Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index declined by 0.7%, ranking 26th among 31 primary industry sectors [8] - New home sales decreased by 35% year-on-year, while second-hand home sales fell by 23% [19][25] - The report highlights three key issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [32] Industry Basic Data - Total number of stocks: 107 [2] - Total market value: 12,921.51 billion [2] - Circulating market value: 12,389.50 billion [2] Sales Performance - In the 44th week, the average daily transaction area for new homes in 20 cities was 32.8 million square meters, with a total transaction area of 230 million square meters, reflecting a 6% increase week-on-week but a 35% decrease year-on-year [19][24] - For second-hand homes, the total transaction area in 11 cities was 197 million square meters, with a daily average of 28.2 million square meters, showing a 4% decrease week-on-week and a 23% decrease year-on-year [25][30] Policy News - Recent policies include adjustments to housing provident fund loan standards in Hainan, increasing the maximum repayment capacity ratio from 55% to 60% [14][17] - In Chongqing, a proposal was made to innovate the activation of existing land and promote collective operating construction land to market [14][17] Company Dynamics - Yuexiu Group acquired a low-density land plot in Chengdu at a price of 16,500 yuan per square meter with an 11.5% premium [18] - China Resources Land won a residential land plot in Dongguan for 1.91 billion yuan, with a saleable floor price of 21,606 yuan per square meter, approximately 17% lower than the previous record [18] - Poly Developments secured a commercial and residential land plot in Yanta District for a base price of 2.341 billion yuan, with a floor price of about 8,183 yuan per square meter [18] Investment Strategy - The report suggests focusing on companies with strong product moats that are likely to exhibit strong alpha characteristics, as well as high-quality commercial real estate companies with stable rental income [33]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01209 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3]. Core Insights - The report emphasizes the need for further monetary and fiscal policy support to stabilize the real estate market, highlighting that the macroeconomic policy is set to be positive [9][10]. - It notes a shift in focus towards housing as a consumer good, with potential policy relaxations aimed at meeting both basic and improved housing needs [10]. - The report anticipates continued optimization of the real estate structure, with a focus on revitalizing existing assets and land [11]. - It discusses the construction of a new development model for real estate, which favors quality housing and better supply of affordable housing [12]. - Risk prevention and resolution remain critical, with ongoing support for systemically important real estate companies [12]. Summary by Sections Understanding the "14th Five-Year Plan" Recommendations - The report outlines five key understandings of the recommendations, including the need for coordinated fiscal and monetary policies, a focus on housing consumption, and the importance of optimizing real estate structures [9][10][11][12]. Market Review - The report indicates that the Shenwan Real Estate Index decreased by 0.7%, underperforming the CSI 300 Index by 0.27 percentage points, ranking 26th among 31 Shenwan primary industries [14]. New and Second-Hand Housing Transactions - In the latest week, new housing transaction area in 30 cities was 224.1 million square meters, a 5.8% increase month-on-month but a 39.5% decrease year-on-year [24]. - The second-hand housing transaction area in 14 sample cities totaled 206.0 million square meters, reflecting a 3.1% decrease month-on-month and a 21.1% decrease year-on-year [34]. Credit Bond Issuance - The report notes that eight credit bonds were issued by real estate companies this week, totaling 5.05 billion yuan, a decrease of 12 bonds from the previous week [3]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly those with strong fundamentals and those benefiting from policy changes, including specific companies listed in both H-shares and A-shares [3].

（於開曼群島註冊成立的有限公司） （股份代號：1209） （「本公司」） 提名委員會職權範圍 自2025年10月29日生效 （於2025年10月29日之董事會會議被採納） 1 組織 1. 根據本公司董事會（「董事會」）於2020年11月19日通過之議決，於董事會轄 下成立一個提名委員會（「提委會」）。 成員 會議通知 7. 除非得到提委會全部成員同意，召開提委會的通知期不得少於2個工作天。 8. 會議通知應列明會議舉行的日期、時間及地點，並附上議事程序或其他須經 提委會成員考慮的文件。 9. 提委會會議可以親身、以電話或視像會議形式舉行。 會議次數 11. 提委會會議次數應不少於每年一次，或應董事會或提委會成員要求，可以另 行召開會議。 法定人數 10. 提委會的法定人數為兩人。 2 2. 提委會最少須由三名成員組成，其過半數成員須為符合《香港聯合交易所有 限公司證券上市規則》（「上市規則」）（經不時修訂）規定的獨立性要求之獨立 非執行董事。提委會成員及主席由董事會委任及罷免。 3. 本公司的公司秘書或（倘其缺席）其代表須擔任提委會秘書（「秘書」）。提委會 可不時委任具備合適資格及經驗的任何其他人士為其秘書。 ...

（於開曼群島註冊成立的有限公司） 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。 （股份代號：1209） 重續於二零二六年開始的持續關連交易及 重續經修訂二零二三年華潤置地商業運營服務框架協議項下年度上限 重續於二零二六年開始的持續關連交易 茲提述本公司就二零二三年持續關連交易協議刊發的公告，以及本公司就若干 將於二零二五年底屆滿的關連交易框架協議刊發的公告。本公司擬重續若干將 屆滿的關連交易框架協議，並已訂立二零二六年持續關連交易協議以重續相關 框架協議及設定各自的年度上限。 重續經修訂二零二三年華潤置地商業運營服務協議項下年度上限 此外，經修訂二零二三年華潤置地商業運營服務框架協議先前獲批的年度上限 為截至二零二五年十二月三十一日止三個年度。就此而言，經修訂二零二三年 華潤置地商業運營服務框架協議截至二零二八年十二月三十一日止三個年度的 經重續年度上限須待獨立股東批准。 上市規則涵義 於本公告日期，(1)本公司由華潤置地持有約72.29%；(2)華 ...

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：1209） 持續關連交易－ 修訂二零二三年華潤置地物業租賃框架協議的年度上限 修訂二零二三年華潤置地物業租賃框架協議的年度上限 茲提述二零二二年公告，其中涉及本公司與華潤置地訂立的二零二三年華潤置 地物業租賃框架協議，據此，於二零二三年一月一日至二零二五年十二月三十 一日期間，(1)本集團可不時向華潤置地關連人士租賃若干物業作為辦公室及╱ 或員工宿舍供自身使用，或作為經營租賃用於經營目的；(2)華潤置地關連人士 可不時向本集團租賃若干物業作為辦公室供自身使用；及(3)華潤置地關連人士 可作為租戶以商業分租模式不時租賃本集團管理的若干零售空間。 董事會預計截至二零二五年十二月三十一日止財政年度的原有年度上限將不足 以滿足本集團的業務需求。因此，於二零二五年十月二十九日，董事會建議根 據上市規則第14A章的規定修訂原有年度上限。 上市規則的涵義 於本公告日期，本公 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The Fourth Plenary Session of the 20th Central Committee emphasizes promoting high-quality development in the real estate sector, despite a decline in sales data [6][13] - The report highlights a significant drop in both new and second-hand housing sales across major cities, indicating a challenging market environment [4][31] - The issuance of credit bonds by real estate companies has seen a substantial increase, suggesting a shift towards more stable financial practices among leading firms [5][6] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index increased by 1.51%, while the CSI 300 Index rose by 3.24%, indicating underperformance of the real estate sector compared to the broader market [3][11] Industry Fundamentals - In the week of October 17-23, the total number of new homes sold in 38 key cities was 27,009 units, reflecting a year-on-year decrease of 14.6% and a month-on-month decrease of 1.7% [4][21] - The total transaction area for new homes was 2.773 million square meters, with a year-on-year decline of 18.9% [21] - For second-hand homes, 19,924 units were sold, down 17.5% year-on-year, with a total area of 192.6 million square meters sold [31] Land Market Analysis - Land supply increased significantly, with 27.053 million square meters supplied, a year-on-year growth of 89.7% [5] - The average land price was 1,731 yuan per square meter, up 4.3% year-on-year [5] Financing Analysis - Real estate companies issued a total of 22.255 billion yuan in credit bonds, marking a year-on-year increase of 197.93% and a month-on-month increase of 305.37% [5][6] Investment Recommendations - The report suggests focusing on financially stable leading real estate companies such as Yuexiu Property, China Merchants Shekou, and Poly Developments, which are better positioned to navigate market fluctuations [6] - Property management companies are also expected to benefit from a recovery in market demand, with recommendations to monitor firms like China Resources Land and Poly Property [6]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]

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：1209） 補充公告 (1)有關建議收購事項的關連交易 及 (2)有關二零二五年會員運營與營銷業務框架協議的持續性關連交易 茲提述本公司日期為二零二五年六月三十日的公告，內容有關建議收購事項及二 零二五年會員運營與營銷業務框架協議（「該公告」）。除另有界定者外，本公告所 用詞彙與該公告所界定者具有相同涵義。 本公司謹此就建議收購事項及二零二五年會員運營與營銷業務框架協議向本公司 股東及潛在投資者提供以下進一步資料。 (1) 有關建議收購事項的關連交易 代價基準 建議收購事項為整體交易，總代價系參考以下因素釐定： (a) 華潤網絡深圳及華網數據科技廣州的掛牌價格 華 潤 網 絡 深 圳 及 華 網 數 據 科 技 廣 州 所 運 營 的 華 潤 通 平 台 是 具 有 核 心 價 值 的 戰 略 ...

Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]