| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00017 | 新世界发展 | (0) | 4.35% | 9.830 | 247.39亿 | | 00016 | 新鸿基地产 | | 3.93% | 119.000 | 3448.36 Z | | 00101 | 恒隆地产 | | 3.47% | 9.540 | 482.4 Z | | 01113 | 长实集团 | | 3.14% | 45.360 | 1587.5亿 | | 00083 | 信和置业 | | 3.01% | 11.650 | 1104.94亿 | | 00014 | 第遺兴业 | | 2.75% | 21.660 | 222.45 Z | | 00683 | 嘉里建设 | | 2.70% | 23.620 | 342.8 Z | | 01997 | 九龙合置业 | | 1.98% | 26.800 | 813.71亿 | | 00087 | 太古股份公司B | | 1.12% | 12.640 | 360.11亿 | | 00823 | 领展房 ...

| 联合集团(00373) | 2.960 | 3.020 | 1.00% | | --- | --- | --- | --- | | 法拉帝(09638) | 37.800 | 40.400 | 1.00% | | 新鸿基地产(00016) | 114.500 | 115.800 | 0.87% | | 银杏教育(01851) | 3.470 | 3.600 | 0.84% | | 哔哩哔哩－Ｗ(09626) | 262.600 | 264.200 | 0.84% | | 长实集团(01 113) | 43.980 | 44.600 | 0.81% | | 华新建材(06655) | 19.960 | 20.100 | 0.80% | | 安井食品(02648) | 75.850 | 79.000 | 0.70% | | 九龙仓置业(01997) | 26.280 | 26.920 | 0.67% | | 海天国际(01882) | 24.580 | 24.660 | 0.65% | | 中国三江化工(02198) | 4.690 | 4.710 | 0.64% | | 中电控股(00002) | 73.6 ...

格隆汇1月22日｜香港本地地产股普涨，其中，希慎兴业涨超5%，九龙仓置业、嘉里建设涨超4%，九 龙仓集团、新鸿基地产涨超3%，太古股份公司B涨近3%，长实集团、信和置业、太古地产、太古股份 公司A涨超1%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00014 | 岩慎兴业 | 0 | 5.37% | 21.600 | 221.83亿 | | 01997 | 九龙仓置业 | | 4.81% | 26.600 | 807.64亿 | | 00683 | 嘉里建设 | | 4.58% | 22.840 | 331.48 乙 | | 00004 | 九龙仓集团 | | 3.49% | 24.940 | 762.17亿 | | 00016 | 新鸿基地产 | | 3.36% | 113.900 | 3300.57亿 | | 00087 | 太古股份公司B | | 2.81% | 12.460 | 354.98亿 | | 01113 | 长实集团 | | 1.57% | 43.960 | 1538.5亿 | | 0 ...

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

香港地产股普涨，截至发稿，希慎兴业(00014)涨4.49%，报21.42港元；新鸿基地产(00016)涨3.27%，报 113.8港元；九龙仓置业(01997)涨3.23%，报26.2港元；恒隆集团(00010)涨2.04%，报16.5港元；长实集 团(01113)涨1.25%，报43.82港元。 消息面上，里昂研究报告指出，香港楼价出现复苏，部分新盘销售反应热烈，市场情绪乐观，推动发展 商股价年初至今亦上涨，预测楼价上升趋势将持续，但由于降息预期降温及香港按揭利率具韧性，预期 楼价升幅会较温和。而根据过往经验，当楼价增速减慢或市场情绪见顶时，地产股股价往往会出现回 调。里昂维持对2026年香港楼价增长5%的预测。 此外，根据花旗最新现修订2026年香港住宅楼价预测，由原来升3%上调至升8%，并预期2027年进一步 加速，进入多年以来的上升周期。该行预期，香港地产发展商在2026年上半年可领先，受惠于利润率、 盈利及NAV上行(目前营业利润率5–9%)，新盘成交量创6年新高，房价上升周期(估算房价每升1%，平 均可推动NAV 0.5%/盈利1.5%)，以及NAV折让收窄(现为52%，过往房价上升周期约40% ...

消息面上，里昂研究报告指出，香港楼价出现复苏，部分新盘销售反应热烈，市场情绪乐观，推动发展 商股价年初至今亦上涨，预测楼价上升趋势将持续，但由于降息预期降温及香港按揭利率具韧性，预期 楼价升幅会较温和。而根据过往经验，当楼价增速减慢或市场情绪见顶时，地产股股价往往会出现回 调。里昂维持对2026年香港楼价增长5%的预测。 此外，根据花旗最新现修订2026年香港住宅楼价预测，由原来升3%上调至升8%，并预期2027年进一步 加速，进入多年以来的上升周期。该行预期，香港地产发展商在2026年上半年可领先，受惠于利润率、 盈利及NAV上行(目前营业利润率5–9%)，新盘成交量创6年新高，房价上升周期(估算房价每升1%，平 均可推动NAV 0.5%/盈利1.5%)，以及NAV折让收窄(现为52%，过往房价上升周期约40%)。 智通财经APP获悉，香港地产股普涨，截至发稿，希慎兴业(00014)涨4.49%，报21.42港元；新鸿基地产 (00016)涨3.27%，报113.8港元；九龙仓置业(01997)涨3.23%，报26.2港元；恒隆集团(00010)涨2.04%， 报16.5港元；长实集团(01113)涨1.2 ...

Group 1 - The core viewpoint of the report is that multiple brokerages have raised their forecasts for Hong Kong's property price growth to between 5% and 10%, which has contributed to an 11% rise in Hong Kong real estate stocks this year, outperforming the Hang Seng Index by 6% [1] - Morgan Stanley believes that the market has already priced in a solid recovery in Hong Kong's property market over the next two years, as many companies' stock prices have reached or are close to historical highs [1] - The firm suggests that rental stocks have greater potential for upside, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most still trading over 30% below their peaks [1] Group 2 - Morgan Stanley's top picks for rental stocks are Hang Lung Properties (00101) and Swire Properties (01972), due to their ongoing improvements in retail operations in mainland China [1] - Kowloon Development (01997) could become a dark horse if its management expresses a more positive outlook on tenant sales during the earnings release in March [1] - Among developers, Morgan Stanley prefers Sino Land (00083) and Henderson Land (00012), but generally advises waiting for a better entry point [1]

Group 1 - The core view of the report is that the Hong Kong residential market is expected to bottom out by mid-2025, with a recovery anticipated to strengthen in 2026, extending to the CBD office and high-end retail sectors [1] - The report forecasts a 5% to 10% increase in Hong Kong residential prices in 2026, followed by a further 5% increase in 2027 [1] - The valuation of the sector is believed to have normalized, leading to a more moderate price increase outlook [1] Group 2 - The company has raised target prices for several stocks by an average of 8% to reflect a stronger outlook for residential prices and a 50 basis point reduction in capitalization rates to 4.5% to 5.25% [1] - The report highlights a positive outlook for "buy" ratings on Cheung Kong Holdings (01113), Swire Properties (01972), and Hang Lung Properties (00101), while reiterating a "underperform" rating for MTR Corporation (00066) due to its large capital expenditure plans [1] - The report identifies potential catalysts for Hang Lung Properties, Henderson Land (00012), and Wharf Real Estate Investment (01997) in the first quarter [1] Group 3 - The report suggests that developers have already factored in a 5% to 10% increase in residential prices when comparing current residential prices and stock prices to 2021 [1] - Hang Lung Properties is expected to announce a new Singapore property fund and increase share buybacks by at least $200 million [1] - There is a divergence of opinions among investors regarding whether Henderson Land will cut dividends for the fiscal year 2025, which may lead to stock price volatility after earnings announcements [1] Group 4 - The report indicates that the rebound in earnings will be key for further revaluation of the sector, with Henderson Land expected to be the only Hong Kong developer to record a significant earnings rebound for the fiscal year 2026 [2] - Cheung Kong Holdings and Kerry Properties (00683) are projected to lead the earnings rebound for developers from 2025 to 2028, with an average annual rebound exceeding 10% [2] - Swire Properties and Hang Lung Properties are expected to lead earnings growth for owners during the same period [2]

Core Viewpoint - Bank of America forecasts that the Hong Kong residential market will bottom out in mid-2025, with a recovery expected to strengthen in 2026, extending to CBD office and high-end retail sectors [1] Group 1: Market Outlook - Residential prices in Hong Kong are expected to rise by 5% to 10% in 2026 and by 5% in 2027 [1] - The bank believes that sector valuations have normalized, anticipating a moderate increase in prices [1] Group 2: Target Price Adjustments - The bank has raised target prices for several companies by an average of 8% to reflect stronger residential price outlook and a 50 basis point reduction in capitalization rates to 4.5% to 5.25% [1] Group 3: Investment Recommendations - The bank maintains a "buy" rating for Cheung Kong Holdings (01113), Swire Properties (01972), and Hang Lung Properties (00101) [1] - MTR Corporation (00066) is reiterated with an "underperform" rating due to low likelihood of significant dividend increases amid large capital expenditure plans [1] Group 4: Potential Catalysts - Hang Lung Properties is expected to announce a new Singapore property fund and plans to increase share buybacks by at least $200 million [1] - There is a divergence of opinions among investors regarding whether Henderson Land Development (00012) will cut dividends for the fiscal year 2025, which may lead to stock price volatility post-earnings announcement [1] - Wharf Holdings (01997) is projected to see a 7% increase in dividends for the fiscal year 2025, supported by a decline in HIBOR and rising excess rents [1] Group 5: Earnings Recovery - The bank believes that earnings recovery will be key for further revaluation of the sector, with Henderson Land Development expected to be the only Hong Kong developer to record significant earnings rebound in fiscal year 2026 [2] - Cheung Kong Holdings and Kerry Properties (00683) are anticipated to lead the earnings rebound for developers from fiscal years 2025 to 2028, with an average annual rebound exceeding 10% [2] - Swire Properties and Hang Lung Properties are expected to lead earnings growth for owners during the same period [2]

Group 1 - The core view is that the Hong Kong residential market is expected to bottom out in mid-2025, with a recovery anticipated to strengthen in 2026, extending to CBD offices and high-end retail sectors [1] - Residential prices in Hong Kong are projected to rise by 5% to 10% in 2026 and by an additional 5% in 2027 [1] - The valuation of the sector has normalized, leading to a moderate expected increase in prices, with an average target price increase of 8% reflecting stronger residential price outlook and a 50 basis points reduction in capitalization rates to 4.5% to 5.25% [1] Group 2 - The company is optimistic about the potential for profit rebound driven by market recovery over the next three years, particularly favoring "buy" ratings for Cheung Kong Property (01113), Swire Properties (01972), and Hang Lung Properties (00101) [1] - The company maintains a "underperform" rating for MTR Corporation (00066) due to low likelihood of significant dividend increases amid substantial capital expenditure plans [1] - Key stocks with potential catalysts in Q1 include Hang Lung Properties, which is expected to announce a new Singapore property fund and increase share buybacks by at least $200 million, and Kowloon Development (01997), which is projected to see a 7% dividend growth in FY2025 supported by declining HIBOR and rising excess rents [1][2] Group 3 - The company believes that profit rebound will be crucial for further revaluation of the sector, with Hang Chi Properties expected to be the only Hong Kong developer to record significant profit rebound in FY2026 [2] - Overall, Cheung Kong and Kerry Properties (00683) are expected to lead the profit rebound for developers from FY2025 to FY2028, with an average annual rebound exceeding 10% [2] - Swire Properties and Hang Lung Properties are anticipated to lead profit growth for owners during the same period [2]