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2026-09-17 15:32:25 JPM released a research report saying that the latest Policy Address and the first Five-Year Plan contained no major surprises. In the private residential market, the only mildly positive measure was the provision of up to HKD20,000 in stamp duty concessions for families with newborn babies, which was mainly aimed at encouraging childbirth rather than stimulating the property market. The key performance indicators (KPIs) in the Five-Year Plan were slightly below the bank's expectations, with no clear KPI for attracting talent, while most KPIs were indicative rather than binding. The focus remained on accelerating the development of the Northern Metropolis, with HENDERSON LAND (00012.HK) and SHK PPT (00016.HK) expected to benefit, though this direction was already within market expectations. In the short term, the bank expected Hong Kong developers' share prices to remain soft due to interest rate hikes and uncertainties surrounding overseas investments, and preferred rental income stocks including SWIREPROPERTIES (01972.HK), WHARF REIC (01997.HK) and Hongkong Land. For banks, the direction of the Five-Year Plan was positive, reinforcing Hong Kong's role as a major financial hub and demonstrating continued policy support for RMB internationalization. Relevant measures would provide tailwinds for wealth management, corporate and institutional banking, and financial markets businesses, with STANCHART (02888.HK) and HSBC HOLDINGS (00005.HK) being the main beneficiaries. Meanwhile, plans supporting the Northern Metropolis and technology financing would benefit long-term bank loan growth; BOC HONG KONG (02388.HK), with its stronger capital position, could see greater upside potential than peers. However, the plan did not contain entirely new initiatives, and implementation details for long-term goals remained unclear. The bank expected no earnings upgrades before greater visibility on policy execution emerged, and believed recent share price reactions would likely remain moderate. (ha/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |