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].

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9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 ...

Core Viewpoint - The real estate market is showing a mixed performance in May, with some companies reporting year-on-year sales growth while others experience declines in sales figures [1][2]. Group 1: Company Sales Performance - Poly Developments reported a signed area of 1.3041 million square meters in May, a year-on-year decrease of 32.88%, and a signed amount of 28.512 billion yuan, down 19.26% [2]. - China Overseas Development achieved a sales amount of 23.85 billion yuan in May, marking a year-on-year increase of 21.1%, although the sales area decreased by 19.1% [2]. - Poly Developments successfully issued 3 billion yuan in medium-term notes with an interest rate of 2.15% [2]. Group 2: Second-hand Housing Market - In Beijing, the number of second-hand residential contracts reached 14,277 in May, reflecting a year-on-year increase of 6.7% but a month-on-month decrease of 8.3% [3]. - Shanghai's total housing transactions in May amounted to 2.23 million square meters, with a year-on-year growth of 17%, including a 24% increase in new housing transactions [3]. - Shenzhen recorded a year-on-year increase of 17.6% in second-hand housing transactions, with over 5,000 recorded units in May, indicating strong market resilience [3]. Group 3: Land Market Activity - Multiple hot cities have recently auctioned off several land parcels, with Beijing's total land sales amounting to 13.06 billion yuan [4]. - Guangzhou had five residential land parcels sold at a total price of 5.569 billion yuan, all at the starting price [4]. - In Hangzhou, a residential land parcel was sold with a premium rate of 40.33% after 46 rounds of bidding [4]. Group 4: Company Land Acquisition Attitudes - Most companies are adopting a cautious approach to land acquisition, focusing on first and second-tier cities [5]. - Companies are prioritizing land that aligns with their strategic goals and financial capabilities while closely monitoring market conditions [5].

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 房地产开发 2025W23：5 月核心城市二手房成交规模有所回落 5 月上海、北京、深圳二手房成交规模有所回落。2025 年 5 月上海、北 京、深圳二手房成交套数分别为 21400 套、14277 套、4830 套，环比分 别-8.6%、-8.3%、-18.1%，相较于 3 月分别-27.1%、-25.8%、-22.5%。 核心城市二手房成交相较此前有一定降温，这其中有一定季节性因素，但 整体仍好于新房市场。我们预计，在当前现有地产政策框架下，二手房成 交或持续强于新房；新房受供货结构影响，总量弹性不大，或维持近年同 期低位量能，结构性的城市和区域表现尚可。 行情回顾：本周申万房地产指数累计变动幅度为 0.9%，落后沪深 300 指 数 0.02 个百分点，在 31 个申万一级行业排名第 21 名。 新房：本周30个城市新房成交面积为157.9万平方米，环比下降35.7%， 同比下降 9.6%，其中样本一线城市的新房成交面积为 40.9 万方，环比- 40.3%，同比-7.4%；样本二线城市为 79.8 万方，环比-28 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Insights - The real estate market is experiencing a sales decline, with a year-on-year decrease of 2.8% in sales area and 3.2% in sales amount for the first four months of 2025. However, there are signs of marginal recovery as policies aimed at stabilizing the market take effect [5][14] - The overall investment in real estate development has decreased by 10.3% year-on-year, indicating continued pressure on the investment front, with new construction and completion rates also showing weakness [30][38] - Financing conditions remain tight, with a 4.1% year-on-year decline in funds available to real estate developers, although there are indications of potential improvement as policies to support financing are implemented [38][40] - The report highlights that the central government's policies are focused on stabilizing sales and funding, which is expected to lead to a gradual recovery in the industry [49] Summary by Sections 1. Industry Macro Data Summary - In the first four months of 2025, the total sales area of commercial housing was 28,262 million square meters, down 2.8% year-on-year, while the sales amount reached 27,035 billion yuan, a decrease of 3.2% [11][12] 2. Sales Recovery and Policy Effects - Sales area and amount showed slight improvements compared to the previous months, with policies aimed at reducing down payments and interest rates contributing to market stabilization [5][14] 3. Investment Pressure and Construction Trends - Real estate investment fell by 10.3% year-on-year, with new construction area down 23.8% and completion area down 16.9% [30][38] 4. Funding and Financing Conditions - Funds available to developers decreased by 4.1% year-on-year, but domestic loans and foreign investment showed positive growth, indicating potential for future improvement [38][40] 5. Policy Relaxation and Price Trends - The report notes a continued easing of policies, with a gradual stabilization of housing prices expected as market conditions improve [40] 6. Leading Companies and Valuation Recovery - The report suggests that leading real estate companies are showing signs of recovery, with an expectation of valuation improvement as market conditions stabilize [47]

FF305 | 1). | 購回股份(或其他證券)但沒有註銷 | 438,801 % USD 6.8368 | | | --- | --- | --- | --- | | | 變動日期 | | 2025年5月1日 | | 2). | 購回股份(或其他證券)但沒有註銷 | 431,187 % USD 6.9575 | | | | 變動日期 | | 2025年5月2日 | | 3). | 購回股份(或其他證券)但沒有註銷 | 434,871 % USD 6.8986 | | | | 變動日期 | | 2025年5月5日 | | 4). | 購回股份(或其他證券)但沒有註銷 | 436,089 % USD 6.8793 | | | | 變動日期 | | 2025年5月6日 | | 5). | 購回股份(或其他證券)但沒有註銷 | 454,200 % USD 6.605 | | | | 變動日期 | | 2025年5月7日 | | 6). | 購回股份(或其他證券)但沒有註銷 | 466,167 % USD 6.4354 | | | | 變動日期 | | 2025年5月8日 | | 7). | 購回股份(或其他證券) ...

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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5日 | 1). | 購回股份(或其他證券)但沒有註銷 | 438,801 % USD 6.8368 | | | --- | --- | --- | --- | | | 變動日期 | | 2025年5月1日 | | 2). | 購回股份(或其他證券)但沒有註銷 | 431,187 % USD 6.9575 | | | | 變動日期 | | 2025年5月2日 | | 3). | 購回股份(或其他證券)但沒有註銷 | 434,871 % USD 6.8986 | | | | 變動日期 | | 2025年5月5日 | | 4). | 購回股份(或其他證券)但沒有註銷 | 436,089 % USD 6.8793 | | | | 變動日期 | | 2025年5月6日 | | 5). | 購回股份(或其他證券)但沒有註銷 | 454,200 % USD 6.605 | | | | 變動日期 | | 2025年5月7日 | ...

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