Core Viewpoint - Clinique Holdings (08367.HK) announced a leasing agreement for office space with China Resources Land Qianhai, effective from November 15, 2025, to November 14, 2028, for a duration of three years [1] Group 1 - The leasing agreement is between Clinique's indirect wholly-owned subsidiary, Huanging, as the tenant, and China Resources Land Qianhai, as the owner [1] - The purpose of the lease is for Huanging's office use [1]

项目打造近零能耗建筑，较普通建筑节省约50%能耗电费，高温天气下室内仍能保持适宜温度；通过三玻两腔（局部四玻）系统窗、定制隔声入 户门等配置实现系统性降噪，成为上海少数能做到全域静音的项目。 年末上海楼市，一则重磅消息引爆高端住宅圈——华润置地澐启滨江会客厅及样板间开放，掀起热潮，来访客户络绎不绝，用现象级人气印证了 浦东滨江住宅的稀缺价值。 作为上海CAZ一线滨江的封藏之作，这个占位新黄金三角几何中心的项目，正以颠覆性的产品力重新定义高端人居标准。 当多数滨江豪宅还在比拼江景与面积时，澐启滨江跳出传统内卷，以"栖境、栖艺、栖心"三栖体系，从健康底层、生活美学、全维服务三大维度 重新定义高端人居核心标准。区别于市场上简单堆砌健康配置的产品，澐启滨江构建了涵盖低碳、静谧、净源、森氧、安饪、智慧六大技术的全 维度守护体系。 全屋配备四层净水系统与316L医用级不锈钢水管，从源头解决水质隐患，将健康理念深度融入居住底层逻辑。 澐启滨江建面约245平方米"寰幕澐湾"美学样板间，由无间设计创始人吴滨操刀，延续其"汤臣一品5亿元顶复"的"摩登东方"理念，以减法美学重 塑上海滨江顶豪新标高。约8.5米宽的客厅采用无隔断设计 ...

Group 1 - Fuzhou's recent land auction includes 9 plots with a starting price of 2.254 billion yuan, indicating local government efforts to stabilize the market and optimize supply [1] - The auction consists of 4 residential plots, 1 commercial plot, 1 industrial plot, and 3 research plots, covering a total area of approximately 361.02 acres [1] Group 2 - China Resources Land plans to place 49.5 million shares of China Resources Mixc Lifestyle at approximately 2.061 billion HKD, with proceeds aimed at land acquisition and development costs [2] - Post-placement, China Resources Land's stake in China Resources Mixc Lifestyle will decrease to about 70.12% [2] Group 3 - Minmetals Land's chairman He Jianbo resigned due to personnel rotation within China Minmetals Group, with Dai Pengyu appointed as acting chairman [3] - This personnel change is part of a normal adjustment during the privatization process, reflecting talent planning within the group [3] Group 4 - Tianfang Group failed to disclose multiple financial reports as required, leading to a warning issued to Chairman Chen Youdong by the Tianjin Securities Regulatory Bureau [4] - The underlying issues are attributed to aggressive expansion, high leverage operations, and governance deficiencies [4] Group 5 - Dalong Real Estate's chairman Li Wenjiang resigned due to work relocation, with Zhao Changsong appointed to act as chairman until a new one is elected [5] - This change is considered a normal personnel adjustment and is not expected to significantly impact company operations [5]

Core Viewpoint - China Resources Land announced a placement of 49.5 million shares of China Resources Mixc Lifestyle, raising HKD 2.061 billion for land acquisition, development costs, and general working capital [1][2] Group 1: Share Placement Details - The placement price is set at HKD 41.70 per share, representing a discount of approximately 9.58% to the last closing price of HKD 46.12 [1] - The shares being placed account for about 2.17% of the total issued shares of China Resources Mixc Lifestyle [1][2] - Following the placement, China Resources Land's ownership in China Resources Mixc Lifestyle will decrease from approximately 72.29% to about 70.12% [2] Group 2: Financial Performance - In October, China Resources Land reported a total contract sales amount of approximately RMB 15.2 billion, a year-on-year decrease of 51.0% [3] - For the first ten months of 2025, the cumulative contract sales amount reached approximately RMB 169.6 billion, down 16.6% year-on-year [3] - Regular income for October was approximately RMB 4.33 billion, reflecting a year-on-year growth of 3.0%, with rental income from property operations increasing by 16.8% to about RMB 2.94 billion [3]

2025年10月，华润置地及其附属公司实现总合同销售金额约人民币152.0亿元，总合同销售建筑面积约 68.1万平方米，分别按年减少51.0%及46.8%。 央广网北京11月13日消息（记者门庭婷）11月12日，华润置地发布截至2025年10月31日止一个月未经审 核营运数据。 2025年10月，集团经常性收入约人民币43.3亿元，按年增长3.0%，其中，经营性不动产业务租金收入约 人民币29.4亿元，按年增长16.8%。2025年前10月累计经常性收入约人民币414.8亿元，按年增长7.2%， 其中，经营性不动产业务租金收入约人民币271.0亿元，按年增长13.0%。 2025年1—10月，华润置地累计合同销售金额约人民币1696.0亿元，总合同销售建筑面积约641.0万平方 米，分别按年减少16.6%及27.4%。 ...

Core Insights - China Resources Land released its unaudited operational data for October 2025, showing significant declines in contract sales compared to the previous year [1] Group 1: Sales Performance - In October, the total contract sales amount reached approximately RMB 15.2 billion, representing a year-on-year decrease of 51.0% [1] - The total contract sales area for October was about 681,000 square meters, down 46.8% year-on-year [1] - For the cumulative period from January to October, the total contract sales amount was approximately RMB 169.6 billion, reflecting a year-on-year decrease of 16.6% [1] - The cumulative total contract sales area from January to October was around 6.41 million square meters, down 27.4% year-on-year [1] Group 2: Revenue Performance - In October, the company's recurring revenue was approximately RMB 4.33 billion, showing a year-on-year growth of 3.0% [1] - The rental income from operational real estate business in October was about RMB 2.94 billion, marking a year-on-year increase of 16.8% [1] - For the cumulative recurring revenue from January to October, the total was approximately RMB 41.48 billion, reflecting a year-on-year growth of 7.2% [1] - The rental income from operational real estate business for the same period was around RMB 27.1 billion, with a year-on-year increase of 13.0% [1]

Core Viewpoint - Morgan Stanley believes that China Resources Land's stock price will experience absolute growth in the next 30 days, with a probability of over 80% [1] Group 1: Sales and Rental Performance - Strong mall operations have driven October same-store sales and rental income to outperform expectations, with a year-on-year increase of 17%, raising the cumulative rental growth for the first ten months of this year to 13% [1] - Despite a high base in the fourth quarter, same-store sales growth for the year is expected to remain above 10%, with rental growth projected at 13% to 14% [1] Group 2: Profit Contribution and Ratings - With improved operational leverage, it is anticipated that the recurring profit contribution will increase to approximately 50% of core earnings this year, compared to 41% in 2024 [1] - Morgan Stanley has assigned a "Buy" rating to China Resources Land with a target price of HKD 39.3 [1]

Core Viewpoint - Morgan Stanley believes that China Resources Land (01109) will experience an absolute increase in stock price within the next 30 days, assigning an "Overweight" rating and a target price of HKD 39.3, with an estimated probability of occurrence exceeding 80% [1] Group 1: Financial Performance - Strong mall operations have driven October same-store sales and rental income performance above expectations, with a year-on-year increase of 17%, raising the cumulative rental growth for the first ten months of the year to 13% [1] - Despite a high base in the fourth quarter, same-store sales growth for the year is expected to maintain over 10%, with rental growth projected between 13% and 14% [1] - The contribution of recurring profits is anticipated to increase to approximately 50% of core earnings this year, compared to 41% in 2024, supported by better operational leverage [1] Group 2: Valuation Insights - Morgan Stanley's sum-of-the-parts (SOTP) valuation method suggests that China Resources Land should receive a higher valuation, currently at a forecasted price-to-earnings ratio of 8.2 times [1]

Core Viewpoint - Morgan Stanley reports that China Resources Land (01109) is placing approximately 2.2% of China Resources Mixc Lifestyle (01209) shares at a discount of about 9.6%, primarily to enhance liquidity rather than to alleviate liquidity pressure [1] Group 1: Share Placement Details - The placement is expected to raise approximately HKD 2.1 billion, which is a relatively small amount and will not significantly impact the group's net debt ratio [1] - The main objective of the placement is to address the liquidity issues discussed in a recent investor meeting [1] Group 2: Earnings Forecast - Morgan Stanley previously anticipated a 5% year-on-year decline in the group's core net profit for 2025, factoring in expected disposal gains of approximately RMB 2 to 3 billion from the sale of Kunshan Mixc [1] - If the disposal is delayed until next year, the group's profit for 2025 could decline by 10% to 15% [1] - The proceeds from the placement of approximately HKD 2.1 billion are comparable to the potential disposal gains, which may mitigate the downside risk to dividends [1] Group 3: Dividend Impact - However, the dividend income from China Resources Mixc Lifestyle is expected to decrease by approximately RMB 97 million next year [1]

Core Viewpoint - Morgan Stanley reports that China Resources Land (01109) is placing approximately 2.2% of China Resources Mixc Lifestyle (01209) shares at a discount of about 9.6%, primarily to enhance liquidity rather than address liquidity pressure [1] Group 1: Share Placement Details - The placement is expected to raise approximately HKD 2.1 billion, which is a relatively small amount and will not significantly impact the group's net debt ratio [1] - The main objective of the placement is to improve the liquidity of China Resources Mixc Lifestyle shares, as discussed in a recent investor meeting regarding liquidity issues [1] Group 2: Earnings Forecast - Morgan Stanley initially projected a 5% year-on-year decline in core net profit for the group in 2025, factoring in expected disposal gains of approximately RMB 2 to 3 billion from the sale of Kunshan Mixc [1] - If the disposal is delayed until next year, the group's profit for 2025 may decline by 10% to 15% [1] - The proceeds from the placement of approximately HKD 2.1 billion are similar in scale to the potential disposal gains, which may help mitigate dividend downside risks [1] - However, the dividend income from China Resources Mixc Lifestyle is expected to decrease by approximately RMB 97 million next year [1]