JP Morgan released a research report stating that the Northern Metropolis has been elevated to a strategic priority in Hong Kong's 2025 Policy Address, marking the government's first plan to introduce dedicated legislation and establish a specialized committee to accelerate Northern Metropolis development, highlighting its commitment to regional transformation. The report indicates that CHINA STATE CON (03311) emerges as the primary beneficiary, having secured more than one-third of the market share for new projects in the Northern Metropolis to date. With enhanced policy support and project momentum, the company is positioned for robust growth. The firm maintains an "Overweight" rating with a target price of HK$15.