<p>高盛發佈了一份研究報告，指出自今年年初以來，香港住宅價格和辦公租金的表現超出預期，因此再次上調了預測。現在預計香港住宅物業價格今年將上漲 15%（之前預測為上漲 12%），而 2027 年和 2028 年的預測保持不變，分別為上漲 7% 和 4%。該銀行繼續偏好房地產開發商，認為他們將受益於香港住宅市場的多年度上行週期。</p>
<p>報告提到，住宅價格年初至今上漲了 8%，而一手銷售量增加了 48%。租金增長較慢，年初至今僅上漲 1.2%，反映出部分需求從租賃轉向購買。</p>
<p>對於辦公樓，高盛將 2026 年的租金增長預測從持平上調至 3%。核心中環地區的租金增長大幅上調，從 3% 提升至 10%，而非核心地區由於空置率仍然較高，保持同比持平。零售租金增長略微上調，從 2% 提升至 3%，主要受到奢侈品領域的推動（從 4% 上調至 5%）。</p>
<p>在個股方面，高盛上調了多家公司的目標價。恆基地產（00012.HK）的目標價從 38 港元上調至 41 港元，代表 8% 的增長，維持買入評級並納入強烈買入名單。新鴻基地產（00016.HK）的目標價從 164 港元上調至 170 港元，增長 4%，維持買入評級。信和地產（00083.HK）的目標價從 15.2 港元上調至 16 港元，增長 5%，維持買入評級。太古地產（01972.HK）的目標價從 30 港元上調至 30.7 港元，增長 2%，維持買入評級。恆隆地產（00101.HK）的目標價維持在 11.5 港元，維持買入評級。希慎發展（00014.HK）的目標價維持在 24.9 港元，維持中性評級。</p>
<p>然而，高盛將新世界發展（00017.HK）的目標價從 12.5 港元下調至 11 港元，代表 12% 的下降，維持中性評級，主要由於其最新的淨債務和現金流評估。高盛將華潤置地（00004.HK）評級為賣出，目標價維持在 25 港元，反映出對其內地租金收入、開發物業利潤及其股權投資組合波動性的擔憂。</p>
<p>該銀行繼續偏好在上行週期中擁有豐富可售資源的開發商，如恆基地產和新鴻基地產，以及信和地產，該公司資產負債表強勁，願意在低谷水平補充土地儲備。在房東中，它更偏好香港置地和太古地產，這些公司在核心中環辦公和高端零售方面更具優勢。</p>

新鴻基地產

恆基發展

新世界發展

恆基地產

<p>高盛已將香港住宅物業價格的預測上調至今年 15% 的增長，之前為 12%。該銀行看好恆基地產和新鴻基地產，提升了它們的目標價格，同時將新世界發展的目標價格下調了 12%。報告強調了住宅價格的強勁增長以及需求從租賃轉向購買的變化，同時 2026 年的辦公租金增長預測也上調</p>

<p>G Sachs published a research report noting that Hong Kong residential prices and office rents have performed better than expected since the beginning of this year, prompting another upward revision to its forecasts. It now expects Hong Kong residential property prices to rise 15% this year (previously forecast to increase 12%), while forecasts for 2027 and 2028 remain unchanged at increases of 7% and 4%, respectively. The bank continues to prefer property developers, which it believes will benefit from a multi-year upcycle in Hong Kongs residential market.</p>
<div class="lb-trans"><p>高盛發佈了一份研究報告，指出自今年年初以來，香港住宅價格和辦公租金的表現超出預期，因此再次上調了預測。現在預計香港住宅物業價格今年將上漲 15%（之前預測為上漲 12%），而 2027 年和 2028 年的預測保持不變，分別為上漲 7% 和 4%。該銀行繼續偏好房地產開發商，認為他們將受益於香港住宅市場的多年度上行週期。</p>
</div><p>The report mentioned that residential prices have risen 8% year-to-date, with primary sales volume increasing 48%. Rental growth has been slower, up only 1.2% year-to-date, reflecting a shift in part of demand from leasing to purchasing.</p>
<div class="lb-trans"><p>報告提到，住宅價格年初至今上漲了 8%，而一手銷售量增加了 48%。租金增長較慢，年初至今僅上漲 1.2%，反映出部分需求從租賃轉向購買。</p>
</div><p>For offices, G Sachs raised its 2026 rental growth forecast from flat to 3%. Rental growth in the core Central district was significantly revised up from 3% to 10%, while non-core districts were kept flat YoY due to still-elevated vacancy rates. Retail rental growth was slightly adjusted up from 2% to 3%, mainly driven by the luxury segment (revised up from 4% to 5%).</p>
<div class="lb-trans"><p>對於辦公樓，高盛將 2026 年的租金增長預測從持平上調至 3%。核心中環地區的租金增長大幅上調，從 3% 提升至 10%，而非核心地區由於空置率仍然較高，保持同比持平。零售租金增長略微上調，從 2% 提升至 3%，主要受到奢侈品領域的推動（從 4% 上調至 5%）。</p>
</div><p>On individual stocks, G Sachs raised TPs for multiple companies. The TP for HENDERSON LAND (00012.HK) -0.320 (-0.988%)  Short selling $87.51M; Ratio 21.138%  was lifted from HKD38 to HKD41, representing an 8% increase, with a Buy rating and inclusion on the Conviction List Buy. The TP for SHK PPT (00016.HK) -0.100 (-0.074%)  Short selling $178.65M; Ratio 27.750%  was raised from HKD164 to HKD170, up 4%, with a Buy rating. The TP for SINO LAND (00083.HK) -0.100 (-0.803%)  Short selling $15.68M; Ratio 26.067%  was increased from HKD15.2 to HKD16, up 5%, with a Buy rating. The TP for SWIREPROPERTIES (01972.HK) +0.100 (+0.427%)  Short selling $17.40M; Ratio 26.598%  was lifted from HKD30 to HKD30.7, up 2%, with a Buy rating. The TP for HANG LUNG PPT (00101.HK) -0.020 (-0.238%)  Short selling $14.91M; Ratio 19.145%  was maintained at HKD11.5, with a Buy rating. The TP for HYSAN DEV (00014.HK) -0.010 (-0.052%)  Short selling $8.88M; Ratio 35.098%  was kept at HKD24.9, with a Neutral rating.</p>
<div class="lb-trans"><p>在個股方面，高盛上調了多家公司的目標價。恆基地產（00012.HK）的目標價從 38 港元上調至 41 港元，代表 8% 的增長，維持買入評級並納入強烈買入名單。新鴻基地產（00016.HK）的目標價從 164 港元上調至 170 港元，增長 4%，維持買入評級。信和地產（00083.HK）的目標價從 15.2 港元上調至 16 港元，增長 5%，維持買入評級。太古地產（01972.HK）的目標價從 30 港元上調至 30.7 港元，增長 2%，維持買入評級。恆隆地產（00101.HK）的目標價維持在 11.5 港元，維持買入評級。希慎發展（00014.HK）的目標價維持在 24.9 港元，維持中性評級。</p>
</div><p>However, G Sachs cut the TP for NEW WORLD DEV (00017.HK) -0.120 (-1.422%)  Short selling $7.93M; Ratio 13.761%  from HKD12.5 to HKD11, representing a 12% decrease, with a Neutral rating, mainly due to its latest assessment of net debt and cash flow. The bank rated WHARF HOLDINGS (00004.HK) -0.780 (-2.885%)  Short selling $10.49M; Ratio 7.400%  as Sell, with a TP maintained at HKD25, reflecting concerns over its mainland rental income, development property profits and the volatility of its equity investment portfolio.</p>
<div class="lb-trans"><p>然而，高盛將新世界發展（00017.HK）的目標價從 12.5 港元下調至 11 港元，代表 12% 的下降，維持中性評級，主要由於其最新的淨債務和現金流評估。高盛將華潤置地（00004.HK）評級為賣出，目標價維持在 25 港元，反映出對其內地租金收入、開發物業利潤及其股權投資組合波動性的擔憂。</p>
</div><p>The bank continues to favor developers with abundant saleable resources to monetize during the upcycle, such as HENDERSON LAND and SHK PPT, as well as SINO LAND, which has a strong balance sheet and is willing to replenish its land bank at trough levels. Among landlords, it prefers Hongkong Land and SWIREPROPERTIES, which are better positioned to benefit from core Central office exposure and high-end retail.</p>
<div class="lb-trans"><p>該銀行繼續偏好在上行週期中擁有豐富可售資源的開發商，如恆基地產和新鴻基地產，以及信和地產，該公司資產負債表強勁，願意在低谷水平補充土地儲備。在房東中，它更偏好香港置地和太古地產，這些公司在核心中環辦公和高端零售方面更具優勢。</p>
</div>

G Sachs Raises HK Home Prices Forecast to +15% This Year; Favors HENDERSON LAND , SHK PPT ; Cuts NEW WORLD DEV  TP

AASTOCKS News

高盛

信和置業

太古地產

恆隆地產

希慎興業

九龍倉集團

香港置地控股

GS Hldg R

新鴻基地產-R

九龍倉集團(ADR)

高盛將香港房價的預測上調至今年上漲 15%；看好恆基地產和新鴻基地產；下調新世界發展的目標價