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]

大摩认为，零售收租股如九龙仓置业(01997)与希慎兴业(00014)可能受惠，其股息率达1.7%至2.7%，高 于美国10年期国债收益率。大摩预测，香港10月零售销售同比升4%，主要受8天国庆黄金周假期带动访 客人数增加，但部分被公众假期更多外出旅游增加所抵销。 智通财经APP获悉，摩根士丹利发布研报称，9月香港零售销售同比升5.9%至313亿元，高于该行预测增 长2%及市场共识预测增长2.6%。最近数月正面增长可能显示市场正在触底。大摩表示，今年首九个月 累计零售销售跌幅进一步收窄至同比跌1%;大摩将全年预测上调至同比减2%，原预期跌5%;尽管10月内 地访客同比升11%，惟因第四季出境旅游增加及失业率上升可能影响消费，故大摩维持保守立场。 ...

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]

Core Viewpoint - The report from DBS indicates that Kowloon Development (01997) is heavily reliant on the recovery of the retail market, which is expected to improve rental income and returns [1] Group 1: Rental Income and Returns - The outlook for operating rental income and return growth is improving, which is anticipated to drive rental yield growth for Kowloon Development [1] - A sustainable recovery in the retail market may lead to a higher stock valuation for Kowloon Development [1] Group 2: Debt and Interest Costs - The company's debt is primarily at floating rates, suggesting that a potential decline in HIBOR could reduce interest costs [1] Group 3: Rating and Target Price - The rating for Kowloon Development has been upgraded from "Hold" to "Buy" [1] - The target price has been raised from HKD 27.7 to HKD 29 [1]

Core Viewpoint - The report from DBS indicates that Wharf Real Estate Investment Company (01997) is heavily reliant on the recovery of the retail market, which is expected to improve rental income and returns [1] Group 1: Rental Income and Returns - The outlook for operating rental income and return growth is improving, which is anticipated to drive rental yield growth for Wharf Real Estate [1] - A sustainable recovery in the retail market may lead to a higher stock valuation for Wharf Real Estate [1] Group 2: Debt and Interest Costs - The company's debt is primarily at floating rates, suggesting that a potential decline in HIBOR could reduce interest costs [1] Group 3: Rating and Target Price - The rating for Wharf Real Estate has been upgraded from "Hold" to "Buy" [1] - The target price has been raised from HKD 27.7 to HKD 29 [1]

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 - Hong Kong real estate stocks experienced significant gains following a major commercial property transaction involving Alibaba Group and Ant Group, which purchased a commercial office building for HKD 6.6 billion, marking the largest office sale in Hong Kong this year [1] Group 1: Market Reaction - Kowloon Development (01997) rose by 4.36% to HKD 22.48 - Hysan Development (00014) increased by 3.01% to HKD 16.09 - Swire Properties (01972) gained 2.14% to HKD 21.92 - New World Development (00017) saw a rise of 1.36% to HKD 7.43 [1] Group 2: Transaction Details - Alibaba and Ant Group acquired the 13th floor of the One Island East building in Causeway Bay for HKD 6.6 billion - This transaction surpassed the previous record set in March, where HKD 6.3 billion was paid for a 9-story office building at Central Plaza, making it the largest office sale in Hong Kong this year [1] Group 3: Analyst Insights - JPMorgan's report indicates that this large transaction will help stabilize the capitalization rate of Hong Kong's office market and reduce commercial real estate risks - The bank anticipates that more leading companies from mainland China may show interest in purchasing office properties in Hong Kong for regional or non-mainland headquarters - 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 Kowloon Development due to the likelihood of Alibaba relocating from Times Square [1]