<p>瑞士银行发布的研究报告指出，香港 3 月份的零售总销售额同比增长 13%，较 2 月份的 12% 增幅加速，并超出高个位数增长的预期。剔除免税的消费电子产品以及一次性汽车和零部件销售，3 月份的零售销售额同比仍增长 8%，尽管略低于 1 月至 2 月录得的 9% 的增幅。</p>
<p>展望今年 4 月，该银行预计零售销售增长将放缓至高个位数水平，主要受几个因素驱动。这些因素包括由于油价上涨导致的高昂机票，这显著减缓了来自中国大陆和海外的访客到港增长；以及近期中东地区的地缘政治紧张局势引发的资产价格调整。然而，居民的出境旅游需求也有所减弱，这可能有助于支持国内零售消费。</p>
<p>该银行认为，香港 3 月份的零售销售表现超出预期，受益于对非必需品有更高曝光率的零售商，如九龙仓置业 (01997.HK) +0.520 (+2.078%) 空头头寸 $35.07M; 比率 27.940% 和希慎兴业 (00014.HK) +0.260 (+1.276%) 空头头寸 $17.67M; 比率 41.357%。然而，持续高企的油价仍然是一个主要的下行风险，因为来自大陆的访客到达量下降可能意味着人均消费支出减弱。另一方面，居民出境旅游减少将支持国内消费，并可能为经营社区购物中心的房东提供积极支持。在这种情况下，该银行认为领展房产基金 (00823.HK) +0.420 (+1.040%) 空头头寸 $106.29M; 比率 22.612% 是相对受益者。（sl/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-06 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>

九龙仓置业

领展房产基金

希慎兴业

<p>瑞银报告称，香港 3 月份的零售总销售额同比增长了 13%，超出预期。剔除某些类别后，销售额同比仍增长了 8%。该银行预计，由于高昂的机票和地缘政治紧张局势，4 月份的增长将有所放缓。九龙仓置业和希慎兴业等零售房东预计将受益，而领展房产基金也可能因出境旅行减少而支持国内消费。然而，高油价对来自大陆游客的消费构成风险</p>

<p>UBS published a research report stating that Hong Kong's total retail sales value in March rose 13% YoY, accelerating from the 12% increase in February and exceeding forecasts of a high single-digit growth. Excluding exempted consumer electronics products and one-off automobile and parts sales, retail sales value in March still grew 8% YoY, though slightly slower than the 9% increase recorded in January to February.</p>
<div class="lb-trans"><p>瑞士银行发布的研究报告指出，香港 3 月份的零售总销售额同比增长 13%，较 2 月份的 12% 增幅加速，并超出高个位数增长的预期。剔除免税的消费电子产品以及一次性汽车和零部件销售，3 月份的零售销售额同比仍增长 8%，尽管略低于 1 月至 2 月录得的 9% 的增幅。</p>
</div><p>Looking ahead to April this year, the bank expects retail sales growth to moderate to a high single-digit level, mainly driven by several factors. These include elevated airfares due to rising oil prices, which have significantly slowed growth in visitor arrivals to Hong Kong from Mainland China and overseas; and recent geopolitical tensions in the Middle East that have triggered asset price corrections. However, outbound travel demand among local residents has also softened, which may help support domestic retail consumption.</p>
<div class="lb-trans"><p>展望今年 4 月，该银行预计零售销售增长将放缓至高个位数水平，主要受几个因素驱动。这些因素包括由于油价上涨导致的高昂机票，这显著减缓了来自中国大陆和海外的访客到港增长；以及近期中东地区的地缘政治紧张局势引发的资产价格调整。然而，居民的出境旅游需求也有所减弱，这可能有助于支持国内零售消费。</p>
</div><p>The bank believes that Hong Kong's retail sales performance in March beat expectations, benefiting retail-focused landlords with a higher exposure to non-essential goods, such as WHARF REIC (01997.HK) +0.520 (+2.078%)  Short selling $35.07M; Ratio 27.940%  and HYSAN DEV (00014.HK) +0.260 (+1.276%)  Short selling $17.67M; Ratio 41.357%  . Nevertheless, persistently high oil prices remain a key downside risk, as declining airport arrivals of Mainland visitors may signal weaker per capita spending. On the other hand, reduced outbound travel by local residents would support domestic consumption and may provide positive support to landlords operating community malls. In this context, the bank sees LINK REIT (00823.HK) +0.420 (+1.040%)  Short selling $106.29M; Ratio 22.612%  as a relative beneficiary. (sl/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-06 16:25.)</p>
<div class="lb-trans"><p>该银行认为，香港 3 月份的零售销售表现超出预期，受益于对非必需品有更高曝光率的零售商，如九龙仓置业 (01997.HK) +0.520 (+2.078%) 空头头寸 $35.07M; 比率 27.940% 和希慎兴业 (00014.HK) +0.260 (+1.276%) 空头头寸 $17.67M; 比率 41.357%。然而，持续高企的油价仍然是一个主要的下行风险，因为来自大陆的访客到达量下降可能意味着人均消费支出减弱。另一方面，居民出境旅游减少将支持国内消费，并可能为经营社区购物中心的房东提供积极支持。在这种情况下，该银行认为领展房产基金 (00823.HK) +0.420 (+1.040%) 空头头寸 $106.29M; 比率 22.612% 是相对受益者。（sl/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-06 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>

瑞银表示，香港 3 月的零售总额超出预期；九龙仓置业和希慎兴业因此受益