摩根大通发表研报指，在近日举行的中央经济工作会议上，关于对房地产市场的表态与先前类似，但与 过去几次政府会议相比，今次关于房地产市场的着墨更多，显示稳定房地产行业仍是内地关键任务之 一。摩通表示，今次会议上未提及具体措施，但认为下一步的政策措施或推出旨在降低购房成本的措 施。该行首选股为华润置地、华润万象生活与中国金茂。 ...

Core Viewpoint - The Chinese real estate industry is undergoing a significant transformation from "development logic" to "operation logic," with China Jinmao emerging as a pioneer in this shift, leveraging its full-cycle asset management capabilities to create a stable and certain "second growth curve" through premium holding businesses [1]. Group 1: Business Strategy and Growth - China Jinmao is focusing on a full-cycle asset management approach, which includes investment, financing, construction, management, and exit strategies, to establish a new commercial ecosystem that spans from urban cores to community ends [1]. - The company has expanded its portfolio to 80 held and operational projects, totaling approximately 3.6 million square meters, with an additional nearly 6 million square meters in construction or planning, covering major cities like Beijing, Shanghai, and Shenzhen [1]. Group 2: Commercial Development - The "second growth curve" is supported by three main commercial product lines: "Lanxiu City," "Jinmao Hui," and "Fengmao Li," which cater to urban-level, regional quality, and community-specific commercial developments, respectively [2]. - The Lanxiu City project in Changsha serves as a benchmark for urban commercial development, maintaining a rental rate of 98% over nine years and leading regional sales and foot traffic [2][3]. Group 3: Community and Regional Projects - The Nanjing Lanxiu City is branded as a "young energy field," attracting a new generation of consumers with trendy stores and quality dining experiences [3]. - The Tianjin Jinmao Hui showcases unique industrial heritage transformation, preserving historical elements while integrating modern commercial spaces [5]. Group 4: Light Asset Management - China Jinmao is exploring light asset management strategies, as seen in the Qinwang Water Street project in Hangzhou, which opened with over 100,000 visitors on its first day and features nearly 70 quality brands [9]. - The company is also expanding its hotel operations through light asset management, with successful openings planned for 2025 [9]. Group 5: Financial Performance and Market Position - China Jinmao ranks 14th in the "2024 Domestic Real Estate Company Operating Income Ranking" by CRIC, recognized as one of the fastest-growing state-owned enterprises in terms of operating income [10]. - The company is building a sustainable long-term development ecosystem supported by premium holdings, light asset operations, and REITs listings, ensuring a stable cash flow and strong performance [10].

Core Viewpoint - The Hong Kong real estate stocks experienced a significant rise following the Central Economic Work Conference, which emphasized stabilizing the real estate market and addressing key risks in the sector [1]. Group 1: Market Performance - Major real estate stocks such as Shimao Group, Ronshine China, and Vanke Enterprises saw increases of over 5%, while Sunac China rose by 4.5% [1]. - Other companies like Greentown China, Agile Group, Jin Hui Holdings, and Country Garden also reported gains exceeding 3% [1]. - The overall positive sentiment in the market is reflected in the performance of various real estate stocks listed in the table, with notable increases across the board [2]. Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined strategies to stabilize the real estate market, including city-specific policies to control supply and reduce inventory [1]. - The meeting also highlighted the importance of reforming the housing provident fund system and promoting the construction of quality housing [1]. - Measures to address local government debt risks were discussed, emphasizing proactive debt management and the prevention of new hidden debts [1].

Group 1 - Hong Kong property stocks experienced a significant rise, with Shimao Group, Ronshine China, and Vanke Enterprises increasing by over 5%, while Sunac China rose by 4.5% [1] - Other notable increases included Greentown China, Agile Group, Jinhui Holdings, and Country Garden, all rising by over 3%, and CIFI Holdings, China Jinmao, Longfor Group, and New City Development increasing by over 2% [1] Group 2 - The Central Economic Work Conference held from December 10 to 11 in Beijing emphasized the need to stabilize the real estate market, implementing city-specific policies to control supply, reduce inventory, and improve supply [1] - The conference also highlighted the importance of reforming the housing provident fund system and promoting the construction of quality housing [1] - Measures to actively and orderly resolve local government debt risks were discussed, including urging local governments to proactively manage debt and preventing the illegal addition of hidden debts [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | | | | | | 96 | | DA20251209E00368 | 陶天海 | 1101(L) | 3,100,000(L) | HKD 1.2048 | 12,800,000(L) 0.10(L)09/12/ | 格隆汇12月11日丨根据联交所最新权益披露资料显示，2025年12月9日，中国金茂(00817.HK)获执行董事兼主席陶天海在场内以每股均价1.2048港元增持310 万股，涉资约373.5万港元。 增持后，陶天海最新持股数目为1280万股，持股比例由0.07%上升至0.10%。 ...

本文源自：金融界AI电报 港股收盘，恒指收涨0.42%，科指收涨0.48%，内房股大涨，万科企业(02202.HK)收涨13.2%，融创中国 (01918.HK)涨近9%，中国金茂(00817.HK)涨8.55%。 ...

Core Viewpoint - China Jinmao reported its unaudited sales data for November 2025, indicating a strong performance in signed sales and total sales volume for the year to date [1] Group 1: November Sales Data - In November 2025, China Jinmao and its subsidiaries achieved a signed sales amount of RMB 7.997 billion, with a signed sales area of 365,700 square meters [1] - As of November 30, 2025, the group recorded a subscribed (not yet signed) property sales amount totaling RMB 718 million [1] Group 2: Year-to-Date Sales Performance - From January to November 2025, China Jinmao accumulated a total signed sales amount of RMB 100.679 billion, which includes several key projects [1] - The cumulative signed sales area for the same period reached 4.3717 million square meters [1] - Key projects contributing to the sales include Changsha Meixi Lake International New City, Nanjing Qinglongshan International Eco City, and others [1]

Group 1 - Hong Kong's property stocks experienced a significant rally in the afternoon session on December 10, with Vanke Enterprises (02202.HK) rising over 13% [1] - Shimao Group (00813.HK) and Sunac China (01918.HK) both increased by more than 9%, while Ronshine China (03301.HK) saw an increase of over 8% [1] - China Jinmao (00817.HK) and Jin Hui Holdings (09993.HK) both rose by more than 7%, and Country Garden (02007.HK) increased by over 5% [1]

Group 1 - The Hong Kong stock market saw a collective surge in property stocks, with Vanke Enterprises rising by 17% [1] - Sunac China and Jin Hui Holdings both increased by over 11% [1] - Other notable gains included Agile Group, Shimao Group, and China Jinmao, which all rose by over 9%, while Country Garden increased by over 7% [1] - Oceanwide Holdings, R&F Properties, and CIFI Holdings all saw increases of over 6% [1]