Group 1: AMD - The MI350 series is expected to drive revenue growth in the second half of 2025, with management guiding a median revenue of $8.7 billion for Q3 2025, exceeding previous expectations [1][2] - Q2 2025 revenue reached $7.7 billion with a Non-GAAP gross margin of 43.3%, both surpassing forecasts [1] - The target price for AMD has been raised to $196, reflecting a potential upside of 12.4% based on a 35x P/E ratio for 2026 [2] Group 2: Property Trust - The property trust reported a slight revenue decline of 2.0% year-on-year to HKD 854.5 million for the first half of 2025, with net property income down 3.2% to HKD 612.6 million [3][7] - Distributable income and distribution per unit (DPU) increased by 2.1% and 1.0% year-on-year, respectively, aligning with expectations [3] - The average interest cost decreased significantly to 3.5%, down 60 basis points year-on-year, which is expected to support further increases in DPU [3] Group 3: Internet Industry - Tencent's domestic revenue decreased by 12% year-on-year, while overseas revenue showed a positive growth of 5% [8][9] - New game launches are expected to mitigate the impact of high revenue bases in the second half of the year, with an estimated annual game revenue growth of 12% [9] - NetEase's domestic revenue grew by 5%, driven by new game contributions, indicating a stable performance in the mobile gaming sector [8][9]

Report on the Investment Rating of the Hong Kong Real Estate Industry - The report maintains a "Buy" rating for The Link Real Estate Investment Trust (778 HK) and provides ratings for other companies in the Hong Kong real estate, mainland real estate, and property service sectors, including "Buy" and "Neutral" ratings [1][5] Core Viewpoints of the Report - The performance of The Link Real Estate Investment Trust in the first half of 2025 was stable, with the distribution per unit (DPU) in line with expectations. The Hong Kong retail portfolio remained resilient, and the occupancy rate was maintained at a high level. The decrease in interest expenses in the first half of the year offset the decline in revenue, and the dividend yield was over 7%. The report maintains a "Buy" rating with an unchanged target price of HK$5.86 [1] Summary of Relevant Content Performance in the First Half of 2025 - Revenue decreased slightly by 2.0% year-on-year to HK$854.5 million (HK$871.8 million in the first half of 2024). Net property income decreased by 3.2% to HK$612.6 million (HK$633.1 million in the first half of 2024). The distributable income and DPU increased by 2.1%/1.0% year-on-year to HK$377.1 million/18.41 HK cents, approximately 48.8% of the full-year forecast DPU of 37.71 HK cents [1] Retail Portfolio and Occupancy Rate - With the completion of the asset enhancement project of +WOO, the occupancy rate increased by 0.9 percentage points year-on-year to a high level of 95.0% (94.1% in the first half of 2024). 11 out of 17 malls had an occupancy rate of over 96%. The asset enhancement plan for The Metropolis Plaza was postponed, and the company planned to re-let the previously vacated areas. It was expected that the overall occupancy rate would further improve in the second half of the year, driving up rents. As of the end of June 2025, approximately 72% of the tenant portfolio was composed of daily necessities and essential services (by area and rent). The company planned to optimize the tenant portfolio and expected the overall rent of the malls to remain stable in the second half of the year [1] Interest Expenses - Due to the significant decline in HIBOR starting in May 2025, the overall average interest cost in the first half of 2025 was 3.5%, a year-on-year decrease of 60 basis points. The actual borrowing cost excluding the fair value change of derivative financial instruments decreased by 12.6% year-on-year to HK$173.3 million (HK$198.1 million in the first half of 2024). Approximately 50% of the company's floating-rate liabilities would continue to benefit from the decline in HIBOR in the second half of the year, saving more interest expenses to support the increase in DPU [1] Ratings and Target Prices of Other Companies - The report provides ratings and target prices for other companies in the Hong Kong real estate, mainland real estate, and property service sectors, including "Buy" and "Neutral" ratings, and calculates the potential upside for each company [5]

Core Viewpoint - The report from CMB International maintains a target price of HKD 5.68 for Prosperity REIT (00778) and keeps a "Buy" rating, citing a decrease in interest expenses that is expected to lead to an increase in dividends for the year [1] Group 1: Financial Performance - Prosperity REIT's performance for the first half of 2025 is stable and largely in line with market expectations, with a slight year-on-year revenue decrease of 2% to HKD 854.5 million due to rental reductions on some assets [1] - The distributable income and distribution per unit (DPU) for the first half of 2025 increased by 2.1% and 1% year-on-year, respectively, aligning with expectations [2] Group 2: Rental and Occupancy Rates - The occupancy rate improved by 0.9 percentage points to a high level of 95% for the year, with 11 out of 17 shopping malls achieving occupancy rates above 96% [2] - The company plans to re-lease previously vacated spaces in the Prosperity Plaza, expecting further improvement in overall occupancy rates and rental recovery in the second half of the year [2] Group 3: Tenant Composition and Strategy - Approximately 72% of Prosperity REIT's tenant mix consists of essential services and daily necessities, which helps maintain resilience in the retail portfolio [2] - The company aims to optimize its tenant mix by introducing more specialty dining and new brands to mitigate the impact of pressured sectors, with expectations for overall rental stability in the second half of the year [2] Group 4: Interest Expense and Dividend Outlook - The company is expected to benefit from a decrease in HIBOR, which will help save on interest expenses for about 50% of its floating-rate debt, supporting an increase in DPU [2]

星展发布研报称，冠君产业信托(02778)旗下写字楼组合出现负续租增长，更换戏院营运商所引致的租 金下调仍然拖累朗豪坊商场的租金收入。尽管香港银行同业拆息下跌能节省利息，但盈利前景仍然充满 挑战。该行维持冠君产业信托"持有"评级，目标价由1.75港元升至2.21港元，主要反映较低的融资成本 假设。 ...

花旗发表研究报告，认为置富产业信托最坏时刻已过，上调对其预测，最新料2025及26年每单位分派按 年升1%及持平，基于零售销售及客流量自次季起回稳，周期性因素或带动下半年出现温和增长。集团 的浮动利率债务占比为50%，若HIBOR维持约1%，融资成本有望于2025年底进一步降至约3%。此外， 出租率达95%保持韧性，租户续约率亦达82%；如透过租户组合调整及资产提升工程，或有上行空间。 该行维持对其"买入"评级，目标价由4.6港元上调至5.56港元。 ...

Core Viewpoint - CGS International's report indicates that CapitaLand Ascendas REIT's performance for the first half of 2025 is largely in line with expectations, with new asset acquisitions expected to positively impact revenue and DPU in the second half of the year [1][2] Group 1: Financial Performance - CapitaLand Ascendas REIT's DPU for the first half of 2025 was 7.477 Singapore cents, accounting for 48.5% of CGS International's full-year forecast [1] - Total revenue and net property income (NPI) experienced slight year-on-year declines of 2% and 0.9%, respectively, due to asset divestments [1] - The DPU saw a minor year-on-year decrease of 0.6%, primarily due to an expanded unit base for fundraising purposes [1] Group 2: Operational Metrics - The overall portfolio occupancy rate stood at 91.8% as of the end of the first half of 2025 [1] - The rental recovery rate for the second quarter of 2025 reached +8%, indicating strong performance [1] - The total leverage ratio was reported at 37.4%, with 75.9% of the debt being fixed-rate, reflecting a healthy balance sheet [1] Group 3: Future Growth Prospects - Future growth is expected to be driven by newly acquired assets, including a data center and a science park property in Singapore, valued at approximately 725 million Singapore dollars, anticipated to contribute to revenue starting in the second half of 2025 [2] - There are ongoing redevelopment and asset enhancement projects valued at around 500 million Singapore dollars within the Singapore portfolio, expected to be completed between Q4 2025 and Q1 2028, providing visibility for mid-term growth [2] - CGS International has adjusted its DPU forecasts for the fiscal years 2026 to 2027 upward by 0.71% to 2.59%, while slightly lowering the 2025 fiscal year forecast due to the impact of equity financing activities [2]

智通财经APP讯，置富产业信托(00778)发布截至2025年6月30日止6个月中期业绩，该信托收益8.55亿港 元，同比减少1.98%;期间亏损(未计与基金单位持有人的交易)6.53亿港元，同比增加1695.24%;每基金单 位基本亏损31.96港仙；可供分派予基金单位持有人的收益3.77亿港元，同比增加2.06%；中期每基金单 位拟分派18.41港仙。 公告称，总收益下降乃由于租金调升率取得负增长所致，当中主要来自超级市场和地产代理，尽管代收 费用收入及停车场收益增加以及整体平均出租率较上年同期上升抵销了部分租金减幅。 ...

该行预期政策利好将仍是股价主要催化剂，若中国政府推出提振香港经济增长的政策，相信将利好写字 楼租赁需求及房托板块情绪。另外，房托基金纳入"港股通"的任何进展亦可能成为催化剂。 智通财经APP获悉，星展发布研报称，泓富产业信托(00808)旗下物业组合出租率维持约94%，短期空置 风险有限。虽然续租租金跌幅预期较2024财年的6.4%扩大，但受惠于HIBOR下跌所带来的利息支出减 少，预期盈利表现将获支持。该行维持泓富产业信托的"买入"评级，目标价由1.58港元升至1.71港元， 预测2025年每基金单位分派(DPU)将增长约3%，全年分派收益率达约9%。 ...

Core Viewpoint - DBS has released a report indicating that the occupancy rate of the properties under Prosperity Industrial Trust (00808) remains stable at approximately 94%, with limited short-term vacancy risks [1] Summary by Relevant Sections Financial Performance - Although the expected decline in renewal rental rates for the fiscal year 2024 is projected to widen to 6.4%, the decrease in interest expenses due to the drop in HIBOR is expected to support profitability [1] - The target price for Prosperity Industrial Trust has been raised from HKD 1.58 to HKD 1.71, with a forecasted growth of approximately 3% in Distribution Per Unit (DPU) for 2025, leading to an annual distribution yield of about 9% [1] Market Catalysts - The report anticipates that favorable policies will continue to be a major catalyst for the stock price, particularly if the Chinese government introduces measures to boost economic growth in Hong Kong, which is expected to positively impact office leasing demand and sentiment in the REIT sector [1] - Any progress regarding the inclusion of REITs in the "Hong Kong Stock Connect" could also serve as a catalyst [1]

Overview - The report highlights the synergy between the "anti-involution" policy and domestic demand policies, which is expected to drive the Hong Kong stock market to new highs in 2025 [2][5] - The "anti-involution" policy is being implemented across multiple industries, likely curbing price wars and boosting corporate profit expectations [2][5] - Demand-side policies, such as infrastructure projects and childcare subsidies, are providing positive support for market sentiment [2][5] Macro Strategy - The liquidity environment remains loose, but there are warnings about the potential for a temporary strengthening of the US dollar [2][3] - The Federal Reserve's interest rate cuts may be delayed until the fourth quarter of 2025 due to resilient economic indicators in the US [2][3] - Despite the crowded short positions on the dollar, the current liquidity in the Hong Kong market is ample, with reasonable valuation levels providing an ideal allocation window for investors [2][3] Industry Allocation Strategy - The report maintains a "high elasticity" and "high dividend" barbell strategy for industry allocation [4][6] - The internet and AI hard technology sectors are expected to benefit from a slowdown in subsidy wars, with corporate profits likely to be revised upwards [6] - The biopharmaceutical sector is supported by ample funding from overseas pharmaceutical giants and a rich pipeline of innovative drugs in mainland China [6] - Traditional industries and emerging sectors like photovoltaics and lithium batteries are expected to benefit from improved industry competition dynamics due to the "anti-involution" policy [6] - High-dividend sectors such as banking and insurance are recommended as stable income sources during market volatility [6] Company Highlights - **China Ping An (2318HK)**: Expected to benefit from a favorable stock market environment, with an attractive valuation and a target price of HKD 73.00, representing a potential upside of 35.3% [7][9] - **Link REIT (823HK)**: Anticipated to maintain stable dividends with a target price of HKD 47.70, reflecting an 8.7% potential upside, supported by a favorable consumption environment [15][17] - **OmniVision Technologies (603501CH)**: Positioned to benefit from domestic semiconductor supply chain localization and rising automotive demand, with a target price of RMB 180.00, indicating a potential upside of 48.4% [20][22] - **Alibaba (BABAUS/9988HK)**: Expected to see valuation adjustments driven by AI and cloud business leadership, with a target price of USD 165, representing a potential upside of 40.6% [28][30] - **Xpeng Motors (9868HK)**: Projected to achieve breakeven due to strong new car cycles, with a target price of HKD 134.69, indicating an 88.1% potential upside [34][36] - **Zymeworks (6996HK)**: Highlighted for its promising drug pipeline and potential for significant revenue growth, with a target price of HKD 6.60, representing a 14.2% upside [41][43] - **Anta Sports (2020HK)**: Expected to drive high-quality growth through a multi-brand strategy, with a target price of HKD 110.20, indicating a potential upside of 22.4% [45][47]