Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].

NO.1 住建部等多部门重磅发声支持城市更新 NO.4 保利发展联手北京建工45.45亿元北京拿地 在5月20日举行的国新办新闻发布会上，住建部副部长秦海翔表示，我国城市发展已转向存量提质与增 量调整并重，进入城市更新重要时期。自然资源部将建立自然资源管理和国土空间规划"一张图"，加强 存量资源资产调查，摸清数量、权属和利用情况。金融监管总局将出台专门的城市更新项目贷款管理办 法。财政部将聚焦财政金融政策协同发力，为城市更新注入资金。国家发展改革委目前正在组织计划申 报和项目评审等工作，将于今年6月底前下达2025年城市更新专项中央预算内投资计划。 点评：城市更新作为稳投资、扩内需的关键抓手，不仅释放绿色转型与高质量发展信号，还可能引导资 金向新型基建和高端制造领域长期配置，增强市场对经济结构性复苏的预期。政策落地后，具备技术迭 代能力和资源整合优势的企业或进一步巩固市场地位，推动行业格局优化。 NO.2 前4月国有土地使用权出让收入9340亿元 5月20日，财政部发布2025年1—4月财政收支情况。1—4月，全国政府性基金预算收入12586亿元，同比 下降6.7%。其中，国有土地使用权出让收入9340亿元， ...

Core Viewpoint - Yuexiu Property announced the sale of a 65% stake in Beijing Haizhen Real Estate Co., Ltd. for approximately RMB 4.15 billion to China Resources Land, aiming to quickly recover capital and enhance capital turnover efficiency [2][4]. Group 1: Transaction Details - The transaction involves the sale of the stake in Haizhen Real Estate, which corresponds to the Huode Temple project in Haidian District [3]. - The project was part of the "Twin Stars" land parcels acquired last year, with Yuexiu winning the bid for RMB 6.38 billion for one of the parcels [3]. - The net asset value of Haizhen Real Estate as of December 31, 2024, is reported to be RMB 6.38 billion, with a pre-tax profit of approximately RMB 43.88 million [3]. Group 2: Project Performance - Both projects, HeYueYun and HeYueYuming, launched on March 21, 2023, have seen strong sales performance, with a transaction rate exceeding 70% [2][5]. - HeYueYuming offered 444 units, achieving a sales amount of RMB 6.71 billion, while HeYueYun had 639 units with a sales amount of RMB 7.86 billion [6]. - The average transaction price for HeYueYuming is approximately RMB 104,850 per square meter, while HeYueYun is around RMB 10.5 million per square meter [6]. Group 3: Market Context - The projects are located in a prime area near major tech companies and educational institutions, enhancing their market appeal [5]. - Despite the strong performance of these two projects, the overall market remains competitive, with other nearby projects experiencing slower sales [5][6].

Core Viewpoint - The transaction involves Yuexiu Property selling 65% of its stake in Beijing Haizhen Real Estate Co., Ltd. to China Resources Land for 4.149 billion RMB, aimed at enhancing capital turnover efficiency and supporting new project developments [1][2][4][9] Group 1: Transaction Details - Yuexiu Property's subsidiary, Wuhan Kangjing Investment Co., Ltd., is the seller, while the buyer is Beijing Runzhi Commercial Operation Management Co., Ltd., a subsidiary of China Resources Land [1][2] - After the sale, Yuexiu Property will indirectly hold approximately 34.87% of the target company [3] - The target company was established on November 14, 2024, and holds the land in the Gongde Temple area [2] Group 2: Project Background - Yuexiu Property acquired the Gongde Temple land for 6.383 billion RMB on November 5, 2024, with a floor price of approximately 71,600 RMB per square meter and a premium rate of 15% [5] - The project, named Heyue Wangyun, includes 14 residential buildings with a total of 693 units, with sizes ranging from approximately 99 to 179 square meters and a sales guidance price of 105,000 RMB per square meter [7] - The project achieved a remarkable opening sales rate of 90% and a total contract sales amount of approximately 41.12 billion RMB from January to April 2025, representing a 37% increase year-on-year [7] Group 3: Strategic Implications - The sale is expected to allow Yuexiu Property to quickly recover capital, enhancing capital turnover efficiency and supporting the development of new projects [4][9] - The transaction reflects a strategic adjustment by Yuexiu Property in the current market environment, optimizing capital allocation and improving market competitiveness [9] - For China Resources Land, acquiring a 65% stake solidifies its leading position in the project and expands its market share in Beijing's Haidian District [8][9]

Investment Rating - The report maintains an "Overweight" rating for the real estate development industry [6] Core Insights - The real estate development industry faced significant losses in 2024, with overall revenue declining and profitability weakening due to falling housing prices and impairment pressures [1][13] - Key state-owned enterprises (SOEs) and mixed-ownership companies showed resilience compared to the overall industry, with SOEs experiencing a smaller revenue decline [2][36] - The report highlights that the future revenue of real estate companies is expected to remain under pressure for the next 2-3 years, particularly for those not in prime locations [2][41] Summary by Sections 1. Overview of Developer Annual Reports - In 2024, the overall revenue for 168 real estate developers was 4.33 trillion yuan, a year-on-year decrease of 19.2% [1][13] - The net profit for the industry was -376.3 billion yuan, a significant drop from -1.9 billion yuan in 2023 [1][13] - The cash on hand for developers decreased by 19.4% to 1.63 trillion yuan [1][13] 2. Financial and Operational Analysis of Key Developers 2.1 Revenue Pressure from Resource Turnover - Key SOEs saw a revenue decline of 7.4%, while private enterprises experienced a 22.9% drop [2][41] - The report indicates that the revenue performance of leading developers remains more resilient due to their ample turnover resources [2][41] 2.2 Continued Pressure on Gross Margin - The gross margin for key SOEs was 14.6%, down 2.3 percentage points, while private enterprises had a gross margin of 16.4%, down 1.2 percentage points [2][37] 2.3 Rising Sales and Management Expense Ratios - The sales and management expense ratio for key SOEs was 4.9%, while for private enterprises it was 5.9% [2][49] 2.4 Significant Decline in Investment Income - Investment income for key SOEs and private enterprises fell by 72.3% and 53.4%, respectively [2][37] 2.5 Comprehensive Impairment Provisions - All 14 key developers reported asset impairments, with SOEs accounting for 42.27 billion yuan and private enterprises for 3.88 billion yuan [3][38] 2.6 Declining Net Profit Trend - The net profit for key SOEs dropped by 95.7%, while private enterprises saw a 15.0% decline [4][39] 2.7 Stable Financing for Key SOEs - Key SOEs maintained stable financing channels, with a slight increase in interest-bearing liabilities of 0.7% [5][40] 2.8 Sales Performance of Key SOEs - Key SOEs continued to outperform the industry, focusing on land reserves in core cities [2][41] 2.9 Weak Land Acquisition Intent - The willingness to acquire land remains low across the industry, with key developers focusing on high-potential cities [2][41] 3. Investment Recommendations - The report suggests focusing on real estate-related stocks due to anticipated policy support and the potential for recovery in core urban areas [6][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The sales area decline has continued to narrow in the first four months of 2025, with high-energy cities showing higher transaction heat [5][14] - The new housing starts have decreased significantly, impacting construction data, while completion areas are still declining year-on-year [6][19] - The decline in real estate development investment has expanded, with weak willingness to start new projects [7][20] - Domestic loan growth has turned positive, but sales collection pressure remains significant [24] Summary by Sections Sales Performance - In the first four months of 2025, the national commodity housing sales area was 283 million square meters, down 2.8% year-on-year, with residential sales area down 2.1% [5][14] - The sales amount for commodity housing was 2.70 trillion yuan, down 3.2% year-on-year, with residential sales amount down 1.9% [5][14] - In April 2025, the sales area and amount were down 2.1% and 6.7% year-on-year, respectively, with a monthly average price decline of 4.7% [5][14] Construction and Investment - The new housing starts in the first four months of 2025 were 178 million square meters, down 23.8% year-on-year [6][19] - The completion area was 156 million square meters, down 16.9% year-on-year, indicating continued pressure on construction [6][19] - Real estate development investment in the first four months was 2.77 trillion yuan, down 10.3% year-on-year, primarily due to declining new starts [7][20] Financing and Market Outlook - The total funds available for real estate development enterprises were 3.26 trillion yuan, down 4.1% year-on-year, with domestic loans showing a positive growth of 0.8% [24] - The investment suggestion indicates a recovery trend in core cities since March 2025, with a recommendation for companies that can capture improvement-driven customer demand [30]

陳帆 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 李欣 （ 主席 ） 徐榮 （ 總裁 ） 張大為 （ 副主席 ） 郭世清 陳偉 獨立非執行董事 鐘偉 孫哲 非執行董事 黃挺 魏成林 梁國權 秦虹 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料： | | | | 委 員 會 | | | | --- | --- | --- | --- | --- | --- | | | | | 企 業 管 治 | | 可 持 續 發 展 | | 董 事 | 審 核 委 員 會 薪 酬 委 員 會 | 提 名 委 員 會 | 委 員 會 | 執 行 委 員 會 | 委 員 會 | | 李 欣 | | C | M | C | C | | 徐 榮 | | | | M | M | | 張 大 為 | | | | M | | | 郭 世 清 | | | | M | | | 陳 偉 | | | | M | | | 黃 挺 | M | | | | | | 魏 成 林 | | | | | M | | 鐘 偉 ...

委任提名委員會成員 華潤置地有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，獨立非執行 董事秦虹女士獲委任為本公司提名委員會（「提名委員會」）成員，自二零二五年五 月十九日起生效。 於作出上述變動後，提名委員會包括五名成員，即李欣先生（ 主席 ）、鐘偉先生、 陳帆先生、梁國權先生及秦虹女士。 承董事會命 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1109） 華潤置地有限公司 主席 李欣 中國，二零二五年五月十九日 於本公告日期，本公司執行董事為李欣先生、徐榮先生、張大為先生、郭世清先 生及陳偉先生；本公司非執行董事為黃挺先生及魏成林先生；以及本公司獨立非 執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先生及秦虹女士。 ...

Industry Overview - The Beijing office market is undergoing a deep adjustment period in 2024, primarily characterized by a "price-for-volume" strategy [1][13] - The effective net rent for Grade A office buildings in Beijing is 225 RMB/sqm/month in Q4 2024, a year-on-year decrease of 24.50% [1][13] - The vacancy rate stands at 18.3%, a slight year-on-year decrease of 0.4 percentage points [1][13] - The decline in rent is attributed to supply-demand imbalance, with companies reducing office costs due to economic uncertainties [1][13] Market Dynamics - Over the past five years (2019-2024), the average annual new supply of office space in Beijing exceeded 1 million sqm, creating cumulative supply pressure [1][13] - The vacancy rate in Q4 2024 shows a slight rebound from Q3 2024 (18.1%), indicating volatility in the absorption process [1][13] - Financial Street maintains a vacancy rate below 12% due to stable leasing capacity from financial institutions, while emerging areas like Lize and Wangjing have vacancy rates exceeding 25% due to internet companies downsizing [1][13] Key Companies - Major players in the Beijing office market include China International Trade Center, China Resources Land, and Beijing Urban Construction Investment Development Co., Ltd., which maintain strong market competitiveness through high-quality projects and diversified business layouts [15][17] - China Resources Land reported a revenue of 237.2 billion RMB from its development and sales business in 2024, a year-on-year increase of 11.83% [17] - Dalian City Holdings Group's revenue from property sales and land development was 283.86 billion RMB in 2024, reflecting a year-on-year decrease of 2.27% [19] Industry Development Trends - The demand for office space is shifting towards new industries such as technology, internet, and artificial intelligence, which require higher quality office environments and services [21][24] - Government policies and urban planning are crucial for the development of the office sector, with measures aimed at optimizing land supply and promoting green buildings [22][23] - Technological innovation, including smart office systems and green building technologies, is expected to enhance operational efficiency and user experience in the office market [24]

Investment Rating - The report maintains a cautious outlook on the real estate industry, indicating a continued divergence among companies, with a focus on those positioned in core cities and commercial operations [2][3]. Core Insights - The recent disclosure of annual and quarterly reports shows that real estate development companies are still in a performance bottoming phase for 2024 due to declining gross margins and increased impairments, with no significant improvement observed in Q1 of this year [2][3]. - Companies focusing on core city developments and property leasing have managed to achieve performance growth despite the overall industry challenges [2][3]. - The trend of deleveraging among real estate firms is expected to continue in 2024, with an optimization of debt structure and a decrease in interest-bearing debt ratios noted in Q1 [2][3]. - State-owned enterprises exhibit relatively stable debt repayment capabilities, and strong credit real estate companies are anticipated to maintain a competitive advantage in the context of declining financing costs [2][3]. - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Committee and the State Council is expected to accelerate the pace of urban renewal through increased funding support for eligible projects [2][3]. Summary by Sections Market Review - In the week of May 10-16, new home transaction area in 29 key cities reached 2.02 million square meters, a 39.0% increase week-on-week but a 10.8% decrease year-on-year [2]. - The transaction area for second-hand homes in 13 key cities was 1.75 million square meters, reflecting a 46.0% increase week-on-week and a 1.2% decrease year-on-year [2]. - New land supply in 100 cities decreased year-on-year by 30.5% but increased by 66.1% week-on-week, with 8.5 million square meters of new residential land supplied [2]. Industry News - The report highlights the ongoing divergence among companies and emphasizes the importance of focusing on core city layouts and commercial operations [2][3]. - The CITIC Real Estate Index fell by 0.5%, while the CSI 300 rose by 1.1%, indicating that the real estate sector underperformed the broader market [2][3]. Investment Recommendations - The report recommends focusing on developers and property management companies in core cities, as well as quality commercial real estate firms [2][3]. - Specific stock recommendations include: - A-shares: Binhai Group, Jianfa Co., Jindi Group, China Merchants Shekou, China Merchants Jinling, and Wo Ai Wo Jia - Hong Kong stocks: Beike, Jianfa International Holdings, Yuexiu Property, and Greentown Service [2][3].