Core Viewpoint - The Hong Kong stock market experienced a decline on November 4, with the Hang Seng Index falling by 205.96 points, or 0.79%, closing at 25,952.4 points. The total turnover for the day was 239.986 billion HKD [1]. Group 1: Index Performance - The Hang Seng Index decreased by 205.96 points, closing at 25,952.4 points, representing a decline of 0.79% [1]. - The National Enterprises Index fell by 85.52 points, closing at 9,173.21 points, with a drop of 0.92% [1]. - The Hang Seng Technology Index dropped by 104.19 points, closing at 5,818.29 points, reflecting a decrease of 1.76% [1]. Group 2: Blue Chip Stocks - Tencent Holdings increased by 0.16%, closing at 629 HKD [1]. - Hong Kong Exchanges and Clearing decreased by 0.75%, closing at 425.6 HKD [1]. - China Mobile rose by 0.58%, closing at 86.7 HKD [1]. - HSBC Holdings fell by 0.28%, closing at 108 HKD [1]. Group 3: Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.02%, closing at 39.5 HKD [1]. - Sun Hung Kai Properties rose by 1.76%, closing at 98.25 HKD [1]. - Henderson Land Development increased by 0.65%, closing at 27.84 HKD [1]. Group 4: Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.52 HKD [1]. - China Construction Bank increased by 1.39%, closing at 8.05 HKD [1]. - Industrial and Commercial Bank of China rose by 1.13%, closing at 6.24 HKD [1]. - Ping An Insurance increased by 0.44%, closing at 56.8 HKD [1]. - China Life Insurance rose by 0.49%, closing at 24.7 HKD [1]. Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.48%, closing at 4.23 HKD [1]. - China National Petroleum Corporation rose by 0.48%, closing at 8.33 HKD [1]. - CNOOC Limited decreased by 0.29%, closing at 20.4 HKD [1].

Core Viewpoint - The Hong Kong stock market showed positive performance on October 24, with the Hang Seng Index rising by 192.17 points, or 0.74%, closing at 26,160.15 points. The total turnover for the day was HKD 226.614 billion [1]. Group 1: Index Performance - The Hang Seng Index increased by 192.17 points, a rise of 0.74%, closing at 26,160.15 points [1]. - The Hang Seng China Enterprises Index rose by 63.2 points, or 0.68%, closing at 9,363.94 points [1]. - The Hang Seng Tech Index gained 108.44 points, representing a 1.82% increase, closing at 6,059.89 points [1]. Group 2: Blue Chip Stocks - Tencent Holdings rose by 0.71%, closing at HKD 637.5 [1]. - Hong Kong Exchanges and Clearing increased by 0.76%, closing at HKD 425 [1]. - China Mobile saw a rise of 0.35%, closing at HKD 85.4 [1]. - HSBC Holdings increased by 0.39%, closing at HKD 103.1 [1]. Group 3: Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.21%, closing at HKD 38.08 [1]. - Sun Hung Kai Properties increased by 1.66%, closing at HKD 95.05 [1]. - Henderson Land Development rose by 0.94%, closing at HKD 27.82 [1]. Group 4: Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at HKD 4.39 [1]. - China Construction Bank rose by 0.13%, closing at HKD 7.89 [1]. - Industrial and Commercial Bank of China increased by 0.17%, closing at HKD 6.07 [1]. - Ping An Insurance rose by 0.18%, closing at HKD 55.65 [1]. - China Life Insurance increased by 1.22%, closing at HKD 24.88 [1]. Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.24%, closing at HKD 4.21 [1]. - China National Petroleum Corporation decreased by 0.12%, closing at HKD 8 [1]. - CNOOC Limited increased by 0.5%, closing at HKD 20.02 [1].

Core Points - The Hang Seng Index rose by 186.21 points, or 0.72%, closing at 25,967.98 points on October 23 [1] - The total turnover for the day on the main board was HKD 245.256 billion [1] - The Hang Seng China Enterprises Index increased by 76.96 points, or 0.83%, closing at 9,300.74 points [1] - The Hang Seng Tech Index gained 28.36 points, or 0.48%, closing at 5,951.45 points [1] Blue Chip Stocks - Tencent Holdings rose by 1.52%, closing at HKD 633 [1] - Hong Kong Exchanges and Clearing fell by 0.14%, closing at HKD 421.8 [1] - China Mobile increased by 0.77%, closing at HKD 85.1 [1] - HSBC Holdings rose by 0.2%, closing at HKD 102.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.37%, closing at HKD 38 [1] - Sun Hung Kai Properties rose by 1.25%, closing at HKD 93.5 [1] - Henderson Land Development increased by 0.95%, closing at HKD 27.56 [1] Chinese Financial Stocks - Bank of China rose by 0.92%, closing at HKD 4.4 [1] - China Construction Bank increased by 0.9%, closing at HKD 7.88 [1] - Industrial and Commercial Bank of China rose by 1.68%, closing at HKD 6.06 [1] - Ping An Insurance increased by 0.09%, closing at HKD 55.55 [1] - China Life Insurance rose by 0.9%, closing at HKD 24.58 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.69%, closing at HKD 4.2 [1] - China National Petroleum Corporation increased by 1.52%, closing at HKD 8.01 [1] - CNOOC Limited rose by 2.15%, closing at HKD 19.92 [1]

Investment Rating - The industry is rated as "Add" [6] Core Insights - In the first nine months of 2025, the transaction area of residential land in 100 cities decreased by 6% year-on-year, while the average transaction floor price increased by 17% [1] - The overall premium rate for residential land transactions in 30 core cities is 11% [4] - The top three companies in terms of newly added land reserve value are China Overseas Land & Investment (112.4 billion), China Merchants Shekou (94.1 billion), and Greentown China (63.2 billion) [2][90] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In the first nine months of 2025, the supply of land area in 100 cities decreased by 11.9% year-on-year, while the transaction area decreased by 7.2% [11] - The supply of residential land area in 100 cities decreased by 16.5% year-on-year, with a transaction area decrease of 6.2% [20] 2. Transaction Prices of Land/Residential Land - The average transaction floor price of residential land in 100 cities increased by 17.1% year-on-year, reaching 6,847 yuan per square meter [55] - The average transaction floor price in first-tier cities was 41,137 yuan per square meter, up 42% year-on-year [66] 3. Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 63.9% year-on-year increase in newly added land reserve value, totaling 847.6 billion in the first nine months of 2025 [82] - The newly added land reserve area for the top 50 companies increased by 5.5% year-on-year [87] 4. Transaction Situation of Residential Land in 30 Core Cities - In September 2025, the transaction area of residential land in the 30 core cities increased by 16% year-on-year, with a total transaction price of 1,358 billion [96] - The total transaction area for the first nine months was 7,430 million square meters, accounting for 48.1% of the total transaction area in 100 cities [104] 5. Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments, China Merchants Shekou, and China Jinmao [118] - Look for companies with rich existing resources and operational brand competitiveness, such as China Resources Land and Shanghai Lingang [118] - Consider the long-term development potential of property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [118]

Core Viewpoint - Daiwa Capital Markets maintains a "Market Perform" rating for the real estate sector in mainland China and Hong Kong, with selected stocks including China Resources Land (01109) and Sun Hung Kai Properties (00016), both rated "Buy" with target prices of HKD 34.1 and HKD 106.9 respectively [1] Group 1: Company Ratings and Target Prices - Kerry Properties' rating has been upgraded to "Buy" with a target price maintained at HKD 22.8, as the Jinling Huating project is expected to yield substantial profits upon completion of the residential portion in 2027, despite high construction costs [1] - The first batch of units for the second phase of Kerry Properties' Shanghai residential project, Jinling Huating, sold out on the first day of sales with a subscription rate of 190%, and an average price of RMB 20,500 per square meter, which is an increase of RMB 16,000 compared to the launch in March [1] Group 2: Market Demand and Trends - The buyer demographic primarily consists of self-occupiers aged 35 to 55 from high-income sectors, indicating a steady demand for residential properties in mainland China [1] - Despite the robust demand for residential properties, investment sentiment remains weak, as evidenced by a year-on-year decline in new and second-hand home transactions in major cities in October [1]

Group 1 - The core point of the news is that Quzhou Development's stock price increased by 5.31%, reaching 4.76 CNY per share, with a trading volume of 733 million CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 40.503 billion CNY [1] - Quzhou Development Co., Ltd. is located at 500 Chuangjing Road, Hangzhou, Zhejiang Province, established on February 23, 1993, and listed on June 23, 1999. The company's main business involves technology investment and real estate development [1] - The revenue composition of Quzhou Development is primarily from real estate at 88.53%, with other businesses contributing 8.77% and supplementary income at 2.71% [1] Group 2 - From the perspective of fund holdings, one fund under Huabao Fund has a significant position in Quzhou Development. The Huabao CSI 800 Real Estate ETF (159707) reduced its holdings by 72,400 shares in the second quarter, holding 9.1954 million shares, which accounts for 5.82% of the fund's net value, ranking as the sixth-largest holding [2] - The Huabao CSI 800 Real Estate ETF (159707) was established on November 4, 2021, with a current scale of 468 million CNY. Year-to-date returns are 10.39%, ranking 3501 out of 4220 in its category; over the past year, returns are 1.64%, ranking 3683 out of 3857; since inception, it has incurred a loss of 29.98% [2] - The fund manager of Huabao CSI 800 Real Estate ETF (159707) is Jiang Junyang, who has been in the position for 5 years and 92 days, managing total assets of 5.34 billion CNY, with the best fund return during his tenure being 36.08% and the worst being -38.93% [2]

（派息日） 智通财经APP获悉，2025年10月13日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 海西新药 (招股中) | | | 新股活动 | 云迹 | | | | (招股中) | | | | 威高股份 | | | | 中科生物 | | | | 海隆控股 | | | | 新享时代 | | | | 工商银行 | | | 股东大会召开日 | 江西银行 | | | | 绿色能源科技集团 | | | | 中远海发 | | | | 绿色能源科技集团 | | | | 保发集团 | | | | 创升控股 | | | 停复牌 | （复牌） | | | | 华富建业金融 | | | | （除净日） | | | | 涂鸦智能-W | | | | （派息日） | | | | 越秀地产 | | | | （除净日） | | | | 味丹国际 | | | | （派息日） | | | 分红派息 | 德林国际 | | | | （派息日） | | | | 中银航空租赁 | | | | （派息日） | | | | 东亚银行 | | | | （派息日） | | | | 国际永胜集团 ...

Core Points - The London Stock Exchange's FTSE 100 index closed at 9509.40 points on October 9, down 39.47 points, representing a decline of 0.41% [1] - European stock indices showed mixed results on the same day, with the French CAC40 index down 0.23% and the German DAX index up 0.06% [1] Top Gainers in London Stock Market - International Airlines Group saw a stock price increase of 3.20% [1] - Anglo American PLC's stock rose by 2.17% [1] - Weir Group's stock increased by 2.07% [1] - Scottish and Southern Energy's stock went up by 1.82% [1] - Metinvest Energy and Metals' stock rose by 1.74% [1] Top Losers in London Stock Market - WPP, the advertising giant, experienced a stock price drop of 5.90% [1] - HSBC Holdings saw a decline of 5.38% in its stock price [1] - Barratt Developments' stock fell by 3.60% [1] - Lloyds Banking Group's stock decreased by 3.33% [1] - Burberry Group's stock dropped by 3.32% [1]

Market Performance - The Hang Seng Index fell by 183.15 points, a decrease of 0.67%, closing at 26,957.77 points [1] - The H-share Index dropped by 84.96 points, closing at 9,573.38 points, down 0.88% [1] - The Hang Seng Tech Index decreased by 72.55 points, closing at 6,550.3 points, a decline of 1.1% [1] Blue Chip Stocks - Tencent Holdings increased by 0.59%, closing at 677.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.4%, closing at 448.4 HKD [1] - China Mobile decreased by 0.83%, closing at 83.85 HKD [1] - HSBC Holdings rose by 0.91%, closing at 110.9 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings declined by 1.53%, closing at 37.44 HKD [1] - Sun Hung Kai Properties increased by 0.22%, closing at 93.2 HKD [1] - Henderson Land Development fell by 1.09%, closing at 27.16 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.71%, closing at 4.2 HKD [1] - China Construction Bank fell by 1.09%, closing at 7.29 HKD [1] - Industrial and Commercial Bank of China dropped by 0.7%, closing at 5.66 HKD [1] - Ping An Insurance rose by 0.57%, closing at 53.25 HKD [1] - China Life Insurance decreased by 0.82%, closing at 21.86 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.49%, closing at 4.08 HKD [1] - PetroChina fell by 0.28%, closing at 7.12 HKD [1] - CNOOC decreased by 0.48%, closing at 18.76 HKD [1]

Market Performance - The Hang Seng Index increased by 431.56 points, a rise of 1.61%, closing at 27,287.12 points [1] - The National Enterprises Index rose by 169.05 points, closing at 9,724.38 points, with a gain of 1.77% [1] - The Hang Seng Tech Index saw an increase of 217.2 points, closing at 6,682.86 points, reflecting a growth of 3.36% [1] Blue-Chip Stocks - Tencent Holdings rose by 2.04%, closing at 676.5 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.08%, closing at 451.2 HKD [1] - China Mobile saw a rise of 0.53%, closing at 84.95 HKD [1] - HSBC Holdings increased by 1.28%, closing at 110.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.48%, closing at 37.9 HKD [1] - Sun Hung Kai Properties rose by 0.75%, closing at 93.9 HKD [1] - Henderson Land Development saw a slight increase of 0.22%, closing at 27.5 HKD [1] Chinese Financial Stocks - Bank of China remained unchanged, closing at 4.26 HKD [1] - China Construction Bank decreased by 1.07%, closing at 7.4 HKD [1] - Industrial and Commercial Bank of China fell by 0.17%, closing at 5.73 HKD [1] - Ping An Insurance rose by 0.28%, closing at 53.2 HKD [1] - China Life Insurance remained unchanged, closing at 22.1 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation increased by 0.99%, closing at 4.09 HKD [1] - China National Petroleum Corporation rose by 1.69%, closing at 7.2 HKD [1] - CNOOC Limited saw a decrease of 0.58%, closing at 18.93 HKD [1]