摩通大根表示，11月零售轻微放缓，或部分由于11月底大埔宏福苑大火影响情绪。该行预计香港12月零 售销售录低至中单位数增长(意味轻微放缓)，因电子产品强劲升势或减退；12月入境旅客同比增幅轻微 放缓；大埔火灾持续影响消费情绪。不过，该行料零售消费续受股市楼市带来财富效应；及港元贬值所 支撑。该行维持对九置的建设性看法，评级"增持"，因有迹象显示非必需零售走出谷底。 九龙仓置业(01997)跌超4%，截至发稿，跌4.28%，报24.16港元，成交额2719.08万港元。 消息面上，1月2日，香港特区政府统计处发表最新的零售业销货额数字。2025年11月的零售业总销货价 值的临时估计为337亿港元，较2024年同月上升6.5%。2025年10月的零售业总销货价值的修订估计较 2024年同月上升6.9%。香港零售管理协会主席谢邱安仪预期，2026年上半年香港零售额持平，港人北 上仍然会持续，消费力不会有太大改变，未来希望吸引高消费客户，但需要时间带动。 ...

消息面上，1月2日，香港特区政府统计处发表最新的零售业销货额数字。2025年11月的零售业总销货价 值的临时估计为337亿港元，较2024年同月上升6.5%。2025年10月的零售业总销货价值的修订估计较 2024年同月上升6.9%。香港零售管理协会主席谢邱安仪预期，2026年上半年香港零售额持平，港人北 上仍然会持续，消费力不会有太大改变，未来希望吸引高消费客户，但需要时间带动。 摩通大根表示，11月零售轻微放缓，或部分由于11月底大埔宏福苑大火影响情绪。该行预计香港12月零 售销售录低至中单位数增长(意味轻微放缓)，因电子产品强劲升势或减退；12月入境旅客同比增幅轻微 放缓；大埔火灾持续影响消费情绪。不过，该行料零售消费续受股市楼市带来财富效应；及港元贬值所 支撑。该行维持对九置的建设性看法，评级"增持"，因有迹象显示非必需零售走出谷底。 智通财经APP获悉，九龙仓置业(01997)跌超4%，截至发稿，跌4.28%，报24.16港元，成交额2719.08万 港元。 ...

Core Viewpoint - The company is focusing on a dual-track strategy of "clean energy" and "retail consumption" to enhance its overall competitiveness and improve operational performance [1] Group 1: Clean Energy Business - The company's energy business is concentrating on the advancement of wind and solar power projects for green hydrogen and green alcohol production [1] - Optimization of operations for integrated energy stations is a key focus area [1] - The company is also engaged in the refined operation of hydrogen-powered shared bicycles [1] Group 2: Retail Business - The commercial retail segment is primarily focused on deepening its presence in the domestic consumer market [1] - The company is involved in the retail of international brand apparel, footwear, bags, and other goods [1] Group 3: Strategic Transformation - The company is actively pursuing a strategic transformation aimed at enhancing operational performance [1] - Efforts are being made to improve the overall competitiveness of the company [1]

Core Viewpoint - The company is focusing on a dual strategy of "clean energy" and "retail consumption" in the first half of 2025, aiming to enhance its operational capabilities and profitability through strategic project advancements [1] Group 1: Clean Energy Strategy - The energy business will concentrate on advancing projects related to wind and solar energy for green hydrogen and green alcohol production [1] - The optimization of integrated energy station operations and the refined management of hydrogen-powered shared bicycles are key components of the strategy [1] - The progression of these clean energy projects is expected to improve the company's industrial structure and strategic layout in the renewable energy sector [1] Group 2: Retail Consumption Strategy - The commercial retail business will primarily focus on the domestic consumer market, engaging in the retail of international brand apparel, footwear, bags, and other goods [1] - The emphasis on the domestic market is aimed at capitalizing on consumer demand and enhancing the company's market presence [1] Group 3: Future Outlook - The company anticipates that if market conditions align with expectations, it will further enhance its sustainable operational capabilities and profitability [1] - The overall goal is to achieve healthy and sustainable development for the company in the long term [1]

Core Viewpoint - The retail sector in Hong Kong shows a slight increase in sales value for July 2025, indicating a potential recovery in consumer sentiment driven by large events and a rebound in the stock market [1] Retail Sales Performance - The total estimated sales value for Hong Kong's retail industry in July 2025 is HKD 29.7 billion, representing a 1.8% increase compared to the same period last year [1] - Online retail sales for July 2025 are estimated at HKD 2.6 billion, marking a 13.2% increase year-on-year [1] - By category, the sales value for supermarkets increased by 0.2%, while other unspecified consumer goods rose by 9.8%, and jewelry, watches, and luxury gifts increased by 9.4%. Conversely, the sales value for food, alcoholic beverages, and tobacco decreased by 3.1% [1] Year-to-Date Performance - The total estimated sales value for the first seven months of the year shows a decrease of 2.6% compared to the same period last year [1] Future Outlook - The Chief Economist and Strategist of Dah Sing Financial Group suggests that ongoing large-scale events and the recent recovery of the Hong Kong stock market may help boost consumer sentiment in the short term [1] - A government spokesperson indicates that the retail sector's performance remains stable, and consumer sentiment is expected to remain steady, supported by government efforts to promote tourism and major events [1]

Group 1: Residential Market Insights - The Hong Kong residential market saw a 17% month-on-month increase in total transaction volume in June, driven by a 28% surge in primary residential sales [1] - Despite the increase in transaction volume, residential prices are under pressure, with a 0.9% decline year-to-date and a 6.2% year-on-year decrease as of May [1] - The most sought-after residential properties are priced between 12 to 15 million HKD, with the most active areas being Wong Chuk Hang and Ma On Shan [1] - The luxury residential market recorded 54 transactions exceeding 78 million HKD in the second quarter, a 29% increase from the previous quarter [1] - The rental market for luxury properties is performing well, with a 0.7% month-on-month increase in May and a 1.4% increase year-to-date, driven by demand from non-local professionals and students [1] - The forecast for general residential prices is a potential decline of up to 3% this year, while luxury and general residential rents are expected to rise by 3% to 5% [1] Group 2: Office Market Dynamics - The Grade A office market is showing signs of recovery, with hedge funds being the primary tenants and significant leasing activity, such as Jane Street leasing 223,000 square feet in Central [2] - The demand for well-located, high-quality office spaces in Central remains strong, particularly for units sized between 3,000 to 5,000 square feet [2] - The IPO market in Hong Kong is performing well, attracting mainland enterprises, which is expected to boost office leasing demand in the second half of the year [2] - The Kowloon office market faces challenges due to global trade uncertainties, with subdued leasing activity noted in Kowloon East [2] - Rental prices in Tsim Sha Tsui have seen a slight increase of 0.7%, with demand primarily from the insurance, finance, and professional services sectors [2] Group 3: Retail Market Trends - The retail sector is experiencing a slowdown in expansion plans as local consumer spending decreases despite rising incomes [3] - The interest of mainland tourists in luxury goods has diminished, impacting retail strategies [3] - The consumption patterns of local citizens are evolving, with Generation Z becoming a key driver in luxury spending, emphasizing brand value, sustainability, and pricing transparency [3] - Although the tourism industry in Hong Kong is recovering, retail consumption across various sectors has not fully rebounded [3]

Capital Markets - Hong Kong's market outlook includes observations on IPO activity [1] Digital Assets - The report covers stablecoins [1] Consumer & Retail - The report analyzes retail consumption trends in Hong Kong [1] Real Estate - The report examines the residential and office property markets in Hong Kong [1]