中金发表报告指出，香港零售物业资产经营恢复或慢于预期，下调领展房产基金(0823.HK)2026至2027财政年度每基金单位分派(DPU)预测均为1%，分别至2.69港元及2.7港元，维持“跑赢行业”评级及目标价47港元不变，目标价隐含2026财年5.7厘预期股息率。 中金指出，领展于香港及内地的物业经营压力仍存在，2026财年首季度香港零售物业续租租金提价率录负中个位数增长，平均租金单价较2025财年底跌0.8%，至每方尺62.8港元；出租率降0.2个百分点至97.6%。商户销售额同比跌幅由3%收窄至0.8%，但跑输整体升0.4%。内地零售物业续租租金提价率仍然承压，特别位于北京的资产；内地办公及仓储物业租金面亦持续受压。 另外，领展再融资受惠利率环境改善，融资成本为3.6%，与2025财年末持平而尚未降低，当前定期债务比例较高达67%。海外业务经营态势仍较为强劲，首季度在新加坡、澳洲零售物业出租率均接近满租，其在澳洲办公物业出租率则持平。
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