炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 10月28日，《2025 胡润百富榜》正式揭晓，新鸿基 邝肖卿 以830亿元财富值上榜。相较于2024年的 665亿元，其财富年内增加165亿元，增长率达 25%；排 名较去年的第54位微降至第57位，下降3个名次。新鸿基的主业为房地产。 邝肖卿是新鸿基地产创办人郭得胜的夫人，她通过信托基金控制着新鸿基地产的股份，成为了公司的最大股东。2023年的中国女首富榜单上，邝肖卿这个名 字以720亿港元的惊人身家稳坐顶端。媒体给她送上了一个接地气的称号——"最强包租婆"。 责任编辑：郭栩彤 通过数十年的持续收购，新鸿基地产在香港与内地构建了规模庞大的物业组合，当前土地储备量已逾1000万平方米。邝肖卿的财富逆势增长，与房地产行业 整体低迷形成鲜明对比。2025 年房地产行业继续下滑，万达王健林、世茂许荣茂、碧桂园杨惠妍等知名地产富豪财富均受不同程度影响，恒大许家印更因 涉嫌违法犯罪已被依法采取强制措施。在此背景下，新鸿基依托香港市场回稳态势、充裕土地储备及 "以心建家" 的品牌优势，实现了资产的有效保值增 值，邝肖卿 25% 的财富增幅正是企业 ...

中资金融股方面，中国银行涨0.45%，收报4.44港元；建设银行涨0.25%，收报7.9港元；工商银行 跌0.33%，收报6.06港元；中国平安涨0.27%，收报56.15港元；中国人寿跌0.71%，收报25.04港元。 石油石化股方面，中国石油化工股份跌0.24%，收报4.22港元；中国石油股份涨0.13%，收报8港 元；中国海洋石油跌0.55%，收报19.95港元。 【纠错】 【责任编辑:邱丽芳】 新华社香港10月28日电 香港恒生指数28日跌87.56点，跌幅0.33%，收报26346.14点。全日主板成交 2427亿港元。 国企指数跌91.43点，收报9375.79点，跌幅0.97%。恒生科技指数跌77.64点，收报6093.44点，跌幅 1.26%。 蓝筹股方面，腾讯控股跌1.68%，收报645港元；香港交易所跌0.41%，收报432.4港元；中国移动涨 0.41%，收报85.55港元；汇丰控股涨4.41%，收报106.5港元。 香港本地股方面，长实集团涨1.15%，收报38.86港元；新鸿基地产涨0.74%，收报95.8港元；恒基 地产跌0.14%，收报28.22港元。 ...

Market Overview - The Hang Seng Index fell by 245.78 points, a decrease of 0.94%, closing at 25,781.77 points [1] - The total turnover for the day was 227.536 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 78.88 points, closing at 9,223.78 points, a decline of 0.85% [1] - The Hang Seng Tech Index decreased by 84.85 points, closing at 5,923.09 points, a drop of 1.41% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.11%, closing at 623.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.58%, closing at 422.4 HKD [1] - China Mobile declined by 0.88%, closing at 84.45 HKD [1] - HSBC Holdings increased by 0.1%, closing at 102.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.26%, closing at 37.86 HKD [1] - Sun Hung Kai Properties decreased by 1.44%, closing at 92.35 HKD [1] - Henderson Land Development dropped by 0.87%, closing at 27.3 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at 4.36 HKD [1] - China Construction Bank fell by 0.13%, closing at 7.81 HKD [1] - Industrial and Commercial Bank of China increased by 0.17%, closing at 5.96 HKD [1] - Ping An Insurance dropped by 0.72%, closing at 55.5 HKD [1] - China Life Insurance decreased by 2.33%, closing at 24.36 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.24%, closing at 4.13 HKD [1] - PetroChina rose by 1.15%, closing at 7.89 HKD [1] - CNOOC increased by 0.93%, closing at 19.5 HKD [1]

Core Viewpoint - UBS reports that JPMorgan is in talks with Sun Hung Kai Properties regarding a potential lease for the entire West Kowloon Cultural District project, which is expected to be completed by mid-2026 [1] Group 1: JPMorgan's Potential Relocation - The project has a total floor area of 670,000 square feet [1] - JPMorgan currently occupies approximately 200,000 square feet at Chater House and 270,000 square feet at Kwun Tong Waterfront [1] - UBS estimates that JPMorgan's potential relocation could increase the vacancy rate of Hongkong Land's Central office by about 5% and Link REIT's vacancy rate at Kwun Tong Waterfront by 30% [1] Group 2: Financial Implications - As of June and March this year, the vacancy rates for Hongkong Land and Link REIT were 7% and 0.8%, respectively [1] - UBS believes that the potential lease could generate approximately HKD 275 million in EBITDA for Sun Hung Kai Properties [1] - Conversely, JPMorgan's departure may lead to a reduction in annual attributable EBITDA of approximately HKD 190 million for Hongkong Land and HKD 35 million for Link REIT [1]

瑞银发表报告指，新鸿基地产作为香港最大的发展商之一，相信股价已受惠住宅市场交投复苏，年初至 今已上升29%。但由于新地股息率低于4%，该行认为风险回报较为平衡，因为2026财政年度的每股派 息上升空间有限。 瑞银将新地的评级由"买入"下调至"中性"，目标价96港元。虽然部分投资者可能认为新地的市账率偏低 或资产净值折让较高，但香港住宅资产仅占其资产净值的20%。在新地没有为其投资物业进行资本循环 或改变股东回报政策的情况下，相信资产净值折让收窄的可能性较低。 ...

嘉里建设(00683)上海住宅项目金陵华庭第二期首批单位推售当日旋即售罄，认购率达190%，平均售价 为每平方米20.5万元人民币，较今年3月推售时提升1.6万元人民币。资料显示，买家主要为35至55岁、 来自高收入行业的自住人士。大华继显认为，此反映出内地住宅需求趋向稳健，但投资情绪仍然疲弱， 10月份市场数据亦显示出全国新房及二手房交易同比下降，认为主要城市投资需求减弱。 该行将嘉里建设的评级上调至"买入"，目标价维持22.8港元，认为金陵华庭项目虽然建筑成本较高，但 预测于2027年住宅部分竣工后仍可录得不俗利润，有助于提升公司核心净利润，近期股价回落或为投资 者提供吸引的入市机会。 大华继显发布研报称，目前对中国内地及香港地产板块维持"与大市同步"评级，主要选股分别为华润置 地(01109)及新鸿基地产(00016)，均予"买入"评级，目标价34.1港元及106.9港元。 ...

大型蓝筹股多数上涨，汇丰控股收报103.922港元，较香港收市涨1.98%;腾讯控股收报623.857港元，较香港收市涨0.46%。 智通财经APP获悉，周二美股三大指数涨跌不一。恒生指数ADR上涨，按比例计算，收报25667.98点，较香港收市涨226.63点或0.89%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代在 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADRE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 621.000 | 18.000 | -2.82% | TCEHY | 623.857 | +2.857 | 0.46% | 80 | | 2 | 阿里巴巴-W | 09988 | 155.600 | -7.000 | -4.31% | BABA | 158.258 | +2.658 | 1.71% | 162 | | 3 | 建设银行 | 00939 | 7.490 | +0.170 | 2.32% | ...

杨 侃 投资咨询资格编号：S1060514080002 郑茜文 投资咨询资格编号：S1060520090003 2025年10月13日 请务必阅读正文后免责条款 投资要点 风险提示：1）中国香港楼市复苏不及预期风险；2）港资地产业绩大幅下行风险；3）中国香港经济及居民收入恢复不及预期风险。 证券研究报告 楼市调整或近尾声，港资房企迎投资机遇 ——中国香港地产系列研究之一 行业深度报告 地产行业 强于大市（维持） 证券分析师 1 历史复盘：购房意愿与能力均提升，供需格局优化带来上轮中国香港房价企稳。上轮周期中国香港楼市自1997年开始调整，2003年逐 步筑底企稳，梳理其止跌回稳前后特征，可以发现：1）经济及收入预期好转、房价下跌带来置业门槛下降，居民购房能力提升；2）租 金回报率逐步超过或接近理财及房贷利率，租金相对吸引力提升，带来购房意愿改善；3）需求端逐步恢复，叠加新增供应大幅下降， 最终带来供需格局优化、房价逐步企稳。 当前展望：积极因素有望形成共振，本轮中国香港楼市或接近调整尾声。本轮中国香港楼市自2021年开始调整，2021.9-2025.3房价累 计下跌28.4%，但2025Q2房价现企稳迹象，我 ...

Core Viewpoint - UBS upgraded the investment rating of Cheung Kong Property from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] Group 1: Potential Catalysts for Value Release - Potential catalysts for value release include acquisitions of distressed commercial real estate (CRE) assets in Hong Kong, continuous improvement in hotel profitability, and opportunities to convert hotels into student accommodations due to a structural increase in non-local student enrollment [1] - Additional catalysts mentioned are the disposal of UK railway assets and higher foreign exchange conversion gains following potential interest rate cuts by the Federal Reserve [1] Group 2: Stance on Hong Kong Banks and Developers - UBS maintains a "Neutral" stance on Hong Kong banks due to increased provisioning expenses related to commercial real estate exposure and risks of net interest margin contraction from a potential rate cut cycle [1] - The bank holds a "Positive" stance on Hong Kong developers, with top picks including Henderson Land, Sun Hung Kai Properties, Link REIT, Wynn Macau, Galaxy Entertainment, and Cathay Pacific, all rated as "Buy" [1] - Conversely, UBS is bearish on MTR Corporation, rating it as "Sell" [1]

Core Insights - In September, the Hong Kong Lands Department reported three new private residential projects applying for pre-sale consent, involving 909 units, a decrease of 550 units or 37.7% month-on-month [1] - The three new projects include the SIERRA SEA Phase 2B by New World Development (00016) with 522 units, the first phase of the Kowloon Development (00034) project at Ngau Chi Wan with 361 units, and a project by Far East Consortium (00035) offering 26 houses [1] - As of the end of September, there are 8,902 residential units pending pre-sale consent, an increase of 11% month-on-month, marking an eight-month high [1] - In September, only one pre-sale consent was granted for a project at 8 Wo Mei Red Cotton Road in Sai Kung, involving 51 units, breaking a four-month streak of no approvals [1]