Core Viewpoint - The article highlights the impact of escalating tensions in the Middle East on global markets, leading to declines in U.S. stock indices and significant increases in gold and oil prices due to heightened risk aversion and supply concerns [1][3][11]. Group 1: U.S. Stock Market Performance - All three major U.S. stock indices fell, with the Dow Jones down 1.58%, Nasdaq down 1.08%, and S&P 500 down 0.97% [3]. - The "fear index," or the S&P 500 volatility index, surged above 20, reaching its highest level since late May [3]. - The technology sector, represented by the seven major tech companies, also experienced declines, with the index down 0.86% and notable drops in stocks like Apple and Nvidia, which fell over 1% [6]. Group 2: Energy and Commodity Markets - International gold prices rose significantly, with COMEX gold futures increasing by 1.69% to $3459.8 per ounce, and London gold spot prices up 1.23% to $3427.71 per ounce [11][12]. - Oil prices surged due to concerns over potential disruptions in Middle Eastern oil supply, with NYMEX WTI crude oil futures rising by 6.67% to $72.58 per barrel and ICE Brent crude oil futures up 6.52% to $73.88 per barrel [11][12]. - Energy stocks saw a collective increase, with Houston energy stocks rising over 100% and U.S. energy stocks up over 62% [7].

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6月13日 | 13). | 購回股份(或其他證券)但沒有註銷 | 1,508,043 | % | USD | 6.2995 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年5月19日 | | | | | | 14). | 購回股份(或其他證券)但沒有註銷 | 806,193 | % | USD | 6.202 | | | 變動日期 2025年5月20日 | | | | | | 15). | 購回股份(或其他證券)但沒有註銷 | 806,151 | % | USD | 6.2023 | | | 變動日期 2025年5月21日 | | | | | | 16). | 購回股份(或其他證券)但沒有註銷 | 820,221 | % | USD | 6.0959 | | | 變動日期 2025年5月22日 | | | | | | 17). | 購回股份(或其他證券)但沒 ...

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6月12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 | ...

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6月11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 | 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 | 每股發行/ ...

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6月10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 | ...

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

2025 年 06 月 09 日 证券分析师 房诚琦 证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...

Market Performance - The Dow Jones Industrial Average has historically surpassed 40,000 points for the first time, with a weekly increase of 1.24% [1] - The Nasdaq index rose by 2.1% to reach a new high, while the S&P 500 increased by 1.5%, also achieving a new high [1] - Technology stocks performed well, with Microsoft up 1.5%, Apple up 3.7%, and Nvidia up 2.9%, marking four consecutive weeks of gains [1] Hong Kong Market Dynamics - Despite the lack of significant foreign investment, the Hong Kong stock market has seen gains, with the Hang Seng Index rising by 3.11% [3] - The Hang Seng Tech Index increased by 3.79%, outperforming U.S. markets [3] - The rise in Hong Kong stocks is attributed to expectations of the cancellation of the dividend tax, making stocks more attractive for long-term investors [3] Corporate Earnings - Major internet companies such as Tencent, Baidu, and JD.com reported better-than-expected earnings, leading to stock price increases [3] - Alibaba's earnings fell short of expectations, resulting in a decline in its stock price [3] U.S. Tariff Implications - New U.S. tariffs will affect $18 billion worth of goods from China, including steel, aluminum, semiconductors, and batteries [6] - The tariff on electric vehicles will increase from 25% to 100%, reflecting the rapid growth of China's automotive export sector [6] Export Data - Belgium leads in vehicle exports from China with 175,437 units, showing an 11.3% increase year-on-year [7] - The UK and the Philippines follow, with exports of 125,314 and 115,423 vehicles, respectively, reflecting significant growth rates [7] Investment Strategy - The semiconductor and chip sectors are identified as cyclical industries with potential for significant returns, especially during bear markets [8] - The importance of maintaining a long-term perspective on investments is emphasized, suggesting that investors should focus on price trends rather than entry costs [8]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The central government is expanding support for urban renewal actions, with a focus on enhancing urban infrastructure and improving living conditions. This includes a planned investment of 2.9 trillion yuan in over 60,000 urban renewal projects in 2024 [2][10][12]. - The report indicates that the real estate market is approaching a turning point, with expectations of incremental policy support to stabilize the industry. There is a growing consensus on the market bottom, suggesting a smoother logic for short-term policy speculation and long-term valuation recovery [14]. Summary by Sections 1. Urban Renewal Support - In June 2025, the Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced support for 20 cities in urban renewal actions, with a focus on infrastructure improvement and urban quality enhancement [9][10]. - The central government plans to provide fixed subsidies for cities undertaking urban renewal, with varying amounts based on regional classifications [10][11]. 2. Market Overview - The new housing market saw a transaction area of 211 million square meters, with a year-on-year decline of 19.53% in May 2025. The inventory reached 105.11 million square meters, with faster absorption in first and second-tier cities compared to third-tier cities [3][18]. - The second-hand housing market recorded a transaction area of 143 million square meters, with a year-on-year decline of 19.93% [26]. 3. Investment Recommendations - The report suggests prioritizing investments in non-state-owned enterprises benefiting from debt relief and policy support, as well as leading real estate companies with product advantages and regional firms with improving market shares [14]. - Specific companies to watch include: Longfor Group, China Overseas Development, Poly Development, and Beike [14][15].