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2月28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3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 FF301 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 | ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][28]. Core Insights - The report indicates that after a deep adjustment in the real estate sector, the industry fundamentals are approaching a bottom, supported by recent central government policies aimed at stabilizing the market [2][28]. - The report highlights a significant increase in new home transactions, with a week-on-week increase of 334.6% in 34 key cities, indicating a recovery trend [3][11]. - The report emphasizes the importance of quality real estate companies and commercial properties, suggesting that they will recover profitability sooner and with more elasticity due to improved industry dynamics [2][28]. Industry Data Summary New Home Transaction Volume - In the week of February 21-27, 2026, new home transactions in 34 key cities totaled 1.057 million square meters, a week-on-week increase of 334.6% [3][11]. - The transaction volume for first-tier cities was 950,000 square meters, up 315.9% week-on-week, while third and fourth-tier cities saw a staggering increase of 626.2% [3][11]. Second-Hand Home Transaction Volume - In the same week, second-hand home transactions in 13 key cities reached 512,000 square meters, reflecting a week-on-week increase of 823.7% [11]. - However, the cumulative transaction volume for February showed a year-on-year decline of 25.5% compared to the previous year [11]. Inventory and Supply - In the week of February 21-27, 2026, 15 key cities launched 120,000 square meters of new supply, with total sales of 380,000 square meters, resulting in a sales-to-launch ratio of 3.1 times [21]. - The total available residential area in these cities was 88.436 million square meters, showing a slight decrease of 0.3% week-on-week [21]. Policy and News Tracking - The People's Bank of China announced that the loan market quotation rate (LPR) for February remained unchanged, with a 1-year LPR at 3% and a 5-year LPR at 3.5% [28][29]. - The "Shanghai Seven Measures" policy was introduced to optimize the local real estate market, including reducing the purchase threshold for non-local residents and increasing the maximum public housing fund loan amount for first-time buyers [28][29]. Company Announcements - New City Development successfully issued $355 million in senior unsecured bonds with a maturity of 3 years and a coupon rate of 11.8% [36]. - The report notes that the real estate sector underperformed compared to the broader market, with the SW Real Estate Index rising by only 0.6% compared to a 1.08% increase in the CSI 300 Index [37][38].

Core Viewpoint - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend ETF (513630) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1]. Group 1: Fund Overview - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend ETF was established on November 23, 2023, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 26, 2024, the fund's latest share count is 9.58 billion, and the total asset size is 16.508 billion [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1]. Group 2: Performance Metrics - Year-to-date, the fund has seen a 7.22% decrease in share count and a 0.82% decrease in total assets compared to December 31, 2023 [1]. - Over the last 20 trading days, the cumulative trading amount reached 7.782 billion, with an average daily trading amount of 389 million [1]. - In the year-to-date period, the cumulative trading amount is 14.394 billion, with an average daily trading amount of 423 million [1]. Group 3: Fund Management - The current fund managers are He Zhihao and Hu Di, both of whom have managed the fund since its inception, achieving a return of 71.48% during their tenure [2]. - The latest report indicates that the fund's top holdings include Jiangxi Copper Co., Far East Horizon, China Shenhua Energy, CNOOC, and others, with specific weightings in the portfolio [2]. Group 4: Top Holdings - Jiangxi Copper Co. holds 4.51% of the portfolio, valued at 751 million [3]. - Far East Horizon accounts for 3.37%, valued at 561 million [3]. - China Shenhua Energy represents 3.12%, valued at 519 million [3]. - CNOOC has a holding of 3.11%, valued at 518 million [3]. - Other significant holdings include Henderson Land Development, China Petroleum & Chemical Corporation, and Hang Seng Bank, each with varying percentages and valuations [3].

智通财经APP获悉，摩通发布研报称，在2026/27年度《财政预算案》中，对价值超过1亿元的房产印花 税率上调感到惊讶。虽然标题看起来是负面，但该行表示，并不太担心，因为这只会影响0.3%的交 易，根据2025年价值超过1亿元交易仅有169笔；从超级富豪购房者角度来看，新增成本(2.25%)可能微 不足道，主要是房价上涨一两个月即可复盖这部分成本；这项政策的目标并非打压房地产市场，而更似 是一项再分配的财政政策，透过向超级富豪征税以补贴低收入群体。 该信息由智通财经网提供 该行指，事实上，这甚至可能引发更强烈的"害怕错过"(FOMO)情绪，尤其是那些购买价值在5,000万至 9,900万元之间的房产的买家，可能会担心未来需要支付更高的印花税。该行表示，在消息公布后，该 板块回调1%至2%，又认为，这更像是年初至今强劲表现后盈利套现的借口。 该行指，目前最看好的开发商包括新鸿基地产(00016) 、恒基地产(00012)和信和置业(00083)；收租股包 括恒隆地产(00101)和太古地产(01972)。 ...

摩根士丹利发布研报称，港府新一份《财政预算案》宣布将价值超过1亿元的住宅物业印花税率上调至 6.5%。该行估算此类物业在2025年占总成交量0.3%，但占总成交额8%，预期措施将对九龙仓集团 （00004）构成负面影响； 其他有此类物业风险敞口的公司包括恒隆地产（00101）（如蓝塘道洋房）、长实集团（01113）（如波 老道21号项目）、恒基地产（00012）（如西半山天御）及新鸿基地产（00016） 商业地皮方面，连续第二年没有商业用地推出发售，将透过改善供需情况来支持写字楼及零售物业市 场。而各项人才计划已吸引27万人来港，其中逾10万人透过高端人才通行证计划来港，为香港创造额外 的住屋需求。 。 商业地皮方面，连续第二年没有商业用地推出发售，将透过改善供需情况来支持写字楼及零售物业市 场。而各项人才计划已吸引27万人来港，其中逾10万人透过高端人才通行证计划来港，为香港创造额外 的住屋需求。 另外，政府正寻求将房托基金（REITs）纳入互联互通机制，并引入修订条例草案以促进REITs私有化 或重组，以及可能豁免寻求上市的REITs转让非住宅物业的印花税； 此举对领展房产基金（00823）属正面因素。 ...

该行指，事实上，这甚至可能引发更强烈的"害怕错过"(FOMO)情绪，尤其是那些购买价值在5000万至 9900万港元之间的房产的买家，可能会担心未来需要支付更高的印花税。在消息公布后，该板块回调 1%至2%，该行认为这更象是年初至今强劲表现后盈利套现的借口。该行指，目前最看好的开发商包括 新地、恒地和信置；收租股包括恒隆地产和太古地产。 摩根大通发表研报指，在港府2026/27年度《财政预算案》中，对价值超过1亿港元的房产印花税率上调 感到惊讶。虽然标题看起来是负面，但该行表示并不太担心，因为这只会影响0.3%的交易，根据2025 年价值超过1亿港元交易仅有169笔；从超级富豪购房者角度来看，新增成本(2.25%)可能微不足道，主 要是房价上涨一两个月即可覆盖这部分成本；这项政策的目标并非打压房地产市场，而更似是一项再分 配的财政政策，透过向超级富豪征税以补贴低收入群体。 ...

Group 1 - The high-end consumption market is stabilizing and showing signs of recovery, with strong momentum in the Greater China region [1][2] - From the second half of 2025, major luxury goods groups are expected to see significant improvement in sales growth in the Asia-Pacific region (excluding Japan), with LVMH and Richemont experiencing their first positive growth after seven consecutive quarters [1] - The improvement in the Chinese market is a key variable for the performance recovery of global luxury goods groups, with major brands optimistic about the long-term potential of the Chinese market [1] Group 2 - The retail sales growth of high-end shopping malls in China has significantly increased in the second half of the year, with retail sales of tenants in Hang Lung Properties' mainland malls expected to grow by 4% year-on-year in 2025 [1] - Swire Properties' malls have also seen a notable acceleration, with the Shanghai Xinyi Swire City benefiting from the iconic project "Louis" leading to a 49.6% increase in retail sales [1] - The wealth effect is driving a rebound in high-end consumption demand, with high-frequency indicators such as the growth of wealthy individuals' assets, duty-free data from Hainan, and Macau gaming data confirming this recovery [2]

港股通红利低波ETF基金（159118）现任基金经理为严筱娴。严筱娴自2025年11月17日管理（或拟管 理）该基金，任职期内收益3.06%。 最新定期报告显示，港股通红利低波ETF基金（159118）重仓股包括远东宏信、中国神华、中国石油股 份、中国海洋石油、江西铜业股份、恒隆地产、恒安国际、信和置业、电讯盈科、中国石油化工股份， 持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）03360远东宏信1.07%70.30万498.70万01088 中国神华1.06%13.40万493.23万00857中国石油股份1.05%59.40万486.83万00883中国海洋石油1.05%24.40 万487.94万00358江西铜业股份1.05%17.60万487.23万00101恒隆地产1.04%58.30万483.12万01044恒安国 际0.91%16.65万423.93万00083信和置业0.91%46.40万425.49万00008电讯盈科0.85%72.50万393.49万 00386中国石油化工股份0.84%94.60万392.83万 来源：新浪基金∞工作室 2月24日，华夏标普港股通 ...

Core Insights - The retail commercial property market in 2025 is undergoing a profound structural adjustment due to macroeconomic headwinds and changing consumer habits, leading to varied survival scenarios among companies with different backgrounds and strategies [3][30] Group 1: Hong Kong Property Companies - Sun Hung Kai Properties remains the "rental king," recording net rental income of HKD 18.392 billion for the fiscal year 2025, demonstrating strong resilience [4][31] - The company maintains a high mall occupancy rate of 95% in Hong Kong by introducing popular mainland brands and optimizing public spaces [4][31] - Swire Properties reported a 20% year-on-year revenue increase in the first half of 2025, with retail sales in mainland China up 70% compared to 2019, but faced significant market differentiation [7][34] - Hang Lung Properties experienced mixed results, with overall income stable but significant city-level disparities, prompting a shift to more refined operational strategies [9][36] - Link REIT adopts a pragmatic approach to stabilize its operations amid structural changes in consumer behavior, enhancing its asset portfolio in Hong Kong and mainland China [11][38] - Kerry Properties shows financial discipline with a 22% drop in net profit but maintains a controlled debt ratio of 40% [13][40] - Shui On Land's resilience heavily relies on its Shanghai projects, which contribute 78% of rental income, highlighting the challenges in its national expansion [16][43] Group 2: Mainland Property Companies - Longfor Properties is focusing on revitalizing older projects, reducing interest-bearing debt by HKD 60 billion over three and a half years, and achieving a historical low financing cost of 3.58% [20][45] - China Resources' commercial segment reported a revenue of CNY 3.267 billion, a 14.6% increase, with a gross margin of 66.1% [21][48] - The average opening rate of new projects in the first half of 2025 exceeded 91%, with significant retail sales growth from third-party managed projects [22][49] Group 3: Regional Leaders - Hisense Plaza in Qingdao has maintained its status as Shandong's top luxury venue for 28 years, achieving annual sales exceeding CNY 6 billion [26][51] - Lihua Group represents a different path in regional commerce with its "department store + supermarket" model, facing challenges in national expansion and declining performance since 2019 [28][53]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].