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香港:增长前景改善 – 大华银行

大华银行经济学家何慧珍(Ho Woei Chen)报告称,香港国内生产总值(GDP)增长在 3Q26 大幅加速,受商品出口和投资强劲推动。Chen 指出,半导体和人工智能供应链提供了支撑,房地产市场趋于稳定,游客到访人数上升。大华银行上调了对香港 2026 年和 2027 年 GDP 的预测,同时提示外部和金融风险。
更强劲的 GDP 和上调后的预测
"香港 GDP 增长从 2Q26 修正后的 4.2% 加速至 3Q26 的 5.2%(彭博预估:3.7%,大华银行预估:3.0%)。按季节性调整后的季率计算,GDP 飙升 1.9%,较 2Q26 的 0.7% 萎缩大幅反弹。"
"3Q26 的表现优于预期,主要受商品出口(同比+30.4%)和固定资本形成总额(同比+7.3%)推动。私人消费增长(同比+2.8%)保持稳定,政府消费(同比+1.7%)有所改善。"
"半导体贸易以及香港在更广泛全球人工智能供应链中的角色,继续支撑该市的经济增长。在国内方面,由于中东局势不确定性、利率上升以及内地对资本外流的审查趋严,消费者信心有所走弱。尽管如此,趋于稳定的房地产市场和改善的游客到访人数提供了缓冲。"
"这继续支持零售销售的复苏。尽管增速放缓,零售销售额在 9 月仍连续第 17 个月实现增长。"
"考虑到 3Q26 强劲的增长反弹,我们将 2026 年 GDP 增长预测上调至 5.0%(此前为 3.9%),并将 2027 年预测上调至 3.0%(此前为 2.4%)。2026 年的增长将是自 2021 年疫情后反弹至 6.5% 以来最强劲的一年。"
(本文由人工智能工具协助生成,并经编辑审核。了解更多。)
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