大型蓝筹股涨跌不一，汇丰控股收报107.713港元，较香港收市跌0.08%；腾讯控股收报619.651港元，较香港收市跌0.46%。 | 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 | O 00700 | 622.500 | -1.000 | -0.16% | TCEHY | 619.651 | -2.849 | | 2 | 阿里巴巴-W | 09988 | 156.400 | +1.800 | 1.16% | BABA | 154.708 | -1.692 | | 3 | 建设银行 | 00939 | 8.130 | -0.020 | -0.25% | CICHY | 8.121 | -0.009 | | 4 | 汇丰控股 | 00005 | 107.800 | -1.800 | -1.64% | HSBC | 107.713 | -0.087 | | 5 | 小米集团-W | 0181 ...

太古地产最近可谓"春风得意马蹄疾"。 据彭博社援引知情人士透露，LVMH集团正与太古地产洽谈，计划在上海兴业太古汇开设一间DIOR门店，预计最早可能于2027年开业，选址将毗邻"路易 号"。 尽管已停泊近半年，"路易号"至今仍热度不减。在刚结束的第八届进博会上，LVMH集团大中华区总裁吴越分享了一组数据："2025年6月25日'路易号'诞生 以来，'船'边街头每日聚人群高达十七万，整个街区日均人流有五十万。" 这座让兴业太古汇足足等待了两年的三层独栋，不仅带动项目前三季度零售大涨41.9%，也毫无疑问是今年上海高端商业的高光时刻，凝结了过去两年魔都 高端商业的全部情绪——谨慎、观望、再出发。 而热度之外，还有更多细微的信号在出现——新的项目在入市，老的项目在迭代，商圈的重心在竞合中轻微移动。 如果把时间线拉长一点，会发现，上海的高端商业，正进入一轮"重构周期"。 逆势扛压，港资商场彰显韧性 值得一提的是，兴业太古汇还在下半年将南广场的出入口东移了半幅铺位，拉开了项目南侧升级的序幕。 上海的高端商业，必须从港资项目看起。它们是这座城市顶级零售的标杆，也是周期波动中最稳定的力量。 | 项目 | 年份 | 开发商 ...

大型蓝筹股多数下跌，汇丰控股收报110.738港元，较香港收市跌1.21%；腾讯控股收报629.180港元，较香港收市跌1.15%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICH | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 636.500 | -4.500 | -0.70% | TCEHY | 629.180 | -7.320 | | 2 | 阿里巴巴-W | 09988 | 154.900 | 0.000 | 0.00% | BABA | 153.262 | -1.638 | | 3 | 建设银行 | 00939 | 8.240 | -0.110 | -1.32% | CICHY | 8.190 | -0.050 | | 4 | 汇丰控股 | 00005 | 112.100 | -0.800 | -0.71% | HSBC | 110.738 | -1.362 | | 5 | 小米集团-W | 0181 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [8] Core Insights - The Hong Kong real estate market is experiencing a significant recovery, driven by the removal of restrictive measures and declining interest rates. The private residential price index has risen for four consecutive months, with a month-on-month increase of 1.32% in September. The rental index has also increased for ten months, reaching a historical high [16][18] - The competitive landscape among Hong Kong developers is becoming increasingly concentrated, with the top four developers accounting for nearly 50% of total sales in 2024. This trend indicates a shift towards a more monopolistic market structure [18] - The report highlights the importance of policy adjustments, such as reducing purchase restrictions and expediting the recovery of idle land, to boost market confidence and stimulate demand [3][20] Summary by Sections Hong Kong Real Estate Market - The market is witnessing a recovery due to the removal of demand management measures and lower transaction costs, which have significantly stimulated homebuyer demand [16][18] - The top four developers in Hong Kong, including Sun Hung Kai Properties and Henderson Land, have seen substantial sales, with Sun Hung Kai achieving sales of HKD 36 billion in 2024, representing 20% of total sales [18] Market Performance - The A-share real estate sector outperformed the broader market, with a weekly increase of 2.70%, surpassing the benchmark by 3.78 percentage points [20][21] - The Hong Kong real estate sector also outperformed, with a weekly increase of 4.99%, exceeding the Hang Seng Index by 3.73 percentage points [33] Credit Market - The issuance of real estate credit bonds totaled CNY 3.62 billion this week, with a net financing amount of -CNY 4.13 billion. Cumulative issuance for the year stands at CNY 374.38 billion, with a net financing amount of -CNY 41.90 billion [20][40] REITs Market - The REITs index increased by 0.82% this week, with the property-type REITs index rising by 0.62% and the operating rights-type REITs index increasing by 1.08% [42][51] - The total transaction volume for REITs this week was CNY 1.353 billion, with property-type REITs accounting for CNY 732 million [56]

中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得6,463宗登记，按月增 加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 上市企业更精简：积极资本循环、负债下降、资本支出与融资成本降低，应能在稳定股息下为增长提供 现金流支持；投资意愿回升；董事长/CEO更迭及部分新策略平稳过渡。 花旗预测2026年住宅价格上涨3%，并进入多年上升周期。 香港本地房产相关港股： 因此，楼市 ...

智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得 6,463宗登记，按月增加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 因此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循 环。 港股的流动性更多受全球宏观环境及中国内地经济基本面主导，楼市并非主要影响因素。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 上市企业更精简：积极资本循环、负债下降、资本支出与融资 ...

花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下：(1)房价 进入上升周期：新销售利润率改善(目前为5%至9%)及资产净值具上行空间；(2)零售销售：奢侈品表现 优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢复；(3)写字楼：2025年竣 工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健；(4)上市企业更精简：积极资本 循环、负债下降、资本支出与融资成本降低，应能在稳定股息下为增长提供现金流支持；(5)投资意愿 回升；(6)董事长/CEO更迭及部分新策略平稳过渡。 花旗预测2026年住宅价格上涨3%(25年预期升3%)，并进入多年上升周期。花旗首选标的包括希慎、恒 隆地产、新鸿基地产、恒基地产与领展。 ...

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]

Market Overview - Hong Kong stocks showed a positive trend, closing up 0.85% as bulls took control, indicating a lack of negative news is perceived as positive [1] - The U.S. House of Representatives is expected to vote on a compromise plan to end the longest government shutdown in U.S. history, which could restore funding to government agencies [1] - The ADP private sector employment report for October showed a decrease of 45,000 jobs, the largest drop in two and a half years, suggesting a cooling labor market and increasing expectations for a Fed rate cut in December [1] Sector Performance - The banking sector saw a rebound with major banks like Agricultural Bank of China reaching new highs, driven by long-term investments from insurance funds and public funds [1] - Consumer sectors are gaining traction, with companies like "Hushang Auntie" seeing a significant increase of nearly 29%, indicating a recovery in consumer sentiment [2] - Retail sales in Hong Kong are projected to rise by 4% year-on-year in October, benefiting retail rental stocks [3] Company Highlights - Baijie Shenzhou reported a 44.2% increase in total revenue for the first three quarters, driven by sales growth of its self-developed products [3] - Xiaomi announced a significant sales figure of over 29 billion yuan during the Double 11 shopping festival, indicating strong consumer demand [4] - The Ximangdu iron ore project, with reserves exceeding 4.4 billion tons, has commenced production, potentially altering the global iron ore supply landscape and benefiting companies like Maanshan Iron & Steel [5] Industry Developments - The Chinese commercial aerospace sector is set to advance with the upcoming maiden flight of the reusable rocket "Zhuque-3," which aims to reduce launch costs significantly [6] - The sportswear manufacturing sector is expected to see a recovery in demand, with Shenzhou International projecting a 15.3% increase in revenue for the first half of 2025 [7] - The company has expanded its overseas production capacity, with 53% of its garment output coming from international facilities, indicating a strategic shift towards globalization [8]

Group 1 - New World Development Company Limited (00016.HK) saw its stock price increase by over 4%, specifically a rise of 4.16% to reach 102.6 HKD [1] - The trading volume for the company amounted to 622 million HKD [1]