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]

Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT was 82.1% in Q2, with an overall property occupancy rate of 85.3% [1] - The leasing market is affected by a persistent oversupply, leading to high vacancy rates in the office market, prompting landlords to lower rents as a competitive strategy [1] - The rental price for China Merchants Hanghua Science and Trade Center was adjusted from RMB 224.7 per square meter to RMB 219.3 per square meter, resulting in a significant occupancy rate increase from 70% to 92.2%, a rise of 22.1 percentage points [1] Group 2 - The occupancy rate of Shenzhen Net Valley's Grade B office buildings, including Digital Plaza, decreased by 10.5 percentage points to 89.5%, with rental prices dropping from RMB 123.1 per square meter to RMB 120.9 per square meter [2] - Despite the decline, the operational performance of the Grade B offices remains above the average level of the Shenzhen office leasing market [2] - The Garden City Shopping Center showed strong performance, with occupancy rising from 95.9% to 97.9%, indicating positive operational conditions based on various metrics [2]

智通财经APP讯，春泉产业信托(01426)发布公告，截至2025年6月30日止3个月，华贸物业平均月租约为 每平方米人民币347元，与上一季度相比下降0.6%，平均租用率约为86%，与上一季度相比持平。北京 办公楼市场仍然充满挑战，团队将继续优先维持出租率，而非租金。 春泉产业信托于2022年9月28日完成收购惠州物业68%的权益。截至2025年6月30日止3个月，惠州物业 平均月租约为每平方米人民币168元，其中包括固定租金每平方米人民币153元(2025年第一季度：每平 方米人民币164元)，及浮动租金每平方米人民币15元(2025年第一季度：每平方米人民币25元)，与上一 季度相比下降11.1%，平均租用率约为95%，与上一季度相比增长4个百分点。 惠州物业于2025年6月30日的总可出租面积为10.29万平方米。该物业的总可出租面积可能会因配合租户 的需求而进行重新配置而不时产生变化。 ...

Group 1: Restaurant Industry Insights - The takeaway platforms have initiated a subsidy war, leading to a surge in daily order volume since July 2025, benefiting the restaurant industry significantly [1] - Among the segments, ready-to-drink beverages are expected to benefit the most from subsidies, with some prices aligning with bottled water/tea beverages, indicating a strong market potential [1] - The penetration rate of ready-to-drink beverages in China still has ample room for growth, and sustained subsidies could accelerate their market share against bottled drinks [2] Group 2: Supply Chain and Operational Efficiency - The dual increase in penetration and frequency presents substantial growth opportunities for restaurant businesses, but it also raises the bar for order fulfillment and operational efficiency [2] - Leading companies with brand and supply chain advantages are likely to leverage the current subsidy environment to enhance their market share and scale effects [2] Group 3: Key Players and Market Trends - Companies such as Mixue Ice City, Luckin Coffee, and Yum China are highlighted as key players to watch for market trends and potential growth opportunities [2] - The industry is expected to see further consolidation, with top brands achieving higher quality development through scale advantages [2] Group 4: Kingsray Bio Insights - Kingsray Bio's core non-cellular business is projected to turn profitable in 1H25, with adjusted pre-tax profits expected between $175 million to $205 million, a significant recovery from a loss of $128 million in the previous period [7] - The sales performance of Carvykti in Q2 2025 exceeded expectations, with sales reaching approximately $439 million, reflecting a year-on-year growth of 136% [8] Group 5: Jiumaojiu Performance Review - Jiumaojiu faced ongoing operational pressures in Q2 2025, leading to a downward revision of profit forecasts, maintaining a neutral rating [9] - Same-store sales for key brands showed a decline, with Jiumaojiu's same-store daily sales dropping by 18.5% year-on-year in Q2 [10] - The company is focusing on optimizing its store network, with a net reduction of 51 stores in Q2, primarily from underperforming locations [10]

Core Insights - The report highlights that the Hong Kong stock market is entering a favorable trading period due to multiple positive factors, with the Hang Seng Index approaching its March high for the year [1] - The technology sector is expected to be a key driver for the next round of market uptrend, supported by a release of valuation pressure [1] - A more robust fundamental support and policy catalysts are necessary for a broader market recovery and increased investor participation [1] Market Overview - The Hang Seng Index closed at 24,072, down 0.87% year-to-date but up 20% since the beginning of the year [3] - The report provides a comparative analysis of major global indices, indicating varied performance across different markets [3] - Key commodities and foreign exchange prices are also summarized, showing significant fluctuations in Brent crude oil and precious metals [3] Consumer Sector Analysis - The consumer market in China is experiencing a mild recovery trend, with essential consumption sectors showing resilience amid market volatility [4][5] - The report anticipates that the essential consumption sector will see improved profitability due to stable demand and inventory adjustments in the second half of 2025 [5] - Emerging consumer sub-sectors are expected to perform well, with specific recommendations for companies like Pop Mart and Mengniu [6] Recommendations - The report suggests focusing on companies that can capture consumer trends and have high growth potential in niche markets, such as Pop Mart [6] - Companies benefiting from policy stimuli and improved operational efficiency, like Mengniu and Midea, are also recommended [6] - Long-term growth prospects for leading companies in stable industries, such as Anta and China Resources Beer, are highlighted as potential investment opportunities [6] Economic Data Insights - Upcoming economic data releases for the U.S. and China are outlined, including manufacturing indices and unemployment claims, which may impact market sentiment [8]

Group 1: Lithium Market Insights - The lithium market is currently at a cyclical low, but positive signs are emerging, with institutional investors showing confidence in mining and exploration stocks related to energy transition [1][2] - A global survey by Harbour revealed that around half of the institutional investors are looking for growth in natural resource stocks linked to energy transition [1][2] - Lithium has replaced copper as the second most likely commodity to attract institutional investment in Australia, Canada, the US, and the UK/Europe [2] Group 2: Demand Drivers for Lithium - Argonaut's report highlights several positive demand drivers for lithium, particularly from electric vehicles (EVs) and battery energy storage systems (BESS), with a projected 30% increase in global EV sales by 2025 [3][4] - The global sales of electric vehicles reached 1.6 million units in May, marking a 24% year-on-year increase [4][5] - Despite current oversupply in the lithium market, Argonaut predicts a rapid price recovery once a moderate shortage occurs, with expectations for lithium spodumene prices to peak at $1,500 per ton by the end of 2026 [7][9] Group 3: Future Price Projections - Argonaut forecasts that the lithium market will rebalance by 2027, with a long-term price projection of $1,600 per ton for lithium spodumene, significantly higher than current spot prices [9][10] - The report indicates that existing production capacity may be restarted in response to rising prices [8][9] Group 4: Broader Economic Context - The Australian government anticipates that gold will become the third-largest export commodity next year, driven by increased demand for safe-haven assets amid global uncertainties [15] - Overall, Australia's resource and energy export revenue is expected to decline by 4% in the coming year, influenced by global trade barriers and economic slowdowns [15][16]