(文/解红娟 编辑/张广凯） 上海大宗交易市场的成交金额已连续四年呈现下滑态势。 近日，戴德梁行发布2025上海房地产大宗交易市场报告，报告指出，2025年上海大宗交易市场共录得75宗、共计424亿元成交，同比均下降约40%，成交金 额连续四年收窄。其中，2025年第四季度市场延续低迷态势，录得14宗、共计67亿元成交，金额同比下降63%、环比下降57%。 行业周期性调整之下，资产成交价格进入低位区间。2025年上海大宗市场单宗成交均价约5.6亿元，四季度降至4.8亿元。全年成交额小于3亿元的宗数有38 笔，宗数占比超50%。 2025年12月底，京投发展宣布以0元收购TrillionFullInvestmentsLimited持有的上海礼仕45%股权，同时以3500万元受让复地集团对上海礼仕的2.09亿元债权。 交易完成后，京投发展对上海礼仕的持股比例升至100%，正式将这家由凯悦集团运营、亚洲首家安达仕品牌五星级酒店纳入版图。 此外，年内酒店板块还落地5宗大宗交易，均为总价低于3亿元的精品酒店项目，例如山东海鹏经济发展集团以2.05亿元收购上海虹桥国展中心亚朵酒店。 买家结构方面，内资买家持续占据绝对主导 ...

Core Insights - Kairoi Residential has acquired a prominent corner in LoHi for $39 million, planning to develop a 5-story, 429-unit apartment complex [2][3] - The purchase price was $231 per square foot for the 4 acres of land, which includes the site of the closed Residence Inn by Marriott hotel [2] - The estimated construction cost for the new apartment complex is projected at $65.6 million [2] Company Details - Kairoi Residential is based in San Antonio, Texas, and has previously developed six other projects in the local area, including Westminster and RiNo [4] - The company has recently closed on a development site in Lakewood, indicating ongoing expansion efforts [4] Market Context - The LoHi area is experiencing significant demand for apartment construction, with nearby projects including a 189-unit development by Carmel Partners and a 282-unit project by a new Aspen-based firm [5]

Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - **Sector**: Electrical Equipment - **Market Cap**: USD 3.648 billion - **Current Price**: HKD 15.53; **Target Price**: HKD 22.00 - **PE Ratio**: 10.7; **PB Ratio**: 1.6; **ROE**: 16.2% - **Key Points**: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - **Sector**: Auto Components - **Market Cap**: USD 14.901 billion - **Current Price**: CNY 8.44; **Target Price**: CNY 11.00 - **Key Points**: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - **Sector**: Electric Utilities - **Market Cap**: USD 8.753 billion - **Current Price**: CNY 15.35; **Target Price**: CNY 20.40 - **Key Points**: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - **Sector**: Internet Software & Services - **Market Cap**: USD 48.707 billion - **Current Price**: USD 74.52; **Target Price**: USD 90.00 - **Key Points**: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - **Sector**: Commercial Banks - **Market Cap**: USD 54.013 billion - **Current Price**: HKD 39.70; **Target Price**: HKD 45.20 - **Key Points**: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - **Sector**: Internet Software & Services - **Market Cap**: USD 8.999 billion - **Current Price**: INR 1,734.70; **Target Price**: INR 2,250.00 - **Key Points**: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - **Sector**: Real Estate Management & Development - **Market Cap**: USD 6.904 billion - **Current Price**: INR 1,714.80; **Target Price**: INR 2,110.00 - **Key Points**: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - **Sector**: Multiline Retail - **Market Cap**: USD 1.482 billion - **Current Price**: KRW 79,000.00; **Target Price**: KRW 120,000.00 - **Key Points**: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - **Sector**: Technology - **Market Cap**: Not specified - **Current Price**: TWD 169.00; **Target Price**: TWD 305.00 - **Key Points**: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - **Sector**: Transport & Logistics - **Market Cap**: Not specified - **Current Price**: PHP 558.50; **Target Price**: PHP 630.00 - **Key Points**: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - **Sector**: Real Estate Management & Development - **Market Cap**: Not specified - **Current Price**: SGD 7.43; **Target Price**: SGD 11.00 - **Key Points**: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - **Sector**: Retail - **Market Cap**: Not specified - **Current Price**: IDR 1,895.00; **Target Price**: IDR 2,900.00 - **Key Points**: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]

Occupying a prized parcel of land once home to the legendary 400-room Potter Hotel is the recently reimagined and rebranded hotel The Milo. Located on famed Cabrillo Boulevard, the 121-room beachfront property has undergone a floor-to-ceiling renovation, along with a refresh of its outdoor communal spaces. https://t.co/dz9ABUgFNy ...

Occupying a prized parcel of land once home to the legendary 400-room Potter Hotel is the recently reimagined and rebranded hotel The Milo. Located on famed Cabrillo Boulevard, the 121-room beachfront property has undergone a floor-to-ceiling renovation, along with a refresh of its outdoor communal spaces. https://t.co/dz9ABUgFNy ...

Occupying a prized parcel of land once home to the legendary 400-room Potter Hotel is the recently reimagined and rebranded hotel The Milo. Located on famed Cabrillo Boulevard, the 121-room beachfront property has undergone a floor-to-ceiling renovation, along with a refresh of its outdoor communal spaces. https://t.co/dz9ABUgFNy ...

Core Insights - Merko Ehitus reported a revenue of EUR 74 million in Q3 2025 and EUR 242 million for the first nine months, with a net profit of EUR 15 million for Q3 and EUR 36.7 million for the nine-month period, indicating a significant increase in the number of apartments and commercial premises handed over compared to the previous year [1][2][3] Financial Performance - The pre-tax profit for the first nine months of 2025 was EUR 40.2 million, with a pre-tax profit margin of 16.6%, an increase from 13.1% in the same period of 2024 [10] - Net profit attributable to shareholders for the first nine months of 2025 was EUR 36.7 million, down from EUR 44.8 million in 2024, with a net profit margin of 15.2% compared to 11.8% in the previous year [10][11] Revenue Analysis - Revenue for Q3 2025 was EUR 73.9 million, a decrease from EUR 175.1 million in Q3 2024, while the nine-month revenue decreased by 36.1% year-on-year [11] - The share of revenue earned outside Estonia was 47.4% for the first nine months of 2025, down from 60.1% in the same period of 2024 [11] Order Book and Contracts - As of September 30, 2025, the secured order book stood at EUR 486 million, an increase from EUR 430.9 million in 2024, with new contracts signed amounting to EUR 323 million in the first nine months [12] - Major contracts included the Rail Baltica Ülemiste terminal and the Rail Baltica mainline section, indicating a focus on large-scale infrastructure projects [6][12] Real Estate Development - In the first nine months of 2025, Merko sold 315 apartments, up from 194 in the same period of 2024, generating EUR 59.7 million in revenue from these sales [13] - The company started construction on 771 new apartments and 21 commercial units, with a significant portion located in Vilnius, which remains the most active market [7][13] Market Conditions - The real estate market is most active in Lithuania, with improved conditions in Estonia and a slight upward trend in Latvia [3] - The construction market is characterized by intense competition and low service margins, with a historical high in unfinished construction work [4] Cash Position - As of September 30, 2025, the company had EUR 34.3 million in cash and cash equivalents, with equity amounting to EUR 257.3 million, representing 64.4% of total assets [14]

Financial Data and Key Metrics Changes - The company raised its full-year AFFO guidance, expecting mid-5% year-over-year growth, which is among the highest in the net lease sector [4] - AFFO per share for Q3 was $1.25, a 5.9% increase compared to the same quarter last year [13] - The company expects full-year AFFO to total between $4.93 and $4.99 per share, implying 5.5% year-over-year growth at the midpoint [14] Business Line Data and Key Metrics Changes - Year-to-date investment volume reached $1.65 billion with a weighted average initial cap rate of 7.6% [8] - Same-store rent growth for the quarter was 2.4% year-over-year, with expectations for full-year growth around 2.5% [16] - The company completed sales of 37 operating self-storage properties and one student housing property this year [18] Market Data and Key Metrics Changes - The company noted a significant number of opportunities in the U.S. market, while also increasing investment volume in Europe [9] - The investment split between North America and Europe was closer to 50/50 in Q3, indicating increased activity in Europe [45] - The company expects to maintain attractive spreads between investments and dispositions, estimating overall spreads of approximately 150 basis points for the year [15] Company Strategy and Development Direction - The company plans to allocate more capital to capital projects, which historically averaged around 10%-15% of annual investment volume [11] - The company aims to continue generating double-digit total shareholder returns in 2026 through a combination of AFFO growth and dividend yield [24] - The company is focused on maintaining a strong pipeline of transactions, with several hundred million dollars currently in process [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum into 2026, citing a strong transaction environment and lower interest rate volatility [7] - The company has visibility into total rent loss of about $7 million for the year, which is lower than previous estimates [18] - Management noted that the broader credit quality has improved, allowing for strong earnings growth despite ongoing caution [40] Other Important Information - The company ended Q3 with liquidity totaling about $2.1 billion, providing flexibility for future investments [21] - The company increased its quarterly dividend by 4% year-over-year to $0.91 per share, supported by earnings growth [21] Q&A Session Summary Question: Update on operating self-storage asset sales and non-core capital sources for next year - Management indicated that equity will play a larger role in funding next year, with dispositions reverting to a more typical run rate [28][29] Question: Competition from private net lease platforms - Management acknowledged increased competition, particularly from private equity players, but noted that their experience and track record provide a competitive advantage [31][32] Question: Status of Hellweg leases and planned store takebacks - Management reported progress in reducing exposure to Hellweg, with several leases signed and sales expected to close soon [36][37] Question: Insights on the investment pipeline and geographic split - Management highlighted a strong near-term pipeline with a mix of U.S. and European investments, noting increased activity in Europe [45][46] Question: Sustainability of same-store rent growth amid inflation changes - Management expects contractual same-store growth to remain strong, supported by higher fixed increases on new investments [53] Question: Cap rate expectations and differences between U.S. and Europe - Management noted that cap rates have remained stable, with slight tightening expected in Europe due to earlier rate stabilization [80] Question: Visibility on 2026 and 2027 lease expirations - Management confirmed that virtually all expiring ABR for 2026 and 2027 is actively being worked on, with manageable levels of expirations [109]

Company Overview - MGM Resorts International has a market cap of $8.8 billion and operates iconic resorts including Bellagio, MGM Grand, Mandalay Bay, and The Mirage, through four segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital [1] Q3 2025 Earnings Expectations - The company is expected to announce its Q3 2025 results on October 29, with analysts predicting an adjusted EPS of $0.42, a decrease of 22.2% from $0.54 in the same quarter last year [2] - MGM Resorts has exceeded Wall Street's earnings estimates in three of the last four quarters, missing on one occasion [2] Fiscal 2025 and 2026 Projections - For fiscal 2025, analysts anticipate an adjusted EPS of $2.43, down 6.2% from $2.59 in fiscal 2024, but expect a year-over-year growth of 14.8% to $2.79 in fiscal 2026 [3] Stock Performance - MGM Resorts shares have declined by 18.4% over the past 52 weeks, underperforming the S&P 500 Index's gain of 16.8% and the Consumer Discretionary Select Sector SPDR Fund's increase of 19.2% [4] Recent Earnings Report - In Q2 2025, MGM reported an adjusted EPS of $0.79 and revenue of $4.4 billion, but shares fell 3.8% the following day despite beating estimates [5] - Adjusted EPS decreased from $0.86 a year earlier, with Las Vegas Strip revenues dropping 4% to $2.11 billion and EBITDAR down 9% due to room remodel disruptions and lower table games hold [5] - MGM Digital experienced a larger EBITDAR loss of $25.7 million, raising concerns among analysts [5] Analyst Ratings - The consensus view on MGM stock is cautiously optimistic, with a "Moderate Buy" rating from 20 analysts: 11 recommend "Strong Buy," 8 suggest "Hold," and 1 advises "Strong Sell" [6] - The average analyst price target for MGM Resorts is $47.20, indicating a potential upside of 46.4% from current levels [6]

Core Viewpoint - MGM Resorts International has experienced a significant decline in stock value, with a cumulative loss of -9.4% over the past seven days, raising questions about the potential for a rebound or further decline [1][4]. Financial Performance - The company has lost approximately $926 million in market value during the last week, bringing its current market capitalization to about $9.8 billion [4]. - Despite the recent downturn, MGM's stock remains 3.8% above its value at the end of 2024, while the S&P 500 has shown year-to-date returns of 11.1% [4]. Business Operations - MGM has faced challenges in its Las Vegas operations, particularly due to room remodel impacts at the MGM Grand and weaker performance in table games [3]. - However, these issues have been somewhat mitigated by stronger performance in the international market and growth in the digital segment [3]. Market Sentiment - The ongoing losing streak may indicate shifting investor sentiment or deeper concerns regarding the company's fundamentals, suggesting that sustained weakness could either signal further downside or present a buying opportunity if the fundamentals remain intact [5][6].