Company News - New天绿色能源 (00956.HK) reported a power generation of 9.8787 million MWh in the first eight months, an increase of 10.55% year-on-year; August's power generation was 784.8 thousand MWh, up 23.53% year-on-year [2] -远洋集团 (03377.HK) recorded a contract sales amount of 16.44 billion yuan in the first eight months, a decrease of 25.9% year-on-year; August's contract sales were approximately 1.7 billion yuan, down 17.5% year-on-year [2] - 合生创展集团 (00754.HK) reported a contract sales amount of approximately 9.902 billion yuan in the first eight months, a decrease of 15.6% year-on-year; August's contract sales were about 334 million yuan, down 38.4% year-on-year [2] - 越秀交通基建 (01052.HK) reported a cumulative toll revenue of approximately 603 million yuan for the Guangzhou North Second Ring Expressway in the first seven months, a decrease of 0.7% year-on-year [2] - 华油能源 (01251.HK) entered into a financing lease agreement with Zhongguancun Science and Technology Leasing [2] - 日清食品 (01475.HK) plans to invest 30.68 million yuan to acquire land in Zhuhai for new production facilities [2] - 鲁大师 (03601.HK) subscribed to a structured deposit product from China Merchants Bank, involving 50 million yuan [2] - 越秀地产 (00123.HK) plans to obtain a term loan financing of 200 million HKD [2] - 康宁杰瑞制药-B (09966.HK) had its new drug application for KN026 (Anituzumab injection) accepted by the National Medical Products Administration [2] Buyback Activities - 腾讯控股 (00700.HK) repurchased 874,000 shares at a cost of 550 million HKD, with repurchase prices ranging from 624 to 633 HKD [2] - 汇丰控股 (00005.HK) spent approximately 108 million HKD to repurchase about 1.041 million shares, with repurchase prices between 102.8 and 104.3 HKD [2] - 恒生银行 (00011.HK) repurchased 210,000 shares at a cost of approximately 24.882 million HKD, with repurchase prices from 117.9 to 119.2 HKD [2] - 百胜中国 (09987.HK) repurchased about 57,900 shares at a cost of approximately 20.2 million HKD, with repurchase prices between 347 and 351.8 HKD [2] - 石四药集团 (02005.HK) repurchased 6 million shares at a cost of approximately 18.143 million HKD, with repurchase prices ranging from 2.98 to 3.04 HKD [2] - 美高梅中国 (02282.HK) repurchased 1 million shares at a cost of 16.2463 million HKD, with repurchase prices between 16.04 and 16.45 HKD [3] Power Generation Data - 中广核新能源 (01811.HK) reported a power generation of approximately 12,850.5 GWh in the first eight months, a decrease of 1.6% year-on-year; August's power generation was 1,543.7 GWh, down 5.7% year-on-year [4]

Group 1 - The company announced a financing agreement with a bank to provide HKD 200 million (or equivalent in RMB) in term loan financing, with a loan period of 364 days starting from the date of the agreement [1] - The financing agreement includes a covenant that triggers a default event if the controlling shareholder, Yuexiu Enterprises (Group) Co., Ltd., holds less than 30% of the voting shares or ceases to be the single largest beneficial shareholder or loses effective management control over the company [1] - As of the announcement date, Yuexiu Enterprises beneficially owns approximately 44% of the company's issued shares [1]

Core Viewpoint - Yuexiu Property (00123) announced a financing agreement with a bank to secure a term loan of HKD 200 million (or equivalent in RMB) for a period of 364 days starting from the date of the agreement [1] Group 1 - The company will act as the borrower in the financing agreement [1] - The loan is subject to the terms and conditions outlined in the financing agreement [1] - The financing agreement is set to commence on September 1, 2025 [1]

Group 1 - The company, Yuexiu Property, announced a financing agreement with a bank on September 11, providing a loan of HKD 200 million (or equivalent in RMB) [1] - The loan is structured as a term loan with a duration of 364 days from the date of the financing agreement [1]

Group 1 - The company, Yuexiu Property (00123), announced a financing agreement with a bank to secure a loan of HKD 200 million (or equivalent in RMB) [1] - The loan is structured as a term loan with a duration of 364 days starting from the date of the financing agreement [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。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 於二○二五年九月十一日，本公司（作為借款人）與一家銀行（「貸款人」）訂立一份融資協議 （「融資協議」），據此，貸款人在融資協議的條款及條件之規限下提供200,000,000港元（或等 值之人民幣）之定期貸款融資，貸款期由融資協議日期起計364天。 融資協議規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發行 之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是本公司單一最大實 益股東的地位，或倘越秀企業不再對本公司行使有效之管理控制權，即構成違約事件。若發生 有關違約事件，則貸款人可宣佈融資協議項下所有債項已立即到期應付。截至本公告日期，越 秀企業實益擁有本公司已發行股份合共約44%。 承董事會命 越秀地產股份有限公司 余達峯 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][5]. Core Insights - The report highlights that the broad housing demand in China has bottomed out, but the price and volume have not entered a positive cycle as expected. The real estate industry faces challenges from weakened household balance sheets and policy constraints requiring high-quality development without overall leverage [4][5][6]. - The "Good House" policy is seen as a potential breakthrough strategy that could lead to a fivefold positive resonance in core cities, gradually achieving a recovery driven by structural improvements [4][5][6]. Summary by Sections 1. Industry Status: Challenges in Real Estate Fundamentals and Policy Constraints - Broad housing demand is estimated to have bottomed out, with total transactions stabilizing around 1.4 billion square meters [15][22]. - New home sales have decreased from 1.57 billion square meters in 2021 to an estimated 0.81 billion square meters in 2024, a cumulative decline of 48%, while second-hand home sales have increased by 64% during the same period [15][22]. - The key issue in the real estate sector is not demand but purchasing power, with a trend of consumption downgrade evident in the market [22][31]. 2. Breakthrough Strategy: "Good House" Policy Leading to Fivefold Positive Resonance - The "Good House" policy aims to create new products and markets, enhancing the price system under conditions of supply scarcity and relatively abundant demand [4][6]. - The report identifies five positive resonances: policy strength of "Good House," urban renewal, housing consumption upgrade, wealth reallocation under capital controls, and stock market strength [4][6]. - Potential benefits include expected further reductions in mortgage rates and loosening of purchase restrictions, which could drive improvements in core cities [4][6]. 3. Core Cities: Hong Kong Has Reversed, Shanghai and Other Core Cities Nearing Bottom - Hong Kong's real estate market has experienced a turnaround due to four positive factors, including talent policies and stock market gains [4][6]. - Other core cities like Shanghai, Beijing, and Shenzhen are also showing signs of improvement, with Shanghai expected to be the next city to see a bottoming out [4][6]. 4. Investment Analysis Opinion: "Good House" as a Breakthrough Strategy - The report emphasizes that the "Good House" policy could lead to a structural recovery in the real estate market, benefiting quality real estate companies positioned in core cities [4][5][6]. - Recommended companies include those with strong product capabilities and undervalued recovery potential, as well as second-hand housing intermediaries and property management firms [4][5].

Core Viewpoint - Yuexiu Property (00123) announced that Guangzhou Urban Construction Development Co., Ltd. has received approval from the China Securities Regulatory Commission to issue corporate bonds with a face value of up to RMB 96 billion [1] Group 1: Bond Issuance Details - The bond issuance scale for the second phase is set at no more than RMB 15 billion, including RMB 15 billion [1] - The bonds are divided into two varieties: the first with a term of 3+2 years and the second with a term of 5+2 years [1] Group 2: Interest Rate Inquiry and Finalization - On September 10, 2025, the issuer and the lead underwriter conducted an interest rate inquiry for the bonds, with the first variety's rate range being 1.50%-2.50% and the second variety's rate range being 1.70%-2.70% [1] - After careful negotiation and assessment, the first variety was canceled, and the final interest rate for the second variety was set at 2.16% [1] Group 3: Issuance Schedule - The bonds will be issued to professional investors offline from September 11 to September 12, 2025, at the determined interest rate [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。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年九月十日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 广州市城市建设开发有限公司2025年面向专业投资者 公开发行公司债券（第二期）票面利率公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 广州市城市建设开发有限公司（以下简称"发行人"）向专业投资者发行面值 不超过人民币 96.00 亿元公司债券已获得中国证券监督管理委员会"证监许可 〔2025〕1504 号"文同意注册。 广州市城市建设开发有限公司 202 ...

本期债券分为 2 个品种，品种一(即 24 穗建 03，241516)票面利率(计息年利率)为 2.15%，每手本期债券 面值为 1,000 元，派发利息为 21.50 元(含税);品种二(即24穗建04，241517)票面利率(计息年利率)为 2.78%，每手本期债券面值为 1,000 元，派发利息为 27.80 元(含税)。 智通财经APP讯，越秀地产(00123)公布，广州市城市建设开发有限公司 2024 年面向专业投资者公开发 行公司债券(第二期)将于 2025 年 9 月 18 日开始支付自 2024 年 9 月 18 日至 2025 年 9 月 17 日期间的利 息。 ...