智通财经网·2025-09-09 02:39Group 1 - The upcoming interest rate cuts by the Federal Reserve are expected to benefit Hong Kong real estate while negatively impacting Hong Kong banks [1] - UBS maintains a cautious stance on banks, currently underweighting bank stocks and listing Hang Seng Bank as one of the least favored [1] - The firm continues to favor Hong Kong property developers as the interest rate cut cycle approaches, predicting a reversal of the trend where banks have outperformed property developers since 2022 [1] Group 2 - In the first half of the year, 98% of the 49 Hong Kong-listed companies covered by UBS reported a net profit decline of 7% year-on-year, despite a 4% increase in revenue [2] - The financial sector performed well, benefiting from favorable market conditions and better-than-expected non-interest income, while sectors like Macau gaming and airlines faced more companies falling short of expectations [2] - UBS has included Wynn Macau and Galaxy Entertainment in its top recommendations due to improved demand from high-end customers and sustainable revenue momentum [2]