Core Viewpoint - Hong Kong property prices are experiencing a recovery, with strong sales of some new developments and optimistic market sentiment driving developers' stock prices up since the beginning of the year [1] Group 1: Market Trends - The upward trend in property prices is expected to continue, although the pace of increase is anticipated to be more moderate due to cooling interest rate cut expectations and resilient mortgage rates in Hong Kong [1] - Historical data suggests that when property price growth slows or market sentiment peaks, real estate stock prices often experience a correction [1] Group 2: Forecast and Recommendations - The company maintains a forecast of a 5% increase in Hong Kong property prices for 2026 [1] - Preferred stocks include Hysan Development and Link REIT, both rated as "outperform" [1]

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index increased by 5.1% in the second week of January 2026, ranking 11th among 31 primary industry sectors [8][10] - New housing transactions in 20 monitored cities saw a 37% year-on-year decrease, while the average daily transaction volume increased by 104% week-on-week [22][27] - The report highlights three main issues in the real estate market: declining new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [34][35] Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 12,626.37 billion [2] Policy News - In Shenyang, new policies were implemented to optimize housing fund loans, including extending the minimum down payment policy to December 31, 2026, and increasing the loan limit for new citizens and youth [18][19] - Shanghai emphasized creating a fair market competition environment through new regulations [18][19] Sales Data - In the second week, the average daily transaction volume for new homes in 20 cities was 21.8 million square meters, with total transactions of 153 million square meters [26][27] - The average daily transaction volume for second-hand homes in 11 cities was 30.3 million square meters, with total transactions of 212 million square meters [27][32] Financing - The report notes that most companies issuing bonds this week are local state-owned enterprises, with New Hope Real Estate issuing the largest amount of 8.8 billion [33] Investment Recommendations - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies [34][35]

Core Viewpoint - Morgan Stanley prefers the office sector over the retail sector in Hong Kong real estate, noting that while office vacancy rates remain high, they are improving, with Central expected to benefit first [1] Group 1: Office Sector - Morgan Stanley favors Central over non-core areas for office properties, with Hongkong Land and Hysan Development being preferred over Wharf Real Estate Investment [1] - For the outlook on Hong Kong office rentals this year, Morgan Stanley expects a 3% increase in Central rents, while overall office rents are projected to decline by 3% [1] Group 2: Retail Sector - In the retail sector, Morgan Stanley prefers mainland luxury retail stocks over Hong Kong retail stocks, with Hang Lung Properties favored over Wharf Real Estate Investment and Link REIT; Swire Properties is also preferred over Wharf Real Estate Investment [1] - The retail sector faces pressure on shopping mall rents due to online sales and competition from the Shenzhen market [1] Group 3: Risks and Challenges - Morgan Stanley advises avoiding Wharf Real Estate Investment due to challenges such as market share loss and tenant retention risks, exemplified by Alibaba's acquisition of the Grade A commercial building "One Island East" in Causeway Bay, leading to its relocation from Times Square [1] - Growth in mainland duty-free shopping and inbound tourism may impact luxury sales in major shopping malls [1]

Core Viewpoint - Morgan Stanley prefers the office sector over the retail sector in Hong Kong real estate, noting that while office vacancy rates remain high, they are improving, with Central expected to benefit first [1] Group 1: Office Sector - Morgan Stanley favors office properties in Central over non-core areas, with Hong Kong Land and Hysan Development being preferred over Wharf Real Estate [1] - The firm forecasts a 3% increase in Central office rents this year, while overall office rents are expected to decline by 3% [1] Group 2: Retail Sector - In the retail sector, Morgan Stanley prefers mainland luxury retail stocks over Hong Kong retail stocks, with Hang Lung Properties favored over Wharf Real Estate and Link REIT; Swire Properties is also preferred over Wharf Real Estate [1] - Retail rents are under pressure due to online sales and competition from the Shenzhen market [1] - The growth of duty-free shopping and inbound tourism in mainland China may impact luxury sales in major shopping malls [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 希慎興業有限公司 | | | 呈交日期: | 2026年1月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00014 | | 說明 | 不適用 | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發 ...

希慎興業有限公司 （於香港註冊成立之有限公司） （股份代號：00014） 提名委員會 職權範圍 （由2026年1月1日起修訂及重列） 2026 年 1 月 1 1.1 檢討董事會所需的架構、規模及組成（包括技能、知識及經驗方 面）及協助董事會編制及審視董事會技能表，以確保董事會成員 具備適當均衡的技能、知識、經驗及多元觀點； 1.2 就董事委任或連任，以及任何為配合本集團的公司策略而擬對董 事會作出的變動，向董事會提出建議； 1.3 評核獨立非執行董事的獨立性； 1.4 監督董事會及高級管理人員的繼任安排； 1.5 每年監督提名政策、董事會多元化政策及員工多元化政策的執行 並檢討其有效性； 1.6 定期監督性別多元化進展及評估設定的目標，以實現董事會及員 工的性別多元化； 1.7 支援定期評估董事會表現；及 1.8 監督集團的人力資本。 2.2 委員會主席須由董事會委任。在委員會主席及／或獲委任的副主 席缺席時，其餘出席的成員可選出其中一名成員擔任會議主席。 3. 出席會議 1. 目的 委員會協助董事會如下： 2. 成員 2.1 由委員會提名的委員會成員，須經董事會在適當情況下諮詢委員 會主席後委任。委員會必 ...

行业研究 房地产 2025 年 12 月 26 日 | 华创证券研究所 | | | | --- | --- | --- | | 证券分析师：单戈 | 证券分析师：许常捷 | 证券分析师：杨航 | | 邮箱：shange@hcyjs.com | 邮箱：xuchangjie@hcyjs.com | 邮箱：yanghang@hcyjs.com | | 执业编号：S0360522110001 | 执业编号：S0360525030002 | 执业编号：S0360525090001 | 证 券 研 究 报 告 事项： 房地产行业重大事项点评 推荐（维持） 北京楼市再宽松 2025 年 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、 北京住房公积金管理中心等 4 部门联合印发《关于进一步优化调整本市房地产相关政策 的通知》。 评论： 本次北京房地产相关政策优化内容主要包括： 限购方面：1）非京籍居民家庭购买五环内商品住房的，缴纳社保或个税的年限，调整为 购房之日前连续缴纳满 2 年及以上；购买五环外商品住房的，缴纳社保或个税的年限， 调整为购房之日前连续缴纳满 1 年及以上。2）二孩及以上的多 ...

Group 1 - Citigroup reports that JD Group has agreed to acquire a 50% stake in the Central China Construction Bank Tower for HKD 3.5 billion from Lixin Development, while a local higher education institution purchased a commercial building in Kowloon Tong for HKD 1.96 billion from Frasers Property [1] - Citigroup expects demand from Chinese enterprises for office spaces to continue supporting the Hong Kong office market, driven by factors such as more Chinese tech giants considering acquisitions and an increase in A-share companies dual-listing in Hong Kong [1] - The report notes that the sale of office properties in Hong Kong is primarily aimed at generating immediate cash flow and optimizing investment portfolios, with some regional owners considering growth prospects in other markets like Singapore and Australia [1] Group 2 - Citigroup forecasts that office performance in Central and West Kowloon will outperform other regions by 2026, with rental rates for major owners in Central likely stabilizing by the end of next year [2] - The report highlights that new premium supply in West Kowloon, such as IGC, may be competitive in attracting demand, with rental levels expected to be comparable to those in the Eastern District of Hong Kong Island [2] - Citigroup anticipates increased competition in Causeway Bay due to a historic high in overall new supply, with specific projects like Hysan Development's Lee Garden performing well, while properties in Eastern Hong Kong Island may face pressure [2]

Group 1 - Citigroup reports that JD Group has agreed to acquire a 50% stake in the Central China Construction Bank Tower for HKD 3.5 billion from Lishin Development, while a local higher education institution purchased a commercial building in Kowloon Tong for HKD 1.96 billion from Frasers Property [1] - The demand from Chinese enterprises for office spaces is expected to continue supporting the Hong Kong office market, driven by factors such as more Chinese tech giants considering property acquisitions in Hong Kong and an increase in A-share companies dual-listing in Hong Kong [1] - Citigroup observes that the sale of office properties in Hong Kong is primarily aimed at generating immediate cash flow and optimizing investment portfolios, particularly for regional owners who are also considering commercial property growth prospects in other regions like Singapore and Australia [1] Group 2 - Citigroup forecasts that office performance in Central and West Kowloon will outperform other areas by 2026, with rental rates for major owners in Central likely stabilizing by the end of next year [2] - New quality supply in West Kowloon, such as IGC, is expected to be competitive in attracting demand, with rental levels comparable to those in the Eastern District of Hong Kong, benefiting companies like Sun Hung Kai Properties [2] - Given the historical high of overall new supply, competition in Causeway Bay is anticipated to intensify, with projects like Hysan Development's Lee Gardens likely to perform well, while properties in Eastern Hong Kong may face pressure [2]