Core Viewpoint - Morgan Stanley suggests that the Hong Kong residential market may be entering an upward cycle after seven consecutive years of decline, with property prices having adjusted nearly 30% from their historical peak in August 2021 [1] Market Analysis - The report indicates that the potential upward cycle could last for 4 to 5 years, driven by factors such as the Central CCL lagging behind the Hang Seng Index, wage growth improving affordability to 2010 levels, structural benefits like low land supply and the removal of additional stamp duties, and low interest rates [1] Price Forecast - It is anticipated that property prices will increase by 2% in the second half of the year [1] Stock Selection - Morgan Stanley favors stocks such as New World Development (00016.HK), Henderson Land (00012.HK), and Kerry Properties (00683.HK) as they are expected to benefit significantly from the reduction in Hong Kong Interbank Offered Rate (HIBOR) and possess ample saleable resources [1] - The rating for Henderson Land has been upgraded from "Market Perform" to "Overweight," while the rating for Sino Land (00083.HK) has been downgraded from "Overweight" to "Market Perform" [1]

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, specifically concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].

Group 1 - Morgan Stanley upgraded the rating of Henderson Land Development to "Overweight" with a target price of HKD 31 [1] - Morgan Stanley downgraded the rating of Sino Land Company to "Equal-weight" with a target price of HKD 8.60 [1]

截至6月17日收盘，恒基地产（00012.HK）报26.800港元，较上个交易日下跌0.37%，当日盘中最高价 触及27.100港元，创近一年新高。 资金流向方面，当日主力流入16537.955万港元，流出8598.905万港元，净流入7939.05万港元。 恒基兆业地产有限公司自1981年于香港上市,至今已发展成为一家具领导地位之地产发展集团,业务遍及 香港和内地。集团致力建设高素质之新型住宅及商业项目,并屡获殊荣,其中具代表性之项目包括香港的 TheHenderson、国际金融中心综合发展项目,和北京的环球金融中心等城市地标,以及卓越非凡的豪华住 宅如迎海、THEHENLEY、高尔夫御苑和本木等。恒基兆业地产集团的核心业务为物业发展和物业投 资。此外亦持有两间上市附属公司,即恒基兆业发展有限公司和美丽华酒店企业有限公司,以及两间上市 联营公司,即香港中华煤气有限公司(该公司持有一间上市附属公司港华智慧能源有限公司之股份权益)及 香港小轮(集团)有限公司。彼此业务发挥协同效益,为集团带来相辅相成之优势。恒基地产乃由李兆基博 士大紫荆勋贤于1976年所创立,并担任主席兼董事总经理,直至彼于2019年5月28日 ...

Core Viewpoint - UBS reports that Hong Kong developers may have passed the worst refinancing risks, with total maturing loans decreasing by approximately 20% year-on-year to HKD 201 billion as of December last year [1] Group 1: Market Conditions - The significant reduction in Hong Kong interbank offered rates is expected to boost residential transactions [1] - High-leverage developers still hold 9,100 unsold units, indicating ongoing pricing issues [1] Group 2: Price Forecast - The firm estimates that Hong Kong residential prices will remain stable this year, with a potential recovery of 0% to 5% next year driven by interest rate cuts, rental growth recovery, and a decrease in new launches [1] Group 3: Stock Recommendations - The firm remains optimistic about Hong Kong developers, favoring Henderson Land and Sun Hung Kai Properties, raising target prices by 12% and 2% to HKD 29 and HKD 96, respectively [1] - The target price for Sino Land has been lowered from HKD 10.5 to HKD 9.8 [1]

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a strong increase of 1.54% as of June 3, 2025, with notable gains in stocks such as China CITIC Bank (00998) up 4.88%, Swire Properties (01972) up 3.94%, and Agricultural Bank of China (01288) up 3.41% [2] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.72%, with a latest price of 0.99 yuan and a trading volume of 61.74 million yuan [2] - The Bosera Hang Seng High Dividend ETF has a recent scale of 4.005 billion yuan and has seen a net financing amount of 1.201 million yuan in the previous trading day [3] Group 2 - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 32.41% over the past two years, ranking 120 out of 2187 in the index stock fund category [4] - The ETF has a maximum monthly return of 24.18% since inception, with an average monthly return of 4.99% [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, with a tracking error of 0.055% over the past six months [4] Group 3 - As of June 2, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.55% of the index, including Yanzhou Coal Mining Company (01171) and Cheung Kong Infrastructure Holdings (00008) [5][7] - The weight of the top stock, Yanzhou Coal Mining Company, is 4.39%, while the second, Cheung Kong Infrastructure Holdings, has a weight of 2.66% [7]

Core Points - The China Securities Index for Hong Kong Stock Connect Real Estate has shown significant growth, with a 9.35% increase over the past month, 7.83% over the last three months, and a 3.95% rise year-to-date [2]. Group 1: Index Performance - The current value of the China Securities Index for Hong Kong Stock Connect Real Estate is reported at 1488.12 points [1]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that reflect the real estate theme [2]. - The top ten weighted companies in the index are: - Sun Hung Kai Properties (14.39%) - China Resources Land (12.18%) - Cheung Kong Property (8.91%) - China Overseas Land & Investment (7.68%) - Sino Land (4.76%) - Wharf Real Estate Investment (4.51%) - Henderson Land Development (4.28%) - Longfor Group (3.65%) - China Resources Mixc Lifestyle (3.3%) - Wharf Holdings (3.09%) [2]. Group 3: Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange [3]. - The sector breakdown of the index holdings is as follows: - Real Estate Development: 77.56% - Real Estate Management: 11.73% - Real Estate Services: 10.71% [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, specifically on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the eligibility criteria for inclusion [3].

Core Viewpoint - The China Securities Index for Hong Kong Real Estate (CSI Hong Kong Real Estate Index) has shown a decline of 1.97% over the past month, but an increase of 5.51% over the past three months and 1.84% year-to-date [1]. Group 1: Index Performance - The CSI Hong Kong Real Estate Index reported a value of 1462.70 points as of April 29 [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [1]. Group 2: Index Holdings - The top ten weighted companies in the CSI Hong Kong Real Estate Index are: - Sun Hung Kai Properties (13.88%) - China Resources Land (12.3%) - Cheung Kong Property (8.74%) - China Overseas Land & Investment (8.05%) - Sino Land (4.68%) - Wharf Real Estate Investment (4.4%) - Henderson Land Development (4.15%) - Longfor Group (3.75%) - China Resources Mixc Lifestyle (3.35%) - Wharf Holdings (3.08%) [1]. Group 3: Market Composition - The CSI Hong Kong Real Estate Index exclusively comprises companies listed on the Hong Kong Stock Exchange, with a 100% representation [2]. - The index is entirely focused on the real estate sector, with a 100% allocation to this industry [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the eligibility criteria for inclusion [3].

Group 1 - The funeral of Li Ka-shing, founder of Cheung Kong Holdings, was held on April 27, 2025, at the Hong Kong Funeral Home, attended by many notable figures from politics, business, and academia [3][4][6] - Li Ka-shing passed away at the age of 97 on March 17, 2025, and was recognized as a legendary figure in the business community [3][6] - Li Ka-shing co-founded Sun Hung Kai Properties in 1963 and established Cheung Kong Holdings in 1976, both of which became major representatives in Hong Kong's real estate sector [6] Group 2 - Li Ka-shing was known for his philanthropic efforts, founding the Li Ka-shing Foundation and the Hong Kong Pei Hua Education Foundation, focusing on educational development, particularly in the Chinese community [6] - He received the Grand Bauhinia Medal, the highest honor from the Hong Kong SAR government, in 2007 for his contributions [6] - Following the funeral service, a group memorial ceremony will be held the next day, incorporating Buddhist rituals for his final rites [6]