大行评级｜摩根大通：港府施政报告支持措施若较预期弱 地产股或现短期获利回吐

Core Viewpoint - Morgan Stanley's research report indicates that the Hong Kong government's upcoming policy address on September 17 is anticipated to potentially relax new capital investor entry plans, residential property stamp duties, and establish a home purchase fund plan [1] Group 1: Market Reactions - There are doubts regarding whether the government will introduce all measures at once, and if the policies are weaker than expected, real estate stocks may experience short-term profit-taking after the policy address [1] - Historically, if the Federal Reserve's interest rate cut aligns with expectations, Hong Kong real estate stocks tend to underperform the market [1] Group 2: Industry Outlook - Despite short-term uncertainties, Morgan Stanley maintains a positive outlook on the local real estate sector for the next year, suggesting investors take advantage of lower prices [1] - Among developers, the report expresses a favorable view on Henderson Land and Sino Land [1] - For rental stocks, it recommends Swire Properties and Link REIT for investors with lower risk appetites, while also noting significant upside potential for Hang Lung Properties and Wharf Real Estate Investment Company [1]