Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales in Guangzhou due to the promotion of prefabricated buildings, with a week-on-week increase in sales despite a year-on-year decline [1][6] - The overall market performance remains weak, with the Shenwan Real Estate Index down by 0.41% and the CSI 300 Index down by 0.28%, indicating underperformance relative to the broader market [3][11] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 0.41%, while the CSI 300 Index fell by 0.28%, resulting in a relative return of -0.13% [3][11] - The report notes that the performance of the real estate sector is weaker than the overall market [3][11] Industry Fundamentals - For the week of December 12-18, 38 tracked cities saw a total of 29,303 new homes sold, a year-on-year decrease of 31.9% but a week-on-week increase of 8% [4][19] - The total transaction area for new homes was 3.19 million square meters, with a year-on-year decline of 29.6% but a week-on-week increase of 21% [4][19] - In the same week, 16 tracked cities recorded 18,668 second-hand homes sold, down 23% year-on-year but up 1.5% week-on-week [34][37] - The total transaction area for second-hand homes was 181.8 million square meters, with a year-on-year decline of 26.1% and a week-on-week increase of 5.7% [34][37] Land Market Supply and Transactions - In the week of December 8-14, land supply was 2,056.8 million square meters, down 55.1% year-on-year, with an average supply price of 1,053 yuan per square meter, down 38.5% year-on-year [5] - Land transactions totaled 8,132.5 million square meters, up 53.5% year-on-year, with a transaction amount of 135.41 billion yuan, up 55.9% year-on-year [5] Financing Analysis - Real estate companies issued a total of 5.33 billion yuan in credit bonds, reflecting a year-on-year decrease of 39.34% and a week-on-week decrease of 64.51% [5] Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively respond to market fluctuations [6] - It also notes that property management companies may see performance and valuation recovery as market demand rebounds, recommending attention to companies like China Resources Vanke and Poly Property [6]

Group 1: Harbin Ice and Snow World - The 27th Harbin Ice and Snow World will officially open on December 17, 2025, with a theme of "Ice and Snow Fairy Tale" [1] - This year's event is the largest in scale, created by thousands of ice construction workers [1] - Ticket prices are set at a promotional price of 298 yuan per adult from December 17 to December 23, 2025, reverting to the original price of 328 yuan starting December 24, 2025 [1] Group 2: Overseas Chinese Town A (OCT A) - In November 2025, OCT A reported a total visitor count of 6.97 million for its cultural tourism enterprises, an 8% increase year-on-year [1] - For the period from January to November 2025, the total number of visitors was 73.98 million, a 1% decrease compared to the previous year [1] - In November 2025, the company achieved a contract sales area of 86,000 square meters, a 61% year-on-year decrease, and a contract sales amount of 1.2 billion yuan, down 65% year-on-year [1] Group 3: Beijing Haichang Ocean Park - The Beijing Haichang Ocean Park project has entered the construction phase, with a total building area of approximately 160,000 square meters [2] - The park will feature a combination of ecological, educational, interactive, performance, artistic, and hotel functions, expected to be completed and operational by 2027 [2] - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group [2] Group 4: Taiyuan Plaza and China Resources Mixc Life - Taiyuan Plaza and China Resources Mixc Life have signed a cooperation agreement for the first Mixc Tian Di in North China, located in Taiyuan City [2] - The commercial complex will cover an area of approximately 445,000 square meters, integrating a "block + box mall" innovative model [2] - The project will feature international luxury brands, high-end dining, and cultural art spaces [2] Group 5: New City Holdings - New City Holdings has officially launched two innovative commercial product lines: "New Yuehui" and "Yinxiang" [2] - "New Yuehui" is positioned as an "urban vitality life aggregation body," while "Yinxiang" focuses on "enjoying slow time in urban streets," aimed at creating a "slow life block" [2] Group 6: Guangdong Province - Guangdong Province has issued measures to promote the integration of agriculture, culture, and tourism, focusing on high-quality development [3] - The measures include 27 specific actions to enhance the integration of various tourism-related sectors [3] - The province aims to develop ecological health resorts and promote traditional Chinese medicine health tourism [3] Group 7: Beijing Tourism - In the first ten months of the year, Beijing received over 300 million visitors, with tourism spending exceeding 600 billion yuan, representing year-on-year growth of 5.4% and 7.2% respectively [4][5] - Cultural and tourism consumption has become a significant growth driver for the construction of an international consumption center city [5]

Core Viewpoint - The signing ceremony between Taiyuan Plaza and China Resources Vanguard marks the establishment of the first "MixC" in North China, located in Taiyuan's Xiaodian District, with a total construction area of approximately 445,000 square meters [1] Group 1: Project Details - The MixC commercial complex will be situated on Changfeng Street, Taiyuan Plaza, and will feature an innovative model that combines "street block + box mall" [1] - The overall operation will be managed by China Resources Vanguard, with design executed by the AICO design team under Shanghai Tianhua Group [1] Group 2: Features and Offerings - The complex will host a variety of international luxury brands, high-end dining options, and cultural art spaces, creating a diverse commercial environment [1] - Notable features of the project include the Valley Plaza, Mountain Waterfall, Mountain Path, and Four Seasons Mountain Garden, which contribute to a rich and varied commercial scene [1]

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。 | | 於股東特別大會上提呈的普通決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 批准、確認及追認非豁免持續關連交易 | 478,209,117 | 200 | | | 協議、有關非豁免持續關連交易協議項 | (99.99%) | (0.01%) | | | 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， ...

站在"十四五"收官，"十五五"谋篇的重要节点，回溯上市后的五年（2020-2025），华润万象生活在行 业深度的周期性调整中，以前沿引领的姿态主动破局，构建了自身持续成长的价值坐标系，锚定了企业 稳健前行的航向。 向上，华润万象生活与开云集团达成内资地产运营领域的首个可持续战略合作，以国际视野倒逼管理颗 粒度的精细化升级；向内，其主动引入WELL健康建筑标准，将对"人"的隐性关怀转化为可量化的空间 标准；向外，它持续深耕责任品牌，回应万千家庭对美好生活的向往，为重塑行业信心、推动城市服务 生态的迭代升级贡献自身力量。 这种全维度的战略升维，驱动ESG管理深度嵌入华润万象生活的决策中枢。从2023年"153"战略体系的 系统确立，再到董事会设立可持续发展委员会完成顶层设计，华润万象生活的治理颗粒度不断细化—— 今年更是制定了2030可持续发展目标与指标，将宏大愿景拆解为年度精细任务，并通过季度管理层推进 会建立常态化督办机制。这一系列推进ESG管理体系化的实质举措，有力支撑其以绿色生态、健康运营 与责任品牌为核心抓手，重塑"人与城"的连接。 华润万象生活与开云集团（Kering）签署可持续发展战略合作 作为地产 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 中央经济工作会议明确化解风险，稳定楼市 投资评级： 看好（维持） ——房地产行业周报（25/12/6-25/12/12） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.3%、深证成指上升 0.8%、创业板指上升 2.7%、 沪深 300 下跌 0.1%、房地产（申万）下跌 2.6%。个股方面，涨跌幅前五的分 别为：三湘印象(+12.1%)、南都物业(+7.6%)、京基智农(+5.1%)、苏州高新 (+4.2%)、世联行(+2.9%)，涨跌幅后五的分别为：海泰发展(-18.2%)、ST 中迪 (-15.5%)、*ST 阳光(-11.7%)、中天服务(-11.0%)、*ST 荣控(-11.0%)。 联系人 板块表现： 数据跟踪： ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for China Resources Vientiane Life (01209), highlighting the company's strong capabilities in commercial channels, which ensure revenue and profit growth, supported by stable property channels for steady performance improvement [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.52 billion, a year-on-year increase of 6.5%, and a net profit attributable to equity shareholders of 2 billion, up 7.4% year-on-year [1] - The company's comprehensive gross margin was 37.1%, an increase of 3.1 percentage points year-on-year, with all expense ratios declining, leading to improved operational efficiency [1] - The interim dividend per share was 0.529, a significant increase of 89.6%, with a payout ratio of 60%, up 24 percentage points [1] Group 2: Commercial Channel Performance - In the first half of 2025, revenue from the commercial channel reached 3.27 billion, a year-on-year increase of 14.65%, with a gross margin of 66.1%, up 5.2 percentage points [1] - The total operational area of shopping centers reached 13.093 million square meters, a year-on-year increase of 14.11%, with 84.4% of the area coming from the parent company [1] - The commercial channel revenue accounted for 38.3% of total revenue, becoming a key driver for overall revenue and profit growth [1] Group 3: Property Management Performance - In the first half of 2025, property channel revenue was 5.16 billion, a year-on-year increase of 1.1%, with a gross margin of 18.8%, down 0.1 percentage points [2] - Revenue from property management services was 3.5 billion, up 8.8% year-on-year, with a managed area of 27.5505 million square meters, an increase of 6.2% [2] - The company has a balanced business structure in property management, effectively combining resources from both the parent company and third parties [2]