Core Viewpoint - Dalian Wanda (000031) announced on September 23 that it possesses a rich portfolio of consumer infrastructure projects, with asset reserves meeting the scale requirements for original equity holders to expand assets [1] Group 1: Company Strategy - The company focuses on high-energy city layouts, holding consumer infrastructure projects primarily located in core business districts of first-tier and second-tier cities, which provides a strong geographical advantage [1] - The company has a strong ability to attract urban regional foot traffic due to its strategic positioning in key urban areas [1] Group 2: Expansion Plans - The company is actively researching expansion work to enhance its asset base and operational capacity [1]

Core Viewpoint - Dalian Wanda Group successfully issued Chengdu Dalian Wanda Commercial REIT in 2024, achieving a cash return of 1.66 billion yuan, which further expands its new development model and establishes a "investment, financing, construction, management, and exit" platform [1] Group 1: REIT Performance - The closing price of Huaxia Dalian Wanda Commercial REIT reached 5.015 yuan per share by the end of August 2025, representing a 50.92% increase from the benchmark price of 3.323 yuan per share, the highest increase among similar shopping center projects [1] Group 2: Future Strategies - The company plans to actively promote the injection of new assets into REITs to achieve expansion and release the value of held assets, supporting high-quality development [1] - The company aims to leverage net recovery funds to seize new investment opportunities, focusing on value creation and achieving transformation [1] Group 3: Financial Management - The company emphasizes cash flow safety and continuously optimizes its fund management system to ensure efficient operation of liquidity [1] - The company has maintained positive operating net cash flow for the past three years and the first half of the current year, with figures of 2.71 billion yuan, 10.64 billion yuan, 6.62 billion yuan, and 2.69 billion yuan respectively [1] Group 4: Operational Strategies - The company will continue to enhance revenue by adopting flexible sales strategies to ensure the rapid turnover and collection of residential development projects [1] - The company will focus on cost control by adhering to a sales-driven production approach and solidifying engineering payment plans through multiple rolling cycles [1]

Core Insights - The Bay Area project, developed by Wangfujing Group, is set to unveil by the end of the year, featuring a multi-functional cultural and commercial complex [1][3] - The total investment for the Bay Area project exceeds 10 billion yuan, with a development scale of approximately 500,000 square meters [1] - The project includes three main components: the NuoLan Hotel, Wangfujing WellTown, and Tingyun Town, with the hotel opening this autumn and the other two components debuting by year-end [1] Summary by Sections - **Investment and Development** The Bay Area project has a total investment exceeding 10 billion yuan and a development scale of around 500,000 square meters, focusing on three main components: NuoLan Hotel, Wangfujing WellTown, and Tingyun Town [1] - **Wangfujing WellTown Features** Wangfujing WellTown aims to redefine customer experiences by integrating outlet shopping with dining, entertainment, and cultural activities, featuring nearly 500 brands, with 50% being flagship or concept stores [3] - **Design and Accessibility** The project includes a seamless connection to the subway, with a six-story commercial space designed to enhance outdoor dining experiences and views of Universal Studios, alongside an art center for cultural events [5] - **Tingyun Town Design** Tingyun Town features an open street design, resembling a "micro-resort" surrounded by fountains and greenery, with plans to introduce live music venues, bars, and dining options to stimulate the night economy [5]

Group 1 - The "China Farmers' Harvest Festival" was held on September 23, with the main venue in Yantai, Shandong, and a promotional center for Shandong agricultural products opening in Shanghai [1] - Shandong is a major agricultural province in China, focusing on integrating into domestic and international dual circulation, and has become an important supplier of rice, vegetables, and fruits [1] - The Shanghai promotional center aims to provide comprehensive services for agricultural enterprises and facilitate cooperation and market connections [1] Group 2 - Shandong's agricultural products will be showcased in the Long Triangle region, enhancing agricultural cooperation between Shandong and Shanghai [2] - The new commercial project, Yinzuo Mao·Xincheng Tiandi, will meet the diverse needs of consumers for shopping, leisure, socializing, and cultural activities [4] - The project will feature over 300 quality brands and introduce many first stores and trendy brands to invigorate the eastern commercial area [4] Group 3 - The upcoming Yinzuo Mao in Rizhao will integrate ecological parks and sports facilities, focusing on community needs for social, health, entertainment, and shopping [6] - The project aims to create a regional shopping center that emphasizes sports and family themes, enhancing the living environment for residents [6] - The overall strategy reflects the company's commitment to high-quality development and regional integration [6]

据悉，此次签约的顺德城二期商业广场综合体位于财富路与邵州路交汇处，为顺德城二期重要组成部 分。项目总建筑面积约3.9万平方米，总投资2.6亿元，由国内商业运营管理企业——新城建管负责招商 运营，旨在打造集商务办公、酒店、娱乐、潮玩、餐饮于一体的一站式城市综合配套功能区。 签约现场气氛隆重热烈。王俊对项目成功签约表示祝贺，并指出该项目是大祥区持续优化营商环境、大 力推进招商引资的又一重要成果，未来将对城西区域城市功能完善和消费升级发挥重要作用，也为大祥 区经济社会高质量发展注入新动能。(完) 顺德城二期项目总建筑面积18万平方米，总投资7.3亿元。作为其中的核心板块，顺德城二期商业广场 建成后，将有效填补城西片区大型商业综合体空白，显著提升周边居民生活便利度，对优化区域经济结 构、提升城市形象产生积极推动作用。 近日，璟禹发展(湖南)与新城建管(上海)合作签约仪式在邵阳市大祥区举行，标志着大祥区招商引资项 目——顺德城二期商业广场的建设运营全面启动。大祥区委书记王俊出席签约活动。 ...

Core Viewpoint - China International Trade Center Co., Ltd. has experienced a decline in stock price and revenue, indicating potential challenges in its business operations and market performance [2][3]. Company Overview - China International Trade Center Co., Ltd. was established on October 15, 1997, and listed on March 12, 1999. The company is located at 1 Jianguomenwai Avenue, Chaoyang District, Beijing [2]. - The main business activities include investment, operation, and management of commercial service facilities, such as high-end office buildings, shopping malls, and hotels. The revenue composition is 87.41% from property leasing and management, and 12.59% from hotel operations [2]. Financial Performance - As of June 30, 2025, the company reported a revenue of 1.89 billion yuan, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 632 million yuan, down 8.02% year-on-year [2]. - The stock price has decreased by 10.32% year-to-date and 2.96% over the last five trading days, while it has seen a slight increase of 0.58% over the last 20 days and 2.10% over the last 60 days [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.88% to 16,300, with an average of 61,611 shares held per shareholder, a decrease of 5.55% [2]. - The company has distributed a total of 7.853 billion yuan in dividends since its A-share listing, with 3.123 billion yuan distributed in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hongli Low Volatility (512890) is the third-largest with 12.5044 million shares, an increase of 2.0738 million shares from the previous period. Hong Kong Central Clearing Limited is the seventh-largest with 7.6645 million shares, a decrease of 3.1373 million shares [3]. - New entrants among the top ten shareholders include Southern CSI 500 ETF (510500) with 2.9637 million shares and Southern CSI Real Estate ETF Initiated Link A (004642) with 2.5726 million shares [3].

有着儋州环湾新城"新地标"之称的邻里中心项目，位于滨海新区海花岛二号岛对面，开业后将成为集度 假、休闲娱乐、旅游购物等业态于一体的商业综合体。海南日报全媒体记者 陈元才 摄 近日，俯瞰已完工的儋州环湾新区邻里中心项目。目前，环湾新区邻里中心项目(一期)正式通过竣工验 收，招商工作正在有序开展，预计年底正式投入运营。 ...

Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, reflecting a 15x target core P/E for 2025 and a 5.5% target dividend yield, with an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with a new three-story flagship store for Chanel anticipated to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail performance of Hang Lung Properties' mainland shopping centers showed improvement in the first half of 2025, with Shanghai Hang Lung Plaza experiencing a quarterly improvement trend [4] - The company expects the operational performance to continue improving in the second half of the year, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is crucial for the company's overall performance, contributing approximately 16% to total rental income in the first half of 2025, providing support for annual performance and dividend payout [4]

Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, corresponding to a 15x 2025 target core P/E and a 5.5% target dividend yield, indicating an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with Chanel's new three-story flagship store likely to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail sales of Hang Lung Properties' mainland shopping centers showed a trend of improvement, with Shanghai Hang Lung Plaza's sales improving quarter by quarter [4] - The company anticipates that the operational performance in the second half of the year will continue to improve, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is expected to contribute approximately 16% to the company's total rental income in the first half of 2025, providing support for the company's overall performance and dividend payout [4]

Group 1 - The "2025 Shunyi Livable Life Festival" took place from September 19 to 21, showcasing Shunyi as an international livable city through three main sections: livable life exhibition area, Chinchin music party, and craft food market [1] - The Chinchin music party attracted many music lovers with high-quality performances, while the craft food market offered a variety of gourmet experiences, highlighting the fusion of local and international flavors [1] - The livable life exhibition area, empowered by government departments, provided a one-stop authoritative consultation service for housing, loans, and policy interpretation, making it easier for residents to settle in Shunyi [1] Group 2 - The festival is an innovative practice responding to the Ministry of Commerce's "Buy in China" consumption promotion theme, aiming to integrate diverse consumption sectors such as real estate, culture, and food for a new one-stop shopping experience [2] - The event is part of urban renewal efforts, with the venue, Guomen No. 1, being a landmark project for revitalizing existing spaces in Shunyi, and future plans to develop it into a "city organic living center" [2] - The festival stimulated consumer enthusiasm, with significant increases in foot traffic and inquiries in home furnishings and appliances, supported by the "Anju Huishang" consumption vouchers, which will continue until the National Day holiday [2] Group 3 - The event serves as a concentrated roadshow for the Shunyi livable brand, providing a window to experience livable life in Shunyi, with plans for continuous innovation in consumption scenarios and supply optimization [3]