摩根大通发表研究报告指，自6月中旬以来，本港地产股已跑赢恒生指数达8%。仅在上日(25日)当天，该板块上升3%(恒生指数增加1%)，主要原因包括：(1)市场对美国可能提前降息的憧憬升温；(2)板块轮动至高股息或落后板块，如香港地产(事实上，即使经过近期上涨，香港地产年初至今表现仍比恒生指数同期表现低出1%)；(3) 香港银行同业拆息(HIBOR)近两个月来保持在1%以下；(4) 南向资金持仓略有增加(从5月初的7.2%增至最新的7.6%)；(5)在较小程度上，近期住宅项目销售去化率良好的正面消息，而摩通也观察到长期投资者的兴趣增加。该行又指，有些股票(尤其新地(00016.HK) )的估值已经相当高了。
摩通表示，从股息收益率差额角度显示，认为该板块目前价格交易于历史平均值以下0.5个标准差，若以低于1个标准差为基准，则表示未来还有9%的上涨空间。摩通对该板块的首选仍为太古地产(01972.HK) 、恒地(00012.HK) 和领展(00823.HK) 。摩通认为，即使该三只股票今年至今已分别上涨30%、28%和37%，但它们仍提供超过6%的股息收益率，且未来仍有催化剂。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-25 16:25。)
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