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的任何損失承擔任何責任。 由於根據上市規則第14.07條，就現金預支協議項下擬進行之交易計算之一項或多項 適用百分比率高於0.1%但低於5%，故現金預支協議項下擬進行之交易須遵守上市規 則第14A.76(2)條之公告及申報規定，惟可獲豁免遵守有關通函（包括獨立財務意見） 及股東批准之規定。 * 僅供識別 - 1 - 關連交易 有關向中國前海合資公司預支現金 現金預支協議 於二零二六年三月三十一日，上海卓妙（貸款方，為本公司之全資附屬公司）與寰裕 置業（預支方，為前海項目地塊成立之合資公司）訂立現金預支協議，據此，上海卓 妙同意向寰裕置業預支本金額上限為人民幣550,000,000元（約623,700,000港元）之 現金，期限由各筆預支款項之相關提取日期起至二零二八年十二月三十一日止，為 期不超過三年。所預支之款項將按下文所述用於與嘉里項目有關之用途。 上市規則之涵義 由於寰裕置業由嘉里控股間接持有50%權益，而嘉里控股為本公司 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - New home transaction area increased by 20.4% month-on-month but decreased by 20.4% year-on-year, with the year-on-year decline widening by 5.2 percentage points [7] - Second-hand home transaction area remained stable month-on-month, with a year-on-year decline narrowing [7] - New home inventory area increased both month-on-month and year-on-year, with the absorption cycle also rising [7] - The land market saw an increase in transaction volume but a decrease in price, with the average land price dropping by 24.3% month-on-month and 52.9% year-on-year [7] - Domestic bond issuance by real estate companies increased significantly, with a total issuance of 169.9 billion yuan, up 94.0% month-on-month and 317.8% year-on-year [7] Summary by Sections New Home Market Tracking - In the 13th week, 47 cities recorded new home transactions of 34,000 units, a month-on-month increase of 24.6% and a year-on-year decrease of 14.8% [17] - The new home transaction area was 376.4 million square meters, with a month-on-month increase of 20.4% and a year-on-year decrease of 20.4% [26] - Transaction growth rates for new homes in first, second, and third/fourth-tier cities were 5.7%, 22.7%, and 33.7% respectively month-on-month [19] Second-Hand Home Market Tracking - The second-hand home transaction area in 23 cities was 296.6 million square meters, with a month-on-month increase of 9.6% and a year-on-year decrease of 1.0% [7] - Transaction growth rates for second-hand homes in first, second, and third/fourth-tier cities were 49.7%, 51.2%, and 51.6% respectively month-on-month [21] Land Market Tracking - The total land transaction area in 100 cities was 1,618.8 million square meters, with a month-on-month increase of 39.1% and a year-on-year increase of 20.9% [25] - The total transaction price was 21.1 billion yuan, a month-on-month increase of 5.3% but a year-on-year decrease of 43.0% [25] Policy Overview - The Ministry of Housing and Urban-Rural Development released a draft guideline for "Good Housing," emphasizing safety, comfort, green features, and smart technology [4] Investment Recommendations - The report suggests focusing on three main lines: 1. Companies with stable fundamentals and high market share in core cities, such as China Resources Land and China Jinmao [7] 2. Smaller companies showing significant breakthroughs in sales and land acquisition, like Poly Real Estate Group [7] 3. Commercial real estate companies exploring new consumption scenarios, such as China Resources Vientiane Life and Swire Properties [7]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The real estate market is showing signs of recovery with an increase in new home transactions, particularly in first and second-tier cities, while third and fourth-tier cities are experiencing a decline [3][4]. - Recent government policies are aimed at stabilizing the real estate market, including interest rate adjustments and housing subsidies [28][29]. - The report highlights the potential for quality real estate companies to recover profits more quickly due to improved market conditions and lower valuations [3][4]. Industry Data Summary New Home Transactions - In the week of March 21-27, 2026, new home sales in 34 key cities totaled 3.691 million square meters, a week-on-week increase of 42.8% [3][4]. - Year-on-year, new home sales in March 2026 decreased by 12.6% compared to March 2025, with first and second-tier cities down 8.4% and third and fourth-tier cities down 49.2% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.338 million square meters, a week-on-week increase of 3.9% [11][12]. - Cumulatively, second-hand home sales in March 2026 decreased by 18.9% compared to March 2025 [11][12]. Inventory and Supply - In the week of March 21-27, 2026, 15 key cities launched 550,000 square meters of new homes, with total sales of 1.4 million square meters, resulting in a sales-to-launch ratio of 2.54 [21][22]. - The total available residential area in these cities was 87.142 million square meters, a decrease of 0.96% week-on-week [21][22]. Policy and News Tracking - The People's Bank of China announced the one-year Loan Prime Rate (LPR) at 3.0% and the five-year LPR at 3.5% [28][29]. - Various cities, including Guangzhou and Hangzhou, have introduced housing purchase subsidies, with the highest reaching 100,000 yuan per unit [28][29]. - The first land auction in Xiamen for 2026 concluded with three residential plots sold for a total of 3.96 billion yuan [28][29]. Company Performance - Several real estate companies reported their 2025 annual performance, with notable results including: - Kerry Properties: Total revenue of 19.57 billion HKD (+0.4%), net profit of 0.94 billion HKD (+16%) [34][35]. - China Overseas: Total revenue of 36.87 billion CNY (-19.7%), net profit of 0.31 billion CNY (-68.1%) [34][35]. - Longfor Group: Total revenue of 97.3 billion CNY (-23.7%), net profit of 1.02 billion CNY (-90.2%) [34][35].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent policies aimed at stabilizing the market [3][4]. - The report highlights a significant increase in new home transactions, with a week-on-week increase of 42.8% in 34 key cities, and a notable recovery in first and second-tier cities [4][5]. - The report emphasizes the importance of quality real estate companies and commercial properties, recommending several firms for investment [3][4]. Industry Data Summary New Home Transaction Volume - In the week of March 21-27, 2026, new home transactions in 34 key cities totaled 3.691 million square meters, a week-on-week increase of 42.8% [4][5]. - Year-on-year, new home transactions in March 2026 decreased by 12.6% compared to March 2025, with first and second-tier cities showing a decline of 8.4% [5][6]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 key cities reached 1.338 million square meters, reflecting a week-on-week increase of 3.9% [11][12]. - Cumulatively, second-hand home transactions in March 2026 decreased by 18.9% compared to March 2025 [11][12]. Inventory and Supply - In the week of March 21-27, 2026, 15 key cities launched 550,000 square meters of new homes, with total sales of 1.4 million square meters, resulting in a sales-to-launch ratio of 2.54 [22][23]. - The available residential area in these cities was 87.142 million square meters, showing a week-on-week decrease of 0.96% [22][23]. Policy and News Tracking - The People's Bank of China announced the loan market quotation rate (LPR) for one year at 3.0% and for five years at 3.5% [30][31]. - Various local governments have introduced policies to stimulate home purchases, including subsidies of up to 100,000 yuan per unit in Hangzhou [30][31]. - The report notes the successful auction of residential land in Xiamen, with total sales amounting to 3.96 billion yuan [30][31]. Company Performance Overview - Several real estate companies reported their 2025 annual performance, with notable figures including Kerry Properties with a total revenue of HKD 19.57 billion (+0.4%) and a net profit of HKD 0.94 billion (+16%) [36][37]. - China Overseas Land & Investment reported a revenue of 36.87 billion yuan (-19.7%) and a net profit of 0.31 billion yuan (-68.1%) [36][37]. - Longfor Group's revenue was 97.3 billion yuan (-23.7%) with a net profit of 1.02 billion yuan (-90.2%) [36][37].

| 嘉里建设 | | | | | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 报告指，嘉里建设现已拥有清晰的盈利轨迹，并将重点放在新的投资上，尤其是在香港住宅市场。该行 将2026年及2027年核心盈利预测分别下调38.9%及19.6%，以反映较高的费用开支，但维持股息预测稳 定不变。 里昂发布研报称，相信嘉里建设(00683)仍提供具吸引力的股息收益率，目标价由19.6港元上调至22.2港 元，维持"跑赢大市"评级。嘉里建设2025年基础盈利同比跌22%，主要受费用增加、财务成本上升及税 项增加所影响。公司在去杠杆方面取得重大进展，净借贷比率已由2024年12月底的41.5%改善，预计到 2026年底将降至30%以下。 ...

Group 1: Amazon (AMZN.O) Analysis - The cloud computing industry is entering the AI inference era, with a shift in value focus towards cloud vendors. The core technology trend is moving from reliance on Nvidia GPU and InfiniBand hardware stacks to diversified hardware technologies, including self-developed ASIC chips and AI network architectures [2][12] - Amazon AWS is expected to gain a competitive advantage in the inference era due to its self-developed chips and strategic partnerships with leading AI model companies. The self-developed Trainium chip is improving profitability, and the Bedrock platform is enhancing the AI PaaS ecosystem [12][2] - Amazon's e-commerce business maintains a significant competitive edge due to its logistics network and extensive merchant resources, despite potential disruptions from AI applications [12][2] - The report initiates coverage with a "Buy" rating for Amazon, setting a target price of $271.5, anticipating AWS to contribute 20% of total revenue and 57% of operating profit by 2026 [12][2] Group 2: PCB Drill Needle Industry Analysis - The PCB drill needle market is highly concentrated, with a CR5 of 75%. The market is expected to follow the PCB industry trends, showing a "cyclical fluctuation and spiral rise" characteristic, with a projected global market size of 4.5 billion yuan by 2024 [3][11] - The demand for AI PCBs is driving rapid growth in the PCB drill needle industry, leading to accelerated consolidation and technological upgrades. Major manufacturers in mainland China, Taiwan, and Japan dominate the market [11][3] - High-end PCB demand driven by AI is raising requirements for drill needles, with advancements in materials and technology leading to increased prices and performance expectations [13][11] - Key players in the industry include Ding Tai Gao Ke, which holds a 28.9% market share, and other notable companies like Zhong Tung Gao Xin and Wo Er De [11][13]

Core Viewpoint - The company reported mixed financial results for 2025, with a slight increase in revenue but a significant drop in basic profit, indicating challenges in certain business segments while maintaining a high dividend policy [1][2]. Group 1: Financial Performance - In 2025, the company achieved a revenue of 19.568 billion HKD, a year-on-year increase of 0.4% [1]. - Shareholder profit reached 938 million HKD, reflecting a year-on-year increase of 16% [1]. - Basic profit decreased to 2.008 billion HKD, showing a year-on-year decline of 22% [1]. Group 2: DP Business Performance - The DP business generated a revenue of 13.1 billion HKD, with a year-on-year increase of 1% [1]. - Revenue from mainland China was 3.8 billion HKD, down 49% year-on-year, while Hong Kong's revenue was 9.3 billion HKD, up 70% [1]. - The overall gross margin for the DP business was 14.9%, down 2.6 percentage points year-on-year [1]. Group 3: Sales Performance - The company reported a contract sales amount of 34.7 billion HKD, a significant year-on-year increase of 175% [1]. - Sales in Hong Kong were 9.4 billion HKD, down 7% year-on-year, while mainland China saw sales of 25.3 billion HKD, up 920% [1]. - The Jinling Huating project contributed significantly, with sales reaching 23.6 billion HKD [1]. Group 4: IP Business Performance - Property rental income for 2025 was 4.8 billion HKD, a year-on-year decrease of 2% [2]. - The gross margin for the IP business was 65.8%, showing a decline across all regions [2]. - Rental rates in mainland China were 90% for offices, 92% for retail, and 92% for apartments, while Hong Kong's rates were 97% for retail, 99% for apartments, and 81% for offices [2]. Group 5: Dividend Policy - The company maintained a high dividend policy, declaring a mid-term dividend of 0.4 HKD per share and a final dividend of 0.95 HKD per share, totaling 1.35 HKD per share for the year [2]. - The payout ratio based on adjusted earnings per share of 1.39 HKD was 97%, compared to 76% in 2024 [2]. Group 6: Future Outlook - The company anticipates a decline in DP business revenue in 2026, but expects significant profit growth from the Jinling Huating project in 2027-2028 [2]. - Projected net profits for 2026-2028 are 1.2 billion HKD, 3.26 billion HKD, and 3.79 billion HKD, representing year-on-year growth of 27.6%, 172.0%, and 16.5% respectively [2].

里昂发表报告指，嘉里建设2025年基础盈利按年跌22%，主要受费用增加、财务成本上升及税项增加所 影响。公司在去杠杆方面取得重大进展，净借贷比率已由2024年12月底的41.5%改善，预计到2026年底 将降至30%以下。报告指，嘉里建设现已拥有清晰的盈利轨迹，并将重点放在新的投资上，尤其是在香 港住宅市场。该行将2026年及2027年核心盈利预测分别下调38.9%及19.6%，以反映较高的费用开支， 但维持股息预测稳定不变；目标价由19.6港元上调至22.2港元，相信其仍提供具吸引力的股息收益率， 维持"跑赢大市"评级。 ...

上 市 公 司 房地产 2026 年 03 月 24 日 嘉里建设 (00683) ——IP 租赁短期承压，销售大增，财务优化分红慷慨 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 A0230521110002 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 24 日 | | --- | --- | | 收盘价（港币） | 22.16 | | 恒生中国企业指数 | 8499.53 | | 52 周最高/最低（港币） | 26.10/16.42 | | H 股市值（亿港币） | 321.61 | | 流通 H 股（百万股） | 1,451.31 | | 汇率（港币/人民币） | 0.8802 | 一年内股价与基准指数对比走势： -18% 32% 82% HSCEI 嘉里建设 资料来源：Bloomberg chenpeng@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2024 | 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a stable performance in its DP business with a revenue of HKD 131 billion, a year-on-year increase of 1%, while the overall gross margin decreased [7] - The sales revenue significantly increased due to the Jinling Huating project, achieving a contract sales amount of HKD 34.7 billion, a year-on-year increase of 175% [7] - The company maintained a high dividend policy, distributing a total dividend of HKD 1.35 per share, resulting in a payout ratio of 97% based on adjusted earnings per share of HKD 1.39 [7] - The forecast for net profit attributable to shareholders for 2026-2028 is HKD 1.2 billion, HKD 3.3 billion, and HKD 3.8 billion, representing year-on-year growth of 27.6%, 172.0%, and 16.5% respectively [7] Financial Performance Summary - For the fiscal year 2025, the company achieved a revenue of HKD 19.568 billion, a slight increase of 0.4% year-on-year, with a net profit of HKD 938 million, up 16% year-on-year [7] - The projected revenues for 2026 and 2027 are HKD 13.891 billion and HKD 21.390 billion, reflecting a year-on-year decrease of 29.01% and an increase of 53.98% respectively [6] - The earnings per share (EPS) for 2026 is projected to be HKD 0.82, with a price-to-earnings (P/E) ratio of 25.68 [6] - The company's return on equity (ROE) is expected to improve from 1.15% in 2026 to 3.52% in 2028 [6] Market Performance - The company's stock price closed at HKD 21.18 on March 23, 2026, with a circulating share capital of 1.451 billion shares [2] - The company has experienced a market performance of -17% over the last 12 months, compared to the Hang Seng Index and the real estate sector [4]