北京商报讯（记者 李晗）1月12日，华润置地披露2025年12月未经审核经营简报。简报显示，2025年12 月华润置地及其附属公司实现总合同销售金额约410亿元，总合同销售建筑面积约167.9万平方米，分别 同比增长28.1%及29.1%。 ...

2025年12月，集团经常性收入约人民币52.9亿元，按年增长0.8%，其中，经营性不动产业务租金收入约 人民币30.1亿元，按年增长9.4%。2025年累计经常性收入约人民币511.5亿元，按年增长6.5%，其中， 经营性不动产业务租金收入约人民币329.4亿元，按年增长12.8%。 格隆汇1月12日丨华润置地(01109.HK)公告，截至2025年12月31日止一个月，公司及其附属公司实现总 合同销售金额约人民币410.0亿元，总合同销售建筑面积约167.9万平方米，分别按年增长28.1%及 29.1%。 ...

Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 41.0 billion for the month ending December 31, 2025, with a year-on-year growth of 28.1% and a total contract sales area of approximately 1.679 million square meters, reflecting a year-on-year increase of 29.1% [1] Group 1: Sales Performance - For the month of December 2025, the company achieved total contract sales of approximately RMB 41.0 billion, with a total sales area of about 1.679 million square meters, marking year-on-year increases of 28.1% and 29.1% respectively [1] - Cumulatively, for the year 2025, the total contract sales amounted to approximately RMB 233.6 billion, with a total sales area of about 9.224 million square meters, showing year-on-year decreases of 10.5% and 18.6% respectively [1] Group 2: Regular Income - The company's recurring income for December 2025 was approximately RMB 5.29 billion, reflecting a year-on-year growth of 0.8%, with rental income from operational real estate amounting to approximately RMB 3.01 billion, which is a year-on-year increase of 9.4% [1] - For the cumulative regular income in 2025, the total reached approximately RMB 51.15 billion, representing a year-on-year growth of 6.5%, with rental income from operational real estate totaling approximately RMB 32.94 billion, indicating a year-on-year increase of 12.8% [1]

智通财经APP讯，华润置地(01109)发布公告，截至2025年12月31日止一个月，本公司及其附属公司实现 总合同销售金额约人民币410.0亿元，总合同销售建筑面积约 167.9万平方米，分别按年增长28.1%及 29.1%。2025年累计合同销售金额约人民币2,336.0亿元，总合同销售建筑面积约922.4万平方米，分别按 年减少10.5%及18.6%。 2025年12月，集团经常性收入约人民币52.9亿元，按年增长0.8%，其中，经营性不动产业务租金收入约 人民币30.1亿元，按年增长9.4%。2025年累计经常性收入约人民币511.5亿元，按年增长 6.5%，其中， 经营性不动产业务租金收入约人民币329.4亿元，按年增长12.8%。 ...

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。 截至2025年12月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2025年12月31日止一個月，本 公司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣410.0億元，總合同銷售建築面積約 167.9萬平方米，分別按年增長28.1%及29.1%。2025年累計合同銷售金額約人民幣2,336.0億元， 總合同銷售建築面積約922.4萬平方米，分別按年減少10.5%及18.6%。 2025年12月，本集團經常性收入約人民幣52.9億元，按年增長0.8%，其中，經營性不動產業務租 金收入約人民幣30.1億元，按年增長9.4%。2025年累計經常性收入約人民幣511.5億元，按年增長 6.5%，其中，經營性不動產業務租金收入約人民幣329.4億元，按年增長12.8%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經 ...

Group 1 - The core viewpoint of the article indicates that the sales performance of major property developers in mainland China showed significant improvement in December, with a total sales amount of 340.9 billion RMB, a 39.5% increase from November's 244.4 billion RMB [1] - The report highlights that the sales of 20 major listed developers tracked by the company increased by 48.2% month-on-month in December, primarily driven by strong performances from leading state-owned enterprises [1] - Among the top 10 developers by sales in December, 9 were state-owned enterprises, with Poly Developments (600048.SH) ranking first [1] Group 2 - The company expects that demand in the secondary housing market will continue to improve and outperform the primary market, while the new housing market is anticipated to remain stable [1] - The report suggests that buyers will continue to prefer projects from state-owned enterprises, indicating a positive outlook for companies like China Resources Land (01109) and Yuexiu Property (00123), which have demonstrated strong sales performance and execution capabilities in recent years [1] - Both China Resources Land and Yuexiu Property are given a "buy" rating due to their favorable sales track record [1]

Core Insights - China Resources Land continues to demonstrate strong performance in the Changsha real estate market, with its two flagship projects, Changsha Rui Fu and Changsha Run Fu, achieving sales of 2.668 billion and 1.618 billion respectively in 2025, capturing the top two spots in the city's single-project sales ranking [1][4][25] Sales Performance - The combined sales from Changsha Rui Fu and Changsha Run Fu exceed 4.2 billion, accounting for over 31% of the total sales in the top 10 projects in Changsha [1][4] - Changsha Rui Fu has a market share of over 50% in the high-end segment with a unit price exceeding 20,000, while Changsha Run Fu leads in the mainstream improvement market with total prices ranging from 1.8 million to 3.5 million [1][4] Product Innovation - In response to the national "Good House" policy, China Resources Land has refined its product philosophy into the "Three Goods and Twelve Advantages" system, focusing on "Good Community, Good Product, Good Service" [4][25] - The latest phase of Changsha Rui Fu features innovative designs such as "three-dimensional courtyards" and "270° panoramic cabins," redefining high-end living spaces [4][25] Service Quality - The company has launched the "Run Heart+" service system, which covers the entire lifecycle from purchase to living, enhancing customer satisfaction [6][25] - By the end of 2025, the company plans to deliver homes to over 1,600 families across Changsha Rui Fu, Run Fu, and Nanchang Run Fu, ensuring quality and gaining homeowner recognition [6][25] Community Engagement - The "Run Bi Lin" community initiative promotes a collaborative community ecosystem, encouraging homeowners to become community leaders and fostering organic neighborhood interactions [18][20] - Over the past two years, "Run Bi Lin" has established 110 unique communities, engaging 120 community leaders and hosting over 1,500 events, connecting more than 20,000 homeowners [20][25] Long-term Value - China Resources Land's solid performance, innovative products, reliable delivery, and warm community operations reflect its commitment to "long-termism" in the real estate sector [25] - With 20 years in Hunan, the company not only achieves its own growth but also serves as a model for the high-quality transformation of the Changsha real estate market [25]

Core Viewpoint - UBS published a research report indicating that the article titled "Improving and Stabilizing Real Estate Market Expectations" in the Qiushi magazine highlights the crucial role of the real estate industry in China's economic development, which led to a significant rise in domestic property stocks by up to 7% on January 5th [1] Group 1: Industry Insights - The report emphasizes that the real estate sector plays a vital role in the economic landscape of China [1] - The content of the article does not present much new information but reaffirms the importance of the real estate industry, contrasting with market expectations following the recent Politburo meeting that suggested a decline in the sector's significance [1] - There is speculation that authorities may introduce policies to stabilize rental prices, aiming to narrow the gap between rental yields and mortgage rates, which could enhance market sentiment [1] Group 2: Market Predictions - UBS estimates that the authorities may lower the mortgage interest rate by 40 basis points this year [1] - In terms of stock selection, UBS favors companies with business model transformations, specifically China Resources Land, and those benefiting from the recovery of high-end shopping malls, such as China Resources Mixc Life, both receiving "buy" ratings [1]

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 Viewpoint - Morgan Stanley's report indicates that if the macro environment remains stable and resilient, housing prices in first-tier and major second-tier cities are expected to stabilize in the second half of 2027 [1] Group 1: Company Insights - Morgan Stanley is optimistic about China Resources Land (01109) and New City Holdings (601155.SH) as stable mall operators, benefiting from the emphasis on consumption in the 14th Five-Year Plan and strong policy support for Real Estate Investment Trusts (REITs) [1] - The report also highlights that C&D International (01908) and China Overseas Development (00688) have land reserves that will support their profit margins, driving earnings back to positive growth [1]