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]

高盛表示，新地物业发展收入较该行预测低出39%，因香港及内地市场入账低于预期。然而，EBIT高 于高盛预期，归因于内地业务较高的利润率。公司层面，高盛预测明年6月底止2026财年物业发展利润 率为13%，并在2027至2028财年逐步恢复至15%及18%，受惠于行业触底回升。考虑新地下半财年业 绩、管理层指引及最新入账计划后，高盛将新地2026至2028财年每股基础盈利预测，分别下调14%、 12%及2%，股息预测下调4%、下调3%及上调3%。预计未来三年平均派息比率约49%，相较过去五年平 均约52%，管理层重申股息派发比率上限为50%。 高盛发布研报称，新鸿基地产(00016)今年6月底止下半财年每股基础盈利3.93港元，按半年增长9%，同 比则降11%，并较高盛预期低7%。收入比高盛预期低出24%，主要因物业发展(DP)入账及其他非物业业 务低于预期。高盛预测新地2026财年股息将因基础盈利增长而同比降4%，并在2027至2028财年以每年 4%的速度增长，基于市账率(P/B)对资产收益率(ROA)/净资产收益率(ROE)的12个月目标价下调8%，从 104港元降至96港元，维持"买入"评级，因认为新地 ...

Core Viewpoint - Bank of America Securities maintains a "Neutral" rating on Sun Hung Kai Properties (00016) due to its fiscal year 2025 performance being slightly below expectations [1] Group 1: Company Performance - The company is benefiting from a rebound in the Hong Kong residential market, but the low profit margin from property development may keep short-term earnings per share and dividends flat [1] - The target price for Sun Hung Kai Properties has been slightly increased from HKD 94 to HKD 95 [1] Group 2: Earnings Forecast - The earnings per share forecast for fiscal years 2026 to 2027 has been adjusted downwards by 1% to 4% due to changes in property sales recognition timing [1] - Unless there is a significant increase in Hong Kong property prices in the short term, earnings per share for fiscal years 2026 to 2027 are expected to remain relatively flat [1] Group 3: Market Comparison - Compared to peers with a 4% yield level, the company’s yield compression potential is considered limited [1]

Core Viewpoint - Bank of America Securities maintains a "Neutral" rating on Sun Hung Kai Properties (00016) due to slightly disappointing performance expectations for the fiscal year 2025 [1] Group 1: Company Performance - The company is benefiting from a rebound in the Hong Kong residential market, but the low profit margin from property development may lead to flat earnings per share and dividends in the short term [1] - The target price for Sun Hung Kai Properties has been slightly increased from HKD 94 to HKD 95 [1] Group 2: Earnings Forecast - The earnings per share forecast for fiscal years 2026 to 2027 has been adjusted downwards by 1% to 4% due to changes in property sales recognition timing [1] - Unless there is a significant increase in Hong Kong property prices in the short term, earnings per share for fiscal years 2026 to 2027 are expected to remain relatively flat [1] Group 3: Market Comparison - Compared to peers with a 4% yield, the potential for further compression of Sun Hung Kai Properties' yield is considered limited [1]

摩根士丹利发布研报称，新鸿基地产全年每股盈利持平，派息符合预期，派息率维持50%水平，意味股 息率达4.1%。公司管理层目前不考虑回购股份或设立C-REIT。该行现予新地目标价102.3港元，此按综 合方式作估值，相当于每股资产净值折让50%，评级"增持"。 责任编辑：栎树 另外，虽然续租租金录得负增长，但公司对香港写字楼及零售市场前景仍然持建设性看法。2026至2027 财年，预计来自九龙高铁站上盖IGC及上海徐家汇中心（ITC）的投资物业收入将显著提升。新鸿基地 产净负债率亦由2025上半财年的17.8%降至全年15.1%。受惠于增加人民币及港元浮动利率债务配置， 融资成本由去年同期的4.4%降至3.7%。 业务方面，本地物业发展全年合约销售额达423亿元，而去年同期为256亿元，集团目标2026财年为300 亿港元。该行预计新地2026财年将录得超过300亿元的未入账销售，利润率水平相近。 ...

高盛将12个月目标价下调8%，从104港元下调至96港元，维持"买入"评级，因认为新地将持续受益于香 港物业市场周期逐步转势等。 高盛发表研究报告指，新鸿基地产今年6月底止下半财年每股基础盈利3.93港元，按半年增长9%，按年 则降11%，并较高盛预期低7%。收入比高盛预期低出24%，主要因物业发展(DP)入账及其他非物业业务 低于预期。物业发展收入较该行预测低出39%，因香港及内地市场入账低于预期。 考虑新地下半财年业绩、管理层指引及最新入账计划后，高盛将新地2026至2028财年每股基础盈利预 测，分别下调14%、12%及2%，股息预测下调4%、下调3%及上调3%。该行预计未来三年平均派息比率 约49%，相较过去五年平均约52%，管理层重申股息派发比率上限为50%。 ...