Core Viewpoint - Morgan Stanley believes that China Resources Land's stock price will experience absolute growth in the next 30 days, with a probability of over 80% [1] Group 1: Sales and Rental Performance - Strong mall operations have driven October same-store sales and rental income to outperform expectations, with a year-on-year increase of 17%, raising the cumulative rental growth for the first ten months of this year to 13% [1] - Despite a high base in the fourth quarter, same-store sales growth for the year is expected to remain above 10%, with rental growth projected at 13% to 14% [1] Group 2: Profit Contribution and Ratings - With improved operational leverage, it is anticipated that the recurring profit contribution will increase to approximately 50% of core earnings this year, compared to 41% in 2024 [1] - Morgan Stanley has assigned a "Buy" rating to China Resources Land with a target price of HKD 39.3 [1]

Core Viewpoint - Morgan Stanley believes that China Resources Land (01109) will experience an absolute increase in stock price within the next 30 days, assigning an "Overweight" rating and a target price of HKD 39.3, with an estimated probability of occurrence exceeding 80% [1] Group 1: Financial Performance - Strong mall operations have driven October same-store sales and rental income performance above expectations, with a year-on-year increase of 17%, raising the cumulative rental growth for the first ten months of the year to 13% [1] - Despite a high base in the fourth quarter, same-store sales growth for the year is expected to maintain over 10%, with rental growth projected between 13% and 14% [1] - The contribution of recurring profits is anticipated to increase to approximately 50% of core earnings this year, compared to 41% in 2024, supported by better operational leverage [1] Group 2: Valuation Insights - Morgan Stanley's sum-of-the-parts (SOTP) valuation method suggests that China Resources Land should receive a higher valuation, currently at a forecasted price-to-earnings ratio of 8.2 times [1]

Core Viewpoint - Morgan Stanley reports that China Resources Land (01109) is placing approximately 2.2% of China Resources Mixc Lifestyle (01209) shares at a discount of about 9.6%, primarily to enhance liquidity rather than to alleviate liquidity pressure [1] Group 1: Share Placement Details - The placement is expected to raise approximately HKD 2.1 billion, which is a relatively small amount and will not significantly impact the group's net debt ratio [1] - The main objective of the placement is to address the liquidity issues discussed in a recent investor meeting [1] Group 2: Earnings Forecast - Morgan Stanley previously anticipated a 5% year-on-year decline in the group's core net profit for 2025, factoring in expected disposal gains of approximately RMB 2 to 3 billion from the sale of Kunshan Mixc [1] - If the disposal is delayed until next year, the group's profit for 2025 could decline by 10% to 15% [1] - The proceeds from the placement of approximately HKD 2.1 billion are comparable to the potential disposal gains, which may mitigate the downside risk to dividends [1] Group 3: Dividend Impact - However, the dividend income from China Resources Mixc Lifestyle is expected to decrease by approximately RMB 97 million next year [1]

Core Viewpoint - Morgan Stanley reports that China Resources Land (01109) is placing approximately 2.2% of China Resources Mixc Lifestyle (01209) shares at a discount of about 9.6%, primarily to enhance liquidity rather than address liquidity pressure [1] Group 1: Share Placement Details - The placement is expected to raise approximately HKD 2.1 billion, which is a relatively small amount and will not significantly impact the group's net debt ratio [1] - The main objective of the placement is to improve the liquidity of China Resources Mixc Lifestyle shares, as discussed in a recent investor meeting regarding liquidity issues [1] Group 2: Earnings Forecast - Morgan Stanley initially projected a 5% year-on-year decline in core net profit for the group in 2025, factoring in expected disposal gains of approximately RMB 2 to 3 billion from the sale of Kunshan Mixc [1] - If the disposal is delayed until next year, the group's profit for 2025 may decline by 10% to 15% [1] - The proceeds from the placement of approximately HKD 2.1 billion are similar in scale to the potential disposal gains, which may help mitigate dividend downside risks [1] - However, the dividend income from China Resources Mixc Lifestyle is expected to decrease by approximately RMB 97 million next year [1]

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]

公告显示，截至2025年10月31日止一个月，华润置地实现总合同销售金额约人民币152.0亿元，总合同 销售建筑面积约68.1万平方米，分别按年减少51.0%及46.8%。 1-10月，华润置地累计合同销售金额约人民币1696.0亿元，总合同销售建筑面积约641.0万平方米，分别 按年减少16.6%及27.4%。 2025年10月，华润置地实现经常性收入约人民币43.3亿元，按年增长3.0%，其中，经营性不动产业务租 金收入约人民币29.4亿元，按年增长16.8%。1-10月累计经常性收入约人民币414.8亿元，按年增长 7.2%，其中，经营性不动产业务租金收入约人民币271.0亿元，按年增长13.0%。 来源：环球网 【环球网综合报道】11月12日，华润置地有限公司发布了截至2025年10月31日止一个月未经审核的营运 数据。 润置地公告 图源：华 ...

华润置地目前直接持有公司16.5亿股股份，占公司已发行股份总数72.29%。于配售事项完成后，华润置 地持有公司的股权将减少至公司已发行股份总数70.12%，而中国华润作为公司的最终控股股东，通过 华润置地、华润集团(置地)及合贸间接持有公司的股权则会减少至已发行股份总数71.55%。董事会预期 配售事项将不会对公司及其附属公司的营运产生任何不利影响。 消息面上，华润万象生活宣布，获控股股东华润置地告知，于11月13日，华润置地与配售代理订立配售 协议，华润置地同意通过配售代理将公司合共4950万股股份，占公司已发行股份总数2.17%，按配售价 每股41.7港元配售(或倘未能成功配售，则由其自行购买)予由配售代理促成的承配人，华润置地将套现 20.64亿港元。配售价较华润万象生活昨日收市价46.12港元折让9.58%。 智通财经APP获悉，华润万象生活(01209)跌超8%，截至发稿，跌8.41%，报42.24港元，成交额22.85亿 港元。 ...

Group 1 - The Hang Seng Index opened down 0.53%, with the Hang Seng Tech Index falling 0.82%. China National Offshore Oil Corporation dropped over 2%, and China Petroleum & Chemical Corporation fell over 1%. China Resources Mixc Lifestyle Services Limited saw a decline of nearly 8% as its controlling shareholder, China Resources Land Limited, proposed to place shares at HKD 41.7 each [1] - Guotai Junan Securities indicated that the foundation for a bull market in Hong Kong stocks remains intact, but the evolution is likely to be characterized by "oscillating upward with a gradually rising center" rather than a rapid one-sided increase. The fundamental drivers in November are strong, emphasizing the value of high-prosperity sectors [1][2] - Wang Qian from Yongying Fund noted that the recent adjustment in Hong Kong stocks is mainly due to weakened upward momentum and increased uncertainties, leading some investors to take profits. Additionally, the market remains uncertain about the Federal Reserve's interest rate cuts in December [1][2] Group 2 - Market focus will shift towards policy implementation and interest rate trends by year-end. As valuations of Hong Kong stocks become more attractive next year, a confirmed trend reversal in U.S. interest rates or clearer signals of domestic economic recovery could help the market regain upward momentum. Key sectors to watch include internet, high dividends, and high-end manufacturing [2] - The valuation of the Hang Seng Internet Technology Index is currently at a PE ratio of 21.45, which is at a historical low of 16.09% over the past decade, indicating significant valuation recovery potential [2][3] - The core narrative of Hong Kong's internet sector is shifting from user growth and business models to new growth curves driven by AI empowerment [2] Group 3 - Zhang Xia, Chief Strategy Analyst at招商证券, stated that the Hang Seng Tech Index is one of the few indices with a current PE ratio below its historical average, indicating substantial valuation recovery potential [3] - The Hong Kong market is primarily driven by liquidity, and uncertainties in external liquidity may lead to short-term oscillations. However, in the medium to long term, the opening of the U.S. interest rate cut cycle and the end of the Fed's balance sheet reduction could lead to a resonance of easing policies between China and the U.S. [3] - The current economic fundamentals in China are stable and improving, with continuous policy support, which has significantly boosted market confidence [3][4] Group 4 - Guotai Haitong Securities highlighted that the current position of Hong Kong stocks is not high compared to historical and overseas levels, suggesting potential for upward movement. The market is expected to attract over 1.5 trillion yuan in inflows next year due to low allocation and the backdrop of U.S. interest rate cuts [4] - Hong Kong is seen as a gathering place for innovative assets, with sectors like internet, new consumption, innovative pharmaceuticals, and dividends expected to support the ongoing bull market [4] - JPMorgan noted that the current valuation of Hong Kong stocks remains relatively low, supported by multiple favorable factors, and anticipates that the current rally will continue into next year [4][5]

华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 智通财经APP讯，华润置地(01109)发布公告，于2025年11月13日，公司与配售代理订立配售协议，据 此，公司同意任命配售代理，及配售代理同意担任公司的代理，以促使承配人根据配售协议的条款以配 售价购买(或倘未能成功配售，则由其自行购买)公司持有的合共4950万股配售股份，配售股份占截至本 公告日期华润万象生活(01209)已发行股份总数约2.17%。 出售事项所得款项净额(经扣除专业费用及其他配售开支)估计约为20.61亿港元。出售事项所得款项净额 拟用作集团收购储备土地、开发成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更 多元从而能够鼓励及吸引机构投资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心 ...

华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 华润置地(01109)发布公告，于2025年11月13日，公司与配售代理订立配售协议，据此，公司同意任命 配售代理，及配售代理同意担任公司的代理，以促使承配人根据配售协议的条款以配售价购买(或倘未 能成功配售，则由其自行购买)公司持有的合共4950万股配售股份，配售股份占截至本公告日期华润万 象生活(01209)已发行股份总数约2.17%。 出售事项所得款项净额(经扣除专业费用及其他配售开支)估计约为20.61亿港元。出售事项所得款项净额 拟用作集团收购储备土地、开发成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更 多元从而能够鼓励及吸引机构投资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心 及提高华润万象生 ...