翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月23日 | 1). | 購回股份(或其他證券)但沒有註銷 | | 848,220 | % | USD | 5.8947 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年7月1日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 851,841 | % | USD | 5.8696 | | | 變動日期 | 2025年7月2日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 845,517 | % | USD | 5.9135 | | | 變動日期 | 2025年7月3日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 724,755 | % | USD | 6 | | | 變動日期 | 2025年7月7日 | | | | | | 5). | 購回股份(或其他證券)但 ...

港股科网股集体上涨，百度(09888.HK)、BOSS直聘(02076.HK)、快手(01024.HK)涨超3%，阿里健康 (00241.HK)、京东(09618.HK)、贝壳(02423.HK)涨超1%。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 1). | 購回股份(或其他證券)但沒有註銷 | | 848,220 | % | USD | 5.8947 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年7月1日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 851,841 | % | USD | 5.8696 | | | 變動日期 | 2025年7月2日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 845,517 | % | USD | 5.9135 | | | 變動日期 | 2025年7月3日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 724,755 | % | USD | 6 | | | 變動日期 | 2025年7月7日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 658,701 | % | USD | 6.0432 | | | 變 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - Following the announcement of the "package financial policy" in May, although there was a month-on-month recovery in June, the real estate market weakened again in July. The report emphasizes that while the market focuses on overall performance and policy expectations, certain "core areas and good properties" are stabilizing, with some quality real estate companies gradually emerging from the downturn and maintaining stable dividends. For instance, the expected year-on-year growth in net profit for Binjiang Group in H1 is between 40% and 70% [2][20] - The report highlights the potential acceleration of "good properties" and urban renewal as the central government emphasizes the transition of urbanization from rapid growth to stable development, focusing on quality improvement rather than quantity expansion [3][5] - The report notes an increase in long-term loans for residents, with June seeing a month-on-month increase of 335.3 billion, reflecting improvements in market transactions following the financial policy announcement. Additionally, private real estate companies are restarting overseas financing, with New Town Holdings issuing $300 million in senior notes at a high interest rate of 11.88% [2][19] Summary by Sections Policy - The central government has outlined a blueprint for urban work, emphasizing the acceleration of "good properties" and urban renewal. The focus is on transitioning urban development to quality improvement and promoting green, low-carbon cities [3][5][6] Market Performance - In July, the real estate market weakened again, with the average daily transaction volume of new homes in 50 key cities decreasing by 39% month-on-month. However, certain "core areas and good properties" are stabilizing, indicating strong potential demand for quality properties [2][23][30] Land Market - The land supply in June increased by 1.2% month-on-month, while the transaction area rose by 19.2%. The average premium rate for land transactions was 5.53%, indicating a continued high demand for quality land in core cities [36][31] Real Estate Companies - The report indicates that the land acquisition intensity of the top 50 real estate companies has increased year-on-year, with a focus on "certainty" in their acquisition strategies. The average land acquisition-to-sales ratio improved significantly in H1 [41][46] Stock Market - The real estate sector saw a month-on-month increase of 0.93% in June, underperforming the Shanghai and Shenzhen 300 index, which rose by 2.5%. The current price-to-earnings ratio (P/E) for the real estate sector is 41.62, placing it in the 97.94 percentile of the past five years [47][50]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Viewpoints - The real estate market is experiencing a continuous adjustment in transaction volumes, prompting the construction of new urban infrastructure [1] - The central urban work conference indicates a shift in urban development from large-scale expansion to improving existing stock, focusing on seven key tasks [1] Summary by Sections 1. Sector Viewpoints - The current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, marking a potential turning point in the current cycle [8] - Recommended companies include state-owned enterprises and quality private firms such as China Resources Land, Poly Developments, and Binjiang Group [8] 2. Real Estate Fundamentals and High-Frequency Data 2.1. Real Estate Market Situation - New home sales in 36 cities decreased by 9.6% week-on-week and 25.0% year-on-year, with cumulative sales of 374.5 million square meters from July 1 to July 18, down 21.6% year-on-year [13] - The second-hand housing market saw a slight decrease of 0.4% week-on-week and 5.8% year-on-year, with cumulative sales of 395.6 million square meters from July 1 to July 18, down 6.7% year-on-year [18] 2.2. Land Market Situation - Land supply in 100 cities from July 14 to July 20 was 1,823.4 million square meters, down 14.0% month-on-month and 27.4% year-on-year [39] - The average land price was 1,067 yuan per square meter, down 27.0% month-on-month and 30.1% year-on-year [45] 2.3. Real Estate Industry Financing Situation - In the week of July 14 to July 20, real estate companies issued 8 credit bonds totaling 7.47 billion yuan, a decrease of 65.5% week-on-week [46] - Year-to-date, real estate companies have issued a total of 326 credit bonds amounting to 269.37 billion yuan, an increase of 14.6% year-on-year [50] 3. Market Review - The real estate sector underperformed compared to the broader market indices, ranking last among 29 sectors with a decline of 2.1% [4] 4. Policy Tracking - The report highlights the government's focus on urban renewal and infrastructure improvements as part of its strategic objectives [1]

家族传承，作为顶级富豪的人生最后一战，总是以唏嘘结尾。 「世人行动实系幻影。他们忙乱，真是枉然；积蓄财宝，不知将来有谁收取。」 这句节选自《圣 经》的话，是前亚洲女首富龚如心与公公王廷歆的「世纪遗产案」初审败诉时，原审 法官任懿君在判词中的开场。 历史不会重复，但总是押着相似的韵脚。 最近，一场围绕 21亿美元的离岸家族信托争夺战将「饮料帝国」娃哈哈推上舆论风口。 2024年12月，宗继昌、宗婕莉、宗继盛三个人向香港高院申请了一份临时禁令，针对娃哈哈董事长宗馥 莉，和一家在英属维京群岛（BVI）注册的公司——Jian Hao Ventures Limited，阻止他们处置、处理或 减少后者在汇丰银行开立账户中的资产价值。 原告主张，娃哈哈集团前董事长宗庆后生前为他们设立了信托，承诺给三名子女每人7亿美元。截至 2024年初，该账户余额约18亿美元。但在2024年2月宗庆后去世、宗馥莉接管集团后，有法律文件显 示，约110万美元已从汇丰银行账户转出。 双方矛盾由此激化，娃哈哈的继承之战也随着香港高院的一纸诉状而被揭露于人前。 目前该事件的最新进展是，香港高等法院将于 8 月 1 日进行聆讯，宣布决定。 因为此前 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額3,572,204,120股 (包括3,430,132,293股 A 類普通股及142,071,827 股 B 類普 通股)計算。 第 3 頁 共 8 頁 v 1.3.0 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 0 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 | 佔有關事件前的現有已發 行股份（不包括庫存股 | 庫存股份數目 | ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月16日 FF305 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年7月14日 | | 3,430,132,293 | | 0 | | 3, ...