Core Viewpoint - UBS reports signs of recovery in luxury goods and jewelry sales in mainland China and Hong Kong, driven by wealth effects from the stock market and rising gold prices [1] Mainland Retail Sector - The proportion of emerging brands in CR Land's shopping malls is high, including brands like Lao Pu Gold and Pop Mart, allowing the group to adapt quickly to changing consumer habits, giving it a competitive edge over Hong Kong developers [1] - UBS is optimistic about CR Land, CR Vientiane Life, Swire Properties, and Hang Lung Properties, upgrading CR Vientiane Life's rating from "Neutral" to "Buy" [1] - Lao Pu Gold's rating is also upgraded to "Buy" due to valuation pressure and potential product price increases in the last quarter, which may support short-term sales and gross margins [1] Hong Kong Retail Sector - The luxury retail sector in Hong Kong is benefiting from strong stock market performance, which may positively impact Wharf Real Estate [1] - UBS believes that Wharf Real Estate may benefit from the short-term recovery in luxury retail, while Link REIT could be affected by the increasing penetration of e-commerce, receiving "Neutral" and "Buy" ratings respectively [1]
大行评级丨瑞银：奢侈品及珠宝销售出现复苏迹象 上调华润万象生活评级至“买入”