2月27日，摩根标普港股通低波红利ETF（513630）收盘涨0.18%，成交额3.99亿元。 港股低波红利ETF摩根（513630）成立于2023年11月23日，基金全称为摩根标普港股通低波红利交易型 开放式指数证券投资基金，基金简称为摩根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%。港股低波红利ETF摩根（513630）业绩比较基准为标普港股通低波红利指数收益 率。 来源：新浪基金∞工作室 最新定期报告显示，港股低波红利ETF摩根（513630）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。 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4.51%1939.90万7.51亿 03360远东宏信3.37%7727.50万5.61亿01088中国神华3.12%1479.65万5.19亿00883中国海洋石油 3.11%2690.20万5.18亿00101恒隆地产2.98%6388.30万4.97亿00857中国石油股份2.98%6551.20万4 ...

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。 ...

2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速 在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌 普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商 场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上 海兴业太古汇凭借标志性项目"路易号"拉动，零售额大增49.6%。 财富效应驱动高端消费需求回升，高频指标印证修复 富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数 据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额 增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股 市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入 逐季加速复苏以及高端酒店RevPAR的增长中得到印证。 风险提示 宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。 华福证 ...

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 ...

丙午马年 20 / 26 2025年的零售商业物业市场，正经历一场深刻的结构性调整。在宏观经济逆风与消费习惯变迁的双重压力下，不同背景、不同战略的企业呈现出截然不同 的生存图景。 本篇将梳理年内重要企业研究报道，从港资巨头的守成与求变，到内地企业的稳健与突围，再到区域标杆的坚守与徘徊，试图勾勒出这一年行业的整体样 貌。 港资房企： 巨头的守成与求变 "收租王"新鸿基抗逆有方 在港资房企阵营中，新鸿基地产依然稳坐"收租王"之位。2025财年，新鸿基连同合营企业及联营公司录得净租金收入达183.92亿港元，展现出极强的抗风 险能力。 "收租王"新鸿基，塌不了 太古地产直面分化 太古地产2025上半年营收同比增长20%，内地零售销售额已较2019年同期高出70%，香港商场则维持满租。 然而，市场分化显著。上海兴业太古汇通过引入路易威登地标"路易号"实现13.5%的销售额暴涨，而广州太古汇则因下跌2.1%。面对挑战，太古正加速战 略调整：斥资21亿扩容广州太古汇至18万㎡，同时以15万㎡的聚龙湾太古里差异化布局"滨水潮流轻奢"，与重奢项目形成互补。 太古，闪回2019 面对市场变化，新鸿基通过灵活运营稳固根基。在香港 ...

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].

Core Insights - Shanghai Hang Lung Plaza has demonstrated resilience in the luxury retail market, achieving a 1% increase in revenue and a 4% rise in tenant sales despite challenges in 2025 [3][4] - The annual "HOME TO LUXURY" event significantly boosted tenant sales by nearly 50%, showcasing the effectiveness of strategic marketing initiatives [3][4] Group 1: Business Strategy - The mall's strategy includes introducing high-end domestic brands like Laopuyuan, which enhances its traditional jewelry offerings and attracts affluent customers [6][10] - A focus on dining and experiential retail is aimed at increasing foot traffic and customer dwell time, with new high-end restaurants and trendy light dining options being introduced [6][10] Group 2: Target Audience - The mall is actively engaging younger consumers, with initiatives like the Murakami Ohana Hatake exhibition and Jellycat Café attracting a 23% increase in visitors under 30 years old [8][9] - The introduction of pop-up stores for designer brands allows for mutual exploration between the mall's clientele and new brands, enhancing customer engagement [9] Group 3: Expansion and Innovation - The ongoing Phase III expansion will add 13% more leasable space, aiming to redefine the mall's spatial logic and functionality to create a more inviting lifestyle environment [10][12] - The new outdoor space will facilitate community experiences and events, enhancing the mall's appeal as a social destination and allowing for a wider range of activities [11][12]

Core Viewpoint - The Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has experienced a decline in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investor interest [1]. Group 1: Fund Performance - As of February 12, 2025, the fund's latest share count is 444 million, with a total size of 287 million yuan, reflecting a decrease of 13.29% in shares and 6.82% in size 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 [1]. Group 2: Trading Activity - The cumulative trading amount over the last 20 trading days reached 1.038 billion yuan, with an average daily trading amount of approximately 51.88 million yuan [1]. Group 3: Fund Management - 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]. Group 4: Top Holdings - The fund's top holdings include Jiangxi Copper Co. (4.48%), Far East Horizon (3.36%), China National Offshore Oil Corporation (3.11%), and China Shenhua Energy (3.07%), among others, with significant positions in various sectors [2][3].