中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得6,463宗登记，按月增 加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 上市企业更精简：积极资本循环、负债下降、资本支出与融资成本降低，应能在稳定股息下为增长提供 现金流支持；投资意愿回升；董事长/CEO更迭及部分新策略平稳过渡。 花旗预测2026年住宅价格上涨3%，并进入多年上升周期。 香港本地房产相关港股： 因此，楼市 ...

智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部资料，10月现楼按揭录得 6,463宗登记，按月增加7.1%，楼市持续稳中向好，推动现楼按揭登记量连续3个月超过6,000宗水平。 因此，楼市企稳不仅不会对港股形成资金分流，反而可能通过赚钱效应，推动股楼两类资产进入正向循 环。 港股的流动性更多受全球宏观环境及中国内地经济基本面主导，楼市并非主要影响因素。 花旗报告指，看好香港地产市场在2025年走出低谷后，于2026年预期进一步复苏，原因如下： 房价进入上升周期：新销售利润率改善及资产净值具上行空间； 零售销售：奢侈品表现优于大市，大众市场自2025年5月起趋稳，并预期从2026年下半年开始稳定恢 复； 广发证券发布研报称，当前香港楼市出现回暖，背后实际上是资金环境改善与经济预期转强所驱动，所 产生的财富效应与风险偏好回升将进一步提振资本市场情绪，从而形成股楼共振的格局。 写字楼：2025年竣工量创新高后，2026年预期竞争加剧，但核心区甲级写字楼表现稳健； 10月楼花按揭登记录595宗，按月回落44%，主要是当月大型新盘上会量减少。 上市企业更精简：积极资本循环、负债下降、资本支出与融资 ...

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]

Market Overview - Hong Kong stocks showed a positive trend, closing up 0.85% as bulls took control, indicating a lack of negative news is perceived as positive [1] - The U.S. House of Representatives is expected to vote on a compromise plan to end the longest government shutdown in U.S. history, which could restore funding to government agencies [1] - The ADP private sector employment report for October showed a decrease of 45,000 jobs, the largest drop in two and a half years, suggesting a cooling labor market and increasing expectations for a Fed rate cut in December [1] Sector Performance - The banking sector saw a rebound with major banks like Agricultural Bank of China reaching new highs, driven by long-term investments from insurance funds and public funds [1] - Consumer sectors are gaining traction, with companies like "Hushang Auntie" seeing a significant increase of nearly 29%, indicating a recovery in consumer sentiment [2] - Retail sales in Hong Kong are projected to rise by 4% year-on-year in October, benefiting retail rental stocks [3] Company Highlights - Baijie Shenzhou reported a 44.2% increase in total revenue for the first three quarters, driven by sales growth of its self-developed products [3] - Xiaomi announced a significant sales figure of over 29 billion yuan during the Double 11 shopping festival, indicating strong consumer demand [4] - The Ximangdu iron ore project, with reserves exceeding 4.4 billion tons, has commenced production, potentially altering the global iron ore supply landscape and benefiting companies like Maanshan Iron & Steel [5] Industry Developments - The Chinese commercial aerospace sector is set to advance with the upcoming maiden flight of the reusable rocket "Zhuque-3," which aims to reduce launch costs significantly [6] - The sportswear manufacturing sector is expected to see a recovery in demand, with Shenzhou International projecting a 15.3% increase in revenue for the first half of 2025 [7] - The company has expanded its overseas production capacity, with 53% of its garment output coming from international facilities, indicating a strategic shift towards globalization [8]

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 截至月份: 2025年10月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 九龍倉置業地產投資有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 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) | 01997 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | ...

Core Insights - Morgan Stanley reports that Hong Kong's retail sales increased by 5.9% year-on-year to HKD 31.3 billion in September, surpassing the bank's forecast of 2% growth and the market consensus of 2.6% [1] - The cumulative retail sales decline for the first nine months of the year has narrowed to a year-on-year decrease of 1%, prompting Morgan Stanley to revise its full-year forecast to a 2% decline, up from the previous expectation of a 5% drop [1] - Despite a year-on-year increase of 11% in mainland visitors in October, the bank maintains a cautious outlook due to potential impacts from increased outbound tourism and rising unemployment rates [1] Retail Sector Analysis - Retail rental stocks such as Wharf Real Estate Investment Company (01997) and Hysan Development Company (00014) are expected to benefit, with dividend yields ranging from 1.7% to 2.7%, which are higher than the yield on 10-year U.S. Treasury bonds [1] - Morgan Stanley forecasts a 4% year-on-year increase in Hong Kong's retail sales for October, primarily driven by an increase in visitor numbers during the eight-day National Day Golden Week holiday, although this may be partially offset by more public holidays leading to increased outbound travel [1]

Core Viewpoint - Morgan Stanley reports that Hong Kong's retail sales increased by 5.9% year-on-year to HKD 31.3 billion in September, surpassing the bank's forecast of 2% growth and the market consensus of 2.6% growth [1] Group 1: Retail Sales Performance - The cumulative decline in retail sales for the first nine months of the year has narrowed to a year-on-year decrease of 1% [1] - Morgan Stanley has revised its full-year forecast for retail sales to a decrease of 2%, up from the previous expectation of a 5% decline [1] Group 2: Visitor Impact and Economic Outlook - Despite a year-on-year increase of 11% in mainland visitors in October, the rise in outbound tourism and increasing unemployment may negatively impact consumption [1] - Morgan Stanley maintains a cautious stance due to these potential challenges [1] Group 3: Investment Opportunities - Retail rental stocks such as Wharf Real Estate Investment Company (01997) and Hysan Development Company (00014) may benefit, with dividend yields ranging from 1.7% to 2.7%, which are higher than the yield on U.S. 10-year Treasury bonds [1] - The bank predicts a 4% year-on-year increase in Hong Kong's retail sales for October, primarily driven by the increase in visitor numbers during the 8-day National Day Golden Week holiday, although this may be offset by more public holidays leading to increased outbound tourism [1]

Group 1 - Morgan Stanley reports that Hong Kong's retail sales increased by 5.9% year-on-year to HKD 31.3 billion in September, surpassing the bank's forecast of 2% growth and the market consensus of 2.6% [1] - The recent positive growth may indicate that the market is bottoming out [1] - For October, Morgan Stanley predicts a 4% year-on-year increase in retail sales, primarily driven by an increase in visitor numbers during the 8-day National Day Golden Week holiday, although this is partially offset by more public holidays leading to increased travel [1] Group 2 - Morgan Stanley has revised its full-year forecast for retail sales to a decline of 2% year-on-year, an improvement from the previous expectation of a 5% decline [1] - Retail rental stocks such as Wharf Real Estate Investment and Hysan Development may benefit from this trend, with dividend yields ranging from 1.7% to 2.7%, which is higher than the yield on 10-year U.S. Treasury bonds [1]

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Viewpoint - Morgan Stanley reports that Hong Kong's unemployment rate rose by 0.2 percentage points to 3.9% in the third quarter, reaching a three-year high, with significant challenges in the construction and retail sectors [1] Employment Data - The unemployment rate in the construction industry is at 7.2%, while the retail sector stands at 5.3% [1] - The unemployment rate in the restaurant industry remained stable at 6.4%, and the financial sector saw a slight improvement, increasing by 0.3 percentage points to 2.9% [1] - The underemployment rate remained stable at 1.6% [1] Future Projections - The overall unemployment rate is expected to rise further, potentially exceeding 4% by the end of 2025 due to macroeconomic uncertainties and structural challenges in the restaurant and retail sectors [1] - Despite recent positive trends in retail sales, the rising unemployment rate may negatively impact consumer sentiment [1] Retail Sales Impact - Retail sales growth is projected to slow to 2% year-on-year in September [1] - High vacancy rates in office buildings may negatively affect companies like Link REIT and Wharf Real Estate Investment Company [1]