Policy News - The Ministry of Housing and Urban-Rural Development issued opinions on improving housing quality, aiming for significant progress by 2030 in housing standards, design, materials, construction, and operation levels [1] - The policy emphasizes the construction of quality affordable housing and the transformation of old houses into "good houses" [1] Tax Policy - Starting January 1, 2026, individuals selling homes purchased for less than two years will be subject to a 3% value-added tax, while those selling homes purchased for two years or more will be exempt from this tax [2] Financial Stability - The People's Bank of China plans to enhance the foundational system for real estate credit, focusing on the implementation of financial policies to support the stable development of the real estate market [3] Real Estate Investment Trusts (REITs) - The China Securities Regulatory Commission announced the pilot program for commercial real estate REITs, which will focus on generating stable cash flows through asset-backed securities [4] Regional Development - Shenzhen's "14th Five-Year Plan" emphasizes high-quality real estate development, targeting affordable housing and improved commodity housing to address housing issues for new citizens, youth, and migrant workers [5] Market Trends - In 2025, land sales revenue in Beijing, Shanghai, and Hangzhou is projected to exceed 100 billion yuan, with Beijing's land sales amounting to approximately 142.7 billion yuan, a decrease of about 8% from the previous year [6] - Four major real estate companies, including Poly Developments and China Overseas, are expected to achieve sales exceeding 200 billion yuan in 2025 [7] Company News - Vanke plans to hold a meeting to discuss the extension of a domestic bond repayment, proposing to delay the principal repayment date by one year [9] - Country Garden has set December 30, 2025, as the effective date for its debt restructuring plan, which has been approved by the Hong Kong High Court [10] - CIFI Holdings announced the successful completion of its overseas debt restructuring, reducing its debt by approximately 38 billion yuan [11] - Longfor Group reported significant progress in its domestic debt restructuring, with over 62% of its remaining bonds being addressed through various options [12]

截至月份: 2025年12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: 龍光集團有限公司 (於開曼群島註冊成立之有限公司） 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 FF301 呈交日期: 2026年1月2日 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) | 03380 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,00 ...

Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） 持續關連交易 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。 二零二五年持續關連交易協議 於二零二五年十二月三十一日，本集團訂立二零二五年持續關連交易協議，內容 有關本集團（作為一方）與龍光交通或龍光物業管理（作為另一方）之間的若干安 排，該等安排構成上市規則第14A章項下本公司的持續關連交易。 上市規則的涵義 二零二五年持續關連交易協議項下擬進行交易構成上市規則第14A章項下本公司 的持續關連交易。 由於二零二五年持續關連交易協議各自項下的年度上限金額的一項或多項適用百 分比率（溢利比率除外）超過0.1%但低於5%，故二零二五年持續關連交易協議各 自項下的交易須遵守上市規則第14A章項下申報、年度審閱及公告的規定，惟獲 豁免遵守獨立股東批准的規定。 二零二五年持續關連交易協議 於二零二五年十二月三十一日，本集團訂立(a)二零二五年項目開發管理 ...

Core Viewpoint - Longguang Group has made significant progress in its domestic debt restructuring, successfully completing the restructuring of bonds with a total face value of RMB 13.66 billion [1] Group 1: Debt Restructuring Achievements - The company has utilized various methods for debt restructuring, including cash buybacks, asset swaps, and specific asset trust arrangements [1] - The restructured bonds account for over 62% of the remaining principal amount of 21 publicly issued bonds maturing before July 10, 2025 [1] Group 2: Implications for the Company - The progress in debt restructuring is crucial for the company as it helps to fundamentally resolve its debt crisis and restore normal operations [1] - This restructuring reflects the company's determination and efficiency in addressing complex financial challenges [1] Group 3: Future Outlook - Longguang Group aims to continue its commitment to integrity and stable development by optimizing its business structure and enhancing risk management [1] - The company is focused on advancing its various business operations to achieve long-term sustainable development goals [1]

Core Viewpoint - Longfor Group Limited has made significant progress in its domestic debt restructuring plan, indicating a potential resolution to its debt issues and a pathway to restore normal operations [1] Group 1: Debt Restructuring Progress - As of the announcement date, Longfor Group has repurchased bonds with a total face value of RMB 13.66 billion through various options including cash buyback, asset-for-debt swaps, and specific asset trust options [1] - The amount of bonds repurchased exceeds 62% of the remaining principal of 21 publicly issued domestic bonds due by July 10, 2025 [1] - The progress in domestic debt restructuring is expected to fundamentally address the company's debt problems [1]

本公告內容已於二零二五年十二月四日以股本證券代號（股份代號：3380）刊發，而 現以債券證券代號（股份代號：40754, 40527, 40508）重新刊發，以供債券持有人參 考。 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。 承董事會命 龍光集團有限公司 主席 紀海鵬 Logan Group Company Limited 龍光集團有限公司 本公司欣然宣佈，截止公告日，已經有累計債券面值人民幣136.6億元通過現金購回 選項、資產抵債選項下的以物抵債模式、特定資產信託選項等得到債務重組要約獲 配，獲配債券金額已經超過截止二零二五年七月十日的境內21筆公開債債券剩餘本 金總額的62%，境內債務重組工作取得重大進展。 公司會繼續努力推進後續重組選項的開展，預計絕大部分境內公開債將通過資產抵 債選項下的單一資產信託抵債模式、二次現金購回（如有）、股票選項、資產抵債選 – 1 – 項下的集合資產信託抵債模式等後續重組選項得到獲配並予以註銷。境內債務重組 ...

Group 1 - As of December 24, 49 stocks reached a 52-week high, with Shin-Etsu Holdings (06038), Gaoke Bridge (09963), and Easy Health (02661) leading the increase rates at 39.13%, 23.71%, and 16.39% respectively [1] - The closing prices and peak prices for the top three stocks are as follows: Shin-Etsu Holdings at 0.425 with a peak of 0.480, Gaoke Bridge at 1.040 with a peak of 1.200, and Easy Health at 66.800 with a peak of 69.600 [1] - Other notable stocks that reached new highs include Yijun Group Holdings (02442) at 14.060 (14.31% increase) and Jingxi International (02339) at 3.880 (13.78% increase) [1] Group 2 - The report also highlights 52-week lows, with Guanglian Technology Holdings (02531) experiencing the largest decline at -17.57%, closing at 4.760 with a low of 3.660 [2] - Other stocks that reached new lows include Caixing Toys (00869) at -8.51% and China Aoyuan (03883) at -8.00% [2] - The closing prices for the stocks at new lows include Guanglian Technology Holdings at 4.760, Caixing Toys at 0.435, and China Aoyuan at 0.076 [2]

Market Overview - The market sentiment improved significantly due to favorable news from the Central Economic Work Conference, with the Hang Seng Index rising by 1.75% and returning to 26,000 points [1] - Major technology stocks collectively increased, with NetEase rising over 4%, Tencent and Alibaba up over 2%, and other tech companies like Xiaomi, Baidu, JD.com, and Kuaishou also seeing gains [1][3] Sector Performance - **Electric Power Equipment**: Strong performance with Dongfang Electric up over 13% and other companies like Harbin Electric and Shanghai Electric also showing significant gains [1][5] - **Financial Sector**: All major financial stocks, including China Pacific Insurance and CITIC Securities, saw increases, with HSBC reaching a market value of over HKD 2 trillion [1][8] - **Precious Metals**: Gold and silver prices surged, leading to active trading in gold stocks, with China Silver Group rising nearly 6% [1][6] - **Consumer Sector**: Restaurant stocks were active, with companies like Da Shi and Haidilao seeing notable increases, driven by policies aimed at boosting consumption [10] - **Real Estate**: Property stocks rose, with Longguang Group increasing over 4%, supported by policies to stabilize the real estate market [12] Individual Stock Highlights - **NetEase**: Stock price increased by 4.20% to HKD 218.40 [4] - **Dongfang Electric**: Stock price surged by 13.59% to HKD 24.90 [5] - **China Pacific Insurance**: Stock price rose by 5.68% to HKD 34.60 [9] - **China Silver Group**: Stock price increased by 5.80% to HKD 0.730 [7] - **Xuan Bamboo Bio**: Stock price increased by 25.19% to HKD 96.90, reaching a new high [16][19] Economic Policy Impact - The Central Economic Work Conference emphasized the importance of domestic demand and consumer spending, with plans to implement measures to boost consumption and stabilize the real estate market [10][12]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints On December 5, the liquidity slightly tightened; the bond market fluctuated and recovered; the main indices of the convertible bond market collectively rose, and most convertible bond issues increased in price; yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On the evening of December 5, Chinese and U.S. economic and trade leaders held a video call, discussing the implementation of previous consensuses and promoting stable and positive development of Sino-U.S. economic and trade relations [3]; on December 6, China Securities Regulatory Commission Chairman Wu Qing emphasized accelerating the creation of first-class investment banks and institutions to boost high-quality development of the capital market [4]; on December 5, the CSRC solicited public opinions on the "Regulations on the Supervision and Administration of Listed Companies"; the "Administrative Measures for Financial Leasing Business of Financial Leasing Companies" will be implemented from January 1, 2026; the central bank renewed a bilateral currency swap agreement with the Macao Monetary Authority, expanding the scale to 50 billion yuan/57 billion Macao patacas [5][6]. - **International News**: U.S. economic data for September showed inflation and personal income increases, but actual personal consumption expenditures remained stagnant; the preliminary December consumer confidence index rose, and short-term inflation expectations dropped to the lowest level since January; key European economies' 10-year government bond yields generally increased [7][8][30]. - **Commodities**: On December 5, international crude oil futures prices continued to rise, with WTI January crude futures up 0.69% to $60.08 per barrel and Brent February crude futures up 0.77% to $63.75 per barrel; COMEX February gold futures closed flat at $4,243 per ounce; NYMEX natural gas prices rose 5.25% to $5.337 per ounce [9][10]. 3.2 Liquidity - **Open Market Operations**: On December 5, the central bank conducted 139.8 billion yuan of 7-day reverse repurchase operations at an interest rate of 1.40%, with 303.1 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 161.5 billion yuan [12]. - **Funding Rates**: On December 5, the liquidity slightly tightened but remained generally loose. DR001 rose 0.06bp to 1.300%, and DR007 rose 0.04bp to 1.438% [13]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: On December 5, affected by rumors of the Politburo's mention of "dual cuts," the bond market fluctuated and recovered. Yields on 10-year government bonds and 10-year China Development Bank bonds decreased [16]. - **Credit Bonds**: On December 5, the trading prices of two industrial bonds deviated by over 10%; several companies, including Zhengyuan Real Estate and Fosun Group, faced regulatory actions due to information disclosure violations; many companies, such as Vanke and Longfor Group, announced bond-related events [18][19][22]. - **Convertible Bonds**: On December 5, the A-share market rose, and the convertible bond market followed suit. The main convertible bond indices increased, and most individual convertible bonds rose. Several companies, including Aowei Electronics, announced convertible bond-related events [21][23][27]. - **Overseas Bond Markets**: On December 5, yields on U.S. Treasuries across all maturities generally increased, and yields on 10-year government bonds of major European economies generally rose; the daily price changes of Chinese dollar bonds are provided [26][30][32].

Core Viewpoint - The financial market is experiencing fluctuations with a slight tightening of liquidity, a rebound in the bond market, and a collective rise in convertible bond indices, while U.S. Treasury yields are generally on the rise. Group 1: Domestic News - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss the implementation of agreements from recent high-level meetings, emphasizing the importance of continued cooperation in economic and trade relations [2] - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted the need to develop first-class investment banks and institutions to support high-quality capital market development, advocating for a shift from price competition to value competition and better service to the real economy [3] - The CSRC is soliciting public opinions on the draft of the "Regulations on the Supervision of Listed Companies," which aims to strengthen comprehensive regulation throughout the lifecycle of listed companies [4] Group 2: Monetary Policy and Market Operations - The People's Bank of China conducted a 139.8 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net withdrawal of 161.5 billion yuan due to maturing reverse repos [9] - The overall liquidity in the market remains loose, with the DR001 and DR007 rates slightly increasing to 1.300% and 1.438%, respectively [10] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.15 basis points to 1.8285% as market sentiment improved following rumors of policy easing [12] - The secondary market for credit bonds saw significant price deviations, with "22 Vanke 02" dropping over 11% and "21 Vanke 02" falling over 10% [14] - Several companies, including Zhengyuan Real Estate and Fusheng Group, received public reprimands from the Shanghai Stock Exchange for disclosure violations [15] Group 4: Convertible Bonds - The convertible bond market experienced a collective rise, with major indices increasing by approximately 0.94% to 0.98%, and a total trading volume of 601.53 billion yuan, reflecting a significant increase from the previous day [17] - Several convertible bonds are set to trigger price adjustment clauses, while others announced early redemption [19] Group 5: International Market Insights - U.S. Treasury yields rose across various maturities, with the 2-year yield increasing by 4 basis points to 3.56% and the 10-year yield rising by 3 basis points to 4.14% [20] - Major European economies also saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.80% [22]