<p>汇丰研究在一份报告中表示，尽管中东存在不确定性，香港的主要住宅销售依然保持韧性。四月份，主要住宅交易量达到 2500 个单位，比年初至今的月均交易量 2000 个单位高出 25%。按照目前的销售速度，交易量预计将达到七年来的最高水平。该券商认为，尽管市场对下半年降息的预期发生了变化，但正向收益（住宅租金收益率与有效抵押贷款利率之间的差距）仍然吸引买家。从 2026 年到 2028 年预计新竣工数量减少将提供额外支持。</p>
<p>该券商指出，利润率扩张可能成为下半年的一个关键主题。需求改善提升了新项目的定价能力，开发商在未来几个月内很可能进一步提高价格，从而支持盈利预测的上调。</p>
<p>汇丰研究预计，开发商的共识盈利预测将在未来几个月内上调，得益于利润率扩张。它看好新鸿基地产（00016.HK）+3.300 (+2.381%) 空头头寸 $96.22M; 比率 35.312%，恒基地产（00012.HK）+1.080 (+3.315%) 空头头寸 $114.90M; 比率 46.974% 和信和置业（00083.HK）-0.020 (-0.154%) 空头头寸 $38.14M; 比率 39.768%，均评级为买入。</p>
<p>以下是汇丰研究对相关房地产开发商的评级和目标价格：</p>
<p>股票 | 投资评级 | 目标价（港元）</p>
<p>新鸿基地产（00016.HK）+3.300 (+2.381%) 空头头寸 $96.22M; 比率 35.312% | 买入 | 港元 150.6</p>
<p>恒基地产（00012.HK）+1.080 (+3.315%) 空头头寸 $114.90M; 比率 46.974% | 买入 | 港元 35.8</p>
<p>信和置业（00083.HK）-0.020 (-0.154%) 空头头寸 $38.14M; 比率 39.768% | 买入 | 港元 14.4</p>
<p>(hc/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-05 16:25。)</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

信和置业

恒基发展

恒基地产

新鸿基地产

<p>汇丰研究报告指出，香港的主要住宅销售表现出韧性，四月份的交易量达到 2500 个单位，超出月均水平的 25%。该公司预计交易量将达到七年来的最高水平，并预计由于利润扩张，开发商的盈利预测将上调。汇丰看好新鸿基地产、恒基地产和信和置业，均给予 “买入” 评级，目标价格分别为 150.6 港元、35.8 港元和 14.4 港元。预计改善的需求将在未来几个月增强新项目的定价能力</p>

<p>HSBC Research said in a report that Hong Kong's primary residential sales remained resilient despite uncertainties in the Middle East. In April, primary residential transaction volume reached 2,500 units, 25% higher than the year-to-date monthly average of 2,000 units. At the current sales pace, transaction volume is expected to hit a seven-year high. The broker believes that although market expectations for rate cuts in 2H have shifted, the positive carry (the gap between residential rental yield and effective mortgage rate) continues to attract buyers. Lower expected new completions from 2026 to 2028 will provide additional support.</p>
<div class="lb-trans"><p>汇丰研究在一份报告中表示，尽管中东存在不确定性，香港的主要住宅销售依然保持韧性。四月份，主要住宅交易量达到 2500 个单位，比年初至今的月均交易量 2000 个单位高出 25%。按照目前的销售速度，交易量预计将达到七年来的最高水平。该券商认为，尽管市场对下半年降息的预期发生了变化，但正向收益（住宅租金收益率与有效抵押贷款利率之间的差距）仍然吸引买家。从 2026 年到 2028 年预计新竣工数量减少将提供额外支持。</p>
</div><p>The broker noted that margin expansion could be a key theme in 2H. Improved demand has lifted pricing power for more new projects, and developers are highly likely to further raise prices in the coming months, supporting upward revisions to earnings forecasts.</p>
<div class="lb-trans"><p>该券商指出，利润率扩张可能成为下半年的一个关键主题。需求改善提升了新项目的定价能力，开发商在未来几个月内很可能进一步提高价格，从而支持盈利预测的上调。</p>
</div><p>HSBC Research expects consensus earnings forecasts for developers to be revised upward in the coming months, backed by margin expansion. It favors SHK PPT (00016.HK) +3.300 (+2.381%)  Short selling $96.22M; Ratio 35.312%  , HENDERSON LAND (00012.HK) +1.080 (+3.315%)  Short selling $114.90M; Ratio 46.974%  and SINO LAND (00083.HK) -0.020 (-0.154%)  Short selling $38.14M; Ratio 39.768%  , all rated Buy.</p>
<div class="lb-trans"><p>汇丰研究预计，开发商的共识盈利预测将在未来几个月内上调，得益于利润率扩张。它看好新鸿基地产（00016.HK）+3.300 (+2.381%) 空头头寸 $96.22M; 比率 35.312%，恒基地产（00012.HK）+1.080 (+3.315%) 空头头寸 $114.90M; 比率 46.974% 和信和置业（00083.HK）-0.020 (-0.154%) 空头头寸 $38.14M; 比率 39.768%，均评级为买入。</p>
</div><p>Below are HSBC Research's ratings and target prices for the relevant property developers:</p>
<div class="lb-trans"><p>以下是汇丰研究对相关房地产开发商的评级和目标价格：</p>
</div><p>Stock | Investment Rating | TP (HKD)</p>
<div class="lb-trans"><p>股票 | 投资评级 | 目标价（港元）</p>
</div><p>SHK PPT (00016.HK) +3.300 (+2.381%)  Short selling $96.22M; Ratio 35.312%  | Buy | HKD150.6</p>
<div class="lb-trans"><p>新鸿基地产（00016.HK）+3.300 (+2.381%) 空头头寸 $96.22M; 比率 35.312% | 买入 | 港元 150.6</p>
</div><p>HENDERSON LAND (00012.HK) +1.080 (+3.315%)  Short selling $114.90M; Ratio 46.974%  | Buy | HKD35.8</p>
<div class="lb-trans"><p>恒基地产（00012.HK）+1.080 (+3.315%) 空头头寸 $114.90M; 比率 46.974% | 买入 | 港元 35.8</p>
</div><p>SINO LAND (00083.HK) -0.020 (-0.154%)  Short selling $38.14M; Ratio 39.768%  | Buy | HKD14.4</p>
<div class="lb-trans"><p>信和置业（00083.HK）-0.020 (-0.154%) 空头头寸 $38.14M; 比率 39.768% | 买入 | 港元 14.4</p>
</div><p>(hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-05 16:25.)</p>
<div class="lb-trans"><p>(hc/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-05 16:25。)</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

HSBC Research: HK Developers' Pricing Power Rebounds, Favors SHK PPT , HENDERSON LANDand SINO LAND

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汇丰研究指出，香港开发商的定价能力有所回升，推荐新鸿基地产、恒基地产和信和置业