Core Insights - Hong Kong's retail sales in October increased by 6.9% year-on-year to HKD 35.2 billion, surpassing Morgan Stanley's and market expectations, driven by durable goods, online sales, and inbound tourist traffic [1] Retail Sales Performance - Online sales reached HKD 5.2 billion, showing a year-on-year growth of 27% and a quarter-on-quarter increase of 32%, with online sales accounting for a record 14.6% of total sales [1] - Strong performance was noted in luxury goods and electrical products during October [1] Company Implications - The data is favorable for companies such as Wharf Real Estate Investment (01997) and Hysan Development (00014), which saw respective stock price increases of 10% and 21% over the past three months [1] - Retail stocks like Link REIT (00823), Hysan Development, and Wharf Real Estate Investment are highlighted for their high dividend yield advantage, suggesting potential upward price movement if retail sales continue to improve [1] Future Outlook - Morgan Stanley anticipates a 5% year-on-year growth in retail sales for November, driven by improved consumer confidence and promotional activities during shopping festivals [1]

Group 1 - Hong Kong's retail sales in October increased by 6.9% year-on-year to HKD 35.2 billion, surpassing Morgan Stanley's and market expectations, driven by durable goods, online sales, and inbound tourist traffic [1] - Online sales reached HKD 5.2 billion, showing a year-on-year growth of 27% and a month-on-month growth of 32%, with online sales accounting for a record 14.6% of total sales [1] - Strong performance was noted in luxury goods and electrical products in October, indicating potential upward movement for retail stocks such as Link REIT, Hysan Development, and Wharf Real Estate Investment [1] Group 2 - Morgan Stanley expects retail sales in November to grow by 5% year-on-year, supported by improved consumer confidence and promotional activities during shopping festivals [1]

Group 1 - Hong Kong's retail sales in October increased by 6.9% year-on-year, marking the fastest growth in 22 months and an acceleration from September's growth rate [1] - Non-essential goods significantly outperformed essential goods in the retail sector [1] - The forecast for November indicates a slight slowdown in retail sales growth to low to mid-single digits, primarily due to the potential decline in the unusually strong growth of electronic products [1] Group 2 - The increase in visitor arrivals to Hong Kong and a low base effect are expected to provide some offset to the anticipated slowdown in retail sales growth [1] - The company maintains a constructive outlook on Wharf Real Estate Investment Company due to clear signs of a bottoming out in non-essential retail [1] - The outlook for Link REIT remains neutral, as tenant sales have not met expectations [1]

Group 1 - The core point of the article is that Hong Kong's retail sales in October increased by 6.9% year-on-year to HKD 35.2 billion, surpassing Morgan Stanley's and market expectations, driven mainly by durable goods, online sales, and the influx of visitors [1] - Online sales reached HKD 5.2 billion, showing a year-on-year growth of 27% and a month-on-month growth of 32%, with online sales accounting for a record 14.6% of total sales [1] - The positive retail sales data is beneficial for companies such as Wharf Real Estate Investment and Hysan Development, which saw stock price increases of 10% and 21% respectively over the past three months [1] Group 2 - Retail stocks like Link REIT, Hysan Development, and Wharf Real Estate Investment have high dividend yield advantages, and if retail sales continue to improve, there may be upward potential for their stock prices [1] - Morgan Stanley forecasts a 5% year-on-year growth in retail sales for November, primarily due to improved consumer confidence and promotional activities during shopping festivals [1]

九龍倉置業集團在香港和中國內地擁有多個酒店物業及／或項目。九龍倉集團為 酒店組合（其中包括九龍倉置業集團所擁有的若干酒店物業及／或項目）提供酒 店相關服務並擔當經理。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯合公 告 持 續 關 連 交 易 － 酒 店 服 務 九龍倉與九龍倉置業於二○二五年十一月二十八日訂立了新概括酒店服務協議， 旨在（其中包括）規管涉及由九龍倉集團成員公司向九龍倉置業集團成員公司提 供酒店相關服務的各項持續關連交易，協議有三年固定有效期，由二○二六年一 月一日起至二○二八年十二月三十一日屆滿。 由於九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權，故 九龍倉和九龍倉置業根據《上市規則》被視為彼此之關連人士。因此，新概括酒 店服務協議及據此進行及／或受其規管的相關交易根據《上市規則》構成九龍倉 和九龍倉置業各自的持續關連交易。新概括酒店服務協議之訂立及相應採納之各 全年上限金額，對九龍倉和九龍 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯合公 告 持 續 關 連 交 易 － 物 業 服 務 九龍倉集團、九龍倉置業集團和海港企業集團在香港、中國內地和新加坡擁有或 持有多項物業作發展及／或投資用途。九龍倉集團、九龍倉置業集團和海港企業 集團各自不時在其日常業務中向其它 WAC 集團成員公司提供或僱用物業服務。 WAC、九龍倉、九龍倉置業與海港企業於二○二五年十一月二十八日訂立了新概 括物業服務協議，旨在（其中包括）規管涉及 WAC 集團成員公司之間提供或僱用 物業服務的各項持續關連交易，協議有三年固定有效期，由二○二六年一月一日 起至二○二八年十二月三十一日屆滿。 九龍倉、九龍倉置業及海港企業 － 聯合公告 (二○二五年十一月二十八日) - 1 - 九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權。就九 龍倉而言，WAC 集團（不包括九龍倉集團）及其聯繫人（其中包括九龍倉置業集 團、海港企業集團和會德豐地產集 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 聯合公 告 持 續 關 連 交 易 － 租 賃 九龍倉集團和九龍倉置業集團在香港、中國內地和新加坡擁有或持有多項物業在 日常業務中作租賃及／或許可使用用途。另一方面，九龍倉集團和九龍倉置業集 團各有使用物業從事業務之企業需要。當符合相關 WAC 集團成員公司作為有關物 業之業主或租戶的利益時，WAC 集團成員公司之間租賃及／或許可使用物業相關 之交易可能會不時出現。 WAC、九龍倉與九龍倉置業於二○二五年十一月二十八日訂立了新概括租賃協 議，旨在（其中包括）規管涉及 WAC 集團成員公司之間租賃及／或許可使用物業 的各項持續關連交易，協議有三年固定有效期，由二○二六年一月一日起至二○ 二八年十二月三十一日屆滿。 九龍倉是 WAC 的附屬公司，而九龍倉置業則由 WAC 擁有超過 30% 股權。就九龍 倉而言，WAC 集團（不包括九龍倉集團）及其聯繫人（其中包括九龍倉置業集團 和會德豐地產集團）根據《上市規 ...

Market Overview - The Hong Kong stock market continues to face pressure, with the Hang Seng Index opening down 0.8%, the National Enterprises Index down 0.72%, and the Hang Seng Tech Index down 1.25% [1] - Major stocks such as China Hongqiao, Hansoh Pharmaceutical, Li Auto, and NetEase experienced declines, with China Hongqiao dropping 7.74% [1] Company Performance - XPeng Motors reported a significant reduction in net loss for the three months ending September 30, 2025, with a loss of 381 million RMB, down 78.93% year-on-year. Revenue reached 20.381 billion RMB, a 101.76% increase, with automotive sales revenue at 18.054 billion RMB, up 105.27% [1] - The gross profit for XPeng Motors was 4.104 billion RMB, a 166.26% increase, with a quarterly gross margin of 20.1%, up 4.8 percentage points from the same period in 2024 [1] - Leap Motor reported a net profit of 150 million RMB for Q3 2025, with total net profit for the first three quarters reaching 180 million RMB. Q3 revenue was 19.45 billion RMB, a 97.3% increase from 9.86 billion RMB in Q4 2024 [2] - The gross margin for Leap Motor in Q3 2025 was 14.5%, up 0.9 percentage points from Q2 2025 [2] Debt Issuance - Yanzhou Coal Mining Company announced the successful issuance of its third phase of technology innovation bonds for 2025, raising 3 billion RMB with a term of 3+N years and an interest rate of 2.06% [2] Market Sentiment - Investor sentiment is cautious due to cooling interest rate cut expectations and a lack of surprises in earnings reports, leading to a downward trend in major indices [3] - The overall market is expected to maintain a volatile pattern in the short term, with significant support at 26,000 points and resistance at 27,000 points [3]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong property market is showing signs of recovery, driven by improved funding conditions and stronger economic expectations, which are expected to enhance market sentiment and create a positive feedback loop between the stock and property markets [1][2]. - In October, the number of existing property mortgage registrations reached 6,463, a month-on-month increase of 7.1%, marking the third consecutive month above 6,000 registrations [1]. - New property mortgage registrations fell to 595 in October, a decrease of 44% month-on-month, primarily due to a reduction in the number of large new developments launched that month [1]. Group 2 - Citigroup forecasts a 3% increase in residential property prices in 2026, indicating the beginning of a multi-year upward cycle [2]. - The report from Citigroup highlights several factors contributing to the anticipated recovery in the Hong Kong real estate market, including improved profit margins on new sales, stabilization in retail sales, and robust performance of prime office spaces [1]. - Local property-related stocks in Hong Kong include Kowloon Development (01997), Hysan Development (00014), Hang Lung Properties (00101), Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Link REIT (00823) [3].

Group 1 - The core viewpoint is that the Hong Kong property market is showing signs of recovery, driven by improved funding conditions and stronger economic expectations, which may enhance market sentiment and create a positive cycle between the stock and property markets [1] - In October, the number of existing property mortgage registrations reached 6,463, a month-on-month increase of 7.1%, indicating a stable upward trend in the property market [1] - The number of new property mortgage registrations fell to 595 in October, a decrease of 44% month-on-month, primarily due to a reduction in the number of large new projects launched [1] Group 2 - Citigroup's report is optimistic about the Hong Kong real estate market, predicting a recovery post-2025, with residential prices expected to rise by 3% in 2026 and enter a multi-year upward cycle [2][3] - The report highlights that retail sales, particularly luxury goods, are performing better than the market average, with expectations of stabilization in the mass market starting from May 2025 [2] - The office market is expected to see increased competition in 2026 after a record completion of new buildings in 2025, but core area Grade A office buildings are anticipated to perform steadily [2] Group 3 - Local Hong Kong property-related stocks include Kowloon Development (01997), Hysan Development (00014), Hang Lung Properties (00101), Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Link REIT (00823) [4]