According to a research report published by Gronway on August 7, according to a research report, Changshi Group's basic profit excluding revaluation earnings fell 34% year-on-year to about HK$7.6 billion in the first half of this year, reaching about 44% of the bank's full-year forecast. In the medium term, confirmed property sales revenue was around HK$8.246 billion, down nearly 60% year-on-year, and the performance was weaker than expected. Furui said that although Changshi continues to use return as its development strategy and has a strong balance sheet, property sales accounts are lower than the market and the bank's expectations, and the income performance of investment properties is also mediocre. The bank maintains its “holding” rating for Changshi and expects limited positive future catalysts other than buybacks. It cuts its basic earnings forecast for this year and next two years by 5% to 10%, and the target price from HK$47 to HK$46, indicating that it is more optimistic about Sun Hung Kai Properties and Hengkai Properties in Hong Kong real estate stocks.