大行评级丨花旗：香港零售销售表现持续胜预期 建议增持九龙仓置业

Core Viewpoint - Hong Kong's retail sales continue to outperform expectations, with a year-on-year increase of 6.9% in October, marking the largest growth in 22 months [1] Retail Performance - Luxury goods retail sales grew by 9.5% year-on-year, reaching a 21-month high [1] - The growth in October retail sales was primarily driven by electronics and luxury goods, while categories such as supermarkets, furniture, and fuel experienced declines [1] Investment Recommendations - The positive performance of luxury goods retail is expected to provide a positive driving force for the stock prices of Wharf Real Estate Investment and Hysan Development [1] - The company recommends an "add" rating for Wharf Real Estate Investment with a target price of HKD 30.3 [1] - Investors are advised to reduce holdings in Link REIT, with a "neutral" rating and a target price of HKD 36.8 [1] Market Outlook - The company anticipates that luxury-themed investments will outperform the market in the short term, especially with the upcoming holiday season in December and the Lunar New Year in February [1]