Ge Long Hui A P P·2025-12-11 08:16Group 1 - The core viewpoint of the article is that Hang Lung Properties has made significant progress in its V.3 strategy by partnering with Wuxi Liangxi Urban Development Company to secure the operating rights of a landmark commercial project adjacent to Wuxi Hang Lung Plaza [1] - The V.3 strategy, officially launched in September, focuses on core cities with high capital efficiency, selective reinvestment in existing projects, and expansion through partnerships [1] - The report indicates that in a relatively clear competitive landscape in core cities, consolidating market position with lower investment is a preferable strategic choice [1] Group 2 - Despite an annual increase in the fourth quarter, the company expects retail sales in mainland malls for October and November to continue the momentum from the third quarter, projecting a 10% year-on-year growth in retail sales for the third quarter [1] - Recent highlights from key projects include successful events at Shanghai Hang Lung Plaza, such as the Home-to-Luxury store celebration and the reopening of the Chanel store on the first floor [1] - The firm maintains its earnings forecast and valuation unchanged, with a rating of "outperforming the industry" and a target price of HKD 9.46 [1]