小摩：市场过度忧虑加息对香港地产股影响料未来四季利率不变

智通财经03-11

智通财经APP获悉，摩根大通发布研报称，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。另外，该行认为虽然加息预期可能引发短暂获利回吐，但历史数据显示加息并不一定导致股价或楼价下跌。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息(HIBOR)持续回落的趋势，这至少在短期内对借贷...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2618918295?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-11 13:46","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2618918295","market":"hk","top_or_hot":-1,"title":"小摩：市场过度忧虑加息对香港地产股影响 料未来四季利率不变","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，摩根大通发布研报称，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。另外，该行认为虽然加息预期可能引发短暂获利回吐，但历史数据显示加息并不一定导致股价或楼价下跌。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息(HIBOR)持续回落的趋势，这至少在短期内对借贷...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1412542.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小摩：市场过度忧虑加息对香港地产股影响 料未来四季利率不变</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小摩：市场过度忧虑加息对香港地产股影响 料未来四季利率不变\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-11 13:46 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1412542.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根大通发布研报称，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。另外，该行认为虽然加息预期可能引发短暂获利回吐，但历史数据显示加息并不一定导致股价或楼价下跌。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息(HIBOR)持续回落的趋势，这至少在短期内对借贷...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1412542.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1551013342.USD","symbol_name":"Allianz Income and Growth Cl AMg2 DIS USD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1412542.html","article_id":"2618918295","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2618918295","pubTimestamp":1773207985,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，摩根大通发布研报称，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息持续回落的趋势，这至少在短期内对借贷成本及按揭利率属正面因素。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80016":"新鸿基地产-R","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4504":"桥水持仓","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2088748376.SGD":"Eastspring Investments - Asia Real Estate Multi Asset Income Cl ASDM SGD-H","BK4588":"碎股","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","BK1216":"多样化房地产活动","LU0620787316.HKD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (HKD) INC","00012":"恒基地产","BK1240":"房地产开发","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","BK1555":"内房股","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","00101":"恒隆地产","00016":"新鸿基地产","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","03121":"华夏亚太房地产","00017":"新世界发展","00083":"信和置业","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","01972":"太古地产","SUHJY":"新鸿基地产ADR","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1548497426.USD":"安联环球人工智能AT Acc","03145":"华夏亚洲高息股","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SG9999002224.SGD":"Allianz Global High Payout SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","JPMO":"JPM期权收益策略ETF-YieldMax"},"translate_title":"Xiao Mo: The market is excessively worried about the impact of rate hike on Hong Kong real estate stocks. The interest rate is expected to remain unchanged in the next four quarters","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80016":0.6,"01972":0.9,"ZTmain":1.5,"00012":0.9,"03145":0.6,"SUHJY":0.6,"ZBmain":1.5,"ZNmain":1.5,"00017":0.9,"JPMO":0.6,"00101":0.9,"03121":1.5,"00016":0.9,"00083":0.9,"ZFmain":1.5,"TNmain":1.5,"UBmain":1.5},"content_text":"智通财经APP获悉，摩根大通发布研报称，近期市场出现忧虑，通胀或地缘政治引发加息可能令香港地产板块估值下调。该行基本假设未来四季利率维持不变，而且置业人士目前仍享有轻微正利差，预期板块可承受利率不变的环境。另外，该行认为虽然加息预期可能引发短暂获利回吐，但历史数据显示加息并不一定导致股价或楼价下跌。在过度忧虑加息之前，市场可能忽略了近期港元同业拆息(HIBOR)持续回落的趋势，这至少在短期内对借贷成本及按揭利率属正面因素。在该行覆盖的股份中，新世界发展(00017)及恒基地产(00012)的盈利对利率变动最为敏感。撇除利率因素，板块其他基本面依然稳固，该行维持正面看法; 发展商中首选新鸿基地产(00016)及信和置业(00083)，收租股中首选太古地产(01972)、香港置地及恒隆地产(00101)。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2618918295","isCrawlerRequest":true}

小摩：市场过度忧虑加息对香港地产股影响 料未来四季利率不变

精彩评论

小摩：市场过度忧虑加息对香港地产股影响料未来四季利率不变