来源：金吾财讯 兖矿能源(01171)低开1.48%，公司宣布，本月13日，公司成功发行2025年度第三期科技创新债券，募集 资金30亿元人民币，已于本月14日到账。本期债券的期限为3+N年，发行利率为2.06%。 金吾财讯 | 港股延续受压态势，恒指低开0.8%，国企指数低开0.72%，恒生科技指数低开1.25%。 港湾家族办公室业务发展总监 郭家耀表示，美股周一显着向下，减息预期降温拖累大市向下，投资者 观望科技股业绩，以及美国最新就业报告数字，三大指数均录得跌幅收市。美元反覆靠稳，美国十年期 债息回落至4.13厘水平，金价走势向下，油价表现亦受压。港股预托证券普遍下跌，预料大市早段跟随 低开。内地股市昨日下跌，沪综指反覆低收，收市下跌0.5%，沪深两市成交额亦有所缩减。港股承接 近日跌势，大市昨日低开低走，收市跌幅略为回顺。蓝筹股普遍下跌，整体成交保持清淡。市场忧虑减 息步伐未如预期，加上业绩未有带来惊喜，预料市况短期维持反覆上落形态，指数在26,000点有较大支 持，上方阻力在27,000点水平。 中国宏桥(01378)跌7.74%，翰森制药(03692)跌4.01%，理想汽车(02015)跌2.39 ...

中经记者杨让晨石英婧上海报道 日前发布的"十五五"规划建议提出，要坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给 创造新需求，大力提振消费。 仲量联行方面分析认为，这对实体零售物业提出新要求的同时，也带来了发展契机。"未来五年，随着政府部门大力推进促进消费政策，消费类基础设施公 募REITs有望不断扩容，实体类零售物业将受到更多投资者追捧，这也将倒逼零售物业不断加强品牌调整力度，深度挖掘消费新需求，更好吸引年轻消费者 群体，通过创造供给满足需求，从而让行业实现'螺旋式'渐进发展。" 《中国经营报》记者注意到，观点指数日前发布的《表现力指数·2025年度商业地产表现报告》显示，当前，在商业地产企业面临收入考验的同时，行业已 步入分化与盘活的新阶段。自10月下旬开始，已有相关企业逐渐恢复投资动作。 事实上，商业地产已经迈入"精耕细作"阶段。在业内人士看来，部分企业可以凭借丰富的品牌资源、精细化运营能力和全国化布局，在市场疲软下实现业绩 增长。但也有不少企业依然面临挑战，出现业绩停滞或下滑问题。除受市场环境影响外，也反映出企业在品牌号召力、运营效率和抗风险能力 ...

太古地产最近可谓"春风得意马蹄疾"。 据彭博社援引知情人士透露，LVMH集团正与太古地产洽谈，计划在上海兴业太古汇开设一间DIOR门店，预计最早可能于2027年开业，选址将毗邻"路易 号"。 尽管已停泊近半年，"路易号"至今仍热度不减。在刚结束的第八届进博会上，LVMH集团大中华区总裁吴越分享了一组数据："2025年6月25日'路易号'诞生 以来，'船'边街头每日聚人群高达十七万，整个街区日均人流有五十万。" 这座让兴业太古汇足足等待了两年的三层独栋，不仅带动项目前三季度零售大涨41.9%，也毫无疑问是今年上海高端商业的高光时刻，凝结了过去两年魔都 高端商业的全部情绪——谨慎、观望、再出发。 而热度之外，还有更多细微的信号在出现——新的项目在入市，老的项目在迭代，商圈的重心在竞合中轻微移动。 如果把时间线拉长一点，会发现，上海的高端商业，正进入一轮"重构周期"。 逆势扛压，港资商场彰显韧性 值得一提的是，兴业太古汇还在下半年将南广场的出入口东移了半幅铺位，拉开了项目南侧升级的序幕。 上海的高端商业，必须从港资项目看起。它们是这座城市顶级零售的标杆，也是周期波动中最稳定的力量。 | 项目 | 年份 | 开发商 ...

中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得6,463宗登记，按月增 加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 上市企业更精简：积极资本循环、负债下降、资本支出与融资成本降低，应能在稳定股息下为增长提供 现金流支持；投资意愿回升；董事长/CEO更迭及部分新策略平稳过渡。 花旗预测2026年住宅价格上涨3%，并进入多年上升周期。 香港本地房产相关港股： 因此，楼市 ...

智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得 6,463宗登记，按月增加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 因此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循 环。 港股的流动性更多受全球宏观环境及中国内地经济基本面主导，楼市并非主要影响因素。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 上市企业更精简：积极资本循环、负债下降、资本支出与融资 ...

Core Insights - The commercial real estate market is undergoing a deep adjustment period characterized by recovery and transformation, with renewed vitality from the recovering consumer market, yet facing persistent downward pressure, particularly in the office sector where supply-demand imbalance remains unresolved [1] - Companies are actively expanding financing channels, accelerating the implementation of public REITs for consumer infrastructure, and deepening digital transformation while exploring diversified operations to enhance operational quality and consumer experience [1] - The market is expected to remain in a dynamic process influenced by multiple variables, requiring companies to be agile in capturing consumer trends and macroeconomic changes to maintain operational resilience and strategic agility [1] Industry Developments - The industry is witnessing a shift towards innovative business models and operational restructuring to meet increasingly diverse and refined consumer demands [1] - The "Performance Index 2025 Annual Commercial Real Estate Performance" has been released by the Insights Index Research Institute to provide practical references for market participants, aiding the industry in navigating uncertainties to find certain development paths [1] Company Rankings - A list of top companies in various categories has been compiled, showcasing their performance in brand value, management capability, innovation, and digital development [4][5][9][12][15][33][36]

花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下：(1)房价 进入上升周期：新销售利润率改善(目前为5%至9%)及资产净值具上行空间；(2)零售销售：奢侈品表现 优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢复；(3)写字楼：2025年竣 工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健；(4)上市企业更精简：积极资本 循环、负债下降、资本支出与融资成本降低，应能在稳定股息下为增长提供现金流支持；(5)投资意愿 回升；(6)董事长/CEO更迭及部分新策略平稳过渡。 花旗预测2026年住宅价格上涨3%(25年预期升3%)，并进入多年上升周期。花旗首选标的包括希慎、恒 隆地产、新鸿基地产、恒基地产与领展。 ...

Core Insights - The commercial real estate market is undergoing a deep adjustment period characterized by recovery and transformation, with ongoing downward pressure despite a recovering consumer market [1] - Companies are actively expanding financing channels, accelerating the implementation of public REITs for consumer infrastructure, and deepening digital transformation to enhance operational quality and consumer experience [1] - The market is expected to remain in a dynamic process influenced by multiple variables, requiring companies to be agile and resilient in their operations to navigate the new cycle [1] Industry Overview - The commercial real estate sector is experiencing a supply-demand imbalance, particularly in the commercial office segment, which has not yet been fundamentally resolved [1] - Investment confidence and development motivation among enterprises remain insufficient, indicating a cautious outlook for future investments [1] Company Strategies - Companies are responding to market challenges by innovating business models and enhancing operational quality to meet increasingly diverse consumer demands [1] - The "Performance Index • 2025 Commercial Real Estate Performance" report aims to provide market participants with practical references to explore certain development paths amid uncertainties [1] Performance Rankings - The report includes a ranking of companies based on various performance metrics, such as brand value, management capability, and innovation ability, showcasing the competitive landscape within the industry [2][5][7][9][10][12][19][30]

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a slight increase in its closing price and has a total trading volume of approximately 9.8 million yuan as of November 11, 2023 [1]. Group 1: Fund Overview - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. - As of November 10, 2023, the fund has a total of 175 million shares and a total size of 185 million yuan [1]. Group 2: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 5.37% during their tenure [1]. Group 3: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, valued at approximately 4.07 million yuan [2]. - Jiangxi Copper: 1.08% holding, valued at approximately 4.06 million yuan [2]. - China Shenhua: 1.05% holding, valued at approximately 3.97 million yuan [2]. - Far East Horizon: 0.99% holding, valued at approximately 3.72 million yuan [2]. - CNOOC: 0.96% holding, valued at approximately 3.62 million yuan [2]. - Sino Land: 0.94% holding, valued at approximately 3.54 million yuan [2]. - China Petroleum: 0.87% holding, valued at approximately 3.29 million yuan [2]. - Hengan International: 0.87% holding, valued at approximately 3.26 million yuan [2]. - Henderson Land: 0.81% holding, valued at approximately 3.05 million yuan [2]. - Bank of China Hong Kong: 0.81% holding, valued at approximately 3.06 million yuan [2].