Group 1 - The company has entered into a subscription agreement with GM for the issuance of 11.5 million GM subscription shares at a price of HKD 1.14 per share, representing approximately 1.14% of the total issued shares as of the announcement date [1] - The subscription price of HKD 1.14 per GM share reflects a discount of about 19.72% compared to the last closing price of HKD 1.42 and a discount of approximately 14.80% compared to the average closing price over the five trading days prior to the last trading day [1] - The GM subscription shares will be subject to a lock-up period until December 21, 2026 [1] Group 2 - The company has also entered into a subscription agreement with RL for the issuance of 130 million RL subscription shares at the same price of HKD 1.14 per share, which represents about 12.90% of the total issued shares as of the announcement date [2][3] - The total gross proceeds from the issuance of RL subscription shares will be HKD 148.2 million, with a net amount of approximately HKD 147.2 million intended for asset-oriented investments, project cultivation plans, Web3-related applications, and general working capital [3] - The RL subscription shares will also be subject to a lock-up period until December 21, 2026 [2][3] Group 3 - The company has entered into a warrant subscription agreement with RL, agreeing to issue warrants with a total value of HKD 306.7 million, which can be exercised within one year from the date of issuance at an initial exercise price of HKD 1.704 per share [3][4] - The gross proceeds from the issuance of warrants are expected to be HKD 18 million, with a net amount of approximately HKD 16 million, which will also be used for asset-oriented investments, project cultivation plans, Web3-related applications, and general working capital [4] - The warrants, when fully exercised, will result in the issuance of 180 million shares, representing about 17.86% of the total issued shares as of the announcement date [4] Group 4 - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from 9:00 AM on January 21, 2026 [5]

Core Insights - Shenzhen Holdings (00604.HK) announced significant business progress for Q4 2025, highlighting achievements in both urban comprehensive operations and real estate development. Urban Comprehensive Operations - The company has received recognition for its operational capabilities, with its subsidiary, Deep Industry Operations, being awarded "2025 Leading Brand in Property Service Quality" and ranking 15th in the "2025 Guangdong-Hong Kong-Macao Greater Bay Area Property Service Power Top 100" list, the highest among state-owned enterprises in Shenzhen [2] - Deep Industry Operations has successfully introduced high-end retail brands and innovative concepts, such as the first "Shanghai Tang" in South China and a flagship store featuring humanoid robots, showcasing a dual breakthrough in luxury and technology [3] - The company has accelerated its asset-light expansion strategy, successfully securing commercial projects like the China Merchants Bank Global Headquarters and signing technical service agreements for serviced apartments, enhancing its project reserve and market recognition [4] Real Estate Development - The company has actively adjusted its marketing strategies to promote sales amid market fluctuations, achieving an unaudited contract sales amount of approximately 3.473 billion RMB and a sales area of about 189,663 square meters in Q4 2025 [5] - The company has maintained strict control over project timelines to ensure high-quality delivery, with several projects, including Shanghai Shen'an Shangju and Shenzhen Shenye Yinying Tower, successfully completed and delivered on schedule [5] - In 2025, the company completed 16 phased projects with a total construction area of approximately 1.545 million square meters, continuing to provide high-quality products to the market [5]

2026 年 1 月 17 日 要点 一、近期《求是》集中刊文聚焦房地产和城市更新，改善和稳定楼市预期。 1）1 月 2 日，《求是》杂志刊文《改善和稳定房地产市场预期》，提出"房地 产带有显著的金融资产属性…加强预期管理对稳定房地产市场具有特殊重要 性", "政策要一次性给足，不能采取添油战术，导致市场与政策陷入博弈状态"。 2）1 月 15 日，《求是》杂志刊发习近平总书记《在中央城市工作会议上的讲话》， 提出"我国城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩 张阶段转向存量提质增效为主的阶段"，"以坚持城市内涵式发展为主线……大 力推动城市结构优化、动能转换、品质提升"。同日另一刊文《现代化人民城市 怎么建》提出"实施存量更新、激活存量资源潜力将成为带动增量投资、拓宽收 入来源、提升资产价值的重要途径，不仅为进一步拉动内需提供重要支撑，也必 将为城市高质量发展注入新动能"。 3）1 月 16 日，《求是》杂志刊文《高质量推进城市更新》，提出"城市更新是 稳投资、促消费的关键载体"，"十五五"期间，实施城镇老旧小区改造、老旧 街区改造、老旧厂房改造、城市基础设施更新改造等城市更新重点任务， ...

Group 1 - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 128.695, up 0.15% from the previous close in Hong Kong; Tencent Holdings closed at HKD 612.833, down 0.76% [2] - Tencent Holdings reported a latest price of HKD 617.500, with a decrease of HKD 4.500 or 0.72%; its ADR price is HKD 612.833, reflecting a decline of HKD 4.667 [3] - HSBC Holdings had a latest price of HKD 128.500, increasing by HKD 0.300 or 0.23%; its ADR price is HKD 128.695, showing a slight increase of HKD 0.195 [3] Group 2 - Other notable stocks include China Construction Bank at HKD 7.830, down 0.25%, and Xiaomi Group at HKD 37.100, down 2.01% [3] - AIA Group saw a decline of HKD 1.300 or 1.53%, closing at HKD 83.550; its ADR price is HKD 83.075, down HKD 0.475 [3] - Meituan-W closed at HKD 100.000, down 0.79%, while JD.com saw a decrease of HKD 1.500 or 1.30%, closing at HKD 113.600 [3]

本报讯 （记者张文湘）近日，上海可研管理咨询有限公司（以下简称"可研智库"）在深圳举办"可研智 库2025年度研究成果发布会"。本次发布会以"营之道：企业保值的自我革命"为主题，汇集了行业标杆 企业实践者，共论地产行业深度转型之路。 可研智库基于对327家地产开发及物业企业的连续6年跟踪研究，发布了2025年行业核心数据诊断。同 时，可研智库联合行业实践者提出了五条清晰的行动路径建议。 可研智库创始人兼总经理贾春晖在开场致辞中表示："所有曾经的安全边际都在消失，转型是唯一的生 路。从'空间建造者'向'城市运营综合服务商'的革命性转型，已经不是企业的战略选项，而是生存必 需。" 可研智库认为，面对新形势，企业需要重新定位为"城市运营合伙人"，从单纯的土地开发者转变为与城 市共同成长的综合服务商；企业组织能力成为转型的核心支撑，头部央国企可构建"战略引领型组织"， 出险房企则应建立"风险化解型组织"。 可研智库还认为，"好房子"已从政策号召演变为唯一的生存法则，竞争维度已从单点突破升维为体系化 能力的全面比拼；物业企业根本破局在于推动一场组织革命，从封闭的"成本中心"重塑为开放的"社区 生态运营平台"；城市运营需 ...

Summary of Key Points from Conference Call Records Industry and Company Overview - **Industry Focus**: The conference call primarily discusses the express delivery and real estate sectors in Hong Kong, highlighting investment opportunities for 2026. - **Key Companies Mentioned**: - Zhongtong Express (中通快递) - SF Holding (顺丰控股) - JD Logistics (京东物流) - SF Same City (顺丰同城) - YTO Express (圆通速递) - Roman Technology (罗曼股份) - Shanghai Port Bay (上海港湾) - New World Development (新鸿基地产) - Henderson Land Development (恒基地产) - Sino Land (信和置业) Core Insights and Arguments - **Zhongtong Express**: Benefiting from market share growth and a clear trend of differentiation, it is positioned as a key investment in the e-commerce delivery sector with significant valuation recovery potential [1][2]. - **SF Holding and JD Logistics**: Both companies are expected to see performance recovery through cost reduction and efficiency improvements, as well as tightening of loss-making operations, enhancing their operational flexibility [1][3]. - **SF Same City**: Positioned as an independent third-party instant delivery service provider, it is expected to achieve high growth and profit increases due to the development of instant retail [1][3]. - **Roman Technology**: In the AI infrastructure sector, it has a large order scale and strong policy support, with high certainty of performance growth expected in 2025-2026 [1][4]. - **Shanghai Port Bay**: Entering the satellite energy system sector through acquisitions, it stands to benefit from the accelerated development of commercial aerospace and the adoption of perovskite technology, enhancing future demand [1][4]. - **Hong Kong Real Estate Market**: The market is experiencing a recovery in transaction volume and prices, with new home transaction volume expected to reach a 20-year high in 2025 and second-hand home prices rebounding by 8% since April of the previous year [1][5]. - **Interest Rate Expectations**: Anticipated declines in USD interest rates are expected to lower Hong Kong mortgage rates, benefiting major Hong Kong real estate companies such as New World Development, Henderson Land Development, and Sino Land, improving rental income and stabilizing dividends [1][5][6]. Additional Important Insights - **Investment Opportunities in Express Delivery**: The express delivery sector in 2026 presents multiple investment opportunities, particularly in companies like Jitu Express, SF Same City, Zhongtong Express, YTO Express, SF Holding, and JD Logistics [2]. - **Focus on Growth Stocks**: Jitu Express is highlighted as a growth stock with high growth potential in Southeast Asia and Latin America, with upcoming quarterly reports expected to catalyze market performance [3]. - **Real Estate Sector Dynamics**: The attractiveness of Hong Kong real estate stocks is underpinned by the recovery of the real estate market, with stable dividends and improved valuations for companies with strong land reserves and rental income [6]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the investment landscape in the express delivery and real estate sectors for 2026.

Core Viewpoint - The strategic partnership between Baisheng Intelligent and Baolong Group aims to enhance parking management and service levels through professional operational collaboration, leveraging Baolong's extensive property portfolio and Baisheng's integrated parking solutions [1] Group 1: Partnership Details - Baisheng Intelligent has signed a strategic cooperation agreement with Baolong Group, which holds commercial parking rights across the country [1] - The collaboration focuses on systematic operation of commercial parking lots, enhancing the efficiency of parking space management [1] Group 2: Strategic Value - The partnership is expected to provide strong support for Baisheng Intelligent's parking operations and embodied intelligent robot strategy, facilitating implementation [1] - Baolong Group's extensive real estate business allows Baisheng Intelligent to reduce costs and market entry barriers for developing parking operations [1] Group 3: Technology Integration - Baisheng Intelligent's smart security hardware and embodied intelligent robot products will quickly enter vertical scene applications, aligning with the company's strategic goals [1]

Core Viewpoint - The annual dividend distribution for the residents of Liede Village in Guangzhou has commenced, with villagers eagerly participating in the process to receive their shares for the year 2025 [2][3][10]. Group 1: Dividend Distribution Process - On January 8, 2026, Liede Village will distribute the 2025 annual dividend to its shareholders, which includes new property shares [6][7]. - Villagers are required to present their dividend savings books at designated banks to process their claims [8]. - The atmosphere during the distribution day is lively, with villagers queuing early in the morning to receive their dividends [9][10]. Group 2: Dividend Amounts and Distribution Criteria - The dividend per share for this year is approximately 400 yuan, with some families receiving up to 40,000 yuan based on their shareholdings [13][14]. - The distribution of shares is based on clear criteria: labor shares for those who participated in village labor, welfare shares for villagers born before January 1, 1995, and land shares calculated based on property area [17][19]. Group 3: Economic Transformation of Liede Village - Liede Village has undergone significant transformation since 2007, evolving from an old village to a modern community with high-rise buildings and comprehensive amenities, driven by the development of the Zhujiang New Town [20][21]. - The successful operation of high-end residential and commercial projects in Liede Village has generated continuous rental income and land appreciation, ensuring a stable dividend for villagers [22][23]. Group 4: Villagers' Perspectives - Despite receiving substantial dividends, many villagers emphasize the importance of hard work and maintaining traditional labor values as the foundation of their livelihood [25][27].

Core Viewpoint - The Hong Kong Hang Seng Index increased by 82.48 points, or 0.32%, closing at 26,231.79 points, with a total turnover of HKD 245.13 billion [1] Group 1: Index Performance - The Hang Seng Index rose by 82.48 points, closing at 26,231.79 points, reflecting a 0.32% increase [1] - The National Enterprises Index increased by 9.19 points, closing at 9,048.53 points, with a 0.1% rise [1] - The Hang Seng Technology Index gained 8.8 points, closing at 5,687.14 points, marking a 0.15% increase [1] Group 2: Blue-Chip Stocks - Tencent Holdings decreased by 0.81%, closing at HKD 611 [1] - Hong Kong Exchanges and Clearing rose by 0.38%, closing at HKD 426.8 [1] - China Mobile remained unchanged at HKD 80.95 [1] - HSBC Holdings increased by 0.4%, closing at HKD 124.8 [1] Group 3: Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.33%, closing at HKD 42.1 [1] - Sun Hung Kai Properties rose by 1.36%, closing at HKD 104.2 [1] - Henderson Land Development increased by 0.89%, closing at HKD 29.62 [1] Group 4: Chinese Financial Stocks - Bank of China decreased by 0.68%, closing at HKD 4.39 [1] - China Construction Bank fell by 0.26%, closing at HKD 7.59 [1] - Industrial and Commercial Bank of China rose by 0.49%, closing at HKD 6.13 [1] - Ping An Insurance decreased by 0.28%, closing at HKD 70 [1] - China Life Insurance increased by 1.09%, closing at HKD 31.48 [1] Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.43%, closing at HKD 4.69 [1] - PetroChina increased by 1.63%, closing at HKD 8.1 [1] - CNOOC gained 1.26%, closing at HKD 20.94 [1]

Market Performance - The Hang Seng Index fell by 309.64 points, a decrease of 1.17%, closing at 26,149.31 points [1] - The Main Board recorded a total turnover of 268.275 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 99.41 points, closing at 9,039.34 points, a decline of 1.09% [1] - The Hang Seng Tech Index decreased by 60.18 points, closing at 5,678.34 points, down by 1.05% [1] Blue Chip Stocks - Tencent Holdings decreased by 1.36%, closing at 616 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.16%, closing at 425.2 HKD [1] - China Mobile declined by 0.55%, closing at 80.95 HKD [1] - HSBC Holdings dropped by 2.28%, closing at 124.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.59%, closing at 42.24 HKD [1] - Sun Hung Kai Properties rose by 3.21%, closing at 102.8 HKD [1] - Henderson Land Development gained 1.45%, closing at 29.36 HKD [1] Chinese Financial Stocks - Bank of China fell by 0.67%, closing at 4.42 HKD [1] - China Construction Bank decreased by 0.13%, closing at 7.61 HKD [1] - Industrial and Commercial Bank of China dropped by 0.65%, closing at 6.1 HKD [1] - Ping An Insurance declined by 1.27%, closing at 70.2 HKD [1] - China Life Insurance fell by 2.14%, closing at 31.14 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 1.48%, closing at 4.67 HKD [1] - China National Petroleum Corporation fell by 0.62%, closing at 7.97 HKD [1] - CNOOC Limited increased by 0.1%, closing at 20.68 HKD [1]