Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

Group 1: Housing and Real Estate Developments - Xi'an has initiated the registration and allocation process for 1,149 units of affordable rental housing, as per the guidelines from the local government [1] - China State Construction and Hubei Lian Investment acquired the DX04-0102-6038 land plot in Xihongmen, Beijing, for a base price of 1.904 billion yuan, covering approximately 27,600 square meters with a planned building area of about 63,500 square meters [2] - Yuexiu Property reported a contract sales amount of approximately 12.29 billion yuan in October, reflecting a year-on-year decrease of about 8%, with a sales area of approximately 272,400 square meters, down 42% year-on-year [3] - Agile Group disclosed a total pre-sale amount of approximately 710 million yuan in October, corresponding to a building area of 83,000 square meters, with an average price of about 8,517 yuan per square meter [4] Group 2: Property Management Sector - According to a report from the China Index Academy, the top 50 property service companies added approximately 60.83 million square meters of new contract area in October, indicating continued expansion among leading firms [5] - The average new contract area for these top companies was 1.22 million square meters, with notable growth from companies like China Resources Vientiane Life and Henan Jianye New Life Service, each exceeding 3.9 million square meters in new contracts [5]

Core Insights - The top 50 property service companies in China are expected to add approximately 60.83 million square meters of new contract area by October 2025, with an average of 1.22 million square meters per company [1] - Leading companies such as China Resources Vientiane Life Co., Henan Jianye New Life Service Co., and Greentown Property Service Group Co. are rapidly expanding, with new contract areas exceeding 3.9 million square meters [1] Group 1: New Contract Area - The top three companies by new contract area are China Resources Vientiane Life Co. (640,000 square meters), Henan Jianye New Life Service Co. (504,000 square meters), and Greentown Property Service Group Co. (392,000 square meters) [2] - The total new contract area for the top 50 companies is approximately 60.83 million square meters, with an average of 1.22 million square meters per company [1][2] Group 2: Third-Party Market Expansion - The total third-party market expansion area for the top 50 property service companies is 54.1 million square meters, with an average of 1.08 million square meters per company [6] - The leading companies in third-party market expansion are China Resources Vientiane Life Co. (595,000 square meters) and Henan Jianye New Life Service Co. (500,000 square meters) [6][7] Group 3: Associated Area Analysis - The top 50 companies have a total of approximately 8.7 million square meters of associated area, with an average of 170,000 square meters per company [11] - Companies like Poly Property Service Co., China Overseas Property Management Co., and China Railway Construction Property Management Co. are expected to add over 600,000 square meters of managed area due to support from parent companies [11] Group 4: City Service Bidding - The top five companies in city service bidding for October 2025 include Deep Industry Property Operation Group Co. (49.55 million yuan), New Dazheng Property Group Co. (46.63 million yuan), and Shenzhen Xinghe Zhishan Life Co. (39.48 million yuan) [12] - New Dazheng Property Group Co. notably won a significant contract for airport cleaning services worth 32.45 million yuan [13]

Core Insights - The report from the China Index Academy indicates that by October 2025, the top 50 property service companies will add approximately 60.83 million square meters of contracted area, reflecting continuous expansion among leading firms [1] - The average newly added contracted area per company is 1.22 million square meters [1] - Companies such as China Resources Vientiane Life Co., Henan Jianye New Life Service Co., and Greentown Property Service Group Co. are rapidly expanding, each adding over 3.9 million square meters of contracted area [1]

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 ...