4月28日，华润置地重庆"时代奔涌 我们重回江岸"2025宸系战略暨嘉宸产品线上发布会举行，围绕"极 核、艺术、高配、先进、大师、恒产"六大高端市场需求的核心关键词，华润置地重庆首次公布了宸系 战略标准。 发布会上，华润置地重庆设计管理部总监曾懋麟，从建筑观、设计观、环境观、服务观、社群观、品牌 观等6大高质人居内核，以及其下的18项标准、100+细节的好房子营造体系，为市场呈递了一份华润置 地的答卷。 华润置地重庆公司负责人殷显焕表示，华润置地入渝18载，始终与重庆同频共振。先后布局九龙坡、中 央公园、观音桥等城市核心区，以两座万象城链接城市、提升城市消费能级；以14个高品质楼盘、链接 17万客户，打造贯穿全生命周期的温暖陪伴。从客户需求及体验出发，以品质不断迭代美好生活场景。 (华润置地重庆) (注：此文属于人民网登载的商业信息，文章内容不代表本网观点，仅供参考。) 嘉宸意境图。华润置地重庆供图 作为此次发布会的重头戏，嘉宸项目的亮相备受关注。华润置地重庆营销管理部总监马健从生态共生、 湾流艺术、视野平权、自然记忆、生机动线、松弛空间6个方面，为市场诠释何为嘉宸"江岸体系"。并 以"江颂、江阙、江印"为主 ...

来源：环球网 4月28日，华润置地重庆"时代奔涌 我们重回江岸"2025宸系战略暨嘉宸产品线上发布会，以一次充满江 岸情怀与时代远见的探索，揭开重庆高端人居的未来图景。 六大宸系标准开启华润置地重庆高端战略 华润置地重庆公司负责人殷显焕表示，华润置地已入渝18载，始终与重庆同频共振。先后布局九龙坡、 中央公园、观音桥等城市核芯区，以两座万象城链接城市、提升城市消费能级；以14个高品质楼盘、链 接17万客户，打造贯穿全生命周期的温暖陪伴。从客户需求及体验出发，以品质不断迭代美好生活场 景。 （重庆万象城实景合成图） 其中，住宅开发经历精品高层、大平层、平墅、四代宅等三代产品的沉淀迭代，华润置地重庆再一次发 起一场高端人居革命。基于超5000组高净值家庭的数据调研及分析，最终带来了匹配高端人居体验的宸 系作品。 此次发布会上，围绕"极核、艺术、高配、先进、大师、恒产"六大高端市场需求的核心关键词，华润置 地重庆首次公布了宸系战略标准，重新定义重庆高端人居理想。 发布会上，华润置地重庆设计管理部总监曾懋麟，从建筑观、设计观、环境观、服务观、社群观、品牌 观等6大高质人居内核，以及其下的18项标准、100+细节的好房 ...

董事 執行董事 李 欣（主席） 郭世清 獨立非執行董事 品質給城市 更多改變 Better Quality Better Life 目錄 CONTENTS | 公司資料 | 2 | 董事會報告 | 110 | | --- | --- | --- | --- | | Corporate Information | | Report of the Directors | | | 集團架構 | 3 | 獨立核數師報告書 | 137 | | Group Structure | | Independent Auditor's Report | | | 全國佈局及業績亮點 | 4 | 綜合損益表 | 147 | | Nationwide Presence and Results Highlights | | Consolidated Statement of Profit or Loss | | | 主要投資物業 | 6 | 綜合損益及其他全面收益表 | 148 | | Major Investment Properties | | Consolidated Statement of Profit or Loss and ...

截至2025年4月25日 10:12，恒生港股通高股息率指数(HSSCHKY)上涨0.85%，成分股华润置地(01109)上涨4.64%，中国海外发展(00688)上涨3.76%，中国宏 桥(01378)上涨3.09%，恒隆地产(00101)上涨2.59%，长和(00001)上涨2.44%。港股红利ETF博时(513690)上涨1.20%，最新价报0.93元。流动性方面，港股红 利ETF博时盘中换手0.44%，成交1661.97万元。拉长时间看，截至4月24日，港股红利ETF博时近1年日均成交7895.66万元。 近日国务院常务会议召开，研究稳就业稳经济推动高质量发展的若干举措。会议指出，要持续稳定股市，持续推动房地产市场平稳健康发展。 中邮证券指出，从基本面来看，新房成交量近几周略有下滑，二手房挂牌价仍在下跌，行业仍在探底阶段，但从历史经验来看，地产板块上涨一般提前于基 本面企稳，叠加近期地产增量政策预期较强，在4月底重要会议及关键措施落地前，地产板块仍有望实现超额收益。 港股红利ETF博时紧密跟踪恒生港股通高股息率指数，恒生港股通高股息率指数旨在反映可通过港股通买卖的香港上市且拥有高股息证券的整体表现。 ...

证券研究报告 | 2025年04月22日 华润置地（01109.HK） 优于大市 开发业务保持行业领先，投资物业经营状况良好 核心净利润同比-8%，经常性业务贡献占比提升。2024 年，公司实现营业收 入 2788 亿元，同比+11%，其中经常性业务收入 416 亿元，同比+7%，占比 15%； 实现核心净利润 254 亿元，同比-8%，其中经常性业务贡献核心净利润 103 亿元，同比+8%，占比 41%，同比提升 6pct。2024 年，公司核心净利率 9.1%， 同比下降 1.9pct，主要因为毛利率 21.6%，同比下降了 3.6pct；其中，开发 销售型业务毛利率下降 3.9pct 至 16.8%，而经营性不动产业务的毛利率提升 0.4pct 至 70.0%，助力公司稳健经营。2024 年，公司每股派息 1.32 元，全 年派息率连续多年保持在 37%。 开发销售型业务经营稳健。2024 年，公司开发销售型业务收入 2372 亿元， 同比+12%；签约销售额 2611 亿元，同比-15%，其中一二线城市销售额占比 90%，权益销售额占比 69%；销售额行业排名第 3，同比提升 1 个名次，市占 率 2 ...

金十数据4月11日讯， 交银国际发报告指，根据克而瑞的初步数据，2025年3月前百开发商的全口径销 售总额环比提升73.9%至3445亿元人民币。23家主要上市开发商3月销售环比增67.6%。其中多数开发商 较去年同期跌幅均有所收窄。该行认为政策重心已从短期救市逐渐转向长效机制建设。预计"银四"市场 或将持续修复。二级市场的需求将持续改善，一级市场将维持基本稳定。买家料继续偏好国企项目，继 续看好华润置地(01109.HK)和越秀地产(00123.HK)，均评级"买入"。 交银国际：内房料后续楼市持续恢复 看好华润置地等 ...

Core Viewpoint - The Yunlu Ecological Protection Fund has been officially launched to support ecological conservation and educational initiatives in the Yunlu area and wetland parks, aiming to create a sustainable model for ecological civilization in Shunde [1][3]. Group 1: Fund Establishment and Objectives - The Yunlu Ecological Protection Fund is co-founded by the Shunde District Ecological Environment Bureau and the Shunde Charity Association, with participation from various local organizations and companies [3]. - The fund aims to explore long-term mechanisms for ecological protection and education, encouraging more social capital to invest in environmental conservation efforts [3]. Group 2: Ecological Significance of Yunlu Area - The Yunlu area is a key development zone in Shunde, featuring the "Bird Paradise" which spans approximately 90 acres and hosts a diverse range of bird species, including 22 types of water birds and 30 types of forest birds, totaling around 30,000 birds [2]. - The area has recently welcomed over 30 national first-class protected animals, the Oriental White Stork, marking a significant ecological milestone for Shunde [2]. Group 3: Challenges and Solutions - The construction of the wetland park faces challenges such as insufficient operational funding, inadequate biodiversity protection facilities, and low public awareness and participation in ecological importance [2]. - The establishment of the Yunlu Ecological Protection Fund aims to address these challenges through a collaborative approach involving government, enterprises, and society [2][3]. Group 4: Future Development Plans - The fund will focus on ecological protection and restoration, research monitoring, public engagement, and sustainable development initiatives [3]. - The Shunde District government plans to accelerate the comprehensive development of the Yunlu area, enhancing its urban environment and development capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 278.8 billion yuan for 2024, representing an 11.0% year-on-year growth, while the net profit attributable to shareholders decreased by 18.5% to 25.6 billion yuan [1][2] - The company's gross margin decreased by 3.6 percentage points to 21.6%, primarily due to a decline in the gross margin of the development business [2] - The core net profit attributable to shareholders was 25.4 billion yuan, down 8.5% year-on-year, with recurring business contributing 10.3 billion yuan, reflecting an 8.2% increase [2] Revenue and Profitability - The real estate development business generated revenue of 237.2 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.7 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [2] - The company expects the development gross margin to remain at a bottoming stage in 2025 [2] Sales Performance - The total sales amount for 2024 was 261.1 billion yuan, a decrease of 15.0%, with first-tier cities (including Hong Kong) contributing 38% of sales, an increase of 9 percentage points year-on-year [3] - The company focused on core cities and projects, with new equity investments totaling 52.6 billion yuan, and 94% of investments concentrated in first and second-tier cities [3] Shopping Center Operations - The company opened 16 new shopping centers in 2024, with retail sales increasing by 19.2% to 195.3 billion yuan, and same-store sales growth of 4.6% [3] - Rental income grew by 8.4% to 19.3 billion yuan, maintaining a rental-to-sales ratio of 12.2% and an operating profit margin of 61%, the highest in five years [3] Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 55.6% and a net debt ratio of 31.9%, indicating a stable financial position [4] - The comprehensive financing cost decreased by 45 basis points to 3.11%, reflecting a strong credit advantage [4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 26.25 billion yuan and 28.15 billion yuan, respectively, with a new forecast for 2027 at 28.93 billion yuan [4] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 6.5 for 2025, 6.0 for 2026, and 5.9 for 2027, indicating a solid valuation given the company's financial stability and core land reserves [4]

Core Insights - Leading real estate companies, China Overseas Land & Investment (COLI) and China Resources Land, are facing challenges in achieving expected growth despite their market positions as top players in the industry [1][2] - Both companies are exploring growth opportunities beyond traditional development, focusing on operational business and service quality [2][6] Financial Performance - In 2024, COLI reported a contract sales amount of 310.69 billion yuan, a slight increase of 0.3% year-on-year, with a sales area of 11.49 million square meters, down 14% [1] - COLI's net profit for 2024 was approximately 17.787 billion yuan, a decline of 34.24% year-on-year, with attributable net profit down 38.95% to about 15.636 billion yuan [1] - China Resources Land achieved contract sales of approximately 261.1 billion yuan in 2024, a decrease of 15% year-on-year, while its total revenue reached 278.799 billion yuan, an increase of 11% [1][3] - The attributable net profit for China Resources Land was 25.577 billion yuan, down 18.45% year-on-year [1][3] Profitability Trends - Both companies have seen significant fluctuations in profitability, with COLI's operating revenue dropping from 202.52 billion yuan in 2023 to 185.15 billion yuan in 2024, and a gross margin decline of 2.62 percentage points to 17.7% [3][4] - China Resources Land's gross margin also decreased by 3.6 percentage points to 21.6%, with its development sales gross margin at 16.8%, down 3.9% [3][4] Strategic Focus - Both companies are maintaining investment intensity while focusing on high-tier cities, with China Resources Land emphasizing a strategy of urban concentration and optimization of resources [4][6] - COLI plans to continue its investment strategy in first-tier and strong second-tier cities, with a focus on project certainty and cash flow [4][7] Transition to Operational Business - China Resources Land has established a strong operational business model, contributing significantly to its profits, with recurring revenue reaching 41.6 billion yuan in 2024, up 6.6% year-on-year [6][7] - COLI is in the process of developing its operational business, with commercial revenue of 7.13 billion yuan in 2024, a year-on-year increase of 12.1% [6][7] Future Outlook - China Resources Land aims for its recurring income to contribute over 45% to core net profit by 2025, with a long-term goal of achieving a balanced contribution of around 50% from both development and operational businesses [6][7] - COLI is expected to enhance its operational income and profit levels as quality properties come into operation, while also planning to establish public REITs [7][8]

Investment Rating - The report gives a "Strong Buy" rating for China Resources Land (01109.HK) with a target price of HKD 34.86 per share, indicating a potential upside from the current price of HKD 25.9 [1][3]. Core Views - The report highlights that the increase in the proportion of recurring business profits supports the stability of the company's performance and shareholder returns. The operational real estate business, primarily focused on shopping centers, has sustainable growth potential both internally and externally. The gross profit margin of the development and sales business may gradually stabilize, and the ongoing transformation towards asset management is viewed positively. The company is expected to achieve earnings per share (EPS) of CNY 3.30, CNY 3.50, and CNY 3.89 for 2025, 2026, and 2027, respectively, with year-on-year changes of -8%, +6%, and +11% [1][12]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of CNY 278.8 billion, a year-on-year increase of 11%. However, the net profit attributable to shareholders decreased by 18% to CNY 25.58 billion, primarily due to a decline in gross profit margins from development sales [2][12]. - The company’s core net profit for 2024 is projected to be CNY 25.4 billion, reflecting a 9% decline year-on-year. The revenue breakdown shows that the development sales business, operational real estate business, light asset management business, and ecosystem factor business generated revenues of CNY 237.15 billion, CNY 23.3 billion, CNY 12.13 billion, and CNY 6.22 billion, respectively, with year-on-year growth rates of 12%, 5%, 14%, and 1% [2][10]. - The overall gross profit margin decreased by 3.6 percentage points to 21.6%, with the development sales business gross margin dropping by 3.9 percentage points to 16.8%. In contrast, the operational real estate business gross margin increased by 0.4 percentage points to 70% [2][10]. Business Segment Insights - The shopping center segment opened 16 new centers in 2024, with retail sales and rental income continuing to grow. The company plans to maintain a stable opening pace over the next four years, which is expected to support rental income growth [8][10]. - The office rental income decreased by 9% to CNY 1.9 billion, with an occupancy rate dropping by 7 percentage points to 75% [9]. - Hotel revenue also saw a decline of 11% to CNY 2.1 billion, with a slight increase in occupancy rate to 64% [9]. Asset Management and Financial Health - The company’s asset management scale reached CNY 462.1 billion, an 8% increase year-on-year, with shopping centers contributing CNY 297.9 billion to this total [11][12]. - The debt structure has been optimized, with a weighted average financing cost of 3.11%, a decrease of 45 basis points year-on-year. The net interest-bearing debt ratio stands at 31.9% [12][12]. Dividend and Shareholder Returns - The core net profit distribution rate is maintained at 37%, with a proposed final dividend of CNY 1.119 per share, resulting in an estimated dividend yield of approximately 5.5% based on the report's release date closing price [12][12].