智通财经APP获悉，摩根士丹利发布研报称，香港零售额12月录得约10%的同比下跌，差于11月的7%，尽管深圳开放“一签多行”。大摩预计2025年本港零售额跌幅为5%，预计人民币贬值以及香港经济疲弱将抵消“一签多行”的正面影响，偏好领展房产基金(00823)等。
大摩表示，敞口零售相关地产股有九龙仓置业(01997)、领展房产基金(00823)、希慎兴业(00014)，2024年跑输恒生指数42-43个百分点，2025年年初至今这一趋势依旧。零售额增长已经连续十个月呈现负趋势，对这些股票持续施压。该行对领展评级“增持”，对九龙仓置业和希慎维持“减持”。
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