Ge Long Hui·2026-02-09 14:22Group 1 - The core viewpoint of the report indicates that the performance of Swire Properties' retail projects in Shanghai and Beijing has improved significantly, with retail sales increasing by 49.6% and 11.2% year-on-year, respectively [1] - The company plans to launch the first phase of the Guangzhou Julongwan Taikoo Li project by the end of 2025, focusing on retail, dining, and leisure, while other projects in Sanya, Shanghai, and Lujiazui are progressing as scheduled, expected to be completed starting in 2026 [1] - In the context of high vacancy rates in the Hong Kong office market, the overall occupancy rate of the company's office buildings in Hong Kong is recorded at 91%, with a year-on-year increase of 1 percentage point to 96% for Taikoo Place, while Taikoo Square's occupancy rate decreased by 4 percentage points to 89% [1] Group 2 - The rental rates for the company's office buildings have decreased by 13% to 15% year-on-year, attributed to the company's flexible leasing strategy aimed at prioritizing occupancy rates and tenant retention amid intense market competition [1] - CICC maintains a "outperform industry" rating for the company with a target price of HKD 26.5, corresponding to dividend yields of 4.3% and 4.5% for 2025 and 2026, respectively [2]