房地产行业跟踪周报 房地产 证券研究报告 行业投资策略周报 / 2026.2.3 投资评级:看好(维持) 最近 12 月市场表现 -7% 0% 6% 13% 20% 26% 房地产 沪深300 分析师 房诚琦 SAC 证书编号：S0160525090002 fangcq@ctsec.com 分析师 陈思宇 SAC 证书编号：S0160525090008 chensy04@ctsec.com 分析师 何裕佳 SAC 证书编号：S0160525090001 heyj@ctsec.com 相关报告 1. 《现实不弱，预期增强，逢低布局》 2026-01-31 2. 《房地产行业跟踪周报》 2026-01- 27 3. 《拐点已现上行持续，港资房企估值重 塑》 2026-01-25 新房二手房成交同比提升，"三道红线"政策放松 核心观点 请阅读最后一页的重要声明！ ❖ 上周房地产板块（中信）涨跌幅-2.1%,同期沪深 300、万得全 A 指数涨跌幅 分别为 0.1%、-1.6%，超额收益分别为-2.2%、-0.5%。29 个中信行业板 块中房地产位列第 17 名。 ❖ （1）新房市场：上周(2026/1/24-202 ...

薪酬方面，据新鸿基地产2024/2025财年数据显示，冯秀炎该年获得董事袍金30万港元(约合人民币约 26.67万元)，其他薪酬高达2396万港元(约合人民币约2130万元)，全年薪酬合计2426万港元。 此次涉事的上海环贸iapm，是新鸿基地产在上海高端商业市场的标杆力作。 公开资料显示，该项目坐落于上海淮海中路陕西南路商业区核心地段，由国际知名设计事务所英国贝诺 (Benoy Architects)操刀外形及室内设计，凭借优质的节能与环保设计荣获LEED"金级"证书，商业面积 约12万平方米，涵盖地上六层及地下二层，自2013年开业以来，便以独特的"夜行消费"理念(营业时间 延长至晚间11点，餐饮业态至次日凌晨1点)成为上海高端商业的标志性项目之一。 品牌阵容方面，iapm汇聚了逾244个国内外高端潮流品牌，层级覆盖国际一线奢侈、潮奢、时尚生活、 运动户外等多个领域，例如Prada、Gucci、Balenciaga、Fendi、Valentino等国际顶奢品牌，始祖鸟、迪 桑特、Nike、lululemon、HOKA等运动品牌，以及泡泡玛特、TOP TOY等潮玩品牌均有入驻。同时配 套city'super ...

【2026年2月2日，香港】新鸿基地产（新地）（0016）旗下最具规模住宅租赁品牌 TOWNPLACE 本舍，宣布正式加盟香港最大型的商场综合会员计划 The Point，成为集团首个引入该计划的优质租住品牌。此次合作打破传统租赁框架，TOWNPLACE 本舍 以 The Point 为纽带，通过数字平台将居住体验与日常 消费无缝对接，让住户轻松连通 The Point 网络，包括旗下近 30 个新地商场、近 3,000 间商户及 6 间 "帝" 系酒店。此举不仅提升了租户对品牌及集团的归 属感，更将单纯的居住转化为灵活、定制化的全方位高端生活体验。 新地豪宅租赁最新力作 新贵精英居所租住系列 TOWNPLACE 本舍 为新地自家打造的最新优质租住品牌，传承新地享誉盛名的豪宅租赁卓越传统，专为环球高管及专业人士打造优质租住方案。作为新地 豪宅租赁的创新延续，TOWNPLACE 本舍 整合集团优势资源，升华了当代精英的高端租住体验。 品牌旗下三大项目位于中环半山、坚尼地城及西九优越地段，总共供应近 1,300 个单位。其中最新临海旗舰项目 TOWNPLACE WEST KOWLOON (本舍西 九) 为品牌定位 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

大型蓝筹股多数下跌，汇丰控股收报138.219港元，较香港收市涨0.45%；腾讯控股收报619.286港元，较香港收市跌0.44%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRIETS | ADR换复价(HKD) | 较港股升跌 灰冷 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 622.000 | +1.000 | 0.16% | TCEHY | 619.286 | -2.714 | | 2 | 阿里巴巴-W | 09988 | 173.300 | -0.200 | -0.12% | BABA | 170.013 | -3.287 | | 3 | 汇丰控股 | 00005 | 137.600 | +0.100 | 0.07% | HSBC | 138.219 | +0.619 | | 4 | 建设银行 | 00939 | 8.160 | +0.130 | 1.62% | CICHY | 8.086 | -0.074 | | 5 | 友邦保险 | 01299 ...

股息方面，花旗表示，太古地产(01972)及香港置地承诺实现中单位数同比增长，九龙仓置业(01997)的 每股股息增长主要得益稳定的65%派息率下利息成本的节省。新鸿基地产、长实集团(01113)、信和置 业、嘉里建设(00683)、恒隆地产、希慎兴业(00014)、九龙仓集团(00004)，股息预计维持稳定。迎来五 十周年的恒基地产股息存在争议。领展房产基金(00823)、置富产业信托(00778)及冠君产业信托(02778) 因租金负增长，预计每基金单位分派数下降。 盈利方面，花旗预计香港置地、九龙仓置业及置富产业信托录得增长;新鸿基地产、信和置业、长实集 团、希慎兴业大致稳定;恒隆地产及太古地产同比下降0%至5%，但2025年下半年已因零售营业额租金改 善而好转;嘉里建设(倒退15-20%符预期)、恒基地产(倒退40%，因缺乏出售收益等)、冠君产业信托(倒退 10%)、领展表现疲弱。 花旗认为，相较于收租股，发展商在2026至2027年展现更大的每股盈利上行潜力，主要得益房价改善带 来的房屋销售利润率提升，及潜在具增值效益的新土地收购，推荐股票包括新鸿基地产(00016)、信和 置业(00083)、恒基 ...

Group 1 - The core viewpoint of the articles is that investors have overlooked the subdued performance of the Hong Kong real estate market last year, focusing instead on the potential for rising property prices, profit margins, and sales in 2026 and 2027 [1] - Citi believes that property developers will show greater earnings per share upside potential compared to rental stocks from 2026 to 2027, driven by improved housing sales profit margins and potential value-accretive land acquisitions [1] - Recommended stocks include Sun Hung Kai Properties (00016), Sino Land (00083), Henderson Land Development (00012) after March, and Hang Lung Properties (00101) [1] Group 2 - Regarding dividends, Citi states that Swire Properties (01972) and Hongkong Land are committed to achieving mid-single-digit year-on-year growth, while Wharf Real Estate Investment's (01997) per-share dividend growth is mainly due to a stable 65% payout ratio and savings on interest costs [2] - Expected stable dividends for Sun Hung Kai Properties, Cheung Kong Holdings (01113), Sino Land, Kerry Properties (00683), Hang Lung Properties, Hysan Development (00014), Wharf Holdings (00004) [2] - The performance of Link REIT (00823), Prosperity REIT (00778), and Champion REIT (02778) is expected to decline due to negative rental growth [2]

华润啤酒-R(80291)、安踏体育-R(82020)、李宁-R(82331)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。泡泡玛特(09992)、小米集团-W(01810)、阿里巴巴-W(09988)的沽空金额 位居前三，分别为12.09 亿元、10.75 亿元、9.74 亿元。中国中车(01766)、李宁-R(82331)、中国平安- R(82318)的偏离值位居前三，分别为42.51%、38.82%、30.07%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 19.28 万元 | 100.00% | 25.37% | | 安踏体育-R(82020) | 9.50 万元 | 100.00% | 12.50% | | 李宁-R(82331) | 10.09 万元 | 100.00% | 38.82% | | 联想集团-R(80992) | 456.22 万元 | 82.43% | 2.97% | | 中国平安-R(82318) | 397.47 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00017 | 新世界发展 | (0) | 4.35% | 9.830 | 247.39亿 | | 00016 | 新鸿基地产 | | 3.93% | 119.000 | 3448.36 Z | | 00101 | 恒隆地产 | | 3.47% | 9.540 | 482.4 Z | | 01113 | 长实集团 | | 3.14% | 45.360 | 1587.5亿 | | 00083 | 信和置业 | | 3.01% | 11.650 | 1104.94亿 | | 00014 | 第遺兴业 | | 2.75% | 21.660 | 222.45 Z | | 00683 | 嘉里建设 | | 2.70% | 23.620 | 342.8 Z | | 01997 | 九龙合置业 | | 1.98% | 26.800 | 813.71亿 | | 00087 | 太古股份公司B | | 1.12% | 12.640 | 360.11亿 | | 00823 | 领展房 ...