展望未来，管理层对中国香港零售租赁前景仍持审慎乐观态度。虽然旗下物业组合的租户销售额及客流 量已有改善迹象，但基于租金走势通常较销售表现滞后，管理层预期2026财年下半年续租租金将进一步 恶化。就近日领展有意收购澳洲3个商场，管理层表示，目前在悉尼已拥有商场和办公室物业，见到投 资澳洲零售市场的价值。管理层又强调将严格控制财务，并寻求高于既定收益率的回报。该行认为领展 拥有充足的流动资金以完成是次收购。 高盛发布研报称，将领展房产基金(00823)2026至28财年的基础每基金单位收益下调0至3%，目标价由 51.1港元降至48.4港元，预期领展的租金趋势有望在12个月内改善;维持"买入"评级。 报告指，领展2026财年中期录得净亏损达16亿港元，当中包括50亿港元的物业重估亏损。若剔除该因 素，基础利润同比下降7.1%至33亿港元，占该行全年预测的48%，主要因中国香港及内地租赁组合收入 同比跌幅及续租租金下调幅度较大，加上成本结构优化计划产生一次性遣散费及其他相关支出。 ...

报告指，领展2026财年中期录得净亏损达16亿港元，当中包括50亿港元的物业重估亏损。若剔除该因 素，基础利润同比下降7.1%至33亿港元，占该行全年预测的48%，主要因中国香港及内地租赁组合收入 同比跌幅及续租租金下调幅度较大，加上成本结构优化计划产生一次性遣散费及其他相关支出。 展望未来，管理层对中国香港零售租赁前景仍持审慎乐观态度。虽然旗下物业组合的租户销售额及客流 量已有改善迹象，但基于租金走势通常较销售表现滞后，管理层预期2026财年下半年续租租金将进一步 恶化。就近日领展有意收购澳洲3个商场，管理层表示，目前在悉尼已拥有商场和办公室物业，见到投 资澳洲零售市场的价值。管理层又强调将严格控制财务，并寻求高于既定收益率的回报。该行认为领展 拥有充足的流动资金以完成是次收购。 智通财经APP获悉，高盛发布研报称，将领展房产基金(00823)2026至28财年的基础每基金单位收益下调 0至3%，目标价由51.1港元降至48.4港元，预期领展的租金趋势有望在12个月内改善;维持"买入"评级。 ...

Group 1 - The company K W NELSON GP (08411) reported a revenue of HKD 12.264 million for the six months ending June 30, 2025, representing a year-on-year increase of 42.7% [1] - The company experienced a net loss of HKD 2.268 million, which is a 14.6% increase in losses compared to the previous year [1] - The increase in revenue was primarily driven by higher earnings from office properties and medical center projects [1]

Group 1 - The core viewpoint of the report indicates that Hang Lung Properties' earnings per share for the first half of the year fell by 13% year-on-year to HKD 0.33, which is below the market expectation of HKD 0.35 [1] - Net income decreased by 9% year-on-year, which is worse than the anticipated decline of 6%, while the equity base expanded by 6% [1] - The interim dividend remains at HKD 0.12, unchanged from the same period last year, with a 12-month dividend yield of 6.7%, which is still attractive, but the feasibility of achieving a final dividend of HKD 0.4 is uncertain [1] Group 2 - Retail sales in mainland China continue to be weak, declining by 4% year-on-year, while retail sales in Hong Kong also decreased by 2% [1] - Office rental income in mainland China fell by 5% year-on-year, remaining weak, although retail leasing performance outside Wuhan and Shenyang is relatively stable [1] - The net debt ratio remains stable at 33.5%, and financing costs have improved to 3.9% [1] Group 3 - Morgan Stanley has set a target price of HKD 6.5 for Hang Lung Properties and maintains a "market perform" rating [1]