Overview - The report emphasizes "profit certainty" and "policy resonance" as key themes, indicating a shift in market dynamics from "expectation speculation" to "profit verification" as macro policies and corporate earnings reports converge in March [5][6]. Market Insights - The macro strategy team highlights that the market is currently pricing in a pause from the Federal Reserve in March, with the focus on domestic growth signals becoming clearer as the "Two Sessions" will reveal annual economic targets and fiscal details [5][6]. - The report anticipates that the Hong Kong stock market will likely experience a revaluation in March, driven by passive fund adjustments and a focus on the quality of free cash flow and ROE improvements by long-term institutional investors [5][6]. Key Variables for March - The report identifies three main variables to watch in March: 1. The effectiveness of policy implementation from the "Two Sessions," focusing on GDP growth targets and fiscal measures [6]. 2. Corporate earnings guidance and share buyback activities during the earnings season [6]. 3. The Federal Reserve's guidance on future interest rate cuts, particularly regarding the summer window [6]. Industry Allocation - The report suggests a "barbell strategy" focusing on sectors with profit certainty and policy resonance: 1. **Internet and New Economy Growth**: Emphasis on head internet platforms with low valuations and increased buyback activities, alongside AI applications and smart driving assets [7]. 2. **Hard Technology and Overseas Manufacturing**: Focus on high visibility in semiconductor processes and equipment, as well as resilient demand in engineering machinery and appliances [7]. 3. **Global Pricing of Upstream Resources**: Metals like gold, copper, and aluminum are highlighted as inflation hedges amid global manufacturing recovery [7]. 4. **Low-Volatility Dividend Assets**: Telecom operators and core hydropower assets are noted for their defensive value [7]. Company-Specific Insights - **Cheung Kong Property Trust (778HK)**: Target price of 5.92 HKD with an 8.8% upside, driven by stable earnings and high dividend yield [10][11]. - **NVIDIA (NVDAUS)**: Target price of 260 USD with a 40.6% upside, supported by strong demand for AI chips and a robust supply chain [13][15]. - **Broadcom (AVGOUS)**: Target price of 460 USD with a 43.0% upside, driven by anticipated growth in AI revenue [23][25]. - **Xpeng Motors (9868HK)**: Target price of 134.69 HKD with a 97.1% upside, driven by new vehicle launches and overseas expansion [30][35]. - **Sihuan Pharmaceutical (2096HK)**: Target price of 16.40 HKD with a 32.3% upside, supported by new product launches and strong revenue growth [37][39]. - **Pop Mart (9992HK)**: Target price of 401.60 HKD with a 74.8% upside, focusing on IP platform strategy and overseas market growth [43][45]. - **China Resources Power (836HK)**: Target price of 21.50 HKD with a 12.7% upside, driven by renewable energy growth and stable dividend yield [48][50].

瑞银发表研报指，港府公布新一份《财政预算案》，与市场预期相反，当中并未推出任何对住宅市场正 面刺激措施，例如放宽强积金置业或削减印花税，反而宣布将价值超过1亿港元的住宅物业交易印花 税，由4.25%上调至6.5%；预计该举措对豪宅发展商不利。在瑞银涵盖的股份中，九龙仓集团持有最多 香港超豪华住宅物业，占其资产净值17%，其次是嘉里建设、恒地占4%和新地占2%。 而《预算案》重申推动房托互联互通的承诺，亦将提出修订条例草案，以便利房地产信托基金进行私有 化或重组；并对于寻求上市的房地产信托基金，在注入非住宅物业时将获豁免印花税。瑞银预计，有关 措施将对领展房产基金和置富产业信托轻微利好。瑞银继续看好领展，认为风险回报吸引，股息率约 7%，租户销售及续租租金今年下半年有望逐渐改善，以及潜在基金单位回购。 ...

Market Performance - The Hang Seng Index closed at 26,765.72, up 175 points or 0.66%[2] - The Shanghai Composite Index rose to 4,147.23, an increase of 0.72%[2] - The Shenzhen Component Index increased by 1.29%, closing at 14,475.87[2] Economic Indicators - Hong Kong's inflation rate slowed to 1.1% in January, down from 1.4% in December[6] - The basic inflation rate, excluding one-off government relief measures, was 1%[6] - The year-on-year price increases for various categories included electricity, gas, and water at 3%[6] Corporate Earnings - Hong Kong's San Miguel Brewery reported a profit of HKD 76.12 million for the year, compared to a loss of HKD 20.10 million the previous year[11] - New World Development's rental income from office spaces is expected to decline at a slower rate, with occupancy rates stabilizing at 81.6%[12] - Neway Data's net profit for the six months ending December rose by 9.72% to HKD 531 million[13] Government Fiscal Policy - The government plans to increase tax allowances for dependents, estimating a reduction in tax revenue by HKD 5 billion this fiscal year[7] - The Financial Secretary proposed transferring HKD 150 billion from the Exchange Fund to support infrastructure projects[8] - The Exchange Fund recorded an investment income of over HKD 330 billion in 2025, with total reserves exceeding HKD 780 billion[8] Industry Developments - Steel mills in northern China are required to reduce production by at least 30% to improve air quality during the upcoming National People's Congress[9]

Group 1: Market Overview - The Hang Seng Index closed at 26,765.72, up 175 points or 0.66%, after fluctuating throughout the day, with a high of 26,870 and a low of 26,632 [2][3] - The total market turnover was 236.765 billion, with a net outflow of 4.057 billion from northbound trading [2] Group 2: Economic Indicators - Hong Kong's inflation rate slowed to 1.1% in January, down from 1.4% in December, with the basic inflation rate at 1% [6] - The year-on-year price increases in January were noted in categories such as electricity, gas, and water (3%), miscellaneous services (2.9%), and transportation (1.3%) [6] Group 3: Company News - Hong Kong Sheng Li Beer reported a profit of 76.119 million, with a revenue increase of 3.68% to 737 million [11] - Crown Property Trust's CEO indicated a narrowing decline in office rental income, with a stable occupancy rate of 81.6% and a positive outlook for retail due to increased consumer spending [12] - Neway Group reported a 9.72% increase in shareholder profit to 531 million, attributed to lower borrowing costs and growth in data center revenue [13] - Sinopharm's expected profit for the year is projected to be between 1.3 billion to 1.4 billion, reflecting a growth of approximately 80.1% to 93.9% [14]

Investment Rating - The report provides a consensus target price of 3.27 Singapore dollars for the company [12] Core Insights - CapitaLand Ascendas REIT (CLAR) reported a 1.9% decline in the distribution per unit (DPU) for FY2025 compared to market expectations, primarily due to timing differences in equity financing acquisitions [4] - The company achieved a revenue growth of 1.0% year-on-year to 1.54 billion Singapore dollars, driven by acquisitions in Singapore and the US [4] - The management has indicated a mid-single-digit rental growth forecast for FY2026, mainly from logistics assets in Singapore and Australia [4][5] - The overall occupancy rate decreased by 190 basis points year-on-year to 90.9%, with significant declines in the UK and Europe [5] - The company plans to divest assets worth 300 to 500 million Singapore dollars to support acquisitions and may consider further equity financing [4][6] Financial Performance - For FY2025, the DPU was reported at 15.01 Singapore cents, a decline of 1.3% year-on-year [4] - The net property income (NPI) margin improved by 50 basis points to 69.4% due to cost control measures [4] - The asset portfolio's revaluation value increased by 8.6% year-on-year, with a same-store growth of 2.0% [4] Market Position - CapitaLand Ascendas REIT is Singapore's first business space and industrial real estate investment trust, expanding from 5.45 billion Singapore dollars in assets at its listing in 2002 to 17 billion Singapore dollars by June 2023 [10] - The asset distribution is primarily in Singapore (63%), followed by the US (14%), Australia (14%), and the UK/Europe (9%) [10] Catalysts - Potential catalysts for the stock price include a pause or reduction in interest rates, improving DPU growth prospects, and alleviating balance sheet concerns [7]

观点网讯：2月6日，越秀房地产投资信托基金公告，拟在15亿美元有担保中期票据计划下发行两笔有担 保绿色票据。 根据公告内容，其中美元票据发行规模3亿美元，票息6.50厘，人民币票据发行规模6.9亿元，票息3.50 厘，两款票据均于2029年到期，按面值发售，仅面向专业投资者，拟在联交所上市。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Market Overview - The market is transitioning from strong expectations to a "data verification" phase as the Spring Festival approaches, with a focus on marginal improvements in fundamental data[3] - Southbound capital continues to flow into the market, supporting Hong Kong stocks, which are expected to experience a "stock-heavy, index-light" structural market[3] Key Variables for February - Attention will be on post-Spring Festival consumption data, including tourism, dining, and real estate sales, which may reflect the effectiveness of the "resident income increase plan" and domestic demand expansion[4] - The upcoming "Two Sessions" will provide insights into fiscal policies, particularly regarding long-term special bonds and "new productivity," which could influence market sentiment towards infrastructure and technology sectors[4] - The market's confidence in the Fed's interest rate cuts may be affected by resilient U.S. inflation data, necessitating close monitoring of the dollar index's impact on Hong Kong stock liquidity[4] Sector Focus - Consumer and internet sectors are expected to benefit from positive Spring Festival data, with a focus on policy-driven areas like hospitality and food and beverage[5] - Hard technology and overseas manufacturing sectors are promising, particularly in semiconductors and consumer electronics, as well as leading companies in engineering machinery and home appliances[5] - Upstream resource products, such as copper and aluminum, are anticipated to perform well due to a recovering global manufacturing PMI and post-holiday inventory replenishment expectations[5] Stock Recommendations - **Cheung Kong Property Trust (778HK)**: Target price of HKD 5.92, potential upside of 15.9%, with a strong dividend yield over 7%[9] - **NVIDIA (NVDAUS)**: Target price of USD 245.00, potential upside of 27.3%, driven by sustainable AI demand[13] - **Hesai Technology (2525HK)**: Target price of HKD 269.66, potential upside of 35.0%, benefiting from L3 autonomous driving advancements[20] - **Sangfor Technologies (1530HK)**: Target price of HKD 39.50, potential upside of 65.1%, with strong growth prospects from core products[27] - **Midea Group (000333CH)**: Target price of HKD 96.20, potential upside of 23.5%, supported by robust market leadership and dividend policies[32] - **GCL-Poly Energy (3800HK)**: Target price of HKD 1.54, potential upside of 37.5%, benefiting from developments in perovskite technology and commercial aerospace[38]

（原标题：春泉产业信托(01426)：华贸物业第四季度平均租用率约为87%） 惠州物业于2025年12月31日的总可出租面积为102,859 平方米。该物业的总可出租面积可能会因配合租 户的需求而进行重新配置而不时产生变化。 智通财经APP讯，春泉产业信托(01426)发布公告，截至2025年12月31日止三个月，华贸物业平均月租约 为每平方米(平方米)人民币339元，与上一季度相比下降0.9%，平均租用率约为87%，与上一季度相比 增长3个百分点。截至2025年12月31日的租用率约为 90%。北京办公楼市场仍然充满挑战，团队将继续 优先维持出租率，而非租金。 春泉产业信托于2022年9月28日完成收购惠州物业68%的权益。截至2025年12月31日止三个月，惠州物 业平均月租约为每平方米人民币170元，其中包括固定租金每平方米人民币149元(2025年第三季度：每 平方米人民币150元)，及浮动租金每平方米人民币21元(2025年第三季度：每平方米人民币17元)，与上 一季度相比增长1.8%，平均租用率约为98%，与上一季度相比增长1个百分点。 ...

Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT (01503) in Q4 was 77%, while the overall property occupancy rate was 80.8% [1] - The Shenzhen office leasing market remains under pressure due to high supply and rental declines, with structural differentiation in demand and ongoing de-leasing pressure [1] - The Grade A office building, New Era Plaza, signed several quality tenants during the quarter, increasing its overall occupancy rate by 9.2 percentage points to 66.1%, with current rent rising from RMB 139.2 per square meter to RMB 141.9 per square meter [1] Group 2 - The occupancy rate of the Technology Tower decreased by 6.6 percentage points to 72.8% due to the expiration of leases from major tenants, who may continue to adjust their leasing strategies [2] - The second phase of the Technology Tower and the Digital Tower also experienced declines in occupancy rates of 10.3 percentage points and 6.4 percentage points, respectively, due to lease expirations at year-end [2] - The Garden City Shopping Center maintained a strong operational performance, with high occupancy rates supported by increased foot traffic and sales during the year-end peak season [2]

Group 1 - The average occupancy rate of the office portfolio for China Merchants Commercial REIT was 77% in Q4, with an overall property occupancy rate of 80.8% [1] - The Shenzhen office leasing market remains under pressure due to high supply and rental declines, with structural differentiation in demand and ongoing de-leveraging pressure [1] - The Grade A office building, New Era Plaza, saw a 9.2 percentage point increase in occupancy to 66.1%, with rental rates rising from RMB 139.2 per square meter to RMB 141.9 per square meter [1] Group 2 - The occupancy rate of the Technology Tower decreased by 6.6 percentage points to 72.8% due to the expiration of leases from major tenants, who may continue to adjust their leasing strategies [2] - The occupancy rates for the second phase of the Technology Tower and Digital Tower also declined by 10.3 percentage points and 6.4 percentage points, respectively, prompting the REIT manager to develop de-leveraging plans [2] - The Garden City Shopping Center maintained a high occupancy rate, benefiting from increased foot traffic and sales during the year-end peak season, with positive outlooks for future performance driven by the upcoming Spring Festival and continued passenger flow from Metro Line 12 [2]