| 2025.09.03 | 60.90 | 6.430 | 6.420 | 391.38 | | --- | --- | --- | --- | --- | | 2025.09.02 | 39.10 | 6.430 | 6.430 | 251.41 | | 2025.07.09 | 30.00 | 6.560 | 6.560 | 196.80 | | 2025.07.08 | 20.10 | 6.640 | 6.640 | 133.46 | | 2025.07.07 | 30.00 | 6.570 | 6.570 | 197.10 | | 2025.07.04 | 32.60 | 6.430 | 6.420 | 209.58 | | 2025.07.03 | 11.00 | 6.500 | 6.500 | 71.50 | | 2025.07.02 | 30.00 | 6.540 | 6.540 | 196.20 | | 2025.06.30 | 30.00 | 6.580 | 6.580 | 197.40 | | 2025.06.23 | 45.00 | 6.430 | 6.390 | 288.15 | | ...

机构：中金公司 竞争超预期致商场同店零售额不及预期；大会员业务不及预期。 研究员：张宇/王翼羽/李佳璠/孙元祺 公司动态 公司近况 我们参与了11 月18-19 日华润置地及万象生活联合举办的资本市场开放活动，调研其东北及华北公司、 参访呼和浩特及太原商业与住宅项目、并与公司及属地管理层进行座谈。 评论 传统"城"与"汇"产品线精益求精。公司"一城多汇"战略在东北及华北多个区域已成功落位），我们本次 参访的呼和浩特万象城与太原万象城均为标杆型城市旗舰商业、零售额当地排名领先。其中呼市项目打 破核心区老百货聚集的传统格局、为城市注入新场景与活力，7 月开业实现出租率与开业率双100%、 引入近200 家内蒙区域首店、开业六日零售额突破1 亿元；太原项目每年店铺更新率近30％、新进品牌 中近50％为首店，开业7 年来不断升级品牌组合、实现零售额持续较快增长。 非标产品持续创新。我们本次参访的太原钟楼街为华润万象2021年接管的当地区属平台公司项目。万象 生活充分融合历史古迹与商业消费，实现商户级次升维、老字号焕新、本地品牌孵化，项目入选商务 部"全国示范步行街"创建名单、2025 年初至今零售额同比增近两成。展望 ...

Group 1 - The company has appointed Ms. Fu Meixin as the company secretary and authorized representative as per Listing Rule 3.05, effective from November 21, 2025, until the end of the third board term [1] - Mr. Huang Jiayi and Mr. Li Jianwei have resigned from their positions as co-company secretaries, with Mr. Huang also resigning as the authorized representative under Listing Rule 3.05, effective from November 21, 2025 [1]

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

| | | | | 忠诚 规矩 清正 | 输入查询内容 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 严谨 | 专业 担当 | | | 首页 | 综合动态 | 采购大厅 | 服务大厅 | 政策法规 | 监督管理 | 培 | | and and the commend of 姓名 | 身份证号码 | 人员类型 | | --- | --- | --- | | 邓秋生 | 421***********355 | 法定代表人 | | 王利廷 | 132*************810 | 授权代表 | | 具体违规情形: | 夸大企业业绩和产品性能 | | --- | --- | | 处理结果: | 根据军队供应商管理相关规定,禁止1年内参加全军物资工程服务采购活动的处理。在禁止期内，法定代表人邓秋生控股或管理 的其他企业禁止参加上述范围军队采购活动,授权代表王利兵禁止代理其他供应商参加上述范围军队采购活动。 | | 处罚生效范围(单位): | 全军 | | 处罚生效范围(品种)： | 全品种 | | 禁止开始时间: | 2025-11-20 | ...

在项目层级，灵石通过对中央空调等关键用能设备实施能效优化以降低能耗，并在园区层面构建融合光 伏、储能、充电的微电网，提升清洁能源渗透率。同时，依托V2G技术，将电动汽车集群转化为楼宇的 柔性储能单元，实现双向能量互动。在此基础上，灵石进一步将城市内部分散的楼宇与园区能源单元进 行聚合，形成可参与电网统一调度的虚拟电厂。与此同时，灵石平台已完成国内4367个园区与2461个商 业项目的碳数据接入，并运用区块链技术构建可信碳核算体系，为城市碳中和提供精准数据支撑。 值得关注的是，万物云依托其边缘算力与空间场景的独特优势，发起"零碳伙伴计划"，已联合隆基绿能 等新能源龙头企业，并整合深圳市建筑科学研究院、华夏认证、碳阻迹、树图科技、万睿科技等国内领 先机构，覆盖从虚拟电厂建设、碳核算认证、区块链存证，到新能源项目EPCO的全周期、全要素解决 方案能力。 实践层面，灵石系统已在中国多个项目中验证其有效性。以上海金色榴乡园、深圳创智云、上海国际传 媒港等为代表的应用案例，先后入选国家级碳中和示范项目，并两次亮相联合国气候大会。 业内人士分析认为，在"十五五"规划明确提出"美丽中国建设取得新的重大进展"的背景下，万物云灵 ...

联合国气候变化大会第三十次缔约方会议（COP30）正在巴西举行。11月19日，在COP30中国角举办 的"中国企业日"主题边会上，万物云向全球企业展示基于数字化手段的城市碳中和管理实践，折射出中 国企业在应对气候变化中，从技术追随者向解决方案输出者与生态构建者的战略转型。 作为科技驱动、低碳引领的不动产服务商，万物云灵石定位为不动产管理的AI大脑，具备GPU扩展能 力，搭载了万物云基于多年空间运营经验研发的核心服务和应用，通过集成AI算法与物联网设备，可 实时分析处理视频流、能源流、地理信息流、信息流、算力流等五种数据流，实现建筑能耗优化、能碳 托管、风险预警、工单响应等全流程自动化，赋能不动产全生命周期的智慧绿色运营。 伴随中国"双碳"战略的持续推进，市场对节能降碳的需求日益增强。基于在全国近万个项目的服务经 验，万物云洞察到建筑减排潜力巨大，却因分布零散、结构复杂，难以形成规模化、可持续的减碳商业 模式。针对这一痛点，灵石的能源模块构建了"能源流"与"碳数据流"双轨协同的管理体系。 在项目层级，灵石通过对中央空调等关键用能设备实施能效优化以降低能耗，并在园区层面构建融合光 伏、储能、充电的微电网，提升清洁 ...

扬州市场监管部门提醒，市民如发现小区物业存在类似的收费不规范问题，可及时拨打12315热线投诉 举报，依法维护自身权益。 据介绍，江都区市场监管局根据投诉举报线索，对江都一小区进行检查，发现该小区物业公司在地下车 库入口处无临时停车收费标准及价格相关内容公示的情况下，收取临时停车费。该物业公司未明码标价 收取临时停车费的行为，违反了相关法律法规。江都区市场监管局依法对该物业公司进行立案查处，作 出没收违法所得，并处罚款5000元以下的行政处罚决定。 据了解，景区市场监管局根据投诉举报线索，对景区一小区进行检查，发现该小区物业公司2022年5月 —2024年5月未执行相关规定，对一楼以下没有专有(产权、使用权)面积的一楼住户违规收取电梯运行 费。景区市场监管局对该物业公司的违法违规行为进行了立案查处，作出没收违法所得并处罚款的行政 处罚，并督促该物业公司在规定期限内退还业主费用共计58625.58元。 扬子晚报网11月20日讯(通讯员扬市监记者陈咏)记者20日从扬州市场监管部门获悉，为规范物业管理服 务市场秩序，切实保障业主合法权益，今年以来，该市市场监管系统聚焦小区物业管理服务收费领域突 出问题，开展专项整治 ...

Core Insights - China Resources Beer has initiated a strategic partnership with China Resources Vientiane Life to expand its sales of liquor products, particularly focusing on the residential, office, shopping center, and industrial park sectors [1][4] Group 1: Partnership Details - The partnership aims to leverage the extensive customer base of China Resources Vientiane Life, which serves over 2 million households and 200 office buildings nationwide, providing a significant market for China Resources' liquor products [3] - The collaboration will focus on two main areas: developing customized liquor products and enhancing marketing efforts through integrated online and offline resources [4] Group 2: Market Context - The liquor industry is facing pressure for deeper adjustments in demand, prompting companies to explore new sales channels for growth [4] - Other liquor companies, such as Guotai Liquor, have also partnered with property management firms to enhance customer reach and create additional revenue streams [5] Group 3: Strategic Timing - The decision to leverage property management customer resources for liquor sales comes after a period of internal restructuring within China Resources, aligning the interests of its various business units [6] - Previously, China Resources' liquor products primarily relied on traditional distribution channels, but the new strategy aims to directly engage high-end customer segments [6]

Core Viewpoint - The "Sunshine Neighbor Festival" IP launched by Ocean Group's Ocean Service has successfully debuted, creating warm community memories from Jinan to Dalian through various neighborly events [1][4][34]. Group 1: Event Highlights - The Jinan station of the "Sunshine Neighbor Festival" attracted nearly 300 residents, showcasing the "neighbor" concept effectively [2]. - Traditional games such as tug-of-war and sugar painting engaged many residents, fostering connections among neighbors [11]. - The event featured a flea market where residents exchanged items, enhancing community interaction [6][8]. Group 2: Community Engagement - The event received high praise from local officials, highlighting the successful construction of harmonious neighborly relationships through community activities [4]. - The festival included a dumpling banquet in Dalian, emphasizing regional characteristics and collaboration among neighbors [19]. - Residents shared homemade dishes, creating a communal dining experience that strengthened neighborly bonds [23]. Group 3: Cultural Significance - The festival is part of a broader initiative to enhance community culture, with previous events during National Day and Mid-Autumn Festival laying the groundwork for neighborly connections [28][32]. - Ocean Service aims to continue developing community culture, positioning itself as a connector of community emotions rather than just a service provider [34]. - The "Sunshine Neighbor Festival" is envisioned as a sustainable community IP that will evolve and provide ongoing support for neighborly relationships [35].