On January 3, GLORY reported that JPMorgan published a Research Report indicating that due to the strengthening of the Hong Kong dollar and the lack of significant improvement in the number of tourists visiting Hong Kong in December last year, it is expected that the poor retail performance in Hong Kong may continue. The bank also believes that in the second quarter of this year, retail sales of daily necessities may see moderate year-on-year growth compared to the same period in 2024. JPMorgan mentioned that the improvement in retail of daily necessities is theoretically beneficial to Link REIT, but the main driving factor for its stock price remains the fluctuations in the U.S. 10-Year Treasury Notes Yield. Therefore, the Federal Reserve's more hawkish stance could put pressure on Link REIT's stock price in the short term. The bank believes that sustained improvement in retail sales of daily necessities can at least alleviate market concerns about Link REIT's tenants' sales performance and provide some downside support. Additionally, for WHARF REIC, as an alternative investment symbol for retail Luxury Goods, JPMorgan expects its performance to remain poor until there is a significant rebound in non-essential retail sales. Achieving this under a strong Hong Kong dollar and uncertain macro environment will take time. JPMorgan set the Target Price for Link REIT at HKD 43, giving it a 'Shareholding' rating; while the Target Price for WHARF REIC is set at HKD 17, giving it a 'Shareholding' rating.