智通财经APP获悉，太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港 元。 行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 ...

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 | 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) | 01972 | 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 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | 足夠公眾持股量的確認(註4) 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 | 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 | | | | ...

该行上调太古地产2026年经常性基本溢利预测11%至79.9亿元，意味同比增长30%，以反映深水湾道6号 销售结算带来的影响；引入2027年经常性基本溢利预测71.2亿元，同比跌11%，其下降主要反映审慎的 开发物业结算估计，而其中物业投资部分预计随存量项目自然增长和新项目开业而实现增长。 该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预测全年累计每股股息为1.15港元，对 应5%股息收益率。 中金发布研报称，预测太古地产(01972)2025年股东应占和经常性基本溢利分别同比增长21%和下降 5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同时 资本循环计划执行速度超出预期。该行维持予其"跑赢行业"评级及目标价26.5港元。 ...

该行上调太古地产2026年经常性基本溢利预测11%至79.9亿元，意味同比增长30%，以反映深水湾道6号 销售结算带来的影响；引入2027年经常性基本溢利预测71.2亿元，同比跌11%，其下降主要反映审慎的 开发物业结算估计，而其中物业投资部分预计随存量项目自然增长和新项目开业而实现增长。 智通财经APP获悉，中金发布研报称，预测太古地产(01972)2025年股东应占和经常性基本溢利分别同比 增长21%和下降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向 好的态势，同时资本循环计划执行速度超出预期。该行维持予其"跑赢行业"评级及目标价26.5港元。 该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预测全年累计每股股息为1.15港元，对 应5%股息收益率。 ...

资本循环计划顺利推进，资产负债表维持稳健。公司于1H25 完成迈阿密商场、车位及邻近商场空置地 块的处置，2H25 则继续成功处置太古城车位等非核心资产，同时考虑港岛东中心交付，我们预计全年 物业处置有望贡献约20 亿港币利润。顺利的资产处置支持公司在持续的资本开支之下仍维持相对稳定 的杠杆水平和利息费用（1H25 净负债率15.7%）。 盈利预测与估值 业绩料持续稳中向好，支持中长期派息政策延续。我们维持2025 年经常性基本溢利预测61.7 亿港元 （同比-5%）、上调基本溢利12%至81.7 亿元以反映下半年超预期的资产处置进度；上调2026 年经常性 基本溢利预测11%至79.9 亿港元（同比+30%），以反映深水湾道6 号销售结算带来的影响；引入2027年 经常性基本溢利预测71.2 亿港元（同比-11%），其下降主要反映审慎的开发物业结算估计，而其中物 业投资部分预计随存量项目自然增长和新项目开业而实现增长。派息方面，我们认为公司将维持"目标 每年股息以中单位数幅度增长"的长期政策，预计2025 年股息收益率5.0%。维持跑赢行业评级及26.5 港 元目标价，对应4.3%/4.5%2025-26 ...

Group 1 - The meeting between Guangzhou's Mayor Sun Zhiyang and Swire Properties' CEO, Pang Guobang, emphasizes the importance of collaboration for urban development and economic growth in Guangzhou [2] - Guangzhou is focusing on expanding domestic demand, enhancing consumption supply, and promoting high-quality urban renewal and village transformation, aiming to become a more livable and internationally recognized metropolis [2] - Swire Properties is recognized as a leading global commercial real estate company, aligning its development philosophy and core business with Guangzhou's urban functional positioning [2] Group 2 - The Mayor expressed hope for further strengthening cooperation with Swire Properties in areas such as commercial real estate development, urban renewal, and consumer experience cultivation [2] - Pang Guobang acknowledged the support from Guangzhou and expressed confidence in the city's future development potential, committing to enhance investment and introduce more quality international brands and unique experiential projects [2]

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: | Swire Properties Limited 太古地產有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 | | | 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) | 01972 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數 ...

Core Viewpoint - Swire Properties is undergoing significant management changes, indicating a strategic focus on enhancing its operations in mainland China, particularly in the retail sector, which has shown stronger performance compared to its office business [7]. Group 1: Management Appointments - David Poraj-Wilczynski has been appointed as the CEO for mainland China, bringing extensive leadership experience from various sectors including marine and real estate [1][2]. - Jessica Huang has been promoted to Vice Chairman of Swire Properties, overseeing digital transformation efforts in Hong Kong and mainland China, after successfully managing the Guangzhou Taikoo Hui [4]. - Mark Wang, previously the General Manager of Beijing Taikoo Li, will take over as the General Manager of Guangzhou Taikoo Hui [4]. - Guy Moore has been appointed General Manager of Beijing Taikoo Li, with a focus on the expansion of the project set to be completed in phases by 2026 [5]. - Chen Xiaoying has been appointed General Manager of Swire Properties' residential business in mainland China, while continuing her role in investment development for North China [6]. Group 2: Retail Performance - Swire Properties' retail sales in Hong Kong have shown modest growth, with Taikoo Place shopping mall sales increasing by 3.6% year-on-year as of September [7]. - In contrast, the mainland retail market has demonstrated significant growth, with Shanghai Xinye Taikoo Hui sales up by 41.9% and a rental rate of 95% [7]. - Other notable sales increases include Beijing Sanlitun Taikoo Li at 7.8%, Shanghai Qiantan Taikoo Li at 5.6%, and Chengdu Taikoo Li at 2.4% [7]. Group 3: Investment Plans - Swire Properties has committed to a strategic investment plan of HKD 100 billion over ten years, with half of this amount allocated to mainland China [7]. - As of the mid-year financial report, 67% of the investment plan has been committed, with 92% of the HKD 50 billion earmarked for mainland projects already secured [8].

Group 1 - The core focus of the news is the collaboration between Swire Properties and Lujiazui Group to develop two super Grade A office buildings, "Qiantan Plaza One" and "Qiantan Plaza Two," as part of the expanded Qiantan Taikoo Li integrated development project in Shanghai [1] - The total construction area of the two office buildings is approximately 125,600 square meters, with Qiantan Plaza One offering 30 floors of office space and Qiantan Plaza Two providing 24 floors [1] - The expansion project of Qiantan Taikoo Li covers a total area of 63,800 square meters, with a planned above-ground and underground total construction area of about 381,000 square meters, including a retail area that has increased to 267,000 square meters, effectively doubling the existing retail space [1] Group 2 - The two office buildings will be seamlessly connected to the expanded retail podium and the existing Qiantan Taikoo Li shopping mall through underground passages and sky bridges, allowing users to reach Qiantan Taikoo Li within a five-minute walk [2]

Core Viewpoint - Swire Properties (01972.HK) announced that it will hold a board committee meeting on March 12, 2026, to declare its annual results for the year ending December 31, 2025, and to consider the distribution of the second interim dividend for 2025, which will replace the final dividend [1] Group 1 - The board committee meeting is scheduled for March 12, 2026 [1] - The meeting will focus on announcing the annual results for the year ending December 31, 2025 [1] - The company will consider the distribution of the second interim dividend for 2025 [1]