风险提示：1.权益及固收市场环境转弱导致公司业绩出现下滑；2.股价短期波动风险；3.资本市场改革 的政策效果不及预期；4.超预期事件导致公司的盈利预测与实际经营业绩产生明显偏差 投资建议:报告期内公司财富管理服务生态持续完善，机构经纪业务保持行业领先；投行业务快速复苏 回暖，市场份额虽有所减少，但各项核心指标仍领跑行业；大资管业务全力做好养老金融大文章，券商 资管、公募基金业务龙头地位稳固；股权衍生品业务竞争力持续强化，权益自营丰富策略种类，固收业 务盈利模式多元化，投资收益（含公允价值变动）在高基数下实现进一步明显增长。预计公司2025、 2026 年EPS 分别为1.68 元、1.80 元，BVPS 分别为18.61 元、19.52 元，按9 月2 日收盘价30.78 元计算， 对应P/B 分别为1.65 倍、1.58 倍，维持"增持"的投资评级。 2025 年中报概况:中信证券2025 年上半年实现营业收入330.39 亿元，同比+20.44%；实现归母净利润 137.19 亿元，同比+29.80%；基本每股收益0.89 元，同比+28.99%；加权平均净资产收益率4.91%，同比 +0.95 个百分点 ...

面对"增收不增利"的局面，华润置地的业务结构差异凸显核心影响。从数据来看，上半年占总营业额比 重仅20%的经常性业务，贡献了超60%的核心净利润；而作为重要业务板块的开发销售业务，核心净利 润仅39.8亿元，同比降幅达23.8%。 央企华润置地近日发布了2025年中期业绩。 不过，开发业务的利润波动并未改变华润置地的战略布局方向：管理层对下半年市场保持看好，且公司 依旧在全国重点区域推进高价拿地，持续强化核心资源储备。 期内，华润置地实现综合营业额949.2亿元，同比增长19.9%；股东应占净利润118.8亿元，同比增长 16.2%；但核心净利润为100亿元，同比小幅下降6.6%。 开发业务拖累业绩 华润置地在财报中提到，核心净利润为本期股东应占溢利减去本期投资物业评估增值，并加回本期处置 部分投资物业项目之已实现的累计评估增值后的金额。业内普遍认为，这一指标是可以反映主营业务持 续盈利能力的利润指标。 值得关注的是，华润置地核心净利润在去年上半年之前，曾连续保持18年增长记录。但2024年中期这一 情况发生了变化，当期公司核心净利润为107.4亿元，同比下降4.7%；2024年全年，其核心净利润约达 254 ...

Core Viewpoint - China Resources Land (华润置地) reported a strong performance for the first half of 2025, achieving a revenue of RMB 949.2 billion, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of RMB 118.8 billion, up 16.2% [1] Group 1: Financial Performance - The company achieved a recurring revenue of RMB 205.6 billion, reflecting a growth of 2.5%, which accounted for 21.7% of total revenue [1] - The core net profit contribution increased to 60.2% [1] - The board proposed an interim dividend of RMB 0.2 per share, unchanged from the previous year [1] Group 2: Business Segments - The operational real estate and asset management sectors became new growth engines, with operational real estate revenue reaching RMB 121.1 billion, a 5.5% increase [2] - Shopping centers generated retail sales of RMB 1,101.5 billion, up 20.2%, with an operating profit margin of 65.9%, a historical high [2] - The asset management scale reached RMB 483.5 billion, an increase of RMB 21.4 billion from the end of 2024 [2] Group 3: Light Asset Management - China Resources Land's subsidiary, China Resources Mixc Lifestyle, reported a revenue increase of 6.5% to RMB 85.2 billion, with core net profit rising 15% to RMB 20.1 billion [3] - The company managed 125 shopping centers, with 104 projects ranking in the top three locally, achieving a retail sales growth of 20.9% [3] - The membership program saw a total of 72.37 million members, an 18.5% increase from the end of 2024 [3] Group 4: Ecosystem Business - The ecosystem business generated RMB 5.1 billion in revenue, with significant contributions from events and performances [4] - The company secured major projects in the Greater Bay Area, managing 19 projects with a total area of 4.37 million square meters [4] Group 5: Rental Housing and Urban Construction - The rental housing business achieved revenue of RMB 4.15 billion, managing 85,000 rooms across 15 cities [5] - Urban construction projects generated RMB 4.8 billion in revenue, with a managed area of 79.92 million square meters [5] Group 6: Development and Sales - The company recorded a sales volume of RMB 1,103 billion, maintaining a top-three position in the industry [5] - The company acquired 18 projects with an investment of RMB 32.28 billion, focusing on first- and second-tier cities [5] Group 7: ESG and Financial Management - The company maintained a cash reserve of RMB 120.24 billion, with the lowest levels of total and net interest-bearing debt in the industry [7] - The average financing cost dropped to a historical low of 2.79% [7] - The company continues to enhance its ESG performance, recognized in both domestic and international capital markets [6][7] Group 8: Strategic Outlook - The company aims to strengthen its development and sales business while expanding its operational real estate and light asset management sectors [8] - The focus is on creating new growth momentum through the ecosystem business as a transformation accelerator [8]

《中国经营报》记者获悉，8月27日，华润置地（1109.HK）披露2025年中期业绩。上半年，华润置地 营收约949亿元，同比增长19.9%，股东应占净利润约119亿元，同比增长16.2%，核心净利润同比下降 6.6%至约100亿元；中期股息为每股0.2元，与去年同期持平。 上半年，华润置地实现合约销售额1103亿元，同比下降11.6%，其中，一二线城市签约额贡献占比超九 成。报告期内，华润置地新增土地储备面积148万平方米，权益面积128万平方米，涉及18宗地块，权益 地价为322.8亿元。截至2025年6月30日，华润置地总土地储备面积为4895万平方米。 其中，开发销售型业务作为华润置地业绩贡献的基本盘，上半年实现签约面积412万平方米，同比下降 21%，结算面积321万平方米，同比下降7.2%。得益于公司聚焦高能级城市的布局策略，一线城市销售 额占比同比增长8个百分点，上海、北京、成都等10个城市签约额贡献占比超七成，整体签约均价同比 增长11.9%至约26777元/平方米。报告期内，一线及二线城市结算收入占比93%，结算均价同比增长 35.5%至约23192元/平方米，结算毛利率为15.6%。 截至 ...