智通财经APP获悉，摩根大通发布研报称，领展房产基金(00823)公布2026财年首9个月(2025年4月至12月)的运营数据。该行对领展维持“中性”评级，但可能会对该公司持更加积极态度，如果:1)租户销售和续租情况出现实质性改善(这可能需要时间，因面对拼多多(PDD.US)等跨境电商渗透率不断提高)；2)领展通过回购令资本循环增值。
虽然该公司香港购物中心租户的销售额略有改善（预计2026财年第三季同比下降0.4%，预计第二季度同比下降3.4%），但仍差于同期香港主要零售业的销售额。续租租金减少幅度扩大至7.5%，与先前预期的下降高单位数幅度一致。尽管管理层指出年初至今的租户销售额“有所改善”，但预计续租租金将维持在相近水平。
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