小雪至，寒意渐浓，正是添置换季好物的绝佳时节。为回馈广大消费者，银联携手北京龙湖天街推出商 圈支付优惠活动。即日起至2026 年3月31日，用户使用银联手机Pay非接（线下NFC、不含二维码）支 付，即可享满200元立减30元福利，为冬日消费注入暖心活力。 作为北京城市商业的重要地标，龙湖商业在北京多区域布局，长楹、丽泽、大兴、房山、亦庄、北苑、 熙悦、长安共8座天街，分布在北京市6个片区，为消费者提供城市美好质感生活体验，以新品牌开业、 新场景打造、新空间亮相，全方位不间断地提供新的体验、新的内容、新的生活感知。 图片来源：北京龙湖天街 值得一提的是，天街不仅是购物空间，更是情绪价值体验场。这里融合了品质零售、尝鲜美食、休闲娱 乐与生活体验；这里汇聚众多首进品牌、潮流快闪、热门IP；这里通过不断的更新提升，持续适应着不 断变化的消费趋势，为消费者提供高品质购物与休闲体验。 本次优惠活动覆盖龙湖天街八座商圈，参与方式便捷高效。用户只需持有境内发行的62开头银联卡及银 联- Visa双标卡（不含港澳地区），在指定购物中心商户门店消费时，选择银联手机Pay非接（线下 NFC、不含二维码）支付方式，即可享受单笔实付 ...

瑞银展望-中国房地产何时见底 20251117 摘要 中国房地产市场正经历从新房到二手房再到租房的转变，租金需求增加 但供给过剩依然存在，一线城市租售比低，购房者面临房价不涨即亏损 的风险。 保障房大量供应分流商品房和租赁市场，十四五规划计划建设 870 万套 保障房，每年约占新房成交的 20%，对商品住宅市场形成压力。 新发展模式包括好房子、优化保障房供给和取消预售制度，取消预售将 使民营开发商难以维持地产开发，高端豪宅需求或增加但整体项目减少。 中国内地高端零售业有恢复迹象，受益于股市向好、金价上涨及国产品 牌崛起，购物中心供给预计减少，提升商场话语权和租金收入。 香港住宅租金过去两年每年增长约 5%-6%，主要因高才通和优才通政 策吸引人才，当前租售比约为 3.7%，按揭利率降至 3.3%-3.4%。 香港写字楼市场需求增加，金融业占主导，中环写字楼租金预计 2026 年见底回稳，但其他地区可能继续下跌，零售业面临国产品牌、深圳退 税和电商冲击。 稳定房地产市场需国家收储以减轻保障房供给对租金的影响，并降低按 揭利率，房价变化是判断市场走势的关键指标，关系居民财富和金融风 险。 Q&A 中国内地房地产市 ...

Core Viewpoint - New City Holdings has experienced a significant decline in contract sales and revenue due to the ongoing shrinkage of its real estate development business, leading to a strategic shift towards commercial operations [1][2][4]. Sales Performance - From January to October, New City Holdings reported a cumulative contract sales amount of 16.468 billion yuan, a year-on-year decrease of 52.2%, with a total sales area of 2.1506 million square meters [1]. - In October alone, the company achieved contract sales of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1]. - The total sales for the "golden September and silver October" period were less than 3 billion yuan, placing the company 41st in the rankings of real estate companies by sales in the first ten months [1]. Financial Performance - For the first three quarters, New City Holdings reported operating revenue of 34.371 billion yuan, down 33.3% year-on-year, and a net profit attributable to shareholders of approximately 974 million yuan, a decrease of 33.05% [2]. - The decline in revenue and profit is primarily attributed to reduced delivery income from real estate projects and a drop in gross profit margins [2]. Commercial Operations - In response to the shrinking residential business, New City Holdings has shifted its focus to commercial operations, achieving a total commercial operating revenue of approximately 1.186 billion yuan in October, a year-on-year increase of 7.65% [2][3]. - Cumulatively, the commercial operating revenue from January to October reached 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [2]. Strategic Shift - The company has decided to separate cash flow management for commercial operations and development projects, with a focus on commercial business as a foundational element for future growth [4]. - Currently, real estate development accounts for about two-thirds of revenue, while commercial operations make up one-third, indicating ongoing pressure on future revenue due to the contraction in real estate development [4]. Debt Management - New City Holdings has faced increasing debt repayment pressure, issuing high-interest bonds to ensure full repayment of maturing debts [5][6]. - The company issued three rounds of high-interest bonds at a rate of 11.88% to address upcoming debt obligations, including a $250 million overseas bond due in October and a 2 billion yuan medium-term note due in December [6]. Investor Communication - During a recent earnings call, the chairman emphasized the company's commitment to maintaining positive operating cash flow and leveraging policy support to optimize financing structures and costs [7]. - Concerns were raised by investors regarding high accounts payable and potential audit issues, to which the chairman assured that the company has considered various factors in assessing its ongoing viability and does not foresee delisting risks [7].

2025年，中国房地产市场的逻辑正在被悄然改写。曾经高歌猛进的"黄金时代"落幕，行业步入"总 量收敛、结构分化、价值重构"的深度调整期。据国家统计局数据，2024年全国商品房销售面积与 销售额同比双双下滑，部分头部房企依然在债务泥潭中挣扎。悲观与迷茫，一度成为市场的主旋 律。 曾祥佳先生于今年8月入选《财富》"中国40岁以下最具潜力的商界精英榜"，与一众来自数字原 生、新消费领域的创新者同台。在一个被视为"传统"甚至"夕阳"的行业里，为何南驰集团能够逆势 突围？曾祥佳的答案，指向了一条迥异于传统房企的路径——一条以创新为引擎、以责任为基石的 长期主义之路。 从"造房子"到"造生态"的战略跃迁 南驰集团自1995年成立，近乎与中国商品房市场同步成长。回顾三十载发展历程，集团的进化经 历了三个清晰的战略转折点。2015年左右，南驰完成了从"造房子"到"造社区"的理念转变。当 时，广州的城市发展正在从粗放式扩张转向精细化运营。曾祥佳先生敏锐地捕捉到这一信号，他意 识到，未来的核心竞争力将不仅仅是地段，更是品质、环境与生活方式。在这一节点上，南驰做出 了一个在当时看来"超前"的决策：不惜牺牲部分短期利润，全面提升项目 ...

Core Insights - The Nanjing office market is currently in a supply-demand adjustment phase, with a clear tenant-oriented trend emerging [1][3] - High-quality office space supply continues to increase, leading to a rise in vacancy rates and challenges in rental prices [1][3] - The retail market in Nanjing is experiencing growth, driven by increased consumer spending and new retail developments [5][9] Office Market Summary - As of the end of Q3 2025, the total stock of high-quality office projects in Nanjing reached 5.55 million square meters, with a vacancy rate rising to 28.8% [1][3] - The average rental price for office space in Nanjing was approximately 71.7 RMB per square meter per month, with key areas averaging 89.4 RMB per square meter per month [1][3] - The absorption rate for typical projects in Q3 was 52,900 square meters, a 6% decrease from the previous quarter but an 18% increase year-on-year [3] Retail Market Summary - Nanjing's retail market saw a total social retail sales of 438.42 billion RMB in the first half of 2025, reflecting a year-on-year growth of 5.3% [5] - The opening of Nanjing Jinling Tiandi added 130,000 square meters of new supply to the market, with the total stock of mid-to-high-end shopping centers reaching 7.73 million square meters, a 1.7% increase [5] - The average first-floor rental price in mid-to-high-end shopping centers was recorded at 570.6 RMB per month per square meter, a 0.4% decrease [8] Future Outlook - Three new high-quality office projects are expected to be launched in Q4 2025, adding a total of 220,000 square meters of supply [3] - The retail market is anticipated to see approximately 3.78 million square meters of quality retail properties entering the market over the next three years, intensifying competition [8][9] - Nanjing is becoming a preferred location for domestic and international brands, with a focus on new business models and brand incubation [9]

Core Insights - The 2025 China International Service Trade Fair hosted the Global Building Economy Ecological Conference in Beijing, where Xi'an Nanfenghong Commercial Operation Management Co., Ltd. was awarded the title of "2025 Annual High-Quality Development Enterprise in China's Building Economy" [1][2] Group 1: Event Overview - The conference gathered nearly 400 participants, including representatives from international organizations, government officials, executives from Fortune 500 companies, and industry experts, aiming to explore new paths and directions for the building economy under new circumstances [1] - The evaluation process for the "High-Quality Development Enterprises in China's Building Economy" award involved rigorous qualification reviews and comprehensive assessments across multiple dimensions, including operational service capabilities and industry contributions [1] Group 2: Company Achievements - Xi'an Nanfenghong Commercial Operation Management Co., Ltd. was recognized for its outstanding performance and significant contributions in the office building operation service sector, with its Nanfenghong Lehui Center project serving as the core vehicle for its high-quality development [2][3] - The company has been deeply rooted in Xi'an for 20 years, focusing on urban upgrade and development, and has developed the Nanfenghong Lehui Center as a representative project in the Xi'an South Central Cultural Business District [3] Group 3: Project Details - The Nanfenghong Lehui Center is positioned as a "smart ecological commercial complex" with a total construction area of 450,000 square meters, including 70,000 square meters of Grade A office space, approximately 58,000 square meters of luxury hotel space, 82,000 square meters of residential LOFT, and a 100,000 square meter ecological shopping center [3] - The project emphasizes a "green, ecological, and natural" design philosophy, incorporating advanced concepts from Southeast Asia to integrate ecological elements into its design and operation [3][4] Group 4: Architectural Features - The architectural design draws inspiration from "natural landscapes," with the shopping center resembling "delicate reshaped petals" and the two super Grade A office buildings appearing as "buds ready to bloom," creating an aesthetically valuable and recognizable architectural cluster [4] - The project features industry-leading materials, such as "four-glass warm edge two-chamber three-silver LOW-E ultra-white glass" for the office building facade, ensuring a streamlined appearance while providing excellent thermal insulation and noise reduction [4] Group 5: Future Plans - The company views the award as recognition of its past development and motivation for future progress, planning to enhance its service system and digital office services in response to market demand and industry trends [6]

Core Insights - In the first nine months of this year, Tongzhou District established 149 new foreign-funded enterprises, bringing the total to 1,725, indicating a steady improvement in the business environment and foreign investment attraction in Beijing's sub-center [1][2] Group 1: Foreign Investment Growth - The total number of foreign-funded enterprises in Tongzhou District has exceeded 1,725 [2] - Beijing Pengruili Investment Co., Ltd. registered with a capital of 30 million USD, focusing on investment activities, property management, and enterprise management [1] - The establishment of foreign enterprises is supported by a "business-to-business" model that encourages industry chain integration in the commercial real estate and urban complex operation sectors [1] Group 2: Regulatory Support and Services - The Tongzhou District Market Supervision Administration has implemented a "full-process registration service" to streamline the entry of foreign enterprises, enhancing efficiency and simplifying the registration process [2] - The administration aims to provide "one-stop" and "nanny-style" services to meet the core needs of foreign enterprises, ensuring they can enter, stay, and develop successfully in the sub-center [2] - Future efforts will focus on precise policy application and high-quality service to support the sustainable development of foreign enterprises in the region [2]

Core Insights - Guangzhou Zengcheng Wanda Plaza Co., Ltd. underwent a significant change in its shareholder structure, with Dalian Wanda Commercial Management Group Co., Ltd. exiting and Beijing Jiajun Technology Development Co., Ltd. becoming the sole shareholder [1] - The legal representative and senior management of Guangzhou Zengcheng Wanda Plaza Co., Ltd. have also been changed, indicating a potential shift in strategic direction [1] Company Overview - Guangzhou Zengcheng Wanda Plaza Co., Ltd. was established in March 2012 with a registered capital of 250 million RMB [1] - The company's business scope includes enterprise management services, self-owned capital investment, property leasing, property management, and venue leasing [1]

Core Insights - The 5th Yuexiu Shopping Festival has shown significant growth in consumer engagement, with total sales increasing by 16.7% year-on-year and member sales soaring by 63.8% [1][10][12] - The festival is part of a broader strategy to enhance urban consumption and aligns with national policies aimed at boosting domestic demand [1][20] Group 1: Festival Performance - The festival attracted a 3.7% increase in overall foot traffic compared to the previous year, indicating a successful engagement strategy [1] - Key projects such as Guangzhou Yuehui City and Wuhan Xinghui Weigang Shopping Center reported substantial sales increases during the festival [1][17] Group 2: Membership and Marketing Strategies - Membership operations were central to the festival's success, utilizing targeted activities to enhance customer loyalty and sales [10][12] - The pre-event phase included high-value member incentives, while the peak phase featured differentiated group purchase coupons to attract diverse consumer segments [12][13] Group 3: Cultural Integration and Brand Positioning - The festival integrated the "Four Happy Gods" IP to resonate with local culture, enhancing emotional connections with consumers [3][5] - The event reflects Yuexiu's commitment to fostering long-term relationships with consumers and contributing to the city's development [19][20] Group 4: Future Initiatives and Urban Development - Upcoming events during the Canton Fair will offer exclusive benefits to foreign merchants, showcasing Yuexiu's role in enhancing international trade [20] - The company aims to continue aligning its activities with national policies and urban development goals, reinforcing its position as a key player in the commercial landscape [20]

Core Viewpoint - UBS upgraded the rating of China Resources Vientiane Life to "Buy" due to the company's superior ability to discover emerging brands compared to its peers, particularly in the context of the rise of domestic brands and the differentiation in brand performance [1] Group 1: Market Conditions - There are signs of recovery in the domestic luxury goods retail sector, which is expected to benefit existing shopping malls [1] - A reduction in shopping mall supply is anticipated from 2026 to 2027, which will support rental growth for existing malls [1] Group 2: Financial Projections - The aforementioned factors are expected to enhance the company's earnings visibility from 2025 to 2027, with an estimated annual compound growth rate of 15% [1] - The target price for the company has been raised from HKD 38 to HKD 48, based on a dividend payout ratio of 100%, including special dividends [1]