股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九龍倉集團有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00004 | | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發行的新股數 目 (A1) | 本月内因此自庫存轉讓的 庫存股份數目 (A2 ...

Group 1 - The company *ST Guohua (000004.SZ) announced that its wholly-owned subsidiary, Beijing Zhiyou Network Security Technology Co., Ltd., has won the bid for the "Kairong Cloud Intelligent Computing Center Phase II Section 3" project [1] - A contract has been signed between Beijing Zhiyou Network Security Technology Co., Ltd. (the party B) and Xinjiang Kairong Cloud Digital Technology Co., Ltd. (the party A) for the project [1] - The total contract price, including tax, is 236 million yuan, and the project will be implemented in phases to gradually realize the overall deployment of the computing power cluster [1]

Core Insights - *ST Guohua (000004.SZ) reported its Q3 2025 results on October 31, 2025, highlighting a significant change in institutional investor holdings [1] Institutional Holdings - As of October 30, 2025, three institutional investors disclosed holdings in *ST Guohua A-shares, totaling 31.5781 million shares, which represents 23.85% of the total share capital [1] - The institutional investors include Shenzhen Zhongnongda Technology Investment Co., Ltd., Shenzhen Ruihong Real Estate Development Co., Ltd., and Zhuhai Hengqin Puyuan Technology Partnership (Limited Partnership) [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 4.48 percentage points [1]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1]. Group 1: Top Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - China Resources Beer-R (80291) follows with a short-selling ratio of 97.44% [2] - Sun Hung Kai Properties-R (80016) ranks third with a short-selling ratio of 77.85% [2] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.449 billion [2] - Tencent Holdings (00700) has a short-selling amount of 3.116 billion [2] - Meituan-W (03690) follows with a short-selling amount of 2.066 billion [2] Group 3: Top Short-Selling Deviation Values - Dream Garden (N23076) has the highest deviation value at 33.73% [2] - Changjiang Life Technology (00775) follows with a deviation value of 32.22% [2] - Geely Automobile-R (80175) ranks third with a deviation value of 30.81% [2]

Core Viewpoint - *ST Guohua (000004.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating financial distress and operational challenges [1] Financial Performance - The company achieved an operating revenue of 51.02 million yuan, a year-on-year decrease of 32.77% [1] - The net profit attributable to shareholders was -27.09 million yuan, reflecting a negative performance [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -47.09 million yuan [1] - The basic earnings per share stood at -0.2046 yuan [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The 4th Plenary Session of the 20th CPC Central Committee put forward the main goals for economic and social development during the 15th Five - Year Plan period, aiming for significant achievements in high - quality development, a substantial increase in scientific and technological self - reliance, and new breakthroughs in comprehensive deep - seated reforms [2][16]. - Amid global geopolitical risks, sanctions on Russia's oil industry are likely to reshape the global energy trade and drive up oil prices, while OPEC is prepared to increase production to fill potential shortages [9]. - The new policy - based financial tools have reached over half of the 500 billion yuan quota, expected to drive over 4 trillion yuan in total project investment and stimulate credit and social financing growth [19]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1]. - The manufacturing PMI was 49.8%, slightly up from 49.4% in the previous month, and the non - manufacturing PMI was 50.0%, down from 50.3% [1]. - The year - on - year growth rates of M0, M1, and M2 were 11.5%, 7.2%, and 8.4% respectively, with M1 showing a significant increase compared to the previous month and the same period last year [1]. - The CPI decreased by 0.3% year - on - year, and the PPI decreased by 2.3% year - on - year [1]. - Fixed - asset investment (excluding rural households) decreased by 0.5% year - on - year on a cumulative basis, while the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.46% [1]. - Exports and imports increased by 8.3% and 7.4% year - on - year respectively [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 4th Plenary Session of the 20th CPC Central Committee set long - term economic and social development goals, and China and the US will hold economic and trade consultations [2][16]. - Anshi China refuted the false remarks of the current management of Anshi Netherlands, and the Dutch Anshi may face delivery problems, affecting the global production of Japanese auto parts manufacturers [3]. - Multiple banks have raised the minimum investment amount for gold accumulation products to adapt to the rising gold prices [3]. 3.2.2 Metals - Gold prices have corrected, leading investors to "buy the dip". JPMorgan Chase maintains a bullish view on gold, predicting an average price of $5,055 per ounce in Q4 2026 [4][5]. - Russia's central bank's gold and foreign exchange reserves increased to $742.4 billion as of October 17 [5]. - London Metal Exchange inventories of most metals decreased, except for copper which increased slightly [5]. 3.2.3 Coal, Coke, Steel, and Minerals - China's Mineral Resources Appraisers Association joined the CRIRSCO on October 16 [7]. - Global crude steel production in September 2025 was 141.8 million tons, a 1.6% decrease from September 2024 [7]. - Coal transportation is expected to exceed 2024 levels due to the forecast of natural gas prices [7]. 3.2.4 Energy and Chemicals - In September, total social electricity consumption was 888.6 billion kWh, a 4.5% year - on - year increase, with the second and third industries showing significant growth [8][9]. - US crude oil futures rose 5.56% due to sanctions on Russia's oil industry and a decrease in US EIA crude oil inventories [9]. - New sanctions on Russia's oil industry may reshape the global energy trade and drive up oil prices, and OPEC is prepared to increase production [9]. 3.2.5 Agricultural Products - The Ministry of Commerce issued a notice on the second - round allocation of agricultural product export quotas in 2025 [12]. - US President Trump plans to increase tax - free beef imports from Argentina, which has caused controversy [12]. - The Starbucks Workers Union has initiated a strike authorization vote [13]. - On October 23, the price of New York Arabica coffee futures reached a record high [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On October 23, the central bank conducted 212.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 23.5 billion yuan [15]. - The Ministry of Finance and the central bank conducted a 120 - billion - yuan central treasury cash management commercial bank time - deposit auction on October 23 [15]. 3.3.2 Important News - The 4th Plenary Session of the 20th CPC Central Committee emphasized building a strong domestic market and achieving the annual economic and social development goals [16][17]. - China and the US will hold economic and trade consultations, and the APEC Finance Ministers' Meeting was held in South Korea [17][18]. - The EU's sanctions on Chinese enterprises in the 19th round of sanctions on Russia have been strongly opposed by China [18][19]. - The new policy - based financial tools have been put into use, and the scale of bank wealth management has increased [19]. 3.3.3 Bond Market Summary - China's bond market was weak and volatile, with mixed changes in bond yields and a decline in treasury bond futures [23]. - In the exchange - traded bond market, some bonds rose while others fell, and the money market remained stable [23][24]. - European and US bond yields generally increased [26][27]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar rose 24 points to 7.1221 at the 16:30 close, and the central parity rate rose 36 points [28]. - The US dollar index rose slightly, and most non - US currencies showed mixed trends [29]. 3.3.5 Research Report Highlights - Citic Construction Investment believes that the Five - Year Plan reflects evolving policy concepts, with more emphasis on quality and new productivity [30]. - Huatai Fixed Income suggests that the supply of Chinese dollar - denominated bonds may increase in elasticity, and investors should pay attention to different types of bonds [30]. - CITIC Securities expects the RMB exchange rate to appreciate moderately in 2026 under normal export conditions [31]. - CITIC Securities analyzes that Japan's new Prime Minister's economic policies focus on curbing inflation and improving fiscal efficiency [31]. 3.4 Stock Market Important News - On Thursday, A - shares closed higher, with the Shanghai Composite Index up 0.22%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.09%, and the trading volume reached 1.66 trillion yuan [34]. - The Hong Kong Hang Seng Index rose 0.72%, ending a 5 - day losing streak, and the Southbound funds had a net purchase of HK$5.345 billion [34].

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market towards certain stocks [1][2]. Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - JD Group-SWR (89618) follows with a short-selling ratio of 91.39% [2] - SenseTime-WR (80020) has a short-selling ratio of 89.62% [2] - Other notable companies with high short-selling ratios include Kuaishou-WR (81024) at 88.04% and Lenovo Group-R (80992) at 87.33% [2] Short-Selling Amounts - The highest short-selling amount is recorded for Pop Mart (09992) at 2.864 billion [2] - Alibaba-SW (09988) has a short-selling amount of 2.628 billion [2] - Meituan-W (03690) follows with a short-selling amount of 1.962 billion [2] - Tencent Holdings (00700) and SMIC (00981) also show significant short-selling amounts of 1.859 billion and 840 million respectively [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 45.68%, indicating a significant difference from its historical average [2] - JD Group-SWR (89618) has a deviation value of 44.65% [2] - Kuaishou-WR (81024) shows a deviation value of 43.37% [2] - Other companies with notable deviation values include OSL Group (00863) at 42.11% and Alibaba-SW (09988) at 32.36% [2]

Core Viewpoint - Fitch Ratings has upgraded the long-term issuer default rating of Wharf Holdings from BBB+ to A- with a stable outlook, reflecting a more optimistic internal assessment of its parent company, CK Hutchison Holdings [1] Group 1: Rating Upgrade - The upgrade in rating indicates Fitch's view of CK Hutchison's moderate willingness to provide strategic and operational support to Wharf Holdings, which has driven the rating increase [1] - Wharf Holdings' independent credit status remains at BBB+, supported by its strong market position and high occupancy rates in flagship retail malls in mainland China despite a slowdown in the retail market [1] Group 2: Financial Health - The company maintains a solid financial position characterized by low leverage and healthy solvency [1] - However, its independent credit status is constrained by a high concentration of assets, with a significant portion of investment property income derived from malls in two major international financial centers in China [1]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies [1][2]. Group 1: Top Short-Selling Ratios - BYD Company Limited (81211) has the highest short-selling ratio at 93.06% [2] - Xiaomi Group (81810) follows with a short-selling ratio of 82.68% [2] - Zhongyuan Bank (01216) ranks third with a short-selling ratio of 68.75% [2] Group 2: Top Short-Selling Amounts - Alibaba Group (09988) leads in short-selling amount with 2.694 billion [2] - Pop Mart International (09992) has a short-selling amount of 1.721 billion [2] - Tencent Holdings (00700) follows closely with a short-selling amount of 1.714 billion [2] Group 3: Top Short-Selling Deviation Values - Zhongyuan Bank (01216) has the highest deviation value at 63.70% [2] - Xiaomi Group (81810) has a deviation value of 49.42% [2] - BYD Company Limited (81211) has a deviation value of 38.40% [2]

Core Insights - The residential property "Guojin Haoting" under the Chengdu International Financial Center (IFS) is set to be launched for sale, marking a significant development in the market [4][12][19] - This is the first time that a self-owned property from the IFS complex will be sold, indicating a shift in strategy for the company [12][19] Company Overview - The Chengdu IFS project, developed by Wharf Holdings, was acquired in 2007 for a record price of 7.24 billion yuan, with a total area of approximately 760,000 square meters, including a shopping center and multiple towers [7][9] - The project has been successful, with the shopping center achieving sales of over 10 billion yuan in 2023 and projected to reach 10.8 billion yuan in 2024, ranking 15th among national shopping centers [9] Product Details - "Guojin Haoting" consists of 326 residential units, with a total residential area of approximately 76,000 square meters, accounting for 10% of the total project area [14] - The residential units range from 100 square meters to 400 square meters, targeting high-end business and expatriate clientele, with rental prices previously ranging from 18,000 to over 70,000 yuan per month [12][14] Market Context - The launch of "Guojin Haoting" coincides with a significant increase in high-end housing supply in Chengdu, with an estimated 4,500 to 5,000 new homes priced over 10 million yuan expected in 2025 [19][22] - The property is strategically located in the core area of Chunxi Road and Taikoo Li, where no pure residential land has been released in the past five years, enhancing its value [19][22] Challenges Ahead - The project faces challenges regarding pricing expectations, as current market prices for new homes in Chengdu hover around 50,000 yuan per square meter, which may complicate sales if the company sets high price expectations [23] - Additionally, the competitive landscape has evolved, with newer high-end products featuring innovative designs and smart configurations, which "Guojin Haoting" must address to appeal to modern high-end buyers [23]