以此为基础并配合《行政长官2025年施政报告》的方向，"投资组合"将致力培育具备商业及战略潜力的 本地资产管理公司或以香港为基地的资产管理公司。根据港投公司最新估算，"2025资金组别"截至今年 底的规模至少为30亿港元，将会平均分配予上述获选的资产管理公司，并于2026年首季启动有关投资工 作。 据悉，早在2024年，香港特区政府就已经公布了"新计划"的详情，并在2024年3月1日开始接受申请。合 资格申请人须投资最少3000万港元于获许投资资产，当中300万港元将投放在"投资组合"。该"投资组 合"首批配置资金(即2024资金组别)的投资已经启动，且进度理想。 近日，香港投资管理有限公司(简称"港投公司")公布了"新资本投资者入境计划"(简称"新计划")下"投资 组合"的"2025资金组别"获委任的10家资产管理公司，这些公司以风险投资、私募投资、私募信贷及对 冲基金为主要投资策略，分别是盘实资本、海阔天空创投、CMC资本、晨壹基金、隐山资本、M Capital、柏骏资本、春华资本、信宸资本/中信资本与远信资本投资管理有限公司及惠理集团。 港投公司是香港特区政府在2022年设立的、全资拥有并代表香港特区政 ...

12月9日，普洛斯旗下私募股权投资平台隐山资本宣布，获得香港投资管理有限公司(以下简称"港投公 司")委托管理3亿港元基金。该基金属于香港特别行政区政府"新资本投资者入境计划"下"投资组 合"2025资金组别，将投向早期阶段、具有高增长潜力的企业。 港投公司成立于2022年，目前总资产规模达640亿港元。该公司通过与外部基金管理人合作设立多只基 金，专注于投资创新和技术发展领域。目前，港投公司在吸引资本、资源和人才以促进香港新兴产业发 展方面发挥了重要作用。 本报讯昌校宇 普洛斯中国区首席战略官、隐山资本董事长及管理合伙人东方浩表示："很高兴能与港投公司进一步拓 展合作。隐山资本将凭借在物流供应链、人工智能、机器人技术以及可再生能源等新经济领域积累的深 厚产业洞察，发掘拥有前沿技术和规模化应用潜力的创新企业，助力港投公司生态圈可持续扩展与协同 发展。" 隐山资本专注于包括中国在内的亚洲地区的现代物流服务、数智供应链、新能源以及物流科技等领域， 在为被投企业提供资金支持外，还借助普洛斯丰富的应用场景和生态资源，助力被投企业实现业务增长 和国际化发展。截至2025年6月30日，隐山资本已投资超过110家企业，总投 ...

Group 1 - The new capital investment scheme in Hong Kong has received over 2,200 applications, potentially bringing in HKD 70 billion in capital investment [1] - Applicants are required to invest at least HKD 30 million in approved investment assets, with HKD 3 million allocated to the investment portfolio of Hong Kong investment companies [1] - The government has identified several local fund companies to manage the investments, aiming to direct funds towards Hong Kong's innovation and technology sectors [1] Group 2 - The threshold for residential property investment has been lowered from HKD 50 million to HKD 30 million, with a focus on minimizing impact on the public's ability to purchase homes [1] - The allowable investment amount for non-residential properties has increased from HKD 1 million to HKD 1.5 million, aiming to attract more applicants willing to invest in Hong Kong [1] - The Hong Kong Monetary Authority has implemented measures to assist applicants with mortgage arrangements and will continue to engage with the market [1]

Group 1 - The Hong Kong government has proposed to optimize the new capital investor entry scheme, lowering the transaction price threshold for residential property investments from HKD 50 million to HKD 30 million, which is expected to positively impact the residential market by providing more options for high-net-worth individuals [1][2] - The Chief Executive of Hong Kong, John Lee, stated that the primary task of the government is to ensure the basic housing needs of citizens, with a projected total of 189,000 public housing units to be built over the next five years, representing an increase of approximately 80% from when he took office [2] - The average waiting time for public housing applicants has been reduced from 6.1 years to 5.1 years due to government efforts, and there will be an increase in the supply of subsidized housing units to assist more public housing residents in home ownership [2] Group 2 - Analysts expect a 30% quarter-on-quarter increase in transaction volume in the Hong Kong property market in Q4, driven by the government's policy adjustments and the Federal Reserve's interest rate cuts [2] - UBS views the latest policy report as a positive signal for the private residential market, despite the lack of expected reductions in residential stamp duty, and notes that the government will accelerate the development of the Northern Metropolis [3] - The Hong Kong Monetary Authority has indicated that the Federal Reserve's interest rate cut aligns with market expectations and will influence the local interest rate environment, urging citizens to manage interest rate risks in their property investments [3]

Group 1: Policy Focus - The Chief Executive of Hong Kong, John Lee, emphasized that "benefiting people's livelihood" is a key focus of the new policy report, aiming to enhance long-term economic competitiveness and improve citizens' happiness and sense of gain [2][11] - The report outlines nine key areas related to citizens' daily lives, with housing being the top priority, including accelerated construction of public housing and innovative "simple public housing" initiatives [2][3] Group 2: Northern Metropolis Development - The Northern Metropolis is highlighted as strategically important, occupying one-third of Hong Kong's land, with plans to accelerate its development and attract industries and major projects [4][6] - A new "Northern Metropolis Development Committee" will be established to streamline administrative processes and introduce competitive practices for land management [5][6] Group 3: Housing and Land Policies - The government plans to allow the transfer of unused plot ratios from redevelopment projects to other areas, aiming to optimize land use and facilitate urban renewal [3][6] - A pilot program will permit property owners to offset land compensation costs by returning land to the government, with specific compensation rates set for different land classifications [6][7] Group 4: Financial Market Initiatives - The report proposes exploring the reduction of the stock settlement cycle to T+1, with consultations planned for the first half of next year [9] - The government aims to optimize the "New Capital Investor Entry Scheme" by lowering the residential transaction threshold to HKD 30 million, enhancing the scheme's attractiveness to investors [10]

Group 1 - The Hong Kong government has revised its private residential supply target for the next decade to 126,000 units, a reduction of 6,000 units, highlighting the importance of maintaining a stable and transparent land sale plan to address long-term housing demand [1] - Developers may remain cautious due to the government's focus on land supply and long-term planning rather than short-term market support, potentially leading to low transaction volumes and continued negative price adjustment sentiment, especially in the secondary market [1] - The government has streamlined statutory procedures and administrative processes for land development, allowing for greater design flexibility and improved economic viability of projects, which may enhance land utilization efficiency and increase parking space supply in urban areas [1] Group 2 - The "In-City Student Housing Program" is expected to support the commercial investment market, with a projected shortage of approximately 73,000 student accommodation beds by the 2027/28 academic year if all non-local students require housing [2] - The program has already led to the active redevelopment of existing properties, with four hotels and three residential buildings converted into student accommodation by 2025, particularly in poorly performing hotel locations [2] - The new capital investment scheme has lowered the investment threshold for residential properties to HKD 30 million, which is expected to stimulate demand for luxury homes and standalone houses, although the overall impact on transaction volume is anticipated to be minimal [2]

Capital Market Developments - Hong Kong will assist mainland technology companies in financing and explore shortening the stock settlement cycle to T+1 [4] - The government aims to optimize the main board listing and issuance mechanisms for structured products, and promote more overseas companies to list in Hong Kong [4] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's liquidity [4][5] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for mainland investments in Hong Kong wealth products increasing from 25,000 to 110,000 [5] - The government will optimize tax incentives for funds and family offices to attract more funds to establish in Hong Kong [5] - A new capital investor entry plan will allow investments of at least HKD 30 million, with adjustments to property investment calculations [8] AI and Technological Development - The government will promote AI development across various industries to enhance social efficiency and has launched a HKD 3 billion support plan for cutting-edge technology research [6] - A European leading aviation service company is set to establish operations in Hong Kong, creating new jobs and boosting related industries [6] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies, establishing a clinical trial talent training platform [7] - The government plans to set up a drug and medical device regulatory center to enhance its status as an authoritative regulatory body [7] Commodity Trading and Gold Market - The government will establish a Commodity Strategy Committee to enhance the policy design for commodity trading [10] - Initiatives to develop the gold market include expanding gold storage facilities and establishing a central clearing system for gold transactions [11][12]

Core Points - The Chief Executive of Hong Kong, John Lee, presented the 2025 Policy Address, focusing on economic development and enhancing the quality of life for residents [1] - The address outlines specific measures to accelerate the development of the Northern Metropolis, industrial innovation, and reinforce Hong Kong's status as an international financial center [1] Financial Sector Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [2][3] - The government aims to enhance the bond market by improving financial infrastructure and establishing connections with markets in Switzerland and the UAE [2][3] - Plans to establish an international gold trading market include expanding gold storage capabilities to exceed 2000 tons within three years [3][4] Commodity and Family Office Development - Collaboration with Greater Bay Area exchanges to develop commodity and carbon trading [4] - The government will optimize tax incentives for family offices to attract more funds to Hong Kong [4][5] Digital Asset and Stablecoin Regulation - The Hong Kong Monetary Authority (HKMA) will promote tokenized deposits and establish a regulatory framework for stablecoin issuers [6] - The Securities and Futures Commission (SFC) is working on expanding the types of digital asset products available to professional investors [6] Innovation and Technology - A HK$3 billion "Frontier Technology Research Support Scheme" will be launched to attract international research talent in AI [7] - The government plans to accelerate the development of autonomous vehicles and establish a regulatory framework for ride-hailing services [8] Clinical Trials and Pharmaceutical Development - The government aims to attract more pharmaceutical companies to conduct clinical trials in Hong Kong, particularly for rare diseases and advanced therapies [12] - A new "International Clinical Trial Academy" will be established to train clinical trial professionals in the Greater Bay Area [12] Investment and Economic Policies - The "New Capital Investor Entry Scheme" will be optimized to encourage investments in Hong Kong, with increased limits for non-residential property investments [13][14] - The government will enhance cross-border payment systems and improve cash assistance distribution for elderly residents in mainland China [13][14] Governance and Management - A "Department Head Responsibility System" will be established to strengthen governance and accountability within the government [15] Innovation Fund Launch - The "Innovation and Technology Industry Guidance Fund" is set to launch in the 2026-2027 fiscal year to promote strategic investments in emerging industries [16]

Core Viewpoint - Morgan Stanley anticipates the upcoming policy report on September 17 may include measures such as easing new capital investor entry plans, adjusting residential property stamp duties, and establishing home purchase funding plans, but expresses skepticism about the simultaneous implementation of all measures [1] Group 1: Market Outlook - The real estate market in Hong Kong shows signs of stabilization, but if the policies announced are weaker than expected, there may be short-term profit-taking in real estate stocks following the policy report [1] - Historically, if the Federal Reserve's interest rate cuts align with market expectations, Hong Kong real estate stocks tend to underperform the broader market [1] Group 2: Investment Recommendations - Morgan Stanley maintains a positive outlook for the local real estate sector over the next year, suggesting investors take advantage of lower prices [1] - Among developers, the company is particularly optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk tolerance, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

Group 1 - The core viewpoint of the article is that the upcoming policy report on September 17 may introduce measures to ease capital investor entry, stamp duty on residential properties, and establish a home purchase fund plan, but there are doubts about the extent of these measures [1] - Morgan Stanley expresses skepticism about whether all measures will be introduced at once, noting that the property market shows signs of stabilization, and if the policies are weaker than expected, there may be short-term profit-taking in real estate stocks after the report is released [1] - The day after the policy report, the Federal Reserve will announce its interest rate decision, and historically, if a rate cut meets expectations, Hong Kong real estate stocks tend to underperform the market [1] Group 2 - Despite the short-term concerns, Morgan Stanley maintains a positive outlook on the local real estate sector for the next year, suggesting investors take advantage of lower prices [1] - Among developers, Morgan Stanley is more optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk appetite, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]