Group 1 - Bank of America Securities reports a divergence in market views regarding Hong Kong property prices, with offshore investors being more optimistic compared to local and mainland investors who focus on valuation adequacy [1] - The firm has raised target prices for several real estate stocks by an average of 10% based on a narrowing discount to net asset value, reflecting strong performance in Hong Kong development projects and high-end retail sales [1] - Bank of America Securities favors developers such as Cheung Kong Holdings and Sino Land due to their earnings sensitivity to property price growth, while preferring rental stocks like Swire Properties and Hang Lung Properties for their high dividend yields and resilience in mainland luxury retail [1] Group 2 - The firm predicts a 10% to 15% increase in property prices over the next two years, noting that developers have already factored in a 15% to 20% growth in transaction volume into their stock prices [2] - Two major risks are identified: limited room for further cuts in the best lending rate by the Hong Kong Monetary Authority and the potential return to floating mortgage rates if bond market rate cuts do not materialize by the end of 2026 [2] - Stagnation in median household income and a year-on-year decline in approved immigration visas for 2025 may restrict further price increases in the property market [2]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the promotion of "good housing" construction in Fujian [2]. Core Insights - The report indicates a seasonal decline in new and second-hand housing transactions, with new housing transaction area in 20 cities decreasing by 9% week-on-week but increasing by 147% year-on-year. The total transaction area for new housing was 170 million square meters [22][21]. - The second-hand housing market showed a similar trend, with a 7% week-on-week decrease but a 174% year-on-year increase in transaction area, totaling 199 million square meters [27][24]. - The report emphasizes the importance of addressing three key issues in the real estate market: declining new housing demand, unresolved inventory, and the negative impact of land finance on the economy [6]. Industry Data - The real estate sector consists of 107 listed companies with a total market capitalization of approximately 1,270.7 billion yuan and a circulating market capitalization of about 1,217.1 billion yuan [2]. - The sector's performance in the past month shows an absolute increase of 2.3%, a 6-month increase of 7.4%, and a 12-month increase of 12.8% [3]. Policy Developments - Fujian province has introduced measures to stabilize the real estate market, focusing on promoting housing consumption and inventory reduction, including optimizing shared ownership policies and encouraging the purchase of existing homes [15][18]. - Gansu province has adjusted its housing provident fund loan policies, increasing the maximum loan amounts for single and married contributors [15][18]. Sales Performance - In the first week of February, the average daily transaction area for new housing in 20 cities was 24.3 million square meters, with a cumulative transaction area of 838 million square meters year-to-date, reflecting a 28% year-on-year decrease [22][21]. - The report notes that the average transaction area for second-hand housing in 11 cities was 28.5 million square meters, with a cumulative area of 1,067 million square meters year-to-date, indicating a 23% year-on-year increase [27][24]. Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable income assets such as leading shopping centers, and leading real estate agencies that enhance transaction efficiency [6].

| 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 希慎興業有限公司 | | | | 呈交日期: | 2026年2月2日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00014 | | 說明 | 不適用 | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | | 本月內變動 | | 本月底結存的股份期權數 目 | | 本月內因此發行的新股數 目 (A1) | 本月内因此自庫存轉讓的 庫 ...

Group 1 - Hong Kong local property stocks collectively rose today, with New World Development increasing by over 4%, and other companies like Sun Hung Kai Properties, Hang Lung Properties, Cheung Kong Property, and Sino Land rising by over 3% [1] - Notably, Sun Hung Kai Properties reached a historical high [1] Group 2 - New World Development's latest price is 9.830, with a market capitalization of 24.739 billion [2] - Sun Hung Kai Properties' latest price is 119.000, with a market capitalization of 344.836 billion [2] - Hang Lung Properties' latest price is 9.540, with a market capitalization of 48.24 billion [2] - Cheung Kong Property's latest price is 45.360, with a market capitalization of 158.75 billion [2] - Sino Land's latest price is 11.650, with a market capitalization of 110.494 billion [2] - Hysan Development's latest price is 21.660, with a market capitalization of 22.245 billion [2] - Kerry Properties' latest price is 23.620, with a market capitalization of 34.28 billion [2] - Kowloon Development's latest price is 26.800, with a market capitalization of 81.371 billion [2] - Swire Properties B's latest price is 12.640, with a market capitalization of 36.011 billion [2] - Link Real Estate Investment Trust's latest price is 35.840, with a market capitalization of 93.146 billion [2] - Kowloon Warehouse Group's latest price is 25.260, with a market capitalization of 77.195 billion [2] - Swire Properties' latest price is 23.200, with a market capitalization of 133.574 billion [2] - Champion REIT's latest price is 2.500, with a market capitalization of 15.338 billion [2] - Henderson Land's latest price is 30.300, with a market capitalization of 146.694 billion [2]

Group 1 - Hong Kong local real estate stocks experienced a broad increase, with Hysan Development rising over 5% [1] - Other notable gainers include Kowloon Development and Kerry Properties, both up over 4%, while Kowloon Group and Sun Hung Kai Properties increased by over 3% [1] - Swire Properties B shares rose nearly 3%, and Longfor Group, Sino Land, Swire Properties A, and Swire Group all saw increases of over 1% [1] Group 2 - Hysan Development's latest price is 21.600 with a market capitalization of 221.83 billion [2] - Kowloon Development's latest price is 26.600 with a market capitalization of 807.64 billion [2] - Kerry Properties' latest price is 22.840 with a market capitalization of 331.48 billion [2] - Kowloon Group's latest price is 24.940 with a market capitalization of 762.17 billion [2] - Sun Hung Kai Properties' latest price is 113.900 with a market capitalization of 3300.57 billion [2] - Swire Properties B's latest price is 12.460 with a market capitalization of 354.98 billion [2] - Longfor Group's latest price is 43.960 with a market capitalization of 1538.5 billion [2] - Sino Land's latest price is 11.500 with a market capitalization of 1090.72 billion [2] - Swire Properties' latest price is 23.380 with a market capitalization of 1346.1 billion [2] - Swire Group's latest price is 74.400 with a market capitalization of 579.57 billion [2]

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Group 1 - Hong Kong real estate stocks are experiencing a broad increase, with notable gains in companies such as Hysan Development (up 4.49% to HKD 21.42), Sun Hung Kai Properties (up 3.27% to HKD 113.8), and Wharf Real Estate Investment (up 3.23% to HKD 26.2) [1] - According to a report by CLSA, Hong Kong property prices are showing signs of recovery, with strong sales of new developments and optimistic market sentiment, leading to a year-to-date increase in developer stock prices [1] - CLSA predicts a continued upward trend in property prices, estimating a 5% increase by 2026, although the pace of price growth is expected to moderate due to cooling interest rate expectations and resilient mortgage rates [1] Group 2 - Citigroup has revised its 2026 forecast for Hong Kong residential property prices from a 3% increase to an 8% increase, anticipating further acceleration in 2027 as the market enters a prolonged upward cycle [2] - The bank expects Hong Kong property developers to benefit in the first half of 2026 from improved profit margins, earnings, and net asset value (NAV) growth, with current operating profit margins ranging from 5% to 9% [2] - New transaction volumes for new developments are projected to reach a six-year high, with each 1% increase in property prices estimated to boost NAV by 0.5% and earnings by 1.5% [2]

Group 1 - Hong Kong real estate stocks are experiencing a broad increase, with notable gains from companies such as Hysan Development (+4.49%), Sun Hung Kai Properties (+3.27%), and Wharf Real Estate Investment (+3.23%) [1] - According to a report by Credit Lyonnais, Hong Kong property prices are showing signs of recovery, with strong sales of new developments and optimistic market sentiment, leading to a year-to-date increase in developer stock prices [1] - Credit Lyonnais predicts a continued upward trend in property prices, but expects the rate of increase to be moderate due to cooling interest rate expectations and resilient mortgage rates, maintaining a forecast of 5% growth in Hong Kong property prices by 2026 [1] Group 2 - Citigroup has revised its 2026 Hong Kong residential property price forecast from a 3% increase to an 8% increase, anticipating further acceleration in 2027, marking the beginning of a prolonged upward cycle [2] - The bank expects Hong Kong property developers to benefit in the first half of 2026 due to rising profit margins, earnings, and NAV, with new transaction volumes reaching a six-year high [2] - It is estimated that for every 1% increase in property prices, NAV could rise by 0.5% and earnings by 1.5%, with current NAV discounts at 52%, compared to approximately 40% during past property price upcycles [2]

格隆汇1月21日丨希慎兴业(00014.HK)发布公告，公司将于2026年2月26日(星期四)举行公司董事会会 议，藉以(其中包括)批准公司及其附属公司截至2025年12月31日止年度的全年业绩及其发布，以及考虑 派发2025年第二次中期股息。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Hysan Development Company Limited 希 慎 興 業 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：00014） 董事會召開日期 希慎興業有限公司（「本公司」）謹此宣布本公司將於 2026 年 2 月 26 日（星期四）舉行 本公司董事會（「董事會」）會議，藉以（其中包括）批准本公司及其附屬公司截至 2025 年 12 月 31 日止年度的全年業績及其發布，以及考慮派發 2025 年第二次中期股息。 本公告登載於本公司網站（ www.hysan.com.hk ）及香港聯合交易所有限公司網站（ www.hkexnews.hk ）。 * 非執行董事 ** 獨立非執行董事 利蘊蓮 香港，2026 年 1 月 21 日 於本公告日期，董事會包括：利蘊蓮（主席）、呂幹威（執行董事及首席營運總監）、鍾郝儀**、 卓百德**、王靜瑛**、 Young Elaine Carol ...