智通财经APP获悉，摩根大通发布研报称，新一份施政报告对与楼市而言没有太大惊喜，尽管已经提出 很多建议，但印花税减免和"购房通"均未落实，但这不太可能造成下行冲击，有媒体报道，这两项措施 均不会实施。唯一略微积极的宽松措施是放宽新的"资本投资者计划"(价值逾3000万港元的住宅单位现 在成为合资格投资)，这符合预期。 发展商方面，小摩的首选是恒基地产(00012)和信和置业(00083)。业主方面，最看好太古地产(01972)和 恒隆地产(00101)，其次是九龙仓置业(01997)和领展房产基金(00823)。 施政报告后，本港地产股股价反应平淡，9月17日相关板块表现落后恒生指数2%。尽管施政报告并未推 出强有力的宽松政策，但小摩认为房地产市场仍有可能在2025年下半年稳定，2026年楼价有望升3- 5%。 ...

Group 1 - The Hong Kong government is expected to announce its policy address next Wednesday, with low likelihood for the immediate launch of the "Home Purchase Fund" and no expectation for a nationwide plan in the short term [1] - The potential for further relaxation of investment restrictions for capital investors in luxury properties is considered moderate [1] - There is an expectation that the "multiple-entry" individual travel visa may be expanded to residents of other Greater Bay Area cities beyond Shenzhen [1] Group 2 - The new policy address is anticipated to benefit developers such as Henderson Land, Sun Hung Kai Properties, and Sino Land [1] - An increase in mainland tourists visiting Hong Kong is expected to support regional mall owners, including Wharf Real Estate Investment, Hysan Development, and New World Development [1] - Concerns over capital expenditure may negatively impact the development of North District for MTR, but could accelerate the reclamation of agricultural land, which is seen as positive for Henderson Land [1] - Progress in the inclusion of REITs in the mutual market access is expected to have a positive impact on Link REIT [1]

Core Viewpoint - Morgan Stanley anticipates the upcoming policy report on September 17 may include measures such as easing new capital investor entry plans, adjusting residential property stamp duties, and establishing home purchase funding plans, but expresses skepticism about the simultaneous implementation of all measures [1] Group 1: Market Outlook - The real estate market in Hong Kong shows signs of stabilization, but if the policies announced are weaker than expected, there may be short-term profit-taking in real estate stocks following the policy report [1] - Historically, if the Federal Reserve's interest rate cuts align with market expectations, Hong Kong real estate stocks tend to underperform the broader market [1] Group 2: Investment Recommendations - Morgan Stanley maintains a positive outlook for the local real estate sector over the next year, suggesting investors take advantage of lower prices [1] - Among developers, the company is particularly optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk tolerance, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

Group 1 - The core viewpoint of the article is that the upcoming policy report on September 17 may introduce measures to ease capital investor entry, stamp duty on residential properties, and establish a home purchase fund plan, but there are doubts about the extent of these measures [1] - Morgan Stanley expresses skepticism about whether all measures will be introduced at once, noting that the property market shows signs of stabilization, and if the policies are weaker than expected, there may be short-term profit-taking in real estate stocks after the report is released [1] - The day after the policy report, the Federal Reserve will announce its interest rate decision, and historically, if a rate cut meets expectations, Hong Kong real estate stocks tend to underperform the market [1] Group 2 - Despite the short-term concerns, Morgan Stanley maintains a positive outlook on the local real estate sector for the next year, suggesting investors take advantage of lower prices [1] - Among developers, Morgan Stanley is more optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk appetite, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

Group 1 - Morgan Stanley's report indicates an improving outlook for property prices, with the NAV discount narrowing from 50% to 40% [1] - The target price for Sino Land Company (00083) has been raised from HKD 8.6 to HKD 9.5, maintaining a "market perform" rating [1] - Core earnings per share forecasts for Sino Land for the fiscal years 2026 and 2027 have been reduced by 10% and 6% respectively, considering various performance factors [1] Group 2 - The company is expected to maintain a dividend of HKD 0.58 per share from 2026 to 2028, supported by recurring rental income and property development pre-sales [1] - It is anticipated that Sino Land may discontinue the scrip dividend arrangement after the fiscal year 2026, which could enhance shareholder returns [1]

Group 1 - Morgan Stanley's report indicates an improving outlook for property prices, with the NAV discount narrowing from 50% to 40% [1] - The target price for Sino Land Company (00083) has been raised from HKD 8.6 to HKD 9.5, maintaining a "market perform" rating [1] - Core earnings per share forecasts for Sino Land for the fiscal years 2026 and 2027 have been reduced by 10% and 6% respectively, considering various performance factors [1] Group 2 - The company is expected to maintain a dividend of HKD 0.58 per share from 2026 to 2028, supported by recurring rental income and property development pre-sales [1] - It is anticipated that Sino Land may discontinue the scrip dividend arrangement after the fiscal year 2026, which could enhance shareholder returns [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: | 2025年8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: | 信和置業有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00083 | 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 | | | 9,150,103,814 | | 0 | | 9,150,103,814 | | 增加 / 減少 (-) | | | 0 | | ...

Core Viewpoint - UBS reports that Sino Land Company (00083) has achieved stable year-on-year core profit growth for the fiscal year ending June 2025, amounting to HKD 5.1 billion, which meets expectations [1] - The company maintains a final dividend of HKD 0.43 per share and has increased its net cash holdings to HKD 49.5 billion, providing potential for acquisitions [1] - UBS has adjusted its target price from HKD 10.56 to HKD 10.42, while maintaining a "Buy" rating [1]

Core Viewpoint - The chairman of the board, Huang Zhixiang, has increased his stake in Sino Land Company Limited (00083) by purchasing 22,000 shares at approximately HKD 9.29 per share, totaling around HKD 204,500, which indicates a strong confidence in the company's future prospects [1] Summary by Category Shareholding Activity - On August 28, the chairman acquired 22,000 shares of Sino Land at a price of HKD 9.2945 per share [1] - The total investment amounted to approximately HKD 204,500 [1] - Following this purchase, the chairman's total shareholding increased to approximately 5.534 billion shares, representing a 60.48% ownership stake in the company [1]

Group 1 - The chairman of the board, Huang Zhixiang, increased his stake in Sino Land Company Limited (00083) by purchasing 22,000 shares at a price of HKD 9.2945 per share, totaling approximately HKD 204,500 [1] - Following this acquisition, the total number of shares held by Huang is approximately 5.534 billion, representing a holding percentage of 60.48% [1]