炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ TCL科技加快高世代产线公司少数股权收购，上市公司归母净利润将进一步增厚。 12月15日，TCL科技（000100）发布公告，控股子公司TCL华星光电技术有限公司（简称"TCL华星"） 拟以现金60.45亿元购买深圳市重大产业发展一期基金有限公司持有的深圳市华星光电半导体显示技术 有限公司（简称"深圳华星半导体"）10.7656%的股权。交易完成后，公司合计控制深圳华星半导体的股 权比例将由84.2105%提高至94.9761%，预计公司盈利水平将得到有效提升。 根据公告，深圳华星半导体聚焦半导体显示业务，旗下拥有两条全球最高世代G11显示面板生产线，即 TCL华星t6、t7工厂，主要从事大尺寸TFT-LCD显示器件的生产、加工与销售，主要产品为大尺寸TFT- LCD显示器件，并根据客户需求提供定制化生产服务，产品主要应用于电视机、商显等领域。本次对深 圳华星半导体少数股权的收购，将有利于TCL科技进一步强化主业，提升其在半导体显示行业的核心竞 争力。 资产质量方面，公告披露，截至2024年12月31日，深圳华星半导体总资产680.40 ...

FF301 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11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒隆集團有限公司 | | | 呈交日期: | 2025年12月4日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,361,618,24 ...

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10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: | 恒隆集團有限公司 | | | 呈交日期: | 2025年11月6日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 | 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) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,361,618,242 | | 0 | | 1,361,618,242 ...

Core Insights - The commercial real estate sector is undergoing a structural change rather than a cyclical one, with a shift from a "buy-buy-buy" mentality to addressing unmet spiritual and social needs [1] - The upcoming peak in shopping center openings is expected around the National Day holiday in 2025, with over 60 projects set to launch nationwide [1] Industry Trends - The golden era of commercial real estate appears to be fading, with increasing homogenization and significant pressure on the sector due to slow recovery in employment and income expectations [2] - Developers are adapting to the new market dynamics by focusing on strategic adjustments while maintaining a stable operational approach [2] Developer Strategies - Developers are shifting from traditional land acquisition and rapid construction to urban renewal projects due to high land costs and intense competition [4][6] - Companies like 恒隆集团 (Hang Lung Group) are focusing on deep participation in urban renewal to maximize asset value rather than merely engaging in light asset output [4][6] Market Opportunities - Despite challenges, there are still significant opportunities in the commercial real estate sector, particularly in second-tier cities where consumer demand is expected to grow [8][10] - The focus on community development and strategic partnerships is seen as a way to enhance business resilience and expand market presence [7][10] Financial Considerations - The recovery of the real estate market is anticipated to be gradual, influenced by global interest rates and local economic conditions [13][14] - Companies are prioritizing debt reduction and maintaining liquidity to navigate the current market uncertainties [15]

Core Insights - The article highlights the competitive landscape of commercial real estate in China, focusing on Hang Lung Group's strategic approach to maintaining its market position through selective expansion and partnerships [1][6]. Company Strategy - Hang Lung Group has signed a 20-year operating lease with Baida Group for the South and North buildings of Hangzhou Department Store, significantly increasing the retail space of Hangzhou Hang Lung Plaza by 40% and street-facing area by over 200% [1][7]. - The company emphasizes a shift from aggressive expansion to enhancing existing assets and customer experience, focusing on core cities to improve investment returns [1][6]. - The current strategy, termed "Hang Lung V.3," reflects a move away from a growth model based solely on quantity, recognizing the saturation of commercial space in various cities [6][8]. Market Conditions - The office market is experiencing downward pressure on rents, with CBRE projecting a 9.9% decline in national office rents by 2025, an increase of 3.2 percentage points from earlier predictions [5]. - The retail market shows signs of recovery, with Hang Lung's Shanghai Plaza maintaining a high occupancy rate of 98% despite ongoing renovations [5][6]. Project Developments - The Hangzhou project is the 11th comprehensive commercial project for Hang Lung in mainland China, with a retail pre-leasing rate of 83% and plans for phased openings starting in late 2025 [7][8]. - The company plans to complete renovations within a year of acquiring the properties, aiming to integrate the new space into the existing Hangzhou Hang Lung Plaza [9]. Competitive Landscape - Hang Lung aims to collaborate with local competitors like Hangzhou Tower to enhance the overall commercial environment rather than engage in direct competition [9].

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9月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 恒隆集團有限公司 | | | | 呈交日期: | 2025年10月8日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 ...

Group 1 - The core point of the article is that Chen Xiumei, an independent non-executive director of Hang Lung Group, increased her shareholding by purchasing 150,000 shares at an average price of HKD 14.4501 per share, totaling approximately HKD 2.1675 million [1] - Following the purchase, Chen Xiumei's total shareholding increased to 300,000 shares, raising her ownership percentage from 0.01% to 0.02% [1]

Core Viewpoint - The real estate market continues to face challenges in 2023, with many companies reporting a year-on-year decline in revenue and net profit attributable to shareholders. However, there are signs of recovery, particularly in the retail sector, with expectations for gradual improvement in tenant sales as market conditions stabilize. Group 1: Financial Performance - In the first half of 2023, Hang Lung Group and Hang Lung Properties reported a 3% year-on-year decline in total property leasing income, amounting to HKD 4.912 billion and HKD 4.678 billion respectively, due to challenges in the Hong Kong and mainland operating environments [1] - The overall income and occupancy rates in the mainland office and retail markets have also decreased [1] Group 2: Market Outlook - CEO Lu Weibo expressed cautious optimism for the retail market in the second half of the year, anticipating a more sustained recovery in the fourth quarter as tenant sales improve following project adjustments and a rebound in consumer spending [1][2] - Chairman Chen Wenbo noted that while the mainland market faces pressure, operational data has shown growth in recent months [1] Group 3: Investment Strategy - The company focuses on operating super-grade, internationally-standard office buildings, which continue to see stable demand and higher occupancy rates compared to market averages. However, rental adjustments may be necessary [2] - Lu Weibo emphasized that China remains one of the best investment markets globally, citing political stability and a growing consumer base as key factors for long-term growth [2] Group 4: Financial Management - The company has maintained a conservative approach to financing, holding onto a significant cash reserve to navigate market uncertainties without being forced to sell assets at unfavorable prices [3] - Following the completion of the Hangzhou project, the company expects a significant reduction in capital expenditures, allowing for debt repayment through operational income [4] Group 5: Strategic Focus - The company has shifted its strategy from aggressive expansion to enhancing the value of existing assets, recognizing that the era of relying solely on quantity expansion is over [7] - Lu Weibo highlighted the importance of collaboration within commercial districts to enhance overall market value, as seen in the positive impact of nearby high-profile projects on sales performance [7]

恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) N O T I F I C AT I O N L E T T E R 通知信函 Dear Non-registered Shareholder* , Hang Lung Group Limited (the "Company") - Notice of Publication of 2025 Interim Report We are pleased to inform you that the English and Chinese versions of the 2025 Interim Report of the Company are now available on the Company's website at www.hanglunggroup.com (the "Company's website") and the website of ...

恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) N O T I F I C AT I O N L E T T E R 通知信函 Hang Lung Group Limited (the "Company") - Notice of Publication of 2025 Interim Report We are pleased to inform you that the English and Chinese versions of the 2025 Interim Report of the Company are now available on the Company's website at www.hanglunggroup.com (the "Company's website") and the website of Hong Kong Exchanges and Clearing ...