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，概不對任何就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔責任。 公告 須予披露的交易 提供貸款 提供貸款 董事會謹此宣佈，於2025年11月28日，本公司間接非全資附屬公司上海沁茂佳 與其股東西安葆茂及沁睿佳上海訂立框架協議，據此，上海沁茂佳同意按照西 安葆茂及沁睿佳上海所持股權比例，並根據相同的條款與條件向西安葆茂及沁 睿佳上海（或其各自指定的實體）提供貸款。 上市規則的涵義 西安葆茂為本公司的全資附屬公司。上海沁茂佳由西安葆茂及沁睿佳上海分別 持有90%及10%的股權，為本公司的間接非全資附屬公司。雖然沁睿佳上海為 上海沁茂佳的主要股東，但由於上海沁茂佳構成上市規則第14A.09條下本公司 的非重大附屬公司，因而沁睿佳上海並非本公司的關連人士。因此，本次交易 並不構成本公司在上市規則第14A章下的關連交易。 由於框架協議下上海沁茂佳向沁睿佳上海所提供貸款之每日最高結存餘額（包括 應計利息）的一個或多個適用百分比率高於5%但低於25%，因此，根據上市規 則第14 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 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！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。本次盛会汇聚了来自研究界与投资界的顶尖力量。 半夏投资创始人李蓓出席本次大会并发表主题演讲。 李蓓在演讲中回顾了过去一年的资产市场表现，指出当下全球资产配置进入 "乱世"，同时也提出 A 股 和港股市场存在 "小确幸"，未来更有望迎来全球资本涌入的大牛市。 李蓓表示，过去一年各类资产表现尚可，但当前资产配置难度显著加大，全球呈现 "财富无处安放，安 全难有保障" 的局面。国内方面，非标资产断供、房地产投资租金回报吸引力不足，曾经的基石资产不 再稳固；海外市场中，美国高财政赤字引发美元信用担忧，美股估值与盈利处于高位，AI 领域泡沫争 议渐起，就连此前表现亮眼的黄金，也因央行售金等信号出现不确定性，俄罗斯央行售金更是被视作重 要风险提示。此外，国际资产安全风险加剧，俄罗斯富豪资产冻结、币安创始人受罚等事件，让高净值 人群对海外资产安全产生顾虑。 不过，李蓓认为 A 股和港股大盘 ...

Core Insights - The 2025 Analyst Conference highlighted the current chaotic state of global asset allocation, with a focus on the potential for a bull market in A-shares and Hong Kong stocks [3][4] - Li Bei, founder of Hanxia Investment, emphasized the challenges in asset allocation due to various global uncertainties, including high fiscal deficits in the US and concerns over asset safety [3][4] Market Performance - The past year saw decent performance across various asset classes, but the difficulty in asset allocation has increased significantly [3][6] - A-shares and Hong Kong stocks are viewed as "small fortunes" with the CSI 300 index currently at a PE ratio of approximately 13 times, implying a 7% return [4][10] - Despite ongoing economic deflation, the core index's ROE has stabilized, indicating resilience in leading companies' profitability [4][10] Sector Analysis - Leading companies in struggling sectors, such as construction and real estate, have begun to see profit recovery, with some construction leaders achieving net profit margins of 6% [4][11] - Real estate firms are gaining improved bargaining power in land acquisition, leading to net profit margins exceeding 10% for new projects [4][11] Future Outlook - There is optimism for a bull market in A-shares and Hong Kong stocks, driven by the potential migration of capital into Chinese assets as domestic economic stability improves [4][12] - The current low risk appetite among Chinese residents, with significant wealth concentrated in fixed income, presents a potential catalyst for future asset reallocation [4][12] - The mismatch between China's manufacturing share and its international reserve status suggests that a recovery in the economy could lead to increased RMB settlement and reserve ratios [4][15]

半夏投资创始人李蓓出席本次大会并发表主题演讲。 李蓓在演讲中指出，当前全球资产配置进入"乱世"，但A股、港股暗藏"小确幸"，未来有望迎来全球资 本涌入的大牛市。 专题：2025分析师大会：资本市场"奥斯卡"启幕 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！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。本次盛会汇聚了来自研究界与投资界的顶尖力量。 国内的情况是这样，但是过去几年可能对于高净值个人来讲出海把资产配置到美国的固定收益类或者美 股是过去几年非常成功的选择，包括配置海外的房地产，无论是美国还是日本。现在又面临了很大的不 确定性，这个不确定性首先就是说大家都耳熟能详，我也不过多展开。美国的高的财政赤字的延续，使 得大家对于美元的长期价值产生了怀疑。另外美股经过了戴维斯的双击（音）以后，无论是估值还是盈 利都处在比较高的水平。关于AI是否有泡沫，是否有较大不确定性的讨论也开始引发市场的担忧。在 这种情况下过去几年还有一类比较好的资产，就是黄金。这里我想跟大家分享一下，我们对黄金的看 法，它的不确定性也上升。后面 ...

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Group 1 - The core viewpoint of the articles highlights the increasing concentration of the land market in major cities, with significant changes in land transaction amounts and rankings among cities since 2025 [1][2][12] - As of November 27, 2025, the total land transaction amount in Hangzhou reached 152.84 billion yuan, ranking second in the country, only behind Shanghai, which had a total of 235.99 billion yuan [1][4] - The top five cities in land transaction amounts since 2025 include Shanghai, Hangzhou, Beijing, Chengdu, and Nanjing, while traditional leaders like Guangzhou and Shenzhen have dropped out of the top five [2][12] Group 2 - The land market has seen a decline in transaction amounts compared to 2024, but six cities have exceeded 50 billion yuan in transactions, indicating a high concentration of land deals [2][4] - In Beijing, nine residential land plots have been sold with a premium rate exceeding 10%, showcasing strong competition among major enterprises for quality land [5][6] - The overall land supply in Guangzhou has decreased significantly, with a 20% drop in supply area compared to 2024, reflecting a shift in the market dynamics [14][15] Group 3 - The land market's concentration is increasing, with major cities experiencing intensified competition for prime land, particularly in core urban areas [17] - The investment strategy among real estate companies has shifted towards a "better to be selective" approach, focusing on high-quality land in first and second-tier cities [17] - The upcoming land supply in cities like Hangzhou and Beijing is expected to influence the market dynamics, with potential implications for maintaining their respective rankings [11][12]

Core Viewpoint - The recent land auction in Shanghai saw a total of 9 plots sold, generating a total revenue of 173.33 billion yuan, with a notable participation from local private enterprises, indicating confidence in the Shanghai real estate market [2][7]. Group 1: Auction Details - The 9 plots had a total land area of 289,200 square meters and a total planned construction area of 552,600 square meters, with a starting price of 16.911 billion yuan [2]. - Among the sold plots, 2 were sold at a premium and 7 at the base price, with the highest transaction being the "Chuan Sha" plots acquired by local company Jiayun Real Estate for approximately 2.475 billion yuan, reflecting a premium rate of 15.76% [2][4]. Group 2: Jiayun Real Estate - Jiayun Real Estate, established over 20 years ago, emphasizes its strategy of investing solely with self-owned funds, avoiding leverage and financial risks [2][6]. - The company has a history of developing various projects in Shanghai, with its last acquisition in the city occurring in 2022, where it secured three residential plots for a total of 4 billion yuan [5]. Group 3: Market Analysis - Analysts noted that the participation of private enterprises like Jiayun and Dahua in the auction reflects a strong confidence in the Shanghai real estate market, especially as major state-owned enterprises were notably absent due to year-end financial considerations [7][9]. - The auction's lower competition intensity allowed these private firms to seize opportunities, indicating a shift in the market dynamics and a diversification of the land acquisition landscape [8][9].

Core Viewpoint - The recent land auction in Shanghai saw a total of 9 plots sold, generating a total revenue of 173.33 billion yuan, with a notable participation from local private enterprises, indicating confidence in the Shanghai real estate market [2][3][9] Group 1: Auction Details - The 9 plots had a total land area of 289,200 square meters and a total planned construction area of 552,600 square meters, with a starting price of 16.911 billion yuan [2] - Among the sold plots, 2 were sold at a premium and 7 at the base price, with the highest attention on the "Chuan Sha" plots acquired by local company Jiayun Real Estate for approximately 2.475 billion yuan, reflecting a premium rate of 15.76% [2][5] - The auction process for the Chuan Sha plots involved 82 rounds of bidding, with Jiayun Real Estate winning at a comprehensive floor price of 29,913 yuan per square meter [5] Group 2: Company Insights - Jiayun Real Estate has been operating for over 20 years, emphasizing its strategy of using entirely self-owned funds for investments, thus avoiding financial risks [5][6] - The company has a history of land acquisitions in Shanghai, with its last significant activity occurring in 2022, when it secured three residential plots for a total of 4 billion yuan [6] - The recent acquisition of the Chuan Sha plots marks a significant return to the Shanghai market for Jiayun Real Estate, which previously faced challenges in selling its properties, as evidenced by low subscription rates for its recent projects [6] Group 3: Market Dynamics - The participation of private enterprises like Jiayun and Dahua in the auction suggests a growing confidence in the Shanghai real estate market, especially as major state-owned enterprises like Poly and China Resources were absent from this auction [3][9] - The lower competition intensity in this auction allowed private firms to capitalize on opportunities, reflecting a shift in the market dynamics where private companies are becoming more prominent players [3][9] - Analysts noted that the diverse participation in the auction and the absence of major developers indicate a cautious approach from firms as they navigate the current market conditions [9]

Market Overview - The Hang Seng Index experienced a slight increase of 0.07%, while the Hang Seng Tech Index fell by 0.36% [1] Real Estate Sector - The real estate stocks generally declined, with Vanke Enterprises dropping nearly 8% to a historical low, and Longfor Group falling over 3%. Other companies like China Jinmao, Sunac China, and Yuexiu Property also saw declines [2] - Specific stock performances include: - Vanke Enterprises: 3.580, down 7.73% - Longfor Group: 9.750, down 3.66% - China Jinmao: 1.390, down 2.80% - China Overseas Development: 13.680, down 2.70% [2] Technology Sector - The technology stocks showed mixed performance, with Xiaomi rising over 2% and Meituan slightly increasing, while Alibaba fell nearly 3% and Tencent Holdings dropped over 1% [3] - Specific stock performances include: - Alibaba: 150.600, down 2.71% - Tencent Holdings: 611.500, down 1.29% - Xiaomi: 41.100, up 2.49% - Meituan: 104.000, up 0.19% [4]

Core Insights - The recent land auction in Shanghai involved nine plots, with a total transaction amount of 17.33 billion yuan, where two plots were sold at a premium and seven at the base price [1][4]. Summary by Sections Auction Results - The total transaction amount from the nine plots was 17.33 billion yuan, with the following details: - The Pudong Chuansha comprehensive plot was sold for 2.475 billion yuan with a premium rate of 15.76% and a floor price of 29,913 yuan per square meter [1][4][2]. - The Qingpu Xujing residential plot was sold for 1.73 billion yuan with a premium rate of 5.17% and a floor price of 31,561 yuan per square meter [1][4][2]. - Other plots were sold at base prices, including the Qingpu Liantang residential plot at 469 million yuan and the Baoshan Gaojing residential plot at 1.142 billion yuan [5][9]. Participation and Trends - A total of 16 companies participated in the auction, with a notable increase in participation from private enterprises, indicating a diversified bidding structure [3][10]. - The auction attracted three central enterprises and eight local state-owned enterprises, with private companies like Jiayun Real Estate and Dahua showing strong interest [10]. Market Analysis - The most competitive plot was the Pudong Chuansha comprehensive plot, which is strategically located near the subway and has robust commercial amenities, leading to 82 rounds of bidding [10][11]. - The Qingpu Xujing plot is situated in a core area with limited supply and high livability, contributing to its competitive bidding environment [11].