Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

(Incorporated in Hong Kong with limited liability) （在香港註冊成立之有限公司） （Stock Code 股份代號：81） NOTIFICATION LETTER 通知信函 16 September 2025 Dear Non-registered Shareholders(Note 1), China Overseas Grand Oceans Group Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the website of the Company at www.cogogl.com.hk (click "Announcements & Circulars" under ...

(Incorporated in Hong Kong with limited liability) （在香港註冊成立之有限公司） （Stock Code 股份代號：81） NOTIFICATION LETTER 通知信函 16 September 2025 Dear Registered Shareholders, China Overseas Grand Oceans Group Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the website of the Company at www.cogogl.com.hk (click "Announcements & Circulars" under "Investors" ...

Stock Code ٰ΅˾: 00081 董事局及委員會 執行董事 庄勇 （主席） 楊林 （行政總裁） 周漢成 （副總裁、首席合規官 兼總法律顧問） 2025 INTERIM REPORT ɚཧɚʞϋʕಂజѓ 7mm | 目錄 | 目錄 | Contents Contents | | | --- | --- | --- | --- | | 2 2 | 董事局及委員會 董事局及委員會 | 69 67 | BOARD OF DIRECTORS AND COMMITTEES BOARD OF DIRECTORS AND COMMITTEES | | 3 3 | 公司及股東資料 公司及股東資料 | 70 68 | CORPORATE AND SHAREHOLDERS' INFORMATION CORPORATE AND SHAREHOLDERS' INFORMATION | | 5 5 | 主席報告書 主席報告書 | 72 70 | CHAIRMAN'S STATEMENT CHAIRMAN'S STATEMENT | | 13 管理層討論及分析 | 13 管理層討論及分析 | 80 78 | MANAGEMENT ...

Core Viewpoint - The Chinese real estate sector is experiencing a collective decline, with significant drops in stock prices for major companies, driven by negative investment and sales data released by the National Bureau of Statistics [1] Group 1: Market Performance - Major real estate stocks such as Shimao Group, Zhongliang Holdings, Sunac China, and China Overseas Grand Oceans have seen declines of 4.71%, 3.41%, 3.21%, and 3.07% respectively [1] - As of the end of August, the total investment in real estate development reached 60,309 billion yuan, reflecting a year-on-year decrease of 12.9% [1] Group 2: Sales Data - From January to August, the sales area of new commercial housing was 57,304 million square meters, down 4.7% year-on-year, with residential sales area also decreasing by 4.7% [1] - The sales revenue for new commercial housing was 55,015 billion yuan, a decline of 7.3%, with residential sales revenue dropping by 7.0% [1] Group 3: Inventory and Market Dynamics - As of the end of August, the unsold inventory of commercial housing was 76,169 million square meters, which is a reduction of 3.17 million square meters compared to the end of July [1] - The report from CMB International indicates that the overall supply and demand in the housing market remain weak, with increasing differentiation between cities and projects [1] Group 4: Policy Impact and Future Outlook - August saw a focus on policies related to housing provident funds and easing restrictions, aimed at stimulating market activity [1] - The expectation for September is a traditional peak marketing season, where real estate companies may accelerate their sales efforts and increase discounts, particularly in core first-tier cities where favorable policies are being introduced [1]

Group 1 - The overall performance of the domestic real estate stocks has declined, with notable drops in companies such as Shimao Group down 4.71% and China Overseas Macro Group down 3.07% [1] - National Bureau of Statistics reported that from January to August, real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [1] - New residential sales area decreased by 4.7% to 57,304 million square meters, while the sales amount fell by 7.0% to 55,015 billion yuan [1] Group 2 - The real estate market remains soft due to prolonged hot weather, with increasing differentiation between cities and projects [2] - Recent policies aimed at stimulating the market include expanding the use of housing provident funds and relaxing purchase restrictions [2] - A traditional marketing peak is expected in September, with opportunities for real estate companies to accelerate project launches and increase discount offerings [2]

Core Viewpoint - China Overseas Grand Oceans Group Limited has signed a loan agreement with seven prominent banks for a maximum amount equivalent to RMB 3 billion, marking the highest overseas bank loan in the company's history, which reflects strong market confidence in its financial stability and commitment to high-quality development [3][4]. Group 1: Loan Agreement - The loan agreement involves participation from major banks including Bank of China (Hong Kong), DBS Bank (Hong Kong), and others, indicating robust support from both domestic and foreign banks [3]. - The funds raised from this loan are entirely new capital, representing a significant breakthrough in the offshore loan market for the real estate industry [3][4]. Group 2: Company Performance - In the first half of 2025, the company entered 19 cities, with two-thirds of its main sales cities ranking in the top three, and eight cities achieving the market leader position [4]. - The company has maintained a debt-to-asset ratio below 70% for the first time and a net debt ratio of 33.5%, showcasing its financial health [4]. - The company has invested RMB 7.1 billion in land acquisition this year, adding a total value of RMB 19.6 billion, with efficient project operations and positive land price recovery [4].