPA for TROP2 ADC drug in combination with pembrolizumab for treating PD-L1 positive locally advanced or metastatic non-small cell lung cancer [1] - InSilico Medicine (03696) entered into an 8.88 billion USD multi-year collaboration for anti-tumor drug development with Sihuiya [1] - Hutchison China MediTech (00013) is conducting a Phase III study on surufatinib combined with camrelizumab for first-line treatment of pancreatic ductal adenocarcinoma [1] - Ascletis Pharma-B (01672) announced FDA approval for IND of ASC30 in a 13-week Phase II study in diabetic patients [1] - Foryou Medical (01696) received quality standard inspection approval for its reauthorized injectable botulinum toxin from the Chinese National Medical Products Administration [1] - CanSino Biologics (06185) obtained clinical trial approval in China for its 24-valent pneumococcal polysaccharide conjugate vaccine [1] - Stone Group (02005) received drug production registration approval for perindopril and amlodipine tablets [1] - Sunny Optical Technology (02382) proposed to spin off its automotive optical business for independent listing on the Hong Kong Stock Exchange [1] - Dongyang Sunshine Pharmaceutical (06887) completed the first patient enrollment for HECN30227 in China [1] - Haitong International's subsidiary plans to sell 100% equity of Guohua Machinery for 342 million [1] - Yuexiu Property (00123) subsidiary intends to sell 73.74% actual equity in Hangzhou Yueyun [1] - CIMC Group (02039) subsidiary CIMC Shilianda plans to introduce strategic investors through capital increase and transfer of a small number of old shares [1] Operating Performance - Chifeng Jilong Gold Mining (06693) expects annual net profit attributable to shareholders to be approximately 3 billion to 3.2 billion, an increase of about 70% to 81% year-on-year [2] - Corning Hospital (02120) anticipates outpatient visits to reach approximately 720,200 in 2025, a year-on-year increase of 29% [2] - Seres (09927) reported total vehicle sales of 63,700 units in December, a year-on-year increase of 53.54% [2] - Xiehe New Energy (00182) reported an equity power generation of 790.32 GWh in December [2] - Country Garden (02007) reported contract sales amounting to approximately 2.69 billion attributable to shareholders in December [2]

地块位于杭州市拱墅区，周边商业、教育及交通配套完善，具有优越的地理优势。买方是中国杭州领先 的房地产公司，以其优质和良好的客户口碑而享有盛誉。董事认为，与买方的合作将提升地块的开发效 率及资源配置。 鉴于上文所述，董事认为透过出售事项出售地块的权益符合本集团利益。于完成后，卖方将持有合资公 司A的50.50%股权，而合资公司A将持有项目公司的52.00%股权。因此，项目公司的财务业绩将综合入 账至本公司的综合财务业绩内，并预期可为本集团的整体营运规模及财务表现作出贡献。经考虑上述理 由及裨益，董事(包括独立非执行董事)认为合作协议的条款及其项下拟进行的交易属公平合理，按一般 商业条款订立及于本集团一般及日常业务过程中进行，并符合本公司及股东的整体利益。 智通财经APP讯，越秀地产(00123)发布公告，于2026年1月5日，卖方(本公司间接非全资附属公司)已与 买方(杭州滨江、坤和建设及浙江英冠)及项目公司杭州越运房地产开发有限公司订立合作协议，卖方同 意出售而买方同意购买项目公司合共73.74%实际权益，惟须待先决条件获达成后方可作实。于完成 后，项目公司股权将分别由卖方、杭州滨江、坤和建设及浙江英冠实际拥 ...

地块位于杭州市拱墅区，周边商业、教育及交通配套完善，具有优越的地理优势。买方是中国杭州领先 的房地产公司，以其优质和良好的客户口碑而享有盛誉。董事认为，与买方的合作将提升地块的开发效 率及资源配置。 鉴于上文所述，董事认为透过出售事项出售地块的权益符合本集团利益。于完成后，卖方将持有合资公 司A的50.50%股权，而合资公司A将持有项目公司的52.00%股权。因此，项目公司的财务业绩将综合入 账至本公司的综合财务业绩内，并预期可为本集团的整体营运规模及财务表现作出贡献。经考虑上述理 由及裨益，董事(包括独立非执行董事)认为合作协议的条款及其项下拟进行的交易属公平合理，按一般 商业条款订立及于本集团一般及日常业务过程中进行，并符合本公司及股东的整体利益。 买方应付的总代价包括股权转让代价人民币5.16亿元;预期金额约人民币445.22万元的利息;及预期金额 为人民币5.01亿元的股东贷款。该金额乃根据总土地出让金及项目公司资金的73.74%(即完成时买方于 项目公司应占的实际权益)及应付卖方的利息厘定。 智通财经APP讯，越秀地产(00123)发布公告，于2026年1月5日，卖方(本公司间接非全资附属公司)已与 ...

格隆汇1月5日丨越秀地产(00123.HK)公告，于2026年1月5日，卖方杭州越珑房地产开发有限公司(公司 间接非全资附属公司)已与买方(杭州滨江、坤和建设及浙江英冠)及项目公司杭州越运房地产开发有限公 司订立合作协议，据此，卖方同意出售而买方同意购买项目公司合共73.74%实际权益，惟须待先决条 件获达成后方可作实。 项目公司主要从事房地产开发及营运业务。于本公告日期，其注册资本总额为人民币7亿元，并由卖方 全资拥有。该项目公司由卖方专为开发地块而新成立。地块位于中国杭州市拱墅区，总地盘面积34,165 平方米，将开发作住宅用途。除将地块开发为住宅物业销售外，项目公司预期不会从事任何其他业务。 地块位于杭州市拱墅区，周边商业、教育及交通配套完善，具有优越的地理优势。买方是中国杭州领先 的房地产公司，以其优质和良好的客户口碑而享有盛誉。董事认为，与买方的合作将提升地块的开发效 率及资源配置。 买方应付总代价包括(i)股权转让代价人民币5.16亿元；(ii)预期金额约人民币4,452,195.06元的利息；及 (iii)预期金额为人民币5.01亿元的股东贷款。该金额乃根据总土地出让金及项目公司资金73.74% ...

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，概不就因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：00123） （在香港註冊成立的有限公司） 有關出售 項目公司股權的 須予披露關連交易 出售事項及合作協議 董事會欣然宣佈，於二○二六年一月五日，賣方（ 本公司間接非全資附屬公司 ） 已與買方及項目公司訂立合作協議，據此，賣方同意出售而買方同意購買項目 公司合共73.74 %實際權益，惟須待先決條件獲達成後方可作實。於完成後，項 目公司股權將分別由賣方、杭州濱江、坤和建設及浙江英冠實際擁有26.26 %、 25.74 %、24.00 %及24.00 %，而賣方、杭州濱江、坤和建設及浙江英冠向項目公 司提供的股東貸款比例分別為26.26 %、25.74 %、24.00 %及24.00 %。 買方應付之總代價包括(i)股權轉讓代價人民幣516,180,000元；(ii)預期金額約人 民幣4,452,195.06元的利息；及(iii ...

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: | 2025年12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: | 越秀地產股份有限公司 (在香港註冊成立的有限公司) | | | | 呈交日期: | 2026年1月5日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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) | 00123 | 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 | | | 4,025,392,913 | | 0 | | 4,025,3 ...

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance. Among typical real estate companies, 24% reported year-on-year growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to focus on improving their internal capabilities and product quality [1] - Recent meetings held by various ministries, including the National Development and Reform Commission and the Ministry of Finance, have outlined key work for 2026, focusing on expanding domestic demand, promoting high-quality industrial development, and stabilizing the real estate market [1] Group 2 - Recent policy adjustments, such as the announcement from the Ministry of Finance regarding the value-added tax on personal housing sales and changes to purchase and loan restrictions in Beijing, are expected to enhance market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments in policy, necessitating ongoing observation of the interaction between policy and fundamentals. Short to medium-term patience is advised for the real estate development sector, with a focus on core assets in commercial real estate [2] - Recommendations include real estate stocks with "good credit, good city, good product," companies that manage cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Group 3 - Relevant companies in the real estate industry chain listed on the Hong Kong stock market include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance [1] - Among typical real estate companies, 24% reported year-on-year performance growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to enhance their internal capabilities and product quality [1] Group 2 - Recent policies, including adjustments to housing purchase restrictions and the announcement of a new value-added tax policy on personal housing sales, are expected to boost market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments on the policy front that warrant ongoing observation of the interaction between policy and fundamentals [2] - Recommendations include focusing on real estate stocks with good credit, good cities, and good products, as well as companies that can manage cash flow effectively during market adjustments [2] Group 3 - Relevant Hong Kong-listed real estate companies include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Group 1 - The issuance of the 14th phase of medium-term notes by Guangzhou Yuexiu Group, led by Industrial Bank, is the first "support for the elderly industry" bond in the Guangdong-Hong Kong-Macao Greater Bay Area and also the first for Industrial Bank [1][2] - The bond has a scale of 300 million yuan and a term of 3 years, with funds raised strictly adhering to the requirements of the interbank market trading association to support the development of the elderly industry and assist companies in optimizing their financing structure [2] - As a pioneer in elderly finance in China, Industrial Bank has been actively developing a comprehensive service system that includes pension finance, elderly service finance, and elderly industry finance since launching its first elderly financial service plan "Anyu Life" in 2012 [2] Group 2 - As of the end of September 2025, Industrial Bank has served over 29 million clients aged 50 and above, with total financial assets reaching 1.13 trillion yuan [2] - In the first three quarters of 2025, new loans for the elderly industry amounted to nearly 1.4 billion yuan [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]