大行评级｜小摩：香港去年11月零售销售维持温和复苏趋势 予九龙仓置业“增持”评级

Group 1 - The core viewpoint of the report indicates that Hong Kong's retail sales value increased by 6.5% year-on-year in November, maintaining a moderate recovery trend similar to October's 6.9% growth [1] - The slight slowdown in November retail sales may be partially attributed to the emotional impact of the fire at Hong Fu Court in Tai Po at the end of November [1] - The report anticipates a low to mid-single-digit growth in December retail sales, influenced by a potential decline in the strong momentum of electronic products and a slight slowdown in the year-on-year growth of inbound tourists [1] Group 2 - The report maintains a constructive outlook on Wharf Real Estate Investment Company, rating it as "Overweight," due to signs indicating that non-essential retail is emerging from a trough [1] - Conversely, the report holds a "Neutral" rating on Link REIT, as supermarket sales fell by 2% year-on-year in November, suggesting ongoing competition from cross-border e-commerce for Link REIT's tenants [1]