来源：滚动播报 一方面，商场引入像老铺黄金这类根植于中国文化、工艺精湛的国内新兴高端品牌，作为对传统珠宝品 类的重要补充；另一方面，加码餐饮与体验业态，将其视为吸引客流、延长停留时间、打造体验"目的 地"的关键。 此外，上海恒隆广场力图打造差异化、全时段的"用餐目的地"，以此覆盖更广泛的消费人群，提升顾客 停留时间与到访频次。过去一年，商场内餐饮品牌持续焕新，晶采轩、PAKU等高端餐厅入驻，并尝试 引入如云南特色野生食材茶饮等更年轻、更具话题性的轻餐饮品牌。 （来源：上观新闻） 农历新年将近，上海恒隆广场"隆马新程"新春主题装置已然"上新"。临近中午，商场内人流如织。位于 中庭的"老铺黄金 马年独家首展"排起了长队。几位顾客正俯身于玻璃展柜前，细细端详一件件金饰的 工艺与光泽。来自山东的王女士与姐姐挑选了一款项链与手镯，消费数十万元。这家以非遗古法黄金技 艺闻名的国内高端珠宝品牌，自去年入驻恒隆以来，业绩表现持续亮眼，成为商场内引人注目的新焦 点。 这并非孤例。在奢侈品零售市场充满挑战的2025年，上海恒隆广场却交出了一份逆势增长的答卷。根据 其最新发布的业绩数据，商场收入和租户销售额分別上升1%和4%。其中 ...

来源：新浪基金∞工作室 2月13日，华宝标普港股通低波红利ETF（159220）收盘跌0.78%，成交额3158.09万元。 港股通红利低波ETF华宝（159220）成立于2025年4月29日，基金全称为华宝标普港股通低波红利交易 型开放式指数证券投资基金，基金简称为华宝标普港股通低波红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通红利低波ETF华宝（159220）业绩比较基准为经人民币汇率调整的标普港 股通低波红利指数收益率。 规模方面，截止2月12日，港股通红利低波ETF华宝（159220）最新份额为4.44亿份，最新规模为2.87亿 元。回顾2025年12月31日，港股通红利低波ETF华宝（159220）份额为5.12亿份，规模为3.08亿元。即 该基金今年以来份额减少13.29%，规模减少6.82%。 港股通红利低波ETF华宝（159220）现任基金经理为杨洋、胡一江。杨洋自2025年4月29日管理（或拟 管理）该基金，任职期内收益28.46%；胡一江自2025年4月29日管理（或拟管理）该基金，任职期内收 益28.46%。 最新定期报告显示，港股通红利低波ETF华宝（159 ...

Core Insights - Henglong Real Estate reported a total revenue of HKD 99.50 billion for the year ending December 31, 2025, reflecting an 11% year-on-year decline, primarily due to a significant drop in property sales. However, rental income from mainland shopping malls increased slightly by 1% to HKD 48.71 billion, indicating resilience in this segment [2][19][18] Financial Performance - Despite the overall revenue decline, the company's net profit attributable to shareholders rose by 3% to HKD 32.02 billion, showcasing a complex performance where rental income remains the mainstay, contributing over 94% to total revenue [2][18] - The overall rental income saw a minor decrease of 1%, yet rental income from mainland malls experienced a 1% increase, highlighting a contrasting performance within different segments [2][19] Rental Market Dynamics - The rental income from key projects such as Shanghai Henglong Plaza and Hongqiao Henglong Plaza grew by 1% and 2% respectively, together accounting for nearly 60% of the total rental income from mainland malls [19][3] - The overall occupancy rate for mainland malls increased by 2 percentage points to 96%, with tenant sales rising by 4%, indicating a recovery in the malls' operational performance [21][5] Strategic Adjustments - The company is adapting to changing consumer trends, shifting focus from luxury goods to more popular dining and sports brands, which are now seen as growth drivers. This has led to a strategic adjustment in tenant mix, reducing supermarket space to accommodate more dining options [22][6] - Henglong is also enhancing customer experience by learning from successful experiential retail models, aiming to transform malls into more engaging spaces for consumers [22][6] Office Space Challenges - In contrast to the retail sector, the office rental income in mainland China fell by 8% to HKD 10.05 billion, with an overall occupancy rate dropping by 4 percentage points to 79%. The Shanghai Henglong Plaza office space faced significant pressure, with an 11% decline in rental income [24][8] - Management remains pragmatic, prioritizing tenant retention and negotiating lower rents to maintain occupancy during this challenging period, which is expected to last 18 to 24 months [24][8] Future Outlook - Despite short-term pressures, management expresses confidence in a potential market recovery within the next two years. The introduction of the "V.3" strategy marks a shift in focus towards existing projects rather than expansion into new cities, aiming for incremental growth through targeted investments [26][10] - Upcoming projects, such as the expansion of the Hangzhou Henglong Plaza, are anticipated to drive future growth, with a pre-leasing rate of 77% as of mid-2025 [30][14] Market Segmentation - Performance varies significantly across different cities, with strong results in Shanghai, Wuxi, Dalian, and Kunming, while cities like Tianjin, Wuhan, and Shenyang are experiencing declines in rental income exceeding 30% [28][10] - This disparity reflects local market conditions and competitive pressures, necessitating a tailored approach to each city's strategy [28][10]

来源：新浪基金∞工作室 最新定期报告显示，港股通红利低波ETF（159117）重仓股包括江西铜业股份、远东宏信、中国神华、 中国海洋石油、恒隆地产、中国石油股份、信和置业、恒安国际、中国石油化工股份、恒生银行，持仓 占比如下。 2月12日，鹏华港股通低波红利ETF（159117）收盘跌0.46%，成交额223.62万元。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00358江西铜业股份4.39%16.80万650.67万 03360远东宏信3.33%67.80万492.36万01088中国神华3.09%13.05万457.34万00883中国海洋石油 3.04%23.40万450.18万00101恒隆地产2.97%56.60万440.16万00857中国石油股份2.92%57.20万432.95万 00083信和置业2.77%44.40万409.85万01044恒安国际2.73%16.05万404.46万00386中国石油化工股份 2.59%91.00万383.84万00011恒生银行2.53%2.70万374.34万 港股通红利低波ETF（159117）成立于2025年9月30日，基金全称为鹏华标 ...

Group 1 - Bank of America Securities reports a divergence in market views regarding Hong Kong property prices, with offshore investors being more optimistic compared to local and mainland investors who focus on valuation adequacy [1] - The firm has raised target prices for several real estate stocks by an average of 10% based on a narrowing discount to net asset value, reflecting strong performance in Hong Kong development projects and high-end retail sales [1] - Bank of America Securities favors developers such as Cheung Kong Holdings and Sino Land due to their earnings sensitivity to property price growth, while preferring rental stocks like Swire Properties and Hang Lung Properties for their high dividend yields and resilience in mainland luxury retail [1] Group 2 - The firm predicts a 10% to 15% increase in property prices over the next two years, noting that developers have already factored in a 15% to 20% growth in transaction volume into their stock prices [2] - Two major risks are identified: limited room for further cuts in the best lending rate by the Hong Kong Monetary Authority and the potential return to floating mortgage rates if bond market rate cuts do not materialize by the end of 2026 [2] - Stagnation in median household income and a year-on-year decline in approved immigration visas for 2025 may restrict further price increases in the property market [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220), which has seen a slight increase in its closing price and a decrease in both share count and total assets year-to-date [1][2]. - As of February 10, 2025, the fund's latest share count is 444 million, with a total size of 286 million yuan, reflecting a year-to-date decrease of 13.29% in shares and 7.18% in total assets compared to December 31, 2025 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually, with its performance benchmark being the S&P Hong Kong Stock Connect Low Volatility Dividend Index adjusted for RMB exchange rates [1]. Group 2 - The current fund managers are Yang Yang and Hu Yijiang, both of whom have managed the fund since its inception on April 29, 2025, achieving a return of 28.46% during their tenure [2]. - The fund's top holdings include Jiangxi Copper Co., Far East Horizon, CNOOC, China Shenhua Energy, Hang Lung Properties, PetroChina, Sino Land, Hengan International, Sinopec, and Hang Seng Bank, with varying ownership percentages [2][3]. - The largest holding is Jiangxi Copper Co. at 4.48%, followed by Far East Horizon at 3.36%, and CNOOC at 3.11%, with total holdings reflecting significant investments in key sectors [3].

发展商方面，该行看好长实集团及信和置业，因其盈利对楼价增长的敏感度较高。收租股则偏好太古地 产及恒隆地产，因股息率较高且内地奢侈品零售具韧性。 美银证券发表研报指，香港发展商已将今明两年15%至20%交易额增长计入股价，该行预测今明两年的 楼价涨幅介乎10%至15%。但认为有两大主要风险，包括香港金管局已表示进一步下调最优惠利率空间 有限，而香港银行的五年期抵押贷款利率优惠将于4月底到期。若债券市场在2026年底前两次减息未能 实现，银行可能会恢复浮动利房贷贷款方案。同时，2025年首九个月香港家庭月入中位数停滞不前，及 2025年批准的移民签证数目按年下降，若情况持续，最终可能限制楼价进一步上涨的潜力。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a significant decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - As of February 5, 2025, the ETF closed with a gain of 0.65% and a trading volume of 7.7934 million yuan [1]. - The fund's management fee is 0.30% annually, and the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index, adjusted for exchange rates [1]. Group 2: Fund Size and Liquidity - As of February 4, 2025, the ETF had a total of 84.4012 million shares and a total size of 90.5793 million yuan [1]. - The fund's share count has decreased by 41.95% and its total size has decreased by 38.82% since December 31, 2025, when it had 145 million shares and a size of 148 million yuan [1]. - Over the last 20 trading days, the ETF has accumulated a trading amount of 152 million yuan, with an average daily trading amount of 7.6127 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 7.68% during their tenure [2]. - The ETF's top holdings include Jiangxi Copper Co., Far East Horizon, China Shenhua Energy, CNOOC, Hang Lung Properties, China Petroleum & Chemical Corporation, Sino Land, Hengan International, and Hang Seng Bank [2]. Group 4: Top Holdings Breakdown - Jiangxi Copper Co. holds 4.39% of the portfolio with a market value of 6.5067 million yuan [3]. - Far East Horizon accounts for 3.33% with a market value of 4.9236 million yuan [3]. - China Shenhua Energy represents 3.09% with a market value of 4.5734 million yuan [3]. - CNOOC comprises 3.04% with a market value of 4.5018 million yuan [3]. - Hang Lung Properties makes up 2.97% with a market value of 4.4016 million yuan [3]. - China Petroleum holds 2.92% with a market value of 4.3295 million yuan [3]. - Sino Land accounts for 2.77% with a market value of 4.0985 million yuan [3]. - Hengan International represents 2.73% with a market value of 4.0446 million yuan [3]. - China Petroleum & Chemical Corporation comprises 2.59% with a market value of 3.8384 million yuan [3]. - Hang Seng Bank holds 2.53% with a market value of 3.7434 million yuan [3].

FF301 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: | 恒隆地產有限公司 | | | | 呈交日期: | 2026年2月5日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆地產有限公司並無法定股本，及其股本並無股份面值。 | | | | 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) | 00101 | 說明 | 不適用 | | | | | | | | 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 | ...