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]

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the Hong Kong real estate market and overall economic stability [2]. Group 1: Market Performance - As of April 25, 2025, the HSSCHKY index rose by 0.85%, with notable increases in stocks such as China Resources Land (4.64%) and China Overseas Development (3.76%) [2]. - The Bosera Hang Seng High Dividend ETF (513690) increased by 1.20%, with a latest price of 0.93 yuan and a trading volume of 16.6197 million yuan [2]. - Over the past year, the Bosera Hang Seng High Dividend ETF has seen an average daily trading volume of 78.9566 million yuan [2]. Group 2: Economic Measures - A recent State Council meeting focused on stabilizing employment and the economy, emphasizing the need to maintain a stable stock market and promote healthy development in the real estate sector [2]. - Despite a slight decline in new home sales and falling second-hand home prices, historical trends suggest that the real estate sector often rebounds before the fundamentals stabilize, supported by strong expectations for new policies [2]. Group 3: ETF Performance Metrics - The Bosera Hang Seng High Dividend ETF has a current size of 3.731 billion yuan, with net inflows remaining balanced recently [3]. - The ETF's net value increased by 22.27% over the past year, with a maximum monthly return of 24.18% since inception [3]. - The ETF's Sharpe ratio for the past year is 1.48, indicating a favorable risk-adjusted return [3]. Group 4: Index Composition - As of April 24, 2025, the top ten weighted stocks in the HSSCHKY index account for 28.32% of the index, with Yanzhou Coal Mining (4.39%) and Hang Lung Properties (3.38%) being the most significant [4][6].

Financial Performance - For the year ended December 31, 2024, the group's revenue from property development decreased by 15% to HKD 20,548 million, while the pre-tax profit contribution increased by 31% to HKD 5,632 million[1]. - Total rental income from property leasing rose by 1% to HKD 8,942 million, with pre-tax net rental income also increasing by 1% to HKD 6,507 million[1]. - The group's basic earnings attributable to shareholders for the year were HKD 9,774 million, a slight increase of 1% from HKD 9,706 million in the previous year, resulting in basic earnings per share of HKD 2.02[1][27]. - The announced profit attributable to shareholders decreased by 32% to HKD 6,296 million, with announced earnings per share dropping to HKD 1.30 from HKD 1.91[1][27]. - The net asset value per share as of December 31, 2024, was HKD 66.55, down 1% from HKD 67.45 in the previous year[1]. - The group's total contracted sales in Hong Kong amounted to approximately HKD 112,850 million for the year ended December 31, 2024, with an unrecognized contracted sales amount of HKD 81,650 million as of the end of December 2024[1][32]. - The group recorded a fair value loss of HKD 20,222 million on completed investment properties and properties under development, while adjustments from sold investment properties amounted to HKD 14,556 million[1][27]. - The group has a strong financial position, with a focus on maximizing shareholder value through quality products and services[2]. Land and Development Projects - The company holds a substantial land reserve of 3.78 million square feet in New Territories, 2.38 million square feet in Kowloon, and 0.64 million square feet on Hong Kong Island, which is expected to generate significant revenue in the coming years[11]. - Future expansion plans include developing a series of commercial and residential projects across its extensive land reserves, aiming to capitalize on market opportunities[11]. - The total floor area available for sale by 2025 is 3.2 million square feet, consisting of 1.4 million square feet from unsold units and 1.8 million square feet from upcoming projects[34]. - The total area of urban redevelopment projects is 5.0 million square feet, including 1.7 million square feet from fully acquired properties and 0.6 million square feet from properties with over 20% ownership[34]. - The total area of New Territories projects is 4.1 million square feet, with significant contributions from the Hung Shui Kiu project at 3.4 million square feet[34]. - The company has 24 ongoing major development projects, with a total remaining residential area of 1,994,363 square feet as of December 31, 2024[39]. - The group plans to launch "Belgravia Place" Phase 2 and "South Point" in Ma Tau Kok in February and March 2025, respectively, with strong initial sales performance expected[1][32]. - The company has several projects in the pipeline, including the Kai Tak New Kowloon site with a total floor area of 1,205,028 sq ft and 2,060 units, of which 30% is owned[41]. Sustainability and Environmental Initiatives - The company is focused on sustainable development, achieving Platinum-level certifications in various green building standards, which reflects its commitment to environmental responsibility[13][18]. - The group has secured over HKD 50 billion in green loans and sustainable development financing since 2020, highlighting its commitment to environmental responsibility[114]. - The group has initiated a recycling program for old uniforms, transforming them into eco-friendly school uniforms for special needs students, demonstrating its commitment to sustainability[65]. - The group has launched an environmental Christmas tree project, using collected aluminum cans to create a festive display, further promoting its green initiatives[65]. - The group aims to continue its commitment to sustainable development through its "G.I.V.E." strategy, focusing on environmental protection, innovation, community care, and integrity[115]. Market Position and Strategy - Henderson Land Development has a diversified portfolio with interests in various sectors, including retail, hospitality, and energy, enhancing its market presence and revenue streams[20]. - The company is actively exploring mergers and acquisitions to enhance its market position and expand its operational capabilities[20]. - The group is focusing on leasing large commercial projects, achieving over 80% occupancy for the "Starry International Business Center" in Guangzhou and nearly 90% for the "Starry West Coast Center" in Shanghai[69]. - The group is exploring new market opportunities and potential acquisitions to further enhance its portfolio and market presence[197]. - The group is actively managing lease expirations, with several properties set to expire in 2047, ensuring long-term stability[198]. Awards and Recognition - The company has received multiple awards in 2024, including the Quality Building Award for innovative projects and the Hong Kong Institute of Architects Annual Awards, highlighting its commitment to quality and sustainability[13][18]. - The flagship project, The Henderson, completed in 2024, received multiple awards, including the Hong Kong Non-Residential Project Award at the Quality Building Awards 2024[116]. - The Henderson has received multiple international awards, including the Platinum pre-certification from LEED and the Asia Pacific Green Building Leadership Award from WorldGBC, highlighting the group's commitment to quality and sustainability[62]. Rental and Property Management - The average occupancy rate of the group's rental properties as of December 31, 2024, was 93%[55]. - The group's self-owned rental property portfolio expanded to approximately 10.4 million square feet, with 54% in retail space and 40% in office space[55]. - The total rental income attributable to the group increased by 2% to HKD 6.84 billion, while the attributable net rental income remained stable at HKD 4.91 billion[54]. - The office property portfolio remains resilient with a stable occupancy rate of around 90%, despite challenges in the leasing market due to economic uncertainty and significant new supply[58][60]. - The group manages over 79,000 residential and commercial units, 10 million square feet of retail and office space, and 20,000 parking spaces, maintaining a leading position in the property management industry[64]. Future Outlook - The group anticipates that the average annual completion of private residential units in the next five years will decrease by approximately 8% compared to the previous five years, providing support for the local property market[118]. - The group plans to launch 11 development projects in Hong Kong this year, with approximately 6,400 self-owned residential units or about 3 million square feet of self-owned residential floor area expected to be available for sale by 2025[120]. - The group is expanding its sustainable aviation fuel production capacity with a new plant in Johor, Malaysia, expected to be completed by 2025[122]. - The company is actively pursuing market expansion through various residential and mixed-use developments across key locations in Hong Kong[196].

Market Performance - The Shanghai Composite Index rose by 0.26% to 3276 points, while the Shenzhen Component fell by 0.85% and the ChiNext Index dropped by 1.21%[1] - The Hang Seng Index closed down 1.91% at 21056.98 points, with the Hang Seng Tech Index declining by 3.72% and the Hang Seng China Enterprises Index down by 2.55%[1] - The total market turnover in Hong Kong was 220 billion HKD[1] Economic Indicators - U.S. retail sales increased significantly in March, with a month-on-month growth of 1.4%[1] - The U.S. Producer Price Index (PPI) for March showed a year-on-year increase of 2.7%[19] - China's GDP growth for Q1 was reported at 5.4% year-on-year[19] Federal Reserve and Trade Relations - Federal Reserve Chairman Jerome Powell downplayed interest rate cut expectations, emphasizing the need to prevent tariffs from causing persistent inflation[1] - China expressed an open attitude towards trade negotiations with the U.S., contingent on the U.S. showing more respect and appointing a liaison for talks[1][14] Sector Performance - Precious metals and hotel sectors showed strong performance, while the technology sector faced declines in both Hong Kong and the U.S. markets[1] - Shenzhen Holdings reported a 83.5% year-on-year increase in contract sales for Q1, amounting to approximately 3.133 billion RMB[12]