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　　里昂发布研报称，今年首两月中国香港零售销售同比下降7.8%，尽管游客到访量同比增长7.4%，该行认为下降主要由消费者信心疲弱及持续消费外流驱动。里昂认为，美国关税可能损害中国香港零售销售，尽管长期来看美国联邦利率应趋于下降。该行预测2025年中国香港零售销售将同比下降5%，因此将九龙仓置业（01997）2025及2026财年经调整净利润预测，分别下调5.2%及5.4%，并因预计减少派息而将目标价由20港元下调至18.8港元，维持“持有”评级。

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