花旗发表报告指，领展房产基金9月底止上半财年每基金单位分派按年下降5.9%至1.2688港元，占全年 预测的48.7%，此结果较市场预期的按年跌幅4至5%略为逊色，原因包括香港及内地零售业租金续租租 金降幅大过预期、营运开支上升、行政管理费增加。收入按年下跌2%，完成该行全年预测的50.2%(上 年同期50.3%)，主要因香港租金续租录负增长。该行指领展旗下香港零售业务租金续租负增长扩大，续 租租金调整率为负6.4%(对比2025财年负2.2%)，受湿货市场及熟食档与一般零售店拖累。该行维持领 展"买入"评级及目标价50港元。 ...

智通财经APP获悉，领展(00823)再跌超5%，截至发稿，跌5%，报36.86港元，成交额1.68亿港元。 领展董事会主席欧敦勤表示，香港零售市况受压，但市场上的租赁需求正在复苏，相信零售销售数据已 见底回升。他续指，由于租约周期通常为3年，因此存在自然滞后效应，租金需要时间调整至正常增 长，预期下半年将继续受压。 消息面上，领展房产基金公布截至今年9月底止中期业绩，可分派总额按年下降5.6%至32.83亿元，每基 金单位分派按年下降5.9%至126.88仙。期内，收益按年减少1.8%至70.23亿元，物业收入净额减少3.4% 至51.78亿元，主要由于香港及内地的续租租金调整率为负数，反映宏观环境及零售业受压。 ...

每基金单位分派 126 88 港仙 按年 = 5.9% 2025/2026 中期业绩 应对市况挑战 领展房托展现韧力 收益 70.23亿港元 按年 = 1.8% 物业收入净额 51 78 亿港元 按年 = 3.4% ESTIST 收益 物 | 收入净额 9 29 亿 女 +4.7% •澳大利亚零售物业组合的续租租金调整率达16.3% · 租用率维持 在98.1%的健康水平 ·完成广州天河领展广场及北京通州领展广场的主要资产提升项目 ·上海的办公楼物业租用率维持稳定达96.0%,表现优于区内 平均水平 ·物流物业平均租用率为96.6%·具竞争力的地理位置有效抵御了 新增市场供应的影响 · 新加坡的零售资产裕廊坊及Swing By @ Thomson Plaza · 租用率及续租租金调整率分别录得99.8%及12.9% *变幅以港币计算 截至2025年9月30日数据 净负债比率 22.5% 每基金单位资产净值 61.19港元 香港 收益 物业收入净额 8:55 亿港元 5 106 乙港元 按年-2.4% 按年-3.7% · 零售物业组合维持97.6%的稳健租用率,反映领展社区商业资产 的优越位置 · 以及有效的资 ...

Core Viewpoint - Link REIT demonstrates resilience in its interim performance for the six months ending September 30, 2025, despite facing significant macroeconomic challenges and a complex market environment [1][2]. Financial Performance - Total revenue and property net income decreased by 1.8% and 3.4% year-on-year, reaching HKD 70.23 billion and HKD 51.78 billion, respectively, primarily due to negative rental adjustments in Hong Kong and mainland China [8]. - The total distributable amount fell by 5.6% year-on-year to HKD 32.83 billion, with the distribution per fund unit down by 5.9% to HKD 1.2688 [8]. - The net debt ratio remained low at 22.5% as of September 30, 2025 [8]. Property Performance - The retail property portfolio maintained a stable occupancy rate of 97.6%, reflecting effective asset management strategies [6][11]. - The rental adjustment rate for renewals was negative 6.4%, with retail sales declining by 2.1% year-on-year [11]. - In mainland China, the retail property portfolio's occupancy rate remained high at 95.9%, despite a negative rental adjustment rate of 16.4% [9]. Regional Insights - Hong Kong's retail sector shows signs of recovery, although the full realization of rental income will take time [11]. - The Australian retail property portfolio saw a rental adjustment rate of 16.3% and an occupancy rate of 98.1%, with tenant sales increasing by 15.3% year-on-year [14]. - Singapore's retail assets maintained strong performance with occupancy rates at 99.8% and a rental adjustment rate of 12.9% [14]. Capital Management - The company benefits from a solid capital base and liquidity, with a slight increase in the debt ratio to 24.1% as of September 30, 2025 [16]. - The total debt amount rose to HKD 55 billion, with fixed-rate debt comprising 65.8% of total debt [16]. - The average borrowing cost decreased from 3.58% to 3.22% [16].

领展(00823)午后重挫逾6%，截至发稿，跌6.22%，报38.88港元，成交额7.76亿港元。 消息面上，领展房产基金午间公布截至今年9月底止中期业绩，可分派总额按年下降5.6%至32.83亿元， 每基金单位分派按年下降5.9%至126.88仙。期内，收益按年减少1.8%至70.23亿元，物业收入净额减少 3.4%至51.78亿元，主要由于香港及内地的续租租金调整率为负数，反映宏观环境及零售业受压。 领展同时表示，尚未就收购澳洲商场权益订立具约束力协议。大摩此前发布研报称，有传闻指领展计划 斥资15亿澳元收购三个购物中心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借 贷利率3.6%及澳洲央行现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 ...

智通财经APP获悉，领展(00823)午后重挫逾6%，截至发稿，跌6.22%，报38.88港元，成交额7.76亿港 元。 领展同时表示，尚未就收购澳洲商场权益订立具约束力协议。大摩此前发布研报称，有传闻指领展计划 斥资15亿澳元收购三个购物中心各一半的股权，涉及昆士兰Sunshine Plaza 、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借 贷利率3.6%及澳洲央行现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 消息面上，领展房产基金午间公布截至今年9月底止中期业绩，可分派总额按年下降5.6%至32.83亿元， 每基金单位分派按年下降5.9%至126.88仙。期内，收益按年减少1.8%至70.23亿元，物业收入净额减少 3.4%至51.78亿元，主要由于香港及内地的续租租金调整率为负数，反映宏观环境及零售业受压。 ...

Core Viewpoint - Morgan Stanley has issued a report rating Link REIT (00823) as "Overweight," anticipating benefits from potential interest rate cuts in the U.S. and projecting an attractive dividend yield of 6.2%, with expectations of improved sales performance from Hong Kong tenants supporting the fiscal performance for the first half of FY2026, to be announced on November 20 [1] Group 1 - The report indicates that Link REIT plans to invest AUD 1.5 billion to acquire half stakes in three shopping centers from the Australian Prime Property Fund Retail, involving Sunshine Plaza in Queensland, Macarthur Square in New South Wales, and Lakeside Joondalup in Western Australia [1] - Morgan Stanley estimates that the total investment return from the transaction could reach approximately 5.4%, which is higher than the effective borrowing rate of 3.6% for FY2025 and the cash rate of 3.6% set by the Reserve Bank of Australia [1] - The acquisition is expected to increase the company's debt ratio by about 4.6 percentage points [1]

智通财经APP获悉，摩根士丹利发布研报称，对领展房产基金(00823)给予"增持"评级，预期将受惠于潜 在美国减息，并看好其预测股息回报率达6.2%的吸引水平，相信香港租户销售表现将向好，可为2026 财年上半财年业绩(11月20日公布)提供支持。 大摩指，有传领展计划斥资15亿澳元，向澳洲Australian Prime Property Fund Retail基金收购三个购物中 心各一半的股权，涉及昆士兰Sunshine Plaza、新南威尔斯州Macarthur Square以及西澳Lakeside Joondalup项目。大摩预料交易总投资收益率或达约5.4%，高于2025财年有效借贷利率3.6%及澳洲央行 现金利率3.6%，预测收购后将导致公司负债比率提升约4.6个百分点。 ...

Core Insights - The public REITs market is facing significant pressure, with a decline in new issuance enthusiasm and a wave of upcoming unlocks, leading to cautious investor sentiment [1][4][6] Group 1: Market Performance - The secondary market for public REITs has shown weak performance, with some newly listed REITs experiencing a drop below their issue price shortly after listing [2][3] - For instance, a software park REIT listed on November 6 fell below its issue price of 3.66 yuan per share, closing at 3.62 yuan a week later [2] - The overall sentiment in the secondary market has led to a rational return in investor expectations regarding new issuance profits [3] Group 2: Subscription Trends - There has been a noticeable decline in subscription enthusiasm for public REITs, with recent subscription rates significantly lower than previous highs [4] - For example, a recent logistics REIT had a subscription confirmation ratio of only 0.68% for institutional investors and 5.83% for public investors, compared to hundreds of times in earlier offerings [4] - This shift indicates a more cautious approach from investors, focusing on asset quality and pricing rationality rather than speculative participation [4] Group 3: Upcoming Unlocks - A significant wave of unlocks is anticipated in the REITs market, with multiple REITs announcing the lifting of restrictions on their shares [5][6] - For instance, the招商高速公路REIT will unlock 2.79 billion shares, accounting for 55.78% of its total shares, on November 21, 2025 [6] - The upcoming unlocks are expected to exert selling pressure on the market, particularly for REITs with high strategic investor allocations [7][8]

Core Insights - The pressure on U.S. corporations is becoming increasingly evident, with bankruptcy filings reaching 655 by the end of October 2025, nearing the total of 687 for the entire year of 2024, indicating a potential 15-year high in bankruptcy numbers [3][4] Bankruptcy Trends - In October alone, there were 68 new bankruptcy filings, slightly above the revised figure of 66 in September, and lower than the peak of 76 in August 2020 [4] - The most affected sectors include industrial companies (98 filings) and consumer discretionary (80 filings), highlighting their sensitivity to tightening financial conditions due to trade policy uncertainty, supply chain disruptions, and rising costs [6][8] Market Reactions - High-profile bankruptcies, such as First Brands Group with over $10 billion in liabilities and Tricolor Holdings, have heightened investor sensitivity to potential defaults, despite some analysts viewing these as isolated incidents [7][8] - The bankruptcy of Office Properties Income Trust (OPI), a real estate investment trust with over $1 billion in debt, further illustrates the pressures in the office REIT sector [7] Credit Market Signals - The high-yield credit default swap index (CDX North American High Yield) reached a peak of 343 basis points in mid-October, reflecting increased risk compensation demands from the market [9][10] - The ongoing rise in credit spreads indicates that refinancing difficulties are increasing, with higher funding costs likely impacting cash flow-challenged companies [10] Industry Concentration of Risk - Among the 655 companies that filed for bankruptcy this year, 345 have been categorized by specific industries, with industrial, consumer discretionary, and healthcare sectors accounting for 223 filings [10] - The combination of demand adjustments and tightening financing conditions is leading to a concentration of credit risk, with market observers noting that credit spreads remain elevated, reflecting cautious risk management in the face of slowing profit growth and persistent cost pressures [10]