摩根大通发表研报指，在近日举行的中央经济工作会议上，关于对房地产市场的表态与先前类似，但与 过去几次政府会议相比，今次关于房地产市场的着墨更多，显示稳定房地产行业仍是内地关键任务之 一。摩通表示，今次会议上未提及具体措施，但认为下一步的政策措施或推出旨在降低购房成本的措 施。该行首选股为华润置地、华润万象生活与中国金茂。 ...

Core Viewpoint - The Chinese real estate industry is undergoing a significant transformation from "development logic" to "operation logic," with China Jinmao emerging as a pioneer in this shift, leveraging its full-cycle asset management capabilities to create a stable and certain "second growth curve" through premium holding businesses [1]. Group 1: Business Strategy and Growth - China Jinmao is focusing on a full-cycle asset management approach, which includes investment, financing, construction, management, and exit strategies, to establish a new commercial ecosystem that spans from urban cores to community ends [1]. - The company has expanded its portfolio to 80 held and operational projects, totaling approximately 3.6 million square meters, with an additional nearly 6 million square meters in construction or planning, covering major cities like Beijing, Shanghai, and Shenzhen [1]. Group 2: Commercial Development - The "second growth curve" is supported by three main commercial product lines: "Lanxiu City," "Jinmao Hui," and "Fengmao Li," which cater to urban-level, regional quality, and community-specific commercial developments, respectively [2]. - The Lanxiu City project in Changsha serves as a benchmark for urban commercial development, maintaining a rental rate of 98% over nine years and leading regional sales and foot traffic [2][3]. Group 3: Community and Regional Projects - The Nanjing Lanxiu City is branded as a "young energy field," attracting a new generation of consumers with trendy stores and quality dining experiences [3]. - The Tianjin Jinmao Hui showcases unique industrial heritage transformation, preserving historical elements while integrating modern commercial spaces [5]. Group 4: Light Asset Management - China Jinmao is exploring light asset management strategies, as seen in the Qinwang Water Street project in Hangzhou, which opened with over 100,000 visitors on its first day and features nearly 70 quality brands [9]. - The company is also expanding its hotel operations through light asset management, with successful openings planned for 2025 [9]. Group 5: Financial Performance and Market Position - China Jinmao ranks 14th in the "2024 Domestic Real Estate Company Operating Income Ranking" by CRIC, recognized as one of the fastest-growing state-owned enterprises in terms of operating income [10]. - The company is building a sustainable long-term development ecosystem supported by premium holdings, light asset operations, and REITs listings, ensuring a stable cash flow and strong performance [10].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | | | | | | 96 | | DA20251209E00368 | 陶天海 | 1101(L) | 3,100,000(L) | HKD 1.2048 | 12,800,000(L) 0.10(L)09/12/ | 格隆汇12月11日丨根据联交所最新权益披露资料显示，2025年12月9日，中国金茂(00817.HK)获执行董事兼主席陶天海在场内以每股均价1.2048港元增持310 万股，涉资约373.5万港元。 增持后，陶天海最新持股数目为1280万股，持股比例由0.07%上升至0.10%。 ...

Core Viewpoint - China Jinmao reported its unaudited sales data for November 2025, indicating a strong performance in signed sales and total sales volume for the year to date [1] Group 1: November Sales Data - In November 2025, China Jinmao and its subsidiaries achieved a signed sales amount of RMB 7.997 billion, with a signed sales area of 365,700 square meters [1] - As of November 30, 2025, the group recorded a subscribed (not yet signed) property sales amount totaling RMB 718 million [1] Group 2: Year-to-Date Sales Performance - From January to November 2025, China Jinmao accumulated a total signed sales amount of RMB 100.679 billion, which includes several key projects [1] - The cumulative signed sales area for the same period reached 4.3717 million square meters [1] - Key projects contributing to the sales include Changsha Meixi Lake International New City, Nanjing Qinglongshan International Eco City, and others [1]

（文章来源：每日经济新闻） 每经AI快讯，中国金茂(00817.HK)早盘涨近7%，截至发稿涨6.84%，报1.25港元，成交额4460.29万港 元。 ...

消息面上，中国金茂发布公告，2025年11月份，集团取得签约销售金额人民币79.97亿元，签约销售建 筑面积36.57万平方米；截至2025年11月30日止11个月，集团累计取得签约销售金额共计人民币1006.79 亿元，同比增长21.3%，以及累计签约销售建筑面积437.17万平方米。 智通财经APP获悉，中国金茂(00817)早盘涨近7%，截至发稿，涨6.84%，报1.25港元，成交额4460.29万 港元。 ...

消息面上，中国金茂发布公告，2025年11月份，集团取得签约销售金额人民币79.97亿元，签约销售建 筑面积36.57万平方米；截至2025年11月30日止11个月，集团累计取得签约销售金额共计人民币1006.79 亿元，同比增长21.3%，以及累计签约销售建筑面积437.17万平方米。 中国金茂(00817)早盘涨近7%，截至发稿，涨6.84%，报1.25港元，成交额4460.29万港元。 ...

每经AI快讯，12月9日，中国金茂公告称称，2025年11月份，本公司及其附属公司取得签约销售金额约 80亿元，签约销售建筑面积365,709平方米。截至2025年11月30日止11个月，本集团累计取得签约销售 金额共计约1007亿元。 ...

北京商报讯（记者 王寅浩 李晗）12月9日，中国金茂披露11月销售简报。简报显示，11月中国金茂及其 附属公司签约销售金额为79.97亿元，签约销售建筑面积约36.57万平方米。 ...

中国金茂(00817)发布公告，2025年11月份，集团取得签约销售金额人民币79.97亿元，签约销售建筑面 积36.57万平方米。截至2025年11月30日止11个月，集团累计取得签约销售金额共计人民币1006.79亿元 (其中包含(如有)长沙梅溪湖国际新城项目、南京青龙山国际生态新城项目、宁波生命科学城项目、嘉兴 上海之窗智慧科学城项目、郑州二七区马寨新城项目、温州鰲江国际新城项目、金华金茂未来科学城项 目及上海横沔城市运营项目的成交销售金额)，同比增长21.3%，以及累计签约销售建筑面积437.17万平 方米。 此外，于2025年11月30日，集团已录得已认购(未签约)物业销售金额共计人民币7.18亿元。 ...