智通财经APP获悉，瑞银发布研报称，重申予领展房产基金(00823)"买入"评级，目标价42港元。领展于 2026年大中华会议上更新最新营运情况。公司表示，香港零售物业租金仍面临压力，今年3月底止2026 财年下半年续租租金预计续录负增长; 新租客租金则有稳定迹象。超市业务拖累业绩，而餐饮业已趋 稳。北上消费影响趋稳定，惟电商渗透率上升对租户业绩持续带来压力。不过，领展旗下香港物业与线 上零售模式重叠的租户不足10%，影响相对有限。 内地方面，北京及上海零售资产因历史较高的租金，正进行租金调整，但去年底租户销售额及客流量有 所回升。公司将继续利用Pop Mart店吸引客流，并计划2026年寻找投资机会及处置非核心资产。有投资 者问及纳入港股通的时间表，领展指监管方面未有新消息。 ...

智通财经APP获悉，戴德梁行今日(1月12日)最新发表的《香港房地产市场2025年回顾及2026年展望》指 出，香港住宅楼价截至去年10月，累计上升约1.8%，预计2025年全年住宅成交量有望达约62,000宗。该 公司执行董事及香港研究部主管邓淑贤预期，2026年香港住宅楼价升幅将在5%以内。 她指出，去年香港住宅市场受惠于持续的低息环境，加上股市做好带来的财富效应，整体楼市气氛持续 向好，带动年内楼价止跌回升。而2026年成交量料与今年相若，将为楼价提供支持。 戴德梁行香港董事总经理萧亮辉表示，写字楼市场在去年底明显回暖。第四季净吸纳量录得约98.4万方 呎，带动2025年全年吸纳量升至约160万方呎，创下7年新高。 银行及金融业持续成为新租赁需求的主要动力。其中，中区租金按季上升约1.9%，整体写字楼租金亦 录得约0.4%的按季升幅。展望2026年，整体写字楼租金预计将下跌约1%至上升约1%之间窄幅波动。 零售市场方面，随着访港旅客人数回升，去年第四季零售销售气氛有所改善。中环录得多宗新租赁成 交，主要来自银行、金融及高档护肤品牌。期内整体零售物业空置率下降至约5.9%。预期2026年上半 年，整体零售 ...

智通财经APP获悉，中信建投证券发布研报称，香港住宅成交自2025年3月起开始放量，2025年全年一二手私宅成交有望超过6万宗，达到近13年以来仅次 于2021年的第二高水平；3-5月香港房价完成筑底，2025年全年二手住宅价格有望增长4.5%。 中信建投证券认为，美联储降息背景下资产配置需求的提升，是本轮住宅量价止跌回升的主因，中信建投预计2026年香港私宅成交量将增长7.9%至6.5万 套、二手住宅价格增长4.0%，利好香港土储丰厚的开发商。香港商办市场则呈现整体承压、结构性改善的局面，内资企业加强在港业务布局推升了写字 楼交易热度，写字楼改造为学生公寓也成为应对写字楼空置的新思路；核心区域的零售物业出租情况出现改善。 中信建投主要观点如下： 香港住宅成交量价持续回升，近期成交结构中投资性需求提升。2025年前11个月香港一二手私宅成交总量54669宗，同比增长17.0%，2025年全年有望超 过6万宗，达到近13年以来仅次于2021年的第二高水平。2025年3-5月香港二手住宅价格完成底部确认，5月底的低点至今房价已回升6.2%，12月中旬房价 较2024年年底增长4.3%，2025年全年有望增长4.5 ...

Group 1: Residential Market Insights - The Hong Kong residential market saw a 17% month-on-month increase in total transaction volume in June, driven by a 28% surge in primary residential sales [1] - Despite the increase in transaction volume, residential prices are under pressure, with a 0.9% decline year-to-date and a 6.2% year-on-year decrease as of May [1] - The most sought-after residential properties are priced between 12 to 15 million HKD, with the most active areas being Wong Chuk Hang and Ma On Shan [1] - The luxury residential market recorded 54 transactions exceeding 78 million HKD in the second quarter, a 29% increase from the previous quarter [1] - The rental market for luxury properties is performing well, with a 0.7% month-on-month increase in May and a 1.4% increase year-to-date, driven by demand from non-local professionals and students [1] - The forecast for general residential prices is a potential decline of up to 3% this year, while luxury and general residential rents are expected to rise by 3% to 5% [1] Group 2: Office Market Dynamics - The Grade A office market is showing signs of recovery, with hedge funds being the primary tenants and significant leasing activity, such as Jane Street leasing 223,000 square feet in Central [2] - The demand for well-located, high-quality office spaces in Central remains strong, particularly for units sized between 3,000 to 5,000 square feet [2] - The IPO market in Hong Kong is performing well, attracting mainland enterprises, which is expected to boost office leasing demand in the second half of the year [2] - The Kowloon office market faces challenges due to global trade uncertainties, with subdued leasing activity noted in Kowloon East [2] - Rental prices in Tsim Sha Tsui have seen a slight increase of 0.7%, with demand primarily from the insurance, finance, and professional services sectors [2] Group 3: Retail Market Trends - The retail sector is experiencing a slowdown in expansion plans as local consumer spending decreases despite rising incomes [3] - The interest of mainland tourists in luxury goods has diminished, impacting retail strategies [3] - The consumption patterns of local citizens are evolving, with Generation Z becoming a key driver in luxury spending, emphasizing brand value, sustainability, and pricing transparency [3] - Although the tourism industry in Hong Kong is recovering, retail consumption across various sectors has not fully rebounded [3]