Summary of Conference Call Company and Industry Involved - **Company**: 华人置地 (China Land) - **Industry**: Real Estate and Rare Earth Industry Key Points and Arguments China Land (华人置地) 1. **Investment Opportunity**: China Land is viewed as a good company that has been overlooked by many investors during the real estate downturn, with current valuations reflecting market concerns about property prices and economic factors like debt deflation and aging population [2] 2. **Strategic Shift**: The company is transitioning from being an asset owner to a higher-valued asset manager, which is seen as a strategic decision. The establishment of a public commercial REITs platform in Shenzhen is a significant step in this direction [3] 3. **Asset Value Potential**: China Land has approximately 40 billion in potential mall assets that can be split over the next 3-5 years, with a projected value increase of 20% over book value, potentially recovering around 29 billion [4] 4. **Future Growth**: The company is expected to expand its asset base by 90% to 174 malls by 2040, positioning itself as a leading mall operator in China's top-tier cities [4] 5. **Dividend Projections**: Predictions indicate a dividend yield exceeding 8% starting in 2030, based on operational income growth without relying on a recovery in the real estate market [5] 6. **Market Conditions**: Despite a weak macroeconomic environment, declining interest rates and stabilization in new home prices in first and second-tier cities may provide upside potential for profits and dividends [5] 7. **Preferred Stock**: China Land is classified as a preferred stock in the real estate sector, expected to offer the best risk-return profile over the next decade [6] Rare Earth Industry 1. **Strategic Importance**: The rare earth industry is highlighted as a critical component in the context of US-China trade negotiations, with China holding a significant position in global supply [7] 2. **Supply Chain Consolidation**: The rare earth mining sector in China has consolidated into two main companies, with production quotas set by the government to maintain supply-demand balance [8] 3. **Environmental Concerns**: The Chinese government aims to keep rare earth prices at a level that discourages overseas mining while ensuring domestic prices are competitive [8] 4. **Technological Leadership**: China has advanced in rare earth processing technologies, making it challenging for other countries to replicate this expertise [9] 5. **Export Regulations**: New regulations require export licenses for rare earth materials, complicating the supply chain for foreign companies [14] 6. **Global Supply Challenges**: It is estimated that it will take at least 3-5 years for other countries to significantly ramp up their rare earth mining capabilities, with some experts suggesting it could take over a decade [11][12] 7. **Market Dynamics**: The current export restrictions and licensing requirements have led to supply shortages for foreign manufacturers, particularly in the automotive sector [15][16] Financial Sector Insights 1. **Financial Cycle Outlook**: The financial cycle is seen as stabilizing, with a shift from a risk management focus to a more development-oriented approach in the financial system [19][21] 2. **Real Estate Debt Management**: The financial sector has effectively managed real estate debt, with significant losses already absorbed, indicating a potential stabilization in the real estate market [22] 3. **Regulatory Environment**: New regulations are being implemented to ensure that high-risk financing remains under control, particularly for platform companies [23] 4. **Banking Sector Recovery**: The banking sector is expected to see a gradual recovery in profitability, with a focus on maintaining stable loan rates and reducing costs [30] 5. **Market Opportunities**: There are emerging opportunities in the financial sector due to structural adjustments, despite some ongoing pricing pressures [32] Other Important Content - The conference highlighted the importance of strategic shifts in both the real estate and rare earth industries, emphasizing the need for companies to adapt to changing market conditions and regulatory environments. - The discussions also pointed to a broader trend of recovery and stabilization in the financial sector, with implications for investment strategies moving forward.

Group 1: Core Views - The real estate market is showing signs of stabilization, with policies aimed at maintaining a steady market expected to continue throughout the year [2][9] - The central government has set a tone for real estate policies to stabilize the market through urban renewal and the release of rigid and improvement demands [11][12] - The demand side is seeing policy adjustments to stimulate housing demand, including optimizing housing fund loan policies and increasing purchase subsidies [15][16] Group 2: Property Sector Insights - The property service sector is stabilizing, with a slowdown in management scale growth and stable property fee changes [3][6] - The financial performance of property services shows a prominent increase in revenue without a corresponding increase in profit, indicating a trend towards reliance on the parent company [3][6] Group 3: REITs and Investment Opportunities - The REITs sector is expanding rapidly, with a stable performance in consumer and affordable housing categories [4][6] - The issuance of special bonds for land acquisition is accelerating, with significant planned investments in idle land across various provinces [18][19] - The city village renovation policies are being implemented successfully, with several cities exploring or launching housing voucher policies for urban renewal [21][22] Group 4: Supply Side Developments - The standards for "good housing" are becoming clearer, with over 30 provinces and cities introducing new construction standards aimed at improving housing quality [23][24] - The Ministry of Housing and Urban-Rural Development has released guidelines focusing on the construction of high-quality residential projects [23][24] Group 5: Sales Trends - New home sales are expected to see a narrowing year-on-year decline, while the enthusiasm for second-hand homes is likely to persist [27][28] - The sales performance of top developers shows a concentration of sales among leading companies, with a slight year-on-year decrease in core city sales [32][34] - The market is experiencing significant polarization, with varying de-stocking effects across major cities [37][41] Group 6: Land Market Dynamics - The concentration of land sales in core cities is increasing, indicating a sustained interest from developers in acquiring land [45][46] - The land transaction volumes and prices in major cities like Beijing, Shanghai, and Guangzhou reflect a competitive land market [49][52]

华润置地在当前房地产市场疲软的情况下，其商业资产的表现如何？ 尽管房地产市场仍处于疲软状态，华润置地在 2024 年四季度以来经历了持续 6 个月的修复后，于 2025 年 4 月再次出现下滑。然而，华润置地目前处于历 史低位的估值水平已经充分反映了市场对房价以及中国债务通缩和人口老龄化 的担忧。华润置地已经成功转型为住宅与商业并重的地产运营商，截至 2024 年底，公司拥有 92 座已开业的重资产商场，其中 85%的商场以中高端消费为 主。此外，公司还有 23 座正在建设中的商场，预计在 2025 至 2028 年陆续开 业。作为中国规模最大且盈利能力最强的商场运营商之一，华润置地在 2022 年提出从资产拥有者逐步转向估值水平更高的资产管理者，这一战略性决定被 认为是正确且具有前瞻性的。 大摩闭门会-稀土、金融、房地产行业更新 20250611 摘要 华润置地已成功转型为住宅与商业并重的地产运营商，拥有 92 座已开 业商场，且有 23 座在建，预计未来几年陆续开业。公司战略性地从资 产拥有者转向资产管理者，有望提升估值水平。 华润置地通过深圳交易所的商业 REITs 平台进行首次扩募，预计未来 3- 5 ...

Core Viewpoint - The "2025 Mid-Year China Real Estate Product Evaluation" has officially entered the project display phase, with the initial shortlisted projects announced on June 3. The evaluation will combine expert reviews and online voting to determine the top projects in various categories [1][12]. Group 1: Evaluation Process - The evaluation process started in late April and has received enthusiastic participation from enterprises and industry experts [1]. - The final awards will include categories such as "Top Ten High-End/Light Luxury/Quality Works" and "National Good House Comprehensive Award" [1]. Group 2: Shortlisted Projects - High-end shortlisted projects include "Hangzhou Hangxu Mansion" and "Kangjiang Qiantang" [1]. - Light luxury shortlisted projects feature "Shanghai Poly Haishangyin" and "Xi'an Boyue Wanjing" [4]. - Quality shortlisted projects include "Chengdu Zhonghuan Tianshen" and "Nanning Jiangnan Runfu" [7][8]. Group 3: Industry Focus - Since 2018, the industry has focused on changes in product strength, evolving from "product strength" to "product system" and "customer demand" research [12]. - The evaluation aims to promote valuable and replicable products and concepts within the industry, enhancing overall product strength [12].

Core Perspective - China Resources Land's "Rui Series" has launched its first project in Shanghai, the "Bund Rui Fu," which integrates traditional Jiangnan culture with modern aesthetics, setting a new standard for high-end living in urban environments [1][3][9] Group 1: Strategic Importance - Shanghai is positioned as a "super connector" in global competition, with the "Shanghai 2035" plan aiming to build an exceptional global city [3] - The "One River, One River" strategy (Huangpu River and Suzhou River) is identified as a core engine for urban space activation, with the Bund being a strategic area for global capital and cultural exchange [3][6] - China Resources Land's choice of the Bund for the "Rui Series" reflects a deep understanding of strategic scarcity, focusing on core areas with future potential [3][6] Group 2: Historical and Cultural Significance - The Bund area is described as a "living museum" with a rich history, featuring a century-old international architecture and cultural dialogue between East and West [4] - Historical assets in the Bund provide a unique "historical depth" that enhances the value of the Bund Rui Fu, making it a "valuable relic" [4][6] Group 3: Future Development Potential - The Bund Rui Fu is located within the "golden triangle" of the Shanghai 2035 plan, surrounded by significant developments like the tallest building in Puxi and key urban renewal areas [6] - The project aims to create a vibrant waterfront area that integrates cultural and artistic spaces, transforming historical lanes into modern venues for music and art [6][7] Group 4: Product Innovation and Design - The "Rui Series" embodies the principles of "pioneering, scarcity, extremity, and realm," with the Bund Rui Fu showcasing a blend of traditional and modern design elements [7][8] - The architectural design features a transitional style that honors the historical skyline while incorporating modern aesthetics, creating a unique living experience [7][8] Group 5: Market Positioning - The Bund Rui Fu is positioned not just as a residence but as a gateway to core urban living in a global city, redefining high-end living standards [8][9] - The project represents a significant practice in the construction of Shanghai as a global city, combining historical significance with future potential [9]

Group 1 - The construction agency industry is entering a phase of stable development, with a gradually stabilizing head enterprise structure after three years of rapid expansion [5][6][9] - The number of enterprises entering the construction agency sector has reached saturation, leading to a slowdown in growth momentum, with new construction scale in 2024 reaching 215 million square meters, a 13% year-on-year increase, but a significant drop in growth rate compared to 2023 [6][7] - The industry faces challenges from a sluggish macroeconomic environment, intensified competition, and policy uncertainties, impacting the demand for construction agency services [7][8] Group 2 - The construction agency sector is experiencing intensified competition, but the leading enterprises are maintaining their positions through unique core competencies and brand advantages [3][14] - The choice of construction agency enterprises by clients has evolved from "single service procurement" to "strategic ecosystem co-construction," emphasizing long-term partnerships and value co-creation [11][12] Group 3 - Greentown Management leads in scale, supported by a standardized system that enhances product reputation and brand premium [15][16] - Blue City Group has established significant advantages in niche areas, particularly in affordable housing and public construction, leveraging its brand and product capabilities [20][21] - Jindi Management has a robust project management system and a diverse client base, with a focus on high-quality customer structures and comprehensive service offerings [25][26] Group 4 - Runze Management, as a subsidiary of China Resources Land, has a strong presence in government construction projects, achieving a revenue of 1.18 billion yuan and managing an area of 7.607 million square meters [27][28] - The long-term strategy of construction agencies should focus on building core competencies and creating value through professional services, moving from a scale expansion model to a high-quality development model [35][36]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Asia Pacific Equity Research 04 June 2025 Property Data Monitor Mainland China: data is softening; HK: mixed sell- through rates Mainland China Hong Kong SAR See page 16 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this re ...

免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份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。 | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤置地有限公司 | | 股份代號 | 01109 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度的末期股息 | | 公告日期 | 2025年6月6日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 提供以港幣計算的股息金額及匯率。 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 1.119 RMB | | 股東批准日期 | 2025年6月6日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 ...

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。 本公司欣然宣佈，股東週年大會通告所載的所有決議案已於股東週年大會上獲 本公司股東以投票表決方式正式通過。 華潤置地有限公司（「本公司」）欣然公佈，於二零二五年六月六日舉行之本公司股 東週年大會（「股東週年大會」）上提呈之決議案的投票表決結果如下︰ | | | | | | | | | | | | 於股東週年大會上提呈之普通決議案 | | | | | | 票數(% ) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | 贊成 反對 | | 1. | 省 | 覽 | 及 | 考 | 慮 | 月 | 截 | ...

Core Insights - The domestic land market in China is experiencing a resurgence, with the top 100 real estate companies acquiring land totaling 405.19 billion yuan in the first five months of the year, marking a year-on-year increase of 28.8% [1] - The increase in land market activity is primarily driven by core cities, where the average premium rate for land transactions in 22 key cities has remained around 20% [1][8] - Several previously inactive private real estate companies are becoming active in land auctions, indicating a revitalization in the industry [3][8] Land Acquisition Trends - In Chengdu, three residential land parcels sold for a total of 1.011 billion yuan, with multiple private companies participating in the bidding, showcasing the strategic focus of firms like Sichuan Bangtai Group [5] - In Changsha, private companies such as Weixing Real Estate are actively acquiring residential land, reflecting a trend of lower debt and ample liquidity among smaller firms [6] - Guangzhou's land market illustrates the return of private enterprises, with significant acquisitions by companies like Guangzhou Panyu Real Estate and Agile Group [7] Policy and Market Conditions - The return of private real estate companies to the land auction market is supported by favorable policies introduced since September 2022, aimed at stabilizing the real estate sector [8][10] - The financial restructuring of private companies has improved their cash reserves, enabling them to participate more actively in land acquisitions [10][11] - The strategy of focusing on familiar areas rather than aggressive land accumulation has characterized the current approach of many private firms [12] Market Dynamics and Competition - Despite the resurgence of private companies, state-owned enterprises continue to dominate land acquisitions, holding eight out of the top ten positions in land acquisition amounts from January to May [13][14] - The competition for quality land in core cities remains intense, with premium rates reaching as high as 59.34% in Chengdu and 40.33% in Hangzhou [16] - The land market in non-core cities remains sluggish, with some parcels failing to sell due to slow absorption rates [17]