Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.57% to close at 24028.37 points, while the Hang Seng Tech Index fell by 0.29% to 5216.6 points. The total trading volume was 2467.28 million HKD [1] - CITIC Securities anticipates that the ongoing reform of the Hong Kong listing system will enhance the asset quality and liquidity of the market, with continued inflow of southbound funds expected [1] Blue Chip Performance - ZTO Express (02057) led blue-chip stocks with a rise of 7.36% to 148.8 HKD, contributing 7.03 points to the Hang Seng Index. Other notable performers included Longfor Group (00960) up 7.05% and Sunny Optical Technology (02382) up 6.12% [2] - Conversely, Wharf Real Estate Investment (01997) fell by 3.4%, negatively impacting the index [2] Sector Highlights - Large tech stocks exhibited mixed results, with Xiaomi down 0.87% and Tencent down 0.2%, while Alibaba rose by 0.29%. The property sector saw significant gains, particularly Longfor Group which surged nearly 85% [3] - The financial sector, including brokerages and banks, showed strong performance, with Yao Cai Securities reaching a historical high [3] Real Estate Sector - The National Development and Reform Commission emphasized the importance of high-quality urbanization and plans to increase investment in key areas, which may provide opportunities for real estate stocks [4] - Longfor Holdings announced the completion of a bond restructuring involving a total principal balance of 21.96 billion HKD, exceeding market expectations [4] Banking Sector - Chinese banks saw a rise in stock prices, with Minsheng Bank (01988) up 5.17% and Construction Bank (00939) up 3.16%. Global bank indices have also reached new highs, indicating a trend of value reassessment for banks as stable income assets [5] Brokerages - Brokerage stocks performed strongly, with Yao Cai Securities (01428) up 25.91% and Shenwan Hongyuan Hong Kong (00218) up 19.46% [5] Stablecoin Regulation - The Hong Kong Special Administrative Region's Stablecoin Regulation will take effect on August 1, 2025, with the Hong Kong Monetary Authority starting the licensing process. This is expected to enhance market dynamics [6] Apple Concept Stocks - Apple-related stocks performed well, with Sunny Optical (02382) up 6.12% and BYD Electronics (00285) up 5.6% [6] Anti-Competition Measures - The Central Financial Committee's recent meeting highlighted the need to regulate low-price competition and improve product quality, which has led to price increases in silicon wafers by 8% to 11.7% [8] Notable Stock Movements - Delin Holdings (01709) surged by 18.4% after announcing plans to convert assets into digital rights via blockchain technology [9] - Hengrui Medicine (01276) reached a new high, rising 7.11% with a target price set at 134 HKD by Citigroup, predicting a compound annual growth rate of 22% in drug sales from 2024 to 2027 [10]

Group 1 - Hong Kong property stocks have seen a significant rise, with Longfor Group increasing by over 65% [1] - Oceanwide Holdings has experienced a rise of over 35% [1] - Other companies such as R&F Properties, Zhengrong Real Estate, Kaisa Group, and Greenland Hong Kong have all risen by over 10% [1]

Group 1 - Hong Kong property stocks have seen significant gains, with Longfor Group rising over 65%, Oceanwide Holdings increasing over 35%, and other companies like R&F Properties, Zhengrong Real Estate, Kaisa Group, and Greenland Hong Kong all rising over 10% [1] - The National Development and Reform Commission's Urban and Small Town Reform and Development Center has announced plans to increase investment in key areas of new urbanization using "two heavy" and "two new" funds [1]

Group 1 - The Hong Kong property stocks experienced significant fluctuations, with notable gains observed in several companies [1] - China Overseas Land & Investment surged over 10%, while Country Garden and Greenland Hong Kong increased by more than 5% [1] - Longfor Group and R&F Properties rose by over 4%, and Sunac China and Agile Group saw increases exceeding 3% [1]

Group 1 - Hong Kong property stocks experienced a rise in early trading, with China Overseas Land & Investment (03377.HK) increasing by over 13% [1] - Country Garden (02007.HK) and New World Development (01030.HK) both saw gains of over 5% [1] - Other stocks such as Sunac China (01918.HK), R&F Properties (02777.HK), and Shimao Group (00813.HK) also followed the upward trend [1] Group 2 - According to CRIC Property Management statistics, the top 50 property service companies in China added a contract area of approximately 84.47 million square meters in June [1]

二 零 二 五 年 一 月 一 日 到 六 月 三 十 日 的 累 計 協 議 銷 售 額 約 為 人 民 幣 133.7 億 元；累 計 協 議 銷售樓面面積約為849,000平方米；累計協議銷售均價為每平方米約人民幣15,700元。 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。 未經審核營運數據 遠 洋 集 團 控 股 有 限 公 司（「本 公 司」）董 事 局（「董 事 局」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司 （「本集團」）就二零二五年六月及截至二零二五年六月三十日止六個月的若干未經審核營 運數據如下： 協議銷售額 本公司連同其附屬公司、合 營公司及聯營公司就二零二五年六月的協 議銷售額約為人民 幣 29.5 億 元；協 議 銷 售 樓 面 面 積 約 為 225,200 平 方 米；協 議 銷 售 均 價 為 每 平 方 米 約 人 民 幣13,100元。 上 述營 運資 料 ...

Group 1 - The core viewpoint is that the real estate stocks in China have collectively risen, indicating a positive market response to new housing loan policies in Guangzhou [1] - R&F Properties (02777) increased by 6.86% to HKD 1.09, Aoyuan Group (03383) rose by 5.95% to HKD 0.445, Oceanwide Holdings (03377) went up by 4.65% to HKD 0.09, and Sunac China (01918) gained 4% to HKD 1.56 [1] - The Guangzhou Housing Provident Fund Management Center released a draft policy that aims to ease restrictions on housing loans, which is expected to provide a strong signal of market easing [1] Group 2 - According to data from the China Index Academy, the total sales of the top 100 real estate companies in the first half of 2025 amounted to CNY 183.64 billion, reflecting a year-on-year decline of 11.8% [2] - In June alone, the sales of the top 100 real estate companies dropped by 18.5% year-on-year, indicating a worsening trend compared to May [2] - Open Source Securities anticipates that the real estate policies will remain positive and moderate, with expectations for more supportive fiscal and monetary policies to aid the industry's stable development [2]

Core Viewpoint - The company is actively seeking new sources of funding through all possible channels [1] Group 1 - The company is exploring various avenues to secure additional financial resources [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 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。 1 . 境 外 債 務 重 組 計 劃：誠 如 本 公 司 日 期 為 二 零 二 五 年 三 月 二 十 七 日 的 公 告 所 披 露，於 二 零 二 五 年 三 月 二 十 七 日，境 外 債 務 重 組 計 劃 的 先 決 條 件 已 獲 達 成，且 境 外 債 務 重 組 計 劃 的 生 效 日 期 於 同 日 落 實。境 外 債 務 重 組 計 劃 成 功 實 施 後，本 集 團 的 槓 桿 降 低 約4 0億美元，資產負債結構得到顯著改善，同時大幅緩解了境外流動性壓力。 有 關 境 外 債 務 重 組 計 劃 的 詳 情，請 參 閱 本 公 司 日 期 分 別 為 二 零 二 四 年 七 月 十 八 日、 二 零 二 四 年 八 月 二 十 二 日、二 零 二 四 年 九 月 十 日、二 零 二 四 年 九 月 二 十 二 日、二 零 二 四 ...

Core Viewpoint - The real estate market in 2025 is shifting from "market rescue" policies to "reconstruction" strategies, focusing on balancing the dual-track system of housing security and market dynamics [4][6] Group 1: Market Changes - The proportion of improvement housing purchases surged to 57% in the first half of 2024, surpassing first-time buyers, indicating a significant shift in demand structure [4] - Developers are transitioning from rapid growth to product refinement, emphasizing product strength as the core competitive advantage [4] Group 2: Delivery Capability - Leading real estate companies are maintaining their delivery capabilities as a core support during the industry's deep adjustment period, with companies like Poly Developments, China Overseas Property, and Vanke consistently ranking in the top ten [6] - Successful delivery is characterized by strict control over construction progress and quality, as well as the enhancement of community amenities and property services [6][8] Group 3: Operational Capability - The concept of a "good house" has been integrated into government work reports, emphasizing that it is not just about physical construction but also about embodying a vision for a better life [8][12] - Some benchmark companies are advancing from basic construction to service upgrades, focusing on community operations and property services [8] Group 4: Service Capability - Service quality is becoming a critical factor in community sustainability and asset appreciation, with high-quality property services positively impacting second-hand housing prices [10][11] - Examples include Vanke's community events and health management initiatives, which enhance the living experience and foster community engagement [9][10]