招银国际发表报告指，华润万象生活购物中心板块已成为绝对利润支柱，且持续展现远超同业的营运能 力。首三季零售额按年增20-25%，同期社零为3%，国庆期间零售额按年增25%，同期上海重点商圈增 长10.2%。该行预计板块利润贡献占比将在2025财年提高5个百分点至接近60%，基于此将公司目标市盈 率倍数提高5%至23倍，同时将估值对应年份滚动至2026年，目标价上调18%至51.84港元，维持"买 入"评级。公司具备高于同业的盈利增速、多元化布局以及较有吸引力的股息率，在央企同业中优势凸 显。 ...

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating for Weixing New Materials (002372.SZ) with a latest price of 10.8 yuan [2] - The main reasons for the rating include a decline in revenue in the first half of the year, primarily due to insufficient downstream demand [2] - Despite the revenue decline, the company's profitability remains resilient, and cash flow performance is reported to be good [2] Group 2 - The company continues to adhere to a high-quality positioning strategy, with ongoing efforts in the "concentric circles" initiative [2] - There are risks highlighted, including the potential for continued weakness in real estate demand and the possibility of a deteriorating competitive landscape in the industry [2]