Core Viewpoint - Hong Kong real estate stocks experienced an afternoon rally, driven by market expectations of favorable government policies in the upcoming 2025 policy address [1] Group 1: Stock Performance - New World Development (00016) rose by 4.33% to HKD 97.55 - Hang Lung Properties (00101) increased by 2.33% to HKD 8.8 - Hysan Development (00012) gained 2.07% to HKD 27.6 - Henderson Land Development (00014) climbed 1.71% to HKD 16.08 [1] Group 2: Government Policy Expectations - The Hong Kong government is set to announce the 2025 policy address on Wednesday, 17th - UBS anticipates the government will reduce stamp duty on residential properties valued between HKD 4 million to HKD 6 million - Proposed initiatives include a "Home Purchase Fund" plan, further relaxation of capital investor entry qualifications, and measures to attract more mainland visitors [1] Group 3: Impact on Real Estate Developers - The new policy address is expected to benefit developers such as Hysan Development, New World Development, and Sino Land - Increased mainland visitor traffic is likely to support regional mall owners, including Wharf Real Estate Investment and Hysan Development - Accelerated development in the Northern Metropolis may pose negative implications for MTR Corporation due to rising capital expenditure concerns, but could positively impact land reclamation for Henderson Land Development [1] Group 4: REITs and Market Outlook - UBS predicts that the inclusion of Real Estate Investment Trusts (REITs) in the mutual market connectivity will have a positive effect on Link REIT [1]

Core Viewpoint - Hong Kong real estate stocks experienced an afternoon rally, driven by market expectations of favorable government policies in the upcoming 2025 policy address [1] Group 1: Stock Performance - Sun Hung Kai Properties (00016) rose by 4.33% to HKD 97.55 - Hang Lung Properties (00101) increased by 2.33% to HKD 8.8 - Henderson Land Development (00012) gained 2.07% to HKD 27.6 - Hysan Development (00014) climbed 1.71% to HKD 16.08 [1] Group 2: Government Policy Expectations - The Hong Kong government is set to announce the 2025 policy address on Wednesday, 17th [1] - UBS anticipates the government will further reduce the stamp duty on residential properties valued between HKD 4 million to HKD 6 million [1] - Proposed measures include the establishment of a "Home Purchase Fund" plan and further relaxation of residential property investment qualifications for capital investors [1] Group 3: Impact on Real Estate Developers - The new policy address is expected to benefit developers such as Henderson Land, Sun Hung Kai Properties, and Sino Land [1] - Increased mainland visitor arrivals are projected to support regional mall owners, including Wharf Real Estate Investment and Hysan Development [1] - Accelerated development in the Northern Metropolis may pose negative implications for MTR Corporation due to rising capital expenditure concerns, but could positively impact land reclamation for Henderson Land [1] Group 4: REITs and Market Outlook - UBS forecasts that the inclusion of Real Estate Investment Trusts (REITs) in the mutual market connectivity will have a positive effect on Link REIT [1]

Core Viewpoint - New World Development's fiscal year 2025 core net profit is expected to grow by 0.5%, aligning with expectations, primarily benefiting from strong profits in mainland property development and reduced financial costs, despite weak profits from Hong Kong property development [1] Group 1: Financial Performance - The investment property performance is mixed, with Hong Kong office buildings outperforming the market [1] - The company plans to maintain a dividend payout ratio of 50% [1] Group 2: Future Outlook - The IGC in Hong Kong and ITC in Shanghai are set to be completed and opened in fiscal year 2026, supporting recurring income growth [1] - The target price for New World Development is set at HKD 103, implying a forecast yield of 4% for fiscal year 2026 [1] - Earnings forecasts for fiscal years 2026 and 2027 have been revised down by 9% and 11% respectively due to declining sales profits in Hong Kong [1]

Core Viewpoint - Dahua Jixiang's report indicates that Sun Hung Kai Properties (00016) is expected to see a 0.5% growth in basic net profit for the fiscal year 2025, aligning with expectations, primarily benefiting from strong profits in Chinese property development and a decrease in financial costs [1] Group 1: Financial Performance - The basic net profit growth of 0.5% for fiscal year 2025 is mainly attributed to robust profits from property development in China and reduced financial costs [1] - The performance of investment properties is mixed, with Hong Kong office buildings outperforming the market [1] Group 2: Future Prospects - The completion and opening of IGC in Hong Kong and ITC in Shanghai are anticipated in fiscal year 2026, which will support recurring income growth [1] - Management has committed to maintaining a dividend payout ratio of 50% [1] Group 3: Investment Rating - The firm maintains a "Buy" rating for Sun Hung Kai Properties, with a target price of HKD 103, implying a forecasted yield of 4% for fiscal year 2026 [1]

智通财经APP获悉，大华继显发布研报称，新鸿基地产(00016)2025财年基础净利润增长0.5%，基本符 合预期，主要受惠于中国物业发展利润强劲及财务成本下降。投资物业表现不一，香港写字楼表现优于 市场。香港的IGC和上海的ITC将于2026财年完工并开业，支持经常性收入增长；管理层承诺将派息比 率维持在50%。该行维持对新地的"买入"评级，目标价103港元，意味着2026财年预测收益率达4%。 ...

瑞银发布研报称，新鸿基地产(00016)2025财年核心盈利为219亿港元，同比增长1%，大致符合该行预 期。然而，香港物业发展利润率在2025财年大幅下降至12%，低于去年的26%，瑞银预期股价将对这一 利润率失望表现略有负面反应。瑞银维持新地目标价为96港元，基于对每股资产净值189港元的50%折 让，并略微下调2026至2027财年盈利预测1%至4%，以反映最新的物业发展预订情况;评级"买入"。 该行表示，新鸿基地产香港租金持续疲弱，内地零售显示改善迹象，2025财下半财年(2025年1月至6 月)，新地在香港的应占总租金收入同比下降3%，办公室租金下降5%，零售租金下降3%。管理层指 出，租金调整仍为负数，零售为低单位数，办公室为高单位数。内地租金收入亦同比下降3%，办公室 及零售板块均下跌2%至3%。然而，自6月以来，内地租户销售显示强劲复苏势头，得益于老铺黄金开 业及上海IFC商场的奢侈品租户扩张。 ...

智通财经APP获悉，瑞银发布研报称，新鸿基地产(00016)2025财年核心盈利为219亿港元，同比增长 1%，大致符合该行预期。然而，香港物业发展利润率在2025财年大幅下降至12%，低于去年的26%，瑞 银预期股价将对这一利润率失望表现略有负面反应。瑞银维持新地目标价为96港元，基于对每股资产净 值189港元的50%折让，并略微下调2026至2027财年盈利预测1%至4%，以反映最新的物业发展预订情 况;评级"买入"。 该行表示，新鸿基地产香港租金持续疲弱，内地零售显示改善迹象，2025财下半财年(2025年1月至6 月)，新地在香港的应占总租金收入同比下降3%，办公室租金下降5%，零售租金下降3%。管理层指 出，租金调整仍为负数，零售为低单位数，办公室为高单位数。内地租金收入亦同比下降3%，办公室 及零售板块均下跌2%至3%。然而，自6月以来，内地租户销售显示强劲复苏势头，得益于老铺黄金开 业及上海IFC商场的奢侈品租户扩张。 ...

Market Performance - The Hang Seng Index closed at 25,058, down 1.12% for the day but up 24.92% year-to-date [1] - The Hang Seng Tech Index fell 1.85% to 5,578, with a year-to-date increase of 24.86% [1] - The A-share market saw significant declines, with the ChiNext Index dropping over 4% [5] Currency and Commodity Trends - The Renminbi Index stood at 96.570, showing a 0.90% increase over the past month but a 3.33% decrease over six months [2] - Brent crude oil prices decreased by 1.51% to $67.00 per barrel, while gold prices rose by 5.02% to $3,542.73 per ounce [2] Economic Indicators - U.S. labor productivity increased by 3.3% in Q2, marking the largest gain of 2023 [9] - The U.S. trade deficit widened to $78.3 billion in July, the highest in four months, driven by a 5.9% increase in imports [12] - The ISM Services PMI rose to 52 in August, indicating expansion in the services sector [13] Company-Specific Developments - FWD Group reported a more than 100% year-on-year increase in new business annualized premium in Hong Kong and Macau [17] - New World Development's basic profit increased by 0.5% year-on-year, with a dividend payout remaining stable [19] - The company reported a significant drop in property development gross margin to 12% from 26% the previous year [20] IPO and Market Activity - Recent IPOs showed varied performance, with some stocks like Jiaxin International Resources seeing a first-day gain of 177.84% [31] - The upcoming IPO of Daxing Technology is set for September 9, 2025, with a proposed offer price of 49.5 HKD [31]

（文章来源：证券时报网） 高盛将新地的12个月目标价从104港元下调8%至96港元，但维持"买入"评级，原因在于预计新地将持续 受益于香港物业市场周期逐步转势。 高盛研究报告指出，新鸿基地产截至今年6月底的下半财年每股基础盈利为3.93港元，基于新地下半财 年业绩、管理层指引及最新入账计划，高盛已将新地2026至2028财年每股基础盈利预测分别下调14%、 12%及2%。股息预测亦作出相应调整，下调4%、下调3%及上调3%。高盛预计未来三年平均派息比率 约为49%，低于过去五年平均的52%。 ...

Core Viewpoint - Goldman Sachs has lowered the target price for Sun Hung Kai Properties (00016) to HKD 96 while maintaining a "Buy" rating, citing ongoing benefits from the gradual turnaround in the Hong Kong property market cycle [2][3] Financial Performance - For the half-year ending June 30, Sun Hung Kai Properties reported a basic earnings per share of HKD 3.93, reflecting a 9% increase compared to the previous half but an 11% year-on-year decline, which was 7% lower than Goldman Sachs' expectations [2] - Revenue was 24% below Goldman Sachs' forecast, primarily due to lower-than-expected contributions from property development and other non-property businesses [2] Profitability and Dividends - Goldman Sachs noted that property development revenue was 39% lower than their predictions, attributed to lower-than-expected revenue recognition in both Hong Kong and mainland markets [3] - Despite lower revenue, EBIT exceeded expectations due to higher profit margins from mainland operations [3] - The forecast for property development profit margins for the fiscal year ending June 2026 is set at 13%, with gradual recovery to 15% and 18% in the fiscal years 2027 and 2028, respectively, benefiting from an industry rebound [3] - Dividend forecasts for the fiscal years 2026 to 2028 have been adjusted downwards by 4%, 3%, and increased by 3%, respectively, with an expected average payout ratio of approximately 49% over the next three years, compared to an average of 52% over the past five years [3]