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]

瑞银发表研究报告，提及《星岛日报》日前报道指，摩根大通正与新鸿基地产洽谈潜在租约，涉及西九 艺术广场大楼整个项目。该项目由新地开发，总楼面面积达67万平方呎，预计于2026年中落成。目前， 摩通是置地公司旗下中环遮打大厦及领展旗下观塘海滨汇两处的主要租户，分别占用约20万平方呎及27 万平方呎。瑞银估计，摩通潜在搬迁可能使香港置地的中环办公室空置率增加约5%，以及领展的海滨 汇空置率增加30%，截至今年6月及3月底止，两者空置率分别7%及0.8%。 瑞银认为，摩通潜在搬迁对新地正面，但对香港置地及领展均负面。对于新地而言，该租约可产生约 2.75亿港元租金息税前利润(EBIT)。相反，摩通离场可能导致置地公司及领展年度可归属租金息税前利 润分别减少约1.9亿及3500万港元。 ...

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]

Market Performance - The Hang Seng Index fell by 128.31 points, a decrease of 0.48%, closing at 26,829.46 points [1] - The National Enterprises Index dropped by 49.51 points, closing at 9,523.87 points, a decline of 0.52% [1] - The Hang Seng Tech Index decreased by 36.11 points, closing at 6,514.19 points, down by 0.55% [1] Blue Chip Stocks - Tencent Holdings decreased by 0.37%, closing at 675 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.76%, closing at 445 HKD [1] - China Mobile dropped by 0.78%, closing at 83.2 HKD [1] - HSBC Holdings declined by 0.27%, closing at 110.6 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.39%, closing at 37.96 HKD [1] - Sun Hung Kai Properties rose by 1.23%, closing at 94.35 HKD [1] - Henderson Land Development fell by 0.22%, closing at 27.1 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.95%, closing at 4.16 HKD [1] - China Construction Bank fell by 0.14%, closing at 7.28 HKD [1] - Industrial and Commercial Bank of China dropped by 1.06%, closing at 5.6 HKD [1] - Ping An Insurance decreased by 0.94%, closing at 52.75 HKD [1] - China Life Insurance fell by 0.37%, closing at 21.78 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.08 HKD [1] - China National Petroleum Corporation increased by 0.42%, closing at 7.15 HKD [1] - CNOOC Limited fell by 1.39%, closing at 18.5 HKD [1]

C M Y CM MY CY CMY K Design B-cover_TC_op.pdf 1 9/9/2025 3:50 PM | 目錄 | | | --- | --- | | 我們的匯報方式 | 1 | | 可持續發展督導委員會的話 | 2 | | 我們的業務 | 3 | | 我們如何推動可持續發展 | 5 | | 為環境 創造價值 | 15 | | 為員工 創造價值 | 40 | | 為顧客創造價值 | 49 | | 為供應鏈 創造價值 | 62 | | 為社群創造價值 | 72 | | 附錄 I – 獎項、參與組織及約章簽署 | 82 | | 附錄 II | | | – 與持份者溝通的方式及雙重重要性分析方法 | 85 | | 附錄 III | | | – 可持續發展表現概覽 | 86 | | 附錄 IV | | | – 香港交易所《環境、社會及管治報告守則》索引 | 98 | | 附錄 V | | | – GRI內容索引 | 99 | | 附錄 VI | | | – 國際財務報告可持續披露準則第 1 號 — 可持續相關財務信息披露一般要求內容索引 | 102 | | 附錄 VII | | | – 國 ...