深圳商报首席记者 刘琼 11月20日，财政部、商务部两部委公示消费新业态新模式新场景试点名单，深圳等50个城市拟入选。记 者梳理名单发现，4个直辖市、5个计划单列市全部入选，其余41个城市覆盖全国主要省份。 根据两部委此前印发的《关于开展消费新业态新模式新场景试点工作的通知》，此次试点资金补助按城 市体量分层实施：超大特大城市获合计4亿元补助，大城市3亿元，其他城市2亿元。政策明确支持三大 方向：一是支持健全首发经济服务体系；二是支持创新多元化服务消费场景；三是支持优质消费资源与 知名IP跨界联名。 服务消费成"升级主力" 服务消费，一头连着经济，一头连着民生。深圳"大手笔"全力推动服务消费扩容升级。在餐饮、住宿、 家政、养老托育等民生消费领域频频发力，丰富消费场景，推动基础型服务消费提质增效。 深圳一直将促消费扩内需作为"重中之重"，并在供给侧方面持续创新。今年以来，首发经济热火朝天、 新型消费场景丰富、服务消费扩容提质，深圳消费新业态、新模式、新场景不断涌现，"消费新三样"呈 蓬勃之势。 首发经济成"流量密码" 在深圳，首发经济正成为提升商业竞争力、激活城市消费的重要力量。 据相关商业机构统计数据，202 ...

Core Viewpoint - A-shares showed a collective rise in major indices, with strong performance in sectors like consumer electronics and optical modules, while some high-position stocks experienced significant declines [2][3]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index gained 0.56% [2][3]. - The total market turnover was 1.1 trillion CNY, slightly lower than the previous day, with over 3,300 stocks rising [3]. Sector Performance - The electronic, beauty care, light industry manufacturing, and communication sectors performed well, with notable activity in consumer electronics, HBM, optical modules, and lithium battery concept stocks [3]. - The optical module sector continued to strengthen, with stocks like Tongyu Communication and Cambridge Technology hitting their daily limit [12][13]. Individual Stock Highlights - In the electronic sector, stocks such as Lian De Equipment and Saiwei Electronics reached their daily limit, with increases of 20.01% and 18.48% respectively [8][9]. - The new consumption concept stocks in the Hong Kong market also saw gains, with Pop Mart rising nearly 10% [10]. Policy Impact - A recent implementation plan from six departments, including the Ministry of Industry and Information Technology, aims to enhance the adaptability of supply and demand in consumer goods, promoting AI integration and smart product development [8].

Core Insights - Shenzhen's innovative "IP+ integration model" has been recognized as a typical case by the Ministry of Commerce, igniting a new consumption wave in the city [2] - The Ministry of Finance and the Ministry of Commerce announced a pilot list for new consumption formats, with Shenzhen among 50 cities selected for funding support [2] - The pilot program will provide financial assistance based on city size, with major cities receiving up to 400 million yuan in total [2] Group 1: New Consumption Formats - Shenzhen's "first store economy" is becoming a key driver for enhancing commercial competitiveness and activating urban consumption [3] - In Q3 2025, Shenzhen saw an explosive growth in first stores, with 222 new openings, a 34.5% increase year-on-year [3] - Major shopping centers like Shenzhen Bay MixC have attracted numerous new brands, significantly boosting foot traffic and sales [4] Group 2: Service Consumption - The city is actively promoting service consumption across various sectors, including dining, accommodation, and elder care, to enhance consumer experiences [5] - A set of measures was introduced to stimulate high-quality service consumption, focusing on expanding and improving basic service offerings [5] - Economic experts suggest that as income levels rise, the demand for service consumption will continue to grow, particularly in lifestyle sectors [5] Group 3: IP and Consumption Integration - The "IP+ consumption" model is gaining traction, with Shenzhen encouraging collaborations between commercial districts and quality IPs [6] - Initiatives like the Bit City and themed events have turned Shenzhen into a hub for cultural and immersive experiences, attracting significant foot traffic [6] - Policies supporting IP brand development aim to create diverse and integrated consumption scenarios, enhancing the city's commercial landscape [6]

智通财经APP获悉，根据联交所资料显示，11月24日，总裁及执行董事喻霖康增持华润万象生活 (01209)10万股，每股作价43.97港元，总金额为439.7万港元。增持后最新持股数目为10万股。 （原标题：总裁及执行董事喻霖康增持华润万象生活(01209)10万股 每股作价43.97港元） ...

根据联交所资料显示，11月24日，副总裁及执行董事王海民增持华润万象生活(01209)1.46万股，每股作 价43.98港元，总金额约为64.21万港元。增持后最新持股数目为1.46万股。 ...

根据联交所资料显示，11月24日，总裁及执行董事喻霖康增持华润万象生活(01209)10万股，每股作价 43.97港元，总金额为439.7万港元。增持后最新持股数目为10万股。 ...

智通财经APP获悉，根据联交所资料显示，11月24日，副总裁及执行董事王海民增持华润万象生活 (01209)1.46万股，每股作价43.98港元，总金额约为64.21万港元。增持后最新持股数目为1.46万股。 ...

Investment Rating - The report rates the real estate sector as "Outperform the Market" [7] Core Views - New home transaction area has seen a month-on-month increase of 6.5% but a year-on-year decrease of 31.5%, indicating a narrowing decline compared to the previous week [7] - The second-hand housing market also shows a month-on-month increase of 3.6% and a year-on-year decrease of 18.2%, with a similar trend of narrowing decline [7] - The report highlights the implementation of a housing inspection system in Zhengzhou, targeting residential properties aged 30 years and above [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 206.7 million square meters, with a month-on-month increase of 6.5% and a year-on-year decrease of 31.5% [18] - The inventory of new homes in 12 cities is 11,343 million square meters, showing a month-on-month increase of 0.04% and a year-on-year decrease of 11.2% [42] - The second-hand home transaction area in 18 cities is 169.1 million square meters, with a month-on-month increase of 3.6% and a year-on-year decrease of 18.2% [50] 2. Land Market Tracking - The total area of land transactions across 100 cities is 1,836.6 million square meters, with a month-on-month increase of 95.7% and a year-on-year decrease of 39.1% [67] - The total transaction price of land is 362.5 billion yuan, reflecting a month-on-month increase of 56.2% and a year-on-year decrease of 60.3% [67] - The average floor price of land is 1,973.6 yuan per square meter, with a month-on-month decrease of 20.2% and a year-on-year decrease of 34.8% [67] 3. Policy Overview - The report notes that the National Bureau of Statistics indicates a continuous decline in the inventory of unsold commercial housing, with a reduction of 3.22 million square meters from the previous month [106] - The report emphasizes the government's focus on controlling new supply and optimizing existing inventory to alleviate market pressure [106] 4. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [7] - It also highlights smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [7] - Companies exploring new consumption scenarios and operational models in commercial real estate, like Joy City and China Resources, are also recommended [7]

2025 年 11 月 25 日 晨会速递 分析师点评 市场数据 行业研究 【医药生物】小核酸药物风起云涌，下一代创新药浪潮呼之欲出——医药生物行业跨 市场周报（20251124）(增持) 本周观点：小核酸药物风起云涌，下一代创新药浪潮呼之欲出。近期，全球范围内的 小核酸药物领域频频出现新进展，引发产业界和投资界的高度关注。小核酸药物已从 概念验证进入产业崛起前夜，行业迎来"技术突破+商业兑现"双主线驱动的黄金发 展期。国内药企研发进展加速，2025 年以来大批企业进入临床研究阶段，建议重点 关注技术平台领先且管线差异化布局的龙头创新药企业，以及有望受益于产业整体景 气度上行的创新产业链企业，建议关注恒瑞医药（A+H）、信达生物（H）、药明康 德（A+H）、前沿生物、成都先导、键凯科技等。 【房地产】加速聚焦核心，1-10 月核心 6 城土拍总价占比近半——土地市场月度跟踪 报告（2025 年 10 月）(增持) 10 月，光大核心 30 城成交宅地 133 宗，同比-33.2%，成交楼面均价 9,279 元/平， 同比-4.5%。1-10 月，百城宅地成交建面同比-9%，成交楼面均价同比+15%，核心 6 ...

Summary of Real Estate Industry and Company Insights Industry Overview - The Chinese real estate market has cooled since Q2 2023, with housing prices reverting to levels seen before September 2024. New home transaction volumes have seen a year-on-year decline, while second-hand home transactions have weakened on a month-on-month basis. The land market's premium rate is below 5% [1][2]. - A recovery in the market requires addressing high housing price-to-income ratios and excessive inventory, alongside a supportive monetary policy [1]. Key Insights and Arguments - In a neutral scenario, total housing transaction volumes are expected to contract further by approximately 5%, with new construction area declining by 16% year-on-year and real estate investment dropping by about 15% [1][6]. - The current real estate market is in a bottoming phase, with per capita transaction volumes for both new and second-hand homes reaching a low point. A slight decline is anticipated over the next 1-2 years [1][7]. - Urban renovation has potential to stimulate demand, but its effectiveness is uncertain due to land market liquidity constraints [1][8]. - Major real estate companies are trading at over a 40% discount to their net liquidation value, indicating a deep discount level. Price assumptions for 2026 and 2027 suggest a conservative expectation of a double-digit decline [1][9]. Market Conditions and Future Outlook - The real estate cycle's upward shift depends on systemic repairs to existing issues, including a healthy housing price-to-income ratio and stable leverage conditions [3][4]. - The market faces two main challenges: high housing price-to-income ratios in major cities and excessive inventory, which can be addressed through fiscal expansion policies [5][6]. - If policies can effectively address these issues, a more positive market development scenario may emerge, with total housing transaction volumes and new home transaction volumes expected to decline only slightly in 2026 [8][10]. Short-term and Long-term Projections - Short-term caution is advised for real estate stocks, with a potential turning point expected in Q2 2024 as macroeconomic conditions improve [11]. - The commercial real estate sector is projected to perform well in 2025, benefiting from strong same-store sales growth and long-term capital seeking high dividend returns [12]. Commercial Real Estate Insights - The commercial real estate sector is expected to see good performance in 2025, driven by strong same-store sales growth and favorable financing conditions [12][13]. - The market share is increasingly concentrated among leading companies, with significant growth in same-store sales for top operators [13]. - The luxury goods market is expected to recover gradually, with a moderate growth outlook for 2026 [14][15]. Investment Recommendations - For real estate stocks, a cautious approach is recommended, focusing on companies with sustainable rental income and dividend yields, such as Swire Properties and China Resources Land, which are expected to achieve 5-10% rental profit growth alongside a 5-6% dividend yield [19][20]. - The property management sector is projected to grow at a rate similar to 2025, with specific companies like Greentown Service and Poly Property recommended for their strong performance and stable cash flow [20]. Hong Kong Real Estate Market - The Hong Kong real estate market is currently stabilizing, with transaction volumes around 5,000 units. A significant increase in transactions could signal a recovery phase [21][22]. - The market requires strong macroeconomic trends to catalyze further growth, particularly in light of potential interest rate cuts by the Federal Reserve [22].