Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In May, the price decline of second-hand houses in various cities expanded on a month-on-month basis, while the year-on-year decline narrowed [1][2] - The new residential sales price index for 70 major cities showed a month-on-month decrease of 0.2% in May, compared to a previous value of -0.1% [1] - The investment suggestion indicates that short-term policy support is expected to stabilize prices and improve valuations, while long-term focus should be on leading companies with quality product resources and real estate operation capabilities [3] Summary by Sections Month-on-Month Data - In May, the month-on-month price index for new residential properties in first-tier cities decreased by 0.2%, with specific cities like Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.4%, 0.7%, -0.4%, and -0.8% respectively [1] - The month-on-month price index for second-hand residential properties in first-tier cities decreased by 0.7%, with Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.8%, -0.7%, -0.5%, and -0.8% respectively [1] Year-on-Year Data - The year-on-year price index for new residential properties in 70 major cities decreased by 4.1% in May, an improvement from the previous decline of 4.5% [2] - The year-on-year price index for second-hand residential properties in 70 major cities decreased by 6.3%, also an improvement from the previous decline of 6.8% [2] Investment Recommendations - The report recommends focusing on leading companies such as Poly Developments and New Town Holdings in the short term, while also considering China Resources Land and Longfor Group as potential beneficiaries [3]

Core Viewpoint - The Xinjiang Tianshan North Gobi Energy Base, developed by China Huadian and China Resources Group, has successfully completed the trial operation of its first two 1 million kilowatt coal power units, marking the production of China's first "desert-gobi" renewable energy export base [1][9]. Group 1: Project Overview - The Xinjiang Tianshan North Gobi Energy Base is located in the Hami Santanghu Gobi area and is a key project under the "14th Five-Year Plan" for the "Xinjiang Electricity into Chongqing" ultra-high voltage transmission project [1][4]. - The total investment for the base is 54.7 billion yuan, with a total power generation capacity of 14.2 million kilowatts, including 4 million kilowatts of coal power, 7 million kilowatts of wind power, 3 million kilowatts of solar power, and 200,000 kilowatts of thermal power [5][7]. Group 2: Strategic Importance - The construction of the "desert-gobi" base is aimed at enhancing renewable energy supply capacity, reducing construction costs, restoring ecological environments, and promoting local economic development [2][3]. - Xinjiang is recognized as a strategic energy resource base, with significant coal reserves of 5.708 billion tons, accounting for 31.7% of the region and 12.5% of the national total [3]. Group 3: Energy Supply and Demand - The energy base is expected to deliver over 36 billion kilowatt-hours of electricity annually to Chongqing, which will account for nearly one-quarter of the city's electricity supply by 2025 [4][9]. - The project aligns with the national strategy to meet the increasing electricity demand in Chongqing, which is projected to reach 162 billion kilowatt-hours by 2025 [4]. Group 4: Technological Innovations - The project has overcome significant technical challenges, including the construction of the world's largest hyperbolic steel structure cooling tower and the first asynchronous motor bidirectional control pump group [6]. - The energy base features a high proportion of renewable energy, with 71.8% of its installed capacity coming from renewable sources, exceeding the "14th Five-Year" renewable energy planning target of 50% [7]. Group 5: Environmental and Economic Impact - The project is expected to reduce coal consumption by approximately 6 million tons and carbon dioxide emissions by about 16 million tons annually [7]. - The construction has created 23,000 job opportunities and incorporates ecological restoration measures to enhance the overall benefits of the clean energy base [8].

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1][10][24] Core Views - The company maintains its position among the top three in the industry for sales, with a strong land acquisition strategy and steady growth in recurring income [5][8][10] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 28.99 billion, 31.70 billion, and 34.91 billion yuan, respectively, with corresponding EPS of 4.07, 4.45, and 4.90 yuan [5][9] - The current stock price corresponds to a PE ratio of 6.1, 5.6, and 5.1 for the years 2025, 2026, and 2027, indicating a favorable valuation [5][9] Sales Performance - In May 2025, the total contract sales amount reached 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% [6] - The average sales price increased significantly to 26,955 yuan per square meter, up 15.8% year-on-year, despite a decline in sales volume [6][18] Land Acquisition - The company ranked fourth in land acquisition amount from January to May 2025, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% [7] - The average land acquisition price was 31,381 yuan per square meter, which is higher than the sales price, indicating a focus on high-quality land in major cities [7] Recurring Income - Recurring income for May 2025 was 4.09 billion yuan, a year-on-year increase of 6.2%, with rental income from operational real estate reaching 2.69 billion yuan, up 13.0% [8] - The company is focusing on core assets by divesting low-efficiency assets, such as the planned sale of the Nanxiang Colorful City project in Shanghai for approximately 300 to 400 million yuan [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Group 1 - China Resources Land has launched two residential products in Chengdu, attracting significant market attention [1][2] - The Tianchen Shangyuan, as the first "fourth-generation villa" in the country, features innovative all-independent units and a unique architectural design that promotes a comprehensive upgrade of villa living in Chengdu [1][6] - The project covers approximately 72 acres and includes a deep renovation of about 17 acres of municipal park, resulting in a total scale of nearly 90 acres, making it one of the few low-density large-scale developments in the main city [1][5] Group 2 - Huachengfu, another project by China Resources Land in Chengdu, is positioned as a premium offering, benefiting from its location near the commercial axis of Wanxiang City and ecological resources [2][25] - The launch of these two products marks a new era for China Resources Land in the residential sector, transitioning from a city developer to a creator of living spaces [2][5] Group 3 - The Tianchen Shangyuan emphasizes a full-dimensional innovation in living spaces, with independent units and a design that enhances the living experience [6][9] - The project achieves a high usable area ratio, with the upper unit of 199 square meters having a usable area of approximately 150 square meters on the first floor and 122 square meters on the second floor, reaching a maximum usable area ratio of about 206% [9][12] Group 4 - The project incorporates a unique landscape design that enhances the private enjoyment of the adjacent municipal park, creating a rich and layered natural environment [13][15] - The community features a distinctive clubhouse designed to cater to various age groups, providing diverse recreational and social spaces [18][22] Group 5 - Huachengfu is strategically located in a prime area of Chengdu, benefiting from convenient transportation and surrounding mature commercial facilities [27][29] - The project introduces a black gold service system, offering comprehensive high-end services to meet the needs of high-net-worth individuals [31][33] Group 6 - The dual projects of Tianchen Shangyuan and Huachengfu represent a strategic layout by China Resources Land in Chengdu's core area, addressing the evolving demands of urban living [34]

Company Updates - China Resources Land reported a total contract sales amount of approximately RMB 868.5 billion for the first five months of 2025, with May sales at about RMB 183.5 billion, reflecting a year-on-year decrease of 11.4% [1] - Vanke completed the sale of 72.96 million A-shares, raising a total of RMB 4.79 billion, with an average transaction price of RMB 6.57 per share [1] Market Developments - The issuance of special bonds for land reserves has exceeded RMB 100 billion this year, reaching RMB 1,083.48 billion as of June 10, 2025, covering 442 projects [2] - Guangzhou's real estate policy has been optimized to fully remove purchase, sale, and price restrictions, while also lowering down payment ratios and interest rates [3] Policy Initiatives - The Central Committee and State Council have issued guidelines to increase the supply of affordable housing and support social forces in operating long-term rental housing [2] - Guangzhou plans to advance the renovation of over 150 old residential communities and update more than 9,000 old elevators in 2025, with a fixed asset investment of RMB 100 billion for urban village renovations [3]

Group 1 - The core point of the article is that China Resources Land reported a contract sales amount of 18.35 billion yuan in May, which represents a year-on-year decrease of 11.4% [1]

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: 01109.HK) 截至2025年5月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2025年5月31日止一個月，本公 司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣183.5億元，總合同銷售建築面積約64.9 万平方米，分別按年减少11.4%及26.6%。2025年前5月累計合同銷售金額約人民幣868.5億元，總 合同銷售建築面積約322.2万平方米，分別按年减少6.3%及19.0%。 李欣 中國，二零二五年六月十二日 2025年5月，本集團經常性收入約人民幣40.9億元，按年增長6.2%，其中，經營性不動產業務租金 收入約人民幣26.9億元，按年增長13.0%。2025年前5月累計經常性收入約人民幣204.4億元，按年 增長9.6%，其中，經營性不動產業務租金收入約人民幣132.8億元，按年增長 ...

Core Viewpoint - The article discusses the recent trend of restarting "stalled" real estate projects in various cities, highlighting government support and new investment as key factors in revitalizing these assets [1][12]. Group 1: Project Restart Examples - The Weida Tower in Foshan has resumed construction after being stalled for eight years, with 430 million yuan injected by a new investor following a bankruptcy restructuring process [3][4]. - The original Lotte project in Shenyang, which faced a similar halt since 2016, is being revitalized through a strategic partnership with China Resources Group, which aims to address the complex challenges of the project [5][6]. - In Zhengzhou, the "Shangshang Central Rise Tower" project is also set to restart, with local government involvement and a state-owned enterprise taking over the project [10][11]. Group 2: Revitalization Strategies - Various methods for revitalizing stalled projects include market-driven approaches, project transfers, debt restructuring, and government-led initiatives [9]. - The success of these revitalization efforts is closely tied to the quality of the projects and the ability to attract market-based funding [9]. - Challenges in the revitalization process include the willingness of investors to continue funding, fluctuations in market conditions affecting asset values, and complex debt relationships that may hinder progress [9]. Group 3: Government Support and Policy Impact - The acceleration in the handling of stalled projects is attributed to significant policy support from the government, including the establishment of special funds and debt recovery policies [12][13]. - Local governments are providing various forms of support to new investors, which has facilitated the progress of revitalization efforts across different regions [12][13].

Core Viewpoint - The recent trend of "stalled" projects being restarted across various cities indicates a significant shift in the real estate market, driven by government support and new investment strategies [1][10][11] Group 1: Project Restart Examples - The Weida Tower in Foshan has officially resumed construction after being stalled for eight years, with an investment of 430 million yuan injected by a new investor [2][3] - The original Lotte project in Shenyang, which faced a halt since 2016, is now being revitalized through the involvement of China Resources Group, following a strategic cooperation agreement [4][5] - In Zhengzhou, the "Shang Shang Central Rise Tower" project is set to restart after years of inactivity, with local government initiatives facilitating its revival [8][9] Group 2: Mechanisms of Revitalization - Various methods are being employed to revitalize stalled projects, including market-driven approaches, project transfers, debt restructuring, and government-led initiatives [7] - The successful revival of projects often hinges on the quality of the underlying assets and the ability to attract market-based funding [7] - Government policies and financial tools, such as special funds and bonds, are crucial in accelerating the disposal of stalled assets and ensuring project completion [10][11]