Group 1 - CICC raised the target price for Hang Lung Properties (00101) by 8% to HKD 8, maintaining an "outperform" rating, reflecting unchanged profit forecasts for the company [1] - CICC expects the company's net debt ratio to rise slightly by the end of 2025 compared to 33.4% at the end of 2024, but will remain below 40% [1] - Retail sales in mainland China for Hang Lung Properties have been under pressure, with a year-on-year decline of 14% last year and an 11% drop in Q4 2024; however, the decline is expected to narrow in 2025 due to an improving consumption environment [1] Group 2 - Hong Kong's rental income is projected to decline by 9% in 2024 due to the renewal of large-scale leases in certain retail properties and offices; excluding this impact, the decline is expected to be only 1-2% [2] - Capital expenditures for the company are expected to peak in 2025, with a gradual decline starting in 2026 as projects in Hangzhou are completed [2] - The company is likely to continue its scrip dividend plan this year to alleviate net debt ratio pressure, with a reassessment of this plan's necessity expected in 2026 [2]