（原标题：大摩：长实(01113)料香港住宅楼市或已见底 予"与大市同步"评级） 长实指，旗下长江集团中心二期出租率目前接近30%。大摩认为，该物业地理位置优越，相信集团可等 待合适价位才出租。该行又指，奢侈品零售租金仍面临下调压力，而部分拥有固定人流的地区零售物业 表现料趋向稳定。 智通财经APP获悉，摩根士丹利发布研报称，近日举行第24届年度亚太峰会，长实(01113)管理层在活动 上表明，认为香港住宅市场或已见底，中原城市领先指数年内累升3%，但定价能力仍未恢复;写字楼市 场因供应过剩，预期需较长时间复苏。大摩预期，由于长实土储有限，或会等待时机才推售启德"花语 海"项目，同时将倾向保留更多在手现金，目前给予"与大市同步"评级，目标价39港元。 ...

长实指，旗下长江集团中心二期出租率目前接近30%。大摩认为，该物业地理位置优越，相信集团可等 待合适价位才出租。该行又指，奢侈品零售租金仍面临下调压力，而部分拥有固定人流的地区零售物业 表现料趋向稳定。 摩根士丹利发布研报称，近日举行第24届年度亚太峰会，长实(01113)管理层在活动上表明，认为香港 住宅市场或已见底，中原城市领先指数年内累升3%，但定价能力仍未恢复;写字楼市场因供应过剩，预 期需较长时间复苏。大摩预期，由于长实土储有限，或会等待时机才推售启德"花语海"项目，同时将倾 向保留更多在手现金，目前给予"与大市同步"评级，目标价39港元。 ...

Group 1: Stock Performance and Market Background - The stock price of Henderson Land Development (00012.HK) closed at HKD 25.91 on August 11, 2025, reflecting a 1.5% increase from the previous trading day, with a trading volume of 74,500 lots and a total market capitalization of HKD 125.424 billion [4] - The company's 2024 financial report indicated a revenue of HKD 23.388 billion and a net profit of HKD 6.744 billion, with earnings per share at HKD 1.3 and a price-to-earnings ratio of 21.9 times [4] - The "withdrawal of cooling measures" policy implemented in February 2024 significantly reduced home buying costs, stimulating market demand [4] Group 2: Industry Sales Data and Growth Drivers - In July 2025, the number of residential property sale agreements in Hong Kong reached 5,766, marking a year-on-year increase of 54.8%, with the primary market seeing over 1,000 transactions for six consecutive months [6] - The private residential price index rose for three consecutive months, with a year-to-date decline of only 0.86%, while the rental index increased by 1.61% over the same period [6] - The introduction of the talent import scheme is expected to attract over 75,000 high-end talents and their families to Hong Kong, boosting rental and purchasing demand [6] Group 3: Future Outlook and Investment Strategy - The property sales of Henderson Land Development are likely to exceed expectations due to the overall market recovery and favorable policies, particularly in high-end residential and core area projects [5] - The company is expected to benefit from the ongoing recovery in the Hong Kong property market, driven by lower interest rates and improved market confidence [5] - The long-term demand is supported by the Northern Metropolis planning, which includes 176,000 residential units, and the talent scheme [6]

Core Viewpoint - The company reported a significant decline in net profit for the first half of the year, indicating challenges in the Hong Kong retail and commercial property leasing market, while expressing interest in further investments in Hong Kong [1][2][3] Financial Performance - The company's net profit attributable to shareholders for the first half of the year was HKD 6.302 billion, a decrease of 26.75% year-on-year [1] - Earnings per share stood at HKD 1.8, with an interim dividend maintained at HKD 0.39 [1] - The revaluation surplus before investment properties increased by 1.2% to HKD 6.805 billion, while property sales revenue rose by 58.9% to HKD 7.366 billion, although sales revenue decreased by 2.9% to HKD 1.768 billion due to discounts offered in a weak market [2] Investment Strategy - The company aims to maintain a diversified investment and asset portfolio, leveraging its financial strength and low capital debt ratio to seize global market opportunities [1][2] - There is a strong interest in investing more in commercial and retail properties in Hong Kong, as well as land acquisition, contingent on attractive returns and pricing [2][4] Property Development - The company anticipates profits from multiple projects in Hong Kong, Singapore, and Beijing in the second half of the year, although losses from the Blue Coast project may offset some contributions [3] - The Blue Coast project has sold 900 units out of 1,200, generating HKD 15.2 billion in cash, with an average transaction price of HKD 17 million per unit [3] Rental and Occupancy Rates - The overall occupancy rate for the Hong Kong investment property portfolio is approximately 86%, with specific rates of 75% for the first phase of the Changjiang Center [4] - The hotel business reported an occupancy rate of 89.1% for overnight stays and 88.4% for long-term serviced apartments [5] Financial Position - As of June 30, the company had bank deposits and fixed deposits totaling HKD 33 billion, with a net debt of HKD 21.4 billion, resulting in a net debt to total capital ratio of about 5% [5]

Core Viewpoint - The company reported a significant decline in net profit for the first half of the year, with a 26.75% drop year-on-year, amounting to HKD 6.302 billion, while maintaining a stable interim dividend of HKD 0.39 per share [1] Financial Performance - The company's investment property revaluation profit increased by 1.2% to HKD 6.805 billion, while property sales revenue surged by 58.9% to HKD 7.366 billion, although sales profit decreased by 2.9% to HKD 1.768 billion due to discounts offered in a weak market [2] - Hong Kong property sales revenue rose by 7.8% to HKD 2.803 billion, but sales profit plummeted by 92.9% to HKD 74 million [2] - The company reported a bank balance and fixed deposits of HKD 33 billion, with a net debt of HKD 21.4 billion, resulting in a net debt to total capital ratio of approximately 5% [5] Business Strategy - The company aims to maintain a diversified investment and asset portfolio, leveraging its financial strength and low capital debt ratio to seize global market opportunities [1] - There is a strong interest in investing more in commercial and retail properties in Hong Kong, as well as land acquisition, contingent on attractive returns and pricing [2][4] - The company plans to continue selling Blue Coast II and pre-selling Kai Tak Flower Sea in the second half of the year [4] Market Conditions - The retail and commercial property leasing sector in Hong Kong remains weak, with rental income and profits from the company's properties showing slight declines compared to the same period in 2024 [1] - The overall occupancy rate of the Hong Kong investment property portfolio is approximately 86%, with specific properties like the Changjiang Center Phase I at 75% occupancy [4] - The hotel business showed a slight increase in revenue, with an occupancy rate of 89.1% for overnight hotels and 88.4% for long-term serviced apartments [5]