Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The real estate market in Tianjin is entering a phase dominated by new products, with older projects experiencing declining sales volume [3][4] - In the first eight months of 2025, the top 10 real estate companies in Tianjin achieved a total sales revenue of 40.38 billion yuan, with the threshold for the top 10 set at 1.77 billion yuan [3][4] - The top three companies by sales revenue are: 1. TEDA Construction with 6.93 billion yuan 2. China Overseas Property with 5.95 billion yuan 3. Tianjin Urban Investment Group with 5.33 billion yuan [3][4] Sales Performance Summary Company Sales Performance - The total sales revenue of the top 10 real estate companies in Tianjin from January to August 2025 is 40.38 billion yuan [3][4] - The sales area for these companies totals 1.12 million square meters [4] Project Sales Performance - The total sales revenue of the top 10 residential projects in Tianjin from January to August 2025 is 11.943 billion yuan, with a threshold of 920 million yuan for inclusion in the ranking [6][7] - The top three projects by sales revenue are: 1. Shangdong Jinmao Xiaotang/Jintang with 1.483 billion yuan 2. Jinmao Yanghu Manting with 1.296 billion yuan 3. Tibei Jinmao Mansion with 1.295 billion yuan [6][7] Policy Environment - A new policy was introduced on August 13, 2025, allowing homebuyers to withdraw housing provident fund for down payments on existing homes, aimed at reducing the threshold for home purchases and invigorating the existing housing market [8] - On August 28, 2025, the Central Committee of the Communist Party of China and the State Council released guidelines to promote high-quality urban development, which will provide important guidance for addressing current industry challenges [9] Land Market Analysis - In August 2025, Tianjin released 20 plots of land, with a planned construction area of 1.4254 million square meters, including one residential plot and 16 industrial plots [10][13]

Market Overview - The Hong Kong stock market opened positively in October, with the Hang Seng Index closing at 27,287.12 points, up 431.56 points, a rise of 1.61% [2] - The Hang Seng Tech Index closed at 6,682.86 points, increasing by 217.20 points, a gain of 3.36% [4] Company Highlights - Alibaba Group (09988.HK) saw its stock rise over 4% during the day, closing at HKD 183.1, with a final increase of 3.45%. JPMorgan raised its target price for Alibaba's Hong Kong stock to HKD 240, indicating over 30% potential upside based on the current closing price [4] - JPMorgan reported that Alibaba Cloud's revenue growth has accelerated for eight consecutive quarters, with a year-on-year increase of 26% expected in Q2 2025, driven by demand in generative AI across various sectors [6] Sector Performance - The semiconductor sector experienced significant gains, with SMIC (00981.HK) surging 12% to reach a new historical high. Other notable performers included Longi Green Energy (06869.HK) up over 10%, and Huagong Technology (06908.HK) and Hua Hong Semiconductor (01347.HK) both rising over 7% [6] - The overall semiconductor industry is projected to continue its long-term growth, driven by AI data center demand and domestic substitution trends [8] Other Notable Stocks - The technology sector saw widespread gains, with Kuaishou-W (01024.HK) up over 8%, Baidu Group-SW (09888.HK) up over 4%, and JD Group-SW (09618.HK) and Xiaomi Group (01810.HK) both rising over 3% [8] - Gold stocks also performed well, with China Silver Group (00815.HK) increasing over 30% and Zijin Mining International (02259.HK) up over 14% [8] Industry Index Performance - The Wind Hong Kong secondary industry index showed significant increases in various sectors, with electrical equipment up 9.91%, non-ferrous metals up 5.29%, and hardware equipment up 4.70% [9]

Group 1: Market Overview - The Hong Kong stock market indices rose collectively, with the Hang Seng Index increasing by 1.61%, the National Enterprises Index by 1.77%, and the Hang Seng Tech Index by 3.36% due to rising expectations of a Federal Reserve interest rate cut [1] - Chip stocks experienced significant gains, with SMIC (00981.HK) up 12.7%, ChipMOS Technologies (02166.HK) up 10.71%, and Hua Hong Semiconductor (01347.HK) up 7.12% [1] - The AI investment surge is driving demand for semiconductor storage, supported by domestic wafer fabrication expansion plans [1] Group 2: Sector Performance - Gold and precious metals stocks saw substantial increases, with Tongguan Gold (00340.HK) rising 15.13% and Zijin Mining (02899.HK) up 3.99%, driven by lower-than-expected U.S. employment data and heightened gold price expectations [2] - The automotive supply chain, including lithium battery and electric vehicle stocks, performed well, with Tianqi Lithium (09696.HK) up 12.93% and BYD Electronics (00285.HK) up 6.63% [2] - Biopharmaceuticals, innovative drugs, and medical outsourcing sectors also showed strong performance [3] Group 3: Underperforming Sectors - The real estate sector declined, with companies like Oceanwide Holdings (03377.HK) down 4.38% and China Resources Land (01109.HK) down 3.42% [3] - Consumer sectors, including film, aviation, education, dairy products, sports goods, and luxury goods, faced pressure and showed weakness [4]

Group 1 - Hong Kong property stocks are experiencing a decline despite market conditions, with China Overseas Grand Oceans Group (00081.HK) down 3.21% to HKD 2.41 [1] - Yantai Group (03377.HK) has decreased by 3.13%, trading at HKD 0.155 [1] - Ronshine China (03301.HK) fell by 2.84%, with a current price of HKD 0.205 [1] - Sunac China (01918.HK) is down 1.76%, now priced at HKD 1.67 [1]

Core Viewpoint - The Chinese real estate stocks are experiencing a decline despite market conditions, with major companies like China Overseas Grand Oceans Group and others showing significant drops in share prices [1] Group 1: Company Performance - China Overseas Grand Oceans Group (00081) fell by 3.21%, trading at HKD 2.41 [1] - Yuan Long Group (03377) decreased by 3.13%, trading at HKD 0.155 [1] - Ronshine China Holdings (03301) dropped by 2.84%, trading at HKD 0.205 [1] - Sunac China Holdings (01918) declined by 1.76%, trading at HKD 1.67 [1] Group 2: Industry Sales Data - From January to September, the total sales of the top 100 real estate companies amounted to CNY 26,065.9 billion, representing a year-on-year decrease of 12.2%, although the decline rate has narrowed by 1.1 percentage points compared to January to August [1] - In September alone, the sales of the top 100 real estate companies increased by 11.9% month-on-month [1] Group 3: Market Outlook - Core cities are continuing to optimize demand-side policies, but the overall market remains under pressure, with most cities showing relatively flat performance [1] - The short-term outlook suggests that policies will maintain a loose tone, focusing on the goal of "stopping the decline and stabilizing" [1] - New housing supply in core cities may see mild improvement, providing some support to the market, but new projects in more cities remain limited, indicating a continuation of market differentiation [1]

Core Viewpoint - The Chinese real estate stocks are experiencing a decline despite the overall market conditions, with major companies like China Overseas Grand Oceans Group, Yantai Group, and others showing significant drops in their stock prices [1] Company Performance - China Overseas Grand Oceans Group (00081) fell by 3.21% to HKD 2.41 - Yantai Group (03377) decreased by 3.13% to HKD 0.155 - Ronshine China (03301) dropped by 2.84% to HKD 0.205 - Sunac China (01918) declined by 1.76% to HKD 1.67 [1] Industry Data - According to the China Index Academy, the total sales of the top 100 real estate companies from January to September reached CNY 26,065.9 billion, representing a year-on-year decrease of 12.2%, although the decline has narrowed by 1.1 percentage points compared to January to August [1] - In September alone, the sales of the top 100 real estate companies increased by 11.9% month-on-month [1] Market Outlook - The core cities are continuing to optimize demand-side policies, but the overall market performance remains relatively weak outside these areas, indicating ongoing adjustment pressures [1] - The short-term outlook suggests that policies will maintain a loose tone, focusing on stabilizing the market and accelerating the implementation of existing policies [1] - New housing supply in core cities may see mild improvement, providing some support to the market, but the availability of new projects in other cities remains limited, leading to continued market differentiation [1]

Group 1 - The Hong Kong real estate stocks experienced a general decline, with notable drops in several major companies [1] - Specifically, China Oceanwide Holdings fell nearly 4%, while Longfor Group, Sunac China, Jianfa International, Ronshine China, Longguang Group, and Yuexiu Property all dropped over 2% [1] Group 2 - The stock performance of various companies is as follows: - China Oceanwide Holdings (03377) decreased by 3.75% to a price of 0.154, with a market capitalization of 1.795 billion [2] - Longfor Group (00960) fell by 2.95% to 11.530, with a market cap of 81.19 billion [2] - Sunac China (01918) declined by 2.94% to 1.650, with a market cap of 1.8925 billion [2] - Jianfa International Group (01908) dropped by 2.91% to 17.370, with a market cap of 38.911 billion [2] - Ronshine China (03301) decreased by 2.37% to 0.206, with a market cap of 347 million [2] - Longguang Group (03380) fell by 2.31% to 1.270, with a market cap of 7.22 billion [2] - Yuexiu Property (00123) declined by 2.11% to 5.100, with a market cap of 2.053 billion [2] - Other companies such as China Resources Land, Greentown China, Vanke Enterprises, and others also experienced declines ranging from 1.29% to 1.91% [2]

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 會 就因 本公 告 全部 或任 何 部分 內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 有關截至二零二四年十二月三十一日止年度之年報 所載持續經營之不發表意見之最新信息 本公告乃由遠洋集團控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）作出， 就本公司於二零二五年四月二十三日刊發截至二零二四年十二月三十一日止年度之年度 報告（「二零二四年年報」）所載有關僅針對持續經營問題之不發表意見（「不發表意見」）提 供 最新 信息。除 文 義另 有所 指 外，本公 告所 用 詞彙 與二 零 二四 年年 報 所界 定者 具 有相 同 涵義。 截 至 本 公 告 日 期，本 公 司 已 實 施 下 列 計 劃 及 措 施，以 改 善 本 集 團 的 流 動 資 金 及 財 務 狀 況： 1 . 境 內 債 務 重 組 計 劃：於 二 零 二 五 年 八 月 一 日，本 集 團 公 佈 其 初 步 計 劃 為 本 集 團 若 干 境內存續公司債券及銀行 ...

Core Insights - The Dalian Huannan Hui project, managed and sold by Ocean Construction Management, achieved impressive sales of 206 units and a transaction amount of 93 million yuan during its first opening, ranking first in unit sales and second in sales amount among new apartment projects in Dalian this year [1][3] Group 1: Project Performance - The project is located in a key commercial area of Dalian, with convenient transportation and complete amenities, adjacent to the previously developed Ocean Plaza project, which received positive market feedback [3] - The project achieved a premium sale price, exceeding surrounding second-hand residential prices by 1,500 yuan and surpassing prices in the core Donggang area by 3,500 yuan [3] Group 2: Company Background - Since entering Dalian in 2006, Ocean Group has developed nearly 20 projects, with notable sales exceeding 10 billion yuan for individual projects like Ocean Hongxinghai Worldview and Ocean Diamond Bay, establishing a strong customer base and brand reputation [3] - Ocean Construction Management's sales capabilities have been recognized in the market, with projects like Guangzhou Nanxiang Yaju achieving over 100 million yuan in initial sales and Qingdao Ocean Fanhuali selling out in four months, marking them as phenomenon-level projects in their respective cities [3] - In the first half of this year, Ocean Construction Management ranked 15th in the "China Real Estate Construction and Sales Scale Ranking" [3]

近期，总建面约70万平方米的天津标杆大盘——博屿海项目，顺利完成约470套住宅的集中交付，较合 同约定时间提前33天。作为长期位列天津销售前十的热盘，此次提前高品质交付，有力印证了远洋集团 卓越的产品力与强大的交付保障能力。截至目前，项目已累计实现1700余套住宅的高品质交付。 建筑匠心，颜值与功能并重 项目外立面融合现代设计语言与典雅材质，采用大面积玻璃窗与红砖立面相结合，勾勒出简洁有力的建 筑轮廓。户型设计注重通风与采光，营造明亮通透的室内环境，提升居住舒适度。 健康园林，构建全龄生活场景 服务延续，共建社区温度 交付是服务的开始。未来，博屿海将持续深耕社区运营，通过丰富的社群活动和专业的物业服务，与业 主共同营造有温度、有活力的健康社区。 博屿海秉承远洋"建筑·健康"理念，打造功能与美感兼具的互动式园林。社区内设置全龄活动区、环形 跑道、长者交流空间与儿童乐园，通过层次丰富的绿植与多样化功能场地，促进邻里互动，营造自然健 康的社区氛围。 品质管控，护航交付全程 项目严格执行"三轮查验"机制，由工程、客服、设计等多部门联合，对房屋细节进行多轮排查，确保从 公共区域到室内空间均符合交付标准，让业主安心收房。 ...