根据联交所资料显示，11月24日，副总裁及执行董事王海民增持华润万象生活(01209)1.46万股，每股作 价43.98港元，总金额约为64.21万港元。增持后最新持股数目为1.46万股。 ...

根据联交所资料显示，11月24日，总裁及执行董事喻霖康增持华润万象生活(01209)10万股，每股作价 43.97港元，总金额为439.7万港元。增持后最新持股数目为10万股。 ...

智通财经APP获悉，根据联交所资料显示，11月24日，副总裁及执行董事王海民增持华润万象生活 (01209)1.46万股，每股作价43.98港元，总金额约为64.21万港元。增持后最新持股数目为1.46万股。 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Group 1 - The article highlights the implementation of the outbound tax refund policy in Hohhot, which began on November 1, marking a significant step in promoting consumption among international travelers and enhancing the city's commercial landscape [1][8] - The Wangfujing Outlet and Zhenhua Plaza are among the first stores to offer this tax refund service, indicating a collaborative effort by the municipal commerce bureau and various departments to improve service quality [1] - Hohhot's social retail sales reached 66.63 billion yuan from January to July 2025, showing a year-on-year growth of 9.8%, reflecting the city's economic vitality and consumer confidence [8] Group 2 - The Saishang Old Street, with over 400 years of history, has successfully integrated smart tourism and culture, focusing on ethnic handicrafts and cultural products, and has been recognized as a national-level cultural tourism area [3][8] - During the May Day holiday, the Saishang Old Street attracted approximately 850,000 visitors, generating tourism revenue of 20 million yuan, showcasing the area's modern operational vitality [3] - The Huaren Wanshang City, a strategic commercial complex, opened in July 2025, achieving remarkable performance with over 200,000 visitors on opening day and retail sales exceeding 1 billion yuan within six days [7][8] Group 3 - The article emphasizes the synergy between commercial innovation and urban cultural identity, as seen in the collaboration between Huaren Wanshang City and local landmarks for promotional activities, achieving nearly 2 million exposures [8] - Hohhot is developing a commercial landscape characterized by two major commercial cores and multiple key business districts, serving a consumer population of over 10 million [8] - The city's efforts to optimize the business environment and promote innovative business models are expected to inject new momentum into regional economic and social development [8]

机构：中金公司 竞争超预期致商场同店零售额不及预期；大会员业务不及预期。 研究员：张宇/王翼羽/李佳璠/孙元祺 公司动态 公司近况 我们参与了11 月18-19 日华润置地及万象生活联合举办的资本市场开放活动，调研其东北及华北公司、 参访呼和浩特及太原商业与住宅项目、并与公司及属地管理层进行座谈。 评论 传统"城"与"汇"产品线精益求精。公司"一城多汇"战略在东北及华北多个区域已成功落位），我们本次 参访的呼和浩特万象城与太原万象城均为标杆型城市旗舰商业、零售额当地排名领先。其中呼市项目打 破核心区老百货聚集的传统格局、为城市注入新场景与活力，7 月开业实现出租率与开业率双100%、 引入近200 家内蒙区域首店、开业六日零售额突破1 亿元；太原项目每年店铺更新率近30％、新进品牌 中近50％为首店，开业7 年来不断升级品牌组合、实现零售额持续较快增长。 非标产品持续创新。我们本次参访的太原钟楼街为华润万象2021年接管的当地区属平台公司项目。万象 生活充分融合历史古迹与商业消费，实现商户级次升维、老字号焕新、本地品牌孵化，项目入选商务 部"全国示范步行街"创建名单、2025 年初至今零售额同比增近两成。展望 ...

Core Insights - China Resources Beer has initiated a strategic partnership with China Resources Vientiane Life to expand its sales of liquor products, particularly focusing on the residential, office, shopping center, and industrial park sectors [1][4] Group 1: Partnership Details - The partnership aims to leverage the extensive customer base of China Resources Vientiane Life, which serves over 2 million households and 200 office buildings nationwide, providing a significant market for China Resources' liquor products [3] - The collaboration will focus on two main areas: developing customized liquor products and enhancing marketing efforts through integrated online and offline resources [4] Group 2: Market Context - The liquor industry is facing pressure for deeper adjustments in demand, prompting companies to explore new sales channels for growth [4] - Other liquor companies, such as Guotai Liquor, have also partnered with property management firms to enhance customer reach and create additional revenue streams [5] Group 3: Strategic Timing - The decision to leverage property management customer resources for liquor sales comes after a period of internal restructuring within China Resources, aligning the interests of its various business units [6] - Previously, China Resources' liquor products primarily relied on traditional distribution channels, but the new strategy aims to directly engage high-end customer segments [6]

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） 延遲寄發 有關重續持續關連交易之通函 茲提述華潤萬象生活有限公司（「本公司」）日期為二零二五年十月二十九日之公告 （「該公告」），內容有關重續持續關連交易及年度上限。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。 由於本公司需要額外時間編製及落實將載入該通函的若干資料，故該通函及股東 特別大會通告的寄發日期預計將會延遲至二零二五年十一月二十八日或之前。 承董事會命 華潤萬象生活有限公司 總裁 喻霖康 中國，二零二五年十一月十九日 於本公告日期，本公司董事會包括非執行董事李欣先生（主席）、趙偉先生及郭瑞 鋒先生；執行董事喻霖康先生、王海民先生、王磊先生及聶志章先生；以及獨立 非執行董事劉炳章先生、張國正先生、陳宗彝先生及羅詠詩女士。 誠如該公告所披露，本公司將於二零二五年十一月十九日或之前向股東寄發一份 通函（「該通函」），當中載有 ...