开源证券发布研报称，维持华润置地(01109)"买入"评级，华润置地发布2025年12月运营数据。公司上 半年营收利润实现增长，结转毛利率逆势提升，经常性业务质效双增。公司销售拿地稳健，市占率持续 提升，充裕土储保障未来结转业绩，经常性业务盈利水平高企。 开源证券主要观点如下： 销售排名稳居前三，12月销售数据超预期增长 公司2025全年拿地33宗，对应规划建面339万方，土地总价917亿元，其中权益拿地金额683亿元，拿地 权益比74%;拿地均价达27024元/平，拿地强度达39%。分结构来看，公司在一线城市拿地占比66.6%， 二线城市占比28.3%，项目整体安全垫较高。 经常性收入稳中有升，华润有巢REIT成功扩募上市 公司2025全年实现经常性收入511.5亿元，同比+6.5%;其中经营性不动产(购物中心+写字楼+酒店)租金收 入329.4亿元，同比+12.8%。公司12月单月实现经常性收入52.9亿元，同比+0.8%;其中经营性不动产租 金收入30.1亿元，同比+9.4%。2026年1月，华润有巢REIT扩募上市仪式成功举行，此次扩募为华夏基 金华润有巢REIT的首次扩募，配售价格2.53元/份，认 ...

Group 1 - The core viewpoint of the report maintains a "buy" rating for China Resources Land (01109), highlighting its revenue and profit growth in the first half of 2025, with an increase in gross profit margin and consistent performance in recurring business [1] - The company achieved a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, while maintaining a top-three sales ranking; the sales area was 9.225 million square meters, down 18.6%, and the average sales price was 25,322 yuan per square meter, up 9.9% [1] - December sales data showed significant growth, with sales amount and area increasing by 28.1% and 29.1% year-on-year, respectively, driven by strong performance in first-tier cities [1] Group 2 - The company actively acquired land, securing 33 plots in 2025 with a planned construction area of 3.39 million square meters and a total land cost of 91.7 billion yuan; the average land acquisition price was 27,024 yuan per square meter [2] - The land acquisition ratio in first-tier cities was 66.6%, indicating a strong focus on high-capacity urban areas, with a land acquisition strength of 39% [2] Group 3 - Recurring income for the company increased to 51.15 billion yuan in 2025, a year-on-year rise of 6.5%, with rental income from operational real estate reaching 32.94 billion yuan, up 12.8% [3] - In December, the company recorded a recurring income of 5.29 billion yuan, a slight increase of 0.8% year-on-year, with operational real estate rental income at 3.01 billion yuan, up 9.4% [3] - The successful expansion listing of China Resources' REIT in January 2026 raised approximately 1.133 billion yuan, with a subscription rate of 99.51%, aimed at acquiring quality assets [3]

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1] Core Insights - The company reported a strong sales performance at the end of the year, with a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, maintaining a top-three ranking in the industry [6] - The company has actively acquired land, with 33 plots purchased in 2025, corresponding to a planned construction area of 3.39 million square meters and a total land price of 91.7 billion yuan [7] - Regular income showed steady growth, with total regular income reaching 51.15 billion yuan in 2025, a year-on-year increase of 6.5% [8] Summary by Sections Sales Performance - In December, the company achieved a sales amount and area growth of 28.1% and 29.1% year-on-year, respectively, with significant contributions from major cities [6] Land Acquisition - The average land acquisition price was 27,024 yuan per square meter, with a land acquisition intensity of 39% [7] Regular Income - The rental income from operational real estate (shopping centers, office buildings, hotels) was 32.94 billion yuan, reflecting a year-on-year increase of 12.8% [8] Financial Summary - The projected net profit for 2025-2027 is 21.71 billion, 24.07 billion, and 26.37 billion yuan, respectively, with corresponding EPS of 3.05, 3.37, and 3.70 yuan [5][9]

14日上午，地块拍卖，最终，该地块被华润置地（山东）发展有限公司、青岛青铁智能科技有限公司底价竞得，成交楼面价12562元/㎡，成交总 价10.15亿元。 1月14日，青岛宅地市场迎来2026年"第一拍"。当日上午，市南区原百安居地块（SN0501-23地块）地块拍卖，地块占地面积29795.5㎡，规划建筑 面积8.64万㎡，最终，该地块被华润置地（山东）发展有限公司、青岛青铁智能科技有限公司联手以总价10.15亿元、单价12562元/㎡竞得。据统 计，该地块是市南近3年出让的住宅类用地中建面最大地块。从地块质素来看，地块位于市南核心区，配套成熟且交通便利，自地块拆除以来就备 受关注，此次地块成功出让，让大众对地块未来开发备受期待。 12562元/㎡！市南优质地块底价成交 具体来看，地块位于市南区泰州路以东、宁夏路以南、山东路以西、泰州六路以北，用地性质为二类城镇住宅、商业服务业、教育体育混合用 地，总占地面积29795.5㎡，容积率2.9，规划建筑面积8.64万㎡，出让部分建面约80800㎡，其中住宅部分53200㎡、商业服务业27600㎡，此外地 块还划拨有3150㎡教育用地、2000㎡体育用地。地块起始 ...

Core Viewpoint - The "2025 China Real Estate Product Power TOP100 Release Conference" successfully held discussions on the innovation and future development trends of product power in the real estate industry, providing practical references and insights for enterprises [1]. Group 1: Industry Trends - The government work report for 2025 emphasizes the need to meet the high-quality housing demands of the public by promoting the construction of "safe, comfortable, green, and smart" homes [6]. - Market rationality has returned, with customer demands showing four major trends: returning to self, family, offline experiences, and nature [6]. - The industry is evolving from material product standards to spiritual product concept recognition, shifting from aesthetic competition to performance metrics [6]. Group 2: Company Strategy - China Resources Land has developed a "Three Good Twelve Excellent" housing system to explore new directions for human habitation, focusing on customer insights, systematic benchmarking, and corporate foundation as strategies [6]. - The company aims for high quality as a consistent pursuit, believing that "quality brings more change to the city" is fundamental for navigating industry changes and cycles [6]. Group 3: Implementation Framework - The "Good House" system is centered around "good products, good communities, and good services," supported by the "Twelve Excellent Customer Scenarios" and "Ten Energy Systems" [7]. - The company employs three major initiatives: building systems, establishing standards, and creating models to implement the "Twelve Excellent" scenarios across various project tiers [7]. - Specific practices include creating vibrant community spaces, innovative product designs, and comprehensive service offerings to enhance customer experience and asset value [7]. Group 4: Future Outlook - The "All-Cycle Renewal Technology Home" concept presented at the 2025 Beijing Housing Technology Exhibition explores future living and industrial upgrades, aiming to provide a comprehensive product and service system [8]. - The focus is on creating adaptable spaces, continuous service renewal, and enhanced customer experiences, driving innovation and transformation in the real estate industry [8]. - The company will continue to promote the core value system of "Good House" and explore future living scenarios to lead the iteration and upgrade of product and service systems in the industry [8].

Market Performance - The Shanghai Composite Index rose by 3.8%, the Shenzhen Component Index increased by 4.4%, and the ChiNext Index went up by 3.9% this week [1] - The real estate sector (Shenwan) saw a rise of 5.1% [1] - The top five stocks by percentage increase were Chengjian Development (+34.5%), Yingxin Development (+22.0%), Shangshi Development (+20.8%), *ST Rongkong (+19.7%), and *ST Yangguang (+16.0%) [1] - The bottom five stocks by percentage decrease included Hainan Airport (-7.9%), Guangming Real Estate (-7.2%), Hezhan Energy (-5.5%), Shoukai Shares (-5.0%), and China Wuyi (-2.0%) [1] Real Estate Data Tracking - New homes: In the week of January 3-9, 42 key cities recorded a total transaction of 1.37 million square meters, a month-on-month decrease of 46.7% [1] - For January up to the week of January 9, new home transactions totaled 1.55 million square meters, down 30.1% month-on-month and 46.6% year-on-year [1] - Second-hand homes: In the week of January 3-9, 21 key cities saw a total transaction of 2.06 million square meters, a month-on-month increase of 25.4% [1] - For January up to the week of January 9, second-hand home transactions totaled 2.14 million square meters, down 16.1% month-on-month and 23.9% year-on-year [1] Industry News - The State Council, led by Premier Li Qiang, held a meeting to implement a package of fiscal and financial policies to boost domestic demand, including expanding the scope of public rental housing [2] - The central bank emphasized the continuation of a moderately loose monetary policy and the integration of incremental and stock policy effects [2] - Local policies include Shanghai's efforts to improve fair competition review mechanisms and Henan's support for local governments to issue special bonds for purchasing existing homes for affordable housing [2] - In Shenyang, the down payment for housing has been reduced to 15% until the end of 2026, while Chengdu extended its housing mutual assistance policy until the end of 2026 [2] Company Announcements - In December 2025, the sales figures for major real estate companies were as follows: Poly Development at 12.16 billion yuan (-18.9%), China Merchants Shekou at 25.84 billion yuan (-14.5%), and New Town Holdings at 1.35 billion yuan (-57.8%) [2] - China Overseas Development issued bonds with a 3-year term at an interest rate of 1.60%-2.60% and a 5-year term at 1.80%-2.80% [2] Personnel Changes - Vanke A's Yu Liang retired due to age, resigning from his positions as director and executive vice president [3] Investment Analysis - The real estate sector remains a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for economic circulation [3] - The 20th Central Committee's emphasis on promoting high-quality development in real estate suggests potential policy support [3] - High-quality residential properties may see a development wave due to policy guidance and changes in supply-demand structure [3] - The Hong Kong private residential market sentiment is gradually recovering, indicating a potential revaluation for Hong Kong developers [3] - The sector is rated "positive," with recommended companies including China Resources Land, China Merchants Shekou, New Town Holdings, and others [3]

Core Insights - The real estate market in China shows signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][2][3] Group 1: Sales Performance - 72.22% of the 18 real estate companies reported month-on-month sales growth as of January 12, 2026, with five companies achieving record monthly sales [1] - China Resources Land led with a monthly sales figure of 410 billion yuan, followed by China Overseas at 398.32 billion yuan and China Merchants Shekou at 258.44 billion yuan [2] - China Overseas achieved a three-month consecutive sales increase, with December sales reaching 398.32 billion yuan, supported by various high-end and affordable housing projects [2][3] Group 2: Yearly Sales Data - Poly Developments topped the 2025 sales chart with 2530.3 billion yuan, despite a 21.67% decline from 2024, maintaining a lead over China Overseas [4] - Other companies in the billion-yuan sales club include China Resources Land, China Merchants Shekou, and Greentown China, with sales figures of 2336 billion yuan, 1960.09 billion yuan, and 1534 billion yuan respectively [4] Group 3: Market Dynamics - The recovery in sales is expected to stabilize market confidence and alleviate buyer hesitation, contributing to a positive growth outlook for the real estate sector [3] - Companies like Sunac China and Country Garden, despite facing operational challenges, remain in the top sales rankings, with 368.4 billion yuan and 330 billion yuan in sales respectively [5] Group 4: Land Acquisition Strategies - Leading companies are focusing on land acquisition in first and second-tier cities, with China Overseas reporting 60.6% of its sales from major cities [6][7] - Poly Developments has shifted its land acquisition strategy, increasing investments in Shanghai while reducing its presence in Beijing, with significant spending in Guangzhou [6][7]

Core Insights - The real estate market in China shows signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][3][4] - Poly Developments maintained its leading position in annual sales for 2025, despite a year-on-year decline, with a total sales figure of 2530.3 billion yuan, outperforming China Overseas Land by 17.98 billion yuan [1][6] - The trend of increasing sales among major real estate firms is expected to stabilize market confidence and alleviate buyer concerns, contributing to a positive outlook for the industry [4][6] Sales Performance - In December 2025, China Resources Land led with sales of 410 billion yuan, followed by China Overseas Land at 398.32 billion yuan and China Merchants Shekou at 258.44 billion yuan [3] - The sales growth rates for December 2025 were significant, with Sunac China experiencing a 163.39% increase due to a low base in November, while other firms like China Overseas Land and China Resources Land also reported substantial growth rates of 79.14% and 78.26% respectively [4] Market Dynamics - The competitive landscape among top real estate firms has stabilized, with Poly Developments focusing heavily on the Guangzhou market, investing 648.24 billion yuan from 2023 to 2025, compared to 265.02 billion yuan in Beijing and 359.27 billion yuan in Shanghai [1][9] - The second-tier firms (500 billion to 1 trillion yuan) averaged sales of 646.4 billion yuan, while third-tier firms (300 billion to 500 billion yuan) averaged 381.3 billion yuan, indicating a diverse recovery across different company sizes [7] Strategic Adjustments - Major firms are adjusting their land acquisition strategies, with a focus on first and second-tier cities. For instance, China Overseas Land's sales in major cities accounted for 60.6% of its total sales, while Poly Developments has also shifted its focus towards Shanghai, increasing its land acquisition there significantly [8][9] - The overall trend indicates that while some firms are facing challenges, others are leveraging their strong market positions and operational capabilities to navigate the current landscape effectively [6][7]

Core Insights - The real estate market in China is showing signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][3][4] - Poly Developments maintained its leading position in 2025 with a total sales figure of 2530.3 billion yuan, despite a year-on-year decline of 21.67% compared to 2024 [6] - The trend of increasing sales is expected to stabilize market confidence and alleviate buyer concerns, contributing to a positive outlook for the industry [4][7] Company Performance - Poly Developments led the sales with 2530.3 billion yuan, followed by China Overseas at 2512.32 billion yuan, and China Resources Land at 2336 billion yuan [6][7] - In December 2025, China Resources Land achieved a sales figure of 410 billion yuan, while China Overseas reached 398.32 billion yuan, and China Merchants Shekou reported 258.44 billion yuan [3][4] - Companies like Sunac China and Country Garden, despite facing operational challenges, remained in the top ranks with sales of 368.4 billion yuan and 330 billion yuan respectively [7] Market Trends - The recovery in sales is uneven across different tiers of companies, with Sunac China showing a significant month-on-month increase of 163.39% in December due to a low base in November [4] - The second-tier companies (sales between 500 billion to 1000 billion yuan) averaged 646.4 billion yuan, while the third-tier (300 billion to 500 billion yuan) averaged 381.3 billion yuan [7] - The focus on land acquisition in first and second-tier cities is evident, with companies like China Overseas and Poly Developments significantly increasing their investments in these areas [8][9] Strategic Adjustments - Poly Developments has shifted its land acquisition strategy, increasing its focus on Shanghai while reducing investments in Beijing, with land payments in Shanghai surpassing those in Beijing in recent years [9] - The overall strategy of major companies emphasizes deepening land reserves in key urban areas, which is crucial for sustaining sales performance [8][9]

Core Viewpoint - The competitive landscape among leading real estate companies is stabilizing, with Poly Developments maintaining its position as the industry leader in sales for 2025, achieving a sales figure of 2530.3 billion yuan, despite a year-on-year decline of 21.67% from 2024 [1][6]. Sales Performance - Among the 18 real estate companies that disclosed their December 2025 sales data, 13 companies reported month-on-month growth, with China Overseas Development and China Resources Land achieving significant sales figures of 398.32 billion yuan and 410 billion yuan, respectively [4][5]. - Poly Developments led the sales with 121.64 billion yuan in December, while China Overseas and China Resources followed closely with 398.32 billion yuan and 410 billion yuan [4][6]. Market Trends - The sales growth in December 2025 indicates a positive trend for the real estate market, with companies like Sunac China and China Resources Land showing remarkable month-on-month increases of 163.39% and 78.26%, respectively [5][6]. - The overall sales performance of major companies suggests a solid foundation for the real estate market's stability and growth expectations in 2026 [5]. Land Acquisition Strategies - Poly Developments has focused heavily on the Guangzhou market, with land acquisition payments reaching 648.24 billion yuan from 2023 to 2025, significantly higher than in Beijing and Shanghai [1][10]. - China Overseas Development has also concentrated its land acquisition efforts in first-tier cities, with 60.6% of its sales coming from major cities like Hong Kong and the four first-tier cities [9]. Company Resilience - Despite facing challenges, companies with over 100 billion yuan in sales, such as Poly Developments and China Overseas, have demonstrated strong operational resilience and effective governance, allowing them to navigate market fluctuations [6][7]. - The restructuring of debts for companies like Sunac China and Country Garden has shown progress, indicating a potential for recovery and stability in the sector [8].