内地一连八日的十一黄金周假期昨日结束，超过139.4万人次内地人来港旅游。10月9日，香港零售管理 协会主席谢邱安仪表示，金饰和化妆品的销售额录得低双位数增长，香港本地零售市道逐步稳定，市民 消费力较预期好。 谢邱安仪指，比较多会员反映，港人外游数目少过预期，有助整体生意，至于游客消费力没有太大进 步。自开关后，游客来港旅游模式转变，主要目的是深度游，购物只是顺道，消费力持续疲弱。 人流方面，她指游客区有增长，表现最好的是尖沙咀，其次是旺角及铜锣湾。谢邱安仪说，香港本地市 场个别类别生意额有下跌，但整体有平稳上升，其中金饰及化妆品明显受游客带动，不过她指出，金饰 受金价上升带动，今年金价比去年10月高3，4成，因此即使游客与去年买同一样的数量，生意额自然会 上升。她又表示，金饰及化妆品生意额有升幅亦不排除有香港本地市场带动。 对于香港财政司司长陈茂波指香港零售市场已逐步稳定，谢邱安仪表示同意，不过她认为八月份零售业 临时总销货价值并不高，只约300亿左右，只是没有比去年低位再跌，而且零售业有很多类别，当中会 有单位数升跌等差异。 ...

Retail Market Outlook - The retail market in Hong Kong is expected to remain stable in the first half of 2025, with improvements in local consumption and tourist traffic anticipated in the second half [1] - Demand for retail leasing will continue to be dominated by food and beverage operators, particularly brands targeting the mass and mid-market segments [1] - The vacancy rate in core areas decreased by 0.7 percentage points to 7.1%, leading to a quarterly rental increase of 0.9%, consistent with the first quarter of 2025, resulting in a total rental growth of 1.9% for the first half of the year [2] Industrial and Logistics Sector - Despite a cautious market sentiment, demand for high-spec metal storage warehouses is expected to rise, with warehouse rents projected to decline by 0-5% in 2025 [1] - The industrial and logistics sector is experiencing a significant drop in leasing demand due to geopolitical tensions and unclear trade policies, leading to an increase in available space and a quarterly rental decline of 0.8%, marking the sixth consecutive quarter of decline [2] - The warehouse vacancy rate rose by 0.4 percentage points to 10.3% by the end of the first half of 2025 [2] Capital Market Insights - Investors are generally adopting a cautious wait-and-see approach amid ongoing economic headwinds, with limited support from the reduction in HIBOR [3] - There are signs of market stabilization, particularly with a noticeable increase in inquiries from self-use buyers as capital values continue to decline and borrowing costs decrease [3] - Following the government's announcement of a pilot program for converting hotels into student dormitories, interest from hotel and office owners in related opportunities is expected to rise [3]