智通财经APP获悉，太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港 元。 行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 ...

伴随三里屯太古里北区调整初步完成，"北区北"及"大三里屯"规划也浮出水面。近日，北京商报记者专访三里屯太古里总经理马泽丹获悉，"大三里屯"建设 并非单一的商业扩容，未来将增加文化体验板块，吸引更多艺术展览、音乐活动、国际文化机构入驻。在商圈升级过程中，商业体应充当纽带联动的作用， 推动商业升级、城市更新、文化表达融合，从而成为北京城市客厅与文化地标。 分阶段入市 步入2026年，"大三里屯"建设进入了成熟期。马泽丹介绍，位于三里屯太古里N1原瑜舍酒店将于年内完成改造，转型为创新零售空间；三里屯西街成为连 接南区、北区、西区及周边区域的核心纽带；交通可达性与周边环境全面升级，至此，"大三里屯活力消费圈"正式成型，实现与周边区域的深度联动。 据介绍，大三里屯以三里屯城市消费中心为核心，联动新工体形成双核，辐射周边活力消费圈，目标是打造国际消费体验区，建成国际范、时尚化、潮流化 的全球商圈地标与城市会客厅。 三里屯太古里作为整个"大三里屯"的核心，改造不止步于北区焕新，多个节点已明确。马泽丹介绍，三里屯北区N1楼建成后，将进一步拓展三里屯的商业 空间、提升商业体量，同时有望引入重量级品牌，为区域商业活力注入新动能。 ...

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 | 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 | | 0 | | | | 本月底結存 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | 足夠公眾持股量的確認(註4) 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 | 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | ...

首店筑牢根基 三里屯太古里南区入口的独栋建筑，始终是北京商业潮流的"晴雨表"。2008年项目开业时，优衣库北京 首店在此扎根，标志性的橙色外立面与开放式空间设计，成为无数人对三里屯的最初记忆。彼时国内商 业仍以传统百货为主，这座承载着首店概念的独栋，不仅开创了街区式消费场景，更让"首店"成为北京 商业的新鲜词汇，为三里屯注入了最初的潮流基因。 【编者按】新质生产力加速成长、产业升级步履铿锵、首都功能不断提升……"十四五"时期，我们见证 了北京高质量发展的坚实步伐。带着超5.2万亿地区生产总值的底气，这座城市开启了"十五五"的新征 程。值此2026北京"两会"之际，我们推出"乘风'十五五'北京的领与先"系列专题报道，聚焦北京在科技 创新、产业跃升、城市治理、民生改善等各领域的先行探索与引领实践，擘画高质量发展新图景的思路 与举措。 隆冬时节，三里屯街头依旧人头攒动，热度不减。作为北京时尚地标，三里屯太古里的商业版图正迎来 新升级，北区集结北京迪奥之家、路易威登之家等重磅奢品独栋旗舰店，构建起高端商业新格局；南区 的潮流活力、西区的社交娱乐与之遥相呼应，形成差异化互补的消费矩阵。这一现象并非一日之功，而 是太古地 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Group 1 - The overall sentiment of surveyed residents in Hong Kong is more cautious than expected, despite stable financial conditions over the past 12 months [1] - The number of respondents with a positive outlook on Hong Kong's economic prospects for the next 12 months has decreased, which has suppressed consumer willingness [1] - Investment sentiment remains relatively stable, with key concerns among respondents including rising living costs and job security [1] Group 2 - UBS believes that the positive momentum in Hong Kong's financial sector should support overall economic and labor demand, with potential for improvement in resident confidence by 2026 [1] - The firm maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]

Core Viewpoint - UBS's report indicates that Hong Kong residents exhibit a more cautious sentiment regarding investment and consumption intentions than expected, with a decrease in the number of respondents holding a positive outlook on the economic prospects for the next 12 months [1] Group 1: Economic Sentiment - Respondents' financial situations have remained stable over the past 12 months, but their positive outlook on Hong Kong's economic prospects has diminished, which has suppressed consumption intentions [1] - The most concerning issues for respondents include rising living costs and job security [1] Group 2: Investment Outlook - Investment intentions have remained relatively stable, supported by the positive momentum in Hong Kong's financial sector, which is expected to bolster overall economic and labor demand [1] - The robust performance of Hong Kong and A-shares is anticipated to create a positive wealth effect, suggesting that resident confidence may improve by 2026 [1] Group 3: Sector Recommendations - UBS maintains a positive outlook on the real estate and financial sectors, removing Henderson Land Development (00012) from its preferred stock list and replacing it with Sino Land Company (00083) due to higher dividend visibility [1] - Other stocks included in the preferred list are AIA Group (01299), Swire Properties (01972), Galaxy Entertainment (00027), and Wynn Macau (01128) [1]

Group 1 - Hong Kong local property stocks collectively rose today, with New World Development increasing by over 4%, and other companies like Sun Hung Kai Properties, Hang Lung Properties, Cheung Kong Property, and Sino Land rising by over 3% [1] - Notably, Sun Hung Kai Properties reached a historical high [1] Group 2 - New World Development's latest price is 9.830, with a market capitalization of 24.739 billion [2] - Sun Hung Kai Properties' latest price is 119.000, with a market capitalization of 344.836 billion [2] - Hang Lung Properties' latest price is 9.540, with a market capitalization of 48.24 billion [2] - Cheung Kong Property's latest price is 45.360, with a market capitalization of 158.75 billion [2] - Sino Land's latest price is 11.650, with a market capitalization of 110.494 billion [2] - Hysan Development's latest price is 21.660, with a market capitalization of 22.245 billion [2] - Kerry Properties' latest price is 23.620, with a market capitalization of 34.28 billion [2] - Kowloon Development's latest price is 26.800, with a market capitalization of 81.371 billion [2] - Swire Properties B's latest price is 12.640, with a market capitalization of 36.011 billion [2] - Link Real Estate Investment Trust's latest price is 35.840, with a market capitalization of 93.146 billion [2] - Kowloon Warehouse Group's latest price is 25.260, with a market capitalization of 77.195 billion [2] - Swire Properties' latest price is 23.200, with a market capitalization of 133.574 billion [2] - Champion REIT's latest price is 2.500, with a market capitalization of 15.338 billion [2] - Henderson Land's latest price is 30.300, with a market capitalization of 146.694 billion [2]

Group 1 - Investors have a positive outlook on Hong Kong real estate, prioritizing real estate developers, Central office buildings, and luxury retail, while non-essential retail is disappointing [1] - There is an expectation that property prices will enter an upward cycle this year, with a significant increase of 5% to 10% anticipated [1] - Investors are optimistic about Central office buildings but have a lukewarm view on the retail sector, focusing on companies like Sun Hung Kai Properties, Hongkong Land, Hang Lung Properties, and Swire Properties [1]

本文字数：1818，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 "北京三里屯的时尚'三件套'终于亮相了。"近期，社交媒体上涌起了一股打卡三里屯太古里的潮流，迪奥、路易威登、蒂芙尼等品牌独栋旗舰店，成为 三里屯的新地标。 2026.01. 23 在项目打造方面，韩置表示，商业项目不能靠标准化复制，要量身定制、因地制宜。在消费业态类型上，不陷入"唯奢侈品论"的误区，比如三里屯太古 里在引入顶级奢侈品旗舰店的同时，也有生活方式品牌、特色餐饮、潮流集合店，可覆盖不同年龄层和需求的客群。 据太古地产公布的信息，此次升级自2022年正式启动，核心驱动力源于两大市场趋势：一是品牌方对定制化零售空间的需求持续攀升，二是消费者对多 元化体验的追求不断升级。 记者在现场看到，目前三里屯太古里北区近一半商业空间，已经完成焕新以及品牌优化，迪奥、爱马仕、路易威登、蒂芙尼等国际品牌旗舰店已相继入 驻。从白天到夜晚，不少中外消费者都聚集在新亮相的品牌旗舰店前，进行拍照打卡留念。 在近日举行的媒体沟通会上，太古地产零售业务董事韩置分享了改造逻辑及对市场的看法。 "中国内地一直是太古地产零售业务布局的战略重心之一，我们始终坚信内地消费市 ...