东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元，其依托母公司华润置 地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资源与核心地段优势。 凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越行业基本面的同店增 长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 风险提示 消费基本面下行超预期的风险。母公司交付不及预期。第三方项目拓展不及预期。数据统计可能存在遗 误/变动。假设条件变化影响测算结果。 东方证券主要观点如下： 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 华润万象生活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（601155）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 ...

智通财经APP获悉，东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元， 其依托母公司华润置地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资 源与核心地段优势。凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越 行业基本面的同店增长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 公司商管核心竞争优势在于对商户不断强化的议价能力，这主要源于母公司稳定增长的、大体量优质购 物中心的合约支持 母公司是中国购物中心领域早期进入者，抢先布局关键地区市场占据核心地段，此外其数量稳居行业第 一梯队，储备仍在有序增加，这为公司带来稀缺重奢资源、与品牌深度绑定的关系，以及调租换铺的强 势话语权等，结合公司专业、有创造力的团队不断在动态的市场变化中找寻最优解，得以形成客流-销 售额-品牌吸引/更新的正反馈，从而使得在管商场表现能够超越消费基本面，并且实现长期同店增长。 东方证券主要观点如下： 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 华润万象生活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 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Vientiane Life [1] Core Views - The company is expected to benefit from its light asset management model, which allows it to enjoy operational benefits without significant capital investment, leading to lower risk and higher profit margins [5][24] - The company's strong bargaining power with merchants is supported by its parent company's stable growth and large-scale quality shopping centers, enhancing its ability to achieve long-term same-store growth [8][9] Financial Performance - The company's revenue is projected to grow from 14,767 million HKD in 2023 to 22,596 million HKD in 2027, with a compound annual growth rate (CAGR) of 8.1% [7] - The net profit attributable to the parent company is expected to increase from 2,929 million HKD in 2023 to 5,572 million HKD in 2027, reflecting a CAGR of 15.3% [7] - The earnings per share (EPS) forecast for 2025 and 2026 is adjusted to 1.73 HKD and 2.12 HKD, respectively, with a new estimate for 2027 at 2.44 HKD [6][12] Market Position and Competitive Advantage - The company operates under a light asset model, which allows it to leverage the parent company's extensive resources without the burden of heavy capital investment, thus maintaining a competitive edge in the market [18][24] - The parent company, China Resources Land, has a significant number of shopping centers, with 92 operational centers and 35 under construction, providing a stable and growing contract base for the company [41][42] - The company's ability to secure prime locations in high-tier cities enhances its market position and operational performance, leading to a strong upward trend in rental income [30][36] Growth Drivers - Key growth drivers include same-store sales growth exceeding expectations, new third-party contracts, and accelerated monetization of membership programs [11] - The company is expected to continue benefiting from the industry’s Matthew effect, where leading players gain more market share and operational advantages [10][36]

Core Insights - The report emphasizes a strategic shift towards large financial and consumer sectors, indicating a rebound opportunity following a period of panic due to tariff impacts [2] - The report highlights a positive performance in the A-share market, with the Shanghai Composite Index rising over 10% to above 3800 points since the mid-year strategy was introduced [2] Overall Assessment - The report suggests a cautious approach, recommending investors to wait for opportunities to buy on dips. It notes that liquidity-driven adjustments have stabilized, with certain asset classes like TMT and precious metals leading the rebound [3][7] - The report anticipates that the upcoming Federal Reserve interest rate cuts will further bolster market confidence, despite short-term investor caution in domestic sectors like lithium batteries and storage [3][7] Configuration Direction - The report advises a gradual investment strategy based on economic expectations and valuation attractiveness, focusing on quality dividends and cyclical opportunities in sectors such as real estate, resource commodities, and consumer sentiment [4][9] - It identifies four key areas for medium-term investment: technology (AI trends), high-end manufacturing (global investment cycle), consumer (high-quality overseas profits), and resource commodities (supply-side dynamics) [4][9] Top Stock Picks - The report lists ten recommended stocks across various sectors, including TCL Electronics, Action Education, Anjuke Food, Petty Co., Chengda Pharmaceutical, Haiguang Information, Lixing Co., Jitu Express, Beibu Gulf Port, and China Resources Mixc Living [4][5]

China Resources Mixc Lifestyle Services Limited (the "Company") – Notification of publication of Circular dated 28 November 2025 and the Notice of extraordinary general meeting ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.crmixclifestyle.com.cn and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk. If you wish to receive printed version of the ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1209) （股份代號：1209） NOTIFICATION LETTER 通知信函 You may at any time choose to receive any Corporate Communication(1) free of charge either in printed form(s) or via the website version ("Online Version"). Even if you have chosen (or are deemed to have consented) to receive all Corporate Communication via the Online Version but for any reason you cannot access the Online Version of the Current Corporate Communication or woul ...

或如其未能出席，則委任 地址為 代表本人╱吾等出席本公司於二零二五年十二月十八日（星期四）下午二時正假座香港灣仔港灣道26號華潤大廈46樓 舉行之股東特別大會及其任何續會，並代表本人╱吾等按下列指示投票 （附註4） 。除另有界定外，本代表委任表格所用 詞彙應與本公司日期為二零二五年十一月二十八日之通函所界定者具有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 動議批准、確認及追認非豁免持續關連交易協議、有關非豁免持續關連 | | | | | 交易協議項下擬進行交易的建議年度上限及經修訂二零二三年華潤置地 | | | | | 商業運營服務框架協議項下經重續年度上限；及授權任何一名董事在其 | | | | | 就施行非豁免持續關連交易協議及重續經修訂二零二三年華潤置地商業 | | | | | 運營服務框架協議項下年度上限及╱或其項下擬進行交易及╱或使之 | | | | | 生效而認為必要、可取或權宜之情況下，進行所有其他行動及事情，以 | | | | | 及簽立其他文件及採取所有步驟。 | | | 日期：二零二五年 ...

股東特別大會通告 茲通告華潤萬象生活有限公司（「本公司」）謹訂於二零二五年十二月十八日（星 期四）下午二時正假座香港灣仔港灣道26號華潤大廈46樓舉行股東特別大會（「股東特 別大會」），藉以審議及酌情通過（不論會否作出修訂）下列決議案作為本公司普通決議 案： 普通決議案 1. 動議批准、確認及追認非豁免持續關連交易協議、有關非豁免持續關連交 易協議項下擬進行交易的建議年度上限及經修訂二零二三年華潤置地商業 運營服務框架協議項下經重續年度上限；及授權任何一名董事在其就施行 非豁免持續關連交易協議及重續經修訂二零二三年華潤置地商業運營服務 框架協議項下年度上限及╱或其項下擬進行交易及╱或使之生效而認為必 要、可取或權宜之情況下，進行所有其他行動及事情，以及簽立其他文件 及採取所有步驟。 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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之有限公司） （股份代號：1209） 喻霖康 中國，二零二五年十一月二十八日 – 1 – 附註： 於本 ...

（於開曼群島註冊成立的有限公司） （股份代號：1209） 此乃要件 請即處理 閣下如對本通函任何部分或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已將名下之華潤萬象生活有限公司股份全部售出或轉讓，應立即將本通函連同隨附本通函之代表委任表格送交 買主或經手買賣之銀行、股票經紀或其他代理，以便轉交買主。 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通函之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 重續於二零二六年開始 的持續關連交易及 重續經修訂二零二三年 華潤置地商業運營服務框架協議項下 年度上限 獨立董事委員會及獨立股東之 獨立財務顧問 董事會函件載於本通函第10至33頁。獨立董事委員會函件載於本通函第34至35頁。獨立財務顧問函件（當中載有其致 獨立董事委員會及獨立股東的意見）載於本通函第36至70頁。 本公司謹訂於二零二五年十二月十八日（星期四）下午二時正假座香港灣仔港灣道26號華潤大廈46樓舉行股東特別大 會，大會通告載 ...

Core Insights - JPMorgan Chase & Co. increased its stake in China Resources Mixc Lifestyle Services Limited (01209.HK) by acquiring 4,506,200 shares at an average price of HKD 44.0133 per share, totaling approximately HKD 198 million [1] - Following this acquisition, JPMorgan's total holdings in the company rose to 139,231,555 shares, increasing its ownership percentage from 5.90% to 6.09% [1] Company Summary - The transaction occurred on November 24, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1] - The increase in shareholding indicates JPMorgan's growing confidence in the company's prospects [1]