Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]

Group 1 - China Resources Vientiane Life (01209.HK) experienced a decline of over 8%, specifically down 8.41% to HKD 42.24 [1] - The trading volume reached HKD 2.285 billion [1]

华润置地目前直接持有公司16.5亿股股份，占公司已发行股份总数72.29%。于配售事项完成后，华润置 地持有公司的股权将减少至公司已发行股份总数70.12%，而中国华润作为公司的最终控股股东，通过 华润置地、华润集团(置地)及合贸间接持有公司的股权则会减少至已发行股份总数71.55%。董事会预期 配售事项将不会对公司及其附属公司的营运产生任何不利影响。 消息面上，华润万象生活宣布，获控股股东华润置地告知，于11月13日，华润置地与配售代理订立配售 协议，华润置地同意通过配售代理将公司合共4950万股股份，占公司已发行股份总数2.17%，按配售价 每股41.7港元配售(或倘未能成功配售，则由其自行购买)予由配售代理促成的承配人，华润置地将套现 20.64亿港元。配售价较华润万象生活昨日收市价46.12港元折让9.58%。 智通财经APP获悉，华润万象生活(01209)跌超8%，截至发稿，跌8.41%，报42.24港元，成交额22.85亿 港元。 ...

Group 1 - The Hang Seng Index opened down 0.53%, with the Hang Seng Tech Index falling 0.82%. China National Offshore Oil Corporation dropped over 2%, and China Petroleum & Chemical Corporation fell over 1%. China Resources Mixc Lifestyle Services Limited saw a decline of nearly 8% as its controlling shareholder, China Resources Land Limited, proposed to place shares at HKD 41.7 each [1] - Guotai Junan Securities indicated that the foundation for a bull market in Hong Kong stocks remains intact, but the evolution is likely to be characterized by "oscillating upward with a gradually rising center" rather than a rapid one-sided increase. The fundamental drivers in November are strong, emphasizing the value of high-prosperity sectors [1][2] - Wang Qian from Yongying Fund noted that the recent adjustment in Hong Kong stocks is mainly due to weakened upward momentum and increased uncertainties, leading some investors to take profits. Additionally, the market remains uncertain about the Federal Reserve's interest rate cuts in December [1][2] Group 2 - Market focus will shift towards policy implementation and interest rate trends by year-end. As valuations of Hong Kong stocks become more attractive next year, a confirmed trend reversal in U.S. interest rates or clearer signals of domestic economic recovery could help the market regain upward momentum. Key sectors to watch include internet, high dividends, and high-end manufacturing [2] - The valuation of the Hang Seng Internet Technology Index is currently at a PE ratio of 21.45, which is at a historical low of 16.09% over the past decade, indicating significant valuation recovery potential [2][3] - The core narrative of Hong Kong's internet sector is shifting from user growth and business models to new growth curves driven by AI empowerment [2] Group 3 - Zhang Xia, Chief Strategy Analyst at招商证券, stated that the Hang Seng Tech Index is one of the few indices with a current PE ratio below its historical average, indicating substantial valuation recovery potential [3] - The Hong Kong market is primarily driven by liquidity, and uncertainties in external liquidity may lead to short-term oscillations. However, in the medium to long term, the opening of the U.S. interest rate cut cycle and the end of the Fed's balance sheet reduction could lead to a resonance of easing policies between China and the U.S. [3] - The current economic fundamentals in China are stable and improving, with continuous policy support, which has significantly boosted market confidence [3][4] Group 4 - Guotai Haitong Securities highlighted that the current position of Hong Kong stocks is not high compared to historical and overseas levels, suggesting potential for upward movement. The market is expected to attract over 1.5 trillion yuan in inflows next year due to low allocation and the backdrop of U.S. interest rate cuts [4] - Hong Kong is seen as a gathering place for innovative assets, with sectors like internet, new consumption, innovative pharmaceuticals, and dividends expected to support the ongoing bull market [4] - JPMorgan noted that the current valuation of Hong Kong stocks remains relatively low, supported by multiple favorable factors, and anticipates that the current rally will continue into next year [4][5]

华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 智通财经APP讯，华润置地(01109)发布公告，于2025年11月13日，公司与配售代理订立配售协议，据 此，公司同意任命配售代理，及配售代理同意担任公司的代理，以促使承配人根据配售协议的条款以配 售价购买(或倘未能成功配售，则由其自行购买)公司持有的合共4950万股配售股份，配售股份占截至本 公告日期华润万象生活(01209)已发行股份总数约2.17%。 出售事项所得款项净额(经扣除专业费用及其他配售开支)估计约为20.61亿港元。出售事项所得款项净额 拟用作集团收购储备土地、开发成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更 多元从而能够鼓励及吸引机构投资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心 ...

华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 华润置地(01109)发布公告，于2025年11月13日，公司与配售代理订立配售协议，据此，公司同意任命 配售代理，及配售代理同意担任公司的代理，以促使承配人根据配售协议的条款以配售价购买(或倘未 能成功配售，则由其自行购买)公司持有的合共4950万股配售股份，配售股份占截至本公告日期华润万 象生活(01209)已发行股份总数约2.17%。 出售事项所得款项净额(经扣除专业费用及其他配售开支)估计约为20.61亿港元。出售事项所得款项净额 拟用作集团收购储备土地、开发成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更 多元从而能够鼓励及吸引机构投资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心 及提高华润万象生 ...

每经AI快讯，11月13日，华润置地在港交所公告称，配售4950万股华润万象生活股份，预计配售价每 股41.70港元，所得款项净额约20.6亿港元。 ...

Core Viewpoint - China Resources Land (01109.HK) has entered into a placement agreement with UBS AG Hong Kong Branch to sell 49.5 million shares of its subsidiary, China Resources Mixc Lifestyle (01209.HK), representing approximately 2.17% of the total issued shares as of the announcement date [1] Group 1 - The company directly holds 1.65 billion shares of China Resources Mixc Lifestyle, which accounts for about 72.29% of the total issued shares [1] - After the completion of the placement, assuming no changes in the total issued shares, the company's ownership in China Resources Mixc Lifestyle will decrease to approximately 70.12% [1] - China Resources Mixc Lifestyle will continue to be a subsidiary of the company, and its financial performance will still be consolidated into the group's financial statements [1] Group 2 - The estimated net proceeds from the sale are approximately HKD 2.061 billion [2] - The proceeds are intended to be used for land acquisition reserves, development costs, and general working capital [2] - The company believes that the placement will diversify the shareholder structure of China Resources Mixc Lifestyle, encouraging institutional investment and increasing share liquidity, thereby enhancing market confidence and share value [2]

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。 （於開曼群島註冊成立的有限公司） （股份代號：1209） 內幕消息 控股股東配售股份 本公告由華潤萬象生活有限公司（「本公司」）根據香港聯合交易所有限公司（「聯交 所」）證券上市規則（「上市規則」）第13.09 (2) (a)條及香港法例第571章證券及期貨條 例第XIVA部下的內幕消息條文（ 定義見上市規則 ）作出。 控股股東配售現有股份 本 公 司 董 事 會（「 董 事 會 」）已 獲 本 公 司 的 控 股 股 東 ， 華 潤 置 地 有 限 公 司（「 華 潤 置 地」）告知，其於2025年11月13日，與UBS AG Hong Kong Branch（「配售代理」）訂立 配 售 協 議（「 配 售 協 議 」）， 據 此 ， 華 潤 置 地 同 意 透 過 配 售 代 理 將 本 公 司 每 股 面 值 0.00001美元的合 ...

Core Insights - The future of commercial real estate will focus on operational excellence, where the value of assets is primarily determined by cash flow generation rather than initial investment costs [2] - There is a trend among commercial real estate companies to deepen capital operations alongside development and management [3] Group 1: Operational Focus - Wang Lei, Executive Director and Vice President of China Resources Vientiane Life, emphasized that operational capability is crucial for creating cash flow, which directly influences asset value [2] - The shift towards operational excellence indicates that companies must prioritize effective management to enhance their financial performance [2] Group 2: Capital Operations and Market Trends - The sample provided by the Viewpoint Index shows that there are 42 companies managing less than 2 million square meters, 32 companies managing between 2 to 5 million square meters, 10 companies managing between 5 to 10 million square meters, and 6 companies managing over 10 million square meters [3] - Leading companies in the commercial real estate sector are transitioning from a "development and operation" model to an "asset operation + capital operation" model, aiming for both scale growth and cash flow optimization [3] - Many top-tier companies are expanding their portfolios through project investments and asset-light strategies, which necessitates a robust product line and talent development system to ensure efficient project execution nationwide [3]