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: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒基兆業地產有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 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 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) 00012 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 4,841,387,003 0 4,841,387,003 增加 / 減少 (-) 0 0 本月底結存 4,841,387,003 0 4,841,387,003 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D ...

智通财经APP获悉，瑞银发布研报称，将恒基地产(00012)的评级从"买入"下调至"中性"，认为在股价上 涨(受香港住宅及写字楼市场复苏带动)后，其风险与回报已趋于平衡，该行上调目标价，由29港元升至 30.5港元。 瑞银注意到近期市场关注其股息的可持续性。缺乏整幢物业交易及2025年农地转换项目，意味着恒地在 2025年预测可能产生48亿港元的负自由现金流(派息后)。该行的情境分析显示，若股息潜在削减55%(至 每股股息0.81港元)，或可实现自由现金流收支平衡，且控股家族可能因相应减少股东贷款投入而获得 更多现金。基于概率加权的每股股息(假设股息削减至0.81港元的概率为50%)1.3港元计算，该股目前对 应股息率为4.3%，与长实集团(01113)相若，表明市场已部分反映此股息削减风险，进一步支持该行对 风险回报趋于平衡的观点，同时该行维持恒基2025年预测每股股息1.8港元不变。 ...

瑞银注意到近期市场关注其股息的可持续性。缺乏整幢物业交易及2025年农地转换项目，意味着恒地在 2025年预测可能产生48亿港元的负自由现金流(派息后)。该行的情境分析显示，若股息潜在削减55%(至 每股股息0.81港元)，或可实现自由现金流收支平衡，且控股家族可能因相应减少股东贷款投入而获得 更多现金。基于概率加权的每股股息(假设股息削减至0.81港元的概率为50%)1.3港元计算，该股目前对 应股息率为4.3%，与长实集团(01113)相若，表明市场已部分反映此股息削减风险，进一步支持该行对 风险回报趋于平衡的观点，同时该行维持恒基2025年预测每股股息1.8港元不变。 瑞银发布研报称，将恒基地产(00012)的评级从"买入"下调至"中性"，认为在股价上涨(受香港住宅及写 字楼市场复苏带动)后，其风险与回报已趋于平衡，该行上调目标价，由29港元升至30.5港元。 ...

瑞银发表报告，将恒基地产的评级从"买入"下调至"中性"。该行认为，在股价上涨(受香港住宅及写字 楼市场复苏带动)后，其风险与回报已趋于平衡，目标价由29港元升至30.5港元。 ...

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12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒基兆業地產有限公司 | | | 呈交日期: | 2026年1月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00012 | 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 | | | 4,841,387,003 | | 0 | | 4,841,387,003 | | 增加 / 減少 (-) | | | 0 ...

Group 1 - Morgan Stanley has raised the target prices for several real estate stocks, with New World Development (00016) and Henderson Land (00012) being top picks, increasing their target prices from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving an "Overweight" rating [1] - Cheung Kong Property (01113) is also among the preferred stocks, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1] - The firm anticipates a 10% increase in residential property prices this year, driven by increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 2 - Strong rental performance is expected due to talent inflow, leading to higher yields and positive spread returns, with a projected rental growth of 5% this year [1] - The wealth effect generated by the rise in the Hang Seng Index is also expected to support property prices [1]

Group 1 - Morgan Stanley has raised the target prices for several real estate stocks, with New World Development (00016) and Henderson Land Development (00012) being top picks, increasing their target prices from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving "Overweight" ratings [1] - Cheung Kong Holdings (01113) is also a preferred choice, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1] - The firm expects residential property prices to rise by 10% this year, driven by increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 2 - Strong rental performance is anticipated due to talent inflow, leading to higher yields and positive spread returns, which will stimulate further investment demand, with rental growth expected to be 5% this year [1] - The wealth effect generated by the rise in the Hang Seng Index is also expected to support property prices [1]

Core Viewpoint - Morgan Stanley expects Hong Kong residential property prices to rise by 10% this year due to increased demand from mainland buyers, inventory depletion, limited supply, and declining interest rates [1] Group 1: Property Market Outlook - The anticipated increase in residential property prices is supported by strong rental performance driven by talent inflow, leading to higher yields and positive spread returns, which in turn stimulates more investment demand [1] - Rental prices are projected to grow by 5% this year, further enhancing the attractiveness of the property market [1] Group 2: Stock Recommendations - Morgan Stanley has raised target prices for several real estate stocks, with New World Development and Henderson Land Development being top picks, having their target prices increased from HKD 105 to HKD 120 and from HKD 30 to HKD 36, respectively, both receiving "Overweight" ratings [1] - Cheung Kong Property is also among the preferred stocks, with its rating upgraded from "Market Perform" to "Overweight" and target price raised from HKD 39 to HKD 47 [1]

Core Viewpoint - Henderson Land Development's residential project, Xiaobai Peak, sold 12 units in a single day, achieving a total transaction value of 66.66 million HKD, with the highest transaction price recorded at 20,088 HKD per square foot [1] Group 1: Sales Performance - As of January 3, Henderson Land Development's sales for the year 2026 exceeded 120 million HKD, involving 21 units across six projects, including THE HENLEY series and BAKER CIRCLE [1] - The sales from Xiaobai Peak accounted for 57% of the total units sold during this period, making it the primary sales project [1] Group 2: Market Activity - Sun Hung Kai Properties launched the second phase of the Sierra Sea residential project, focusing on three-bedroom units of approximately 700 square feet [1]

Group 1 - Citigroup reports that JD Group has agreed to acquire a 50% stake in the Central China Construction Bank Tower for HKD 3.5 billion from Lixin Development, while a local higher education institution purchased a commercial building in Kowloon Tong for HKD 1.96 billion from Frasers Property [1] - Citigroup expects demand from Chinese enterprises for office spaces to continue supporting the Hong Kong office market, driven by factors such as more Chinese tech giants considering acquisitions and an increase in A-share companies dual-listing in Hong Kong [1] - The report notes that the sale of office properties in Hong Kong is primarily aimed at generating immediate cash flow and optimizing investment portfolios, with some regional owners considering growth prospects in other markets like Singapore and Australia [1] Group 2 - Citigroup forecasts that office performance in Central and West Kowloon will outperform other regions by 2026, with rental rates for major owners in Central likely stabilizing by the end of next year [2] - The report highlights that new premium supply in West Kowloon, such as IGC, may be competitive in attracting demand, with rental levels expected to be comparable to those in the Eastern District of Hong Kong Island [2] - Citigroup anticipates increased competition in Causeway Bay due to a historic high in overall new supply, with specific projects like Hysan Development's Lee Garden performing well, while properties in Eastern Hong Kong Island may face pressure [2]