Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

Investment Rating - The report assigns a rating of "In Line with the Market" for Hysan Development (00014) [1] Core Insights - Morgan Stanley has raised the earnings per share (EPS) forecasts for Hysan Development by 7% and 1% for the next two years, respectively [1] - The target price for Hysan has been increased from HKD 19 to HKD 21, reflecting adjustments in dividend forecasts due to rising rental income from retail properties and cash recovery from asset sales [1] - The forecast for annual dividends from 2026 to 2028 has been adjusted to HKD 1.08 per share, assuming a stable payout ratio [1] Financial Metrics - Hysan's net debt ratio remains relatively high compared to peers, which is a concern for short-term cash flow coverage for dividend payments after capital expenditures at Lee Garden Eight and perpetual securities distributions [1]

Investment Rating - The report maintains a recommendation for the real estate sector, indicating a cautious outlook due to ongoing challenges in the market [2] Core Insights - The real estate index increased by 0.6% in the ninth week of 2026, ranking 24th among 31 primary industry sectors [9][11] - New home sales in 20 monitored cities decreased by 44% year-on-year, while second-hand home sales in 11 cities also saw a significant decline of 48% year-on-year [21][26] - The report highlights various local government policies aimed at stimulating the real estate market, including adjustments to housing purchase restrictions and increased loan limits for first-time buyers [14][18] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,243.4 billion yuan and a circulating market value of about 1,191.5 billion yuan [2] Policy News - Shanghai has implemented new policies to relax housing purchase restrictions for non-local residents, including reduced social insurance or tax payment requirements [14][17] - In Huai'an, measures include subsidies for new home purchases and support for families with multiple children [16][19] Sales Performance - In the ninth week, the average daily transaction area for new homes in 20 cities was 19.1 million square meters, with total sales reaching 134 million square meters, reflecting a 1013% increase week-on-week but a 44% decrease year-on-year [21][23] - For second-hand homes, the average daily transaction area was 17.7 million square meters, with total sales of 124 million square meters, showing an 8547% increase week-on-week but a 48% decrease year-on-year [26][27] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, investment in leading shopping centers, and monitoring leading real estate agencies for efficiency improvements [6][21]

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 希慎興業有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00014 | 說明 | 不適用 | | | | | | | | 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 | | | 1,027,008,223 | | 0 | | 1,027,008,223 | | 增加 / 減少 ...

Core Viewpoint - The report from CICC indicates that Hysan Development (00014) is expected to see a 28.3% year-on-year increase in basic profit for 2025, primarily benefiting from its capital recycling strategy, with rental income growing by 1.6% [1] Group 1 - Hysan's target price has been raised from HKD 21.4 to HKD 25, maintaining an "outperform" rating and listing it as one of the preferred stocks [1] - The earnings forecasts for Hysan have been increased by 16.5% and 12.3% for the next two years [1] Group 2 - Since the second quarter of 2025, the group's shopping mall foot traffic and merchant sales have recorded over 10% growth, with this momentum continuing into the first two months of this year [1] - The reopening of flagship stores for luxury brands and the expected completion of Lee Garden 8 in the third quarter of this year are anticipated to drive continued outperformance in merchant sales over the coming years, with dividends expected to increase by 2027 [1]

Core Viewpoint - The report from CICC indicates that Hysan Development (00014) is expected to see a 28.3% year-on-year increase in basic profit for 2025, primarily benefiting from its capital recycling strategy, with rental income growing by 1.6% year-on-year [1] Group 1 - Hysan's target price has been raised from HKD 21.4 to HKD 25, maintaining an "outperform" rating and listing it as one of the preferred stocks [1] - The earnings forecasts for Hysan have been increased by 16.5% and 12.3% for the next two years [1] Group 2 - Since Q2 2025, the group's mall foot traffic and merchant sales have recorded over 10% growth, with this momentum continuing into the first two months of this year [1] - The reopening of flagship stores for luxury brands and the expected completion of Lee Garden 8 in Q3 this year are anticipated to support continued outperformance in merchant sales over the coming years [1] - A dividend increase is expected by 2027 [1]

Group 1 - Citi has raised the target price for Hysan Development from HKD 17.35 to HKD 24.3 while maintaining a "Buy" rating [1] - Hysan Development's basic profit is expected to decline by 2% for the fiscal year 2025 due to rising financing costs, with a 9% drop in profit after excluding perpetual capital securities [1] - The debt-to-asset ratio for Hysan Development stands at 32.4% [1] Group 2 - The Lee Garden Phase 8 is anticipated to bring over 20% growth potential in foot traffic during 2026-2027, which is expected to drive sales growth for merchants [1] - The expected growth in rental income from lease renewals is projected to be 2% in 2026 [1] - The recovery in office building occupancy rates provides flexibility for future new supply [1]

Core Viewpoint - Citi's report indicates that Hysan Development's basic profit for the fiscal year 2025 is expected to decline by 2% due to rising financing costs, with a 9% drop when excluding perpetual capital securities (PCS) [1] Financial Performance - The refinancing rate for the $750 million PCS is 7.2%, contributing to the profit decline [1] - The debt-to-asset ratio stands at 32.4%, with some effectiveness in capital recycling offset by capital expenditures [1] Growth Potential - The anticipated completion of Lee Garden Phase 8 is expected to drive over 20% growth in foot traffic in 2026-2027, which may strengthen market share and boost sales for tenants [1] - This growth supports a forecasted 2% increase in rental income from renewals in 2026 [1] Rental Market Dynamics - The recovery in office building occupancy rates partially alleviates the decline in renewal rents and provides flexibility for new supply starting in the third quarter of 2026 [1] Investment Rating - Citi has raised its target price for Hysan Development from HKD 17.35 to HKD 24.3, maintaining a "Buy" rating [1]

Core Viewpoint - Bank of America maintains a "Buy" rating for Hysan Development, noting that the rental income for the previous year met expectations, despite a slight adjustment in earnings forecasts and target price [1] Group 1: Financial Performance - Hysan Development's rental income for the last year was in line with expectations [1] - The earnings per share forecasts for 2026 and 2027 have been adjusted, with a 2% increase for 2026 and a 9% decrease for 2027 [1] Group 2: Target Price and Stock Reaction - The target price has been slightly reduced by 1% to HKD 24.6 [1] - The company's stock price fell by 7% following the earnings announcement, which Bank of America considers an overreaction [1] Group 3: Liquidity Position - The company maintains a strong liquidity position with HKD 14.3 billion in available cash, sufficient to cover upcoming debt maturities [1]

Core Viewpoint - The company reported mixed financial results for 2025, with a slight increase in revenue but a decrease in recurring profit, leading to a significant drop in stock price during trading hours [1] Financial Performance - The company achieved a revenue of HKD 34.64 billion for 2025, representing a year-on-year increase of 1.6% [1] - Recurring basic profit decreased to HKD 19.18 billion, down 1.9% year-on-year [1] - Basic profit increased by 28.3% year-on-year to HKD 25.1 billion [1] - Basic earnings per share were reported at HKD 0.31 [1] Dividend Information - The company maintained its second interim dividend at HKD 0.81 per share [1] - The total annual dividend remained unchanged at HKD 1.08 per share compared to the previous year [1]