Core Viewpoint - The company focuses on the Asian market with a diversified investment strategy, primarily in consumer food, telecommunications, infrastructure, and natural resources, showing strong profitability and growth potential [1][2]. Group 1: Company Performance - The company has experienced continuous revenue growth from 2021 to 2023, with a projected revenue of $5.03 billion in H1 2025, reflecting a year-on-year increase of 0.6% [1]. - The net profit attributable to the parent company for H1 2025 is expected to reach $390 million, marking a significant year-on-year growth of 40.8% [1]. - The net profit margin for H1 2025 is projected at 7.8%, an increase of 2.2 percentage points compared to the previous year, indicating robust earning capacity [1]. Group 2: Market Dynamics - Southeast Asia's macroeconomic growth is driving the expansion of the packaging food market, with the food processing market expected to reach $364 billion by 2024 [2]. - Indofood, a key subsidiary, dominates the Indonesian instant noodle market with over 70% market share and holds more than 50% of the flour market in Indonesia [2]. Group 3: Governance and Investment Strategy - The company actively participates in the governance of its subsidiaries, holding 50.1% of Indofood, 44.6% of MPIC, and 25.6% of PLDT, ensuring strategic alignment and operational efficiency [2]. - The investment strategy balances mature and growth investments, with subsidiaries and joint ventures contributing significantly to cash flow through dividend income [2]. Group 4: Future Projections - Revenue projections for 2025-2027 are $10.51 billion, $11.22 billion, and $11.88 billion, with expected year-on-year growth rates of 4.5%, 6.8%, and 5.8% respectively [3]. - The company anticipates net profits of $790 million, $930 million, and $1.05 billion for the same period, with growth rates of 31.2%, 17.7%, and 13.5% respectively [3]. - The estimated price-to-earnings ratio (PE) for 2025 is projected to be between 4.8 and 5.2, suggesting a fair valuation range of HKD 8.13 to 8.81, representing a premium of 25%-35% over the current price [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In September, the macro - environment at home and abroad will improve to some extent. The Fed may start a new round of interest - rate cuts, and the RMB is expected to strengthen in China, which may further expand policy space. However, the newly released steel industry's steady - growth plan has no obvious positive impact. After the military parade, coal mine复产 may increase coal - end pressure, and the cost support is limited. The steel market is in a stage of weakening demand while steel mill production is increasing, so the supply - demand mismatch still exerts pressure on prices. It is expected that steel prices will mainly fluctuate weakly in September, waiting for demand improvement signals, and the price may first decline and then rise [78]. - In September, the market will focus on the sustainability of high hot - metal production. Entering the golden September and silver October demand season, with a favorable domestic and foreign macro - environment and better profits for steel mills this year, iron ore prices may not enter a trending downward channel without a rapid decline in hot - metal production. However, attention should be paid to the improvement of steel demand. High iron ore prices may stimulate shipping enthusiasm, and iron ore shipping may accelerate in September. It is expected that iron ore prices may first rise and then fall, ranging from 730 to 800 [81]. 3. Summary According to the Directory 3.1 Market Review - **Steel**: In August, steel prices rose first and then fell. The spot price was relatively stable, mainly due to the weakening cost support after the cooling of the anti - involution. In August, the off - season characteristics of steel became apparent, the supply pressure continued to accumulate, the terminal demand was insufficient, and the inventory gradually accumulated, suppressing the price [5]. - **Iron Ore**: In August, iron ore prices showed strong resilience and fluctuated upward. At the beginning of the month, they adjusted following the decline in coking coal prices. However, the actual demand for iron ore was strong, steel mills maintained high blast - furnace hot - metal production driven by profits, the supply decreased, and the inventory pressure was small. Currently, the market is trading the expectation of peak - season demand, and the price is strong [7]. 3.2 Macroeconomic Analysis - **Overseas (US)**: In July, the US non - farm payrolls increased by only 73,000, the lowest in 9 months, far below the expected 110,000, and the unemployment rate rose slightly to 4.2%. The ISM non - manufacturing index in July was 50.1, indicating a slowdown in service - sector activities and increased price pressure. The CPI in July was in line with expectations, but the PPI soared year - on - year, dampening the expectation of interest - rate cuts. In August, the manufacturing and service sectors showed strong demand. The Fed Chairman Powell's dovish statement led the market to fully price in two interest - rate cuts within the year. However, the relatively stable US economy may restrict the Fed's subsequent interest - rate cut process [10][16]. - **Domestic**: In July, the effect of policies to expand domestic demand continued to emerge. The CPI rose month - on - month, mainly driven by the rise in service and industrial consumer goods prices, and was flat year - on - year due to low food prices. The PPI decreased month - on - month, and the decline narrowed. Since August, the anti - involution trading has weakened, and the market has returned to a volatile pattern. In July, social financing increased year - on - year, mainly contributed by government bonds, but the subsequent support may weaken. The RMB loans decreased year - on - year, and both corporate and household loans declined. The economic indicators in July showed marginal weakness, and the real economy was still weak [19][23][28]. 3.3 Supply - Demand Analysis - **Terminal Demand**: - **Real Estate**: Real estate investment continued to decline, sales weakened, new construction decline narrowed slightly, and the completion area decline expanded. The housing prices in 70 large and medium - sized cities continued to fall. The Shanghai government issued new real - estate policies to boost consumption [35]. - **Infrastructure**: From January to July, infrastructure investment increased by 3.2% year - on - year, a slowdown from the previous period. In July, the issuance of new special bonds accelerated, and the "special new special bonds" also accelerated issuance, which will support infrastructure steel demand [38]. - **Automobile**: In July, automobile production and sales decreased month - on - month but increased year - on - year. The new - energy vehicle market continued to grow rapidly [42]. - **Excavator and Ship**: In July, the production and sales of excavators increased, and the export of ships increased [45]. - **Steel Export**: In July, steel exports continued to grow well. The export of steel billets reached a record high. However, the US added 407 product categories to the steel and aluminum tariff list, and the subsequent impact on exports needs attention [46][47]. - **Supply**: In July, China's crude - steel and pig - iron production decreased year - on - year. In August, the blast - furnace operating rate of steel mills was high, and the electric - furnace operating rate continued to rise. Currently, steel mills lack the motivation to reduce production, but attention should be paid to the impact of end - of - month maintenance [51][54][56]. - **Inventory**: In August, steel supply increased while demand decreased, and steel inventory began to accumulate significantly. The inventory pressure was mainly on social inventory, showing a transfer from the production end to the circulation end [60]. - **Apparent Demand**: In August, steel demand gradually weakened. The demand for building materials continued to weaken, while the demand for plates was still supported by exports and manufacturing. In September, demand may improve slowly [63]. - **Iron Ore (Import, Shipment, and Inventory)**: In July, iron ore imports decreased. In August, iron ore shipments gradually recovered, and the arrival at ports increased slowly. Since August, hot - metal production has remained at a high level of over 2.4 million tons, supporting iron ore prices. The port inventory was relatively stable, and steel mills made small - scale restocking [66][67][69][73].

Industry Investment Rating - No information provided Core Viewpoints - The report focuses on the promotion of service industry consumption policies and the development of high - tech industries. It also presents the current situation of different industrial chains from upstream to downstream [1][2] Summary by Directory 1. Middle - view Event Overview Production Industry - The Ministry of Industry and Information Technology issued a guidance on satellite communication industry development, aiming to have over ten million satellite communication users by 2030 [1] Service Industry - Suzhou optimized its real - estate policy by canceling the 2 - year restriction on reselling newly - built commercial housing in urban areas. The Ministry of Commerce will introduce policies to promote service exports and expand service consumption [2] 2. Industry Overview Upstream - Black: Glass prices declined. Energy: International crude oil prices fluctuated. Chemical: Urea prices dropped significantly, while PTA prices increased [3] Middle - stream - Chemical: PX operating rate increased, while PTA operating rate continued to decline. Energy: Power plant coal consumption remained stable. Infrastructure: Asphalt operating rate decreased [3] Downstream - Real estate: Seasonal decline in commercial housing sales in first - and second - tier cities. Service: The number of domestic flights remained high and stable [4] 3. Key Industry Price Index Tracking - On August 27, price changes were observed in various industries. For example, in agriculture, the spot price of corn decreased by 0.55%, and in energy, the spot price of WTI crude oil increased by 2.40% [35]

关于公司及控股子公司 2022 年至 2025 年上半年涉及诉讼的补充 公告 证券代码：600606 证券简称：绿地控股 编号：临 2025-032 绿地控股集团股份有限公司 重要内容提示： ●绿地控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日收 到中国证券监督管理委员会上海监管局（以下简称"上海证监局"）出具的行政 监管措施决定书（沪证监决[2025]79 号）。根据行政监管措施决定书责令整改 的要求，现将公司及控股子公司 2022 年至 2025 年上半年涉及诉讼事项情况进行 公告。 ●公司所处的房地产及基建行业进入深度调整期，公司及控股子公司所涉及 的相关诉讼事项出现一定程度上升。对此，公司始终高度重视，并把诉讼化解工 作摆在重要位置，采取组建工作专班、实施领导包案、强化督办考核、完善重大 诉讼化解机制等措施，全力予以推进。经过公司妥善处理，过往的诉讼事项，大 部分处于已决状态。对于未决诉讼事项，公司也将持续加大工作力度，予以妥善 处理，进一步减小对公司经营活动的影响，依法保护公司及广大投资者的合法权 益。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ...

Economic Growth Observation - The economic growth in China is expected to slow down, with a forecasted year-on-year growth rate of approximately 4.5% for Q3 2025 [3] - Export growth is projected to decline from 7.2% in July to 5%-6% in August due to high base effects and a pullback in prior export demand [3] - Domestic consumption remains weak, particularly in the automotive and home appliance sectors, with significant declines in sales despite government subsidies [5][7] - Infrastructure investment shows a slight recovery, but its sustainability is questioned due to reduced government bond financing [8][10] Market Sentiment - Despite the economic slowdown, market sentiment remains optimistic, supported by ample liquidity and proactive policy measures [12] - The liquidity environment has turned positive since June 2025, with significant inflows into the offshore Chinese stock market, estimated at 15-17 trillion RMB in H1 2025 [14] - There is a notable shift in residents' asset allocation from savings to capital markets, indicated by a decrease in deposits and an increase in investments in non-bank financial products [16] Policy Response - The Chinese government is addressing core challenges categorized as "3D" (de-leveraging, insufficient demand, structural transformation) through targeted policies [19] - Recent government meetings emphasized the continuity of cyclical policies and the acceleration of consumer support measures [19] - The government is also considering capacity adjustments in the refining and petrochemical sectors to address oversupply issues [19] Central Bank Stance - The central bank's recent monetary policy report indicates a focus on the quality of liquidity management rather than direct market support [20] - There has been a gradual reduction in net liquidity injections since June, with interbank market rates aligning with policy benchmark rates [20] Leverage Levels - Current leverage levels in the A-share market are deemed reasonable, with the margin financing balance exceeding 2 trillion RMB (approximately 290 billion USD) [23] - The proportion of margin financing to free-floating market value is around 4.8%, slightly below the 10-year average of 4.9% [23] - The risk of government intervention due to excessive leverage is considered low in the short term, although vigilance is advised if leverage indicators rise significantly [27]

Economic Growth Observation - The economic growth in China is expected to slow down, with Morgan Stanley predicting a year-on-year growth rate of approximately 4.5% for Q3 2025, influenced by various weakening indicators observed in August [1] - Export growth is anticipated to decline from 7.2% in July to a range of 5%-6% in August due to high base effects and a pullback in prior export demand [1] - Domestic consumption remains weak, particularly in the automotive and home appliance sectors, with significant declines in sales despite government subsidies [3] - Infrastructure investment shows a slight recovery, but its sustainability is questioned due to a decrease in net financing from government bonds [5][7] Market Sentiment - Despite the economic slowdown, market sentiment in the A-share market remains resilient, supported by ample liquidity and proactive policy measures [10] - The liquidity environment has turned positive since June 2025, indicating a shift towards a more accommodating financial landscape [10] - There is a notable shift in residents' asset allocation from savings to capital markets, as evidenced by a significant drop in household deposits and a rise in non-bank financial institution deposits [13] Policy Response - The Chinese government is addressing core challenges categorized as "3D" (de-leveraging, insufficient demand, structural transformation) through targeted policy measures [17] - Recent government meetings have emphasized the continuity of cyclical policies and the acceleration of consumer support measures to bolster domestic demand [17] - The government is also considering capacity adjustments in the refining and petrochemical sectors to tackle overcapacity issues, which may lead to the exit or upgrade of outdated production capacities [17] Central Bank Stance - The central bank's recent monetary policy report indicates a shift towards prioritizing the quality of liquidity management rather than merely injecting liquidity to support the stock market [18] - The central bank has reduced the scale of net liquidity injections since June, reflecting a recognition of the current level of liquidity [18] Leverage Levels - Current leverage levels in the A-share market are deemed reasonable, with the margin trading balance exceeding 2 trillion RMB (approximately 290 billion USD), yet remaining below historical peaks [21] - The proportion of margin trading balance to free float market value is around 4.8%, slightly below the 10-year average of 4.9% [21] - Although there has been a recent increase in the proportion of margin trading volume to daily A-share turnover, it remains significantly lower than the peaks observed in 2020 and 2015 [24]

Group 1: Rare Earth - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources released interim measures for total quantity control management of rare earth mining and smelting separation on August 22 [1] - The new management measures indicate a comprehensive upgrade in the regulatory level and scope of rare earth production control, potentially leading to a tightening of supply and an increase in rare earth prices [1][1] - Analysts predict that the domestic rare earth supply will continue to be tight, driving prices upward [1] Group 2: Innovative Pharmaceuticals - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs under research [2] - Since the 14th Five-Year Plan, 387 children's drugs and 147 rare disease drugs have been approved for market, addressing the medication needs of key populations [2] - Analysts believe that the rise of innovative drugs is sustainable, with significant potential for individual products and companies with leading technology platforms [2] Group 3: Photovoltaics - The China Photovoltaic Industry Association issued an initiative to strengthen industry self-discipline and maintain fair competition, urging downstream enterprises to optimize bidding rules [3] - Analysts expect that the photovoltaic industry will see a recovery in long-term profitability as supply-side policies progress and as the industry addresses current challenges [3][3] - The adjustment of polysilicon prices is anticipated to be accepted by the downstream market, leading to a return of component prices to cost levels [3] Group 4: Carbon Emissions - The Central Committee and the State Council released opinions on promoting green and low-carbon transformation and strengthening the national carbon market [4] - By 2027, the national carbon trading market is expected to cover major industrial sectors, with a significant increase in carbon emission quota prices from 46.60 yuan/ton in 2021 to 91.82 yuan/ton in 2024 [4][4] - The total transaction volume of carbon emission quotas reached 1.89 billion tons in 2024, with a total transaction value of 18.114 billion yuan, marking a new annual high [4] Group 5: Storage - Huawei is set to launch a new AI SSD on August 27, aimed at addressing traditional SSD shortcomings in the AI field [5] - The new SSD is expected to enhance data efficiency, which is crucial for enterprise productivity in the era of AI [5] - Analysts highlight the importance of high-performance storage in the training and inference processes of large models, positioning Huawei as a key player in the infrastructure of computing power [5] Group 6: Brain-Computer Interface - A multi-center clinical trial for brain-machine interface technology focusing on precise diagnosis and treatment of hydrocephalus has been initiated by top medical institutions in China [6] - This project marks a significant advancement in brain-machine interface technology, expanding its applications beyond traditional areas [6] - The integration of brain-machine interface technology into medical services has been facilitated by recent policy support from the National Medical Insurance Administration [6] Group 7: Forestry - The People's Bank of China and other regulatory bodies issued a notification to support high-quality development in forestry through financial measures [7] - The forestry sector is evolving beyond traditional timber production to include carbon sink development and ecological tourism [7] - The industry is expected to cover various fields, employing over 100 million people and contributing significantly to the economy [7]

Economic Indicators - The weekly ECI supply index is at 50.09%, up 0.01 percentage points from last week, while the demand index remains flat at 49.89%[6] - The monthly ECI supply index for August is at 50.08%, down 0.03 percentage points from July, and the demand index is at 49.89%, also down 0.03 percentage points from July[7] - The ECI export index is at 50.20%, down 0.03 percentage points from July, indicating a slight decline in export momentum[7] Liquidity and Monetary Policy - The ELI index is at -0.70%, up 0.21 percentage points from last week, indicating continued expansion of liquidity in August[11] - The central bank plans to conduct a 600 billion CNY MLF operation on August 25, with a net liquidity injection of 3,000 billion CNY for the month, doubling the net injection from July[13] - Total mid-term and short-term liquidity net injection for August is 6,000 billion CNY, which is twice the net injection scale of July[13] Industrial and Consumer Trends - Industrial production shows marginal recovery, with the operating rate for automotive tires increasing by 1.67 percentage points for full steel tires and 1.06 percentage points for semi-steel tires[14] - Passenger vehicle retail sales for the week ending August 17 averaged 59,068 units per day, a year-on-year increase of 3,867 units, with a 2.0% increase compared to the same period last year[20] - The real estate market shows a 15.1% year-on-year decline in sales area for 30 major cities, although the decline has narrowed compared to July[7] Export Performance - High-frequency data indicates that cargo throughput at monitored ports remains high, suggesting strong resilience in exports for August[7] - South Korea's export growth for the first 20 days of August is at 7.60%, indicating a recovery compared to July[31] Inflation and Price Trends - The average wholesale price of pork is 20.12 CNY/kg, down 0.08 CNY/kg from last week, which may affect the CPI for August[37] - Brent crude oil futures settled at 66.93 USD/barrel, up 0.71 USD/barrel from the previous week, while COMEX gold futures settled at 3,385.06 USD/ounce, down 10.50 USD/ounce[37]

Economic Overview - The quarterly GDP growth rate is expected to decline to around 4.5%, influenced by high base effects and a decrease in export growth from 7.2% in July to a range of 5-6% in August [1] - High-frequency data indicates a continued decline in the number of container ships from China to the U.S., reflecting ongoing export downturns [1] - Domestic demand remains weak, with significant drops in automobile and online home appliance sales despite government subsidies [1] - The real estate sector's ongoing decline is likely to continue affecting consumer confidence negatively [1] Market Liquidity and Investment Trends - The Morgan Stanley Free Liquidity Index has turned positive since June, indicating improved liquidity available for financial investments [2] - Approximately 1.5 to 1.7 trillion RMB net inflow into the A-share market in the first half of the year, with two-thirds coming from insurance companies due to regulatory changes [2] - Retail investors contributed an additional 400 to 500 billion RMB in net inflows [2] - There has been a notable increase in deposits from non-bank financial institutions, suggesting a shift of household savings towards the stock market [2] Policy and Structural Adjustments - Recent government measures to combat overcapacity in the petrochemical and refining sectors indicate a deepening understanding of structural economic challenges [3] - The State Council's recent meeting emphasized the continuity of policies and the acceleration of consumer promotion measures [3] - The central bank's liquidity management is shifting towards a neutral stance, focusing more on credit quality rather than urgent support for the stock market [3] Stock Market Leverage - The A-share margin trading balance has surpassed 2 trillion RMB for the first time since 2015, but still represents only 4.8% of the free float market value, slightly below the 10-year average of 4.9% [4] - Despite the increase in margin trading, the current leverage risk in the stock market remains manageable, reducing the likelihood of short-term policy interventions [4]

Market Overview - In July, the net outflow of broad-based ETFs reached 85.2 billion CNY, continuing the trend from June[12] - The net outflow from the CSI A500 ETF was particularly significant, totaling 41.2 billion CNY, indicating profit-taking by institutional investors as the index approached its October 2024 high[12] - The net inflow for industry ETFs was 11.82 billion CNY, with financial real estate and cyclical manufacturing ETFs being the primary contributors, attracting 6.61 billion CNY and 5.46 billion CNY respectively[16] Bond Market - In July, large commercial banks and policy banks net purchased 305.5 billion CNY in interest rate bonds, a significant increase from 37.4 billion CNY in June[34] - Conversely, the net selling of interest rate bonds by joint-stock banks reached 471.3 billion CNY, up from 406.3 billion CNY in June[34] - Insurance companies increased their net purchases of interest rate bonds to 199 billion CNY, focusing on long-term bonds[37] Commodity Market - The gold ETF experienced a net outflow of 1.57 billion CNY in July, marking a shift from previous inflows[41] - Energy and soybean meal ETFs also saw net outflows of 0.11 billion CNY and 1.38 billion CNY respectively, while non-ferrous metal ETFs maintained a net inflow of 0.175 billion CNY[41] Liquidity and Monetary Policy - The central bank maintained a net injection of 236.5 billion CNY in July, utilizing various monetary policy tools without adjusting reserve requirements or interest rates[46] - The central bank's operations included a notable 200 billion CNY in medium-term lending facility (MLF) to stabilize the funding environment[46] Risk Factors - Key risks include escalating geopolitical tensions, domestic macroeconomic policies falling short of expectations, and potential economic downturns abroad[49]