Group 1: Construction Industry Overview - The construction industry is currently under pressure, with revenue and profit expected to improve in the fourth quarter of 2025 due to increased funding and project commencement [2][5] - In the first three quarters of 2025, the construction sector achieved revenue of 5.85 trillion yuan, a year-on-year decline of 5.51%, and a net profit of 123.9 billion yuan, down 10.06% [6][8] - The overall gross margin for the construction sector in 2025 Q1-3 was 9.91%, with a net margin of 2.61%, reflecting a slight decline compared to the previous year [6][7] Group 2: Central Enterprises Performance - Nine major state-owned construction enterprises accounted for 83.45% of the sector's revenue and 83.99% of net profit in the first three quarters of 2025, indicating their dominant role in the industry [8] - Excluding state-owned enterprises, the sector's revenue decline deepened to -12.37%, while the net profit decline narrowed to -5.48%, highlighting the stabilizing effect of state-owned enterprises on revenue [8][9] - The new contracts signed by state-owned enterprises in 2025 Q1-3 totaled approximately 10.5 trillion yuan, a year-on-year increase of about 1.31% [8] Group 3: Investment Recommendations - The report suggests focusing on high-dividend, low-valuation stocks in a context of loose liquidity and low interest rates, recommending companies like Jianghe Group and Sichuan Road & Bridge [9] - It also emphasizes the importance of companies that are clearly transitioning towards new energy, smart manufacturing, and digital construction, indicating a growth potential in these areas [9] Group 4: OSL Group Overview - OSL Group is a licensed digital asset trading and payment platform, recognized as the first major virtual asset trading platform in Hong Kong [12][13] - The company has developed a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with significant revenue contributions from brokerage and payment services [13][14] - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, with advantages in payment services and a robust global compliance network [14][15] Group 5: Market Opportunities for OSL - The digital asset industry is expected to benefit from a shift in monetary policy, clearer global regulatory frameworks, and the entry of institutional funds, presenting growth opportunities for OSL [13][14] - The company anticipates significant revenue growth, with projected non-IFRS revenues of 467 million, 764 million, and 1.22 billion HKD for 2025-2027, reflecting a compound annual growth rate of 89% [15]

Group 1 - The core viewpoint of the report is that OSL Group (00863) is projected to achieve revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 21 and an initial "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in H1 2025, with a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of H1 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - OSL is recognized as the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license issued by the SFC, positioning itself ahead in the compliance process [1] - The company is expected to benefit directly from the ongoing prosperity of the Web 3.0 ecosystem in Hong Kong, being the only platform in the market that offers a full suite of customizable solutions including RFQ and Orderbook [1] - OSL has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share, with its partnered ETFs accounting for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market as of December 31, 2024 [1] Group 3 - The company's growth is driven by both organic growth and strategic acquisitions, with the new business OSLPay officially launched in April 2025, generating revenue of HKD 55.9 million in H1 2025, which constitutes 29% of total revenue, primarily from Europe [2] - Payment services are expected to become a key focus area for the company, covering deposit and withdrawal channels as well as cross-border payments [2] - OSL has obtained licenses in regions such as Australia, Japan, and Italy, and plans to acquire Banxa in June 2025, which holds over 40 licenses/registrations globally [2]

Group 1 - The core viewpoint of the report is that OSL Group is expected to see significant revenue growth in the coming years, with projected revenues of HKD 6.7 billion, HKD 11.9 billion, and HKD 18.1 billion for 2025, 2026, and 2027 respectively, and a target price of HKD 21, initiating coverage with a "Buy" rating [1] - OSL's revenue composition is primarily driven by digital asset trading income, which accounted for 51% of total revenue in the first half of 2025, achieving a trading volume of HKD 68.2 billion, representing a year-on-year increase of 200% [1] - As of the end of the first half of 2025, OSL's custodial assets reached HKD 5.7 billion, reflecting a year-on-year growth of 50% [1] Group 2 - The company is the first compliant digital asset exchange in Hong Kong, having obtained the first digital asset trading platform license from the SFC, positioning itself favorably in the growing Web 3.0 ecosystem in Hong Kong [1] - OSL is the only platform in the Hong Kong market that offers a full suite of customizable solutions including RFQ and Orderbook, and has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, leading in trading volume market share [1] - As of December 31, 2024, OSL's partnered ETFs accounted for approximately 64% of the managed assets in the Hong Kong digital asset spot ETF market [1] Group 3 - The company is driven by both organic growth and strategic acquisitions, with the new business OSLPay set to launch in April 2025, which generated HKD 55.9 million in revenue in the first half of 2025, accounting for 29% of total revenue, primarily from Europe [2] - OSL is expanding its global exchange footprint, having obtained licenses in Australia, Japan, and Italy, and plans to acquire Banxa, which holds over 40 licenses/registrations globally [2] - In August 2025, OSL officially received a full license for digital asset business from the Bermuda Monetary Authority and launched a global exchange [2]