Group 1 - The core viewpoint of the report is that the retail market in Hong Kong may require time to stabilize, leading to a slight downward adjustment in the revenue and distribution forecasts for Prosperity REIT (00778) for 2025 and 2026 [1] - The improvement in stock and real estate performance is expected to create a wealth effect, which may help stabilize the market in the medium to long term, with a projected annual growth of approximately 2% to 3% in distributions for 2026 and 2027 [1] - The potential inclusion in the Stock Connect program is identified as a key catalyst for the next 12 months, with the impact of interest rate cuts expected to outweigh the anticipated changes in rental adjustments [1] Group 2 - The report indicates that Prosperity REIT's retail portfolio, primarily focused on essential consumption, remains resilient and is expected to maintain a high occupancy rate [1] - Recent fluctuations in HIBOR have led to a decline in stock prices, but a forecasted interest rate cut by the Federal Reserve in September or by the end of the year is anticipated to support a recovery in the company's stock price [1] - The target price for Prosperity REIT has been slightly raised to HKD 5.92, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 5.92, reflecting a potential upside of 22.8% from the current price of HKD 4.82 [1][2][3]. Core Insights - The company’s portfolio remains stable, and the anticipated interest rate cuts are expected to enhance its valuation. The target price has been slightly raised due to recent operational updates and market conditions [2][3]. - Despite a slight downward adjustment in revenue and distribution forecasts for 2025 and 2026 due to the ongoing stabilization of the Hong Kong retail market, the company is expected to benefit from improvements in the stock and real estate markets, leading to a wealth effect that could stabilize the market in the medium to long term [3]. - The company’s retail portfolio, primarily focused on essential consumption, is expected to maintain high occupancy rates. The fluctuations in HIBOR have recently impacted the stock price, but a potential interest rate cut by the Federal Reserve in September or at year-end is anticipated to support a rebound in the stock price [3]. Financial Overview - Revenue projections for the company are as follows: HKD 1,786 million in 2023, HKD 1,746 million in 2024, HKD 1,743 million in 2025, HKD 1,782 million in 2026, and HKD 1,815 million in 2027, with a year-on-year growth of approximately 2-3% expected for 2026 and 2027 [6][12]. - The net property income is projected to be HKD 1,299 million in 2023, decreasing to HKD 1,253 million in 2024, and then gradually increasing to HKD 1,314 million by 2027 [6][12]. - The company’s distribution per unit is expected to be HKD 0.404 in 2023, decreasing to HKD 0.357 in 2024, and then gradually increasing to HKD 0.382 by 2027, with a distribution yield of approximately 7.5% in 2025 [6][12].

Core Viewpoint - The report from CMB International slightly raises the target price for Link REIT (00823) to HKD 49.8 while maintaining a "Buy" rating, citing potential interest rate cuts and inclusion in the Stock Connect as key catalysts in the next 12 months [1] Group 1: Target Price and Ratings - CMB International has adjusted the target price for Link REIT to HKD 49.8, reflecting a slight increase due to anticipated interest rate and discount rate reductions [1] - The firm maintains a "Buy" rating on Link REIT, indicating confidence in the stock's performance [1] Group 2: Financial Projections - The company has slightly lowered its per unit distribution forecasts for the fiscal years 2026 and 2027 by approximately 1.5% and 2.9% respectively, while introducing projections for fiscal year 2028 [1] - The latest operational data shows a year-on-year decline of 0.8% in sales for Hong Kong retail properties in Q1 of fiscal year 2026, which is slightly below the overall market growth of 0.4% [1] Group 3: Market Conditions and Performance - The decline in sales is attributed to the impact of e-commerce free shipping services on non-essential goods transactions [1] - Despite the sales decline, Link REIT maintains a high retail property occupancy rate of 97.6% and an office building occupancy rate of 99.2% [1] - The company anticipates a negative single-digit percentage for the renewal rent adjustment rate, which may lead to a slight decrease in revenue for fiscal year 2026 [1] Group 4: Financing Costs - The company expects recent declines in HIBOR/SORA/BBSY to help reduce financing costs [1]

港交所（00388.HK）上半年营收净利润双双飞跃，刷新半年度历史纪录。 港交所20日公布2025年中期业绩报告，上半年收入及其他收益为140.76亿元（港元，下同），同比上升 33%；股东应占溢利为85.19亿元，同比增长39%。主要业务收入同比增长34%至129.54亿元，主要得益 于现货及股票期权市场成交量创历来半年度新高、存管费用增加以及保证金规模增加令投资收益净额上 升等因素。 薪火私募投资基金管理有限公司总经理翟丹在接受《华夏时报》记者采访时预测，若美联储9月启动降 息，港股流动性环境将进一步改善，科技、生物医药等板块或迎估值修复。此外，港交所目前处理中 IPO申请多达200宗，其中生物科技与AI硬件企业占比超40%，预计Q3-Q4融资规模将非常可观。 IPO"后备军"超200家 今年上半年，企业排队赴港上市，新股市场一片火热，上半年港股新股市场共迎来44家公司上市，港交 所新股集资总额达1094亿港元，同比增长716%，集资额居全球首位，这是自2021年以来最强劲的半年 度表现。截至今年6月30日，正在处理的上市申请逾200宗，比去年年底的84宗翻了两倍多。 港交所行政总裁陈翊庭表示："今年香港 ...

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.53% [1] - The average daily trading volume in the Hong Kong stock market surged to HKD 240.2 billion, up 118% from the previous year, driven significantly by southbound capital [1][2] - Southbound capital's average daily trading volume reached HKD 111.04 billion, a remarkable increase of 196% year-on-year, indicating its growing influence in the market [1][2] Financial Performance - Main business revenue was HKD 12.954 billion, reflecting a 33.68% year-on-year growth, with net investment income rising due to increased deposit fees and margin scale [1] - EBITDA margin improved to 79%, up 6% year-on-year, while net profit attributable to shareholders was HKD 8.519 billion, a 39.09% increase [1] - Basic earnings per share were HKD 6.74, with an interim dividend of HKD 6 per share, marking a 37.61% increase from the previous year [1] Market Dynamics - The trading volume in the derivatives market contributed HKD 17.4 billion to the daily average, while the average daily trading volume for equity securities was HKD 222.8 billion after excluding derivatives [2] - Cumulative net inflow of southbound capital exceeded HKD 4.6 trillion, enhancing its pricing power in the Hong Kong stock market [2] - Northbound capital also saw significant growth, with average daily trading volume for stocks reaching RMB 173.14 billion, a 32% increase year-on-year [2] IPO Activity - IPO financing in the Hong Kong stock market reached HKD 106.713 billion, a staggering increase of 688% year-on-year, reclaiming the top position among global exchanges [3] - The number of new stock listing applications surged to 207, more than double the 84 applications in 2024 [3] - HKEX plans to implement several reforms to enhance market competitiveness, including shortening settlement cycles and optimizing IPO pricing regulations [3] Future Outlook - The explosive growth of southbound capital signifies a restructuring of the Hong Kong stock market, positioning it as a crucial force in market dynamics [4] - If macroeconomic conditions remain stable, southbound capital is expected to further support the Hong Kong stock market [4]

Core Viewpoint - The H-share market has seen several listed REITs report mid-term performance, with most experiencing a decline in revenue and net property income growth, while the hotel and tourism sectors in mainland China have shown strong performance [1][5]. Group 1: REITs Performance - Most listed REITs reported a decline in revenue and net property income, with specific examples including: - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Link REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8%, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4%, and net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Analysis - The performance of different property sectors shows challenges: - Office, retail, and logistics sectors continue to face pressure, with declining occupancy rates reported [5][7]. - Yuexiu REIT's overall occupancy rate was approximately 82.2%, down 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down about 2 percentage points from the beginning of the period [6]. - Conversely, the hotel and tourism sectors have performed well, with notable revenue increases: - Guangzhou IFC's serviced apartments achieved record revenue of 603 million RMB, and the Four Seasons Hotel in Guangzhou reported record room revenue of 190 million RMB, with an average occupancy rate of 80.1%, up 1.1 percentage points year-on-year [7]. Group 3: Market Outlook - The inclusion of REITs in the Shanghai-Hong Kong Stock Connect is seen as a significant breakthrough for capital market connectivity, potentially enhancing market activity and liquidity [1]. - The financing costs for several REITs have decreased, which may alleviate pressure on distributable income: - Yuexiu REIT reported a financing cost of 403 million RMB, down 13.5% year-on-year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Link REIT's financing cost decreased by 12.6% to 173 million HKD [8].

Core Points - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.47%, closing at 5303.57 points with a trading volume of 96.677 billion yuan [1] - Over the past month, the CES100 index has increased by 3.56%, by 16.52% over the last three months, and by 25.56% year-to-date [1] Index Composition - The top ten holdings of the CES100 index are: HSBC Holdings (10.21%), Tencent Holdings (9.83%), Alibaba-W (9.56%), Xiaomi Group-W (7.99%), Meituan-W (5.82%), AIA Group (5.55%), Hong Kong Exchanges and Clearing (4.13%), Standard Chartered Group (2.51%), Prudential (1.93%), and Kuaishou-W (1.61%) [2] - The index is fully composed of securities from the Hong Kong Stock Exchange [2] Sector Allocation - The sector allocation of the CES100 index includes: Financials (27.78%), Consumer Discretionary (26.88%), Communication Services (13.71%), Information Technology (10.34%), Real Estate (5.45%), Health Care (4.84%), Utilities (3.96%), Industrials (3.34%), Consumer Staples (3.17%), and Materials (0.53%) [2] Fund Tracking - Public funds tracking the CES100 index include: Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Group 1 - The AH share premium index has dropped to a new low of 128.05 points, the lowest since July 2020, indicating a potential for continued reduction in valuation premiums for dual-listed companies [1] - The decline in the AH share premium index reflects a market re-evaluation of value discrepancies between A-shares and H-shares, driven by improved capital market connectivity [1][2] - The realization of same-price shares for quality AH stocks is a result of enhanced market efficiency, with the Stock Connect mechanism facilitating increased daily trading volumes and greater pricing power for southbound funds [1][2] Group 2 - Institutional breakthroughs in the Hong Kong market, such as simplified cross-border merger approvals and a variety of financing tools, have lowered financing costs and improved efficiency for A+H companies [2] - Some quality listed companies, like Ping An Insurance and China Merchants Bank, have already achieved same-price shares, reflecting a natural trading logic for multi-listed companies [2] - The future realization of same-price shares will have profound implications for both A-shares and H-shares, aligning valuations closer to international standards and enhancing corporate governance and disclosure quality [2][3] Group 3 - The complete alignment of quality AH stock prices requires a more mature investor base and a stronger belief in value investing, which are still developing [3] - The ongoing decline of the AH share premium index is a result of market rationality and institutional progress, presenting investment opportunities as the market moves towards same-price shares [3] - Achieving same-price shares will further solidify China's capital market as a key hub for global asset allocation [3]

Group 1 - China emphasizes its responsible stance on rare earth exports and clarifies its approval process for export license applications during a press conference [2] - The Ministry of Commerce reported progress in US-China trade negotiations, highlighting a framework agreement reached to address mutual economic concerns [2] - The US Department of Commerce announced a 50% tariff on various steel household appliances starting June 23, which may lead to increased consumer prices [4] Group 2 - The People's Bank of China and the State Administration of Foreign Exchange issued measures to encourage Taiwanese enterprises to participate in the mainland financial market [5][6] - The measures include enhancing payment services for foreign personnel and facilitating cross-border trade settlements [6] Group 3 - Hong Kong's Securities and Futures Commission is considering optimizing the Stock Connect program and adjusting the minimum trading lot size to improve market liquidity [7] - The commission plans to lower trading costs and enhance the IPO price discovery process [7] Group 4 - Ant Group is set to apply for stablecoin licenses in Hong Kong and Singapore through its subsidiaries, marking its entry into the stablecoin sector [14] - The move follows a trend of major internet companies exploring stablecoin opportunities [14] Group 5 - NIO's founder faced employee protests over unpaid wages, indicating financial distress within the company [15] - The company is experiencing significant operational challenges, including store closures and insurance issues [15] Group 6 - Vanke has completed the sale of all its A-share treasury stock, raising approximately 4.79 billion yuan [16] - The company is actively seeking funding through various channels [16] Group 7 - The insurance sector is seeing developments in long-term stock investment trials, with Xinhua Insurance planning to invest up to 15 billion yuan in a private fund [11][22] - This initiative reflects a broader trend of insurance companies increasing their equity investments [11]

Group 1 - The core viewpoint of the news is the launch of the "Tech Company Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, which facilitates the listing application process for 18A and 18C issuers, enhancing the attractiveness of Hong Kong's capital market for biotech and specialized technology companies [1][2] - The new policy marks an upgrade of the listing rules for 18A and 18C, potentially increasing the number of biotech and specialized technology companies choosing Hong Kong as their preferred listing market [2][3] - The introduction of the "Tech Company Special Line" is expected to improve market efficiency and competitiveness in the Hong Kong IPO market, especially in the context of the comprehensive registration system implemented in the A-share market [2][3] Group 2 - The Hong Kong Stock Exchange's 18C listing rules are more inclusive in terms of industry, focusing on emerging sectors with growth potential, while the A-share Sci-Tech Innovation Board emphasizes core technology fields [4][5] - The 18C listing requires a higher expected market capitalization, attracting larger technology companies, while the Sci-Tech Innovation Board has a lower market cap threshold, allowing more mid-sized tech firms to list [5][6] - The investor structure for 18C is primarily institution-driven, requiring at least 50% of shares to be subscribed by independent institutional investors, enhancing market professionalism and liquidity [7][8] Group 3 - The lock-up period arrangements differ significantly between the two markets, with 18C expanding the applicable subjects for lock-up periods to prevent key shareholders from cashing out, while the Sci-Tech Innovation Board enforces strict lock-up periods to ensure long-term focus on company development [8]