在任16年的集团行政总裁因退休离任，领展房产基金（HK00823，股价35.2港元，市值915亿港元）宣布开启全球征聘程序。 2026年1月2日，领展房产基金公告称，集团首席投资总裁宋俊彦获委任为执行董事，与执行董事兼集团首席财务总裁黄国祥共同组成临时领导架构。在新任 集团行政总裁获委任前，二人向董事会主席欧敦勤及主席委员会汇报。 去年7月，领展房产基金宣布，集团行政总裁王国龙决定退休离开公司，董事会展开全面的甄选程序，物色合适继任人，领导集团的下一阶段发展，王国龙 将在过渡期间协助集团顺利交接。根据最新公告，王国龙已在去年12月31日正式离任。 今年64岁的王国龙是新西兰籍，2009年入职领展前身领汇，担任首席财务总监，之后升任CEO，负责统筹集团战略发展及业务运营。在他掌舵期间，领展实 现了广州天河领展广场等内地项目的资产优化，以及上海新天地企业天地项目、北京京通罗斯福广场、上海七宝万科中心等多项重大资产并购。 号称亚洲最大REIT的领展房产基金主要在香港及内地一线城市，以及新加坡、澳洲等地管理商场和停车场。 截至去年9月底的半年度财报，领展总收益及物业收益净额分别为70.23亿港元及51.78亿港元，同 ...

Core Viewpoint - The article emphasizes the importance of "system integration" in boosting consumption and improving investment efficiency, highlighting the interconnectedness of consumption, investment, and overall economic operation [2][3]. Group 1: Economic Policy and Investment - The current macroeconomic policy is characterized by proactive fiscal measures and moderately loose monetary policy, focusing on "effective investment" to expand domestic demand [4][7]. - Government investment should target major strategic implementations and key areas of security capability, which will enhance economic vitality and create jobs [4][6]. - There is a misconception that government investment opportunities are saturated; however, numerous effective investment projects are available, particularly in urban infrastructure and disaster prevention [6][7]. Group 2: Employment and Economic Growth - Effective investment projects initiated by the government can immediately create job opportunities and stimulate market demand, akin to the "New Deal" approach [7][11]. - Long-term benefits of effective investment include structural optimization and enhanced economic resilience, contributing to national security and social stability [7][8]. Group 3: Comprehensive Performance and Externalities - The effectiveness of government investment should be evaluated beyond traditional cost-benefit analysis, considering the broader positive externalities and comprehensive performance of projects [8][9]. - Examples such as the Qinghai-Tibet Railway illustrate that some projects may not yield immediate financial returns but provide significant long-term national benefits [8][9]. Group 4: Systematic Approach to Government Investment - Government investment should be viewed as a systematic project, requiring a combination of policy direction, project planning, funding allocation, and quality management [11]. - Successful government investment involves a series of interconnected processes, including feasibility studies and post-completion maintenance, to ensure comprehensive effectiveness [11].

Core Viewpoint - The company has signed management service contracts with seven subsidiaries of its indirect controlling shareholder, Xiangyuan Holdings Group, to enhance operational efficiency and profitability in the tourism sector [1][2]. Group 1: Management Service Contracts - Zhejiang Yuankun Tourism will provide management services to seven companies, focusing on ticket sales, amusement parks, commercial operations, and parking services [1]. - The total management service fee is expected to range from 22.5 million to 38.25 million yuan, with a service period extending until December 31, 2027 [1]. Group 2: Strategic Implications - The transaction aims to leverage the company's comprehensive operational management capabilities in tourism, enhancing the operational efficiency of the controlling shareholder's tourism assets [2]. - The company is committed to a strategy of cultural and tourism integration, expanding its business footprint with a rich resource base from its controlling shareholder, which operates over 40 cultural tourism projects nationwide [2]. Group 3: Financial Projections - The company is projected to achieve total revenues of 1.34 billion, 1.51 billion, and 1.74 billion yuan from 2025 to 2027, with year-on-year growth rates of 55%, 13%, and 15% respectively [2]. - The net profit attributable to the parent company is expected to reach 382 million, 460 million, and 544 million yuan for the same period, with year-on-year growth rates of 160%, 20%, and 18% respectively [2].

Investment Rating - The report maintains a "Buy" rating for Link REIT since March 31, 2023, with a target price of HK$48.00, representing a 17.4% upside from the current price of HK$40.90 [13][21]. Core Insights - Link REIT reported a headline net loss of -HK$8.9 billion for FY25, primarily due to a -HK$15.8 billion markdown in rental properties. However, the underlying profit grew by 13% year-on-year to HK$7 billion, aligning with expectations [1]. - The overall revenue for Link REIT increased by 4.8% year-on-year to HK$14.223 billion, with a notable contribution from non-rental ancillary income, which rose by 16% year-on-year [1][23]. - The rental portfolio valuation was marked down by 4.7% half-on-half to HK$226 billion, reflecting a 9.2% decline from its peak at the end of FY23 [2][23]. - Management anticipates ongoing pressure on rental reversion, guiding for a low-to-mid single-digit percentage decline in FY26E [18][22]. Summary by Sections Financial Performance - Link REIT's total revenue for FY25 was HK$14.223 billion, with a year-on-year growth of 4.8%. The revenue growth is expected to moderate to 3.2% in the second half of FY25 [1][23]. - The net property income (NPI) grew by 5.5% year-on-year to HK$10.6 billion, with a margin expansion to 74.7% [1][23]. - The group declared a final dividend per share (DPS) of HK$1.37, a 3.7% increase year-on-year, totaling HK$2.72 for the full year [2][23]. Rental Trends - Tenant sales showed signs of improvement, with a decline of -3% year-on-year in FY25, compared to -4.3% in the first half of FY25 [22]. - The rental reversion for the Hong Kong portfolio was negative at -2.2% for FY25, with management expecting continued challenges in rental reversion amid uncertain macroeconomic conditions [22]. M&A and Strategic Initiatives - Management is actively exploring M&A opportunities under the Link 3.0 strategy, with preparations already in place [19][22]. - The company has a treasury of approximately 17 million units, which could be utilized for funding potential acquisitions [19]. Market Position and Valuation - The stock offers a compelling valuation with a dividend yield of 6.7%, which is above the historical average spread over US treasury rates [21]. - The financial position remains healthy, with a slight increase in the net gearing ratio to 21.5% and an interest coverage ratio improved to 5x [17][22].