投资总监慧眼 – 梁启棠, 首席投资总监 看好香港楼市 重要事情要说三遍 一年期、三年期及五年期滚动相关性数据显示，香港房地产股与标普 500 指数、欧洲斯托克 50 指数及日经 225 指数的 相关性始终低至 0.15-0.30。在不同资产类别相关性上升、传统分散投资优势逐渐减弱的环境下，很少资产能够提供如 此真正的低相关性，同时又展现出明显的周期性复苏。 投资总监慧眼 增持香港房地产开发商，以实现全球投资组合多元化 对于寻求真正多元化投资且不愿牺牲回报潜力的全球投资者而言，香港房地产股票脱颖而出。美国利率走低将增强购买 力，商业不动产面临的不利因素正在消退，而住宅地产的基本面正稳定上升。以目前的价位来看，该板块兼具防御性特 征和周期性上涨潜力，实属难得。 | 想報,1年 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 標普500指數 | 磷肥和200指數 | 富時100指數 | 日經225指數 | Euro Stoxx 50指數 | 恒生指數 | 濾深300指數 | 恒生地產股指數 | | 標普50 ...

领展资产管理有限公司（领展）为领展房地产投资信托基金（领展房托；香港股份代号：823）之管理人，今日公布领展房托截至2025年9月30日止六个月的 中期业绩。 领展董事会主席欧敦勤表示："面对复杂的宏观经济环境，领展房托在2025/2026年度中期业绩中展现出稳健的韧力。尽管面对重大挑战，但我们专注提高营 运效率及资产提升项目，并已取得实质进展。领展的核心优势仍在于持有并管理位于香港及更广泛的大湾区，以及亚太区其他市场如新加坡及澳大利亚的零 售资产。我们将继续巩固这优势，同时拓展房地产投资能力，聚焦增值型策略及较高回报。我们看到包括香港在内的多个亚太地区市场及消费者情绪近期有 所好转，但要转化为物业收入仍需时间。" "在领导层过渡之际，我谨代表董事会衷心感谢集团行政总裁王国龙先生过去16年来的卓越领导及贡献。随着他即将退任，我期待与临时领导架构，包括黄 国祥及宋俊彦紧密合作，推动业务持续发展。" 领展集团行政总裁王国龙表示："本年度上半年，我们持续面对宏观经济逆风及具挑战性的市场环境，尤其在香港及内地市场。虽然业绩反映出这些压力， 但我衷心感谢团队的努力，使我们能维持稳健表现及高租用率。上半年，我们通过积极管 ...

领展(00823)午后重挫逾6%，截至发稿，跌6.22%，报38.88港元，成交额7.76亿港元。 消息面上，领展房产基金午间公布截至今年9月底止中期业绩，可分派总额按年下降5.6%至32.83亿元， 每基金单位分派按年下降5.9%至126.88仙。期内，收益按年减少1.8%至70.23亿元，物业收入净额减少 3.4%至51.78亿元，主要由于香港及内地的续租租金调整率为负数，反映宏观环境及零售业受压。 领展同时表示，尚未就收购澳洲商场权益订立具约束力协议。大摩此前发布研报称，有传闻指领展计划 斥资15亿澳元收购三个购物中心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借 贷利率3.6%及澳洲央行现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 ...

智通财经APP获悉，领展(00823)午后重挫逾6%，截至发稿，跌6.22%，报38.88港元，成交额7.76亿港 元。 领展同时表示，尚未就收购澳洲商场权益订立具约束力协议。大摩此前发布研报称，有传闻指领展计划 斥资15亿澳元收购三个购物中心各一半的股权，涉及昆士兰Sunshine Plaza 、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借 贷利率3.6%及澳洲央行现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 消息面上，领展房产基金午间公布截至今年9月底止中期业绩，可分派总额按年下降5.6%至32.83亿元， 每基金单位分派按年下降5.9%至126.88仙。期内，收益按年减少1.8%至70.23亿元，物业收入净额减少 3.4%至51.78亿元，主要由于香港及内地的续租租金调整率为负数，反映宏观环境及零售业受压。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

Group 1: Fixed Asset Investment - National fixed asset investment decreased by 1.7% year-on-year from January to October, with a decline of 1.2 percentage points compared to January to September [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 0.1% year-on-year, down from a 1.1% increase in the previous period [2] Group 2: Infrastructure Investment Outlook - Analysts expect infrastructure investment to rebound due to ongoing growth stabilization policies, with a potential increase in investment speed by the end of the year [3] - Full-year infrastructure investment growth is projected to reach around 3.0%, a slowdown of 1.4 percentage points compared to the previous year [3] Group 3: Real Estate Investment - Real estate development investment dropped by 14.7% year-on-year from January to October, with the decline widening by 0.8 percentage points compared to the previous period [5] - The area of housing under construction decreased by 9.4%, while new commercial housing sales fell by 6.8% [6] Group 4: Manufacturing Investment - Manufacturing investment grew by 2.7% year-on-year, a decline of 1.3 percentage points from the previous nine months [7] - The downward trend in manufacturing investment is attributed to increased external environment volatility and the implementation of policies affecting overcapacity industries [7][8]

国家统计局数据显示，1—10月份，全国房地产开发投资73563亿元，同比下降14.7%；其中，住宅投资 56595亿元，下降13.8%。1—10月份，新建商品房销售面积71982万平方米，同比下降6.8%；其中住宅 销售面积下降7.0%。新建商品房销售额69017亿元，下降9.6%；其中住宅销售额下降9.4%。 ...

Did you buy a house but are now experiencing home buyer’s remorse? Or maybe you’re undergoing a major life change that’s making you consider selling your house sooner than you’d anticipated. While there are no federal laws requiring you to stay in a house for a certain amount of time, in rare cases, there may be local regulations that govern how soon you can sell after buying. Mortgage lenders also don’t have official rules about when you can sell, but you may face prepayment penalties or financial losses ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1] Core Insights - The machinery equipment industry continues to benefit from renewal demand and a recovery in overall domestic and international sales [1] - As of September 2025, China's manufacturing PMI is at 49.8%, indicating a slight improvement but still in contraction territory, while the production PMI is at 51.9%, indicating expansion [2][6] - The report highlights a mixed performance in various machinery sales, with excavators and some other equipment showing growth, while tower cranes and aerial work platforms are experiencing declines [26][40][91] Summary by Sections Macroeconomic Trends - In September 2025, China's manufacturing PMI recorded 49.8%, up 0.4 percentage points month-on-month, but still in contraction [2][6] - The PPI decreased by 2.3% year-on-year, with a narrowing decline compared to the previous month, while the core CPI increased by 1.0% year-on-year, marking the first return to this level in 19 months [11] - Fixed asset investment from January to September 2025 totaled 371,535 billion yuan, down 0.5% year-on-year, with infrastructure investment up 3.3% and real estate investment down 14.0% [14] Sales Overview of Chinese Engineering Machinery - From January to September 2025, a total of 174,039 excavators were sold, a year-on-year increase of 18.1% [19] - Sales of various types of cranes showed mixed results, with tower cranes down 31.9% and truck-mounted cranes up 5.46% [27][47] - The report notes that sales of loaders reached 93,739 units, up 14.6% year-on-year, while sales of high-altitude work vehicles increased by 41.4% [53][92] Specific Equipment Performance - In September 2025, sales of various types of cranes showed growth in domestic sales, particularly for truck-mounted and crawler cranes, while tower cranes faced a decline [52] - The report indicates that domestic infrastructure investment remains resilient, benefiting related equipment sectors such as road machinery and high-altitude equipment [99] - Forklift sales reached 1,106,406 units from January to September 2025, reflecting a year-on-year increase of 14% [101]

这图片是靠人工智能制造出来的。 作者是史大郎和猫哥。 出自史大郎和猫哥的财经Pro。 潘石屹夫妇再次成为主要负责人。 潘石屹和张欣领衔的Closer Properties透露，他们在纽约上东区用7600万美元现金，买了六套房子。 这六套房的总估价大约在1.3亿美元左右，原本的卖家是一家破产的投资公司，由于贷款没还清，潘氏夫妇以接近五折的价格买了下来， 算是捡了个便宜。 不过，要说重点，其实他们看中的不是房子，而是那块十万平方呎的地皮。 他们打算在2026年把房子拆掉，算是"充分发挥30年房地产开发经验"的结果，原地重新建一座大楼，底层搞商业，楼上弄豪华公寓，有 点像美国的SOHO那样的感觉。 这对夫妇一直在这行，专门低价买地，然后盖楼，再把房子卖给美国客户。 不仅如此，这还只是个开头，除了上东区，还准备在纽约的西村、切尔西这些老城区找地开发。 这算不算新的热潮啊？ 张欣指出，这里房子比较陈旧，服务和配套设施也跟不上，但"精品公寓的需求还是挺火爆的"。 带头出手的Closer，是潘氏夫妇在美国的家族办公室，现在手上管理的资产超过50亿美元，折合大概356亿人民币。 不过，张欣曾提过，她不太在意规模的大小，更看重 ...