报告表示，华润万象生活购物中心板块已成为绝对利润支柱，持续展现远超同业的运营能力。该行预 计，该板块利润贡献占比将于今年全年度，提升至60%，收入及毛利润增速分别达18%及27%。另外， 集团自2023年起至今维持100%派息，该行预计今年将持续此派息趋势，对应4.4%的股息率，在央企中 具较高吸引力。 智通财经APP获悉，招银国际发布研报称，由于华润万象生活(01209)估值更高的零售板块业务表现优预 期，将贡献更高的盈利占比，故上调目标市盈率倍数至23倍，对应年份滚动至2026年。因此，相应上调 目标价18%，由43.86港元升至51.84港元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life (1209 HK) [1][9] Core Views - The shopping center segment has become the absolute profit pillar for the company, showing operational capabilities far exceeding peers. Retail sales from January to September increased by 20-25% year-on-year, compared to a 3.0% increase in social retail sales. During the National Day period, retail sales rose by 25%, significantly outperforming the 10.2% increase in key shopping districts in Shanghai [1][9] - The target price has been raised by 18% to HKD 51.84, based on an increase in the target PE multiple by 5% to 23x and rolling the valuation to 2026 [1][3][9] Financial Summary - Sales revenue (in million RMB) is projected to grow from 14,767 in FY23A to 21,172 in FY27E, with year-on-year growth rates of 22.9%, 15.4%, 6.5%, 8.5%, and 7.5% respectively [2][10] - Net profit (in million RMB) is expected to increase from 2,928.7 in FY23A to 5,169.5 in FY27E, with growth rates of 32.8%, 23.9%, 15.3%, 11.8%, and 10.4% [2][10] - The company maintains a 100% dividend payout ratio, with a projected dividend yield of 4.4%, making it attractive among state-owned enterprises [9][10] Business Segment Performance - The shopping center segment's gross profit contribution reached 56.3% in the first half of FY25, with expectations for revenue and gross profit growth rates of 18% and 27% respectively in FY25, driven by a significant increase in gross margin [9] - The property management segment is focusing on third-party expansion, with a target annual contract amount of approximately RMB 1 billion, having completed nearly RMB 800 million by September [9] Market Position - The company is expected to achieve a profit contribution from the shopping center segment of nearly 60% by FY25, reflecting a 5 percentage point increase [1][9] - The current market capitalization is approximately HKD 97.39 billion, with a free float of 27.7% [4][5]

克而瑞物管发布2025年11月中国物业服务企业新增合约面积TOP50。数据显示，11月，TOP50企业新增合约面积约5216万平方米，新增第三方拓展规模 4735万平方米，头部企业规模持续扩张。10月企业拓展热度相较10月下降，下降24.73%；全委项目共计拓展496个，相较于10月491个略微上升。11月第 三方拓展规模前三的业态是住宅、学校、办公，其中住宅项目占比27.6%，学校项目占比22.9%，办公项目占比18.5%，城市服务项目来看，碧桂园服务以 近1.4亿元的合同额，成为11月城市服务项目合同金额冠军。该项目福鼎市城区环卫一体化项目，服务期限为3年。 2025年11月，TOP50企业新增合约面积约5216万平方米；TOP10企业新增合约面积3083万平方米，占比59.08%，11月华润万象生活新增合约面积最高为 449万平方米。11月头部物企拓展规模竞争TOP10门槛较上月168略微下降，为131万平方米。 | 9 | 雅生活集团 | 143 | | --- | --- | --- | | 10 | 万达商管 | 131 | | 11 | 金茂服务 | 118 | | 12 | 新城悦服务 | 1 ...

自2020年底成功登陆港交所，华润万象生活便以"商管+物管"双轮驱动的独特模式，在资本市场刻下了自己的成长 轨迹。 20多年前，当华润的建设者们决定在深圳那片空地上做一个没人做过的大型商业综合体时，穿越周期的能力就已 经种下。一代代开拓创新又勇往直前的建设者，历经二十余年的耕耘和灌溉，把当初这颗种子培育成了一棵枝繁 叶茂的大树。 在过去五年里，华润万象生活（01209.HK）历经资本市场和行业的风雨变幻，展示出了坚韧的根基和向阳生长的 韧性。自2020年底成功登陆港交所，华润万象生活便以"商管+物管"双轮驱动的独特模式，在资本市场刻下了自己 的成长轨迹。 上市五年来，外部环境波谲云诡，房地产行业深度调整，消费市场承压分化，物管行业增速换轨，华润万象生活 却逆势交出了一份持续高增长的亮眼成绩单，不仅财务数据节节攀升，市值稳居行业鳌头，更以其清晰且坚定的 战略、稳健的运营和前瞻的布局，为行业提供了一个穿越周期、高质量发展的鲜活样本。 站在"十四五"收官与"十五五"谋篇的关键节点，华润万象生活以自身特色赢得了资本市场的重新定义。这家曾经 的内配型企业在走向市场化的过程中，不仅以跨越式增长迅速跻身物管行业第一梯队，还 ...

观点指数 11月25日观点指数研究院发布的《资本市场退潮 | 2025年11月物业服务发展报告》指出，金科 服务将成为蓝光嘉宝服务、华发物业、融信服务之后，第四家退市的港股物企，凸显物企在资本市场被 持续边缘化。同时期，华润万象生活重回千亿港元市值，我们认为这主要得益于其"商业运营+物业管 理"双轮驱动模式、稳健的财务表现以及在物业行业中的头部地位。 11月18日，金科服务与Broad Gongga Investment Pte. Ltd（最终控股股东为博裕）发布联合公告，后者作 为要约人，提出经修订的无条件强制性现金要约以推动金科服务私有化退市。 根据公告，要约人目前持有金科服务63.29%的股份，并为收购剩余267,722,054股创新采用双层定价结 构：基本价每股6.67港元（总代价约17.86亿港元），若两个退市条件达成则支付经提高价每股8.69港元 （总代价约23.27亿港元）。目前已锁定约29%的股份，还需至少32.30%的股东接纳才能触发退市高 价。 | 股東名稱 | 於初步公告日期 | | 緊隨拍賣股份過戶完成後 | | 龄本公告日期 | | | --- | --- | --- | --- | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].

在万象系购物中心同店增长和规模扩张下，公司经营杠杆效应增强，商管运营的利润率有望继续提升。 在单个购物中心项目层面，大部分成本相对固定，或随通胀同步增长，因此同店租金的稳健增长能够带 来NOIMargin的增长；在公司层面，随着母公司不断新建购物中心，总部的招商和营销人员可以管理更 多项目，且经验与模式也能够适当迁移，劳动效率提升拉动利润率上行。 机构：东方证券 研究员：赵旭翔/刘洋/孙怡萱 核心观点 核心看点：母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势，对商户 具备强定价权，同店和规模成长驱动经营杠杆效用提升，未来商管业务的收入与盈利增长确定性强。 市场部分人习惯将万象系商场直接与龙湖集团的龙湖天街、新城控股的吾悦广场类比。虽然三者同为内 资购物中心，但后两家开发持有和运营集中于同一主体，享有租金收入的同时需承担前期庞大资金沉 淀、较长回报周期，以及苛刻的财务回报条件。而万象系商场由母公司华润置地开发持有，商管环节则 被拆分出来由华润万象生活运营。因此，公司轻资产模式无需庞大的资本投入，却可享母公司大体量且 优质项目的运营红利，风险低、盈利能力高，经测算证明盈利向上弹性更强。 ...

Market Performance - The Hang Seng Index closed at 26,033, up 0.67% for the day and up 29.78% year-to-date [1] - The Hang Seng Tech Index rose by 0.82% to 5,644, with a year-to-date increase of 26.33% [1] - The Shanghai Composite Index increased by 0.65% to 3,914, with a year-to-date rise of 16.77% [1] - The Dow Jones Index fell by 0.90% to 47,289, with a year-to-date increase of 11.15% [1] Currency and Commodity Overview - The Renminbi Index stands at 97.920, with a 1-month increase of 0.38% and a 6-month increase of 1.79% [2] - Brent crude oil is priced at $63.570 per barrel, down 0.98% over the past month but up 3.13% over the past six months [2] - Gold is priced at $4,256.22 per ounce, with a 1-month increase of 6.37% and a 6-month increase of 25.87% [2] Company News - Kangji Medical's privatization plan has been approved by the Grand Court, with the plan expected to take effect on December 5, 2025 [19] - HashKey Holdings has passed the listing hearing with plans to raise $500 million and seek a listing this month [16] - The real estate crisis in China continues, with major data providers instructed to halt the release of sales data for property companies [17] Economic Indicators - China's official manufacturing PMI for November recorded at 49.2, below market expectations of 49.3 [13] - The non-manufacturing PMI for November was reported at 49.5, also below expectations of 50 [10] - Hong Kong's retail sales value for October increased by 6.9% year-on-year, with online sales rising over 27% [15]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤萬象生活有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01209 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...