来源：新浪基金∞工作室 2月13日，华宝标普港股通低波红利ETF（159220）收盘跌0.78%，成交额3158.09万元。 港股通红利低波ETF华宝（159220）成立于2025年4月29日，基金全称为华宝标普港股通低波红利交易 型开放式指数证券投资基金，基金简称为华宝标普港股通低波红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通红利低波ETF华宝（159220）业绩比较基准为经人民币汇率调整的标普港 股通低波红利指数收益率。 规模方面，截止2月12日，港股通红利低波ETF华宝（159220）最新份额为4.44亿份，最新规模为2.87亿 元。回顾2025年12月31日，港股通红利低波ETF华宝（159220）份额为5.12亿份，规模为3.08亿元。即 该基金今年以来份额减少13.29%，规模减少6.82%。 港股通红利低波ETF华宝（159220）现任基金经理为杨洋、胡一江。杨洋自2025年4月29日管理（或拟 管理）该基金，任职期内收益28.46%；胡一江自2025年4月29日管理（或拟管理）该基金，任职期内收 益28.46%。 最新定期报告显示，港股通红利低波ETF华宝（159 ...

瑞银认为，市场已大致反映住宅复苏的利好因素，包括进一步减息、内地人才及学生涌入，以及供应减 少。惟市场仍未充分重视回流移民带来的潜在利好，此因素支持该行对未来两年楼价增长逾10%的预 测。2020至2025年间，约321,000名香港居民申请英国BNO签证、台湾居留权或加拿大Stream A学生签 证。随着英国收紧永久居留的语言及收入要求，瑞银预期今年将出现一波回流潮。假设2021年移民群体 中有30%回流，估计2027年的新增需求为13,900个单位，相当于一手供应量的90%及总供应量的26%。 该行预期，在北部都会区项目落成前，供求状况将持续利好，直至2032年。 瑞银表示，2026年偏好太古地产、信和置业、领展、长实集团及嘉里建设；对恒基地产(00012)(业绩公 布前)、希慎兴业(00014)及港铁公司(00066)持审慎态度。 智通财经APP获悉，瑞银发布研报称，香港地产板块在2026年开局强劲，多只股份逼近历史高位。随着 估值看来日益昂贵，即使部分股份以市账率计亦然，该行正采取更具选择性的取态。该行尤其偏好净资 产负债比率相对较低的股份，信和置业(00083)、长实集团(01113)及嘉里建设(0 ...

我们已建立针对中国香港不动产市场（含住宅与商业）监测体系，并更新2026年1月市场数据；本篇报告为此系列市场监测报告首篇，后续在每月上旬 定期更新。 点击小程序查看报告原文 Abstract 摘要 一手私宅成交额同比翻倍有余，恒基 等开发商表 现亮眼。 1月一手私宅成交套数均环比持平略跌，显著强于历史岁尾年初走势（2021-2025年平均环 比-33%），对应成交金额同比大增148%至192亿港元。我们监测6家重点港资开发商合计销售额同比增长+173%，其中恒基、新世界与长实涨幅均超两 倍；项目层面，柏景峰（信置联合体）、启德海湾1期（中海外联合体）与Sierra Sea 2A期（新鸿基）销售额位居前三。土地市场方面，成交九龙佐敦谷宅 地1宗，由信置联合体斩获。 中金研究 二手私宅量、价双升，房价创三年以来单月最大涨幅。 1月二手私宅成交套数环比走平，成交金额同比增逾五成。价格方面，1月末中原城市大型屋苑领 先指数环比+2.5%，为2023年2月全面通关以来单月最大涨幅，同比增幅走扩至+7.3%（2025年+5.1%）。此外，1月末经纪人指数环比上行至69.04（12月 末64.05），表明市场或处景气上涨通 ...

来源：新浪基金∞工作室 最新定期报告显示，港股通红利低波ETF（159117）重仓股包括江西铜业股份、远东宏信、中国神华、 中国海洋石油、恒隆地产、中国石油股份、信和置业、恒安国际、中国石油化工股份、恒生银行，持仓 占比如下。 2月12日，鹏华港股通低波红利ETF（159117）收盘跌0.46%，成交额223.62万元。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00358江西铜业股份4.39%16.80万650.67万 03360远东宏信3.33%67.80万492.36万01088中国神华3.09%13.05万457.34万00883中国海洋石油 3.04%23.40万450.18万00101恒隆地产2.97%56.60万440.16万00857中国石油股份2.92%57.20万432.95万 00083信和置业2.77%44.40万409.85万01044恒安国际2.73%16.05万404.46万00386中国石油化工股份 2.59%91.00万383.84万00011恒生银行2.53%2.70万374.34万 港股通红利低波ETF（159117）成立于2025年9月30日，基金全称为鹏华标 ...

Core Viewpoint - Recent interactions with investors indicate a divergence in market views regarding the outlook for Hong Kong property prices, with offshore investors being more optimistic compared to local and mainland investors who are focused on valuation adequacy [1] Group 1: Market Sentiment - Offshore general investors are more optimistic about the future of Hong Kong property prices, while local, mainland, and real estate fund investors are more concerned about whether valuations are fully reflected [1] - Overall, investors seem willing to overlook recent lower yields, predicting a multi-year cyclical recovery in the real estate market [1] Group 2: Price Target Adjustments - Based on the narrowing discount to net asset value, the company has raised the average target prices of several real estate stocks by 10% to reflect strong performance in Hong Kong development projects and high-end retail sales [1] - The company has adjusted earnings per share forecasts for Hysan Development and Sun Hung Kai Properties for the fiscal years 2025 to 2028 based on updated project accounting timelines [1] Group 3: Developer Preferences - The company is optimistic about Cheung Kong Holdings and Sino Land due to their earnings being highly sensitive to property price growth [1] - For rental stocks, the company prefers Swire Properties and Hang Lung Properties because of their high dividend yields and resilience in mainland luxury retail [1] Group 4: Underperforming Stocks - Link REIT is identified as an underperforming stock, contrary to market consensus, primarily due to the widening valuation gap with peers (dividend yield reaching 7%) and the short-term challenges posed by e-commerce being already reflected [1]

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]

来源：新浪基金∞工作室 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00358江西铜业股份4.48%35.60万1378.79万 03360远东宏信3.36%142.30万1033.37万00883中国海洋石油3.11%49.70万956.16万01088中国神华 3.07%26.95万944.46万00101恒隆地产2.98%118.10万918.43万00857中国石油股份2.97%120.60万912.82万 00083信和置业2.84%94.80万875.09万01044恒安国际2.76%33.75万850.49万00386中国石油化工股份 2.63%192.20万810.71万00011恒生银行2.54%5.64万781.95万 港股通红利低波ETF华宝（159220）成立于2025年4月29日，基金全称为华宝标普港股通低波红利交易 型开放式指数证券投资基金，基金简称为华宝标普港股通低波红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通红利低波ETF华宝（159220）业绩比较基准为经人民币汇率调整的标普港 股通低波红利指数收益率。 声明：市场有风险，投资需谨慎。本文 ...

发展商方面，该行看好长实集团及信和置业，因其盈利对楼价增长的敏感度较高。收租股则偏好太古地 产及恒隆地产，因股息率较高且内地奢侈品零售具韧性。 美银证券发表研报指，香港发展商已将今明两年15%至20%交易额增长计入股价，该行预测今明两年的 楼价涨幅介乎10%至15%。但认为有两大主要风险，包括香港金管局已表示进一步下调最优惠利率空间 有限，而香港银行的五年期抵押贷款利率优惠将于4月底到期。若债券市场在2026年底前两次减息未能 实现，银行可能会恢复浮动利房贷贷款方案。同时，2025年首九个月香港家庭月入中位数停滞不前，及 2025年批准的移民签证数目按年下降，若情况持续，最终可能限制楼价进一步上涨的潜力。 ...

Market Performance - The real estate sector (CITIC) had a weekly performance of 0.0%, while the CSI 300 and Wind All A indices decreased by -1.3% and -1.5% respectively, resulting in excess returns of 1.3% and 1.4%[5] - Among 29 CITIC industry sectors, real estate ranked 15th in performance[5] New Housing Market - In the week from January 31 to February 6, 2026, the new housing transaction area in 36 cities was 1.392 million square meters, down 2.9% week-on-week but up 175.7% year-on-year[10] - Cumulative transactions from February 1 to February 6 reached 1.204 million square meters, a year-on-year increase of 257.9%[10] - Year-to-date transactions as of February 6 totaled 6.798 million square meters, down 16.2% year-on-year[10] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 1.644 million square meters, down 3.6% week-on-week but up 245.8% year-on-year[16] - Cumulative transactions from February 1 to February 6 were 1.535 million square meters, a year-on-year increase of 423.1%[16] - Year-to-date transactions as of February 6 totaled 8.383 million square meters, up 37.1% year-on-year[16] Inventory and Depletion Cycle - Cumulative new housing inventory in 13 cities was 77.165 million square meters, down 0.7% week-on-week and down 4.6% year-on-year[24] - The new housing depletion cycle for these cities is 22.9 months, with a week-on-week change of -0.1 months and a year-on-year change of +6.2 months[24] Land Market - The land transaction area from February 2 to February 8 was 1.1863 million square meters, down 44.9% week-on-week and down 36.0% year-on-year[43] - The average land price was 1,552 RMB per square meter, up 42.8% week-on-week and up 71.5% year-on-year[43] - Year-to-date land transactions as of February 8 totaled 10.556 million square meters, down 15.8% year-on-year[43] Investment Recommendations - Recommended mainland developers include A-shares: Binhai Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, Jianfa International Group[9] - For light asset operation companies, recommended property management companies include Greentown Service and commercial management companies like China Resources Vientiane Life[9] Risk Factors - Risks include potential delays in the relaxation of real estate control policies, continued industry downturns, and ongoing credit risks leading to liquidity deterioration[5]

Group 1 - The land parcel in Ngau Tau Kok has received at least 9 bids, indicating strong interest from various developers including Sun Hung Kai Properties, China Overseas Land & Investment, and K Wah International [1] - The area is well-equipped with amenities and has seen limited supply in recent years, suggesting a high demand for residential projects [1] - The land parcel is valued between HKD 11.4 billion to HKD 18 billion, with a price per square foot ranging from HKD 4,000 to HKD 5,930 [1] Group 2 - The Town Planning Board has revised the zoning of the land from "Government, Institution or Community" to "Residential (Group A) 4," allowing for residential development [2] - The proposed project includes a 30-story residential building with 420 units, accommodating approximately 1,092 residents, and is expected to be completed by 2031/2032 [2] - The site has a total area of approximately 33,713 square feet, with a maximum residential floor area of 252,851 square feet [1][2]