免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月14日，新鸿基地产位于香港粉岭北第10区项目获屋宇署批出建筑图则，将建两幢16层商 住大厦，总楼面约38.99万平方呎，预计2025年11月动工。 根据公开资料整理，项目已于2024年完成补地价，设3层平台、1层地库及住客休憩设施，并附设公共交 通交汇处；住宅楼面约27.9万平方呎，非住宅楼面约11.1万平方呎，将分期推进。 ...

公司公告：2025 年12 月单月销售金额：保利发展121.6 亿元(-18.9%)；招商蛇口258.4 亿元(-14.5%)；新 城控股13.5 亿元(-57.8%)；中国金茂128.2 亿元（-16.0%）；金地集团24.0 亿元（-54.5%）；绿城中国 197 亿元（-9.2%）；中国海外发展398.3亿元（-1.0%）。融资方面，中国海外发展公开发行26 年第一 期公司债券，品种一3 年期/票面利率区间1.60%-2.60%，品种二5 年期/票面利率区间1.80%-2.80%。 人事方面，万科A 郁亮因到龄退休，辞去公司董事、执行副总裁职务。 投资分析意见：我们认为，房地产是中国家庭重要的资产配置和投资方向，稳住房价对畅通经济内循环 有着重要意义，二十届四中全会提到推动房地产高质量发展，政策端有望进一步发力。2025 年以来， 中央层面高频提及建设好房子和高品质住房，在政策导向和供需结构变化的契机之下，高品质住宅或将 迎来发展浪潮。此外，多重利好因素的共同推动下，香港私人住宅市场情绪已逐步修复，我们认为港资 发展商有望迎来新一轮价值重估。我们维持房地产"看好"评级，建议关注：1）地产开发：华润置地、 ...

大型蓝筹股多数上涨，汇丰控股收报127.188港元，较香港收市涨0.62%；腾讯控股收报624.864港元，较香港收市跌0.42%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | @ 00700 | 627.500 | +4.500 | 0.72% | TCEHY | 624.864 | -2.636 | | 2 | 阿里巴巴-W | 09988 | 159.900 | +5.600 | 3.63% | BABA | 162.857 | +2.957 | | 3 | 汇丰控股 | 00005 | 126.400 | +2.300 | 1.85% | HSBC | 127.188 | +0.788 | | 4 | 建设银行 | 00939 | 7.810 | +0.090 | 1.17% | CICHY | 7.778 | -0.032 | | 5 | 小米集团-W | 01810 | ...

近日，新鸿基地产公布，旗下香港西沙SIERRA SEA第2A期首轮销售共收到约4.2万个购房意向登记， 以价单形式推出的213伙计算，超额认购逾196倍，刷新2023年8月油塘亲海駅II逾3.8万票纪录，成为新 的"盘票王"。而在1月10日正式开售后，首批213伙房源当日便宣告沽清。 事实上，香港楼市的热度已从2025年持续蔓延至2026年初，而背后一大推手是全面"撤辣"政策（即撤销 所有楼市"辣招"，包括取消买家印花税、新住宅印花税及额外印花税）效应的持续显现。中原地产亚太 区副主席兼住宅部总裁陈永杰表示，2025年，香港一手私人住宅成交量达2万宗，创"一手新例"后新 高。 在此背景下，业内对2026年香港楼市走势普遍持乐观态度，认为其已步入一个基本面更健康、发展更可 持续的全面上行新周期。 一二手成交宗数均创近年新高 "相比美元指数下跌、金价一年内上涨约六成，香港楼价较2021年高位仍低逾两成，现已触底，兼具追 落后条件及保值功能，相信可吸引投资者趁低吸纳。"陈永杰说。 租赁市场的新格局也为楼市回暖提供了重要支撑。陈永杰指出，香港租金持续高企，2025年9月CRI回 报率最新报3.56%，为近14年次高。 ...

蓝筹股方面，腾讯控股涨0.72%，收报627.5港元；香港交易所涨1.31%，收报431.8港元；中国移动跌 0.25%，收报80.95港元；汇丰控股涨1.85%，收报126.4港元。 香港本地股方面，长实集团跌0.19%，收报42.56港元；新鸿基地产涨1.22%，收报107.9港元；恒基地产 涨2.99%，收报31.72港元。 新华社香港1月13日电香港恒生指数13日涨239.99点，涨幅0.9%，收报26848.47点。全日主板成交 3151.92亿港元。 中资金融股方面，中国银行涨0.9%，收报4.48港元；建设银行涨1.17%，收报7.81港元；工商银行涨 0.96%，收报6.3港元；中国平安涨2.19%，收报70港元；中国人寿涨3.51%，收报33港元。 国企指数涨65.33点，收报9285.41点，涨幅0.71%。恒生科技指数涨6.59点，收报5869.79点，涨幅 0.11%。 （文章来源：新华社） 石油石化股方面，中国石油化工股份涨0.65%，收报4.65港元；中国石油股份涨1.36%，收报8.22港元； 中国海洋石油涨2.58%，收报21.48港元。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][27]. Core Insights - The Hong Kong real estate market is expected to rebound in 2025, with both primary and secondary residential transactions reaching a four-year high, showing year-on-year growth of 21.5% and 16.9% respectively, leading to a total increase of 18.3% [3][7]. - The upward trend in property prices began in April 2025, with private residential prices increasing by 4.4% from the low in March 2025, and the leading index rising by 5.8% by January 2026 [3][8]. - Positive factors such as stable GDP growth, increased disposable income, and a recovering stock market are expected to enhance purchasing power and demand in 2026 [3][19]. - The concentration of market share among top developers is significant, with the top five developers holding a 46.8% market share in 2024, indicating strong performance potential during market upturns [3][21][24]. Summary by Sections Market Performance - In 2025, the total residential transaction volume reached 63,000 units, marking an 18% increase compared to 2022, with primary sales at 20,500 units and secondary sales at 42,000 units [4][7]. - The influx of mainland buyers is notable, with an estimated 13,800 units purchased by Mandarin-speaking buyers, accounting for 22% of total transactions [7]. Price Trends - Since Q2 2025, property prices have shown a steady upward trend, with the index rising by 8% from the low in March 2025 [8][19]. Rental Market - The rental market has also seen an upward trend, with rental indices increasing by 4.3% by November 2025, and the average rental yield reaching 2.88%, closely aligning with the ten-year government bond yield of 2.94% [11][12]. Supply Dynamics - The supply of new residential units has been contracting, with the number of pre-sale approvals declining by 20% by the end of 2025, creating a favorable environment for price increases [16][19]. Future Outlook - The outlook for 2026 remains positive, with expectations of continued demand recovery and manageable supply pressures, suggesting a sustained upward trend in both volume and prices [19][25].

Group 1 - Citigroup revised its forecast for Hong Kong residential property prices in 2026 from an increase of 3% to 8%, anticipating a further acceleration in 2027, marking the beginning of a multi-year upward cycle [1] - The fundamental supporting factors include a new low in land supply, a decrease in available units, and a projected net absorption starting in 2026, with new sales expected to reach 21,000 units [1][2] - Rental prices are expected to rise cumulatively by 20% from 2023 to 2025, with an average rental yield of 3.5%, supporting future demand [1] Group 2 - The outlook for Hong Kong real estate stocks in 2026 is more positive, driven by an upward price cycle, improved profit margins, and a reduction in debt and financing costs for listed property companies [2] - The second quarter is traditionally a peak season for the property market, with expectations for increased asset turnover starting in March [2] - Recommended stocks include Sun Hung Kai Properties, Sino Land, and Henderson Land, benefiting from rising profit margins and NAV [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,310.99, up by 161.68 points or 0.62% as of January 8, 16:00 Eastern Time [1] - The index reached a high of 26,311.38 and a low of 25,998.12 during the trading session, with a trading volume of 50.328 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 125.439, up by 0.92% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 615.197, down by 0.13% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 616.000, down by HKD 8.500 or 1.36%, with an ADR price of 615.197, reflecting a decrease of 0.13% [3] - Alibaba Group: Latest price HKD 142.600, down by HKD 3.300 or 2.26%, with an ADR price of 150.458, reflecting an increase of 5.51% [3] - HSBC Holdings: Latest price HKD 124.300, down by HKD 2.900 or 2.28%, with an ADR price of 125.439, reflecting an increase of 0.92% [3] - Other notable movements include Meituan-W down by 3.35% and JD.com down by 2.02% [3]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.17% or 309.64 points, closing at 26,149.31 points, and a total trading volume of 268.275 billion HKD [1] - The Hang Seng Tech Index dropped by 1.05%, while the Hang Seng China Enterprises Index decreased by 1.09% [1] - Everbright Securities noted that domestic policy support and a weaker US dollar may lead to continued fluctuations and potential upward movement in the Hong Kong market, highlighting strong overall profitability and relatively low valuations [1] Blue-Chip Stocks Performance - New World Development (00016) led blue-chip stocks with a rise of 3.21%, closing at 102.8 HKD, contributing 7.39 points to the Hang Seng Index [2] - China Shenhua (01088) increased by 2.56%, while Hansoh Pharmaceutical (03692) rose by 1.75% [2] - Sands China (01928) fell by 4.49%, and Tingyi (00322) dropped by 4.18%, negatively impacting the index [2] Sector Highlights - Large tech stocks faced pressure, with Alibaba and Tencent both declining [3] - The commercial aerospace sector saw significant gains, with Asia Pacific Satellite rising over 20% [4] - Semiconductor stocks performed well, with Tian Shuo Zhi Xin (09903) increasing by 8.44% and Shanghai Fudan (01385) rising by 5.27% [3] - The brain-computer interface sector gained attention, with companies like Brainhole Technology (02203) and Micro-Innovation Brain Science (02172) seeing notable increases [4][5] New Listings and Market Movements - New listings included Zhipu AI (02513), which rose by 13.17% on its debut, becoming known as the "first stock of large models" [7] - COSCO Shipping Energy (01138) saw a strong performance, increasing by 7.09% amid rising demand for legal oil tankers due to geopolitical dynamics [8] - Xindong Company (02400) also performed well, rising by 6.46% following the global launch of its mobile game [9] HSBC Holdings Update - HSBC Holdings (00005) faced pressure, declining by 2.28% as it held a court meeting and shareholder meeting to vote on a privatization proposal valued at approximately 290.3 billion HKD [10] - The proposed buyout price is set at 155 HKD per share, representing a 30.3% premium over the previous closing price [10]

Group 1 - New World Development (00016) shares rose over 3%, currently at 102.7 HKD with a trading volume of 590 million HKD [1] - The Hong Kong Land Registry reported a record high of 80,702 property sale agreements for the year 2025, with a total value of 614.277 billion HKD, representing a 15% year-on-year increase [1] - Residential property transactions reached 62,832 agreements, totaling 519.83 billion HKD, with year-on-year increases of 18.3% and 14.4% respectively [1] Group 2 - The property market in Hong Kong is expected to remain active into 2026, with predictions of over 2,000 new home transactions this month driven by strong sales of new developments [1] - Morgan Stanley forecasts a 10% increase in Hong Kong residential property prices this year due to rising demand from mainland buyers, limited supply, and declining interest rates [1] - The influx of talent is expected to boost rental performance, with a projected 5% increase in rents this year, contributing to higher investment demand [1]