Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Core Viewpoint - Hang Lung Properties has reported its 2025 annual performance, showing a decline in total revenue but an increase in net profit attributable to shareholders, indicating resilience in core profitability despite revenue contraction [1]. Revenue Performance - Total revenue decreased by 11% year-on-year to HKD 9.95 billion, primarily due to a drop in property sales [1]. - Rental income from properties, which remains the core pillar, slightly declined by 1% to HKD 9.389 billion, accounting for 94.36% of total revenue [2]. - Rental income from mainland China and Hong Kong was HKD 6.414 billion and HKD 2.975 billion, reflecting year-on-year declines of 1% and 2%, respectively [2]. Regional Performance - Mainland shopping mall business showed strong resilience, with overall rental income increasing by 1% year-on-year to RMB 4.871 billion, while tenant sales rose by 4% [2]. - Key projects in Shanghai, such as Shanghai Hang Lung Plaza and Shanghai Port International Hang Lung Plaza, contributed significantly to rental income, achieving revenues of RMB 1.661 billion and RMB 1.197 billion, respectively [2]. - Other cities like Wuxi, Dalian, and Kunming also experienced notable revenue growth, with increases of 10%, 12%, and 9% respectively [2]. Challenges in Certain Markets - Some city projects faced significant revenue declines, particularly Wuhan and Shenyang, with income dropping by over 30% [3]. - Hong Kong retail property income fell by 4% to HKD 1.742 billion, indicating weaker operational vitality compared to mainland malls [4]. Office Leasing Performance - Office leasing faced considerable pressure, with total revenue from this segment declining by 8% in mainland China to RMB 1.005 billion, while Hong Kong saw a slight decrease of 1% to HKD 1.004 billion [4]. - The occupancy rate for Hong Kong office properties was 90%, while mainland properties maintained around 80% [5]. Strategic Adjustments - In response to market adjustments and regional business disparities, Hang Lung Properties has adopted the "Hang Lung V.3" strategy, focusing on existing projects rather than expanding into new cities [6]. - The strategy includes acquiring adjacent properties for expansion and upgrading, with significant projects signed in Shanghai and Wuxi to enhance retail space [7]. - The company aims to leverage existing project efficiencies and operational upgrades, although reliance on current market demand poses potential long-term growth risks [7].

Group 1 - The core viewpoint is that various institutions maintain "buy" ratings for different companies, highlighting their growth potential and strategic partnerships [1][2][3][4][5][6][7][8][9][10] Group 2 - China-based pharmaceutical company, Stone Pharmaceutical Group, has entered a significant $18.5 billion strategic collaboration with AstraZeneca, focusing on long-acting GLP-1/GIPR dual-target peptides and multiple obesity/diabetes pipelines, enhancing its AI-driven drug discovery capabilities [1][2] - Baidu Group's cloud business has shown a 10% year-on-year growth in Q4, driven by intelligent cloud infrastructure, with AI-native marketing services now covering 70% of search result pages [3] - Sunny Optical Technology is projected to see a 70-75% increase in net profit by 2025, benefiting from improved ASP and gross margin in mobile lenses and modules [4] - InSilico Medicine has secured over HKD 930 million in cardiovascular metabolic collaborations, continuing its partnerships with major pharmaceutical companies, and has produced 27 preclinical candidate molecules through its Pharma.AI platform [5][6] - Kuaishou Technology is enhancing its platform with advanced AI models, which are expected to improve user engagement and profitability [6] - Decon Agriculture is expected to achieve a target price of HKD 87, with a stable cost structure and leading efficiency in pig farming [7] - Dongfang Zhenxuan has exceeded profit expectations by 68% in the first half of FY26, with self-operated product GMV rising to 52.8% [8] - Hang Lung Properties is experiencing a recovery in retail sales, with Q3/Q4 growth rates of 10% and 18%, respectively, and an improved tenant mix [10]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has experienced a decrease in both share count and total assets since the beginning of the year, indicating a potential shift in investor sentiment towards this fund [1][2]. Fund Overview - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) was established on September 30, 2025, with a management fee of 0.30% and a custody fee of 0.10% [1]. - As of February 2, 2025, the fund's latest share count was 89.40 million, with a total asset size of 94.24 million yuan, reflecting a 38.51% decrease in shares and a 36.35% decrease in total assets since December 31, 2025 [1]. Liquidity Analysis - The cumulative trading amount for the ETF over the last 20 trading days reached 174 million yuan, with an average daily trading amount of 8.68 million yuan [1]. 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 7.68% during their tenure [2]. Top Holdings - The ETF's major holdings include Jiangxi Copper Co. (4.39%), Far East Horizon (3.33%), China Shenhua Energy (3.09%), CNOOC (3.04%), and Hang Lung Properties (2.97%), among others, with specific holding percentages and market values detailed [3].

房地产 2026 年 02 月 02 日 恒隆地产 (00101) ——零售快速改善，核心利润稳增、分红表现稳定 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 02 月 02 日 | | --- | --- | | 收盘价（港币） | 9.24 | | 恒生中国企业指数 | 9080.19 | | 52 周最高/最低（港币） | 9.76/5.58 | | H 股市值（亿港币） | 467.23 | | 流通 H 股（百万股） | 5,056.65 | | 汇率（港币/人民币） | 0.8925 | 上 市 公 司 一年内股价与基准指数对比走势： -4% 46% 96% 02/03 03/03 04/03 05/03 06/03 07/03 08/03 09/03 10/03 11/03 12/03 01/03 HSCEI 恒隆地产 资料来源：Bloomberg 相关研究 - 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 A023 ...

美银证券发布研报称，重申对恒隆地产(0101.HK)"买入"评级，目标价10.4港元。该行预期，2026财年核 心利润将轻微下跌1%，主要由于内地零售租金增长及发展物业利润改善(2025财年录亏损)，被写字楼收 入下降及资本化利息显著减少所抵销。 ...

Core Viewpoint - Hang Lung Group and Hang Lung Properties reported a decline in total revenue for 2025, with a notable performance in retail leasing in mainland China, indicating a mixed recovery in the retail sector [1][2]. Financial Performance - Hang Lung Group's total revenue was approximately HKD 10.414 billion, a decrease of 11% year-on-year; basic net profit attributable to shareholders was about HKD 2.407 billion, an increase of 3%; net profit attributable to shareholders was approximately HKD 1.37 billion, a decrease of 15% [1]. - Hang Lung Properties reported total revenue of approximately HKD 9.95 billion, also down 11% year-on-year; basic net profit attributable to shareholders was about HKD 3.202 billion, an increase of 3%; net profit attributable to shareholders was approximately HKD 1.806 billion, a decrease of 16% [1]. Retail Performance - Retail commercial properties in mainland China generated revenue of approximately HKD 4.871 billion, a slight increase of 1% year-on-year, reversing the decline seen in 2024; overall occupancy rate improved by 2 percentage points to 96% by the end of 2025 [1]. - Key revenue contributors included Shanghai's Hang Lung Plaza and Port Exchange Hang Lung Plaza, which achieved rental incomes of HKD 1.661 billion and HKD 1.197 billion, respectively, with year-on-year growth of 1% and 2% [1]. - Other properties, such as Wuxi Hang Lung Plaza and Dalian Hang Lung Plaza, also saw rental income increases of over 10%, with revenues of HKD 502 million and HKD 331 million, respectively [1]. Market Challenges and Adjustments - Commercial projects in Wuhan and Shenyang faced significant challenges, with rental income declines exceeding 30% and tenant sales dropping by 23% and 54% [2]. - The CEO of Hang Lung Properties expressed optimism for 2025, noting a positive business momentum, especially in the second half of the year, with quarterly tenant sales showing a recovery trend [2]. Strategic Adjustments - In response to changing consumer habits and increased competition in high-end commercial real estate, Hang Lung Properties has made strategic adjustments, including not differentiating between high-end and mid-range malls and introducing more brands in cosmetics, dining, and services to attract foot traffic [3]. - The chairman highlighted that past growth was primarily driven by luxury goods, whereas future growth will be fueled by more mainstream dining and sports brands [3]. - The company aims to optimize its tenant mix to meet evolving consumer demands and enhance asset management capabilities to create long-term value [3].

里昂发布研报称，恒隆地产(00101)去年度业绩大致符合预期，管理层表明"恒隆V3"模式对现有旗舰资 产采用存量优化的低资本开支扩张模式，配合正进行的去杠杆计划，旨在推动更快速的租金增长。恒隆 中国零售物业的租户销售额在2025年下半年录得强劲增长，主要由非奢侈品类别带动。里昂收窄了对其 每股资产净值的预期折让幅度，并将目标价从7.7港元上调至9.2港元，以反映租户销售表现正面对固定 续租租金潜在增长的支持，维持"持有"评级，仍预期V3模式需时见效。 ...

智通财经APP获悉，里昂发布研报称，恒隆地产(00101)去年度业绩大致符合预期，管理层表明"恒隆 V3"模式对现有旗舰资产采用存量优化的低资本开支扩张模式，配合正进行的去杠杆计划，旨在推动更 快速的租金增长。恒隆中国零售物业的租户销售额在2025年下半年录得强劲增长，主要由非奢侈品类别 带动。里昂收窄了对其每股资产净值的预期折让幅度，并将目标价从7.7港元上调至9.2港元，以反映租 户销售表现正面对固定续租租金潜在增长的支持，维持"持有"评级，仍预期V3模式需时见效。 ...

随着香港住宅市场回暖支持今年发展物业销售，该行认为恒隆有机会于2026年上半年取消"以股代息"计 划，虽然管理层未承诺具体时间表。恒隆目前交易对应的股息率为5.5%，较资产净值折让约60%，该行 认为估值吸引。基于写字楼租金下调，将2026至2027财年每股盈利预测轻微下调1%。 美银证券发布研报称，重申对恒隆地产(00101)"买入"评级，目标价10.4港元。该行预期，2026财年核心 利润将轻微下跌1%，主要由于内地零售租金增长及发展物业利润改善(2025财年录亏损)，被写字楼收入 下降及资本化利息显著减少所抵销。 管理层指出，尽管2026年与2025年农历新年时间不同致对比不利，但1月份中国内地租户销售额大致持 平。预计奢侈品零售将从2025财年估计下跌1%，恢复至2026财年的低至中单位数增长;而非奢侈品类表 现将更优。预测更依赖基本租金的上海港汇恒隆广场(GG66)将实现稳定的3%租金增长，而上海恒隆广 场(Plaza66)零售增长将从2025年下半年的同比1%，改善至2026财年的同比增长4%。营运成本率维持在 合理范围，介乎约十几个百分点。管理层强调加强武汉非奢侈品租户表现的新举措，以及在沈阳引 ...