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：1209） 補充公告 (1)有關建議收購事項的關連交易 及 (2)有關二零二五年會員運營與營銷業務框架協議的持續性關連交易 茲提述本公司日期為二零二五年六月三十日的公告，內容有關建議收購事項及二 零二五年會員運營與營銷業務框架協議（「該公告」）。除另有界定者外，本公告所 用詞彙與該公告所界定者具有相同涵義。 本公司謹此就建議收購事項及二零二五年會員運營與營銷業務框架協議向本公司 股東及潛在投資者提供以下進一步資料。 (1) 有關建議收購事項的關連交易 代價基準 建議收購事項為整體交易，總代價系參考以下因素釐定： (a) 華潤網絡深圳及華網數據科技廣州的掛牌價格 華 潤 網 絡 深 圳 及 華 網 數 據 科 技 廣 州 所 運 營 的 華 潤 通 平 台 是 具 有 核 心 價 值 的 戰 略 ...

中国石油股份 （派息日） 建业新生活 （派息日） 智通财经APP获悉，2025年10月23日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 八马茶业 | | | | (招股中) | | | | 剑桥科技 | | | | (招股中) | | | 新股活动 | 三一重工 | | | | (招股中) | | | | 滴普科技 | | | | (招股中) | | | | 普拉达 | | | | 丽珠医药 | | | 业绩公布日 | 法拉帝 | | | | 平安好医生 | | | | 龙源电力 | | | | 东方海外国际 | | | | 青岛港 | | | | 中国创新投资 | | | | 重庆机电 | | | 股东大会召开日 | 大唐发电 | | | | 安德利果汁 | | | | 弘业期货 | | | | 西藏水资源 | | | | 中国安储能源 | | | 分红派息 | 恒生银行 | | | | （除净日） | | | | 华讯 | | | | （派息日） | | | | 万事昌国际 | | | | （派息日） | | | | 致丰工业电子 | | | ...

2025 年 10 月 22 日 行业研究 1-9 月百城宅地成交"量缩价升"，30 城整体溢价率 11% ——土地市场月度跟踪报告（2025 年 9 月） 要点 2025 年 1-9 月，百城宅地成交建面同比-6%，成交楼面均价同比+17%。 2025 年 1-9 月，百城成交住宅类用地建面为 1.54 亿平，累计同比-6.2%；成交 楼面均价为 6,847 元/平方米，累计同比+17.1%。分能级城市来看，1-9 月， 一线城市：供应住宅类用地建面为 726 万平，累计同比-26.9%；成交建面为 613 万平，累计同比-23.6%；成交楼面均价为 41,137 元/平方米，累计同比+42.0%。 1-9 月核心 30 城宅地成交面积占百城比重 48%，成交总价占百城比重 82%。 2025 年 1-9 月，光大核心 30 城宅地成交建面 7,430 万平，占百城住宅用地成交 建面的比重为 48.1%；核心 6 城宅地成交建面 1,854 万平，占百城比重为 12.0%； 光大核心 30 城宅地成交总价 8,671 亿元，占百城比重为 82.0%；核心 6 城宅地 成交总价 4,976 亿元，占百城比重为 ...

房地产 证券研究报告/行业定期报告 2025 年 10 月 22 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 7.71 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 7.6 | 18.4 | 16.8 | 15.1 | 14.3 | 买入 | | Email：youzp@zts.com.cn | | 招商蛇口 | 9.95 | 0.65 | 0.37 | 0.48 | 0 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The Ministry of Housing and Urban-Rural Development is promoting new urban renewal initiatives, leading to a significant increase in sales on a month-over-month basis despite a year-over-year decline [6] - The report highlights that while sales remain down year-over-year, the recent policies are expected to stabilize the market and improve the performance of financially sound real estate companies [6] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index fell by 2.35%, while the CSI 300 Index decreased by 2.22%, indicating underperformance of the sector compared to the broader market [3][11] Industry Fundamentals - For the week of October 10-16, 38 tracked cities saw a total of 27,488 new homes sold, a year-over-year decline of 19.1% but a month-over-month increase of 257.2% [4][20] - The total transaction area for new homes was 2.804 million square meters, with a year-over-year decrease of 23.3% and a month-over-month increase of 281.4% [4][20] - In the same week, 16 tracked cities recorded 20,896 second-hand homes sold, down 16% year-over-year but up 459.8% month-over-month [35][38] Land Market Supply and Transactions - Land supply for the week was 1,426.4 million square meters, a year-over-year decrease of 70.1%, with an average price of 1,659 yuan per square meter, down 3.9% year-over-year [5] - Land transactions totaled 1,707 million square meters, with a year-over-year increase of 19.4% and a transaction value of 25.88 billion yuan, down 36.3% year-over-year [5] Financing Analysis - Real estate companies issued a total of 5.49 billion yuan in credit bonds, reflecting a year-over-year decrease of 35.64% but a month-over-month increase of 1,272.5% [5] Investment Recommendations - The report suggests focusing on financially stable leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively navigate market fluctuations [6] - Property management companies are also anticipated to benefit from performance and valuation recovery as market demand rebounds [6]

行业点评 本周 A 股地产、港股地产、港股物业均下跌。本周（10.11-10.17）申万 A 股房地产板块涨跌幅为-2.3%，在各板 块中位列第 15；恒生港股房地产板块涨跌幅为-2.8%，在各板块中位列第 8。本周恒生物业服务及管理指数涨跌幅为- 2.4%，恒生中国企业指数涨跌幅为-3.7%，沪深 300 指数涨跌幅为-2.2%；物业指数对恒生中国企业指数和沪深 300 的 相对收益分别为+1.3%和-0.2%。 土地市场溢价率处于低位。本周（10.11-10.17）全国 300 城宅地成交建面 859 万㎡，单周环比 26%，单周同比- 46%，平均溢价率 3%。2025 年初至今，全国 300 城累计宅地成交建面 32117 万㎡，累计同比-10.2%；年初至今，中海 地产、绿城中国、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(10.11-10.17)47 个城市商品房销售 402 万方，成交量环比+165%，同比-20%，整体处于季节性低位；8 月新 房售价环比-0.3%，环比跌幅持平，同比-3.0%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看： 一线城市周环比+1 ...

Core Viewpoint - UBS upgraded the rating of China Resources Mixc Lifestyle (01209) to "Buy" due to the company's superior ability to discover emerging brands compared to its peers, particularly in the context of the rise of domestic brands and the differentiation in brand performance [1] Group 1: Company Performance - The company is expected to benefit from signs of recovery in the domestic luxury retail market, which will support rental growth in existing malls [1] - The forecast for the company's earnings visibility from 2025 to 2027 is optimistic, with an expected annual compound growth rate of 15% [1] Group 2: Financial Metrics - The target price for the company has been raised from HKD 38 to HKD 48, reflecting the company's dividend payout ratio of 100%, including special dividends [1]

瑞银发布研报称，将华润万象生活(01209)评级上调至"买入"，因公司发掘新兴品牌的能力较同行领 先，尤其是在内地品牌崛起及各品牌表现分化下。另外，内地奢侈品零售出现复苏迹象，加上2026至27 年商场供应减少，将有利于现有商场的租金增长。该行料上述因素将提高公司2025至27年的盈利能见 度，预期年均复合增长率达15%。基于公司派息率达100%(包括特别息)，目标价由38港元上调至48港 元。 ...