1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - After the Fed's 25 - basis - point interest rate cut, the short - term realization effect of gold and silver prices has passed, and they are back in a bull market. The logic supporting the medium - and long - term rise in gold prices remains unchanged, and they are expected to reach new highs in the future. Silver has greater price elasticity [2][3][6]. - Although Fed Chairman Powell's speech was slightly hawkish, it actually left room for further interest rate cuts. The dot - plot shows a cumulative 75 - basis - point interest rate cut this year, in line with market expectations. There is a high probability that the interest rate cut process will accelerate next year [3][4]. 3. Summary by Related Content Fed Interest Rate Cut Situation - Last week, the Fed cut interest rates by 25 basis points as expected, bringing the federal funds rate to between 4.00% - 4.25%. This is the first interest rate cut since December 2024. The cut occurred when the economy was not in recession but the risk was rising [2]. - Fed Chairman Powell said the US job market showed signs of weakness, with slower new job creation and a nascent rise in the unemployment rate. However, the current inflation level in the US remains stubborn, and there is still pressure on "core inflation" in the service industry [2]. Market Reaction to Interest Rate Cut - After the interest rate cut was announced, the gold price briefly corrected, a classic "buy the rumor, sell the fact" market performance. But on Friday, the bulls returned, and the prices almost recovered their losses [3]. Reasons for Future Interest Rate Cuts - Trump values the reduction of the US interest burden after interest rate cuts. With $37 trillion in US debt, $9 trillion is foreign debt. Interest rate cuts also reduce manufacturing costs, benefit the real estate industry, and support the US stock market, so Trump will continue to push for interest rate cuts [4]. - There is a high probability that the new Fed Chairman after Powell's departure in May next year will support Trump's interest - rate - cut tendency, accelerating the interest - rate - cut process [3][4]. Outlook for Gold and Silver Prices - In the medium and long term, there is a high certainty that the US federal funds rate will drop to around 3%, and the process of slow interest rate cuts will lead to a gradual rise in gold and silver prices [5]. - After the short - term realization effect, gold and silver prices are regaining their upward momentum and are expected to reach new highs in the future. Silver has greater price elasticity [6].

Group 1 - Arthur Hayes, co-founder of BitMEX, suggests that once the U.S. Treasury General Account (TGA) reaches $850 billion, the cryptocurrency market will enter a "only up" mode, as liquidity will be consumed and isolated funds will not flow into the private market [2] - Not all analysts agree with Hayes' prediction regarding liquidity flowing into financial markets once the U.S. Treasury reaches its target [2] - Many cryptocurrency investors expect liquidity levels to rise in the coming months due to the Federal Reserve's inclination towards a rate-cutting cycle, which should boost asset prices until liquidity runs dry [4] Group 2 - The Federal Reserve cut rates by 25 basis points, marking its first rate cut since 2024, which led Bitcoin (BTC) to drop below $115,000, indicating a typical "buy the rumor, sell the news" scenario [4] - Nic Puckrin, founder of Coin Bureau, warns of a short-term pullback, suggesting that the market may have already priced in the Fed's decision to cut rates before the announcement [5] - 91.9% of traders now expect the FOMC to cut rates by up to 50 basis points at the next meeting in October [5][7]

Core Insights - Both Shanghai gold and silver have reached historical highs, indicating strong market performance and investor interest in precious metals [1] - Multiple Federal Reserve officials have expressed support for continued interest rate cuts, which may further boost gold prices in the future [1] - Analysts predict that gold prices are likely to continue rising, reflecting a bullish outlook for the precious metals market [1] Group 1 - Shanghai gold and silver have simultaneously achieved historical highs [1] - Federal Reserve officials' support for further rate cuts may enhance gold's appeal [1] - Analysts foresee potential upward movement in gold prices [1]

美联储决策基于经济数据，但缺乏对未来经济走势的准确预判，货币政策被人诟病。如表，美联储官员认为，今年美 国经济增长速度为1.6%，未来几年增速低于2%。令人不解的是，尽管就业市场走软，美联储依然坚持年末失业率为 4.5%，与6月份预测一样。此外，特朗普政府新关税政策暂缓执行期于8月7日结束，关税政策预计会对物价水平形成上 涨压力，而美联储6月和9月对PCE和核心PCE的预测值几乎没什么变化。他们内部形成了共识：关税政策影响是暂时 的。 与6月相比，美联储官员更倾向于年内还有至少两次降息，但从长远预测值看，明年至多有一次降息，2027年还有一 次，2028年不变。换言之，美联储的中性利率为3.1%左右，比通货膨胀目标值2.0%高出了110个基点。从19位经济学 家预测结果看，10位预测2025年末联邦基金利率为3.6%，有6位认为维持在4.10%。经济学家们对2026年的看法分歧很 大，只有6位认为利率维持在3.6%，有5位预测低于3%。 就业形势变了，通胀形势也变了，但这些变化并未影响美联储决策官员对经济走势的看法。在他们看来，这些变化只 是暂时的，不会改变长期趋势。7月30日会上，两名由特朗普任命的理事—— ...

Market Overview - US stock market may retreat from historical highs as traders reduce risk exposure amid a relatively quiet event calendar [1] - S&P 500 index futures fell by 0.2% after reaching a new high due to expectations of interest rate cuts [1] - European stock markets remained mostly flat, while Asian markets rebounded as concerns over the Bank of Japan's ETF reduction eased [1] Economic Indicators - Key data point this week will be the core inflation indicator preferred by policymakers, set to be released on Friday [1] - The upcoming non-farm payroll report and the start of the earnings season next month are expected to be significant catalysts [1] Gold and Silver Market - Gold prices surpassed $3,700 per ounce, with ETF inflows reaching a three-year high [1] - Silver prices also rose to their highest level since 2011 [1] - Gold has accumulated over a 40% increase in price since 2025, driven by low interest rates and geopolitical risks [1] Corporate News - BBVA SA raised its acquisition offer for Banco Sabadell by approximately 10% to persuade investors [1] - Pfizer is nearing a deal to acquire obesity treatment startup Metsera Inc. for about $7.3 billion [1] - Samsung Electronics' stock rose over 5% after receiving approval from Nvidia for advanced storage chip usage [1] - Apple’s latest iPhone launch led to a consumer buying frenzy, boosting the stock prices of its suppliers in Asia [1]

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core Viewpoints - The fundamentals show that although Myanmar's Wa State has restarted the mining license approval, actual ore output will not occur until the fourth quarter; the Congo's Bisie mine plans to resume production in stages, and currently, tin ore processing fees remain at historical lows [3]. - On the smelting side, the output increase in July was mainly due to multiple factors such as the resumption of production by some enterprises and the cleaning of intermediate products. However, the raw material shortage in Yunnan's production area remains severe, and the waste recycling system in Jiangxi's production area is under pressure, with the operating rate remaining at a low level [3]. - On the demand side, downstream processing enterprises are in the peak - season recovery period, and order recovery is relatively slow. Recently, as tin prices have fallen, the purchasing enthusiasm of downstream and terminal enterprises has been released, most have started restocking, the market trading atmosphere has warmed up, domestic inventories have decreased, and the spot premium has rebounded to 300 yuan/ton. LME inventories have decreased, but the spot premium is at a low level [3]. - Technically, with the reduction in positions and the increase in prices, the short - selling sentiment has weakened. Attention should be paid to the 275,000 yuan/ton resistance level. It is recommended to wait and see for now or go long lightly on dips, with a reference range of 270,000 - 275,000 yuan/ton [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 272,510 yuan/ton, up 3,740 yuan; the closing price of the October - November contract of Shanghai tin is - 290 yuan/ton, up 50 yuan; the LME 3 - month tin price is 34,220 US dollars/ton, up 470 US dollars; the main contract position of Shanghai tin is 16,287 lots, down 3,929 lots; the net position of the top 20 futures of Shanghai tin is 13 lots, up 1,362 lots; the LME tin total inventory is 2,505 tons, down 140 tons; the Shanghai Futures Exchange inventory of tin is 6,988 tons, down 909 tons; the Shanghai Futures Exchange warehouse receipt of tin is 6,600 tons, up 42 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 272,000 yuan/ton, up 2,700 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price is 272,830 yuan/ton, up 3,820 yuan; the basis of the main Shanghai tin contract is - 510 yuan/ton, down 1,040 yuan; the LME tin premium (0 - 3) is - 124.41 US dollars/ton, up 30.59 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.03 million tons, unchanged; the average price of 40% tin concentrate is 260,000 yuan/ton, up 2,700 yuan; the average price of 40% tin concentrate processing fee (Antaike) is 10,500 yuan/ton, unchanged; the average price of 60% tin concentrate is 264,000 yuan/ton, up 2,700 yuan; the average price of 60% tin concentrate processing fee (Antaike) is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 1,438.58 tons, down 885.91 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 176,900 yuan/ton, up 2,190 yuan; the cumulative monthly output of tin - plated sheets (strips) is 964,500 tons, up 141,600 tons; the monthly export volume of tin - plated sheets is 166,600 tons, down 39,400 tons [3]. 3.6 Industry News - Fed Governor Milan believes that interest rates will continue to be cut in the next few months and will try to persuade other policymakers to cut rates faster; Minneapolis Fed President Kashkari believes that two more rate cuts this year are appropriate [3]. - ECB President Lagarde says the ECB has reached its inflation target, but uncertainties remain; ECB Governing Council member Scicluna says the current interest rate level is appropriate, and the central bank is capable of dealing with downside risks; Governing Council member Stournaras says the current interest rate is in a good equilibrium and no further easing is needed [3]. 3.7 Key Points of Attention - Today, there is no news. The focus is on the 275,000 yuan/ton resistance level. Operationally, it is recommended to wait and see for now or go long lightly on dips, with a reference range of 270,000 - 275,000 yuan/ton [3].

Gold - The Federal Reserve lowered interest rates by 25 basis points on September 18, with projections indicating two more 25 basis point cuts in the upcoming meetings, targeting a rate of 3.4% for next year, which is less than investors expected [1] - Wall Street believes that the rate cuts will occur faster than the Fed's projections, with futures markets betting on a drop to 3% by the end of next year, significantly lower than the Fed's forecast [1] - Technical analysis shows a bullish trend for gold, with a strong likelihood of further increases, and short-term support at $3,695 [1] Oil - OPEC+ has accelerated production since April, with cumulative increases exceeding the voluntary cuts of 2.2 million barrels per day planned for November 2023, ending a year earlier than expected [2] - The U.S. Energy Information Administration reported a 4 million barrel increase in distillate inventories, raising concerns about oversupply [2] - Technical analysis indicates a bearish outlook for oil, with a potential drop below $61.50 leading to a target of $55 [2] Dollar Index - New Fed Governor Milan emphasized the Fed's independence and the need for objective economic data interpretation, suggesting a rate cut of over 100 basis points by year-end [3] - Minneapolis Fed President Kashkari noted that a weak job market influenced the September rate cut decision, with further cuts likely in upcoming meetings [3] - The dollar index rebounded strongly post-Fed meeting, with resistance at the 97.80-98 range and key support at 97.23 [3] Nikkei 225 - The Nikkei 225 has maintained a strong bullish trend with high volatility, indicating a high probability of breaking previous highs [4] Copper - Copper prices experienced a pullback from $4.65, finding support at $4.51, with a potential for further gains in the near term [5] - Short-term resistance is noted at $4.62, with a breakout potentially targeting the $4.65-$4.70 range, and support at $4.53 [5] Market Overview - The U.S. House passed a Republican funding bill, but it failed in the Senate, prompting Democratic leaders to seek discussions with Trump to avoid a government shutdown [6] - The EU Commission approved a new sanctions package against Russia, lowering the oil price cap to $47.6 per barrel and proposing a ban on Russian LNG imports by January 1, 2027, a year earlier than planned [6] - The Bank of Japan maintained interest rates, with two members proposing a 25 basis point hike and initiating an ETF selling plan with an annual reduction of 330 billion yen [7]

再看股市，美股那叫一个疯涨，道指、纳指、标普500齐刷刷创下新高，可欧洲市场却拆了台，德国 DAX、法国CAC跌得蔫头耷脑，这分化劲儿，简直比天气还难猜！ 本周，全球市场迎来生死大考！ 黄金上周刚冲破历史新高，一路涨势如虹，分析师们纷纷喊出年底冲4000 美元 / 盎司的口号。 与此同时，原油却萎靡不振，上周全周涨幅尾盘尽失。美股走势也令人捉摸不透，此前疯狂上涨，如今 在诸多不稳定因素下，也让人心里没底。 而这一切的走向，似乎都将由即将出炉的PCE数据一锤定音。它究竟会助力黄金再攀高峰，还是引发股 油双杀的惨状？ 上周的国际市场简直像坐过山车！你以为只有美联储在搅动风云？不！加拿大、挪威央行大手一挥就降 息了，英国、日本却死死按住利率不动，连印尼、巴西都在跟着凑热闹，各大央行的操作看得人眼花缭 乱！ EIA这些机构天天喊需求疲软，OPEC+还计划增产，美国燃油库存又过剩，叠加就业和房地产市场的疲 软信号，油价想涨都难！ 最让人激动的是什么？国际金价啊！直接冲破历史新高，手里攥着黄金的朋友怕是要笑出声了！但别着 急狂欢，本周才是真正的大考。 美联储最看重的通胀数据要出炉了，这可是能直接左右未来降息节奏的关键，每 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - OPEC+ has confirmed the start of a second - round production increase, and the off - peak demand season has arrived as expected. The pressure of crude oil surplus in the fourth quarter will further increase. Although OPEC+ has not clearly defined the production increase route, once the oil price rises, it will boost the enthusiasm for production increase, which will always suppress the upside of the oil price. The medium - to - long - term strategy of shorting on rallies remains unchanged. In the short term, the interest rate cut, one of the bullish drivers, has been implemented. It is expected that WTI will mainly fluctuate between $60 - $65 after a correction, waiting for further drivers to break the range. Seize the rebound trading opportunities brought by the volatile geopolitical situation [5]. 3. Summaries According to Relevant Catalogs 3.1 International Crude Oil Analysis - **Crude Oil Price Trends**: From September 15 - 19, international oil prices rose first and then fell. At the beginning of the week, oil prices rose due to sanctions on Russia by Europe and the United States and interest rate cut expectations. After the interest rate cut was implemented, the macro - premium began to be continuously adjusted. As of September 19, WTI and Brent settled at $63.62/barrel (+1.43%) and $67.6/barrel (+1.42%) respectively; INE SC settled at 493.22 yuan/barrel (+2.18%) [9]. - **Financial Aspects**: The Federal Reserve cut the benchmark interest rate by 25 basis points to 4.00% - 4.25%, in line with market expectations. As of September 19, the S&P 500 index continued to rebound since mid - April and reached a new high; the VIX volatility was 15.45, significantly lower than when the tariff policy was first introduced and still at a relatively low level [13]. - **Crude Oil Volatility and Dollar Index**: The crude oil ETF volatility declined this week, and the dollar index fluctuated. As of September 19, the crude oil volatility ETF was 30.53, and the dollar index was 97.6519. Although the Fed cut interest rates this week, Powell's speech was slightly hawkish. The market priced in only one interest rate cut in each of next year and the year after, causing the dollar index to fluctuate [17]. - **Crude Oil Fund Net Long Positions**: As of September 16, the net long positions of WTI managed funds increased by 26,800 contracts to 36,800 contracts week - on - week, a weekly increase of 267.9%; the speculative net long positions decreased by 9,900 contracts to 61,900 contracts, a weekly decline of 13.8%. The market bet on the intensification of geopolitical sanctions risks, and the interest rate cut expectations boosted market sentiment, leading to an increase in net long positions before the interest rate cut was implemented [20]. 3.2 Crude Oil Supply - Side Analysis - **OPEC Overall Production**: In August, OPEC's crude oil production increased by 478,000 barrels per day to 27.948 million barrels per day compared with the previous month. Most countries have started to increase production, with Saudi Arabia, the UAE, and Iraq leading the way. However, the production of the eight core OPEC+ countries that agreed to increase production was still 154,000 barrels per day lower than the plan in August, mainly because some countries were fulfilling their submitted compensation production - cut plans [26]. - **OPEC+ Production - Cut Situation**: According to the IEA statistics, the production of nine OPEC member countries in August was 23.28 million barrels per day, a month - on - month increase of 190,000 barrels per day. The UAE, Iraq, Kuwait, and Kazakhstan still over - produced significantly, but the overall over - production of the nine countries decreased compared with the previous month. Seven countries updated their compensation production - cut plans, and the concentrated production cuts were extended to the first half of next year [30]. - **Saudi and Iranian Crude Oil Production**: Saudi Arabia's production continued to rise. In August, its crude oil production increased by 259,000 barrels per day to 9.709 million barrels per day. Iran's production continued to decline. In August, its crude oil production decreased by 27,000 barrels per day to 3.218 million barrels per day, affected by sanctions and the Israel - Iran war [32]. - **Russian Crude Oil Supply**: According to the OPEC statistics, Russia's crude oil production in August was 9.173 million barrels per day, a month - on - month increase of 53,000 barrels per day; according to the IEA statistics, it was 9.28 million barrels per day, a month - on - month increase of 80,000 barrels per day. Production is gradually recovering under the production - increase plan but remains at a relatively low level [42]. - **US Crude Oil Rig Count**: As of the week of September 19, the number of active drilling oil wells in the US was 418, an increase of 2 from the previous week and a year - on - year decrease of 70. The improvement in drilling and well efficiency allows producers to maintain record - high production while controlling capital expenditure. The rig count in the Permian region has significantly decreased, and the potential for crude oil production increase may be limited [46]. - **US Crude Oil Production**: As of the week of September 12, US crude oil production marginally rebounded to 13.482 million barrels per day, a decrease of 13,000 barrels per day from the previous week and a year - on - year increase of 2.14%. Low oil prices in the first half of the year dampened producers' enthusiasm, compressing the potential for US oil production increase in the second half of the year. However, relatively healthy oil prices during the peak season in the third quarter and high well production efficiency will prevent production from a sharp decline [49]. 3.3 Crude Oil Demand - Side Analysis - **US Total Petroleum Product Demand**: US petroleum product demand has peaked and declined. The single - week demand for refined oil products has rebounded, but the four - week average demand has decreased. In absolute terms, the current demand level is at the upper end of historical levels, and the peak - season demand has peaked. As of the week of September 12, the four - week average total demand for petroleum products was 20.671 million barrels per day, a week - on - week decrease of 217,000 barrels per day and a year - on - year increase of 1.69% [53]. - **US Crude Oil, Gasoline, and Distillate Data**: From August 12 to September 12, US crude oil production decreased by 13,000 barrels per day (-0.10%), consumption decreased by 217,000 barrels per day (-1.04%), refinery processing volume decreased by 394,000 barrels per day (-2.34%), and the refinery utilization rate decreased by 1.6% (-1.69%). Gasoline production decreased by 18,000 barrels per day (-1.88%), and the implied demand decreased by 8,000 barrels per day (-0.09%). Distillate production decreased by 274,000 barrels per day (-5.24%), and the implied demand decreased by 86,000 barrels per day (-2.26%) [57]. - **US Gasoline, Diesel, and Kerosene Four - Week Average Consumption**: As of September 12, the four - week average demand for gasoline decreased by 8,000 barrels per day to 8.919 million barrels per day, a year - on - year increase of 0.5%; the average demand for distillates decreased by 86,000 barrels per day to 3.727 million barrels per day, a year - on - year decrease of 1.77%; the average consumption of kerosene decreased by 69,000 barrels per day to 1.703 million barrels per day, a year - on - year increase of 1.13% [60]. - **US Gasoline and Heating Oil Crack Spreads**: This week, the US gasoline crack spread and heating oil crack spread fluctuated. As of September 19, the gasoline crack spread was $20.09 per barrel, and the heating oil crack spread was $33.87 per barrel. The crude oil side was relatively strong due to geopolitical uncertainties, while gasoline demand showed signs of peaking, causing the crack spread to decline seasonally. The heating oil took over the demand baton, but the crack spread also declined due to unexpected inventory builds [61]. - **European Diesel and Heating Oil Crack Spreads**: As of September 19, the ICE diesel crack spread was $27.93 per barrel, and the heating oil crack spread was $29.87 per barrel. Supported by the seasonal recovery of distillate demand, the crack spreads had rebounded, but the unexpected inventory build of distillates this week raised market concerns, causing the crack spreads to decline slightly [65]. - **China's Oil Products and Refinery Situation**: In August, China's crude oil processing volume increased by 4.391 million tons year - on - year to 63.46 million tons (+7.43%); the import volume increased by 392,000 tons year - on - year to 49.492 million tons (+0.8%). Due to the escalation of the Middle East situation this year, China's oil imports from the Gulf region have surged, and Russia's oil supply has also rebounded significantly compared with previous years. The import volume rebounded seasonally in August [68]. - **Institutional Forecasts of Demand Growth**: Three major international institutions have become more optimistic about this year's demand growth rate. OPEC maintained last month's forecast, while the IEA and EIA raised their forecasts for global oil demand growth. In September, the EIA, IEA, and OPEC expected the global crude oil demand growth rate this year to be 900,000 barrels per day (↑), 740,000 barrels per day (↑), and 1.3 million barrels per day (-) respectively, and 1.28 million barrels per day, 700,000 barrels per day, and 1.4 million barrels per day next year [72]. 3.4 Crude Oil Inventory - Side Analysis - **US Crude Oil Inventory**: US commercial crude oil inventories declined again to a very low level in the five - year range due to the rebound in exports. As of September 12, EIA commercial crude oil inventories decreased by 9.285 million barrels to 415.36 million barrels, a year - on - year decrease of 0.52%; SPR inventories increased by 504,000 barrels to 405.73 million barrels; and Cushing crude oil inventories decreased by 296,000 barrels to 23.561 million barrels [73]. - **Inventory Changes**: As of the week of September 12, the net import volume of US crude oil decreased by 3.111 million barrels per day to 415,000 barrels per day. The refinery processing volume decreased by 394,000 barrels per day to 16.424 million barrels per day, and the refinery utilization rate decreased by 1.6% to 93.3% [77]. - **WTI and Brent Month - Spreads**: As of September 19, the WTI M1 - M2 month - spread was $0.28 per barrel, and the M1 - M5 month - spread was $1.16 per barrel. The WTI month - spread maintained a backwardation structure but continued to weaken. The Brent M1 - M2 month - spread was $0.64 per barrel, and the M1 - M5 month - spread was $1.49 per barrel. The Brent month - spread was stronger than the WTI this week due to European sanctions on Russian crude oil, which tightened the supply outlook in Europe [80][82]. 3.5 Crude Oil Supply - Demand Balance Difference - **Global Oil Supply - Demand Balance Sheet**: In September, the EIA predicted that this year's global oil supply would be 105.54 million barrels per day, and demand would be 103.81 million barrels per day, with a daily surplus of 1.73 million barrels, an increase from last month. Although the EIA raised its demand forecast, due to OPEC+ opening a flexible production - increase window of 1.65 million barrels per day, the pressure of supply surplus this year is expected to be greater [85]. - **Term Structure**: This week, the US fundamental data indicated that the peak - season demand had peaked, and the term structure continued to flatten. Due to geopolitical factors, the supply of Brent was expected to be tighter, supporting a stronger contango structure. Currently, international oil products can maintain a contango term structure, but as the peak - season demand weakens, if OPEC+ continues to accelerate production increase in the near - term, the term structure may change [88].

Group 1 - The core viewpoint of the report indicates that the Federal Reserve is expected to lower interest rates by a total of 125 basis points, with two cuts in Q4 2025 and three cuts in Q1 2026 to 2027 [1] - The anticipated interest rate cuts are expected to benefit Hong Kong real estate companies by reducing interest expenses and stimulating the real estate market, which will enhance sales and profit margins in the real estate development sector [1] - The Hong Kong government's latest policy report introduces a more flexible land acquisition and exchange model, which is believed to accelerate the development of the Northern Metropolis and help Henderson Land Development monetize its substantial farmland reserves in the area [1] Group 2 - The report upgrades the rating for Henderson Land Development to "Buy," adjusting the net asset value discount from 55% to 50%, with a target price increase from HKD 25.9 to HKD 32.68 [1]