Group 1 - The core viewpoint of the report is that Everbright Securities maintains a "buy" rating for China Resources Vientiane Life (01209), highlighting strong performance in shopping center operations and stable sales from related party China Resources Land [1] - The company forecasts net profit attributable to shareholders for 2025 to be 39.9 billion, 44.6 billion, and 50.0 billion for the years 2025, 2026, and 2027 respectively [1] - For the first half of 2025, the company's operating profit (gross profit - selling and administrative expenses) reached 26.3 billion, representing a year-on-year growth of 20.2% [1] Group 2 - The report indicates that the company's property segment revenue fell short of expectations in the first half of the year, primarily due to a reduction in value-added services, with non-owner value-added income declining by 34.6% to 2.2 billion [2] - Owner value-added income also decreased by 32.7% to 4.9 billion, as the company divested from less profitable and high-inventory-cost businesses while focusing on transforming core operations towards a platform-based and light-asset model [2] - Despite the revenue decline in certain segments, property management business revenue grew by 8.8% to 35 billion, supported by an expansion in property management scale, with a total managed area of 280 million square meters and contracted area of 300 million square meters as of June 30 [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 8.5 billion yuan for H1 2025, representing a year-on-year increase of 6.5%, with a net profit attributable to shareholders of 2.03 billion yuan, up 7.4% year-on-year [1] - The shopping center operations showed strong performance, with a gross profit margin increase to 78.7%, up 6.2 percentage points year-on-year, driven by a retail sales growth of 21.1% [2] - The property management segment experienced stable growth, with property management revenue increasing by 8.8% to 3.5 billion yuan, despite a decline in value-added services [3] - The company declared an interim and special dividend totaling 0.881 yuan per share, representing a generous payout ratio of 100% of core net profit attributable to shareholders [3] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 8.5 billion yuan, with a gross profit of 3.17 billion yuan and a gross margin of 37.1%, which is an increase of 3.1 percentage points year-on-year [1] - The company’s operating profit grew by 20.2% to 2.63 billion yuan [3] Business Segments - The commercial segment generated revenue of 3.27 billion yuan, up 14.6% year-on-year, while the property segment's revenue was 5.16 billion yuan, a modest increase of 1.1% [1] - The shopping center business achieved a revenue of 2.26 billion yuan, reflecting a growth of 19.8% year-on-year, with a gross profit of 1.78 billion yuan, up 30.0% [2] Future Outlook - The company forecasts net profits attributable to shareholders of 3.99 billion yuan, 4.46 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22, 19, and 17 [4][5]

If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 閣下如對本文件任何內容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交易商、銀行經理、律師、專業會計師或其他專業顧問。 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 （Stock Code 股份代號：1209） DIVIDEND CURRENCY EL ...

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for stabilization in the market [2][6][41]. Core Insights - The real estate market continues to face pressure, with new construction and sales data showing significant declines. The report highlights a downward trend in new construction area, with an August year-on-year decrease of 20.3%, reflecting a 4.8 percentage point reduction from the previous month [2][42]. - Development investment also remains under pressure, with an August year-on-year decline of 19.5%, indicating that construction intensity is weak due to ongoing challenges in the sales market [2][42]. - The report suggests that the overall investment in construction may exhibit a "W-shaped" fluctuation pattern, with a short-term expectation of no V-shaped recovery [2][42]. Summary by Sections Sales Data - In August, the year-on-year growth rate of sales area adjusted for the base period was -10.6%, a decrease of 2.7 percentage points from the previous month. The overall new housing market has shown low-level fluctuations since May [6][15]. - Cumulatively, from January to August, the sales area reached 573 million square meters, with a year-on-year decline of 4.7% [9][16]. Construction Data - The new construction area in August saw a year-on-year decline of 20.3%, continuing a downward trend. The report anticipates that new construction will show a pattern of rising and then falling in the second half of the year [2][42]. - The completion area in August also experienced a year-on-year decrease of 21.4%, although it showed a slight recovery from the previous month [2][42]. Investment and Funding - The total development investment from January to August was 6 trillion yuan, reflecting a year-on-year decline of 12.9% [9][16]. - Funding sources for real estate projects showed a year-on-year decrease of 8.0% in August, indicating ongoing challenges in the financial landscape for real estate companies [7][9]. Market Trends - The report notes that the average price of new homes in August was 9,601 yuan per square meter, with a year-on-year decline of 2.7% [9][16]. - The report emphasizes the importance of monitoring the gap between net rental yields and mortgage rates as a key factor influencing total demand in the housing market [41].

该项目可追溯至2014年。 沉寂多年的合肥宝能城项目迎来"重生"。 据合肥市宝汇置业有限公司9月13日微信公众号披露的信息显示，合肥市宝汇置业有限公司自2024年12 月30日重整成功以来积极开展各项工作，解决遗留问题，商洽合作伙伴，取得了卓有成效的进展。 近日，公司在翡翠湖迎宾馆与中国中信金融资产管理股份有限公司安徽省分公司、绿城房地产建设管理 集团有限公司、中铁置业集团上海投资发展有限公司、华润万象生活商业，以及浙江绿城建筑设计有限 公司、深圳奥雅设计股份有限公司、真工建筑设计公司、香港郑中设计事务所、华阳国际设计集团等多 家合作伙伴举行了联合签约仪式。 这意味着，滨湖宝汇项目（合肥市滨湖新区BH2014-02号项目）"重生"了。 滨湖宝汇项目住宅地块将由绿城与中铁置业联合代建，引入绿城高端产品系列，商业地块将由华润万象 生活专业运营，打造万象系列高端购物中心。 智通财经从华润万象生活方面了解到，目前还未确定该商业部分的产品定位。 此后，宝能城多次进行拍卖，但项目因无人出价最终流拍。 直到2024年12月30日，合肥市中级人民法院正式裁定批准《合肥市宝汇置业有限公司破产重整案重整计 划草案》。经过两轮严格 ...

Group 1 - New housing prices in first-tier cities have seen a reduction in the rate of decline both month-on-month and year-on-year, with overall new housing prices in 70 cities showing a year-on-year decline narrowing to 3.0% [1][10][24] - The number of cities with rising new housing prices month-on-month increased to 9 in August, compared to 6 in July, while the number of cities with year-on-year price increases remained at 5 [1][14][24] - In August, Shanghai led the new housing price increases with a month-on-month rise of 0.4% and a year-on-year increase of 5.9%, making it the only first-tier city to achieve growth in both metrics [3][20][23] Group 2 - Second-hand housing prices in 70 cities experienced a month-on-month decline of 0.6%, with the rate of decline expanding by 0.1 percentage points [2][15][19] - Year-on-year, second-hand housing prices decreased by 5.5%, with the decline narrowing by 0.4 percentage points, while first-tier cities showed mixed results in their year-on-year performance [2][15][19] - In August, only one city, Changchun, saw a month-on-month increase in second-hand housing prices, while all cities experienced year-on-year declines [2][19][20] Group 3 - The overall real estate market in China is moving towards stabilization, with expectations for continued small fluctuations in housing prices amid supportive fiscal and monetary policies [4][24] - Recommended investment targets include strong credit real estate companies that can cater to improving customer demand, as well as firms benefiting from both residential and commercial real estate recovery [4][24]

美银证券发表研究报告指，其覆盖的内地主要物业管理公司在今年上半年实现8%的收入增长，核心利 润增幅相若。虽然增长速度尚算稳健，但该行认为投资者更关注费用收回及营运现金流状况。非国有企 业在适应行业变化方面更为积极，但策略调整需要时间。 华润万象生活是美银在该行业的唯一"买入"推荐，目标价由44港元上调至45港元，仍是该行的行业首 选。碧桂园服务盈利状况仍不稳定，但股息展望较稳定，该行上调目标价至6.3港元，维持"跑输大 市"评级；下调中海物业目标价至5.2港元。 ...

Core Viewpoint - Bank of America Securities reports that major property management companies in mainland China achieved an 8% revenue growth in the first half of the year, with core profit growth being similar, indicating a stable growth rate [1] Industry Summary - The industry participants performed better than expected in terms of profit margins and operational cash flow management during the first half of the year [1] - There is a cautious outlook for the industry due to ongoing issues with fee collection that are unlikely to be resolved in the short term [1] Company Recommendations - China Resources Vientiane Life (01209) is the only "Buy" recommendation from Bank of America in this sector, with the target price raised from 44 HKD to 45 HKD, maintaining its status as the firm's top pick [1] - The earnings forecast for the property management sector has been slightly lowered due to rapid increases in impairment losses among Chinese real estate property management companies [1] - Country Garden Services (06098) has an unstable earnings situation, but its dividend outlook remains stable, leading to an increase in the target price to 6.3 HKD while maintaining an "Underperform" rating [1] - China Overseas Property (02669) has had its earnings forecast reduced, with the target price lowered to 5.2 HKD [1]

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Investment Rating - The report maintains a "Positive" rating for the real estate sector [2][3][34] Core Viewpoints - The investment side remains weak, with a year-on-year decline of 12.9% in investment from January to August 2025, and a more significant drop of 19.5% in August alone [1][20] - The sales side is also experiencing a downturn, with a cumulative sales area decrease of 4.7% year-on-year from January to August 2025, and a sharper decline of 10.6% in August [21][34] - Funding sources are showing a narrowing decline, with total funding sources down 8.0% year-on-year from January to August 2025, but domestic loans have turned positive [35] Investment Analysis Summary Investment Side - From January to August 2025, total real estate development investment reached 603.09 billion yuan, down 12.9% year-on-year, with August alone seeing a 19.5% decline [3][20] - New construction area decreased by 19.5% year-on-year, while the completion area fell by 17.0% [20][21] - The report predicts a continued weak investment environment, with forecasts of a 11.0% decline in investment, 15.1% in new construction, and 20.0% in completions for 2025 [20] Sales Side - Cumulative sales area from January to August 2025 was 570 million square meters, down 4.7% year-on-year, with a 10.6% drop in August [21][34] - The total sales amount for the same period was 5.5 trillion yuan, reflecting a 7.3% decrease year-on-year, with August sales amounting to 544.9 billion yuan, down 14.0% [21][34] - The average selling price of commercial housing decreased by 2.6% year-on-year, with a slight increase in August compared to July [33][34] Funding Side - Total funding sources for real estate development enterprises amounted to 6.4 trillion yuan from January to August 2025, down 8.0% year-on-year [35] - Domestic loans showed a year-on-year increase of 0.2%, with August seeing a 1.1% rise [35] - The report indicates that while funding remains slightly tight, it is expected to improve gradually due to recent policy relaxations [35]