近期，华住集团旗下高端品牌美仑酒店于厦门市集美软件园三期开出其国内最大体量项目——约310 间 客房。在城市布局中，产业园区、科技园区、总部基地等园区正成为酒店与长租公寓品牌争抢的新阵 地。与此同时，产业园区里，酒店与公寓的界限正在变得模糊…… 华住美仑最大体量酒店入驻园区 本文来自微信公众号"空间秘探"，作者：武爽，36氪经授权发布。 近期，华住集团旗下美仑品牌在厦门集美软件园三期开业，其位于厦门市集美区诚毅北大街9-3号，拥 有310 间客房，是目前国内体量最大的该品牌酒店。从报道中来看，项目由厦门轨道集团打造，设计元 素融合了"滨海戏浪"与"闽南红砖古厝"两种文化理念，同时酒店配置多功能会议室、特色餐厅及自助健 身区，已明确瞄准园区内的商务及会展客源。 空间秘探观察发现，有两点值得关注： 一是选址在园区而非传统核心商圈。对比传统城市酒店多聚焦城市核心、高端商务地段，品牌定位 从"市中心酒店"向"园区酒店"移动，转向产业聚集、城市扩展、服务配套尚未饱和但具有潜力的新节 点，这也意味着酒店集团在选址逻辑上正发生改变。 二是从配置来看，园区场景的"差旅＋会议＋商务活动"需求被酒店方显然看重。酒店设计不仅为了住 ...

Core Insights - Lujiazui Guotai Life Insurance has completed the acquisition of a whole office building in Shanghai's Pudong New Area for a total price of 895 million RMB, which will serve as the company's headquarters [1][2] Company Overview - Lujiazui Guotai Life Insurance was established in 2004 and is the first cross-strait joint venture life insurance company in mainland China, headquartered in Shanghai with a registered capital of 3 billion RMB [5] - The company has established 11 branches and nearly 50 marketing outlets nationwide, offering over a hundred types of insurance products [5] - As of the end of 2024, the company's total assets are projected to reach 35 billion RMB [5] Transaction Details - The acquired property includes floors 3 to 9 of the Qiantan Hui N5 office building, a storage room on the third floor, and 50 parking spaces in the underground garage [2] - The total transaction price is 895 million RMB, including VAT, with a net price of approximately 821 million RMB [2] Market Context - This acquisition is part of a broader trend where insurance companies are actively investing in the Shanghai office market, with other notable transactions including a 10.8 billion RMB acquisition by China Post Insurance for a property in Jing'an District [6][7] - Major insurance companies have disclosed significant real estate investments in 2023, with a total of over 4.8 billion RMB in new investments reported by several firms [7]

Company and Industry Summary Company Overview - The company, Tunnel Corporation, has faced poor performance in the first three quarters due to the negative impact from Huada Jiutian, but expects a strong performance in Q4 to achieve its annual profit growth target [2][3] - The company is actively expanding its domestic and international business, focusing on regions such as Hong Kong, Macau, Southeast Asia (with Singapore as the core), and the Middle East (e.g., Dubai) [2][4] Key Points and Arguments Financial Performance - The company anticipates a strong Q4 performance, which is typically robust, to support the overall annual profit growth target despite the challenges faced in the first three quarters [3] - The company aims to improve project profit margins through cost reduction and efficiency enhancement, with preliminary results already visible in the Q3 report [2][6] Business Strategy - The company plans to reduce the proportion of investment income by 2025, focusing more on the profitability of its core business rather than relying heavily on investment income as seen in 2024 [2][7] - The operational business currently contributes about 8% to 10% of revenue, with plans to increase this contribution to over 20% by expanding existing services and entering new markets [8] Market Position and Valuation - The company believes its current price-to-book (PB) ratio of 0.68 indicates undervaluation, suggesting potential for improvement in market perception and valuation through operational optimization [4][10] - The company’s asset quality is considered strong, with a focus on converting construction data into data asset products to unlock further value [4][12] Investment and Cash Flow - Future cash flow is expected to remain stable, with a commitment to maintaining a dividend payout ratio of no less than 30% [9] - The company’s equity investments are performing steadily, contributing positively to profits despite current market conditions [11] International Expansion - The company’s overseas strategy includes consulting, construction, investment, and operations, with a focus on markets like the Middle East and Southeast Asia, where demand for high-end digital and intelligent services is growing [16][18] - The company has established a strong presence in Singapore and is leveraging its experience to expand into other regions [17][18] Debt Management - The company has made significant progress in debt resolution over the past three years, benefiting from government support and new project opportunities [19] Additional Important Insights - The company is exploring new business growth points, including indoor services and static traffic management, to diversify its revenue streams [2][4] - The company is committed to high-quality development to enhance net profit margins rather than merely pursuing revenue growth [2][6]

作为上海内环内一线滨江最后一块绝版拼图、2025年顶豪市场的超级红盘，陆家嘴太古源 源邸自面世以来便备受瞩目，以"三开三捷"之姿创下上 海顶豪市场热度纪录，累计推售去化率高达97.3%，累计销售额突破96亿元，印证了其无可替代的稀缺价值与品牌和产品强大的市场号召力。 11月8日，陆家嘴太古源 源邸滨水艺境示范区迎来实景盛启，"源CLUB"会所、景观园林、美学公区，以及180㎡/240㎡/388㎡瞰景样板间均同步呈 现，艺术美学、自然疗愈与滨水生活方式体验在此完美融合，滨江顶豪的真实生活场景、高阶品质细节，皆以实景形态美好兑现。 效果图 240㎡样板间 实拍图 180㎡样板间 实拍图 "源CLUB"空间以水的流动为脉络，移步换景间将黄浦江的韵律凝练于每一处细节。从入口处，便能感受到这座艺境空间的场景哲学，自然流线 型的入口设计，表达着从城市切换回居所的柔性序章。 真正的"一线临江"，不止是距离，更是观江的纯度与尺度。本次陆家嘴太古源 源邸180㎡/240㎡/388㎡瞰景样板间均实景倾呈，可亲临感受距黄浦 江水面不足100米的MAX级视野，不仅江面的波光成为家的背景，更将别人眼中的地标陆家嘴四件套，变为窗前的日常 ...

Core Insights - The "China-Saudi Arabia Financial Technology Exchange Conference 2025" was successfully held in Shanghai, emphasizing "financial technology" as a key area for cooperation between the two countries [1][3] - The conference aimed to build a platform for China-Saudi cooperation in financial technology, focusing on regulatory sandboxes, compliance practices, and market opportunities [3][4] Group 1: Conference Overview - The event attracted over 150 professionals from both countries' financial technology sectors, including executives from more than 20 listed companies [3] - The Shanghai Free Trade Zone is positioned as a crucial hub for Chinese enterprises to connect with global markets, supported by favorable resources and business environments [3][4] Group 2: Saudi Arabia's Financial Technology Initiatives - Saudi Arabia is accelerating the establishment of an open and inclusive financial technology ecosystem, including the development of financial technology laboratories and sandbox regulatory mechanisms [4] - The Saudi Investment Ministry introduced a "China-Saudi Investment Green Channel" that includes tax reductions, R&D subsidies, and simplified market access to facilitate Chinese companies entering the Saudi market [4] Group 3: Academic and Industry Collaboration - A roundtable discussion highlighted the importance of deep collaboration between academia and industry for financial technology innovation [4] - Various industry leaders discussed the application of AI technology in finance, energy, and logistics, emphasizing the need for a solid data foundation for effective application [4][5] Group 4: Future Cooperation and Development - The Shanghai Stock Exchange presented its market advantages and support for financial technology companies, noting significant potential for mutual empowerment in various sectors, including financial technology [5] - The conference established a regular communication platform for China-Saudi financial technology collaboration, aiming to enhance policy alignment, market expansion, and technological innovation [5]

Group 1 - The real estate sector is leading the market with the CSI 800 Real Estate Index rising over 1%, with Shanghai Lingang up 5.6% and several other companies like Quzhou Development and New Town Holdings increasing by over 2% [1] - The only ETF tracking the CSI 800 Real Estate Index, the real estate ETF (159707), saw a price increase of over 1% and a net subscription of 12 million shares, with a total transaction amount exceeding 33 million yuan [1][2] - In October 2025, the total bond financing in the real estate sector reached 51.24 billion yuan, marking a year-on-year increase of 76.9%, with credit bond issuance also showing significant growth [2] Group 2 - CITIC Securities predicts that 2026 may be a critical year for real estate companies to repair their balance sheets, with some firms potentially reaching the bottom of their profit cycles [3] - The real estate ETF (159707) is highlighted for its concentration on top-tier real estate companies, with over 90% of the weight in the top ten constituent stocks, indicating a strong focus on central state-owned enterprises and quality firms [3]

Core Insights - The opening of the Waldorf Astoria Hotel marks a significant milestone in the development of the Qiantan area, showcasing the completion of a comprehensive urban project led by Lujiazui Group [1][14] - The "NEWWAVE" community co-creation salon emphasizes the importance of cultural nourishment in enhancing individual lifestyles, reflecting a shift towards a more integrated community approach [3][5] - Lujiazui Group's long-term commitment to creating a vibrant urban ecosystem is evident in its strategic planning and operational execution, aiming to foster a self-sustaining community [8][10] Group 1: Urban Development and Planning - Lujiazui Group has been actively involved in the Qiantan area for over a decade, focusing on cohesive urban development that ensures quality and sustainability [1][10] - The area is transforming into a dynamic urban entity, integrating various functions such as business, culture, and residential living [3][12] - The introduction of high-end amenities and international brands reflects the strategic vision of Lujiazui Group to create a high-energy industrial ecosystem [10][17] Group 2: Community Engagement and Lifestyle - The salon event highlighted the need for a community-driven approach to urban living, where cultural activities play a crucial role in enhancing the quality of life [3][5] - Lujiazui Group aims to create a "living space" that respects individual freedoms and fosters diverse possibilities for residents [5][8] - The ongoing cultural and commercial activities in Qiantan ensure a vibrant and engaging environment, moving away from monotonous living experiences [12][18] Group 3: Operational Strategy and Sustainability - Lujiazui Group's operational strategy emphasizes a unified approach to urban development, focusing on long-term sustainability and community engagement [8][13] - The company is committed to creating a comprehensive lifecycle management system for its properties, ensuring ongoing value creation for residents [10][18] - The integration of various urban functions and innovative development models aims to maximize land value while promoting a harmonious living environment [12][14]

Core Insights - The REITs market in China is transitioning from pilot programs to regular issuance, becoming a crucial tool for real estate financial innovation and supporting high-quality economic development [1] - As of October 2025, nearly 80 REITs projects are expected to be listed, indicating significant market expansion [1] - The National Development and Reform Commission has initiated measures to enhance the regular application and recommendation process for infrastructure REITs, broadening the asset types included in REITs [1] Group 1 - The REITs market is focusing on maintaining stability amid expansion, with an emphasis on diversifying asset types, optimizing transaction structures, and improving legal regulations [1] - A financial salon on November 8 will discuss the new phase of China's REITs market, addressing opportunities and challenges to promote high-quality development [1] Group 2 - The main guest of the salon is Du Xuanjun, who has extensive experience in the multi-level REITs sector and has successfully led multiple public REITs product issuances [2] - Four industry experts with deep understanding of REITs research, investment, and issuance will participate in the dialogue [5][11][13][19] Group 3 - The dialogue will explore various topics, including potential new asset types for REITs, balancing market quantity and quality, and how original rights holders can achieve "light asset" transformation through REITs [22] - Discussions will also cover the maturity of liquidity and valuation systems in the current REITs market, the long-term allocation value of REITs from the perspective of investment institutions, and potential breakthroughs in rules and tax policies for the future of China's REITs market [22]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

股票代码：A股 600663 证券简称：陆家嘴 编号：临2025-039 B股 900932 陆家B股 上海陆家嘴金融贸易区开发股份有限公司 关于参加 2025 年上海辖区上市公司三季报 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 11 月 6 日（周四）至 2025 年 11 月 12 日（周三）16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目或通过公司投资者邮箱 invest@ljz.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 上海陆家嘴金融贸易区开发股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布 2025 年第三季度报告。为便于广大投资者更全面深入地了解 公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 13 日下午 15:00-16:30 参加 2025 年上海辖区上市公司三季报集体业绩说明会，就投资者 关心的问题进行交流。 一、说明会类型 本次投 ...