Group 1 - The core viewpoint is that top shopping centers exhibit strong stability, contrary to the market perception that they are vulnerable to economic downturns and online consumption impacts [2][6] - Despite a projected decline in retail sales growth in major cities like Beijing and Shanghai, top shopping centers have managed to achieve retail sales growth, with specific centers reporting increases of 30%, 6%, and 26% year-on-year [2][3] - The success of top shopping centers is attributed to their ability to attract consumer traffic and popular brands, creating a positive cycle of customer flow and brand presence, which helps maintain rental income stability [2][4] Group 2 - High-end shopping centers are facing challenges due to economic fluctuations, but those in stable competitive environments can still achieve retail growth by attracting fast-growing brands and upgrading their offerings [3][6] - The competitive advantage of shopping centers is not solely based on location or operational capabilities, but rather on their ability to provide an engaging shopping experience, known as "walkability" [4][5] - A robust management system is crucial for commercial real estate companies, as it differentiates them in a market where operational know-how is not scarce [5][7] Group 3 - Top shopping centers and commercial real estate companies are considered valuable assets, maintaining stability even during economic downturns by leveraging their scale advantages and effective marketing strategies [6][7] - Companies that excel in commercial real estate should possess strong management capabilities, stable existing shopping centers, and the ability to successfully launch new projects [7]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

里昂发布研报称，希慎兴业(00014)上半年各个物业分部的收入均录得增长。由于利园重新发展，希慎 的利园零售组合表现优于香港整体市场，这应会在未来两年继续带动盈利增长。公司已启动一项80亿元 的资本回收计划，应有助其去杠杆化及提升股东回报。由于希慎营运表现理想，加上美国减息预期升 温，该行将希慎目标价由13.5港元上调至18.3港元，并维持"跑赢大市"评级。 ...

智通财经APP获悉，里昂发布研报称，希慎兴业(00014)上半年各个物业分部的收入均录得增长。由于利 园重新发展，希慎的利园零售组合表现优于香港整体市场，这应会在未来两年继续带动盈利增长。公司 已启动一项80亿元的资本回收计划，应有助其去杠杆化及提升股东回报。由于希慎营运表现理想，加上 美国减息预期升温，该行将希慎目标价由13.5港元上调至18.3港元，并维持"跑赢大市"评级。 ...

Financial Performance - The company's turnover increased by 2.2% compared to the first half of 2024[10,92] - Recurring underlying profit increased by 1.2% compared to the first half of 2024[10,92] - Underlying profit increased by 1.2% compared to the first half of 2024[10,92] - HK$15.3 billion in undrawn committed facilities and cash provides ample liquidity[74,156] - Shareholders' Fund is HK$65.2 billion, NAV per share is HK$63.5, and DPS is HK$0.27[72,154] Portfolio Performance - Hong Kong office occupancy is at 92% as of June 30, 2025[10,45,66,127,149] - Hong Kong residential occupancy is at 94% as of June 30, 2025[10,45,127] - Hong Kong retail occupancy is at 70% as of June 30, 2025[10,45,127] - Hong Kong retail revenue increased by 0.8% year-over-year[46,128] - Hong Kong office revenue decreased by 2.4% year-over-year[46,128] Strategic Initiatives - Lee Garden Eight is on track for completion in 2026, expecting a 30% expansion of the Lee Gardens leasable portfolio and a 20% increase in daily footfall[33,37,116,119] - Targeting HK$8 billion over 5 years through capital recycling from non-core assets like Bamboo Grove and VILLA LUCCA[69,151]

Core Viewpoint - Hysan Development (00014) reported a mixed performance in its interim results, with revenue growth but a significant decline in profit attributable to shareholders [1] Financial Performance - The company reported a revenue of HKD 1.73 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.19% [1] - The recurring basic profit was HKD 1.031 billion, up 1.2% year-on-year [1] - Profit attributable to shareholders was HKD 75 million, showing a substantial decrease of 82.44% year-on-year [1] - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, which helped mitigate the impact of rental reductions [1] - Strong expansion in Shanghai Li Yuan and recovery in the rental rate of Zhu Lin Yuan contributed to overall revenue and profit growth during the period [1]

消息面上，希慎兴业午间发布截至2025年6月30日止6个月未经审核的中期业绩，营业额17.3亿港元，同 比增加2.19%；经常性基本溢利10.31亿港元，同比上升1.2%；股东应占溢利7500万港元，同比减少 82.44%；拟派发第一次中期股息每股27港仙。 希慎兴业(00014)午后转涨近3%，截至发稿，涨2.83%，报15.97港元，成交额5531.4万港元。 公告称，集团营业额增长来自资产组合优化及销售表现改善。写字楼出租率由90%提升至92%，有助于 缓解租金调降的影响。上海利园的强劲扩张以及竹林苑自去年以来出租率的回升，亦为期内整体营业额 及溢利增长作出贡献。 ...

Core Viewpoint - Hysan Development Company Limited (00014) reported a slight increase in revenue and recurring profit for the six months ending June 30, 2025, despite a significant drop in profit attributable to shareholders [1] Financial Performance - Revenue for the period reached HKD 1.73 billion, representing a year-on-year increase of 2.19% [1] - Recurring basic profit was HKD 1.031 billion, up 1.2% year-on-year [1] - Profit attributable to shareholders was HKD 75 million, a decrease of 82.44% compared to the previous year [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, helping to mitigate the impact of rental reductions [1] - Strong expansion in Shanghai Li Yuan and recovery in rental rates at Zhu Lin Yuan contributed to overall revenue and profit growth during the period [1]

Core Viewpoint - Hysan Development Company Limited (00014.HK) reported a revenue of HKD 1.73 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.2%. However, the profit attributable to shareholders decreased by 82.4% to HKD 75 million, while recurring basic profit increased by 1.2% to HKD 1.031 billion, with basic earnings per share at HKD 0.07. The company maintained an interim dividend of HKD 0.27 per share [1]. Revenue and Profit Performance - The revenue and recurring basic profit grew by 2.2% and 1.2% year-on-year, respectively, primarily due to the robust performance of core business segments [1]. - The resilience of the Hong Kong retail business contributed to the revenue growth, supported by portfolio optimization and improved sales performance [1]. Rental and Occupancy Rates - The office rental rate improved from 90% to 92%, which helped mitigate the impact of rental reductions [1]. - Strong expansion in Shanghai and the recovery of the rental rate at Zhulin Garden since last year also contributed to the overall revenue and profit growth during the period [1]. Operational Adjustments - Approximately 4% of the retail space was closed due to significant optimization works in the Lee Garden area, and the corresponding impact has been reflected in the group's retail revenue [1].

业绩增长主要得益于核心业务板块的稳健表现，包括香港商铺业务的韧性、资产组合优化及销售表现改 善。写字楼出租率由90%提升至92%，上海利园的强劲扩张及竹林苑出租率的回升也对营业额及溢利增 长作出了贡献。 （文章来源：证券时报网） 希慎兴业公布截至2025年6月30日止六个月的中期业绩。公司营业额为17.30亿港元，同比增长2.2%；经 常性基本溢利为10.31亿港元，同比增长1.2%。 ...