值得注意的是，官方数据已显示近几个月英国零售销售持续疲软，市场普遍预期周五公布的去年12月零 售数据将延续这一趋势。尽管英国企业在财政大臣公布预算案后情绪略有提振，但标普全球数据显示， 1月英国英国消费者信心已跌至九个月低点，为零售市场复苏蒙上阴影。(完) 调查显示，CBI月度零售销售差额(与去年同期相比)从12月的-44升至-17，创下2025年4月以来的最高 值；对未来一个月的销售预期也从-57改善至-30，显示零售商短期信心略有修复。 不过，CBI首席经济学家马丁·萨托里乌斯直言，预计当前改善难以持续，下月销售额可能加速下滑。他 指出，家庭支出仍受信心低迷和消费谨慎态度的抑制，这一核心制约因素尚未根本改变。 中新网伦敦1月22日电(记者欧阳开宇)英国工业联合会(CBI)22日发布的调查显示，本月英国零售商的下 滑态势有所缓解，核心销售指标出现显著回升，但行业警告这一改善或为暂时现象，后续仍面临下行压 力。 （文章来源：中国新闻网） ...

Core Viewpoint - Chuanghui Jewelry (08537) expects a significant increase in net profit for the six months ending September 30, 2025, projecting approximately HKD 3.6 million, compared to HKD 300,000 in 2024, driven by the recovery of the Hong Kong retail market and soaring gold prices [1] Financial Performance - The projected net profit for the upcoming period is approximately HKD 3.6 million [1] - This represents a substantial increase from the previous year's net profit of approximately HKD 300,000 [1] Market Conditions - The growth in net profit is primarily attributed to the recovery of the retail market in Hong Kong [1] - Additionally, the rise in gold prices has contributed to the positive financial outlook [1]

Core Viewpoint - Link REIT (00823) has experienced a decline of over 5%, with a current price of HKD 36.86 and a trading volume of HKD 168 million [1] Financial Performance - The total distributable amount for Link REIT for the period ending September 30 decreased by 5.6% year-on-year to HKD 3.283 billion [1] - The distribution per unit fell by 5.9% year-on-year to HKD 1.2688 [1] - Revenue decreased by 1.8% year-on-year to HKD 7.023 billion, while net property income dropped by 3.4% to HKD 5.178 billion [1] Market Conditions - The decline in performance is attributed to negative rental adjustment rates in Hong Kong and mainland China, reflecting pressure on the macro environment and the retail sector [1] - The chairman of Link REIT, Mr. O'Donoghue, noted that while the retail market in Hong Kong is under pressure, there are signs of recovery in leasing demand [1] - He mentioned that due to the typical three-year lease cycle, there is a natural lag effect, and it will take time for rents to adjust to normal growth, with expectations of continued pressure in the second half of the year [1]

Core Viewpoint - The outlook for rental income and return growth is improving, which is expected to drive the rental yield growth for Kowloon Development [1] Group 1 - The majority of the company's debt is at floating rates, suggesting that a potential decline in HIBOR could reduce interest costs [1] - A sustainable recovery in the retail market may lead to higher stock valuations for Kowloon Development [1] - A more accommodative interest rate environment is anticipated to promote revenue growth and increase the company's stock price [1] Group 2 - The company's rating has been upgraded from "Hold" to "Buy" [1] - The target price has been raised from HKD 27.7 to HKD 29 [1]

Group 1 - Morgan Stanley has raised the earnings per share (EPS) forecasts for Hysan Development (00014) for 2025 to 2027 by 1%, 4%, and 7% respectively, reflecting better-than-expected performance in the first half of 2025 and lower interest costs [1] - The dividend per share forecast for 2025 to 2027 is maintained at HKD 1, compared to HKD 1.08 for 2024, as cash earnings are expected to be insufficient to fully cover the dividends [1] - The target price has been increased from HKD 12.5 to HKD 14.3 [1] Group 2 - The overall retail market in Hong Kong is viewed with caution due to changes in consumer behavior, expected increase in outbound tourism in the second half of the year, and rising unemployment rates [1] - A "reduce" rating is maintained as the market is still waiting for a substantial and sustainable recovery in Hong Kong's retail sector [1]

Core Viewpoint - Morgan Stanley has raised the earnings per share (EPS) forecasts for Hysan Development (00014) for the years 2025 to 2027 by 1%, 4%, and 7% respectively, reflecting better-than-expected performance in the first half of 2025 and reduced interest costs [1] Company Summary - The EPS forecast for 2025 is adjusted upwards by 1%, for 2026 by 4%, and for 2027 by 7% [1] - The dividend per share forecast for 2025 to 2027 is maintained at HKD 1, compared to HKD 1.08 in 2024, due to expectations that cash earnings will not fully cover dividends [1] - The target price for Hysan Development has been increased from HKD 12.5 to HKD 14.3 [1] Industry Summary - Morgan Stanley maintains a cautious outlook on the overall retail market in Hong Kong due to changes in consumer behavior, expected increase in outbound tourism in the second half of the year, and rising unemployment rates [1] - The firm retains a "reduce" rating as it awaits a substantial and sustainable recovery in the Hong Kong retail market [1]