Group 1 - NIRAKU announced a trust beneficial interest transfer agreement for a total price of 600 million yen (approximately 31.8 million HKD) with SMFL MIRAI Partners Company, Limited [1] - The expected effective date of the transfer is September 30, 2025, and it involves the operation of a hot spring inn under the brand "Hotel Choeikan" [1] - The trust real estate includes land in Iwate Prefecture, Japan, covering approximately 7,192.21 square meters, and a 10-story hotel building with a total floor area of about 9,514.43 square meters [1] Group 2 - The group aims to enhance shareholder value by exploring strategic investment opportunities within its extensive hotel network [2] - On April 17, 2025, the group acquired land and buildings for 358 million yen to further expand its hotel business [2] - The board believes that the sale provides a good opportunity to realize the value of the trust real estate at a reasonable price, enhancing the group's financial position and increasing general working capital [2]

Core Viewpoint - Haotian International Construction Investment Group announced a financing plan to issue 1.6 billion shares at a price of HKD 0.25 per share, raising HKD 400 million, aimed at strategic investment in PCL to enhance its financial services business [1] Group 1: Financing Details - The issuance price of HKD 0.25 represents a discount of approximately 7.41% compared to the previous trading day's closing price of HKD 0.270 [1] - The issuance price also reflects an 11.97% discount relative to the average closing price of HKD 0.284 over the past five trading days [1] - The new shares will account for about 17.30% of the existing issued share capital and approximately 14.75% of the enlarged share capital post-issuance [1] Group 2: Company Overview - Haotian International Construction Investment Group operates as an investment holding company, with primary business segments including construction machinery, financial services, and property development [1] - The funds raised will be utilized for strategic investments in PCL, aimed at promoting the development of its financial services business [1] Group 3: Regulatory and Completion Aspects - The issuance is conducted under a general mandate granted by the shareholders and is expected to be completed within three business days after the fulfillment or waiver of certain conditions [1] - Conditions for completion include approval from the Stock Exchange for the listing of the shares and obtaining necessary government or regulatory approvals [1]

Core Viewpoint - NIRAKU has entered into two agreements involving the acquisition and sale of properties in Kanagawa Prefecture, Japan, indicating a strategic investment approach to capitalize on favorable market conditions and generate immediate financial returns [1] Group 1: Acquisition Details - NIRAKU's wholly-owned subsidiary, NBI, has signed a purchase agreement to acquire land and buildings in Hakone, Kanagawa, for approximately HKD 47.8 million, expected to be completed by October 2, 2025 [1] - The acquisition includes four independent land parcels totaling approximately 6,691.00 square meters and a resort hotel comprising three buildings and two ancillary structures with a total floor area of about 1,959.81 square meters [1] Group 2: Sale Details - Concurrently, NBI has entered into a sale agreement to sell land and buildings in the same area for approximately HKD 61.8 million, also expected to be completed by October 2, 2025 [1] Group 3: Strategic Rationale - The board believes that both the acquisition and immediate sale represent prudent and strategic investments, allowing the group to leverage favorable market conditions and realize financial gains [1] - The proceeds from the sale are intended to be used for general working capital or future investment opportunities [1]

Group 1 - The company NIRAKU (01245) announced the acquisition of land and buildings in Hakone, Japan, for a total consideration of 901 million yen, expected to be completed on October 2, 2025 [1] - The acquired property includes four independent plots of land totaling approximately 6,691 square meters, with buildings covering a total floor area of about 1,959.81 square meters, currently operating as Hakone Elecasa Hotel & Spa [1] - On the same day, the company will sell the same land and buildings for 1.166 billion yen, indicating a strategic investment approach to enhance shareholder value [2] Group 2 - The independent valuation of the land and buildings was assessed at 1.14 billion yen as of August 1, 2025, suggesting that the transactions are financially beneficial [2] - The board believes that the acquisition and immediate sale represent a prudent and strategic investment, allowing the company to capitalize on favorable market conditions and realize financial gains [2] - This transaction aligns with the company's strategy of leveraging industry expertise and market insights to create value for shareholders [2]

Group 1 - The core viewpoint of the news is that the China Securities Index Hong Kong 300 Mainland High Beta Index has shown significant growth, with a 15.91% increase over the past month, 26.48% over the past three months, and 34.82% year-to-date [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include companies such as Sunac China (3.98%), China Merchants Securities (3.11%), and China Cinda (2.77%), indicating a diverse portfolio [1] Group 2 - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing financials at 28.18%, healthcare at 18.44%, real estate at 17.18%, and information technology at 16.55% [1] - The index sample is adjusted every six months, specifically on the next trading day after the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2]

Core Insights - The China Securities Index 300 Low Volatility Index (H300LV) has shown significant growth, with a 5.27% increase over the past month, 17.28% over the last three months, and 19.48% year-to-date [1] Group 1: Index Performance - The index was reported at 2160.53 points, reflecting its performance since its base date of December 30, 2005, set at 1000.0 points [1] - The index is designed to reflect the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives [1] Group 2: Index Holdings - The top ten weighted holdings in the index include: CLP Holdings (1.84%), Hong Kong and China Gas (1.57%), Far East Horizon (1.55%), PCCW (1.53%), China Mobile (1.5%), Power Assets Holdings (1.43%), Cathay Pacific Airways (1.4%), Wheelock and Company (1.37%), Bank of China (Hong Kong) (1.34%), and Prosperity REIT (1.32%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Sector Allocation - The sector allocation of the index includes: Financials (17.91%), Utilities (17.31%), Industrials (13.32%), Real Estate (11.45%), Consumer Discretionary (8.07%), Communication Services (7.47%), Energy (7.45%), Consumer Staples (6.31%), Health Care (6.18%), Materials (3.48%), and Information Technology (1.04%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - The core index, the China Securities Hong Kong 300 Mainland High Beta Index (H300CNHB), reported a value of 916.58 points, with a recent one-month decline of 4.77%, a three-month increase of 6.68%, and a year-to-date rise of 6.59% [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, and a base point of 1000.0 [1] - The top ten holdings of the index include MicroPort Scientific Corporation-B (5.2%), Hua Hong Semiconductor (3.23%), Alibaba Health (2.76%), Xpeng Motors-W (2.62%), Guotai Junan Securities (2.61%), Country Garden Services (2.58%), China Jinmao Holdings Group (2.5%), WuXi Biologics (2.5%), Kingdee International Software Group (2.42%), and MicroPort Medical (2.3%) [1] Group 2 - The industry composition of the index shows that real estate accounts for 22.40%, finance for 20.20%, healthcare for 18.31%, consumer discretionary for 16.52%, information technology for 11.23%, communication services for 4.32%, materials for 2.94%, consumer staples for 2.09%, and industrials for 1.99% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year, and weight factors are generally fixed until the next adjustment [2] - In special circumstances, temporary adjustments may be made to the index, and companies that are delisted or undergo mergers, acquisitions, or suspensions will be handled according to the calculation and maintenance guidelines [2]

新书推介 N e w B o o k R e c o m m e n d a t i o n 《策略投资：从方法到进化论》 戴康 郑恺 韦冀星 倪赓 等著 致敬每一位平凡而伟大的劳动者 01 本书亮点 理解策略之"道"，万变不离其宗。 本书从策略研究框架的迭代出发，思考A 股投资环境"变化"带 来的策略研究"进化"，沿着大势研判、风格配置、行业比较、新兴产业、选股策略等方向，展开 从基础到进阶全面的策略研究，是作者十余年策略研究的思考成果与总结。 本书具有以下几个特点: 其一，与回顾历史、复盘股市的书籍不同，本书更希望能提供多年沉淀 下来的万变不离其宗的策略研究框架，化繁为简；其二，与年代较为久远的方法论不同，本书更 希望能提供近年来 A 股新生态进化与迭代的思考，立于浪尖；其三，作者力求避免陷入"宏大叙 事，不接地气"的怪圈，在书中运用了大量实例，以实践检验真理，充分体现了公众号"戴康的策 略世界"的宗旨——致力于最前瞻与最接地气的策略研究。 02 大咖推荐 林传辉 广发证券董事长 本书作者戴康长期深耕投资策略研究，对策略投资的艺术性有深切的体悟。随着中国经济的发展，传统的策 投资思维必须随之迭代，这就是本 ...