Core Insights - The report from CICC indicates that the second-hand housing market in September shows a mixed performance, with transaction volume declining month-on-month but increasing year-on-year, suggesting ongoing market weakness [1][2]. Transaction Volume and Price Trends - In September, the transaction volume index for second-hand residential properties in 80 cities decreased by 10% month-on-month but increased by 19% year-on-year (Q3 +19%, Q2 +17%) [1]. - The registered transaction area in 15 cities rose by 6% month-on-month and grew by 9% year-on-year (Q3 +3%, Q2 +11%) [1]. - The price index for homogeneous second-hand residential properties fell by 1.7% month-on-month (Q3 average -1.7%, Q2 average -1.4%) [1]. - The negotiation space for transactions increased by 25 basis points to 8.91% [1]. Listing Trends - The number of second-hand residential listings in 130 cities increased by 0.4% month-on-month, continuing a slight upward trend [2]. - The price index for homogeneous listings in key cities decreased by 1.5% month-on-month (Q3 average -1.3%, Q2 average -1.2%) [2]. - The average adjustment for listed properties was -5.24%, indicating a conservative price expectation among sellers [2]. Rental Market Insights - The rental index for homogeneous listings decreased by 0.8% month-on-month (August -0.5%) [3]. - The average rental period remained stable at 2.12 months [3]. - The rental-to-sale ratio increased by 2 basis points to 2.33% due to declining listing prices [3]. Investment Recommendations - The company suggests focusing on investment opportunities in the real estate and property management sectors, particularly in companies with solid fundamentals and profit quality such as China Resources Land, Jianfa International, and others [4]. - It also recommends considering undervalued stocks like Greentown China and New Town Holdings, given potential liquidity improvements [4]. - The report highlights the importance of identifying stocks with strong growth prospects or attractive dividend yields across various sectors [4].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Viewpoints - The report highlights that the current real estate policies are under pressure from the fundamental market conditions, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in 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 and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections New Housing Transactions - In the week covering the National Day holiday, new housing transaction volume in 30 cities was 835,000 square meters, down 55.3% week-on-week and 53.4% year-on-year [11] - The decline in new housing transactions is attributed to a combination of last year's high base and the current market's sluggishness [11][12] - The report anticipates continued pressure on year-on-year data for the fourth quarter due to elevated bases from the previous year [11] Secondary Housing Transactions - In the same week, secondary housing transactions in 14 sample cities totaled 843,000 square meters, reflecting a 27.9% decrease week-on-week and a 47.9% decrease year-on-year [21] - Year-to-date, secondary housing transactions have reached 80.2 million square meters, showing a 16.1% increase compared to the previous year [21] Market Performance - The report notes that the Shenwan Real Estate Index decreased by 0.8%, underperforming the CSI 300 Index by 0.30 percentage points, ranking 23rd among 31 Shenwan primary industries [32] - The report identifies a total of 64 stocks that increased in value during the week, while 43 stocks decreased [32] Credit Bond Issuance - During the week, two credit bonds were issued by real estate companies, totaling 940 million yuan, a decrease of 11.28 billion yuan from the previous week [3]

Investment Rating - The report maintains a "Recommended" rating for the real estate sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The alpha of real estate stocks depends on the precision of land acquisition, with the current macroeconomic environment not supporting a general rise in housing prices, making it challenging for companies to ensure project profitability [6][7]. - The value of real estate stocks is derived from the discounted future residual earnings, which are based on the profitability of each project, ultimately reflecting on ROE and valuation [6][7]. - The report highlights that the market for new homes is contracting, and the effective market area for new homes is shrinking, complicating the identification of valuable land parcels [7][24]. - The report suggests that future sector opportunities will primarily arise from improved land acquisition comfort for real estate companies, transitioning from a contracting to an expanding market [24]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion and a circulating market value of 1,183.334 billion [2]. Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 7.6%, 16.6%, and 3.4% respectively, while the relative performance is 4.4%, -1.9%, and -12.1% [3]. Project Profitability and Market Dynamics - The profitability of real estate companies is increasingly dependent on project-level earnings, with past profits driven by rising property prices and a focus on debt leverage [6][7]. - The report notes that the supply of quality land has increased, leading to heightened competition among projects, and some older projects may face challenges in sales due to new building regulations [7][24]. Investment Recommendations - The report recommends focusing on companies that have demonstrated precise land acquisition over the past three years, such as Greentown China, China Resources Land, and Jianfa International Group, while also monitoring companies like China Overseas Grand Oceans and China Jinmao for improvements in land acquisition in the latter half of 2024 [24].

Summary of Key Points from Conference Call Industry Overview - The conference call covers updates on the financial, materials, real estate, and aviation industries, highlighting a slowdown in manufacturing loan growth and a rationalization of investments, with a general decline in industrial enterprise investment growth. Approximately 40% of industries have seen improvements in net profit or profit growth, indicating ongoing economic structural adjustments [1][2]. Financial Industry Insights - The financial sector is stabilizing demand through targeted investments rather than large-scale stimulus, exemplified by a 500 billion yuan local government capital supplement plan and structural financial support tools. This aims to achieve supply-demand balance while maintaining a relatively low total debt growth rate [1][3]. - High-risk manufacturing credit accounts for only 8%-10% of total credit, a decrease from previous cycles, with limited impact on the financial system and credit costs [1][4][5]. - Expectations for the financial sector over the next 12-18 months include a potential rebound in manufacturing investment growth, which could help mitigate risks. The financial sector's revenue is projected to rebound to positive growth by 2026, supported by increased insurance savings deposits and bank wealth management sales [1][6]. Real Estate Market Analysis - The second-hand housing market continues to face challenges, with rising listings and steadily declining prices. A year-on-year decrease in transaction prices and volumes is expected in the fourth quarter, with a low probability of nationwide stimulus policies being introduced [1][8]. - Recommendations include focusing on high-quality state-owned enterprises like China Resources Land and Jianfa International, as well as companies with significant sales potential such as China Overseas, Kori, Jinmao, and Yuexiu. Caution is advised regarding private developers due to reduced land reserves and ongoing price declines [1][10][11]. Commodity Market Outlook - The commodity market is benefiting from a weaker dollar and global liquidity easing, with supply shortages in copper and gold exacerbated by the Grasberg mine disaster. The outlook for the gold market remains positive, while the aluminum market is experiencing tight supply-demand dynamics [1][18][19][21][22]. - The demand for copper in the second half of the year is expected to be stable, with the storage industry showing strong performance, although overall manufacturing does not exhibit significant improvement [1][20]. Aviation Industry Performance - During the recent holiday period, total passenger traffic increased by approximately 5.2%, aligning with expectations and reflecting structural growth dynamics [1][12]. - The aviation sector is anticipated to see a recovery in business demand in the fourth quarter, which could enhance overall demand structure and capacity utilization. The industry is viewed positively for the future, with expectations of moving from losses to profitability [1][17]. Investment Recommendations - Investors are advised to focus on quality state-owned enterprises in the real estate sector, as the fourth quarter has already priced in challenges, potentially leading to stock price corrections. Companies like Jianfa International and China Overseas are highlighted for their strong performance and stable dividends [1][10][11]. - The outlook for copper-related stocks is favorable due to rising global copper prices and increased interest from overseas investors, particularly in light of supply issues faced by overseas companies [1][25][26][27]. Conclusion - The overall sentiment from the conference call indicates cautious optimism across various sectors, with specific recommendations for investment in state-owned enterprises and commodities like gold and copper, while maintaining a cautious stance on private real estate developers due to ongoing market challenges [1][10][11][21].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4]. Core Insights - The "Good House" policy is expected to create new pathways for recovery in core cities, leading to a resurgence in leading companies and opening new development avenues [4]. - The report highlights the ongoing monetary easing cycle, which favors commercial real estate, indicating that the revaluation of quality commercial properties has begun [4]. Industry Data Summary - **New Housing Transaction Volume**: In the week of September 27 to October 3, 2025, 34 key cities saw a total new housing transaction of 2.472 million square meters, a week-on-week decrease of 0.6%. The transaction volume for first and second-tier cities increased by 3.2%, while third and fourth-tier cities saw a decline of 46.3% [4][5]. - **Monthly Year-on-Year Change**: In October, the transaction volume in 34 cities is expected to decrease by 28% year-on-year, with first and second-tier cities down by 23% and third and fourth-tier cities down by 58.5% [4][7]. - **Inventory Levels**: As of October 3, 2025, the total available residential area in 15 cities was 90.434 million square meters, with a week-on-week increase of 0.1%. The average monthly depleting months for the last three months was 25.9 months, an increase of 1.1 months [4][28]. Policy and News Tracking - **Policy Initiatives**: Various cities have introduced supportive real estate policies, including the establishment of a land supply heat map mechanism in Hefei and enhanced housing subsidy policies in Yunnan [4][38]. - **Land Market Transactions**: In Nanjing, six residential land plots were sold for approximately 4.21 billion yuan, while a plot in Beijing's Sun Palace area was sold for about 4.31 billion yuan [4][38]. Company Dynamics - **Financing Activities**: China Merchants Shekou plans to issue up to 82 million preferred shares to fund project delivery, while Yuexiu Property secured a 3 billion HKD revolving loan [4][44]. - **Sales Performance**: Jianfa International reported a cumulative sales amount of 71.03 billion yuan for the first nine months of 2025, a year-on-year increase of 7.5%, despite a decrease in sales area by 15.8% [4][44]. Sector Performance Review - **Market Performance**: The SW Real Estate Index rose by 3.01%, outperforming the CSI 300 Index, which increased by 1.99%. The real estate sector ranked 4th among 31 sectors [4][48].

Major Events - Huiying Holdings (00821) plans to establish a joint venture to provide training, professional consulting services, and high-end conference business in the RWA category [1] - MIRXES-B (02629) intends to set up a joint venture for research, development, and commercialization of early cancer detection and other nucleic acid-based tests in Malaysia [1] - Kintor Pharmaceutical-B (02171) will present updates on the research results of CT0596 at the 2025 ASH annual meeting [1] - Energy & Energy Global (01142) has had its mining license revoked by a Russian subsidiary and plans to appeal further [1] Operating Performance - C&D International Group (01908) reported a cumulative contract sales amount of approximately 71.03 billion yuan for the first nine months, representing a year-on-year increase of about 7.5% [1] - Sa Sa International (00178) recorded a total revenue of 1.031 billion HKD for the second quarter, an annual increase of 8.4% [1] Buybacks/Reductions - Hang Seng Bank (00011) repurchased 200,000 shares for 23.9836 million HKD on October 6 [1] - Tencent Holdings (00700) repurchased 815,000 shares for 550.3 million HKD on October 6 [1] - Mengniu Dairy (02319) repurchased 1 million shares for 14.4099 million HKD on October 6 [1] - HSBC Holdings (00005) repurchased 1.49 million shares for 163 million HKD on October 3 [1]

Core Insights - The company, Jianfa International Group, reported a cumulative contract sales amount attributable to shareholders of approximately RMB 71.03 billion for the nine months ending September 30, 2025, reflecting a year-on-year increase of about 7.5% [1] - The cumulative contract sales area attributable to shareholders was approximately 2.75 million square meters, showing a year-on-year decrease of about 15.8% [1] Financial Performance - Cumulative contract sales amount: RMB 71.03 billion, up 7.5% year-on-year [1] - Cumulative contract sales area: 2.75 million square meters, down 15.8% year-on-year [1]

Core Insights - The company, Jianfa International Group, reported a cumulative contract sales amount of approximately RMB 71.03 billion for the nine months ending September 30, 2025, representing a year-on-year increase of about 7.5% [1] - The cumulative contract sales area attributed to the company's shareholders was approximately 2.75 million square meters, showing a year-on-year decrease of about 15.8% [1] Financial Performance - Cumulative contract sales amount: RMB 71.03 billion, up 7.5% year-on-year [1] - Cumulative contract sales area: 2.75 million square meters, down 15.8% year-on-year [1]

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。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 （於開曼群島註冊成立的有限公司） 林 偉 國 香 港，二 零 二 五 年 十 月 六 日 截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月 未 經 審 核 營 運 數 據 建 發 國 際 投 資 集 團 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）董 事 會（「董 事 會」）謹 此 公 告 本 集 團 截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月 的 若 干 未 經 審 核 營 運 數 據。根 據 對 本 集 團 截 至 二 零 二 五 年 九 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建發國際投資集團有限公司 呈交日期: 2025年10月2日 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) | 01908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 300 ...