香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Hysan Development Company Limited 希 慎 興 業 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：00014） 董事會召開日期 希慎興業有限公司（「本公司」）謹此宣布本公司將於 2026 年 2 月 26 日（星期四）舉行 本公司董事會（「董事會」）會議，藉以（其中包括）批准本公司及其附屬公司截至 2025 年 12 月 31 日止年度的全年業績及其發布，以及考慮派發 2025 年第二次中期股息。 本公告登載於本公司網站（ www.hysan.com.hk ）及香港聯合交易所有限公司網站（ www.hkexnews.hk ）。 * 非執行董事 ** 獨立非執行董事 利蘊蓮 香港，2026 年 1 月 21 日 於本公告日期，董事會包括：利蘊蓮（主席）、呂幹威（執行董事及首席營運總監）、鍾郝儀**、 卓百德**、王靜瑛**、 Young Elaine Carol ...

Core Viewpoint - Hong Kong property prices are experiencing a recovery, with optimistic market sentiment driving developers' stock prices up since the beginning of the year. However, the expected increase in property prices will be moderate due to cooling interest rate cut expectations and resilient mortgage rates [1] Group 1: Market Trends - New property sales have shown strong demand, with New World Development's Sierra Sea Phase 2A receiving over 49,000 applications, resulting in an oversubscription of more than 214 times [1] - The average price per square foot for this batch of units is approximately HKD 10,968, which is 5.5% and 3.1% higher than the prices of Phase 1A and 1B sold in April and May of last year, respectively. However, this increase is lower than the market's overall 6.8% rise during the same period [1] Group 2: Company Insights - The report mentions a potential acquisition of Rosewood Hotel Group by Marriott International, noting that Rosewood is a sister company of New World Development. Even if the transaction occurs, it is believed that Chow Tai Fook Enterprises will not use the proceeds to repay New World's debts [1] - The firm maintains a 5% growth forecast for Hong Kong property prices by 2026, with a preference for stocks such as Hysan Development and Link REIT, both rated as "outperform" [1]

Core Viewpoint - Hong Kong property prices are experiencing a recovery, with optimistic market sentiment driving developers' stock prices up since the beginning of the year. However, the expected increase in property prices will be moderate due to cooling interest rate cut expectations and resilient mortgage rates [1] Group 1: Market Trends - New property sales, such as the Sierra Sea Phase 2A by Sun Hung Kai Properties, received over 49,000 applications, with an oversubscription rate exceeding 214 times. The average price per square foot for this batch is approximately HKD 10,968, which is 5.5% and 3.1% higher than the previous phases sold in April and May last year, respectively [1] - The increase in property prices is lower than the market's overall increase of 6.8% during the same period and significantly below the 29% increase seen in the same company's "Tianxi Tian" Phase 2 [1] Group 2: Company Insights - There are rumors that Marriott International may acquire Rosewood Hotel Group, which is under Chow Tai Fook Enterprises. However, it is noted that even if the transaction occurs, Chow Tai Fook is unlikely to use the proceeds to repay debts owed to New World Development [1] - The company maintains a forecast of a 5% increase in Hong Kong property prices by 2026, with preferred stocks being Hysan Development (00014) and Link REIT (00823), both rated as "outperform" [1]

Core Viewpoint - Hong Kong property prices are experiencing a recovery, with strong sales of some new developments and optimistic market sentiment driving developers' stock prices up since the beginning of the year [1] Group 1: Market Trends - The upward trend in property prices is expected to continue, although the pace of increase is anticipated to be more moderate due to cooling interest rate cut expectations and resilient mortgage rates in Hong Kong [1] - Historical data suggests that when property price growth slows or market sentiment peaks, real estate stock prices often experience a correction [1] Group 2: Forecast and Recommendations - The company maintains a forecast of a 5% increase in Hong Kong property prices for 2026 [1] - Preferred stocks include Hysan Development and Link REIT, both rated as "outperform" [1]

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index increased by 5.1% in the second week of January 2026, ranking 11th among 31 primary industry sectors [8][10] - New housing transactions in 20 monitored cities saw a 37% year-on-year decrease, while the average daily transaction volume increased by 104% week-on-week [22][27] - The report highlights three main issues in the real estate market: declining new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [34][35] Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 12,626.37 billion [2] Policy News - In Shenyang, new policies were implemented to optimize housing fund loans, including extending the minimum down payment policy to December 31, 2026, and increasing the loan limit for new citizens and youth [18][19] - Shanghai emphasized creating a fair market competition environment through new regulations [18][19] Sales Data - In the second week, the average daily transaction volume for new homes in 20 cities was 21.8 million square meters, with total transactions of 153 million square meters [26][27] - The average daily transaction volume for second-hand homes in 11 cities was 30.3 million square meters, with total transactions of 212 million square meters [27][32] Financing - The report notes that most companies issuing bonds this week are local state-owned enterprises, with New Hope Real Estate issuing the largest amount of 8.8 billion [33] Investment Recommendations - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies [34][35]

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12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: | 希慎興業有限公司 | | | 呈交日期: | 2026年1月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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 | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發 ...

希慎興業有限公司 （於香港註冊成立之有限公司） （股份代號：00014） 提名委員會 職權範圍 （由2026年1月1日起修訂及重列） 2026 年 1 月 1 1.1 檢討董事會所需的架構、規模及組成（包括技能、知識及經驗方 面）及協助董事會編制及審視董事會技能表，以確保董事會成員 具備適當均衡的技能、知識、經驗及多元觀點； 1.2 就董事委任或連任，以及任何為配合本集團的公司策略而擬對董 事會作出的變動，向董事會提出建議； 1.3 評核獨立非執行董事的獨立性； 1.4 監督董事會及高級管理人員的繼任安排； 1.5 每年監督提名政策、董事會多元化政策及員工多元化政策的執行 並檢討其有效性； 1.6 定期監督性別多元化進展及評估設定的目標，以實現董事會及員 工的性別多元化； 1.7 支援定期評估董事會表現；及 1.8 監督集團的人力資本。 2.2 委員會主席須由董事會委任。在委員會主席及／或獲委任的副主 席缺席時，其餘出席的成員可選出其中一名成員擔任會議主席。 3. 出席會議 1. 目的 委員會協助董事會如下： 2. 成員 2.1 由委員會提名的委員會成員，須經董事會在適當情況下諮詢委員 會主席後委任。委員會必 ...

Group 1 - Citigroup reports that JD Group has agreed to acquire a 50% stake in the Central China Construction Bank Tower for HKD 3.5 billion from Lishin Development, while a local higher education institution purchased a commercial building in Kowloon Tong for HKD 1.96 billion from Frasers Property [1] - The demand from Chinese enterprises for office spaces is expected to continue supporting the Hong Kong office market, driven by factors such as more Chinese tech giants considering property acquisitions in Hong Kong and an increase in A-share companies dual-listing in Hong Kong [1] - Citigroup observes that the sale of office properties in Hong Kong is primarily aimed at generating immediate cash flow and optimizing investment portfolios, particularly for regional owners who are also considering commercial property growth prospects in other regions like Singapore and Australia [1] Group 2 - Citigroup forecasts that office performance in Central and West Kowloon will outperform other areas by 2026, with rental rates for major owners in Central likely stabilizing by the end of next year [2] - New quality supply in West Kowloon, such as IGC, is expected to be competitive in attracting demand, with rental levels comparable to those in the Eastern District of Hong Kong, benefiting companies like Sun Hung Kai Properties [2] - Given the historical high of overall new supply, competition in Causeway Bay is anticipated to intensify, with projects like Hysan Development's Lee Gardens likely to perform well, while properties in Eastern Hong Kong may face pressure [2]

Group 1 - Citigroup reported that JD Group agreed to acquire a 50% stake in the Central China Construction Bank Tower for HKD 3.5 billion from Lishin Development, while a local higher education institution purchased a Kowloon Tong office building for HKD 1.96 billion from Frasers Property [1] - Citigroup expects demand from Chinese enterprises for office spaces to continue supporting the Hong Kong office market, driven by factors such as more Chinese tech giants considering property acquisitions and an increase in A-share companies dual-listing in Hong Kong [1] - The report noted that the sale of office buildings in Hong Kong is primarily aimed at generating immediate cash flow and optimizing investment portfolios, particularly for regional owners who are also considering commercial property growth in other regions like Singapore and Australia [1] Group 2 - Citigroup forecasts that office performance in Central and West Kowloon will outperform other areas by 2026, with rental rates for major owners in Central expected to stabilize by the end of next year [2] - The report highlights that new quality supply in West Kowloon, such as IGC, may be competitive in attracting demand, with rental levels comparable to those in the Eastern District of Hong Kong Island [2] - Citigroup anticipates increased competition in Causeway Bay due to a historic high in overall new supply, with specific projects like Hysan Development's Lee Garden performing well, while properties in Eastern Hong Kong Island may face pressure [2]