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].

Core Viewpoint - The report from JPMorgan indicates surprise over the increase in stamp duty rates for properties valued over 100 million, but the bank is not overly concerned as it will only affect 0.3% of transactions [1] Group 1: Stamp Duty Impact - The increase in stamp duty (2.25%) is expected to have a minimal impact on ultra-wealthy buyers, as property prices may rise enough to offset this cost within a month or two [1] - In 2025, there were only 169 transactions valued over 100 million, highlighting the limited scope of the tax increase [1] Group 2: Market Sentiment - The policy is viewed as a redistribution fiscal measure aimed at taxing the ultra-wealthy to subsidize low-income groups, rather than suppressing the real estate market [1] - The announcement may trigger a stronger "fear of missing out" (FOMO) among buyers of properties priced between 50 million and 99.9 million, who may worry about future tax increases [1] Group 3: Developer Recommendations - The most favored developers currently include Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Sino Land Company (00083) [1] - Recommended rental stocks include Hang Lung Properties (00101) and Swire Properties (01972) [1]

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]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Huaxia S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159118), which has seen a significant decrease in both share count and total assets since the beginning of the year [1][2] - As of February 13, 2025, the fund's latest share count was 132 million, with a total size of 136 million yuan, reflecting a 57.06% decrease in shares and a 54.36% decrease in size compared to December 31, 2025 [1] - The fund's management fee is 0.15% annually, and the custody fee is 0.05% annually, with its performance benchmark being the S&P Hong Kong Stock Connect Low Volatility Dividend Index adjusted for valuation exchange rates [1] Group 2 - The current fund manager is Yan Xiaoxian, who has managed the fund since its inception on November 17, 2025, achieving a return of 3.06% during her tenure [2] - The fund's top holdings include Far East Horizon, China Shenhua, China Petroleum, CNOOC, Jiangxi Copper, Hang Lung Properties, Hengan International, Sino Land, PCCW, and Sinopec, with each holding representing a small percentage of the total portfolio [2] - The cumulative trading amount for the fund over the last 20 trading days was 297 million yuan, with an average daily trading amount of 14.87 million yuan [1]

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].