Core Viewpoint - The chairman of Meilian Group (01200), Huang Jianye, predicts a 10% increase in property prices for the year 2026, primarily focusing on small to medium-sized residential properties and high-end new buildings [1] Group 1: Market Performance - The real estate market has shown good performance, and the government does not need to implement new measures to stimulate the market [1] - A total of 85,000 transactions are expected, including 22,000 new properties, 50,000 second-hand properties, and 5,000 commercial properties [1] Group 2: Commercial Properties - Commercial properties require time to find support points, but there is confidence that these points will be identified soon [1] - The chairman hopes the government can assist commercial property investments, such as channeling investment immigration funds into commercial properties [1] Group 3: Tax Policy - Regarding the potential further relaxation of the stamp duty exemption limit to properties valued at HKD 6 million, the chairman indicated a willingness to suggest a slight relaxation to the government, but not to the full HKD 6 million limit [1] Group 4: Company Strategy - The group plans to expand its workforce and branches in 2026 based on market conditions [1]

该行将新鸿基地产评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目 标价相当于资产净值折让率20%。该行亦看好信和置业及恒基地产，前者特别适合追求收益的投资者， 而后者则有待业绩公布及股息政策更明朗；3月中旬会是更佳入市时机。 摩根大通将今年香港楼价升幅预测由5%-7%，上调至10%-15%，并预期明年再升约5%。该行认为行业 已进入新阶段，由复苏初期迈向扩张期。在乐观市场环境下，该行认为估值标准正由股息收益率转向资 产净值折让。 ...

摩根大通发布研报称，将今年香港楼价升幅预测由5%至7%，上调至10%至15%，并预期明年再升约 5%。该行认为行业已进入新阶段，由"复苏初期"迈向"扩张期"。 摩根大通发布研报称，将今年香港楼价升幅预测由5%至7%，上调至10%至15%，并预期明年再升约 5%。该行认为行业已进入新阶段，由"复苏初期"迈向"扩张期"。 在乐观市场环境下，该行认为估值标准正由"股息收益率"转向"资产净值折让"。因此，将新鸿基地产 （00016）评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目标价相当 于资产净值折让率20%。 同时，该行亦看好信和置业（00083）及恒基地产（00012），前者特别适合追求收益的投资者，而后者 则有待业绩公布及股息政策更明朗；3月中旬会是更佳入市时机。该行亦将其所覆盖的行业股份目标价 整体上调13%至49%。 责任编辑：史丽君 在乐观市场环境下，该行认为估值标准正由"股息收益率"转向"资产净值折让"。因此，将新鸿基地产 （00016）评级上调至"增持"，予市场最高目标价162港元，估值参考扩张期历史平均水平，目标价相当 于资产净值折让率20%。 同时，该行亦看好信和置 ...

高盛根据最新楼价预测及未来新盘推售时间表，调整香港地产股2025至2027年核心每股盈利预测，由下 调15%至上调33%不等。其中，高盛将恒地及信置(0083.HK)评级，由"沽售"一举升至"买入"，因两者更 能受惠于住宅市场上升周期，恒地目标价大升102%至39港元，信置目标价升95%至14.6港元。该行并重 申新地的"买入"评级，目标价升66%至159港元；3家公司的单位库存占市场整体约36%，并有不同新项 目正在推进。高盛将长实评级由"买入"降至"中性"，因其香港物业市场敞口较小，目标价升10%至53港 元。此外，高盛调低九龙仓置业(1997.HK)评级，由"买入"降至"沽售"，领展(0823HK)评级则由"买 入"下调至"中性"，因两者对零售业敞口较大，且各自面临特定问题或其他结构性挑战，九置目标价降 7%至28港元，领展目标价则降15%至41.3港元。高盛亦将港铁(0066.HK)评级由"中性"降至"沽售"，惟 升目标价15%至36.1港元。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00012 ...

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rental rates for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, supported by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Stock Recommendations - Morgan Stanley prefers stocks such as Sun Hung Kai Properties (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Development Challenges - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rents for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, driven by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Company Preferences - Morgan Stanley prefers New World Development (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the commercial property vacancy rate remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Risk Factors - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1] - Geopolitical risks and macroeconomic uncertainties may pose downward pressure on the market [1]

Group 1 - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% growth in rental rates for this year [1] - The firm favors New World Development, Cheung Kong Property, and Henderson Land Development, assigning them "overweight" ratings, while it is bearish on Wharf Real Estate Investment Company, giving it a "underweight" rating [1] - Recent discussions with JLL Hong Kong Chairman, C. K. Chan, indicated that strong purchasing power from mainland buyers is expected to drive property prices up by 5% this year after hitting a bottom last year, with this upward cycle likely to continue for several years [1] Group 2 - The report highlights that a reduction in interest rates and favorable capital market performance could provide further upward momentum for the property market, although geopolitical risks and macroeconomic uncertainties may pose downward pressures [1] - Despite an overall improvement in market sentiment, C. K. Chan noted that the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1]

Core Viewpoint - Morgan Stanley expresses an optimistic outlook on the Hong Kong residential market, predicting a 10% annual increase in property prices by 2026 and a 5% growth in rental prices, although stock prices are expected to experience increased volatility ahead of earnings season [1] Group 1: Market Predictions - Property prices in Hong Kong are expected to rebound by 5% this year after hitting a low last year, with a potential upward cycle lasting several years, according to JLL Hong Kong Chairman, C. H. Tsang [1] - The forecast includes a 10% annual increase in property prices by 2026 and a 5% increase in rental prices [1] Group 2: Stock Ratings - Morgan Stanley favors stocks of Sun Hung Kai Properties, Cheung Kong Holdings, and Henderson Land Development, assigning them an "Overweight" rating [1] - The firm holds a negative outlook on Wharf Holdings and New World Development, assigning them a "Underweight" rating [1]

Group 1 - The core viewpoint indicates that Hong Kong's property prices and rents continue to rise, with property prices reversing a three-year decline, showing a year-on-year increase of 3.25% [1] - The latest data from the Rating and Valuation Department shows that the private residential price index reached 298.6 points in December 2025, up 0.23% from November, marking a stable or rising trend for nine consecutive months, with a cumulative rebound of 4.81% since the low in March [1] - The property price index in the second half of 2025 increased by 4.15%, the best performance in six and a half years, indicating a significant recovery [1] Group 2 - The rental index also saw an increase, rising 0.10% month-on-month in December 2025 to 200.7 points, marking two consecutive months of record highs [2] - The rental index for the entire year of 2025 increased by 4.26%, continuing a three-year upward trend and expanding by 0.77 percentage points compared to 2024 [2] - For January 2026, rents are expected to remain stable with a slight increase of 0.45% in the first quarter, while the overall rental increase for 2026 is projected at 3% [2]

Core Viewpoint - The property market in Hong Kong shows a positive outlook for 2026, with expectations of a price increase of approximately 10% to 15% if the interest rate and policy environment remain favorable [1] Group 1: Market Performance - In December of last year, the recorded profit margin for second-hand private residential properties was approximately 65.9%, reflecting a month-on-month increase of about 1 percentage point and marking a five-month consecutive rise, reaching a ten-month high [1] - The profit margin for the top ten housing estates was recorded at about 81.9%, which is approximately 16 percentage points higher than the overall market profit margin [1] Group 2: Future Expectations - The trend of rising volume and prices in the property market is expected to continue, supported by favorable interest rates and policies [1]