香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於香港註冊成立之有限公司) 股份代號 : 16 ( 港幣櫃台 ) 及 80016 ( 人民幣櫃台 ) 董 事 局會議 召開日期 新鴻基地產發展有限 公 司 (「本公司 」)謹 此 宣佈， 本公司 將 於 二 ○ 二 五 年 九 月 四 日（星期 四 ）舉 行 董 事 局 (「 董事局 」) 會議，藉以 ( 其中包括 ) 批 准 本公司及其附屬公司 截 至 二 ○ 二 五 年 六 月三十日 止 財政年度 之 全 年 業 績 及 其 發 佈 ， 以 及 考 慮 建 議 派 發 末 期股息。 承董事 局 命 公司秘書 容上達 本公告以英文及中文發出。中英文版本內容如有任何不相符，概以英文版本為準。 香港，二○二五 年八月一日 於本公告所載之日，本公司董事局由九名執行董事郭炳聯 (主席兼董事總經理) (郭顥澧 為其替代董事)、黃植榮(副董事總經理)、雷霆(副董事總經理)、郭基煇、郭基泓、董子豪、 馮玉麟、馮秀 ...

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

Market Overview - The Hang Seng Index closed at 25,271.92, down by 252.53 points or 0.99% on July 29 [1] - The index reached a high of 25,554.41 and a low of 25,232.19 during the trading session, with a trading volume of 66.91 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 102.137, up by 1.33% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 550.482, down by 0.81% compared to the Hong Kong market close [2] ADR Performance Summary - Tencent Holdings: ADR price at HKD 550.482, down by HKD 4.518 or 0.81% [3] - Alibaba Group: ADR price at HKD 117.114, down by HKD 3.586 or 2.97% [3] - HSBC Holdings: ADR price at HKD 102.137, up by HKD 1.337 or 1.33% [3] - Xiaomi Group: ADR price at HKD 54.601, down by HKD 0.699 or 1.26% [3] - Meituan: ADR price at HKD 126.886, down by HKD 1.714 or 1.33% [3] - AIA Group: ADR price at HKD 74.746, down by HKD 0.054 or 0.07% [3] - Hong Kong Exchanges: ADR price at HKD 435.801, down by HKD 4.999 or 1.13% [3] - Industrial and Commercial Bank of China: ADR price at HKD 6.024, down by HKD 0.046 or 0.75% [3] - BYD Company: ADR price at HKD 126.396, down by HKD 1.904 or 1.48% [3] - Ping An Insurance: ADR price at HKD 56.163, down by HKD 0.237 or 0.42% [3]

Core Viewpoint - Morgan Stanley's research report indicates that the Hong Kong residential market may have reached its bottom due to a decline in supply, a decrease in HIBOR, and an increase in mainland buyers [1] Market Performance - In the first half of the year, residential transaction volume increased by 3.9% to 29,500 units [1] - Transactions for properties priced below HKD 4 million surged by 305%, attributed to stamp duty exemptions [1] Investment Recommendations - Morgan Stanley maintains a positive outlook on the Hong Kong residential market, recommending high dividend yield and well-supplied developers such as New World Development and Henderson Land Development [1] - The report suggests that developers will benefit preferentially in a declining interest rate environment, assigning a "buy" rating to these companies [1]

Core Viewpoint - Morgan Stanley and experts from Meilian Group believe that Hong Kong's housing prices may have bottomed out due to limited supply, declining mortgage rates, and increased contributions from mainland buyers [1] Demand Aspects - In the first half of 2025, overall transaction volume (both new and second-hand units) increased by 3.9% year-on-year, reaching 29,000 units, driven by the decline in Hibor since May 2025, competitive pricing strategies from developers, and increased contributions from mainland buyers [2] - The relaxation of stamp duty in the 2025/26 budget (only HKD 100) led to a 305% year-on-year surge in sales of properties priced at HKD 10 million and below in the first half of 2025 [2] - The mass market is expected to continue outperforming the luxury market, with Meilian forecasting 18,000 sales of new units in 2025, a 6% year-on-year increase [2] Supply Improvement - Potential supply has peaked, with limited land supply and a decrease in new project completions, indicating the market may enter an upward cycle [3] - In the first five months, completed inventory accounted for over 55% of total sales of new units, compared to approximately 40% in the 2023/24 fiscal year, prompting developers to clear inventory [3] - The discount on new unit prices has narrowed from 12% to 9%, indicating improved demand [3] - The absorption rate for new units improved to 64% in the first half of 2025, compared to 57% in 2024 and 50% in 2023 [3] Price Trends - Housing prices may have stabilized in the first half of 2025, with a year-on-year decline of 1%, which is less than expected, aligning with Morgan Stanley's positive outlook [4] - Meilian expects housing prices to rise by 3% in 2025, while Morgan Stanley estimates a 2% increase for the second half of the year, with catalysts potentially emerging when supply drops below 90,000 units [4] Rental Trends - The rental market remains positive, supported by an influx of talent and students from mainland China coming to Hong Kong [5] - Local demand has been suppressed in the past 2-3 years due to rising mortgage rates and falling housing prices, but this trend may change as local residents may shift from renting to buying [5] - Meilian forecasts a 6% year-on-year increase in rental prices for 2025, with a 1.2% increase in the first half of 2025 [5]

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

从指数持仓来看，中证港股通地产指数十大权重分别为：新鸿基地产（13.9%）、贝壳-W（13.22%）、 华润置地（10.85%）、长实集团（7.87%）、中国海外发展（6.38%）、九龙仓置业（4.52%）、信和置 业（4.22%）、恒基地产（4.07%）、九龙仓集团（2.99%）、龙湖集团（2.98%）。 从中证港股通地产指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通地产指数持仓样本的行业来看，房地产占比100.00%。 金融界7月21日消息，上证指数高开高走，中证港股通地产指数 (港股通地产，931025)报1615.72点。 数据统计显示，中证港股通地产指数近一个月上涨4.69%，近三个月上涨10.83%，年至今上涨12.87%。 据了解，中证港股通地产投资指数从港股通范围合资格证券中选取符合地产主题的不超过50家香港市场 上市公司作为样本，以反映相关行业主题上市公司的整体表现。该指数以2014年11月14日为基日，以 3000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整 ...

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].

Core Viewpoint - UBS reports that Hong Kong developers may have passed the worst refinancing risks, with total maturing loans decreasing by approximately 20% year-on-year to HKD 201 billion as of December last year [1] Group 1: Market Conditions - The significant reduction in Hong Kong interbank offered rates is expected to boost residential transactions [1] - High-leverage developers still hold 9,100 unsold units, indicating ongoing pricing issues [1] Group 2: Price Forecast - The firm estimates that Hong Kong residential prices will remain stable this year, with a potential recovery of 0% to 5% next year driven by interest rate cuts, rental growth recovery, and a decrease in new launches [1] Group 3: Stock Recommendations - The firm remains optimistic about Hong Kong developers, favoring Henderson Land and Sun Hung Kai Properties, raising target prices by 12% and 2% to HKD 29 and HKD 96, respectively [1] - The target price for Sino Land has been lowered from HKD 10.5 to HKD 9.8 [1]

Core Insights - The article highlights the competitive landscape of foreign-funded commercial real estate companies in mainland China, showcasing their unique strategies and project developments in the market [1]. Group 1: Company Strategies and Developments - Swire Properties has established a strong presence in mainland China with its "Swire" brand, focusing on high-quality commercial projects [1]. - New World Development has successfully launched several landmark commercial complexes in key cities, leveraging its experience from Hong Kong [5]. - K11 Group emphasizes a "Cultural Commerce" model, integrating art and culture into its commercial spaces, with multiple projects already operational [9][12]. - Hongkong Land has introduced a new series of high-end commercial brands, targeting affluent consumers in major cities [21]. - Hysan Development is expanding its footprint with a focus on high-end retail and mixed-use developments [1]. Group 2: Project Launches and Future Plans - In 2023, at least 14 new projects are expected to enter the market from various foreign-funded companies, with a significant focus on non-first-tier cities [1]. - Swire Properties plans to launch six new projects in the coming years, including major developments in Beijing and Shanghai [18]. - New World Development has six upcoming projects, including the largest commercial complex in Shanghai [7]. - K11 Group aims to open 30 new cultural commercial projects over the next five years, expanding its unique brand further [12]. - Hongkong Land is set to launch multiple new projects, including a significant development in Nanjing [24]. Group 3: Market Trends and Insights - The article notes a trend of foreign companies diversifying their product lines and adjusting their market strategies to cater to local consumer preferences [1]. - There is a growing emphasis on integrating cultural and artistic elements into commercial spaces, as seen with K11 and other brands [9][12]. - The competitive landscape is characterized by a mix of high-end and mid-range offerings, with companies like Swire and New World focusing on premium developments while others explore more accessible options [1][5].