Market Performance - The Hang Seng Index rose by 467.21 points, an increase of 1.76%, closing at 27,027.16 points [1] - The H-share Index increased by 136.95 points, closing at 9,168.33 points, a rise of 1.52% [1] - The Hang Seng Tech Index gained 71.4 points, closing at 5,417.6 points, up by 1.34% [1] - The total turnover on the main board was 255.14 billion HKD [1] Blue Chip Stocks - Tencent Holdings increased by 2.28%, closing at 560 HKD [1] - Hong Kong Exchanges and Clearing rose by 2.7%, closing at 418.6 HKD [1] - HSBC Holdings saw a rise of 3.34%, closing at 139.3 HKD [1] - China Mobile decreased by 2.12%, closing at 78.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.7%, closing at 46.62 HKD [1] - Sun Hung Kai Properties increased by 3.46%, closing at 131.5 HKD [1] - Henderson Land Development rose by 2.5%, closing at 32.78 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.86%, closing at 4.7 HKD [1] - China Construction Bank rose by 1.38%, closing at 8.08 HKD [1] - Industrial and Commercial Bank of China increased by 0.46%, closing at 6.52 HKD [1] - Ping An Insurance saw a rise of 4.89%, closing at 73 HKD [1] - China Life Insurance increased by 3.98%, closing at 35.04 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.37%, closing at 5.33 HKD [1] - China National Petroleum Corporation fell by 1.29%, closing at 9.16 HKD [1] - CNOOC Limited saw a slight decrease of 0.08%, closing at 24 HKD [1]

Core Viewpoint - The Hang Seng Index (HSI) experienced a closing price of 26,985.57, reflecting an increase of 425.62 points or 1.60% [1]. Group 1: Market Performance - The Hang Seng Index (HSI) closed at 26,985.57, up by 425.62 points or 1.60% [1]. - The index reached a high of 26,989.63 and a low of 26,628.55 during the trading session [1]. - The trading volume was 47.8275 million shares, with an average price of 26,809.09 [1]. Group 2: Major Blue-Chip Stocks - Major blue-chip stocks mostly declined, with HSBC Holdings closing at 134.800 HKD, down 2.67% from the previous close [2]. - Tencent Holdings closed at 547.500 HKD, reflecting a decrease of 1.97% [2]. - Other notable declines included AIA Group, which fell by 5.54%, and Meituan, which decreased by 2.56% [3]. Group 3: Stock Price Movements - Tencent Holdings (00700) reported a price of 547.500 HKD, down by 11.000 HKD or 1.97% [3]. - HSBC Holdings (00005) closed at 134.800 HKD, down by 3.700 HKD or 2.67% [3]. - AIA Group (01299) saw a significant drop of 4.900 HKD, translating to a 5.54% decrease [3].

Core Viewpoint - UBS has officially moved into its new office building, the "UBS Center," located above the West Kowloon High-Speed Rail Station, marking a significant commitment to Hong Kong's future and the Greater Bay Area opportunities [1][2]. Group 1: UBS's Commitment and Future Outlook - UBS has been a core part of the Asia-Pacific business for over 60 years and continues to view Hong Kong as a strategic hub for its operations [2]. - The new headquarters reflects UBS's long-term investment strategy in Hong Kong, with expectations of strong economic growth in the Asia-Pacific region, driven by wealth creation and a mature investment mindset among local investors [2][3]. - The company plans to consolidate its teams from various locations in Hong Kong into the UBS Center, enhancing collaboration and efficiency [2][3]. Group 2: Real Estate and Development Insights - The International Gateway Centre (IGC) encompasses approximately 3.2 million square feet of commercial space, with 2.6 million square feet dedicated to Grade A office space and over 600,000 square feet for retail [1]. - UBS has signed a 10-year lease for the entire 14 floors of Block 2B, totaling 460,000 square feet, indicating confidence in the local real estate market [1][3]. - The IGC project is part of a larger commercial development in West Kowloon, which includes the International Commerce Centre (ICC) and upcoming luxury hotels, creating a significant commercial hub [4][5]. Group 3: Technological and Sustainable Development - The UBS Center will feature a digital center to showcase the company's technological advancements and will focus on sustainability and environmental initiatives [4]. - Facilities will include a sky garden, rooftop walking paths, collaborative spaces, and wellness amenities, enhancing the work environment for employees [4]. Group 4: Market Activity and Economic Projections - The Hong Kong IPO market is currently active, with 400 companies in the pipeline, suggesting a robust investment banking environment in the near future [3]. - UBS anticipates a GDP growth of 4.5% to 5% for mainland China this year, reinforcing its commitment to wealth management in the region [3].

Group 1 - The land parcel in Ngau Tau Kok has received at least 9 bids, indicating strong interest from various developers including Sun Hung Kai Properties, China Overseas Land & Investment, and K Wah International [1] - The area is well-equipped with amenities and has seen limited supply in recent years, suggesting a high demand for residential projects [1] - The land parcel is valued between HKD 11.4 billion to HKD 18 billion, with a price per square foot ranging from HKD 4,000 to HKD 5,930 [1] Group 2 - The Town Planning Board has revised the zoning of the land from "Government, Institution or Community" to "Residential (Group A) 4," allowing for residential development [2] - The proposed project includes a 30-story residential building with 420 units, accommodating approximately 1,092 residents, and is expected to be completed by 2031/2032 [2] - The site has a total area of approximately 33,713 square feet, with a maximum residential floor area of 252,851 square feet [1][2]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected year-on-year increase of 13% in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The report anticipates a profit margin for property development projects to reach high double-digit levels due to the accounting of completed inventory at lower costs and recent price increases for new sales [1] - The expected earnings per share growth of 13% reflects strong operational performance and market conditions [1] Group 2: Project Developments - The Sierra Sea Phase 2A & 2B project is performing well, and the company is expected to launch a luxury residential project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The initial pricing for the second phase is anticipated to exceed HKD 45,000 per square foot, with a projected profit margin of over 15%, based on the first phase's average transaction price exceeding HKD 50,000 per square foot [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected 13% year-on-year increase in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The expected basic earnings per share for the first half of the fiscal year is projected to be HKD 3.89, reflecting a 13% increase compared to the previous year [1] - The interim dividend is anticipated to remain unchanged at HKD 0.95 per share [1] Group 2: Property Development Insights - The report highlights that the profit margin for property development projects may reach high double-digit levels due to the accounting of low-cost completed inventory and recent price increases for new sales [1] - The Sierra Sea Phase 2A & 2B projects are performing well, and the company is expected to launch a luxury project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The average transaction price for the first phase exceeded HKD 50,000 per square foot, with initial pricing for the second phase expected to exceed HKD 45,000 per square foot, potentially yielding a profit margin of over 15% [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新鴻基地產發展有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00016 | | 說明 | | | | | | | 多櫃檯證券代號 | 80016 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,897,780,274 | | 0 | | 2,897,780,274 | | 增加 / 減少 (-) | | | | ...

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Group 1: Office Rental Market Overview - The average office rental price in eight major cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Nanjing, and Wuhan) decreased by 7.35% month-on-month to 2.3 yuan/square meter/day in December 2025, with the decline accelerating compared to November's 6.28% [4] - Year-on-year, the average rental price dropped by 19.37%, with all cities except Shenzhen experiencing double-digit declines, particularly in Guangzhou, Beijing, and Nanjing [4] - The imbalance between supply and demand in the office market is evident, with a 6.7% year-on-year increase in new office space completed in 2025, while demand remains weak, primarily supported by sectors like technology and finance [4] Group 2: Supply and Demand Dynamics - A significant influx of high-quality office projects is expected in major cities like Shanghai, Beijing, Guangzhou, Hangzhou, Xi'an, and Changchun from late 2025 to early 2026 [5] - The first-tier cities' Grade A office rental prices continued to decline in Q4 2025, with varying degrees of decrease across the four cities [4] - The vacancy rate in Beijing decreased due to no new supply, while Shanghai, Guangzhou, and Shenzhen saw high vacancy rates due to new supply or high existing stock [4] Group 3: Project Developments and Market Activity - Major commercial real estate companies like China Resources Land, Oceanwide Holdings, and Hang Lung Properties are actively developing new projects and revitalizing existing assets through urban renewal [7][9] - The Shanghai China Resources Center, a key project, has a total construction area of approximately 125,000 square meters and has completed its construction registration, allowing for immediate tenant entry [8] - The operational capabilities of office space operators are crucial, with projects like the Shanghai China Resources Center attracting luxury brands like LV, indicating strong foreign investment confidence in the Shanghai market [11] Group 4: Market Expansion and Trends - The office space service sector is witnessing a gradual recovery in expansion confidence, with 12 new projects signed or opened during the reporting period, reflecting a positive trend [16] - IWG Group leads with four new openings in cities like Shenzhen and Hefei, emphasizing its deep penetration into core cities [16] - The concentration of projects in core cities and key areas is notable, with Shenzhen being the most active city, followed by Shanghai, indicating a strong demand for office space driven by small and medium enterprises [17]

Group 1 - Executive Director Feng Xiuyan has resigned for health reasons, and the board has accepted her resignation effective immediately [1][3] - Feng confirmed that there are no disagreements with the company's board [3] - Feng has been with Sun Hung Kai Properties since 1991, overseeing strategic planning, development, and management of major shopping malls in cities like Hong Kong, Shanghai, Nanjing, Beijing, and Hangzhou [5][7] Group 2 - Feng was involved in a corruption incident related to the operation of the Shanghai IAPM mall, which led to her suspension [7] - The company is currently reviewing the situation and will take appropriate follow-up actions [7] - Sun Hung Kai Properties focuses on developing high-quality residential, office buildings, and shopping malls, with landmark projects including the Hong Kong International Finance Centre and Shanghai Lujiazui [7] Group 3 - As of June last year, Sun Hung Kai Properties had a total floor area of 5.34 million square meters in Hong Kong and 6.07 million square meters in mainland China [9] - The current chairman and managing director is Guo Binglian [9] - The company's stock price has been rising, reaching HKD 123.7, with a total market capitalization of HKD 358.5 billion (approximately RMB 317.9 billion) [9]