Core Viewpoint - The company reported a decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to a significant decrease in the fair value of investment properties [1] Financial Performance - The company achieved revenue of HKD 23.37 million, representing a year-on-year decrease of 3.5% [1] - The loss for the period was HKD 63.26 million, which is an increase of 271.33% compared to the previous year [1] - The loss per share was HKD 0.051 [1] Investment Property Valuation - The net decrease in the fair value of investment properties during the reporting period was HKD 60.05 million, compared to a higher amount of HKD 12.79 million in the same period last year [1]

Summary of Real Estate Industry Research and Conference Call Industry Overview - The Chinese real estate market has not fully adjusted, with new home sales down nearly 50% from peak levels, while total sales of new and old homes have only decreased by over 30%, indicating that the market has not reached the maximum decline of 50% seen in overseas experiences. Future sales are expected to continue declining, but at a slower rate [1][4] Key Insights and Arguments - Long-term trends in housing prices are aligned with rental prices. From 2016 to 2021, there was a significant bubble in housing prices, which have now converged towards rental price trends. However, during the adjustment period, there may be instances of overshooting, particularly in first-tier cities where structural pressures remain significant [1][6][7] - A major rally in overseas real estate markets typically requires a resonance between fundamentals and policies, with policies needing to enter a supportive phase and be sufficiently strong. Currently, the volume and price cycles in China have not fully adjusted, leading to a cautious outlook for a major rally in the real estate sector in the short term [1][8] - The rise in real estate stock prices is primarily a forward-looking response to future expectations. Long-term, stock prices reflect housing prices, while short-term movements are more influenced by policy changes. Historically, housing prices are anchored to rental prices, which reflect employment and income levels [1][9] Important but Overlooked Content - Key indicators for tracking the real estate industry include sales volume, housing prices, and policies. New home sales focus on the top 100 developers, while second-hand home sales are tracked through city-level transaction data. Due to price control policies, new home prices do not directly reflect market trends, necessitating a focus on second-hand home price indices [2] - Timing investments in the real estate sector is crucial, requiring an assessment of the industry's larger cycle. The core competitive advantages of real estate developers lie in their financing capabilities, capital turnover efficiency, and cost control [3][11] - To determine if the real estate market has bottomed out, both sales and price trends must be analyzed. Current sales levels are below historical averages, and while further declines are expected, the rate of decline is anticipated to slow [5] - The role of policy in the real estate market is significant, with government interventions typically occurring during economic downturns to stimulate the market. Recent trends indicate a shift towards more accommodative policies as economic pressures increase [10] - Evaluating real estate companies involves assessing their financing costs, turnover efficiency, and expense control, which can indicate long-term competitive advantages [12][14] - In commercial real estate and property services, opportunities are primarily driven by scarcity and brand efficiency, with a focus on leading state-owned enterprises and those with strong market expansion capabilities [15] Conclusion - The Chinese real estate market is currently in a state of adjustment, with significant implications for investment strategies. Monitoring key indicators and understanding the interplay between policy and market dynamics will be essential for identifying potential investment opportunities and risks in the sector [16][17]

Core Viewpoint - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index A (005051) has shown a recent decline in net value, with a current value of 1.2154 yuan, down by 0.55% [1] Performance Summary - The fund's performance over the past month has yielded a return of 1.37%, ranking 589 out of 667 in its category [1] - Over the last six months, the fund has achieved a return of 17.07%, ranking 152 out of 613 [1] - Year-to-date, the fund has returned 17.45%, ranking 202 out of 598 [1] Holdings Overview - The top ten holdings of the Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index A account for a total of 27.13%, with the largest positions being: - Far East Horizon (3.85%) - Chongqing Rural Commercial Bank (3.76%) - Hang Lung Properties (3.30%) - Postal Savings Bank of China (2.76%) - Zheshang Bank (2.61%) - PCCW (2.33%) - Hysan Development (2.23%) - PetroChina (2.14%) - Hang Seng Bank (2.08%) - China Construction Bank (2.07%) [1] Fund Details - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index A was established on December 4, 2017, and as of June 30, 2025, it has a total asset size of 1.806 billion yuan [1] - The fund is managed by Hu Di and He Zhihao [1]

Market Performance - The Hang Seng Index closed at 25,270, down 0.98% for the day but up 25.97% year-to-date [1] - The Hang Seng Tech Index closed at 5,543, down 0.59% for the day and up 24.06% year-to-date [1] - The Shanghai Composite Index rose by 0.83% to close at 3,696, with a year-to-date increase of 10.29% [1] Currency and Commodity Trends - The Renminbi Index is at 96.040, showing a 0.78% increase over the last month but a 4.49% decrease over the last six months [2] - Brent crude oil is priced at $66.210 per barrel, down 2.36% over the last month and down 8.75% over the last six months [2] - Gold is priced at $3,340.21 per ounce, reflecting a 0.51% increase over the last month and a 15.36% increase over the last six months [2] Company Developments - Zhongshou Games has formed a strategic partnership with OSL Group to integrate compliant virtual asset financial infrastructure with its global IP gaming ecosystem, aiming to promote a compliant stablecoin ecosystem [11] - Tencent Cloud has launched the CloudBase AI CLI, which can reduce coding time by 80% by allowing developers to manage AI tools through natural language commands [12] - Keling AI has introduced a new feature in its 2.1 model that enhances video generation capabilities, allowing for smoother transitions and better semantic understanding [13] - Reading Group has entered a strategic cooperation plan with Tencent's "Honor of Kings" to explore collaboration in the national creative content sector [14] Economic Indicators - The U.S. saw a net capital inflow of $77.8 billion in June, marking the second consecutive month of net inflows [15] - U.S. import prices rose by 0.4% in July, the largest increase in 15 months, while export prices met expectations [16] - U.S. Senate members are urging a reconsideration of policies allowing Nvidia and AMD to export AI semiconductor chips to China, citing national security concerns [17][18]

Core Viewpoint - Jiahua Department Store Holdings experienced a significant decline in stock price, dropping 10.0% to 0.072 yuan per share, with a trading volume of 1.0662 million yuan [1] Group 1: Company Overview - Jiahua Department Store Holdings Limited primarily engages in retail and real estate development, based in Shenzhen, aiming to enhance competitiveness through resource integration and diversification [1] - Over its 22-year history, the company has become a key economic driver in Shenzhen and Bao'an District, providing nearly 100,000 jobs and contributing over 60 million yuan in donations [1] Group 2: Financial Performance - As of the 2024 annual report, Jiahua Department Store Holdings reported total revenue of 379 million yuan and a net loss of 55.727 million yuan [1] - The company is set to disclose its interim report for the fiscal year 2025 on August 28 [1]

Core Viewpoint - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index C (005052) has shown a recent decline in net value, with a current value of 1.1781 yuan, down by 0.64% [1] Performance Summary - The fund's performance over the past month has yielded a return of 2.25%, ranking 1358 out of 1510 in its category [1] - Over the last six months, the fund has achieved a return of 18.84%, ranking 157 out of 1353 [1] - Year-to-date, the fund has returned 17.73%, ranking 386 out of 1322 [1] Holdings Overview - The top ten stock holdings of the fund account for a total of 27.13%, with the following allocations: - Far East Horizon: 3.85% - Chongqing Rural Commercial Bank: 3.76% - Hang Lung Properties: 3.30% - Postal Savings Bank of China: 2.76% - Zheshang Bank: 2.61% - PCCW: 2.33% - Henderson Land Development: 2.23% - China Petroleum & Chemical Corporation: 2.14% - Hang Seng Bank: 2.08% - China Construction Bank: 2.07% [1] Fund Details - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index C was established on December 4, 2017, and as of June 30, 2025, it has a total scale of 1.534 billion yuan [1] - The fund is managed by Hu Di and He Zhihao [1]

（文章来源：新华社） 香港本地股方面，长实集团跌1.74%，收报37.34港元；新鸿基地产跌5.35%，收报92港元；恒基地产跌 4.63%，收报27.6港元。 中资金融股方面，中国银行跌1.98%，收报4.45港元；建设银行跌2.26%，收报7.8港元；工商银行跌 3.09%，收报5.96港元；中国平安跌0.52%，收报57.6港元；中国人寿涨3.13%，收报24.36港元。 石油石化股方面，中国石油化工股份跌1.12%，收报4.43港元；中国石油股份跌0.39%，收报7.68港元； 中国海洋石油跌0.47%，收报18.9港元。 新华社香港8月15日电香港恒生指数15日跌249.25点，跌幅0.98%，收报25270.07点。全日主板成交 3126.87亿港元。 国企指数跌89.84点，收报9039.09点，跌幅0.98%。恒生科技指数跌32.86点，收报5543.17点，跌幅 0.59%。 蓝筹股方面，腾讯控股涨0.34%，收报592港元；香港交易所涨0.05%，收报439.4港元；中国移动跌 0.17%，收报88.25港元；汇丰控股跌0.1%，收报100.3港元。 ...

近日，华夏幸福一纸公告，将大股东平安系的股份减持计划和盘托出，也为这场长达七年的资本联姻，敲响了落幕的鼓点。 根据公告显示，平安人寿及其一致行动人平安资管，计划在9月1日-11月30日，拟减持所持股份不超过1.1741161亿股，占公司总 股本比例不超过3%。 | 股东名称 | 中国平安人寿保险股份有限公司与平安资产管理 | | --- | --- | | | 有限责任公司(代受托产品) | | 计划减持数量 | 不超过:117,411,610 股 | | 计划减持比例 | 不超过:3% | | 减持方式及对应减持数量 | 集中竞价减持,不超过:39.137.203 股 | | | 大宗交易减持,不超过:78,274,407 股 | | 减持期间 | 2025年9月1日~2025年11月30日 | | 拟减持股份来源 | 二级市场集中竞价、协议转让获得的股份,以及 | | | 该等股份因资本公积金转增股本而相应增加的股 | | | 份 | | 拟减持原因 | 股东自身业务安排及需要 | 减持方式将分为大宗交易和竞价交易两种方式，其中，大宗交易减持股份数量不超过总股本的2%，竞价交易减持股份数量不超 过总股本的 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

新华社香港8月13日电 香港恒生指数13日涨643.99点，涨幅2.58%，收报25613.67点。全日主板成交 2840.41亿港元。 国企指数涨233.2点，收报9150.05点，涨幅2.62%。恒生科技指数涨191.62点，收报5630.78点，涨 幅3.52%。 蓝筹股方面，腾讯控股涨4.74%，收报586港元；香港交易所涨2.28%，收报439.8港元；中国移动涨 0.57%，收报88.8港元；汇丰控股涨1.3%，收报101.5港元。 香港本地股方面，长实集团涨1.44%，收报37.94港元；新鸿基地产涨1.54%，收报95.35港元；恒基 地产涨1.99%，收报28.7港元。 中资金融股方面，中国银行涨1.1%，收报4.6港元；建设银行涨0.88%，收报8.02港元；工商银行涨 0.98%，收报6.16港元；中国平安涨1.61%，收报56.8港元；中国人寿涨0.71%，收报22.8港元。 石油石化股方面，中国石油化工股份涨0.68%，收报4.47港元；中国石油股份涨0.39%，收报7.7港 元；中国海洋石油涨1.17%，收报19.01港元。 【纠错】 【责任编辑:吴京泽】 ...