Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The top 20 construction management companies in China signed a total of 10,983 million square meters in new contracts in the first half of 2025, representing a year-on-year increase of 28% [7] - The top five companies accounted for nearly 50% of the new signed area, indicating a high concentration in the market [8] - The focus on second-tier cities has become a consensus among rapidly growing companies, with significant proportions of new contracts being signed in these areas [12] Summary by Sections Ranking of Construction Management Companies - The top five companies by newly signed construction area are: 1. Greentown Management: 1,989 million square meters 2. Xuhui Construction Management: 876 million square meters 3. Run Di Management: 865 million square meters 4. Longfor Longzhizao: 852 million square meters 5. Blue City Group: 826.2 million square meters [1] New Expansion Growth - Five companies exceeded 800 million square meters in new signed area, with Greentown Management leading the list [7] - The distribution of new signed areas among the top 20 companies shows a symmetrical pattern, with 11 companies in the 300-800 million square meter range [8] Brand Communication and Product Development - Leading companies are enhancing their brand communication through various media channels, focusing on product quality and market presence [15] - Greentown Management has launched two product lines, emphasizing high-end living and cultural identity [15][16] - Companies like Xuhui Construction Management are investing in marketing training to enhance their market strategies [17]

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

呈交日期: 2025年8月1日 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7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: 旭輝控股(集團)有限公司 (於開曼群島註冊成立的有限公司) III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） I. 法定/註冊股本變動 | 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) | 00884 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,00 ...

Group 1 - Alliance Electronics has had 4.67953 million yuan frozen in a special account for convertible bond fundraising, accounting for 1.59% of the net amount raised, with the frozen funds representing 5.62% of the account balance [1] - Rongqiao Group has overdue debts totaling approximately 4.0151 billion yuan, with additional commercial acceptance bills amounting to 20.6362 million yuan, and ongoing litigation and arbitration cases totaling 4.377 billion yuan [1] Group 2 - CIFI Holdings Group's restructuring plan for its company bonds has not yet been approved by investors, with the voting deadline extended to July 24, and 160 million yuan in scheduled payments missed [2] - As of the end of 2024, CIFI's interest-bearing debt is expected to decrease to 86.6 billion yuan, a reduction of over 30% from its peak [2] - CIFI's offshore debt restructuring has been completed, reducing debt by approximately 5.27 billion USD, which is 66% of the total offshore debt [2] Group 3 - Shandong Ruyi Technology Group has faced multiple enforcement actions for dishonesty, with 17 cases involving amounts up to 270 million yuan and several assets frozen for up to three years [4] - Guizhou Water City Economic Development Zone has been listed as a dishonest executor due to a debt of 114,400 yuan related to a sales contract dispute [5] - Guangzhou R&F Properties has recently been added to the list of dishonest executors for violating asset reporting regulations [5] - Ningxia Shengyan Industrial's subsidiary has been newly listed as a dishonest executor with a related amount of 1.3428 million yuan [6]

Core Viewpoint - The restructuring plan proposed by CIFI Group has not received approval from investors, leading to a deadlock in negotiations [1][4]. Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [2][17]. - The initial restructuring plan was announced on May 23, 2025, and was further optimized on July 8, 2025, but the bondholders of "20 CIFI 01" did not approve the plan [2][14]. - Out of seven bonds involved in the restructuring, four have had their plans approved by investors, while the "20 CIFI 01" bond has not [2][15]. Group 2: Investor Meetings and Voting - The first investor meeting convened by "20 CIFI 01" bondholders was declared invalid, prompting the organization of a second meeting [6][21]. - The second investor meeting, held from July 11 to July 15, 2025, resulted in the approval of six proposals, with 70 investors present, representing 50.46% of the outstanding bond balance [11][15]. - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [17][20]. Group 3: Investor Reactions and Disagreements - A significant number of investors, approximately 80, declared they would not participate in CIFI's investor meetings, indicating strong opposition to the proposed restructuring [8][21]. - There is a division among investors, with some accepting the revised restructuring plan while others, led by Chen Guangchuan, continue to oppose it [17][22]. - The legal opinion issued for the second investor meeting indicated that the proposals passed would not be binding on CIFI unless confirmed in writing by the issuer [19][23]. Group 4: Implications of Non-Approval - The failure to approve the restructuring plan for "20 CIFI 01" raises questions about whether it constitutes a substantive default, with differing views between the issuer and investors [19][20]. - CIFI believes that the existence of cross-default waivers in previous agreements means that a default on one bond will not affect the restructuring of others [22][23]. - The company has taken steps to move forward with the four bonds that have received approval, although specific plans for these bonds have not yet been clarified [23].

Core Viewpoint - CIFI Group is facing challenges in restructuring its domestic bonds, particularly the "20 CIFI 01" bond, as it has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [1][8] Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders for the "20 CIFI 01" bond, necessitating continued negotiations [1] - The initial restructuring proposal was announced on May 23, 2025, and was subsequently optimized on July 8, 2025, but bondholders have not approved the proposal [1][5] - Out of seven bonds involved in the restructuring, four have had their proposals approved by investors, while the "20 CIFI 01" bond proposal was rejected [1][5] Group 2: Investor Meetings - The first investor meeting for "20 CIFI 01" held on June 3, 2025, was declared invalid, leading to the organization of a second meeting by Zhejiang Rongpeng Investment Co., Ltd. [2] - The second investor meeting took place from July 11 to July 15, 2025, where six proposals were put to vote, including adjustments to repayment arrangements [3][5] - Legal opinions were provided for the second investor meeting, confirming that 70 investors participated, representing 50.46% of the bond's outstanding balance [5][6] Group 3: Voting Dynamics - The restructuring proposal for "20 CIFI 01" has faced strong opposition from bondholders, with multiple voting sessions failing to reach consensus [1][6] - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [6] - The restructuring proposals have led to a division among investors, with some accepting the revised terms while others remain opposed [7][10] Group 4: Default Concerns - The maturity date for "20 CIFI 01" was July 22, 2025, and there is a disagreement on whether this constitutes a substantive default, as CIFI believes there is a five-day buffer period for voting on the restructuring proposal [8] - CIFI has not announced a default for "20 CIFI 01," arguing that if the proposal is approved during the buffer period, it should not be considered a default [8] - Investors have expressed concerns that the failure to approve the restructuring could impact the overall restructuring process for other bonds [10]

Group 1: Market Trends - The paper sector continues its upward trend, with Nine Dragons Paper (02689.HK) leading the gains, rising over 9% after announcing a price increase of 30 CNY/ton for corrugated paper and recycled cardboard starting August 1, reflecting an optimized supply-demand structure in the industry [1] - The brokerage sector saw collective strength, with major Chinese brokerages like Dongfang Securities (03958.HK) and Zhongyuan Securities (01375.HK) rising over 6% and 5% respectively, indicating significant capital inflow into the sector [1] - Urban Beauty (02298.HK) surged 13% as its online GMV for 2024 is projected to reach 1.57 billion CNY, marking a 100% year-on-year increase, showcasing the effectiveness of its new retail transformation [1] Group 2: Company Performance - China Duty Free Group (01880.HK) soared 17% after Macquarie's report indicated a narrowing year-on-year revenue decline from 19.5% in Q4 2024 to 11% in Q1 2025, with a stable gross margin of 33% [1] - The gaming sector experienced a broad increase, with companies like 澳博控股 (00880.HK) and 银河娱乐 (00027.HK) rising over 3%, supported by UBS data showing Macau's average daily gaming revenue in July at 683 million MOP, a 14% year-on-year increase [2] - 雍禾医疗 (02279.HK) saw a 13% increase after forming a strategic partnership with Meituan Health to build a medical-grade hair health service system [2] Group 3: Real Estate and Financing - The Hong Kong real estate sector collectively strengthened, with Country Garden (02007.HK) leading with nearly a 10% rise, driven by improved financing conditions as indicated by the People's Bank of China's report showing a recovery in real estate loan growth [3] - Meilan Airport (0357.HK) rose 10% as CITIC Securities highlighted the significance of Hainan's trade opening, which is expected to benefit the local tourism industry [3] Group 4: Gold Sector Decline - The gold sector faced pressure, with companies like 潼关黄金 (00340.HK) and 大唐黄金 (08331.HK) dropping over 4%, attributed to a decline in spot gold prices below 3,380 USD/oz, driven by reduced safe-haven appeal due to easing trade tensions [4] Group 5: US Market Highlights - Futu Holdings (FUTU.US) rose 2.82% after announcing a long-term strategic partnership with Huaxia Fund to promote the integration of traditional finance and blockchain technology [5] - Japanese automotive stocks surged, with Toyota (TM.US) and Honda (HMC.US) rising over 13% following news of a trade agreement reducing tariffs on Japanese cars [6] - Nuclear power stocks in the US saw significant gains, with Oklo Inc (OKLO.US) rising 9.21%, reflecting a growing interest in nuclear energy [5]

Group 1 - CIFI Group has successfully passed the restructuring of four bonds totaling 6.07 billion yuan, which accounts for over 60% of the overall restructuring scale [1] - The restructuring plan was optimized after the initial proposal for the seven company bonds exceeding 10 billion yuan [1] - The consent fee of 8.3 million yuan for the aforementioned bonds has been fully transferred to the designated account of China Securities Depository and Clearing Corporation [1]

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. Core Viewpoints of the Report - In the volatile market, credit bonds outperformed interest - rate bonds. Interest - rate bond yields slightly declined, while credit bond yields dropped more significantly. Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline [2][5]. - Urban investment bond spreads generally compressed slightly. Spreads of external ratings AAA, AA +, and AA platforms decreased by 1BP respectively. Spreads also declined when classified by administrative levels [2][9][15]. - Most industrial bond spreads decreased. Central and state - owned enterprise real - estate bond spreads declined, mixed - ownership real - estate bond spreads decreased, and private - enterprise real - estate bond spreads increased. Spreads of coal, steel, and chemical bonds also decreased [2][18]. - The yields of secondary and perpetual bonds followed the decline of certificates of deposit, with the short - to - medium - term performing relatively strongly [2][21]. - The excess spreads of 5Y industrial bonds and 3Y urban investment bonds slightly decreased [2][24]. Summary by Directory 1. Credit Bonds Outperformed Interest - Rate Bonds in the Volatile Market - Interest - rate bond yields slightly declined. The yields of 1Y, 5Y, and 7Y China Development Bank bonds decreased by 2BP, 1BP, and 1BP respectively, while the 3Y and 10Y remained flat [2][5]. - Credit bond yields dropped more significantly. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y credit bonds decreased to varying degrees [2][5]. - Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline. Rating spreads and term spreads showed obvious differentiation [5]. 2. Urban Investment Bond Spreads Slightly Compressed - By external ratings, the spreads of AAA, AA +, and AA platforms decreased by 1BP respectively, with different changes in different regions [9]. - By administrative levels, the spreads of provincial, municipal, and district - level platforms decreased by 2BP, 1BP, and 1BP respectively, with different changes in different regions [15]. 3. Most Industrial Bond Spreads Decreased - Real - estate bonds: Central and state - owned enterprise real - estate bond spreads decreased by 2 - 4BP, mixed - ownership real - estate bond spreads decreased by 1BP, and private - enterprise real - estate bond spreads increased by 7BP [2][18]. - Other industrial bonds: The spreads of AAA, AA +, and AA coal bonds decreased by 2BP, 2BP, and 1BP respectively; the spreads of AAA and AA + steel bonds decreased by 2BP and 4BP respectively; and the spreads of all levels of chemical bonds decreased by 3BP [2][18]. 4. The Yields of Secondary and Perpetual Bonds Followed the Decline of Certificates of Deposit, with the Short - to - Medium - Term Performing Relatively Strongly - 1Y secondary and perpetual bonds: Yields decreased by 2 - 3BP, and spreads compressed by 1 - 2BP [21]. - 3Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 2BP, and spreads decreased by 2 - 3BP; the yields of perpetual bonds decreased by 3 - 4BP, and spreads decreased by 3 - 4BP [21]. - 5Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 1 - 2BP, and spreads compressed by 0 - 1BP; the yields of AA + and above perpetual bonds decreased by 1BP, and spreads increased by 1BP, while the yields of AA perpetual bonds decreased by 4BP, and spreads decreased by 2BP [21]. 5. The Excess Spreads of 5Y Industrial Bonds and 3Y Urban Investment Bonds Slightly Decreased - AAA 3Y industrial perpetual bond excess spreads remained at 3.82BP, at the 1.32% quantile since 2015; 5Y industrial perpetual bond excess spreads decreased by 0.86BP to 7.65BP, at the 4.18% quantile since 2015 [24]. - Urban investment AAA 3Y perpetual bond excess spreads decreased by 0.65BP to 3.75BP, at the 0.29% quantile; urban investment AAA 5Y perpetual bond excess spreads increased by 0.09BP to 10.21BP, at the 10.93% quantile [24]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and industrial/urban investment perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. Historical quantiles are since the beginning of 2015 [28]. - Industrial and urban investment bond credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [28]. - Specific calculation methods and sample selection criteria are provided, including how to calculate spreads, which samples to select, and which samples to exclude [31].