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12月31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: 2026年1月5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/註冊股本總 ...

Group 1 - The core viewpoint of the article is that a recent commentary in the magazine "Qiushi" has raised investor hopes for a shift in policy regarding the real estate market, suggesting that substantial policy measures are needed rather than incremental changes [1] - Morgan Stanley notes that since the second half of last year, housing prices and sales have continued to decline, making it logical for policymakers to consider a new direction in their approach [1] - The next key policy windows are identified as the March Two Sessions and the April Politburo meeting, indicating that the commentary alone is not sufficient to confirm a change in the official stance [1] Group 2 - Morgan Stanley's preferred stocks in the real estate sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao, indicating a focus on these companies for potential investment opportunities [1] - The report suggests that Longfor Group offers the best risk-reward profile amid the anticipated rebound triggered by policy changes [1]

Core Insights - The luxury retail sector in China is facing significant challenges, with high-end malls and luxury brands experiencing a decline in performance and store closures due to changing consumer behavior and economic conditions [4][18][24]. Group 1: Market Trends - High-end malls like One ITC and IFC have seen a wave of luxury brand withdrawals, including major names like LV, Celine, and Tiffany, leading to increased vacancy rates [4][10]. - The luxury market in mainland China is projected to experience a continuous decline, with sales expected to drop by 18%-20% in 2024, reverting to 2020 levels [19][21]. - The relationship between luxury brands and high-end malls, which was once mutually beneficial, is deteriorating as both sectors struggle to adapt to new market realities [12][17]. Group 2: Financial Performance - Hang Lung Properties reported an 18.7% year-on-year decline in revenue for the first half of the year, with net profits decreasing for two consecutive years [6][10]. - Other major players in the high-end real estate sector, such as Swire Properties and New World Development, are also facing financial difficulties, with Swire reporting a loss of HKD 1.202 billion [8][10]. - Rental income from luxury brands is becoming increasingly critical for high-end malls, with Hang Lung's rental income share rising from 58.8% to 70.3% [24]. Group 3: Strategic Shifts - In response to declining performance, high-end malls are exploring new strategies, such as introducing new consumer brands and shifting towards a more inclusive customer base [26][29]. - Companies like China Resources are successfully expanding their shopping centers by focusing on experiential retail and attracting a broader range of consumers through innovative marketing strategies [32][33]. - The shift from traditional luxury retail to a more experience-driven model is evident, with malls aiming to transform from mere shopping venues to lifestyle destinations [32][34].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

12月25日，"THE WELL OF MIXC生动万象"2025华润万象生活WELL HSR授牌仪式在天津万象城举行,来自华润万 象生活、国际WELL建筑研究院(IWBI)、租户及合作伙伴代表参加仪式。 IWBI中国区执行副总裁施璇作《健康空间，价值共益：WELL赋能企业社会责任发展》主题演讲 颐华不动产高级副总经理王守章代表第三方机构，作题为《从标准到场景：华润万象生活健康运营的跃升之路》 行业观察 截至2025年底，华润万象生活共有30个购物中心及写字楼项目获得WELL HSR健康安全评价，建筑面积752.7万平 方米，受益人数达32.8万，其中在营非凡重奢购物中心全部获得WELL HSR，另有12座高品质写字楼项目获得这 一殊荣，标志着公司在健康福祉领域取得积极进展。 华润万象生活作为一家秉持高品质服务和长期主义理念的企业，始终坚持"引领商业进步、助力城市发展、共创美 好生活"的可持续发展路径，积极将"以人为本"的价值观融入商业、办公、社区和公共空间的运营服务。当前，公 司可持续发展已从合规管理迈向生态引领阶段，期待未来能与更多伙伴构建深层次、多领域共创及合作，为行业 可持续发展贡献积极力量。 IWB ...

临近2025年末，苏州商业市场迎来一轮开业高峰。上周已有苏州屿悦时光、中建·泓里、胜浦邻里中心三个商业项目集中亮相；而本月内，预计还将有苏 州万象天地、墅浦生活荟、春申里商业中心三个项目开业，其中备受瞩目的城市级商业地标——苏州万象天地将于12月29日压轴登场。 2025年底，苏州的商业增量主要以社区商业为主，它们以精准的定位和丰富的业态，迅速融入市民的"一刻钟便民生活圈"。 12月19日，由象屿商发集团打造的苏州屿悦时光开业。项目位于吴中尹山湖板块，总体量约2万米，以"漂浮岛屿"为设计灵感，引入了超盒算NB、星巴 克、麦当劳、乡村基、怪兽健身、洪富百岁鱼、唐荟、K-SHOW KTV等品牌。 12月20日，位于昆山开发区的中建·泓里与园区胜浦板块的胜浦邻里中心同期开业。中建·泓里建筑面积约2.7万平方米，定位为"家门口的一站式生活引 擎"，融合潮流运动、品质餐饮、亲子娱乐及生活服务等多元业态。聚合肯德基、瑞幸咖啡、COCO、七分甜等餐饮品牌，引入华为、小米、晨光文具、 林光视界等零售与生活服务品牌，同时汇聚YONEX羽毛球馆、怪兽健身、启航运动中心等运动健康业态，为开发区焕新城市商业格局、丰富消费场景、 提升 ...

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） 重續持續關連交易 二零二五年框架貸款協議 重續持續關連交易－二零二五年框架貸款協議 茲提述本公司日期為二零二三年一月二十日的公告，內容有關二零二三年框架 貸款協議。由於二零二三年框架貸款協議的期限將於二零二五年十二月三十一 日屆滿，而預期本集團將於其後繼續訂立二零二三年框架貸款協議項下擬進行 的類似交易，故本公司已於二零二五年十二月二十三日訂立二零二五年框架貸 款協議，以重續二零二三年框架貸款協議及設定相關年度上限。 上市規則涵義 於本公告日期，(1)本公司由華潤置地持有約70.12%權益；(2)華潤置地由華潤 （集團）間接持有約59.55%權益，而華潤（集團）由華潤股份間接全資擁有。因 此，根據上市規則，華潤（集團）及華潤股份為本公司的關連人士。 由於二零二五年框架貸款協議項下擬進行交易所設定的年度上限之一項或多項 適用百分比率超過0.1%但均無 ...

2025 年 12 月 22 日 行业研究 1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9% ——土地市场月度跟踪报告（2025 年 11 月） 要点 2025 年 1-11 月，百城宅地成交建面同比-15%，成交楼面均价同比+9%。 2025 年 1-11 月，百城成交住宅类用地建面为 2.21 亿平，累计同比-15.1%；成 交楼面均价为 6,295 元/平方米，累计同比+9.4%。分能级城市来看，1-11 月， 一线城市：供应住宅类用地建面为 1,041 万平，累计同比-29.6%；成交建面 778 万平，累计同比-28.7%；成交楼面均价为 39,283 元/平方米，累计同比+29.5%。 二线城市：供应住宅类用地建面为 1.37 亿平，累计同比-1.8%；成交建面 9,273 万平，累计同比+4.4%；成交楼面均价为 6,986 元/平方米，累计同比+4.2%。 三线城市：供应住宅类用地建面为 2.01 亿平，累计同比-23.6%；成交建面 1.21 亿平，累计同比-24.9%；成交楼面均价为 3,635 元/平方米，累计同比+2.0%。 2025 年 1-11 月，新增土储价值排名 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]