碧桂园(02007)发布公告，于2026年2月2日，自2025年6月30日起计78个月到期的零息强制性可转换债券 (强制性可转换债券(A))获转换而发行7254.03万股股份。 于2026年2月2日，自2025年6月30日起计114个月到期的零息强制性可转换债券(强制性可转换债券(B))获 转换而发行5.13万股股份。 ...

招商局置地有限公司 （於開曼群島註冊成立之有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA MERCHANTS LAND LIMITED 承董事會命 招商局置地有限公司 主席 朱文凱 香港，二零二六年二月二日 於本公告日期，董事會由非執行董事朱文凱先生、余志良先生及李堯先生；執行董事蘇 樹輝博士、黃競源先生及陳燕女士以及獨立非執行董事王永權博士、陳燕萍女士、史新 平博士及葉文祺先生組成。 （股份代號：978） –2– 截至二零二五年十二月三十一日止年度之 未經審核營運數據 招商局置地有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司 （「本集團」）連同其聯營公司及合營公司之若干未經審核營運數據。 截至二零二五年十二月三十一日止年度，本集團連同其聯營公司及合營公司獲得合同銷 售總額約為人民幣32,308百萬元，而合同銷售總面積約為1,296,558平方米。截至二零二 五年十二月三十一日止年度之平均售價約為每平方米 ...

里昂发布研报称，恒隆地产(00101)去年度业绩大致符合预期，管理层表明"恒隆V3"模式对现有旗舰资 产采用存量优化的低资本开支扩张模式，配合正进行的去杠杆计划，旨在推动更快速的租金增长。恒隆 中国零售物业的租户销售额在2025年下半年录得强劲增长，主要由非奢侈品类别带动。里昂收窄了对其 每股资产净值的预期折让幅度，并将目标价从7.7港元上调至9.2港元，以反映租户销售表现正面对固定 续租租金潜在增长的支持，维持"持有"评级，仍预期V3模式需时见效。 ...

智通财经APP获悉，里昂发布研报称，恒隆地产(00101)去年度业绩大致符合预期，管理层表明"恒隆 V3"模式对现有旗舰资产采用存量优化的低资本开支扩张模式，配合正进行的去杠杆计划，旨在推动更 快速的租金增长。恒隆中国零售物业的租户销售额在2025年下半年录得强劲增长，主要由非奢侈品类别 带动。里昂收窄了对其每股资产净值的预期折让幅度，并将目标价从7.7港元上调至9.2港元，以反映租 户销售表现正面对固定续租租金潜在增长的支持，维持"持有"评级，仍预期V3模式需时见效。 ...

Group 1 - Bank of America Securities reaffirms "Buy" rating for Hang Lung Properties (00101) with a target price of HKD 10.4 [1] - The expected core profit for the fiscal year 2026 is projected to decline slightly by 1%, primarily due to the offsetting effects of improved retail rental growth and development property profits against declining office income and significantly reduced capitalized interest [1] - The current dividend yield for Hang Lung is 5.5%, with a discount of approximately 60% to net asset value, indicating attractive valuation [1] Group 2 - Management noted that despite unfavorable comparisons due to the different timing of the Lunar New Year in 2026 versus 2025, sales for tenants in mainland China remained relatively stable in January [2] - Luxury retail is expected to decline by 1% from the estimates for fiscal year 2025, recovering to low to mid-single-digit growth in fiscal year 2026, while non-luxury categories are anticipated to perform better [2] - Shanghai's Hang Lung Plaza (Plaza66) is projected to improve retail growth from a year-on-year increase of 1% in the second half of 2025 to a year-on-year growth of 4% in fiscal year 2026 [2]

Group 1 - Bank of America Securities reaffirms "Buy" rating for Hang Lung Properties (00101) with a target price of HKD 10.4 [1] - Core profit is expected to slightly decline by 1% in FY2026, primarily due to offsetting factors such as improved retail rental growth and development property profits against declining office income and significantly reduced capitalized interest [1] - The current dividend yield for Hang Lung is 5.5%, with a discount of approximately 60% to net asset value, indicating attractive valuation [1] Group 2 - Management noted that despite unfavorable comparisons due to the different timing of the Lunar New Year in 2026 versus 2025, sales for tenants in mainland China remained relatively stable in January [2] - Luxury retail is projected to decline by 1% from FY2025 estimates, recovering to low to mid-single-digit growth in FY2026, while non-luxury categories are expected to perform better [2] - Shanghai's Hang Lung Plaza (GG66) is forecasted to achieve stable rental growth of 3%, while retail growth at Plaza 66 is expected to improve from 1% year-on-year in the second half of 2025 to 4% year-on-year in FY2026 [2]

Core Insights - The overall performance forecast for real estate companies in 2025 indicates significant losses, with 49 out of 65 A-share listed companies expected to report losses, accounting for over 70% of the total [1][4] - Vanke A leads in projected losses, estimating a net profit loss of approximately 82 billion yuan, a substantial increase from the previous year's loss of about 49.48 billion yuan [1] - Other companies such as China Fortune Land Development, Greenland Holdings, and China Overseas Land & Investment also anticipate significant losses, with projections exceeding 10 billion yuan [2] Company Performance - Vanke A's projected net profit loss for 2025 is around 82 billion yuan, with a non-recurring loss of about 80 billion yuan, compared to previous losses of 49.48 billion yuan and 45.39 billion yuan respectively [1] - China Fortune Land Development expects a net profit loss between 24 billion and 16 billion yuan, while Greenland Holdings anticipates a loss between 19 billion and 16 billion yuan [2] - Poly Developments managed to maintain a slight profit, with a net profit of approximately 1.03 billion yuan, although this represents a 79.49% decrease year-on-year [3] Industry Overview - The total projected loss for the 49 companies is estimated to be between 202.6 billion and 235.2 billion yuan, indicating a severe downturn in the real estate sector [4] - The overall net profit for the 65 companies, including those expected to be profitable, is projected to be between -164 billion and -202.2 billion yuan, suggesting that the real estate sector may face losses exceeding 200 billion yuan [4] - The real estate market is still in a "de-inventory" phase, with pressures on sales and prices, although there are signs of stabilization in key cities [5]

Core Viewpoint - Morgan Stanley believes that the ongoing recovery of tenant sales in mainland China will drive a revaluation of Hang Lung Properties (00101), raising the target price from HKD 11.5 to HKD 12, making it one of the bank's top picks [1] Group 1: Financial Performance - The performance for the fiscal year 2025 confirms a recovery in tenant sales for Hang Lung Properties, with a year-on-year growth of 18% in Q4 2025, reaching a historical high, compared to a 10% year-on-year growth in Q3 2025 [1] - Management anticipates a mid-single-digit percentage growth in tenant sales for the fiscal year 2026, with positive momentum continuing until January 2026 [1] Group 2: Valuation and Market Position - Hang Lung Properties is currently trading at a 66% discount to net asset value, with a price-to-book ratio of 0.3 and a dividend yield of 5.5%, indicating that the company is still undervalued [1] - Despite low single-digit growth of international luxury brands in China, investors may overlook the strong growth of non-luxury brands, which account for half of tenant sales [1] Group 3: Rental Income Strategy - There are concerns among some investors regarding the lag in rental income growth compared to tenant sales growth; however, Morgan Stanley believes that they underestimate Hang Lung Properties' efforts to convert more variable rent into fixed rent, which helps stabilize rental income during downturns [1]

Core Viewpoint - Morgan Stanley believes that the ongoing recovery of tenant sales in mainland China will lead to a revaluation of Hang Lung Properties (00101), raising the target price from HKD 11.5 to HKD 12, making it one of the bank's top picks [1] Group 1: Financial Performance - The performance for the fiscal year 2025 confirms a recovery in tenant sales for Hang Lung Properties, with a year-on-year growth of 18% in Q4 2025, reaching a historical high, surpassing the 10% year-on-year growth in Q3 2025 [1] - Management anticipates a mid-single-digit percentage growth in tenant sales for the fiscal year 2026, with positive momentum continuing until January 2026 [1] Group 2: Valuation Metrics - Hang Lung Properties is currently trading at a 66% discount to net asset value, with a price-to-book ratio of 0.3 and a dividend yield of 5.5%, indicating potential upward risk starting from the fiscal year 2027 [1] - The bank considers Hang Lung Properties to be undervalued based on these metrics [1] Group 3: Market Position and Growth Drivers - Hang Lung Properties operates as a "luxury retail agent" in China, where international luxury brands are experiencing low single-digit growth, which may not seem attractive [1] - However, investors may overlook the strong growth of non-luxury brands, which account for half of tenant sales [1] - There is a perception that rental income growth is lagging behind tenant sales growth, but Morgan Stanley believes this underestimates Hang Lung Properties' efforts to convert more variable rents into fixed rents, which helps stabilize rental income during downturns [1]

Core Viewpoint - The Shenzhen real estate market has shown signs of recovery in January 2026, following a significant adjustment in 2025, with both transaction volume and prices stabilizing and increasing [1][3]. Market Performance - In January 2026, the transaction volume of second-hand residential properties in Shenzhen reached a near 10-month high, with a month-on-month increase of 18.9% and a year-on-year increase of 80% [2][4]. - The average transaction price for second-hand residential properties in Shenzhen was 57,800 yuan/m², reflecting a month-on-month increase of 0.5%, marking the second consecutive month of price growth [6]. Buyer and Seller Sentiment - A survey indicated that 53% of respondents expect an increase in transaction volume for 2026, while 43% believe prices will remain stable, indicating a consensus on "volume up, price stable" [7]. - 90% of homeowners are unwilling to sell at a loss, with over one-third expecting to sell at least 10% above their cost price, which supports price stability in the market [10]. Capital Market Response - The positive sentiment in the Shenzhen real estate market has also been reflected in the capital markets, with both A-shares and Hong Kong stocks in the real estate sector showing strong performance, gaining over 5% in the last week of January [11]. - Analysts from various brokerage firms have noted that while profits for many real estate companies remain under pressure, there are emerging positive signals in the market, suggesting a potential recovery in the sector [12].