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。 ( 於香港註冊成立之有限公司 ) 股份代號 : 16 ( 港幣櫃台 ) 及 80016 ( 人民幣櫃台 ) 二 ○ 二 五 /二 六 年 度 中期業績 董事局主席報告書 本人謹向各位股東報告： 業績 截至二 ○ 二 五 年十二月三十一日止六個月，本集團在撇除 投 資 物業公平值變動的影響後，可撥歸公司股東基礎溢利為港幣 一 百二十二億一千三百萬 元，去年同期為港幣 一百零四 億 六 千 三 百 萬 元。每 股 基 礎 溢 利 為 港 幣 四 元 二 角 一 仙，去 年 同 期 為 港 幣 三 元 六角一 仙 。 賬目所示可撥歸公司股東溢利及每股溢利分別為港幣 一百零二 億四千七百萬 元及港幣 三 元 五 角 四 仙，去年同期為港幣 七 十 五 億 二 千 三 百 萬元及港幣 二 元 六 角。期內的賬目所示溢利包括扣 除了遞延稅項及非控股權益後之投資物業公平值 減 少 的金額港 幣 三億零四百萬 元，去年 ...

摩根大通发布研报称，将今年香港楼价升幅预测由5%至7%，上调至10%至15%，并预期明年再升约 5%。该行认为行业已进入新阶段，由"复苏初期"迈向"扩张期"。 摩根大通发布研报称，将今年香港楼价升幅预测由5%至7%，上调至10%至15%，并预期明年再升约 5%。该行认为行业已进入新阶段，由"复苏初期"迈向"扩张期"。 在乐观市场环境下，该行认为估值标准正由"股息收益率"转向"资产净值折让"。因此，将新鸿基地产 （00016）评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目标价相当 于资产净值折让率20%。 同时，该行亦看好信和置业（00083）及恒基地产（00012），前者特别适合追求收益的投资者，而后者 则有待业绩公布及股息政策更明朗；3月中旬会是更佳入市时机。该行亦将其所覆盖的行业股份目标价 整体上调13%至49%。 责任编辑：史丽君 在乐观市场环境下，该行认为估值标准正由"股息收益率"转向"资产净值折让"。因此，将新鸿基地产 （00016）评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目标价相当 于资产净值折让率20%。 同时，该行亦看好信和置 ...

智通财经APP获悉，摩根大通发布研报称，将今年香港楼价升幅预测由5%至7%，上调至10%至15%， 并预期明年再升约5%。该行认为行业已进入新阶段，由"复苏初期"迈向"扩张期"。 在乐观市场环境下，该行认为估值标准正由"股息收益率"转向"资产净值折让"。因此，将新鸿基地产 (00016)评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目标价相当于 资产净值折让率20%。 同时，该行亦看好信和置业(00083)及恒基地产(00012)，前者特别适合追求收益的投资者，而后者则有 待业绩公布及股息政策更明朗；3月中旬会是更佳入市时机。该行亦将其所覆盖的行业股份目标价整体 上调13%至49%。 ...

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rental rates for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, supported by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Stock Recommendations - Morgan Stanley prefers stocks such as Sun Hung Kai Properties (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Development Challenges - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rents for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, driven by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Company Preferences - Morgan Stanley prefers New World Development (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the commercial property vacancy rate remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Risk Factors - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1] - Geopolitical risks and macroeconomic uncertainties may pose downward pressure on the market [1]

Group 1 - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% growth in rental rates for this year [1] - The firm favors New World Development, Cheung Kong Property, and Henderson Land Development, assigning them "overweight" ratings, while it is bearish on Wharf Real Estate Investment Company, giving it a "underweight" rating [1] - Recent discussions with JLL Hong Kong Chairman, C. K. Chan, indicated that strong purchasing power from mainland buyers is expected to drive property prices up by 5% this year after hitting a bottom last year, with this upward cycle likely to continue for several years [1] Group 2 - The report highlights that a reduction in interest rates and favorable capital market performance could provide further upward momentum for the property market, although geopolitical risks and macroeconomic uncertainties may pose downward pressures [1] - Despite an overall improvement in market sentiment, C. K. Chan noted that the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected year-on-year increase of 13% in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The report anticipates a profit margin for property development projects to reach high double-digit levels due to the accounting of completed inventory at lower costs and recent price increases for new sales [1] - The expected earnings per share growth of 13% reflects strong operational performance and market conditions [1] Group 2: Project Developments - The Sierra Sea Phase 2A & 2B project is performing well, and the company is expected to launch a luxury residential project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The initial pricing for the second phase is anticipated to exceed HKD 45,000 per square foot, with a projected profit margin of over 15%, based on the first phase's average transaction price exceeding HKD 50,000 per square foot [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected 13% year-on-year increase in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The expected basic earnings per share for the first half of the fiscal year is projected to be HKD 3.89, reflecting a 13% increase compared to the previous year [1] - The interim dividend is anticipated to remain unchanged at HKD 0.95 per share [1] Group 2: Property Development Insights - The report highlights that the profit margin for property development projects may reach high double-digit levels due to the accounting of low-cost completed inventory and recent price increases for new sales [1] - The Sierra Sea Phase 2A & 2B projects are performing well, and the company is expected to launch a luxury project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The average transaction price for the first phase exceeded HKD 50,000 per square foot, with initial pricing for the second phase expected to exceed HKD 45,000 per square foot, potentially yielding a profit margin of over 15% [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

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: 新鴻基地產發展有限公司 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 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) | 00016 | | 說明 | | | | | | | 多櫃檯證券代號 | 80016 | RMB 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 | | | | 2,897,780,274 | | 0 | | 2,897,780,274 | | 增加 / 減少 (-) | | | | ...

（文/解红娟 编辑/张广凯） 新鸿基地产深夜发声，回应沸沸扬扬的市场传言。 2月3日晚间，新鸿基回应，集团执行董事冯秀炎因健康原因已提出请辞，董事局接纳其辞任并即日生 效。公司表示已安排人员接替其职务，相关工作与日常运作均不受影响。 至于市场传言冯秀炎离职是因为与上海环贸iapm商场相关腐败问题深度关联，新鸿基方面并未正面回 应，仅表示，"公司正进行检视并会作出适当跟进。" 本文系观察者网独家稿件，未经授权，不得转载。 此前于2月2日，多家香港媒体报道冯秀炎疑因涉及上海环贸iapm商场相关贪腐问题已被停职，焦点集中 在商场营销活动招标、广告资源投放及品牌合作等业务环节。 公开资料显示，冯秀炎持有英国雷丁大学房地产管理理学士、美国东北路易斯安那大学工商管理硕士及 香港大学房屋管理硕士学位。她于1991年加入新鸿基地产，2022年8月起出任执行董事，负责集团在香 港、上海、南京、北京及杭州多个主要商场的策略规划与发展管理。根据公司2024/2025财年数据，其 年度薪酬合计约2426万港元。 此次事件涉及的上海环贸iapm商场是新鸿基地产在上海打造的高端商业项目，位于淮海中路陕西南路核 心地段，2013年开业，以 ...