FY2026 INTERIM PRESENTATION ANALYST BRIEFING 27 February 2026 SECTION ONE FINANCIAL HIGHLIGHTS RESULT HIGHLIGHTS SUSTAINED BUSINESS IMPROVEMENT PRIORITIZE ON REDUCING INDEBTEDNESS ENHANCED SHAREHOLDERS' FUNDS ON BACK OF DEBT EXCHANGE NARROWED LOSS WITH LOWER FINANCING COST 3 FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET | Core Operating Profit | Segment Results | | Loss Attributable To Shareholders | | | | --- | --- | --- | --- | --- | --- | | HK$3.6B | HK$3.2B -24% YoY | | HK$3.7B One- ...

2026年刚一开年，就爆出的一组惊人数据：美国国债总额已突破38.5万亿美元的大关！而这就意味着， 每个新生儿一出生，就将背负起12美元的债务。恐怖的是今年美国光还国债利息就要掏出1.24万亿美 元，这金额比他们全年的军费开支还要多。 但问题是，那会不会突然崩盘？会不会像2008年雷曼兄弟那样，一夜之间让全球无数投资者血本无归？ 一、短时间内，美债不会炸雷 二、债务置换？一场心照不宣的"游戏"！ 既然美债大概率不会硬着落，那他们又该如何解决眼前的债务危机呢？答案是使用债务置换，而这也是 他们最擅长的手段。 什么叫做债务替换呢？举个例子你就知道了，就相当用现在借来的钱去还之前借的钱，但区别就在于， 在实在还不起钱的情况下，用这种办法可以还的利息更少，还款时间也更长。 就在2026年，美国有将近9.1万亿的美元债务到期，面临着资金紧张问题的他们，他的第一个办法就是 通过发新债，将手里利息较高的旧债换成期限更长，利率更低的新债，这也就是在让他们的压力向后 推。 而这对于持有美债的国家和机构来说，这也是没有办法的办法。毕竟他们知道，这样做虽然没办法解决 根本上的问题，但将美国逼到违约对谁都没有好处，接受还款时期延长， ...

地方政府债务"扩张"：透视深层经济逻辑与治理智慧 债务置换是化解潜在风险的"安全阀"。过去，地方政府通过城投公司等渠道积累了大量隐性债务，融资 成本高、期限错配严重，给财政稳健运行带来巨大压力。近年来，中央政府通过一系列化债举措，如增 加地方债务限额置换存量隐性债务、安排专项债用于化债等，有效降低了地方政府的利息负担和流动性 风险，避免了债务风险集中爆发，为经济的平稳运行提供了坚实保障。 优化债务结构是提升治理效能的"调节器"。当前，中国政府债务结构存在中央与地方不平衡的问题。适 度提高中央加杠杆比例，可以增强宏观调控能力，提振社会信心；优化地方债务结构，平衡好新增债与 再融资债发行，合理优化期限结构，能提高资金使用效率，避免未来到期过于集中。 地方政府举债是权衡发展需求与风险防控的科学决策。只要加强债务管理，提高资金使用效益，地方政 府债务就能成为推动经济发展、改善民生福祉的重要力量，实现风险可控与可持续发展的良性循环。 近年来，中国地方政府债务规模持续攀升，这一现象犹如投入经济湖面的巨石，激起层层涟漪，引发广 泛关注与深入思考。地方政府举债并非盲目扩张，而是蕴含着复杂而深刻的经济发展逻辑与治理智慧。 从发 ...

Core Viewpoint - The recent sharp decline in gold prices, marking the largest single-day drop since 1980, has raised concerns about the sustainability of gold as an investment, particularly for retail investors who may have been misled by speculative narratives [1][2][5]. Group 1: Price Movement and Market Reaction - On December 26, 2025, gold prices fell dramatically from over $5,500 to $4,865 per ounce, a drop of up to 12% in a single day, while silver experienced an even steeper decline of over 26% [1]. - Following the price drop, domestic gold ETFs and futures in the A-share market hit their daily limit down, leaving investors unable to sell their positions [1]. - Retail investors who entered the market at around $5,200 in early December faced losses of nearly 20% within a week, contradicting the notion of gold as a safe haven [1]. Group 2: Economic Insights and Expert Opinions - Economist Ma Guangyuan warned that gold is a poor investment choice for ordinary people, citing that the rapid price increase was driven by excessive liquidity and speculative behavior rather than actual demand [2]. - The factors influencing gold prices include U.S. Federal Reserve interest rates, the strength of the dollar, geopolitical conflicts, and central bank purchasing decisions, rather than retail investor actions [4]. - The accumulation of leveraged positions around the $5,500 mark made the market susceptible to forced liquidations, exacerbating the price decline [5]. Group 3: Psychological and Behavioral Aspects - Many investors confuse hedging with value preservation, with the former being about liquidity in crises and the latter about long-term stability [5]. - The proliferation of narratives promoting gold as a path to wealth, particularly through social media, has led to increased speculative buying, which has not materialized into actual demand [5]. - A recent incident involving a self-proclaimed "golden hundred times" influencer being investigated highlights the risks associated with speculative investment advice [7]. Group 4: Market Dynamics and Future Outlook - The current gold price fluctuates around $4,800, with uncertainty about future movements prompting some investors to consider buying at lower prices while others contemplate selling [8]. - The price of gold in RMB has decreased less than in USD, indicating that some capital may be returning to domestic markets as a temporary safe haven [7].

Core Viewpoint - The article discusses the dynamics of gold prices, emphasizing the interplay between monetary policy, central bank gold purchases, and market sentiment, while highlighting the uncertainty in predictions made by industry experts [5][9][10]. Group 1: Gold Price Dynamics - The recent surge in gold prices is attributed to the convergence of the gold cycle, interest rate cuts, and central bank gold accumulation [7]. - Central banks, including China, are increasing their gold reserves, which creates a feedback loop that drives gold prices higher as countries perceive their dollar reserves as depreciating [8]. - Predictions from institutions like Goldman Sachs suggest that gold prices could exceed $5,400 per ounce, reflecting a significant upward adjustment from previous forecasts [10]. Group 2: Monetary Policy and Debt Management - The increase in money supply is not merely due to central banks printing money; rather, it involves complex debt management strategies, often referred to as "debt replacement" [12][13]. - Countries, including the U.S., are not genuinely repaying debts but managing interest payments, leading to a continuous increase in money supply [14][15]. - This ongoing monetary expansion is expected to eventually drive gold prices up, as gold is viewed as a true form of currency compared to fiat money [16]. Group 3: Investment Perspectives - The article suggests that wealthy individuals who invest in gold for long-term holding can benefit from price increases, while typical investors may struggle to profit from short-term trading [22]. - The supply dynamics of gold are characterized by limited production and long-term holding by central banks and trusts, contrasting sharply with silver, which has a more elastic supply due to industrial demand [23]. - The author advises cautious participation in gold investment, emphasizing the importance of learning through experience rather than speculative trading [24][25].

Core Viewpoint - The Henan Province successfully issued government bonds totaling 5.33742 billion yuan on December 5, 2023, in Shenzhen, which is aimed at optimizing debt structure and reducing financing costs [1] Group 1: Bond Issuance Details - A total of 3.42249 billion yuan in 30-year new special bonds was issued at an interest rate of 2.48%, intended to supplement government fund finances [1] - An issuance of 0.80234 billion yuan in 20-year new special bonds was made at an interest rate of 2.49%, designated for existing government investment projects [1] - Additionally, 1.11259 billion yuan in 20-year refinancing special bonds was issued at an interest rate of 2.48%, aimed at replacing existing hidden debts [1] Group 2: Impact and Objectives - The issuance completes the local government debt limit set by the Ministry of Finance for Henan Province for the replacement of existing hidden debts by 2025 [1] - The bond issuance is expected to positively impact the optimization of debt maturity structure, reduction of financing costs for existing debts, alleviation of short-term repayment pressure, and smoothing of fiscal expenditure rhythm [1]

Group 1: New World Development - New World Development announced the completion of a debt exchange offer, with a total of approximately $1.362 billion in new notes expected to be issued, which is 71.7% of the original issuance cap of $1.9 billion [1] - As of June 30, 2025, the company's total debt reached HKD 146.1 billion, with net debt at HKD 120.1 billion, and short-term debt decreased by HKD 35 billion to HKD 6.6 billion [2] - The company reported a revenue decline of 22.64% year-on-year to approximately HKD 27.681 billion for the first half of 2025, with a significant increase in shareholder losses to HKD 16.302 billion, up 38.07% year-on-year [2] Group 2: Peng Bo Shi - Peng Bo Shi Telecom Media Group announced that its subsidiary failed to repay approximately $218.54 million in principal and interest on a bond due December 1, 2025, due to liquidity issues [3] - The company is negotiating with creditors for an extension and restructuring plan, facing potential litigation risks if unresolved [3] - The "18 Peng Bo Bond" has been suspended since April 12, 2024, with the maturity date adjusted to May 25, 2026, indicating uncertainty in repayment [3] Group 3: Jin Di Group - Jin Di Group reported that it has not yet repaid public debt with a face value of approximately RMB 501 million [4][5] - The company’s revenue for the first three quarters of 2025 was approximately RMB 23.994 billion, a decrease of 41.48% year-on-year, with a net loss of RMB 5.186 billion [4] - Jin Di Group emphasizes cash flow management as a core strategy to ensure financial safety [4] Group 4: Fang Yuan Real Estate - Fang Yuan Real Estate disclosed overdue debts totaling RMB 6.306 billion and has been restricted from high consumption activities due to legal issues [6] - The company is facing a bondholder meeting on December 11, 2025, to discuss adjustments to bond repayment arrangements [6] - Fang Yuan has a total of RMB 918 million in outstanding bonds and $340 million in offshore debt, which has defaulted [6]

证券日报网讯12月4日，中国核电（601985）在互动平台回答投资者提问时表示，公司目前处于高速发 展阶段，核电机组在建及核准待建数量为19台，处于公司历史高峰期，有大量资金需求需通过贷款等途 径解决，目前公司在建项目融资成本在2%-3%之间，公司多年持续开展债务置换工作以降低融资成本， 为广大股东创造更大的价值和更好的回报。 ...

前几天，中国金茂发布了一则公告，具体内容是与建设银行牵头的七家国有大行签署了银团贷款合同， 上述银团拟为公司提供不超过99亿元的中长期贷款额度。 为了获取这笔接近百9亿的贷款，金茂为此付出的代价是抵押了金茂大厦部分资产，包括31-50层、88层 和地下车库。其中，31-50层是办公区域，88层则是顶层观景台。 值得一提的是，公告中提及此次抵押资产的评估价为47.6亿，而实际获得抵押贷款是评估值的2.08倍， 足见上海核心资产在如今市场上具备极强的溢价能力。 此外，金茂本次抵押目的并不是为了增加融资，而是为了"置换债务"。 公告显示，此次获取的贷款资金主要用于置换2023年及2024年发行了三笔绿色资产支持专项计划。 来源：乐财聚 上海陆家嘴三件套之一的金茂大厦，目前已经被其主人中国金茂抵押了一部分出去。 资料显示，2023年3月，金茂发行首期产品"金茂鑫悦2023-1"，规模为30亿元。4月"金茂绿色2023-1"成 功发行，规模35.01亿元。2024年2月，"金茂绿色2024-3"成功发行，规模34.99亿元。 三笔绿债相加正好为100亿，本次获取的99亿融资几乎可以覆盖绿债的本金。 通过这次债务置换，对 ...

Core Viewpoint - The potential sale of the Rosewood Hotel Group's assets, particularly the flagship Rosewood Hong Kong, is a strategic move by the Cheng family to address financial pressures faced by New World Development amid ongoing liquidity challenges [1][3][10]. Group 1: Asset Sale and Financial Strategy - New World Development's chairman, Cheng Ka-shun, has reportedly initiated discussions with potential buyers regarding the sale of parts of the Rosewood Hotel Group, with talks currently in preliminary stages [1]. - The Rosewood Hong Kong, valued at approximately HKD 15.9 billion, is considered a core asset in this potential transaction [2]. - The timing of the sale rumors coincides with New World Development's liquidity challenges, making the asset sale a critical measure to manage financial strain [3][10]. Group 2: Financial Performance and Debt Management - As of June 30, 2025, New World Development reported total debt of HKD 146.1 billion and a net debt of HKD 120.1 billion, with a significant loss of HKD 16.3 billion in the first half of 2025, marking a 38.07% increase in losses year-on-year [4]. - The company has undertaken various financial self-rescue measures, including a debt refinancing of HKD 88.2 billion, extending repayment terms to June 2028 [6]. - A debt exchange offer was announced in November 2025, aiming to replace existing securities with new perpetual capital securities and notes, potentially reducing net debt by HKD 13 billion if fully subscribed [7][9]. Group 3: Broader Asset Liquidation Efforts - New World Development has been actively selling assets to alleviate financial pressure, including the sale of the K11 office building in Shanghai and the Rosewood Hotel in Makati, Philippines [10]. - The company is also in discussions to sell the 11SKIES shopping center at Hong Kong International Airport, with estimates suggesting a sale price exceeding HKD 10 billion [10].