大型蓝筹股多数下跌，汇丰控股收报138.219港元，较香港收市涨0.45%；腾讯控股收报619.286港元，较香港收市跌0.44%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRIETS | ADR换复价(HKD) | 较港股升跌 灰冷 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 622.000 | +1.000 | 0.16% | TCEHY | 619.286 | -2.714 | | 2 | 阿里巴巴-W | 09988 | 173.300 | -0.200 | -0.12% | BABA | 170.013 | -3.287 | | 3 | 汇丰控股 | 00005 | 137.600 | +0.100 | 0.07% | HSBC | 138.219 | +0.619 | | 4 | 建设银行 | 00939 | 8.160 | +0.130 | 1.62% | CICHY | 8.086 | -0.074 | | 5 | 友邦保险 | 01299 ...

股息方面，花旗表示，太古地产(01972)及香港置地承诺实现中单位数同比增长，九龙仓置业(01997)的 每股股息增长主要得益稳定的65%派息率下利息成本的节省。新鸿基地产、长实集团(01113)、信和置 业、嘉里建设(00683)、恒隆地产、希慎兴业(00014)、九龙仓集团(00004)，股息预计维持稳定。迎来五 十周年的恒基地产股息存在争议。领展房产基金(00823)、置富产业信托(00778)及冠君产业信托(02778) 因租金负增长，预计每基金单位分派数下降。 盈利方面，花旗预计香港置地、九龙仓置业及置富产业信托录得增长;新鸿基地产、信和置业、长实集 团、希慎兴业大致稳定;恒隆地产及太古地产同比下降0%至5%，但2025年下半年已因零售营业额租金改 善而好转;嘉里建设(倒退15-20%符预期)、恒基地产(倒退40%，因缺乏出售收益等)、冠君产业信托(倒退 10%)、领展表现疲弱。 花旗认为，相较于收租股，发展商在2026至2027年展现更大的每股盈利上行潜力，主要得益房价改善带 来的房屋销售利润率提升，及潜在具增值效益的新土地收购，推荐股票包括新鸿基地产(00016)、信和 置业(00083)、恒基 ...

股息方面，花旗表示，太古地产(01972)及香港置地承诺实现中单位数同比增长，九龙仓置业(01997)的 每股股息增长主要得益稳定的65%派息率下利息成本的节省。新鸿基地产、长实集团(01113)、信和置 业、嘉里建设(00683)、恒隆地产、希慎兴业(00014)、九龙仓集团(00004)，股息预计维持稳定。迎来五 十周年的恒基地产股息存在争议。领展房产基金(00823)、置富产业信托(00778)及冠君产业信托(02778) 因租金负增长，预计每基金单位分派数下降。 盈利方面，花旗预计香港置地、九龙仓置业及置富产业信托录得增长; 新鸿基地产、信和置业、长实集 团、希慎兴业大致稳定; 恒隆地产及太古地产同比下降0%至5%，但2025年下半年已因零售营业额租金 改善而好转; 嘉里建设(倒退15-20%符预期)、恒基地产(倒退40%，因缺乏出售收益等)、冠君产业信托 (倒退10%)、领展表现疲弱。 花旗认为，相较于收租股，发展商在2026至2027年展现更大的每股盈利上行潜力，主要得益房价改善带 来的房屋销售利润率提升，及潜在具增值效益的新土地收购，推荐股票包括新鸿基地产(00016)、信和 置业(00083) ...

华润啤酒-R(80291)、安踏体育-R(82020)、李宁-R(82331)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。泡泡玛特(09992)、小米集团-W(01810)、阿里巴巴-W(09988)的沽空金额 位居前三，分别为12.09 亿元、10.75 亿元、9.74 亿元。中国中车(01766)、李宁-R(82331)、中国平安- R(82318)的偏离值位居前三，分别为42.51%、38.82%、30.07%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 19.28 万元 | 100.00% | 25.37% | | 安踏体育-R(82020) | 9.50 万元 | 100.00% | 12.50% | | 李宁-R(82331) | 10.09 万元 | 100.00% | 38.82% | | 联想集团-R(80992) | 456.22 万元 | 82.43% | 2.97% | | 中国平安-R(82318) | 397.47 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00017 | 新世界发展 | (0) | 4.35% | 9.830 | 247.39亿 | | 00016 | 新鸿基地产 | | 3.93% | 119.000 | 3448.36 Z | | 00101 | 恒隆地产 | | 3.47% | 9.540 | 482.4 Z | | 01113 | 长实集团 | | 3.14% | 45.360 | 1587.5亿 | | 00083 | 信和置业 | | 3.01% | 11.650 | 1104.94亿 | | 00014 | 第遺兴业 | | 2.75% | 21.660 | 222.45 Z | | 00683 | 嘉里建设 | | 2.70% | 23.620 | 342.8 Z | | 01997 | 九龙合置业 | | 1.98% | 26.800 | 813.71亿 | | 00087 | 太古股份公司B | | 1.12% | 12.640 | 360.11亿 | | 00823 | 领展房 ...

花旗又指，与其交流的投资者认为，相较亚太其他地区，香港地产股的估值(NAV折让或市账率)仍具吸 引力，但公司开始需要显示独特性和实际业绩，来支撑股价的进一步重估。 花旗表示，投资者对中环写字楼乐观，但对零售业看法较淡;看好新鸿基地产(00016)、香港置地、恒隆 地产(00101)和太古地产(01972)。 市场对信和置业(00083)、恒基地产(00012)和希慎兴业(00014)看法存在分歧;减持标的有领展房产基金 (00823)和九龙仓置业(01997)。讨论较少的有长实集团(01113)、嘉里建设(00683)、富豪产业信托 (01881)、冠君产业信托(02778)、九龙仓集团(00004)。 花旗发布研报称，根据投资者反馈，他们对香港地产持正面态度，依行业划分的优先次序为房地产开发 商>中环写字楼>奢侈品零售;而非必需零售业则令人失望。 花旗表示，投资者预期楼价在今年将进入上升周期;关注2027、2028年的可持续性，且投资者一致认为 楼价已过拐点，预计今年将有明显的5%至10%升幅。尽管如此，约10%的投资者对27/28年房价走势持 怀疑态度，因成交量反弹主要由积压的需求推动;投资需求(目前约占 ...

花旗又指，与其交流的投资者认为，相较亚太其他地区，香港地产股的估值(NAV折让或市账率)仍具吸 引力，但公司开始需要显示独特性和实际业绩，来支撑股价的进一步重估。 花旗表示，投资者对中环写字楼乐观，但对零售业看法较淡; 看好新鸿基地产(00016)、香港置地、恒隆 地产(00101)和太古地产(01972)。 市场对信和置业(00083)、恒基地产(00012)和希慎兴业(00014)看法存在分歧; 减持标的有领展房产基金 (00823)和九龙仓置业(01997)。讨论较少的有长实集团(01113)、嘉里建设(00683)、富豪产业信托 (01881)、冠君产业信托(02778)、九龙仓集团(00004)。 智通财经APP获悉，花旗发布研报称，根据投资者反馈，他们对香港地产持正面态度，依行业划分的优 先次序为房地产开发商 >中环写字楼 > 奢侈品零售; 而非必需零售业则令人失望。 花旗表示，投资者预期楼价在今年将进入上升周期; 关注2027、2028年的可持续性，且投资者一致认为 楼价已过拐点，预计今年将有明显的5%至10%升幅。尽管如此，约10%的投资者对27/28年房价走势持 怀疑态度，因成交量反弹主要由 ...

Investment Rating - The report maintains a "Positive" investment rating for the Hong Kong real estate sector [1]. Core Insights - The Hong Kong residential market is stabilizing and showing signs of recovery, with new home sales volume approaching the peak levels of 2019, and second-hand home transactions reaching a new high since 2022. The inventory de-stocking cycle has significantly reduced from 125 months to 61 months [1][8]. - The retail property market is still under pressure, but rental declines are narrowing, and vacancy rates in core areas are decreasing. Office rents and occupancy rates are under pressure, with significant regional market differentiation [1][19][25]. - The residential market is expected to continue its upward trend in 2026, driven by lower mortgage rates and an increase in rental yields. Over 80% of residential properties are projected to achieve a balance between supply and rental demand [1][34][40]. Summary by Sections 1. Hong Kong Real Estate Market Review - Residential transaction volumes are increasing, with new home sales reaching 21,000 units in 2025, a 99.1% increase from the cycle's bottom [8][12]. - The inventory pressure has eased, with the de-stocking cycle for new homes dropping significantly [16]. - Retail property rents are still adjusting, but the rate of decline is slowing, and some core areas are showing signs of recovery [19][21]. - Office rents have decreased by 21.1% since their peak in June 2019, with rising vacancy rates [25][26]. 2. Outlook for the Hong Kong Real Estate Market - The residential market is expected to continue its recovery, with structural differentiation being a key feature [34]. - The ongoing Federal Reserve rate cuts are likely to support the Hong Kong real estate market's recovery [34][37]. - The proportion of properties achieving a balance between supply and rental demand is expected to increase, enhancing home buying demand [39][40]. - Talent attraction policies are anticipated to boost potential home buying demand as more skilled individuals move to Hong Kong [44][50]. 3. Valuation Elasticity of Hong Kong Property Companies - Current valuations of major Hong Kong property companies are at historically low levels, indicating potential for recovery [1][3]. - Companies with a higher proportion of development business and land reserves are expected to exhibit greater valuation elasticity [1][3]. - The top three property companies in terms of sales in 2025 are Sun Hung Kai Properties, Henderson Land Development, and Sino Land, with significant year-on-year sales growth for Henderson and Sino [1][3].

花旗表示，投资者预期香港楼价在今年将进入上升周期，若政府加快土地出售，可能带来供应问题。该 行表示，相较亚太其他地区，香港地产股的估值(NAV折让或市账率)仍具吸引力，但公司开始需要显示 独特性和实际业绩，来支撑股价的进一步重估。 星展发布研报称，新鸿基地产为香港最大地产发展商，拥有庞大土地储备及稳健投资物业组合，构成其 核心优势，约1,970万平方呎的可发展土储，其中有不少为农地，预计可受惠于北部都会区加速发展。 该行指出，公司去年通过政府招标及土地用途转换等多种方式，收购了六幅住宅用地，预料合计可提供 超过300万平方呎的应占总楼面面积，凭借有利的土地成本，估计相关项目税前利润率超过30%，将支 持公司盈利复苏。 新鸿基地产(00016)涨近6%，截至发稿，涨5.76%，报121.1港元，成交额6.07亿港元。 ...