<p>花旗在一份报告中表示，香港四月份的零售销售同比增长 8.6%，表现稳健，但增速较三月份的 13% 和第一季度的 12% 有所放缓。奢侈品领域的增长放缓至同比 20%，相比第一季度的 28% 主要反映了基数效应的减弱和黄金价格的下跌。超市销售继续显示出稳定的迹象，同比增长 3%，部分受益于商家的促销力度增加。在线零售保持强劲势头，同比增长 31%，现在占总零售销售的 10%，反映了消费者习惯的持续转变。</p>
<p>该银行预计香港五月的零售销售同比增长可能在 5% 到 8% 之间，约为 330 亿港元至 340 亿港元，部分得益于劳动节假期访客到达人数同比增长 8%，其中内地访客同比增长 10%。尽管人民币对港元贬值提供了支持，但由于基数较高，整体零售销售的同比增长预计将进一步放缓，因为市场情绪已从去年五月底到六月开始恢复。</p>
<p>与之前的预期相比，该银行对非必需消费品零售行业的看法略显乐观，因为稳定的销售帮助零售店的市场租金开始稳定，例如超市领域。</p>
<p>该银行指出，早前已将 LINK REIT (00823.HK) -0.200 (-0.510%)  空头头寸 130.49 百万; 比率 25.391% 评级上调至买入，主要是由于市场租金的稳定以及公司转向 “资产处置 + 股票回购” 的资本管理策略。</p>
<p>在香港和中国大陆的奢侈品零售市场，投资者对下半年同店销售增长放缓的担忧是近期股价调整的主要原因，主要是由于基数较高。然而，该银行表示，HANG LUNG PPT (00101.HK) -0.150 (-1.875%)  空头头寸 19.00 百万; 比率 36.795%  的 6.5% 股息收益率已开始吸引寻求收入的投资者，而 WHARF REIC (01997.HK) -0.660 (-2.739%)  空头头寸 19.50 百万; 比率 30.884%  的海港城租户销售表现优于大盘。</p>
<p>在香港房地产行业中，该银行的首选股票是 SHK PPT (00016.HK) -4.200 (-3.284%)  空头头寸 396.96 百万; 比率 32.207%  、CK ASSET (01113.HK) -1.200 (-2.510%)  空头头寸 102.70 百万; 比率 38.233%  、SWIREPROPERTIES (01972.HK) -0.160 (-0.705%)  空头头寸 7.34 百万; 比率 10.224%  和 LINK REIT (00823.HK) -0.200 (-0.510%)  空头头寸 130.49 百万; 比率 25.391%  。(ha/da)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-02 16:25。)</p>

太古地产

新鸿基地产

领展房产基金

长实集团

<p>花旗银行上调了对香港非必需消费零售行业的展望，理由是市场租金趋于稳定。该行将新鸿基地产、长实集团、太古地产和领展房产基金列为本地房地产股票的首选。这一推荐得到了 4 月份零售销售同比增长 8.6%、超市表现稳定以及在线零售势头强劲的支持。花旗还指出，由于租金稳定和新的资本管理策略，领展房产基金被上调至买入评级</p>

<p>Citi said in a report that Hong Kong's retail sales in April grew 8.6% YoY, showing solid performance, but the growth rate slowed from 13% in March and 12% in the first quarter. Growth in the luxury segment decelerated to 20% YoY, compared with 28% in the first quarter, mainly reflecting fading base effects and a decline in gold prices. Supermarket sales continued to show stable signs, rising 3% YoY, partly benefiting from increased promotional efforts by merchants. Online retail maintained strong momentum, growing 31% YoY and now accounting for 10% of total retail sales, reflecting continued shifts in consumer habits.</p>
<div class="lb-trans"><p>花旗在一份报告中表示，香港四月份的零售销售同比增长 8.6%，表现稳健，但增速较三月份的 13% 和第一季度的 12% 有所放缓。奢侈品领域的增长放缓至同比 20%，相比第一季度的 28% 主要反映了基数效应的减弱和黄金价格的下跌。超市销售继续显示出稳定的迹象，同比增长 3%，部分受益于商家的促销力度增加。在线零售保持强劲势头，同比增长 31%，现在占总零售销售的 10%，反映了消费者习惯的持续转变。</p>
</div><p>The bank estimates Hong Kong's retail sales in May could grow 5% to 8% YoY, amounting to approximately HKD33 billion to HKD34 billion, partly supported by an 8% YoY increase in visitor arrivals during the Labour Day holiday, including a 10% YoY rise in mainland visitors. Although the depreciation of RMB against HKD provided support, overall YoY retail sales growth is expected to slow further from April due to a higher base, as market sentiment had already begun recovering from late May to June last year.</p>
<div class="lb-trans"><p>该银行预计香港五月的零售销售同比增长可能在 5% 到 8% 之间，约为 330 亿港元至 340 亿港元，部分得益于劳动节假期访客到达人数同比增长 8%，其中内地访客同比增长 10%。尽管人民币对港元贬值提供了支持，但由于基数较高，整体零售销售的同比增长预计将进一步放缓，因为市场情绪已从去年五月底到六月开始恢复。</p>
</div><p>Compared with its previous expectations, the bank has turned slightly more positive on the non-essential consumer retail sector, as stable sales have helped market rents for retail shops begin to stabilize, such as in the supermarket segment.</p>
<div class="lb-trans"><p>与之前的预期相比，该银行对非必需消费品零售行业的看法略显乐观，因为稳定的销售帮助零售店的市场租金开始稳定，例如超市领域。</p>
</div><p>The bank noted that it had earlier upgraded LINK REIT (00823.HK) -0.200 (-0.510%)  Short selling $130.49M; Ratio 25.391%  to Buy, mainly due to stabilizing market rents and the company's shift to an &#34;asset disposal + share buyback&#34; capital management strategy.</p>
<div class="lb-trans"><p>该银行指出，早前已将 LINK REIT (00823.HK) -0.200 (-0.510%)  空头头寸 130.49 百万; 比率 25.391% 评级上调至买入，主要是由于市场租金的稳定以及公司转向 “资产处置 + 股票回购” 的资本管理策略。</p>
</div><p>In the luxury retail market in Hong Kong and mainland China, investor concerns over slower same-store sales growth in 2H due to a higher base have been the main reason for the recent share price correction. Nevertheless, the bank said HANG LUNG PPT (00101.HK) -0.150 (-1.875%)  Short selling $19.00M; Ratio 36.795%  's 6.5% dividend yield has begun to attract income-seeking investors, while tenant sales performance at Harbour City under WHARF REIC (01997.HK) -0.660 (-2.739%)  Short selling $19.50M; Ratio 30.884%  has outperformed the broader market.</p>
<div class="lb-trans"><p>在香港和中国大陆的奢侈品零售市场，投资者对下半年同店销售增长放缓的担忧是近期股价调整的主要原因，主要是由于基数较高。然而，该银行表示，HANG LUNG PPT (00101.HK) -0.150 (-1.875%)  空头头寸 19.00 百万; 比率 36.795%  的 6.5% 股息收益率已开始吸引寻求收入的投资者，而 WHARF REIC (01997.HK) -0.660 (-2.739%)  空头头寸 19.50 百万; 比率 30.884%  的海港城租户销售表现优于大盘。</p>
</div><p>Across the Hong Kong property sector, the bank's top picks are SHK PPT (00016.HK) -4.200 (-3.284%)  Short selling $396.96M; Ratio 32.207%  , CK ASSET (01113.HK) -1.200 (-2.510%)  Short selling $102.70M; Ratio 38.233%  , SWIREPROPERTIES (01972.HK) -0.160 (-0.705%)  Short selling $7.34M; Ratio 10.224%  and LINK REIT (00823.HK) -0.200 (-0.510%)  Short selling $130.49M; Ratio 25.391%  . (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-02 16:25.)</p>
<div class="lb-trans"><p>在香港房地产行业中，该银行的首选股票是 SHK PPT (00016.HK) -4.200 (-3.284%)  空头头寸 396.96 百万; 比率 32.207%  、CK ASSET (01113.HK) -1.200 (-2.510%)  空头头寸 102.70 百万; 比率 38.233%  、SWIREPROPERTIES (01972.HK) -0.160 (-0.705%)  空头头寸 7.34 百万; 比率 10.224%  和 LINK REIT (00823.HK) -0.200 (-0.510%)  空头头寸 130.49 百万; 比率 25.391%  。(ha/da)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-06-02 16:25。)</p>
</div>

花旗银行推荐的本地地产股首选包括新鸿基地产、长实集团、太古地产和领展房产基金