Core Points - The announcement of personnel changes at China Resources Land Holdings Limited includes the resignation of Li Xin as chairman, with Xu Rong taking over the position [2] - Guo Shiqing has stepped down from his roles as director, CFO, and head of information disclosure, with Zhao Wei appointed to assume these responsibilities [2] - The company clarified that these changes are routine disclosures in accordance with regulatory requirements and do not affect the listed entity, China Resources Land [3] Personnel Changes - Xu Rong, who joined China Resources Land in January 2023 as vice president, has been involved in various urban renewal projects [3] - Zhao Wei, previously with China Resources Beer, has been appointed as the new CFO and will also serve as an executive director and committee member [3] - Xu Rong is set to be promoted to president of China Resources Land by December 2024, having served in his current role for less than two years [4]

Core Viewpoint - The announcement of personnel changes at China Resources Land Holdings Limited indicates a strategic shift in leadership, with Xu Rong appointed as Chairman and Zhao Wei as Director and CFO, while previous leaders Li Xin and Guo Shiqing step down [1] Group 1: Personnel Changes - Xu Rong has been appointed as the Chairman of China Resources Land Holdings Limited [1] - Zhao Wei has taken on the roles of Director, CFO, and head of information disclosure [1] - Li Xin and Guo Shiqing are no longer serving in their respective roles [1] Group 2: Company Structure and Clarifications - China Resources Land Holdings Limited is a wholly-owned subsidiary of China Resources Land, registered in Shenzhen, responsible for functions such as bond issuance in mainland China [1] - The personnel changes were made in accordance with the company's articles of association and were approved by shareholders and the board [1] - The announcement is a routine disclosure required by mainland bond issuance regulations, and does not affect the listed company, China Resources Land [1]

Core Insights - The total sales of the top 100 real estate companies in China for the first ten months of 2025 reached 289.67 billion yuan, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the first nine months of the year [1] - The sales performance in October showed a slight month-on-month recovery, with a total sales amount of 253 billion yuan, reflecting a 0.1% increase from the previous month [6] Group 1: Sales Performance by Company Tier - The average sales for the top 10 real estate companies was 143.09 billion yuan, down 15.0% year-on-year [4] - The average sales for companies ranked 11 to 30 was 35.51 billion yuan, down 17.8% year-on-year [4] - The average sales for companies ranked 31 to 50 was 17.21 billion yuan, down 16.6% year-on-year [4] Group 2: Company Breakdown - There are 7 companies in the 100 billion yuan and above tier, with sales figures of 222.7 billion yuan, 201.1 billion yuan, 189.1 billion yuan, 169.6 billion yuan, 156.0 billion yuan, 114.6 billion yuan, and 106.5 billion yuan respectively [4] - The second tier (500-1000 billion yuan) has 7 companies, down 2 from the previous year, with sales figures of 92.6 billion yuan, 92.1 billion yuan, 86.3 billion yuan, 68.7 billion yuan, 62.1 billion yuan, 55.7 billion yuan, and 55.3 billion yuan respectively [4] - The third tier (300-500 billion yuan) has 6 companies, down 3 from the previous year, with sales figures of 43.8 billion yuan, 43.5 billion yuan, 41.5 billion yuan, 33.9 billion yuan, and 32.7 billion yuan respectively [4] Group 3: Market Trends - In October, first-tier cities recorded a total transaction volume of 1.68 million square meters, remaining flat month-on-month but down 41% year-on-year [6] - The total transaction volume in 26 second and third-tier cities was 7.91 million square meters, with a slight month-on-month increase of 1% but a year-on-year decline of 35% [6] - The city of Chengdu led in monthly transactions with 800,000 square meters, followed by Qingdao, Wuhan, and Xi'an [6] Group 4: Policy Implications - The recent "14th Five-Year Plan" emphasizes boosting consumption and may lead to the relaxation of housing purchase restrictions in major cities [7] - The industry anticipates that as year-end performance targets approach, supply in key cities may improve, providing some support to the market [7] - A more comprehensive approach from the central government is needed to stabilize the industry and break the negative cycle [7]

Core Viewpoint - The management restructuring at China Resources Land Holdings reflects a strategic shift in state-owned real estate companies towards a "stock + low leverage" era [2][11]. Management Changes - China Resources Land Holdings announced significant changes in its management team, including the appointment of Xu Rong as Chairman and Zhao Wei as Director and Chief Financial Officer [3][4]. - This marks Xu Rong's third major position change in less than a year, having previously held various roles within the company [3][8]. Financial Performance - For the first half of 2025, China Resources Land Holdings reported total revenue of 51.482 billion yuan, a year-on-year increase of 12.56%, while net profit decreased by 39.45% to 3.67 billion yuan [4]. Strategic Implications - The management changes are interpreted as a strategic response to the evolving real estate industry, emphasizing the need for government connections and planning capabilities in urban renewal projects [7][11]. - The new leadership aims to establish a dual-driven model of "government credit + market-oriented operations" to navigate the challenges of the current market [11]. Leadership Background - Xu Rong has extensive experience in urban planning and government roles, which aligns with the current demands of the real estate sector [8][11]. - Zhao Wei, the new CFO, has over 20 years of financial management experience within the China Resources system, particularly in capital market operations and compliance [9][11].

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].