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分 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。 九龍倉集團有限公司 董事兼公司秘書 許仲瑛 代行 香港，二○二五年七月三十一日 於本公告日期，本公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士、陳國邦 先生和許仲瑛先生，以及七位獨立非執行董事陳坤耀教授、方剛先生、捷成漢先生、 羅君美女士、鄧日燊先生、謝秀玲女士和唐寶麟先生。 九龍倉集團有限公司 － 公告 (二○二五年七月三十一日) 董事會召開日 期 九龍倉集團有限公司（「本公司」）宣布，本公司將於二○二五年八月十二日 （星期二）舉行董事會會議，藉以（其中包括）批准發放本公司截至二○二五年六月 三十日止六個月的中期業績公告，以及考慮派發一項中期股息（如有）。 ...

智通财经APP获悉，百度集团-SWR(89888)、京东健康-R(86618)、友邦保险-R(81299)上一交易日沽空比 率位于前三位，分别为99.23%、92.28%、90.91%。理想汽车-W(02015)、阿里巴巴-SW(09988)、腾讯控 股(00700)的沽空金额位居前三，分别为24.66 亿元、18.28 亿元、17.98 亿元。友邦保险-R(81299)、百度 集团-SWR(89888)、京东健康-R(86618)的偏离值位居前三，分别为38.31%、34.96%、34.77%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 百度集团-SWR(89888) | 201.23 万元 | 99.23% | 34.96% | | | 京东健康-R(86618) | 2.82 万元 | 92.28% | 34.77% | | | 友邦保险-R(81299) | 68.00 万元 | 90.91% | 38.31% | | | 比亚迪股份-R(81211) | 487.15 万元 | 74.06% ...

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown significant growth, with a 7.01% increase over the past month, 15.91% over the past three months, and 18.44% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a value of 1695.45 points [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [1]. - The index was established on November 14, 2014, with a base value of 3000.0 points [1]. Group 2: Index Holdings - The top ten weighted companies in the index are: - Sun Hung Kai Properties (13.94%) - Beike-W (12.87%) - China Resources Land (10.89%) - Cheung Kong Property (7.85%) - China Overseas Land & Investment (6.39%) - Wharf Real Estate Investment (4.71%) - Sino Land (4.29%) - Henderson Land Development (4.11%) - Longfor Group (3.01%) - Wharf Holdings (2.87%) [1]. - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Sample Adjustment - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted [2]. - New companies that rank in the top ten by market capitalization in the relevant industry and qualify for the Stock Connect will be added to the index on the eleventh trading day after their inclusion in the Stock Connect [2].

该行又指，留意到部分企业如恒基地产(00012)、港铁公司(00066)及太古地产(01972)，近期趁市场情绪 改善，通过发债等方式融资;除港铁外，大多能够以持平或更低利率完成发行。该行料其覆盖的企业上 半年盈利跌幅将收窄或实现扭亏。而近年备受投资者关注的股息持续性问题，应已有所缓解。 智通财经APP获悉，高盛发布研报称，自3月中旬起，本港楼价已反弹1%，零售销售额亦于5月实现同 比2%增长。虽然写字楼空置率仍维持在13至14%的高位，但近期股市回暖及资本市场活动重启，已带 动需求回升。上述基本面改善，加上美元走弱及利率下行，推动香港地产及综合企业股份今年至今录得 5至45%升幅。 股份方面，该行将港铁评级由"买入"降至"中性"，目标价由31.6港元降至31.3港元。维持希慎兴业 (00014)"中性"评级，目标价由15.2港元升至16.8港元;维持九龙仓集团(00004)"沽售"评级，目标价由20港 元升至21港元。至于恒隆地产(00101)、太地、九龙仓置业(01997)及领展房产基金(00823)，均维持"买 入"评级，目标价分别升至9.3港元、24.1港元、29.7港元及53.1港元。 该行认为，虽 ...

Group 1 - Recent policies and market dynamics in the domestic commercial sector indicate vitality and diversity in industry development, with multiple cities implementing departure tax refund policies to attract foreign tourists and boost the duty-free economy [1] - Guangzhou's Tianhe District has launched the city's first "immediate refund" centralized refund point for departure tax, marking a significant step in enhancing inbound consumption efficiency [1] - Dalian and Hubei Province have also started implementing departure tax refund policies for foreign travelers, while Shanghai plans to optimize the consumption environment by adding more refund stores [1] Group 2 - Companies are selling non-core assets for strategic focus or capital recovery, such as Vanke in Hangzhou selling its Zhishanghui commercial center project, which has a total construction area of approximately 10,000 square meters [1] - He Youjun has become the largest shareholder of Huanyu Commercial through his controlled company, indicating a potential integration of eSports IP into Huanyu's shopping malls and ski resorts, creating a "eSports + night economy" business model [1] Group 3 - Commercial enterprises are expanding their business through light asset cooperation, with China Resources Vientiane Life signing a cooperation agreement with Fujian Sanxin Group to upgrade the Putian Jinding Plaza project, set to reopen in 2026 as the first Vientiane Hui commercial entity in Fujian [4] - The expansion and renovation of shopping malls are becoming important means to enhance space value, with Shanghai Hang Lung Plaza's expansion expected to add approximately 3,080 square meters of floor area by the second half of 2026 [4] - Community commercial developments are also on the rise, such as the transformation of the former Hualian supermarket in Beijing into a DT-X neighborhood center, enhancing residents' convenience [4] Group 4 - Commercial brands are actively expanding into new markets, with BaWang Tea accelerating its layout in Hong Kong and launching multiple new stores [6] - Lao Xiang Ji has submitted a listing application on the Hong Kong Stock Exchange, showing continuous growth in revenue and gross profit [6] - The REITs market is showing vitality, with the listing of CICC China Green Development Commercial REIT seeing a 30% increase on its first day, reflecting investor enthusiasm for consumer infrastructure REITs [6][8]

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

从指数持仓来看，中证港股通地产指数十大权重分别为：新鸿基地产（13.9%）、贝壳-W（13.22%）、 华润置地（10.85%）、长实集团（7.87%）、中国海外发展（6.38%）、九龙仓置业（4.52%）、信和置 业（4.22%）、恒基地产（4.07%）、九龙仓集团（2.99%）、龙湖集团（2.98%）。 从中证港股通地产指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通地产指数持仓样本的行业来看，房地产占比100.00%。 金融界7月21日消息，上证指数高开高走，中证港股通地产指数 (港股通地产，931025)报1615.72点。 数据统计显示，中证港股通地产指数近一个月上涨4.69%，近三个月上涨10.83%，年至今上涨12.87%。 据了解，中证港股通地产投资指数从港股通范围合资格证券中选取符合地产主题的不超过50家香港市场 上市公司作为样本，以反映相关行业主题上市公司的整体表现。该指数以2014年11月14日为基日，以 3000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整 ...

Long-term Logic - The global restructuring and economic transformation in China are highlighted as key drivers for investment strategies, with a shift from a US-dominated global division of labor to a more balanced approach favoring China [2][11]. - China's economy is transitioning from high-speed growth to high-quality development, with a notable decline in real estate and infrastructure investment, leading to improved cash flow and asset quality [12][16]. Mid-term Logic - The current economic cycle is at a low point, with weak demand and low inflation suppressing corporate investment, prompting companies to reduce capital expenditures [17][21]. - As companies focus on asset quality and cash flow, the market is expected to shift its valuation anchor from earnings to net assets, making price-to-book (PB) ratios more relevant [17][21]. Short-term Catalysts - External factors, such as the US's reverse globalization policies, are creating favorable conditions for Chinese assets, with a passive appreciation of the RMB and increased capital inflow [22][28]. - Domestic policies emphasizing "de-involution" are leading to expectations of capacity reduction in traditional industries, further supporting asset revaluation [28]. Industry Selection - The report identifies Hong Kong's financial, real estate, construction, and energy sectors as having better value propositions, with many industries exhibiting low PB ratios [6][37]. - Specific stocks with PB ratios below 2 and market capitalizations above 500 billion yuan are highlighted, indicating potential investment opportunities in these sectors [40][41].

Core Viewpoint - Shenzhen Textile (Group) Co., Ltd. is expected to report a significant decline in net profit for the first half of 2025, primarily due to falling product prices, rising procurement costs from yen exchange rate fluctuations, and increased R&D investments [2][4]. Trading Information Summary - As of July 11, 2025, Shenzhen Textile A (000045) closed at 10.73 yuan, down 3.16%, with a turnover rate of 3.4%, trading volume of 155,300 shares, and a transaction value of 166 million yuan [1]. - On the same day, the fund flow indicated a net outflow of 26.972 million yuan from main funds, accounting for 16.22% of the total transaction value, while retail investors saw a net inflow of 12.537 million yuan, representing 7.54% of the total [2][4]. Company Announcement Summary - The company announced a forecast for the first half of 2025, estimating a net profit attributable to shareholders of between 28 million yuan and 42 million yuan, which represents a year-on-year decline of 431% to 362% from the previous year's profit of 43.89 million yuan [2][4]. - The forecasted net profit after excluding non-recurring gains and losses is expected to be between 20 million yuan and 30 million yuan, reflecting a year-on-year decrease of 1489% to 4326% from the previous year's profit of 35.26 million yuan [2]. - The basic earnings per share are projected to be between 0.0553 yuan and 0.0829 yuan, compared to 0.0867 yuan per share in the same period last year [2].

Summary of Key Points from the Conference Call Industry Overview: Hong Kong Real Estate Market - The Hong Kong real estate market is stabilizing due to factors such as the rebound of the Hang Seng Index and the influx of talent and capital, although 2024 is expected to see an increase in transaction volume but a decrease in prices, with second-hand transactions accounting for 80% of the market, indicating a mature market [1][9] - The dual-track system in Hong Kong's housing market is characterized by limited residential land supply, which constitutes only 7% of total land, leading to high property prices and rents, while the average living space is only 16 square meters and home ownership is low at 50.4% [1][6][7] - The expectation of interest rate cuts in the U.S. is likely to positively impact the Hong Kong real estate market, potentially lowering mortgage rates and stimulating demand for owner-occupied housing [1][12] Company Insights: Hong Kong Property Companies - Hong Kong property companies generally adopt a mixed rental and sales model, with rental income being a significant portion of their revenue. This model enhances risk resilience and supports development activities, characterized by low leverage, low turnover, and high profitability [1][4][26] - Hong Kong property companies have a competitive edge in commercial real estate, particularly in high-end projects and luxury brand leasing, benefiting from strong brand recognition and operational capabilities [1][22][24] Investment Opportunities: Hong Kong REITs Market - The Hong Kong REITs market is mature, with local properties as underlying assets and the ability to invest overseas. The largest REIT, Link REIT, demonstrates strong asset management capabilities through active management and asset adjustments [2][27][28] - The average market capitalization of Hong Kong REITs is approximately HKD 7 billion, significantly larger than that of mainland REITs, which average around RMB 3 billion [27] Market Dynamics: Supply and Demand - The supply-demand relationship in the Hong Kong real estate market is imbalanced, with limited housing supply but no severe deterioration in conditions, maintaining significant investment value [3] - The residential land shortage is a critical factor leading to insufficient supply, with new supply units averaging only 20,000 to 30,000 annually, closely tied to post-pandemic economic conditions [8] Regulatory Environment and Taxation - The taxation framework in Hong Kong includes land rent and property tax, contributing about 10% to fiscal revenue. The unique housing situation, where half the population rents, results in substantial tax income [16] - Recent adjustments in transaction taxes have lowered buyer costs, leading to increased transaction volumes despite ongoing price declines [19] Population and Economic Factors - The introduction of talent attraction policies has led to a noticeable increase in population, supporting the real estate market despite a negative natural growth rate [20] - The relationship between the Hang Seng Index and property prices indicates that price movements typically lag behind index changes by 1 to 2 months, suggesting a correlation between market performance and investor sentiment [11] Comparative Analysis: Hong Kong vs. Mainland China - Hong Kong property companies differ from mainland counterparts by focusing more on rental income and mixed-use developments, while mainland firms primarily rely on property development [21] - The potential impact of new residential projects in the Northern Metropolis and Lantau Island on the Shenzhen and Hong Kong markets is expected to be limited due to distance [15] Conclusion - The Hong Kong real estate market is characterized by a unique dual-track system, a mature REITs market, and a distinct operational model among local property companies. The interplay of supply constraints, regulatory changes, and population dynamics will continue to shape investment opportunities and market performance in the coming years [1][5][20]