对于香港写字楼今年展望，大摩预计中环租金上涨3%，整体写字楼租金预计下跌3%。 大摩仍建议避开九龙仓置业，因其面临市占率流失及租客留存风险等挑战，例如阿里巴巴(09988)在10 月收购铜锣湾甲级商厦"港岛壹号中心"后，将从时代广场搬迁出去。此外，内地免税购物及入境旅游的 增长，可能对主要商场的奢侈品销售造成冲击。 摩根士丹利发布研报称，在香港地产股中更偏好写字楼板块而非零售领域，虽然写字楼空置率仍处于高 位，但正在改善，并认为中环区域将率先受益。商场租金则仍然承压，主要受到线上销售及深圳市场竞 争的影响。更青睐具备股息率高且可持续、具有自我改善潜力的股票。 香港写字楼方面，大摩偏好中环多于非核心区域，香港置地、希慎兴业(00014)优于九龙仓置业 (01997)。零售方面则偏好内地奢侈品零售股多于香港零售股，其中恒隆地产(00101)优于九龙仓置业及 领展房产基金(00823)；太古地产(01972)优于九龙仓置业。 ...

對於香港寫字樓今年展望，大摩預計中環租金上漲3%，整體寫字樓租金預計下跌3%。 香港寫字樓方面，大摩偏好中環多於非核心區域，香港置地、希慎興業(00014)優於九龍倉置業 (01997)。零售方面則偏好內地奢侈品零售股多於香港零售股，其中恆隆地產(00101)優於九龍倉置業及 領展房產基金(00823)；太古地產(01972)優於九龍倉置業。 智通財經APP獲悉，摩根士丹利發佈研報稱，在香港地產股中更偏好寫字樓板塊而非零售領域，雖然寫 字樓空置率仍處於高位，但正在改善，並認爲中環區域將率先受益。商場租金則仍然承壓，主要受到線 上銷售及深圳市場競爭的影響。更青睞具備股息率高且可持續、具有自我改善潛力的股票。 大摩仍建議避開九龍倉置業，因其面臨市佔率流失及租客留存風險等挑戰，例如阿里巴巴(09988)在10 月收購銅鑼灣甲級商廈"港島壹號中心"後，將從時代廣場搬遷出去。此外，內地免稅購物及入境旅遊的 增長，可能對主要商場的奢侈品銷售造成衝擊。 ...

在任16年的集团行政总裁因退休离任，领展房产基金（HK00823，股价35.2港元，市值915亿港元）宣布开启全球征聘程序。 2026年1月2日，领展房产基金公告称，集团首席投资总裁宋俊彦获委任为执行董事，与执行董事兼集团首席财务总裁黄国祥共同组成临时领导架构。在新任 集团行政总裁获委任前，二人向董事会主席欧敦勤及主席委员会汇报。 去年7月，领展房产基金宣布，集团行政总裁王国龙决定退休离开公司，董事会展开全面的甄选程序，物色合适继任人，领导集团的下一阶段发展，王国龙 将在过渡期间协助集团顺利交接。根据最新公告，王国龙已在去年12月31日正式离任。 今年64岁的王国龙是新西兰籍，2009年入职领展前身领汇，担任首席财务总监，之后升任CEO，负责统筹集团战略发展及业务运营。在他掌舵期间，领展实 现了广州天河领展广场等内地项目的资产优化，以及上海新天地企业天地项目、北京京通罗斯福广场、上海七宝万科中心等多项重大资产并购。 号称亚洲最大REIT的领展房产基金主要在香港及内地一线城市，以及新加坡、澳洲等地管理商场和停车场。 截至去年9月底的半年度财报，领展总收益及物业收益净额分别为70.23亿港元及51.78亿港元，同 ...

调研中，熊征宇强调，各级各部门要时刻绷紧安全生产这根弦，牢固树立"安全第一、 预防为主"的思想，聚焦重点领域和薄弱环节，全面深入开展隐患排查整治，不留盲区、不 漏死角，发现问题立即整改。要强化应急值守，完善应急预案，提升应急处置能力。要全面 落实安全生产责任制，严格落实"三管三必须"要求，督促企业切实履行主体责任，确保安全 生产各项措施落到实处，着力营造安全稳定的发展环境。 编辑：聂杨 走进武商MALL，熊征宇来到商场监控指挥中心，详细了解商场消防力量建设、安全管 理等工作，察看免税店、超市等运营情况。他指出，商业综合体人流物流高度集中，安全工 作丝毫不能松懈，要确保消防通道畅通、设施灵敏管用、人员培训到位、预案切实可行，为 消费者提供安全舒适的消费环境。 越秀（T4）源宿是一处正在改造升级的高层酒店项目。熊征宇深入施工现场，察看高 层建筑装修施工安全管理情况。他指出，高层建筑改造管理必须严之又严、细之又细，要统 筹好施工安全与建筑本体安全，严格落实安全管理制度，加强实时监测和动态巡查，坚决杜 绝违规动火、用电等行为，切实筑牢安全防线。 1月1日，市委副书记、代市长熊征宇深入重点项目建设现场、商业综合体、高层 ...

Core Viewpoint - Goldman Sachs has downgraded Link REIT's (00823) basic earnings per unit for the fiscal years 2026 to 2028 by 0% to 3%, and reduced the target price from HKD 51.1 to HKD 48.4, while maintaining a "Buy" rating, anticipating an improvement in rental trends within 12 months [1] Financial Performance - Link REIT reported a net loss of HKD 1.6 billion for the first half of fiscal year 2026, which includes a property revaluation loss of HKD 5 billion [1] - Excluding this factor, the basic profit decreased by 7.1% year-on-year to HKD 3.3 billion, accounting for 48% of the bank's full-year forecast [1] - The decline in income from the Hong Kong and mainland leasing portfolio and significant reductions in renewal rents contributed to this performance, alongside one-time severance costs and other related expenses from a cost structure optimization plan [1] Future Outlook - Management remains cautiously optimistic about the retail leasing outlook in Hong Kong, noting signs of improvement in tenant sales and foot traffic [1] - However, management anticipates further deterioration in renewal rents in the second half of fiscal year 2026, as rental trends typically lag behind sales performance [1] - Link REIT is considering the acquisition of three shopping malls in Australia, with management highlighting the value of investing in the Australian retail market, given their existing properties in Sydney [1] - The company emphasizes strict financial control and aims for returns above established benchmarks, with sufficient liquidity to complete the acquisition [1]

Core Viewpoint - Goldman Sachs has downgraded the basic earnings per fund unit of Link REIT (00823) for the fiscal years 2026 to 2028 by 0% to 3%, with the target price reduced from HKD 51.1 to HKD 48.4, while maintaining a "Buy" rating [1] Financial Performance - Link REIT reported a net loss of HKD 1.6 billion for the fiscal year 2026, which includes a property revaluation loss of HKD 5 billion [1] - Excluding this factor, the basic profit decreased by 7.1% year-on-year to HKD 3.3 billion, accounting for 48% of Goldman Sachs' full-year forecast [1] Rental Trends - The decline in rental income from the Hong Kong and mainland China leasing portfolio was significant, along with a substantial reduction in renewal rental rates [1] - Management remains cautiously optimistic about the retail leasing outlook in Hong Kong, noting improvements in tenant sales and foot traffic [1] Future Outlook - Despite signs of improvement, management anticipates further deterioration in renewal rental rates in the second half of the fiscal year 2026 due to the lagging nature of rental trends compared to sales performance [1] - Link REIT is considering the acquisition of three shopping malls in Australia, with management highlighting the value of investing in the Australian retail market [1] Financial Strategy - Management emphasized strict financial control and the pursuit of returns above established benchmarks [1] - Goldman Sachs believes that Link REIT has sufficient liquidity to complete the proposed acquisition [1]

Core Viewpoint - Morgan Stanley reports that Hang Lung Properties (00101) has seen a significant improvement in mainland tenant sales in Q3, with a year-on-year increase of 10%, surpassing the bank's low single-digit growth expectation and reversing a 1% decline in the previous quarter [1] Group 1: Company Performance - Hang Lung Properties' Q3 tenant sales improved significantly, with a 10% year-on-year increase [1] - The company’s dividend yield stands at 5.9%, making it an attractive investment option [1] - The performance during the National Day Golden Week was strong, with tenant sales increasing by 15% in the first four days compared to the previous year [1] Group 2: Future Outlook - Morgan Stanley expects the trend of improving tenant sales to continue into Q4, supported by new tenants like Lao Pu Huang (06181) and the expansion of existing tenants at Shanghai Hang Lung Plaza [1] - Hang Lung Properties is listed as one of Morgan Stanley's top two real estate stock picks, with a target price of HKD 10 [1] - Another preferred stock by Morgan Stanley is Swire Properties (01972), which is also expected to benefit from the recovery of the Chinese retail market [1]

Core Viewpoint - Morgan Stanley reports that Hang Lung Properties (00101) has shown significant improvement in tenant sales in mainland China during Q3, with a year-on-year increase of 10%, surpassing the bank's low single-digit growth expectation and reversing a 1% decline in the previous quarter [1] Group 1: Company Performance - Hang Lung Properties' tenant sales during the National Day Golden Week saw a remarkable 15% year-on-year increase in the first four days [1] - The introduction of new tenants, such as Lao Pu Huang (06181), at Shanghai Hang Lung Plaza, along with the expansion of existing tenants, is expected to sustain the improvement in tenant sales into Q4 [1] Group 2: Investment Outlook - With a dividend yield of 5.9% and improving tenant sales data, Morgan Stanley continues to list Hang Lung as one of its top two preferred real estate stocks, maintaining an "Overweight" rating and a target price of HKD 10 [1] - Another preferred stock by Morgan Stanley is Swire Properties (01972), which is also anticipated to benefit from the recovery of the Chinese retail market [1]

Core Insights - The decline of Wang Jianlin symbolizes a potential end to the era of commercial real estate in China, raising questions about the future of high-end shopping malls as foot traffic decreases [1] - The rapid expansion of commercial centers in China over the past decade has led to saturation, particularly in lower-tier cities, with a significant increase in the number of shopping centers and commercial space [3][5] Industry Development - From 2011 to 2024, the number of commercial centers surged from 816 to approximately 6,700, with total commercial building area expanding from under 100 million square meters to 630 million square meters, resulting in per capita commercial space growth from 0.03 square meters to 0.55 square meters [3] - The commercial real estate sector saw explosive growth due to rising consumer spending and economic development, with GDP increasing from 6.19 trillion to 15 trillion yuan between 2010 and 2020 [5][8] Market Saturation - By 2020, the market became oversaturated, particularly in lower-tier cities, leading to a significant drop in rental yields from an average of 8% to -10% as many projects were completed [8] - The average vacancy rate for shopping centers in key cities reached a four-year high, with cities like Fuzhou experiencing vacancy rates as high as 15.03% due to intense competition and market saturation [8][12] Impact of E-commerce - The rise of e-commerce, particularly mobile and online retail, has drastically changed the retail landscape, with online retail growth averaging 17.4% annually, while offline retail growth slowed to 3.5% [11] - The shift in consumer behavior has led to a decline in foot traffic in shopping malls, with many struggling to maintain high rental prices as online platforms dominate marketing and customer engagement [11][12] Future Outlook - The future of shopping malls in China appears bleak, with predictions that many will fail unless they are strategically located, can attract population inflow, effectively integrate online and offline marketing, and offer unique brands rather than homogeneous chain stores [12]

Core Viewpoint - The report from Everbright Securities projects Longfor Group's net profit attributable to shareholders for 2025-2027 to be 6.22 billion, 7.64 billion, and 8.94 billion yuan respectively, with corresponding EPS of 0.89, 1.09, and 1.28 yuan, maintaining an "Accumulate" rating due to the stable development of the company's asset operation and property management segments [1] Group 1 - As of June 2025, the company operates 89 shopping malls (including 75 heavy-asset and 14 light-asset), with a total opened mall area of 12.56 million square meters (including parking spaces) and an overall occupancy rate of 96.8%, with total sales increasing by 17% [1] - The long-term rental apartments have opened 127,000 units, achieving an overall occupancy rate of 95.6% [1] - The property management segment includes approximately 2,200 projects, managing an area of about 400 million square meters [1] Group 2 - In the first half of 2025, the property investment segment reported revenue of 7.01 billion yuan (a year-on-year increase of 2.5%), with a gross margin of approximately 77.7% (compared to 74.6% in the same period of 2024) [1] - The property service segment generated revenue of 6.26 billion yuan, with a gross margin of approximately 30%, remaining stable compared to the same period in 2024 [1]