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。 ...

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].

Core Insights - Recently, China Resources Land achieved remarkable sales in two projects, generating over 15 billion in just two days, showcasing its strong market presence and operational capabilities [1][39] - The success is attributed to the high market recognition of its premium product line and effective marketing strategies [1][39] Group 1: Sales Performance - In Shanghai, the project "Lianqi Riverside" sold 122 units, generating 2.482 billion, marking it as the only successful launch in November [1][39] - In Shenzhen, the "Shenzhen Bay Lianxi" project set a new national record with sales exceeding 13 billion, including high-end units priced up to 330 million [1][39] - Overall, the two projects collectively sold over 15 billion within two days, highlighting the company's strong operational capabilities [1][39] Group 2: Marketing Strategy - China Resources Land held the first "Rui Partner Marketing Co-Creation Conference" in Sanya, indicating a significant marketing push [2][40] - The company is focusing on a co-creation model that involves customers deeply in the product development process, enhancing trust and collaboration [6][44] - The marketing strategy includes a new "City Channel Manager" team model, allowing partners to have a voice in the marketing process, thus creating a more collaborative environment [10][48] Group 3: Organizational Changes - The company has restructured its marketing teams, bringing in experienced professionals from other leading firms to enhance its marketing capabilities [17][56] - New management teams have been established for key projects, such as the newly formed Haitang Bay Company, which will focus on significant developments in Sanya [19][57] - The company is actively recruiting marketing talent across various regions, indicating a strong demand for skilled professionals in its marketing efforts [31][70] Group 4: Future Outlook - The "Rui Partner Marketing Co-Creation Plan" aims to expand its reach across the national real estate market, positioning it as a key player in the industry [13][52] - The company plans to make the co-creation conference an annual industry event, further solidifying its marketing strategy [13][51] - With a focus on performance-driven results, the company is poised for significant growth and transformation in the marketing landscape [32][72]

昨日（12月9日），2025年武汉规模最大的土拍拉开帷幕，27宗地块挂牌，26宗成功出让，总收金约86.55以元。 其中总价最高的一宗地被华润置地以8.95亿底价成功摘得，成交楼板价7200.32元/㎡，华润置地也由此再次落子武汉大光谷。 长江天际位于武昌滨江，仅有约67米的极近江距、坐拥约600米一线江岸，是华中首个采取国际竞赛落地规划方案的项目，也是华润置地内部首个「生机 之环」实践样本，以立体思维构建出了一个超级社区底盘。 作为华中首创的纯板式围合式商业大平层，以对江岸资源的独家占有，更以独梯独户、户户可瞰江、270度一体式不间断的观江视野，成功在今年的武汉 走出独立行情。 武汉今年的市场并不算好，热销的长江天际更称得上是非常另类的存在——把大平层最大做到799平、总价600万到-2000万的情况下，还在10个月内去化 了大约200套房源，并且还在持续推新中。 今年华润置地在多个城市的销售加足了码力，武汉就是其中之一。 据武汉克而瑞统计，今年前10月时，武汉的全口径、操盘、权益销售金额三榜中，华润置地均位列TOP2，唯一能压其一头的仅有本土国企武汉城建集 团。 | питания | | | HILLE ...

转自：推广 2025年12月4日至6日，聚焦住房品质升级的"好房子建设暨建材创新应用展"在宁波国际会议展览中心成功举办。展会通过政策解读、技术展示与实景体 验，全景呈现了"好房子"从国家战略到民生实践的落地路径，回应了社会对"安全耐用、健康舒适、绿色低碳、智能便捷"高品质居所的深切期待。 这场盛会不仅是一次行业成果的集中检阅，更引发了关于"何为好房子"、"谁来建好房子"的深层思考。 "好房子建设暨建材创新应用展"现场照 当市场还在探讨行业信心时，华润置地已用一场席卷全国的现象级豪宅热销给出答案：上海澐启滨江首开售罄、深圳湾澐玺首开揽金130亿、北京润园单 日热销35亿……顶序作品的集体爆发，不仅印证了"好房子"穿越周期的硬通货价值，更折射出华润置地强大的产品实力与品牌感召力。在宁波，这份实力 同样转化为深耕十九载的长期主义实践给出了"好房子"的理想答案。 "好房子建设暨建材创新应用展"现场照 "3+1"生态格局的可持续之道 自2006年进入甬温以来，华润置地宁波地区始终与城市发展脉动同频共振。 华润置地宁波地区聚焦城市核心需求，以大型城市地标、城市更新、大型场馆、TOD上盖综合体、城市生态圈五大领域的专业能力 ...

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。 （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 背景 於二零二二年十月二十五日，本公司與華潤銀行訂立二零二二年華潤銀行戰略 合作協議，與華潤信託訂立二零二二年華潤信託戰略合作協議，與華潤租賃訂 立二零二二年租賃融資及保理服務框架協議，與華潤數科訂立二零二二年信息 化服務及產品採購框架協議，及與華潤集團訂立二零二二年租賃及許用框架協 議；於二零二二年十二月三十日，本公司分別與華潤集團及華潤股份訂立二零 二二年框架貸款協議。由於上述協議將於二零二五年十二月三十一日屆滿，於 二零二五年十二月九日，本公司分別與華潤銀行、華潤信託、華潤租賃、華潤 數科、華潤集團及華潤股份訂立二零二五年持續關連交易框架協議，藉此亦根 據二零二五年持續關連交易框架協議重續年度上限，而本公司亦已根據二零二 五年工程代建管理服務框架協議及 ...

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Core Insights - The impressive sales performance of China Resources Land in major cities during a period of industry adjustment is attributed to the synergy of brand, location, product, and service [1][20] Brand Strength - China Resources Land has a strong foundation built over 20 years, deeply integrated with urban development, particularly in Shenzhen Bay, where it has established significant landmarks and contributed to urban planning [2][4] - The company's approach is characterized by being a "co-builder" rather than a transient player in the real estate market, enhancing its brand value through long-term commitment to urban development [4][20] Location Advantage - The strategic locations of projects like Shenzhen Bay, Beijing's Wenyu River, and Shanghai's Huangpu River are highlighted, with each site offering unique ecological and urban benefits [4][14] - The projects are designed to integrate seamlessly with their surroundings, enhancing their appeal and value [4][12] Product Innovation - China Resources Land emphasizes a customer-centric approach in product development, focusing on understanding client needs before design [5][10] - The company employs a "respect" philosophy in its product offerings, ensuring that designs reflect the desires and lifestyles of residents [5][10] - Innovative features such as the "Five Unique Systems" in Beijing's Wenyu Garden cater to diverse family needs and enhance living experiences [10][19] Service Excellence - The company provides a comprehensive service system that extends beyond property handover, focusing on high customization and full-cycle service for homeowners [19][20] - Key service dimensions include personalized service, community engagement, and leveraging ecological resources to enhance living experiences [19][20] Industry Direction - The collective success of China Resources Land's premium projects signals a shift in the real estate industry towards quality competition, emphasizing the importance of respecting urban environments and customer needs [20]

Group 1 - The real estate sector in China is facing significant challenges, with major companies like China Overseas Grand Oceans Group and China Jinmao experiencing declines of 8.93% and 8.76% respectively [1] - Morgan Stanley indicates that the real estate sector remains a primary risk point, with ongoing declines in sales and investment, and the market has not achieved a "stop falling and stabilize" condition [1][2] - Vanke's application for domestic bond extension has severely impacted market sentiment, raising concerns about the tightening financing environment for private developers [1][2] Group 2 - Analysts are optimistic about Longfor Group, which is transitioning to a rental model and possesses a significant amount of unencumbered investment properties [1] - The recommendation for investors is to adopt a selective strategy in the Chinese credit market, favoring TMT companies with strong fundamentals and balance sheets, such as Alibaba and Weibo [1] - Despite narrowing spreads for state-owned enterprises, there is strong technical support for defensive stocks like China National Chemical Corporation [1]

Group 1 - The Hong Kong real estate stocks have seen a significant decline, with China Jinmao dropping nearly 9% and China Overseas Grand Oceans Group falling 8% [1] - Other notable declines include Zhongliang Holdings down over 5%, Greentown China down 4.77%, and several other companies like Longfor Group and Yuyuan Property down over 3% [1] - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in the Chinese credit market, with the TMT sector showing good quality while the real estate sector remains under severe pressure [1] Group 2 - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [1] - Vanke's attempt to extend domestic bond maturities has led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [1] - The effects of policy easing have been limited, and there remains substantial inventory pressure in the market [1]