Core Viewpoint - The Hong Kong stock market experienced a collective decline in the morning session, with the Hang Seng Technology Index showing the largest drop, down 1.04% [2] Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 0.65% and 0.61% respectively [2] - Major technology stocks, which serve as market indicators, collectively underperformed, leading to the market's decline [2] Sector Analysis - Technology Sector: - Xiaomi dropped by 5.47% - Kuaishou, Alibaba, and JD.com fell nearly 2% - Other tech stocks like NetEase, Meituan, and Tencent also saw declines, while Baidu managed to rise [2] - Pharmaceutical Sector: - Pharmaceutical stocks plummeted following Trump's announcement of a 100% tariff, with notable declines in companies like: - Gilead Sciences - Fosun Pharma - Green Leaf Pharmaceutical - Four Rings Pharmaceutical [2] - Other Sectors: - Paper, Apple-related, robotics, gold, sports goods, film, and aviation stocks all experienced declines [2] - Conversely, real estate stocks surged due to ongoing property policy releases, with notable gains in: - Country Garden - China Overseas Grand Oceans Group - China Jinmao [2] - Military, wind power, automotive, and dairy sectors showed active performance, with Chery Automobile reaching a high on its second day of listing [2]

Group 1: Hong Kong Stocks - Guoquan (02517) rose over 2% after announcing a plan to repurchase up to HKD 100 million of H-shares by September 25, 2025 [1] - Jiangxi Copper (00358) increased by over 1%, highlighting the detrimental effects of "involution" competition in the copper smelting industry, which contradicts the high-quality development direction [1] - XPeng Motors (09868) surged over 5% as it officially entered five new markets: Switzerland, Austria, Hungary, Slovenia, and Croatia, with its first batch of new cars rolling off the production line in Austria [1] - NetDragon (00777) jumped over 13% with multiple game launches planned for overseas markets in the second half of the year, expecting growth after optimizing core IP [1] - Goldwind Technology (02208) rose over 5% as its power station business sees an increase in hydrogen ammonia, benefiting from price hikes and international expansion in its wind turbine business [1] - Xiaomi Group (01810) fell over 5% following the launch of its new Xiaomi 17 series smartphones, starting at RMB 4,499 [1] - Hua Hong Semiconductor (01347) increased over 5% after announcing a restructuring with Huahong Micro to resolve competition issues related to its IPO commitments, with Goldman Sachs noting ongoing price negotiations with clients [1] Group 2: Other Stocks - Shoucheng Holdings (00697) rose over 1% as it deepens its layout in the robotics sector, with CICC raising its target price to HKD 3.3 [2] - Smoore International (06969) increased over 3% after the launch of the Glo Hilo product on the Polish Glo website [2] - Chinese property stocks collectively surged, with Longfor Group (00960) up over 2%, Vanke Enterprises (02202) up over 2%, Country Garden (02007) up over 3%, and Sunac China (01918) up over 1%, following recent policy optimizations aimed at stimulating housing demand in several new first-tier cities [2] Group 3: US Stocks - Freeport-McMoRan (FCX.US) fell 6.19% due to the suspension of operations at its Indonesian mine following a landslide that resulted in fatalities [3] - Trust Stamp (IDAI.US) rose 0.61% after Intel announced a partnership to utilize AI for identity verification through selfies [3] - XPeng Motors (XPEV.US) increased 4.61% after signing a quantum security technology cooperation agreement with Alibaba Cloud [3] - Baidu (BIDU.US) rose 1.87% as its subsidiary received the first autonomous driving test license in Dubai [3] - GDS Holdings (GDS.US) increased 3.44% following a report indicating Alibaba's token consumption is doubling every 2-3 months due to rising AI workloads [3] - JD.com (JD.US) fell 1.60% as it announced plans for continued investment in AI development at its global technology conference [3] Group 4: Additional US Stocks - Bilibili (BILI.US) rose 4.07% with the approval of a new round of game licenses, including the upcoming test of "Three Kingdoms: Hundred Generals Card" [4] - Sony (SONY.US) increased 1.67% after successfully obtaining a game license for "Cosmic Robot" [4] - NIO (NIO.US) rose 4.92% as Citigroup upgraded its sales forecasts for NIO's electric vehicles due to strong order performance [4] - Intel (INTC.US) surged 8.87%, reaching a new high since July 2024, with plans to raise prices for its "Raptor Lake" processors in Q4 [4] - CoreWeave (CRWV.US) fell 5.05% after expanding its agreement with OpenAI to provide computing power for training advanced models [4]

Core Viewpoint - The Hong Kong real estate stocks have shown a significant upward trend, driven by recent policy optimizations aimed at supporting reasonable housing demand across various cities in China [1] Company Performance - Country Garden saw an increase of over 5% in its stock price, while China Overseas Macro Group rose by 4% and Ronshine China by 3.5% [2] - Other notable performers include Vanke Enterprises, Longfor Group, and Oceanwide Holdings, each rising nearly 3%, and China Jinmao increasing by 2% [2] Policy Developments - Multiple cities in China have recently optimized real estate policies, including Dongguan offering a subsidy of 2% of the total purchase price for eligible homebuyers, capped at 30,000 yuan [1] - Sichuan is implementing a "one city, one policy" approach to stabilize the real estate market, while Guangzhou has introduced new policies allowing property companies to sell self-held housing [1] - Major cities like Beijing, Shanghai, and Shenzhen have adjusted their purchase restrictions, indicating a broader trend of policy support for the housing market [1] - New first-tier cities are reportedly studying the latest real estate policies to further stimulate housing demand and enhance purchase support [1]

Core Viewpoint - The Chinese real estate stocks experienced a collective surge, driven by government measures aimed at stabilizing the market and boosting housing demand [1] Group 1: Stock Performance - Longfor Group (00960) rose by 6.14%, trading at HKD 12.1 [1] - Vanke Enterprises (02202) increased by 4.09%, trading at HKD 5.6 [1] - Country Garden (02007) saw a rise of 5.26%, trading at HKD 0.6 [1] - Sunac China (01918) gained 3.16%, trading at HKD 1.63 [1] Group 2: Government Policies - The State Council emphasized the need for strong measures to consolidate the real estate market's stabilization during its ninth plenary session in August [1] - Major cities like Beijing, Shanghai, and Shenzhen have introduced new housing policies to benefit homebuyers [1] - Several new first-tier cities are studying the latest real estate policies to stimulate housing demand and enhance purchasing support [1] Group 3: Market Outlook - Guotai Junan Securities reported that the optimization of purchase restrictions in first-tier cities, combined with seasonal demand, is expected to improve the fundamentals of the real estate sector [1] - August real estate data indicates a continued need for more policies to drive the market towards stabilization [1] - The current valuation of the real estate sector is considered low, suggesting a buying opportunity for investors [1]

Core Viewpoint - The Chinese real estate sector is experiencing a rally, with major property stocks seeing significant gains following government measures aimed at stabilizing the market [1] Group 1: Market Performance - Major property stocks such as Longfor Group (00960) rose by 6.14% to HKD 12.1, Vanke (02202) increased by 4.09% to HKD 5.6, Country Garden (02007) climbed 5.26% to HKD 0.6, and Sunac China (01918) gained 3.16% to HKD 1.63 [1] Group 2: Government Policies - The State Council emphasized the need for strong measures to consolidate the real estate market's recovery during its ninth plenary session in August [1] - Major cities like Beijing and Shanghai have introduced new policies to support homebuyers, indicating a multi-faceted approach to stimulate demand [1] - Several new first-tier cities are also studying the latest policy measures to further boost housing demand and provide targeted support for home purchases [1] Group 3: Market Outlook - Guotai Junan Securities reported that recent policy optimizations in first-tier cities, combined with seasonal demand, are expected to improve the fundamentals of the real estate market [1] - August real estate data suggests that more policies are needed to drive the market towards stabilization, with ongoing expectations for additional policy support [1] - The current valuation of the real estate sector is considered low, suggesting a potential opportunity for investors to accumulate real estate stocks at lower prices [1]

Market Overview - The US stock market reached new highs, with the three major indices hitting record levels on the "quadruple witching day" [9] - Global equity funds attracted $68.4 billion, the highest since December of the previous year, with $57.7 billion flowing into US equity funds [11] - Emerging market funds saw inflows of $7.6 billion, marking the highest since May [11] - The 10-year US Treasury yield rose to 4.147%, reflecting market concerns about inflation [9] - Gold prices strengthened, closing up 1.12% near the day's high [9] Investment Strategies - The report recommends prioritizing investments in leading companies within the "artificial intelligence and semiconductor" sectors due to the growing demand for AI [9] - For fixed income, it is suggested to reduce holdings in US Treasuries and shift towards investment-grade corporate bonds (IG) and floating-rate notes (FRN) [9] - A recommendation for structured products includes "dual-leverage linked notes" tied to major commodities (such as oil and copper) to capture price fluctuations [9] Company Highlights - Sanofi reported Q2 net sales of €9.994 billion, a year-on-year increase of 10.1%, with earnings per share rising by 8.3% to €1.59 [24] - FedEx Corporation announced an increase in revenue and profit guidance for FY2026, driven by higher volume in its priority delivery service and cost-saving measures [25] - The report highlights the strong performance of the company 创科实业 (Techtronic Industries), which achieved a record revenue of $7.833 billion in H1 2025, with net profit growing to $628 million and a gross margin improvement to 40.3% [21] - 京东 (JD.com) has formed a strategic partnership with China Resources to open its first physical store in Hong Kong by 2026, focusing on international and mainland tech brands [13] Economic Data Releases - Key economic data releases include the M3 money supply in Switzerland, unemployment rate in Taiwan, and consumer price index in Hong Kong, all scheduled for September 22, 2025 [19]

COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2007) （於開曼群島註冊成立之有限公司） （股份代號：2007） NOTIFICATION LETTER 通知信函 26 September 2025 Dear Registered Shareholders, Country Garden Holdings Company Limited (the "Company") — Notice of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are now available on the Company's website at www.countrygarde ...

COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2007) （於開曼群島註冊成立之有限公司） （股份代號：2007） NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(s) (Note 1) , Country Garden Holdings Company Limited (the "Company") — Notification of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the Company's website at www.countrygarden.com ...

控股有限公司 Country Garden Holdings Company Limited 2025 中期報告 股份代號：2007 （於開曼群島註冊成立的有限公司） www.countrygarden.com.cn 碧桂園控股有限公司 Country Garden Holdings Company Limited 20 25 中 期 我們組建科技建築集團，打造由建築機器人、新型裝 配式、智能裝備、BIM數字化等構成的智慧建造體系， 努力實現安全、質量、效率、環保和科技的完美結 合，拓展施工總承包、勞務分包等業務，引領和推動傳統 建築業變革。 我們成立鳳凰智拓建管公司，積極外拓輕資產代管代建業 務，充分發揮集團積澱多年的設計、開發、成本、客戶資 源等多方面專業優勢，研究市場需求並不斷進行產品迭 代，攜手合作夥伴共同成就卓越項目。 報 告 碧桂園 是什麼 碧桂園是為社會創造 幸福生活的高科技綜合性企業。 我們積極投身機器人產業和科技建造事業 科技發展日新月異，機器人時代已經到來。我們投身 科技創新大潮，廣納人才、博採眾長，用科技的力量 為社會創造美好生活，助力國家科技進步和高質量發 展。 我們成立博智林機器人公 ...

Core Viewpoint - The Hong Kong property stocks experienced a general rise on September 24, with notable increases in share prices for several major companies in the sector [1] Company Summaries - Longfor Group (03380.HK) saw a share price increase of 3.74%, reaching HKD 1.11 [1] - Country Garden (02007.HK) rose by 3.45%, with shares priced at HKD 0.6 [1] - China Overseas Macro Group (00081.HK) experienced a 2.85% increase, with shares at HKD 2.53 [1] - Shimao Group (00813.HK) increased by 2.56%, with shares priced at HKD 0.4 [1]