招商局商业房托基金由招商蛇口(001979.SZ)½ 起，于2019年12月在香港联交所主板上市，是 首只在港上市的央企房托基金。 业绩亮点 (单位:人民币 8月22日，招商局商业房托基金(01503.HK)公布2025年中期业绩，下面让我们通过一图来具体了解公司本次业绩情况。 。营业收入 2.25 ZT a 可分派收入 " 10 物业收入净额 1.07 亿元 V.J/Z7 年化回报率 单位可分派 5.59 港山 9.1% 综合融资成本降低 完成了人民币40亿元固定资产抵押贷款的合同签署 新成本 2.80% 100% 人民币贷款 +37个基点 2025年置换后 1 南| 财物如中川! 招商局航华 科技大厦二期 数码大厦 科贸中心 写字楼综合体 写字楼综合体 甲级写字楼 于2025年1月24日完成了人民币40亿元固定资产抵押 贷款的合同签署 ■ 置换后的综合贷款利率从3.17%下降至2.8%， 降了37个基点。 优质物业 (单位:人民币) 新时代广场 甲级与字楼 花园城购物中心 大规模综合性 科技大厦 新时代广场 10.7% 招商局航华 21.4% 科贸中心27.3% 初业总估值 88.19亿元 科技大厦 二期 ...

观点网8月19日，"在目前整体环境下，我相信仍然是比较具挑战性，我们会继续关注市场的动向，以作 出适切的策略去尽量维持和稳定我们的表现。" 冠君产业信托行政总裁侯迅所指的策略，就是维持高出租率以及租金收入，用一些具弹性的条款去续 租，并会继续用心去寻找优质的新租客，从而增加的租金收入。"有些租户他们的销售表现，较之前的 租户高一倍以上，证明优质租户带来可持续发展。" 在香港经营包括朗豪坊等物业的冠君产业信托19日公布今年上半年业绩，截至今年6月底止中期可分派 收入4.76亿港元，按年下跌12.6%；每基金单位分派0.0701港元，减少13.3%。期内，租金收益总额10.29 亿港元，按年跌7.6%；物业收益净额8.59亿港元，下跌10%。 旗下朗豪坊今年迎来20周年，于2025年6月30日，商场出租率维持在99.2%水平.侯迅指，在拉面店于8月 开业后，目前的岀租率已达100%。她坦言，零售市场的确面对挑战，加上旅客消费模式改变，但他们 更着重体验感的服务，集团亦有寻找相关租户迎合旅客消费新模式，并将持续优化租户组合。 对于近日有指位处于地库、开业近十年的马莎（Marks & Spencer）食品专门店因租约 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.84, indicating a potential upside of 25.5% from the current price of HKD 3.06 [1][2]. Core Insights - The company's performance in the first half of 2025 met expectations, with a revenue increase of 1.2% year-on-year to HKD 224.59 million and a net property income rise of 3.43% to HKD 185.56 million [6][7]. - The distribution per unit (DPU) for the first half of 2025 was HKD 0.131, a decrease of 10.9% year-on-year, but a slight increase of 3.2% quarter-on-quarter [6][7]. - The overall occupancy rate of the company's properties remained high at 97.5% as of June 2025, with four properties maintaining occupancy rates above 95% [6][8]. - The company anticipates stable performance in 2025, with uncertainties primarily in 2026 due to potential rental adjustments following lease renewals with SF Holding [6][8]. - Financial costs are expected to decrease, which may alleviate downward pressure on rents in 2026, as the average borrowing cost fell to 3.95% [6][8]. Financial Overview - Revenue projections for 2025 are estimated at HKD 458 million, with a slight growth of 2.7% year-on-year, while net property income is expected to reach HKD 368 million [5][12]. - The company plans to maintain a distribution payout ratio of 90% for the year, with expected DPU adjustments reflecting current rental levels [6][12]. - The total debt as of mid-2025 was approximately HKD 24.78 billion, a slight decrease from HKD 25.05 billion at the end of 2024 [6][12]. Performance Metrics - The company’s market capitalization is approximately HKD 2,481.32 million, with a year-to-date change of -2.24% [4]. - The 52-week high and low for the stock are HKD 3.26 and HKD 2.56, respectively [4]. - The average daily trading volume is around 0.95 million shares [4].

Group 1: AMD - The MI350 series is expected to drive revenue growth in the second half of 2025, with management guiding a median revenue of $8.7 billion for Q3 2025, exceeding previous expectations [1][2] - Q2 2025 revenue reached $7.7 billion with a Non-GAAP gross margin of 43.3%, both surpassing forecasts [1] - The target price for AMD has been raised to $196, reflecting a potential upside of 12.4% based on a 35x P/E ratio for 2026 [2] Group 2: Property Trust - The property trust reported a slight revenue decline of 2.0% year-on-year to HKD 854.5 million for the first half of 2025, with net property income down 3.2% to HKD 612.6 million [3][7] - Distributable income and distribution per unit (DPU) increased by 2.1% and 1.0% year-on-year, respectively, aligning with expectations [3] - The average interest cost decreased significantly to 3.5%, down 60 basis points year-on-year, which is expected to support further increases in DPU [3] Group 3: Internet Industry - Tencent's domestic revenue decreased by 12% year-on-year, while overseas revenue showed a positive growth of 5% [8][9] - New game launches are expected to mitigate the impact of high revenue bases in the second half of the year, with an estimated annual game revenue growth of 12% [9] - NetEase's domestic revenue grew by 5%, driven by new game contributions, indicating a stable performance in the mobile gaming sector [8][9]

Report on the Investment Rating of the Hong Kong Real Estate Industry - The report maintains a "Buy" rating for The Link Real Estate Investment Trust (778 HK) and provides ratings for other companies in the Hong Kong real estate, mainland real estate, and property service sectors, including "Buy" and "Neutral" ratings [1][5] Core Viewpoints of the Report - The performance of The Link Real Estate Investment Trust in the first half of 2025 was stable, with the distribution per unit (DPU) in line with expectations. The Hong Kong retail portfolio remained resilient, and the occupancy rate was maintained at a high level. The decrease in interest expenses in the first half of the year offset the decline in revenue, and the dividend yield was over 7%. The report maintains a "Buy" rating with an unchanged target price of HK$5.86 [1] Summary of Relevant Content Performance in the First Half of 2025 - Revenue decreased slightly by 2.0% year-on-year to HK$854.5 million (HK$871.8 million in the first half of 2024). Net property income decreased by 3.2% to HK$612.6 million (HK$633.1 million in the first half of 2024). The distributable income and DPU increased by 2.1%/1.0% year-on-year to HK$377.1 million/18.41 HK cents, approximately 48.8% of the full-year forecast DPU of 37.71 HK cents [1] Retail Portfolio and Occupancy Rate - With the completion of the asset enhancement project of +WOO, the occupancy rate increased by 0.9 percentage points year-on-year to a high level of 95.0% (94.1% in the first half of 2024). 11 out of 17 malls had an occupancy rate of over 96%. The asset enhancement plan for The Metropolis Plaza was postponed, and the company planned to re-let the previously vacated areas. It was expected that the overall occupancy rate would further improve in the second half of the year, driving up rents. As of the end of June 2025, approximately 72% of the tenant portfolio was composed of daily necessities and essential services (by area and rent). The company planned to optimize the tenant portfolio and expected the overall rent of the malls to remain stable in the second half of the year [1] Interest Expenses - Due to the significant decline in HIBOR starting in May 2025, the overall average interest cost in the first half of 2025 was 3.5%, a year-on-year decrease of 60 basis points. The actual borrowing cost excluding the fair value change of derivative financial instruments decreased by 12.6% year-on-year to HK$173.3 million (HK$198.1 million in the first half of 2024). Approximately 50% of the company's floating-rate liabilities would continue to benefit from the decline in HIBOR in the second half of the year, saving more interest expenses to support the increase in DPU [1] Ratings and Target Prices of Other Companies - The report provides ratings and target prices for other companies in the Hong Kong real estate, mainland real estate, and property service sectors, including "Buy" and "Neutral" ratings, and calculates the potential upside for each company [5]

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]

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]

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]