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 ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

重估向下调整不会减少现金流，因此不会直接影响公司的流动性。公司预计，于2025年年底的总银行结 余及现金将高于2025年6月30日的水平，以及集团净资产负债率将维持稳定为约52%。 考虑到中国房地产市场仍然疲弱，公司对近期业务前景保持谨慎态度，基于房地产行业整体流动性可能 仍将保持紧张。公司将继续审慎管理其财务及审查及采取最佳策略，以维持长期增长。 考虑到中国房地产市场仍然疲弱，公司对近期业务前景保持谨慎态度，基于房地产行业整体流动性可能 仍将保持紧张。公司将继续审慎管理其财务及审查及采取最佳策略，以维持长期增长。 【财华社讯】瑞安房地产(00272.HK)公布，预期截至2025年12月31日止年度股东应占亏损净额将介乎17 亿元至18亿元(人民币,下同)，相较2024年同期股东应占溢利净额1.8亿元。预计亏损净额主要是由于集 团投资物业的公平值减值以及未出售存货的减值拨备。该等重估及拨备对公司综合总资产(以归属基准 计算)的影响预计为2%至3%。剔除上述影响，预计公司于2025年年度将录得核心溢利。 【财华社讯】瑞安房地产(00272.HK)公布，预期截至2025年12月31日止年度股东应占亏损净额将介乎1 ...

Group 1: Hang Seng Index - Ningde Times (300750) (03750), Luoyang Molybdenum (603993) (03993), and Laopu Gold (06181) will be included in the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [1][2]. Group 2: Hang Seng China Enterprises Index - Beike-W (02423) and Horizon Robotics-W (09660) will be added to the Hang Seng China Enterprises Index, while China Resources Beer (00291) will be removed, maintaining the total number of constituent stocks at 50 [5]. Group 3: Hang Seng Composite Index - East Asia Bank (00023) and Guofu Quantum (00290) will be included in the Hang Seng Composite Index, with the number of constituent stocks increasing from 507 to 532 [9][10].

Group 1 - The Hang Seng Index Company announced the quarterly review results, increasing the number of constituent stocks from 88 to 90, with CATL, Luoyang Molybdenum, and Laopu Gold being added, while Zhongsheng Group was removed [1][3] - CATL's H-shares closed at HKD 517.5, down 1.99%; Luoyang Molybdenum's H-shares closed at HKD 21.72, down 6.94%; Laopu Gold closed at HKD 738.5, down 3.97% [3] - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy [3][4] Group 2 - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank, and remove 28 stocks, increasing the total number of constituent stocks from 507 to 532 [7] - The Hang Seng Technology Index will remain unchanged with 30 constituent stocks [7]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, effective from March 9, 2026, after market close on March 6, 2026 [1] - The Hang Seng Index will add three stocks: Contemporary Amperex Technology Co., Limited (03750), Luoyang Molybdenum Co., Ltd. (03993), and Laopuhuang Co., Ltd. (06181), while removing Zhongsheng Group Holdings Limited (00881), increasing the number of constituent stocks from 88 to 90 [1] - Laopuhuang has seen a significant price increase, with a cumulative rise of nearly 20% since the beginning of 2026 [1] Group 2 - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [2] - The Hang Seng Composite Index will add 53 stocks, including Bank of East Asia (00023), and remove 28 stocks, including Shui On Land (00272), increasing the number of constituent stocks from 507 to 532 [5] - The Hang Seng Technology Index will not change, maintaining 30 constituent stocks [6] Group 3 - The total assets under management for products tracking the Hang Seng Index series is approximately $117.7 billion as of December 2025 [6] - The adjustments in index constituents may trigger passive fund rebalancing, potentially leading to increased trading volume for related stocks as the effective date approaches [6] - The inclusion of new economy enterprises in sectors like renewable energy, new consumption, and biotechnology is expected to enhance the growth potential and investment attractiveness of the indices, reducing the weight of traditional industries [6]

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1] Core Insights - New home sales in January showed a narrowing year-on-year decline, while second-hand home sales turned positive year-on-year [1][21] - The central bank has released favorable policies, including lowering the re-lending rate and reducing the down payment ratio for commercial properties [1][4] New Home Sales - In January, the new home sales area in 40 cities decreased by 42.3% month-on-month and by 22.0% year-on-year, with the year-on-year decline narrowing by 10.1 percentage points compared to the previous month [5][14] - First-tier cities saw a year-on-year decline of 14.0%, while second-tier cities experienced an 18.1% decline, and third and fourth-tier cities had a 41.1% decline [15][20] Second-Hand Home Sales - The second-hand home sales area in 18 cities decreased by 2.0% month-on-month but increased by 9.0% year-on-year, with the year-on-year growth rate improving by 41.3 percentage points compared to the previous month [21][25] - All city tiers showed positive year-on-year growth in second-hand home sales, with first-tier cities growing by 15.0% year-on-year [21][30] Inventory and Absorption - As of the end of January, the new home inventory area in 12 cities was 112.91 million square meters, down 0.4% month-on-month and down 6.3% year-on-year, with an overall absorption cycle of 18.1 months [28][29] - The absorption cycle for first-tier cities increased by 4.3 months year-on-year, while third and fourth-tier cities saw a decrease of 8.2 months [28] Land Market - The land market in January saw a transaction area decrease of 76.5% month-on-month and a 20.2% year-on-year decline, with an average land premium rate of 2.87% [1][12] - The average land price per square meter decreased by 36.8% month-on-month and by 20.9% year-on-year [13] Real Estate Companies - The top 100 real estate companies saw a 49.5% year-on-year decline in land acquisition amounts, with a land acquisition intensity of 32% [1][12] - The financing scale for the real estate industry in January was 39.6 billion yuan, down 26% year-on-year but up 7% month-on-month [1][14] Policy Developments - The central bank's policy changes include lowering the re-lending rate to 1.25% and reducing the minimum down payment ratio for commercial properties from 50% to 30% [1][4] - The first batch of commercial real estate REITs has been submitted for approval, with a total expected fundraising of 31.47 billion yuan [1][4] Sector Performance - The real estate sector outperformed the CSI 300 index in January, with an absolute return of 4.3% and a relative return of 2.7% [1][12] - The report anticipates two potential turning points in 2026: a policy turning point around the end of Q1 and a fundamental turning point around Q4 [1][12]

Core Viewpoint - The Hong Kong stock market is undergoing significant adjustments in its major indices, with changes in constituent stocks for the Hang Seng Index and other related indices [2][4][8]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times (03750), Luoyang Molybdenum (03993), and Laopu Gold (06181), while removing Zhongsheng Group (00881) [2][4]. - Laopu Gold has shown a strong performance, with a cumulative increase of nearly 20% since the beginning of 2026 [4]. Group 2: Hang Seng China Enterprises Index Changes - The Hang Seng China Enterprises Index will maintain 50 constituent stocks, adding Beike-W (02423) and Horizon Robotics-W (09660), while removing China Resources Beer (00291) and Mengniu Dairy (02319) [6]. Group 3: Hang Seng Composite Index Changes - The Hang Seng Composite Index will add 53 stocks, including East Asia Bank (00023), and remove 28 stocks, increasing its total from 507 to 532 [8]. - The Hang Seng Technology Index will remain unchanged at 30 constituent stocks [8]. Group 4: Market Performance Analysis - Since the beginning of 2026, the Hang Seng Index has risen by 3.65%, while the Hang Seng Technology Index has decreased by 2.82% [10]. - In 2025, both indices saw increases, with the Hang Seng Index up by 27.77% and the Hang Seng Technology Index up by 23.45% [10]. - Among the 88 constituent stocks of the Hang Seng Index, 69 have risen, 18 have fallen, and 1 has remained flat since the end of 2025 [10]. Group 5: Notable Stock Performances - The top performers since the beginning of 2026 include New World Development (41.18%), Techtronic Industries (31.92%), and Pop Mart (31.81%) [11]. - Conversely, the worst performers include Trip.com (-24.22%), Meituan (-20.47%), and NetEase (-13.47%) [11].

瑞安房地产表示，预计亏损净额主要是由于集团投资物业的公平值减值以及未出售存货的减值拨备，对 公司综合总资产（以归属基准计算）的影响预计为2%至3%。剔除上述影响，预计2025年度将录得核心 溢利。 来源：观点地产网 观点网讯：2月13日，瑞安房地产发布2025年全年业绩盈利警告。 根据公告，根据目前所得资料，瑞安房地产预期截至2025年12月31日止年度股东应占亏损净额将介乎人 民币17亿元至人民币18亿元，相较2024年同期股东应占溢利净额人民币1.8亿元。 瑞安房地产称，重估向下调整不会减少现金流，因此不会直接影响公司的流动性。公司预计，2025年底 的总银行结余及现金将高于2025年6月30日的水平，以及集团净资产负债率将维持稳定为约52%。 瑞安房地产进一步表示，公司对近期业务前景保持谨慎态度，基于房地产行业整体流动性可能仍将保持 紧张。公司将继续审慎管理其财务及审查及采取最佳策略，以维持长期增长。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...