整体而言，大摩预期新鸿基地产(00016)及恒基地产(00012)可能最大程度受惠于任何潜在楼市支持政 策，均予"增持"评级;虽然近期HIBOR回升，但美联储可能减息亦将带来支持。大摩较不看好九龙仓置 业(00004)认为其中国业务面临挑战，予"减持"评级。 摩根士丹利发布研报称，虽然住宅物业及零售市况趋稳，但市场普遍仍期待9月17日公布的新一份施政 报告会公布利好楼市的措施，当中包括将进一步削减楼价600万元以下住宅物业印花税、放宽资本投资 者入境计划要求以刺激豪宅投资需求、设立"购房资金通"计划，以及加快北部都会区土地收回及基建建 设。 零售市场方面，大摩指出虽然出台刺激措施的可能性较低，但若推出消费券等计划，通常可带动零售销 售，尤其利好领展房产基金(00823)旗下商场。该行又指，启德体育园开幕后本港不时举办大型体育及 娱乐活动，有助吸引各地旅客访港。 ...

Group 1 - Morgan Stanley's research report indicates that while the residential property and retail market conditions are stabilizing, there are expectations for the Hong Kong government to announce favorable measures for the property market in the upcoming policy address on September 17 [1] - Proposed measures include further reducing stamp duty for residential properties priced below HKD 6 million, relaxing requirements for capital investors to stimulate luxury property investment demand, establishing a home purchase fund scheme, and accelerating land reclamation and infrastructure development in the Northern Metropolis [1] - Overall, Morgan Stanley anticipates that New World Development and Henderson Land Development may benefit the most from any potential property market support policies, maintaining an "overweight" rating for these companies [1] Group 2 - Despite the recent rise in HIBOR, the potential for interest rate cuts by the Federal Reserve is expected to provide support for the market [1] - Morgan Stanley holds a less favorable view on Wharf Real Estate Investment Company, citing challenges in its mainland operations and assigning a "underweight" rating [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍倉集團有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00004 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,056,027,327 | | 0 | | 3,056,027,327 | | 增加 / 減少 (-) | | | 0 | ...

Core Insights - The real estate market is showing signs of stabilization, with leading companies actively seeking investment opportunities in core cities [1][2][5] - Top 10 real estate companies accounted for 70% of the new value added in the first eight months, indicating a concentration of resources among leading firms [1][5] - Companies are focusing on high liquidity and high certainty land parcels to drive profitability recovery [1][6] Investment Trends - In the first eight months of 2023, the top 100 real estate companies invested a total of 605.6 billion yuan, a year-on-year increase of 28% [2][5] - Leading state-owned enterprises dominate land acquisition, with eight out of the top ten land acquirers being state-owned [5] - Green Town China, Poly Development, and China Overseas Property led in new value added, with 114.4 billion yuan, 99.6 billion yuan, and 92.3 billion yuan respectively [5][6] Strategic Focus - Companies are shifting their investment strategies to focus on first and second-tier cities, moving away from lower-tier markets [6][9] - The strategy includes a focus on high-quality land parcels to improve financial performance and reduce historical burdens from previous high-cost land acquisitions [6][9] - Companies like China Jinmao and China Overseas Property emphasize maintaining investment intensity while balancing risk [9][10] Market Outlook - Despite a seasonal decline in investment in August, the overall sentiment remains positive, with companies planning to maintain investment levels in core cities [8][9] - The market is expected to see further differentiation between cities, with first-tier and strong second-tier cities likely to stabilize first [9][10] - Companies are adopting a "宁缺毋滥" (prefer quality over quantity) approach, focusing on core cities and high-quality land [10]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development (00004) for the fiscal years 2025 to 2027 by 13%, 7%, and 9% respectively, due to weak performance in the first half of the year and challenging market conditions [1] Group 1 - The latest predictions for retail and office rental rates, occupancy rates, and interest rates have influenced the downgrade of earnings forecasts [1] - Despite the downgrade, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] - Morgan Stanley has raised the target price for Kowloon Development from HKD 18.4 to HKD 19, while maintaining a "reduce" rating due to challenging operational outlook and unattractive valuation [1]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development (00004) for the fiscal years 2025 to 2027 by 13%, 7%, and 9% respectively, due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The company's earnings forecasts for fiscal years 2025 to 2027 have been reduced by 13%, 7%, and 9% respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Conditions - The latest predictions for retail and office rental rates, occupancy rates, and interest rates have influenced the earnings forecast adjustments [1] - The company faces a challenging operating environment, which has been reflected in the revised earnings outlook [1] Valuation and Rating - Morgan Stanley has raised the target price for Kowloon Development from HKD 18.4 to HKD 19, while maintaining a "Reduce" rating [1] - The increase in target price reflects the strong balance sheet of the company, despite the challenging operational outlook and unattractive valuation [1]

各位非登記股東1 ： 致非登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）、香港法例第622章《公司條例》及九龍倉集團有限公司 （「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公 司通訊」2 ）。 本公司網站www.wharfholdings.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點擊「投資 者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其它公司通訊，或 亦可瀏覽披露易網站。 閣下作為非登記股東，不會直接從本公司收到任何可供採取行動的公司通訊3 。 閣下應聯絡代 閣下持有股份的銀 行、經紀、託管商、代理人或香港中央結算（代理人）有限公司（統稱「中介公司」），以了解透過 閣下的中介公司就相關可 供採取行動的公司通訊下之公司行動行使 閣下之權利或作出選擇的程序。 公司通訊已在該等網站刊發的通 ...

致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條、香港法例第622章《公司條例》及九龍倉集 團有限公司（「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公 司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 本公司網站www.wharfholdings.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點擊「投資 者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其它公司通訊，或 亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電子形式發布 可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵地址即表示同意以電子形式接 收可供採取行動的公司通訊和任何其它適用文件。如 閣 ...

Core Viewpoint - Kowloon Warehouse Group reported a significant turnaround in its financial performance, moving from a loss to a profit, despite a decline in revenue [1] Financial Performance - For the half-year period ending June 30, 2025, the company reported revenue of HKD 5.669 billion, a year-on-year decrease of 19.38% [1] - Shareholders' profit was HKD 535 million, compared to a loss of HKD 2.637 billion in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.20 per share [1] Investment Property Revenue - Revenue from investment properties decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit also saw a decline of 6%, falling to HKD 1.484 billion from HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - Citigroup reported that the company's debt ratio stands at 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stocks treated as quasi-cash, the net cash position is approximately HKD 33 billion, representing 50% of its market value [1] - The company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] Shareholder Returns and Valuation - Citigroup believes that investors may be pricing in expectations for increased shareholder returns, but anticipates that the company will maintain stable dividends per share without increases [1] - The likelihood of share buybacks is considered low, and the company is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]

Core Viewpoint - Kowloon Warehouse Group reported a significant decline in revenue but achieved profitability compared to the previous year, indicating a potential recovery despite ongoing market challenges [1] Financial Performance - Revenue for the half-year period ending June 30, 2025, was HKD 5.669 billion, a decrease of 19.38% year-on-year [1] - Shareholders' profit was HKD 535 million, a turnaround from a loss of HKD 2.637 billion in the same period last year [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.2 per share [1] Investment Property Revenue - Investment property income decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit fell by 6% to HKD 1.484 billion, compared to HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - The company's debt ratio stands at 4.4%, with a net cash position of HKD 33 billion when considering HKD 39.8 billion in stocks as quasi-cash from a total long-term investment of HKD 48 billion [1] - The market capitalization is supported by this strong cash position, representing 50% of the company's value [1] Market Outlook - Citigroup's report suggests that the company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] - The expectation for increased shareholder returns is reflected in the pricing, but the company is likely to maintain stable dividends without increases, and the likelihood of share buybacks is considered low [1] - The valuation of Kowloon Warehouse Group is viewed as the highest in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]