Core Points - The announcement reveals a leadership change at China Resources Land Holdings Limited, with Xu Rong appointed as the new chairman and Zhao Wei as the new director, financial director, and information disclosure officer [1][2] - Xu Rong, aged 56, joined China Resources Land in January 2023 and has held various positions, including vice president and president [2][3] - Zhao Wei, aged 53, joined China Resources Land in September 2025 and has extensive experience in finance, having previously worked at China Resources Beer and China Resources Pharmaceutical Group [3] Company Overview - China Resources Land Holdings Limited is indirectly controlled by China Resources Land Limited, which is listed on the Hong Kong Stock Exchange [4] - China Resources Land Holdings serves as a wholly-owned subsidiary of China Resources Land Limited and is a domestic bond-issuing entity [4]

Global Apartment Market Dynamics - In September, the global rental market operated steadily, with rental prices in Europe and Asia-Pacific generally increasing compared to the previous month [2] - In the US, San Francisco's rental market thrived due to an influx of AI tech talent, with the median rent for a one-bedroom apartment reaching approximately $3,100, a 12% increase year-over-year, the highest among major US cities [2] - In the UK, rental yields in England and Wales remained strong, with the average yield rising by 0.3% to 7.5% year-over-year, indicating a stable development phase in the industry [3] - In France, nearly one-third of rental listings exceeded legal rent caps, with Paris showing an average rent overage of €237 per month [4] Asia-Pacific Rental Market Dynamics - In Australia, Sydney's median weekly rent for apartments rose to AUD 750, a 4.9% increase year-over-year, while the vacancy rate dropped to 0.9% [6] - In Singapore, overall private residential rents increased by 3% year-over-year, with the Core Central Region seeing a 0.8% rise in September [7] - In South Korea, Seoul's rental supply-demand index reached 154.2, the highest since October 2021, driven by a decrease in rental listings due to tightening loan policies [8] China Rental Market Dynamics - In September, the rental median for the top 10 cities in China was CNY 1,800 per month, with a month-over-month decline of 2.7% [11] - The city with the highest month-over-month increase was Rikaze, with a rise of 28.21%, while Shenzhen experienced the largest decline at 11.68% [11][12] Rental Enterprise Opening Dynamics - Several new rental projects opened in September, including "Yujianjia" in Jinan, which features 220 apartments [13] - The "Fangyu" project in Shanghai opened with 810 planned units, targeting female tenants with customized living spaces [13] - "Longhu Guanyu" in Hangzhou and "Xiantou Yayu" in Chengdu also opened, enhancing the rental supply in their respective regions [14][15] Rental Housing Allocation Dynamics - Various cities continued to open applications for affordable rental housing, including 691 units in Shenzhen and 3,641 public rental units in Tianjin [26][27] - Long-term rental housing projects are being developed to meet diverse housing needs, with significant allocations in cities like Kunming and Changchun [24][28] ABN Index Analysis - The search index for apartment brands remained stable, with top searches focused on new openings and brand dynamics, such as the launch of new stores by Huazun and Fangyu [39] - The media index highlighted significant coverage for brands like Ascott and Vanke, reflecting their strategic developments and new project launches [39]

Core Insights - Shenzhen Run Investment Consulting Co., Ltd., a wholly-owned subsidiary of China Resources Land, successfully acquired a residential land parcel in Dongguan's Songshan Lake for a total price of 1.91 billion yuan after 71 rounds of bidding [1][3] Group 1: Land Acquisition Details - The land parcel covers an area of approximately 73,667.67 square meters, with a maximum building area of 88,401.2 square meters, designated for urban residential and commercial use [3] - The starting price for the land was set at 1.7 billion yuan, indicating strong competition among developers [3] - The land has a low plot ratio of no more than 1.2, a building height limit of 80 meters, and a building density cap of 30%, suggesting the development of a low-density, high-quality residential area [3] Group 2: Development Timeline and Standards - The development period for the land is set at three years, with construction required to commence by November 29, 2026, and completion by November 29, 2029 [3] - The project must adhere to at least one-star green building standards and requirements for prefabricated construction [3] Group 3: Market Context and Potential - The Songshan Lake residential land supply is scarce, leading to a long-term supply-demand imbalance in the new housing market, with significant demand for quality improvements due to the aging of surrounding second-hand residential complexes [3] - The land is considered a rare high-quality low-density residential site in Songshan Lake, presenting substantial market opportunities and development potential [3]

（於開曼群島註冊成立的有限公司） （股份代號：1109） 重續持續關連交易 訂立 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (2)二零二六年增值服務框架協議； (3)二零二六年會員運營與營銷業務框架協議； (4)二零二六年物業管理服務框架協議；及 (5)二零二六年存款及金融服務框架協議 於二零二二年十月二十五日，本公司附屬公司華潤萬象生活與華潤集團訂立二 零二三年貨品與服務採購框架協議、二零二三年增值服務框架協議、二零二三 年物業管理服務框架協議，並與華潤銀行訂立二零二三年存款及金融服務框架 協議；於二零二五年六月三十日，華潤萬象生活與華潤集團訂立二零二五年會 員運營與營銷業務框架協議。由於上述協議將於二零二五年十二月三十一日屆 滿，於二零二五年十月二十九日，華潤萬象生活分別與華潤集團和華潤銀行訂 立華潤萬象生活的持續關連交易框架協議，藉此亦根據華潤萬象生活的持續關 連交易框架協 ...

Core Insights - The recent 20th anniversary celebration of China Resources Land in Changsha highlighted its significant contributions to the local real estate market and urban development [1] Group 1: Company Achievements - China Resources Land has achieved remarkable sales records with its high-end product lines, including Yuefu, Runfu, and Ruifu, which have consistently topped sales charts in Changsha [1][3] - In 2021, Yuefu set a record with "six launches and six sellouts," becoming the top-selling project in Changsha [3] - Runfu, launched in 2022, adopted a "build the city first, then build the houses" approach, resulting in the completion of a nine-year integrated school, five roads, six pocket parks, and approximately 15,000 square meters of commercial space within 800 days [3] - By September 2025, Ruifu achieved a sales volume of 2.1 billion yuan, leading the market, while the first launch of Ruifu Phase IV "Jincheng" recorded an 82% sales rate [3] Group 2: Innovative Concepts and Community Engagement - The Ruifu Jincheng project incorporates an advanced concept of "extreme park penetration," with a landscape design inspired by Central Park and a luxurious hotel-like quality [5] - The company promotes a community-oriented living experience through its "development + property" integrated community operation model, which has established over 2,300 certified communities across 118 cities, serving more than 3 million families [5] - The launch event introduced the upgraded Xiangjiang CLUB, which will host exclusive events and provide high-quality health and wellness platforms for residents [7] - The demonstration area for Ruifu Jincheng features five innovative scenarios and a 205-square-meter sky garden model, showcasing various design highlights [7]

Core Viewpoint - The Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900) has experienced a decline in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of October 27, 2024, the fund's total share count is 1.593 billion shares, with a total asset size of 1.703 billion yuan [1]. - The fund's share count has decreased by 36.42% and total assets by 26.58% since December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the fund has accumulated a total trading volume of 1.108 billion yuan, averaging 55.42 million yuan per day [1]. - Year-to-date, the fund has seen a total trading volume of 18.107 billion yuan, with an average daily trading volume of 91.92 million yuan across 197 trading days [1]. Fund Management - The current fund managers are Huo Huaming and Lü Xin, with respective management periods yielding returns of 8.60% and 22.17% [2]. - Huo Huaming has managed the fund since its inception, while Lü Xin is set to manage it starting April 30, 2025 [2]. Top Holdings - The fund's major holdings include: - China Petroleum & Chemical Corporation (10.86% holding) - China Mobile (10.32% holding) - China Shenhua Energy (9.70% holding) - CNOOC Limited (9.52% holding) - COSCO Shipping Holdings (8.42% holding) - China Petroleum & Chemical Corporation (7.40% holding) - China Telecom (4.53% holding) - China Unicom (3.44% holding) - China Coal Energy (2.59% holding) - China Resources Land (2.22% holding) [2][3].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Insights - The report highlights structural opportunities in the third and fourth-tier housing markets despite challenges such as inventory overhang and weak demand [6][8] - It emphasizes that the market for "good houses" is stabilizing, with a willingness to pay for quality increasing among consumers in lower-tier cities [6][8] Summary by Sections Market Overview - The inventory clearance cycle in third and fourth-tier cities is relatively stable, with a longer average clearance period of 50.5 months compared to 35.1 months in first-tier cities [11] - Price adjustments in these cities are gradually shrinking, indicating a stabilization in housing prices [11] Land Acquisition Trends - Land acquisition competition is weaker in third and fourth-tier cities, with fewer new entrants due to the exit of distressed developers [14][30] - The land transaction premium in third-tier cities has decreased by 0.7 percentage points compared to the previous year, indicating a more favorable environment for project profitability [14][30] Consumer Preferences - There is a noticeable trend towards larger units in third and fourth-tier cities, driven by family-oriented living arrangements and lower price thresholds [21][16] - The acceptance of "good houses" is higher in these markets, with consumers willing to pay a premium for quality [21][16] Competitive Landscape - The number of developers active in third and fourth-tier cities has significantly decreased, leading to a more favorable competitive environment for established players [30][31] - Companies that have maintained a presence in these markets, such as China Overseas Development and Greentown China, are likely to benefit from improved project margins [35][41] Implications for Higher-Tier Markets - The report suggests that the trends observed in third and fourth-tier cities may also apply to first and second-tier markets, where a differentiation and quality improvement trend is expected to continue [80] - Core areas in first-tier cities are anticipated to stabilize and potentially see price recovery, particularly for high-quality properties [80]

（根 據 董 事 會 於2017年4月18日 通 過 之 決 議 案 成 立） 之 華 潤 置 地 有 限 公 司 （「公 司」或「本 公 司」） 執 行 委 員 會 職 權 範 圍 書 （經 董 事 會 於2017年4月18日 採 納 並 於2025年10月27日 修 訂） 釋 義 成 立 成 員 秘 書 公 司 的 公 司 秘 書 應 擔 任 委 員 會 秘 書（「秘 書」）。董 事 會 可 不 時 委 任 任 何 其 他 具 備 適 當 資 格 及 經 驗 的 人 士 擔 任 秘 書。 – 1 – 「交 易」 指 具 有 上 市 規 則 賦 予 的 涵 義。 「附 屬 公 司」 指 具 有 上 市 規 則 賦 予 的 涵 義。 「上 市 規 則」 指 聯 交 所 證 券 上 市 規 則（經 不 時 修 訂）。 「聯 交 所」 指 香 港 聯 合 交 易 所 有 限 公 司。 1. 為 有 效 及 時 管 理 公 司 的 日 常 運 作，公 司 董 事 會（「董 事 會」）已 議 決 成 立 一 個 名 為 執 行 委 員 會（「委 員 會」）的 委 員 會。 2. 委 員 會 應 根 據 其 職 權 範 ...

華 潤 置 地 有 限 公 司 （「公 司」） 審 核 委 員 會 職 責 範 圍 書 （於1998年9月4日 採 納） （於2025年10月27日 修 訂） 組 成 會 議 出 席 人 員 出 席 人 員 一 般 包 括 委 員 會 成 員、財 務 總 監、審 計 部 總 經 理、外 聘 核 數 師 代 表 及 對 委 員 會 事 宜 投 入 有 意 義 工 作 的 人 士。委 員 會 應 每 年 最 少 一 次 在 公 司 執 行 董 事 避 席 的 情 況 下，與 外 聘 核 數 師 及 審 計 部 總 經 理 舉 行 會 議。 – 1 – 公 司 董 事 會（「董 事 會」）已 成 立 一 個 名 為 審 核 委 員 會（「委 員 會」）的 委 員 會。 成 員 委 員 會 成 員 由 董 事 會 從 公 司 的 非 執 行 董 事 中 委 任，最 少 由 三 名 成 員 組 成， 其 中 至 少 要 有 一 名 是 如 上 市 規 則 第3.10(2)條 所 規 定 具 備 適 當 專 業 資 格， 或 具 備 適 當 的 會 計 或 相 關 的 財 務 管 理 專 長 的 獨 立 非 執 行 董 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]