摩根大通发表研报指，考虑到多只香港地产股已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，摩通认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。 该行首选恒隆地产和太古地产，因该两只股票在内地的零售业务持续改。若九龙仓置业管理层在今年3 月的业绩发布会上，对租户销售前景表态转为更积极，也有可能成为一匹黑马。在发展商中，该行则偏 好信和置业和恒基地产，但总体上建议等待更好的入场时机。 ...

Group 1 - The core viewpoint of the article is that multiple brokerages have raised their forecasts for Hong Kong's property price growth to between 5% and 10%, which has led to an 11% increase in Hong Kong real estate stocks this year, outperforming the Hang Seng Index by 6% [1] - Morgan Stanley believes that the market has already priced in a solid recovery in Hong Kong's property market over the next two years, as many companies' stock prices have reached or are close to historical highs [1] - The firm suggests that rental stocks have greater potential for upside, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most still trading over 30% below their peaks [1] Group 2 - Morgan Stanley's top picks include Hang Lung Properties (00101) and Swire Properties (01972), due to their ongoing improvements in retail operations in mainland China [1] - Kowloon Development (01997) could become a dark horse if its management expresses a more positive outlook on tenant sales during the earnings release in March [1] - Among developers, Morgan Stanley prefers Sino Land (00083) and Henderson Land (00012), but generally advises waiting for a better entry point [1]