证 券 研 究 报 告 房地产行业周报（2025 年第 44 周） 推荐（维持） 房地产指数下跌，新房二手房同比下降 行业研究 房地产 2025 年 11 月 03 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,921.51 | 1.07 | | 流通市值(亿元) | 12,389.50 | 1.28 | 板块行情：第 44 周（10 月 27 日-10 月 31 日）申万一级行业指数中，房地产 指数下跌 0.7%，在 31 个一级行业板块中排名第 26。 政策要闻：地方层面：1）重庆：10 月 29 日，重庆市发展改革委就《重庆市 要素市场化配置综合改革试点行动方案》公开征求 ...

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古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 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01972 | 說明 | | | | | | | | | | 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 | | | 上月底結存 | | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | | 0 | | ...

【文/观察者网 王勇 编辑/赵乾坤】 太古地产零售业务董事韩置表示："我们的社区营造理念植根于艺术与文化、创新及有意义的人际连 接。通过这一零售空间，我们希望打造高品质的、本真的都市体验——不仅邀请人们前来购物，更期待 他们来此互动、连接，获得启发、感悟生活，成为活力社区的参与者和美好生活的创造者。" 据介绍，北京太古坊的社交空间——德尔斐（The Delphi）面积达1.9万平方米，包括工作空间、多功能 厅等，适用于企业活动与休闲聚会，同时兼具艺术展览、演出和社区活动功能，并将配备设施齐全的健 身房和游泳池等健康设施，整个项目将通过室内外步行连廊实现无缝连接，并直接接入地铁网络。 此外，北京太古坊将引入一家全新的东隅酒店，提供318间时尚雅致的客房、行政酒廊，以及可俯瞰坝 河全景和城市天际线的屋顶花园酒吧，为商务和休闲旅客提供便利。 本文系观察者网独家稿件，未经授权，不得转载。 北京太古坊位于朝阳区风景如画的坝河河畔，是太古地产现有项目颐堤港的扩建部分，项目落成后，颐 堤港将整体更名为北京太古坊。 根据太古地产提供给观察者网的资料，北京太古坊总楼面面积超过86万平方米，旨在打造充满活力的新 一代商业综合体， ...

Core Insights - The Beijing Taikoo Li project is set to undergo significant upgrades, with the current structure reaching its completion stage, aiming for a grand reopening by the end of 2026 [1][3] Group 1: Project Overview - The Beijing Taikoo Li project will feature a total construction area of 860,000 square meters, including eight premium Grade A office buildings, a high-quality shopping center, a new EAST hotel, and extensive green spaces [5] - The project will introduce the first Taikoo Li retail mall in mainland China, integrating with the existing Yintai Center to create a comprehensive retail destination of approximately 150,000 square meters [5] Group 2: Design and Facilities - A notable highlight of the project is the "Delphi" public space, covering 19,000 square meters, which will include flexible workspaces, a multifunctional hall, and one of the largest banquet halls in the city [7] - The design incorporates advanced green and sustainable features, ensuring seamless connectivity between office buildings, retail areas, hotels, and public transport [5][7] Group 3: Strategic Importance - The Beijing Taikoo Li is positioned as a key commercial landmark within the Chaoyang District's consumption landscape, contributing to the area's development as a world-class international consumption center [9] - The project is part of a broader initiative to enhance the Baha River waterfront area, which will include various infrastructure improvements and recreational facilities, further linking the commercial hubs of Beijing [10]

Core Viewpoint - Hong Kong real estate stocks experienced significant gains towards the end of trading on October 20, with notable increases in share prices for several major companies [1] Company Summaries - Kowloon Development (01997.HK) saw a rise of 4.36%, reaching HKD 22.48 [1] - Hysan Development (00014.HK) increased by 3.01%, trading at HKD 16.09 [1] - Swire Properties (01972.HK) rose by 2.14%, with shares priced at HKD 21.92 [1] - New World Development (00017.HK) gained 1.36%, with a share price of HKD 7.43 [1]

Core Viewpoint - The Hong Kong real estate market is experiencing a positive shift, highlighted by a significant transaction involving Alibaba Group and Ant Group purchasing a commercial property for 6.6 billion HKD, marking the largest office sale in Hong Kong this year [1] Group 1: Market Reaction - Hong Kong real estate stocks saw an increase, with Wharf Real Estate Investment (01997) rising by 4.36% to 22.48 HKD, Hysan Development (00014) up by 3.01% to 16.09 HKD, Swire Properties (01972) increasing by 2.14% to 21.92 HKD, and New World Development (00017) gaining 1.36% to 7.43 HKD [1] Group 2: Transaction Details - On October 17, Alibaba Group and Ant Group announced their acquisition of the 13th floor of the One Island East building in Causeway Bay for 6.6 billion HKD, which serves as their headquarters in Hong Kong [1] - This transaction surpasses the previous record set in March when the Hong Kong Stock Exchange purchased the first phase of the Central Trading Plaza for 6.3 billion HKD, making it the largest office sale in Hong Kong this year [1] Group 3: Analyst Insights - JPMorgan released a report indicating that this large transaction will help stabilize the capitalization rate of Hong Kong's office market and reduce commercial real estate risks [1] - The report suggests that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong for their regional or non-mainland headquarters [1] - The stabilization of Hong Kong's office capitalization rate is expected to benefit Hong Kong Land and Swire Properties, while the transaction may negatively impact Wharf Real Estate Investment due to the likelihood of Alibaba relocating from Times Square [1]

Core Viewpoint - Morgan Stanley reports that Hong Kong has recently recorded its largest office building sale in years, with the sale of the top 13 floors of One Island Central for HKD 7.2 billion to Alibaba and Ant Group [1] Group 1: Transaction Details - The property was sold for HKD 7.2 billion, with an estimated monthly rent of HKD 65 per square foot [1] - The estimated capitalization rate for the property is 3.3%, which is comparable to the average capitalization rates in Wanchai or Causeway Bay [1] Group 2: Market Implications - This large transaction is expected to stabilize the capitalization rates for office buildings in Hong Kong and reduce commercial real estate risks to some extent [1] - The transaction may negatively impact Wharf Real Estate Investment Company, as Alibaba's lease at Times Square is set to expire in 2028, likely leading to a relocation [1] Group 3: Future Outlook - Morgan Stanley believes that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong as regional or non-mainland headquarters [1] - The stabilization of office capitalization rates in Hong Kong is expected to benefit Hongkong Land and Swire Properties [1]

Core Viewpoint - The expansion of Beijing Taikoo Li, part of the Yiti Port project, marks a significant investment by Swire Properties in mainland China, aiming to establish a new waterfront commercial landmark in Beijing [1] Summary by Sections Project Overview - The total area of Beijing Taikoo Li exceeds 860,000 square meters, featuring eight premium Grade A office buildings, a shopping center, a hotel, and green spaces [1] - The project components will be seamlessly connected through indoor and outdoor pedestrian walkways, linking the office buildings with retail areas, the hotel, and other facilities [1] Connectivity - The development will have direct access to the subway network, enhancing its connectivity and accessibility for visitors and tenants [1]

Core Insights - Beijing Taikoo Li has achieved structural completion and is set to open in phases by the end of 2026, marking it as Swire Properties' largest investment project in mainland China [2][3][4] - The project includes 8 Grade A office buildings and a high-quality shopping center, which is expected to boost the eastern economy of Beijing and upgrade the commercial real estate landscape [2][3] Project Overview - The total floor area of Beijing Taikoo Li exceeds 860,000 square meters, featuring 8 interconnected office buildings with a combined area of over 330,000 square meters [3] - The design of the office cluster emphasizes efficiency, flexibility, health, and innovation, incorporating wellness facilities to enhance employee well-being and productivity [3] Market Dynamics - Despite increased competition in the office market, Grade A office spaces remain the preferred choice for most tenants, with a net absorption of 87,000 square meters in Q3, leading to a decrease in overall vacancy rates to 19.7% [5] - Rental prices for office spaces have seen a decline, with a 2.9% drop in Q3, averaging 234.8 yuan per square meter per month [5] Retail Strategy - The retail component of Beijing Taikoo Li will introduce the first "Taikoo Li" brand shopping mall in mainland China, integrating with the existing Pacific Place shopping center to create a total retail area of approximately 150,000 square meters [7] - The retail space will focus on outdoor retail and waterfront leisure experiences, featuring multifunctional spaces for social interaction and community engagement [7][8] Future Outlook - The market remains optimistic, with a focus on cost-driven, quality-driven, and green-driven real estate strategies among businesses [6] - The upcoming retail properties in non-core business districts are expected to contribute to the market, with 394,000 square meters of new retail space anticipated to open in the next six months [8]

Core Insights - Swire Properties announced the structural completion of all eight buildings in the Beijing Swire Bay project, which is an expansion of the existing project, Yintai Center [1][3] - The project aims to create a vibrant new-generation commercial complex with a total floor area exceeding 860,000 square meters, integrating business and diverse lifestyle functions [3][5] Group 1 - The project includes eight premium Grade A office buildings, a high-quality shopping center, a hotel, green spaces, and comprehensive supporting facilities [3][5] - The components of the project will be seamlessly connected through indoor and outdoor walkways, linking office clusters with retail areas, hotels, and facilities, and providing direct access to the subway network [3][5] - The project is progressing as planned, with the facade of office buildings 1 to 4 already completed, and is set to open in phases starting at the end of 2026 [3] Group 2 - Beijing Swire Bay will introduce the first "Swire Bay" branded retail mall in mainland China, merging with the existing Yintai Center to create a comprehensive retail destination of approximately 150,000 square meters [5] - The new retail area will feature outdoor retail and waterfront leisure experiences, with landscaped squares and gardens providing multifunctional spaces for dining and social interactions, along with immersive cultural and artistic events [5] - The project is strategically located near ecological corridors and a planned sports park, with direct connections to a new boat dock, enhancing visitor experience and transportation convenience [5]