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]

New Stock Activities - Hai Xi New Drug is currently in the process of going public [1] - Yunji is also in the process of going public [1] - Weigao Co., Ltd. is listed [1] - Zhongke Biological is listed [1] - Hailong Holdings is listed [1] - New Enjoy Times is listed [1] - Industrial and Commercial Bank of China is listed [1] Shareholder Meetings - Jiangxi Bank is scheduled to hold a shareholder meeting [1] - Green Energy Technology Group is scheduled to hold a shareholder meeting [1] - COSCO Shipping Development is scheduled to hold a shareholder meeting [1] - Green Energy Technology Group is scheduled to hold a shareholder meeting [1] - Baofa Group is scheduled to hold a shareholder meeting [1] - Chuangsheng Holdings is scheduled to hold a shareholder meeting [1] Trading Suspension and Resumption - Huafu Jianye Financial is resuming trading [1] - Tuya Smart-W is on ex-dividend date [1] - Yuexiu Property is on dividend payment date [1] - Weidan International is on ex-dividend date [1] Dividend Payments - Derlin International is on dividend payment date [1] - BOC Aviation is on dividend payment date [1] - East Asia Bank is on dividend payment date [1] - International Yongsheng Group is on dividend payment date [1]

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]

Market Overview - The Hang Seng Index (HSI) closed at 26,751.60, down by 103.96 points or 0.39% as of September 30, 16:00 Eastern Time [1] - The index reached a high of 26,811.89 and a low of 26,663.28 during the trading session, with an average price of 26,737.59 [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a trading range of 0.55% for the day [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.477, up by 0.98% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 662.66, down by 0.05% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a price increase of HKD 3.00, or 0.45%, with an ADR price of HKD 662.660, which is a decrease of HKD 0.340 compared to its Hong Kong price [3] - Alibaba Group (09988) increased by HKD 3.60, or 2.08%, with an ADR price of HKD 173.866, down HKD 3.134 from its Hong Kong price [3] - HSBC Holdings (00005) rose by HKD 0.60, or 0.55%, with an ADR price of HKD 110.477, up HKD 1.077 from its Hong Kong price [3] - Other notable movements include Kuaishou (01024) increasing by HKD 5.70, or 7.22%, and BYD Company (01211) rising by HKD 1.60, or 1.47% [3]

Group 1 - Shunlong Holdings (00361) saw a significant increase in stock price, rising over 43% at the close, with a current price of 0.089 HKD and a trading volume of 7.7829 million HKD [1] - The company announced the sale of 2.601 billion shares and convertible bonds worth a total of 74.1 million HKD to an independent third party, Han Cheng Energy Group, for approximately 93.34 million HKD [1] - Following the completion of the transaction, Han Cheng Energy Group will hold 50.11% of Shunlong Holdings' equity [1] Group 2 - Han Cheng Energy Group, based in Hubei, operates in four sectors: automotive trade, energy, real estate, and finance, with over 50 subsidiaries and an annual output value nearing 10 billion HKD [1] - The group is primarily owned by Liu Jincheng and Liu Gang, holding 80% and 20% of the company, respectively [1] - Analysts suggest that one of the core objectives of Han Cheng Energy Group's acquisition of Shunlong Holdings may be to achieve a reverse listing [1]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index down 0.65%, Shenzhen Component Index down 1.76%, and ChiNext Index down 2.60, with a total market turnover of 2.15 trillion yuan [1][2] - Over 3,400 stocks in the market declined, while traditional sectors like real estate, liquor, and banking showed resilience [1][2] Real Estate Sector - The real estate sector outperformed, with the real estate ETF (159707) rising over 1%, reaching a new high for the year, and seeing a net purchase of 23.5 million shares [1][3][5] - The implementation of new housing policies in Shanghai led to a significant increase in new home transactions, with a 30% month-on-month increase in the first week and a 19% increase overall for the month [5][6] - Analysts suggest that the easing of policies in major cities may lead to a short-term recovery in the housing market, with a focus on high-quality developers and those benefiting from debt relief and improved sales [5][6] Food and Beverage Sector - The food and beverage sector, represented by the food ETF (515710), showed a slight decline of 0.16%, with the overall performance of liquor stocks being weak [8][9] - Moutai's sales volume reportedly doubled, with significant growth observed in September, indicating a potential recovery in the liquor market [11][12] - The food ETF's underlying index is at a low valuation, suggesting a good opportunity for long-term investment [12][13] Hong Kong Market - The Hong Kong stock market faced declines, particularly in the internet and innovative drug sectors, with the Hong Kong Internet ETF (513770) down 2.6% and the Hong Kong Innovative Drug ETF (520880) down 1.44% [2][15] - Despite the downturn, there were signs of active buying in the innovative drug sector, indicating potential opportunities for investors [15][19] - Analysts maintain a positive long-term outlook for the Hong Kong market, suggesting that the technology sector may recover as it shifts focus from competition to AI-driven growth [18][19]