Group 1 - The executive director Zhao Chengmin reduced his holdings in Jianfa International Group (01908) by 99,000 shares at a price of HKD 17.19 per share, totaling approximately HKD 1.7018 million [1] - After the reduction, the latest number of shares held is approximately 2.323 million, representing a holding percentage of 0.1% [1]

Group 1 - The company announced the appointment of Ms. Zhao Chengmin as a member of the nomination committee [1] - Mr. Dai Yiyi has been appointed as the chairman of the nomination committee [1] - Mr. Lin Weiguo will no longer serve as the chairman and member of the nomination committee, effective from November 28, 2025 [1]

智通财经APP讯，建发国际集团(01908)发布公告，执行董事赵呈闽女士获委任为公司提名委员会成员; 独立非执行董事戴亦一先生获委任为提名委员会主席;执行董事林伟国先生不再担任提名委员会主席及 成员，自2025年11月28日起生效。 ...

董事會提名委員會職權範圍 Terms of reference of the Nomination Committee of the Board of Directors – 1 – C&D International Investment Group Limited 建發國際投資集團有限公司 ("Company" and "本公司") Terms of reference of the Nomination Committee ("Committee") of the Board of Directors ("Board") of the Company 本公司董事會（「董事會」）提名委員會（「委員會」） 職權範圍及程序 （中文本為翻譯稿，僅供參考用） 1. Constitution 1.1 The Committee was established pursuant to a resolution passed by the Board at its meeting held on 23rd November 2012. C&D International Investment Group Limited ...

董 事 名 單 及 其 角 色 和 職 能 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） （股份代號：1908） 建 發 國 際 投 資 集 團 有 限 公 司 的 董 事 會（「董 事 會」）成 員（「董 事」）及 其 角 色 和 職 能 載 列 如 下： 執 行 董 事 林 偉 國 先 生 （主 席） 田 美 坦 先 生 （行 政 總 裁） 趙 呈 閩 女 士 許 伊 旋 先 生 非 執 行 董 事 審 核 委 員 會 黃 㭝 維 先 生 （主 席） 黃 達 仁 先 生 陳 振 宜 先 生 戴 亦 一 先 生 薪 酬 委 員 會 許 曉 曦 先 生 葉 衍 榴 女 士 獨 立 非 執 行 董 事 黃 㭝 維 先 生 黃 達 仁 先 生 陳 振 宜 先 生 戴 亦 一 先 生 董 事 會 已 設 立 下 列 三 個 董 事 委 員 會，此 等 董 事 委 員 會 之 成 員 載 列 如 下： 提 名 委 員 會 戴 亦 一 先 生 （主 席） 趙 呈 閩 女 士 陳 振 宜 先 生 黃 㭝 維 先 生 黃 達 ...

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。 提 名 委 員 會 組 成 變 動 建 發 國 際 投 資 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈(i)執 行 董 事 趙 呈 閩 女 士 獲 委 任 為 本 公 司 提 名 委 員 會（「提 名 委 員 會」）成 員；(ii)獨 立 非 執 行 董 事 戴 亦 一 先 生 獲 委 任 為 提 名 委 員 會 主 席；及(iii)執 行 董 事 林 偉 國 先 生 不 再 擔 任 提 名 委 員 會 主 席 及 成 員，自2025年11月28日 起 生 效。 趙 呈 閩 女 士 獲 委 任 為 提 名 委 員 會 成 員 後，提 名 委 員 會 包 括 不 同 性 別 的 董 事。 是 項 委 任 乃 因 應 於2025年7月1日 起 生 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][61]. Core Insights - The company has entered the top ten in the industry, emphasizing its long-term value through the "Lighthouse Strategy," which focuses on excellent product quality and advanced living concepts [11]. - The company has shown resilience in sales, with a total sales amount of 70.7 billion yuan in the first half of 2025, reflecting a year-on-year increase of 7.1% [7][28]. - The company maintains a healthy financial structure, with a net debt ratio of 33.4% and an average financing cost of 3.17% as of the first half of 2025 [7][51][54]. - The company is expected to achieve net profits of 4.98 billion yuan, 5.22 billion yuan, and 5.67 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 6.9, 6.6, and 6.1 respectively [7][58][61]. Summary by Sections 1. Company Overview - The company has established itself among the top ten in the industry, supported by the strong backing of Xiamen State-owned Assets [11][14]. - The company’s main revenue source is real estate development, covering over 70 cities nationwide [16][19]. 2. Sales Performance - The company’s sales have shown resilience, with a total sales amount of 707 billion yuan in the first half of 2025, a 7.1% increase year-on-year [7][28]. - The average sales price increased to 26,500 yuan per square meter in the first half of 2025, reflecting a 25% year-on-year growth [7][29][31]. - The sales regions are concentrated in key eastern cities, contributing approximately 70% of total sales [36][37]. 3. Investment and Land Acquisition - The company’s land acquisition amount reached 49.5 billion yuan in the first half of 2025, a 17.9% increase year-on-year [7][38][40]. - The land reserve area increased to 12.71 million square meters, with a total value of 249.6 billion yuan [7][46][49]. 4. Financial Health - The company meets the "three red lines" requirements, with a pre-revenue asset-liability ratio of 58.9% and a cash-to-short-term debt ratio of 3.9 times [7][51][52]. - The average financing cost has decreased from 4.69% in 2021 to 3.17% in the first half of 2025 [54][56]. 5. Profitability Forecast - The company’s total revenue is projected to be 141.85 billion yuan, 130.36 billion yuan, and 126.37 billion yuan for 2025 to 2027, with corresponding growth rates of -0.8%, -8.1%, and -3.1% [57][58]. - The gross profit margin is expected to improve to 14.0%, 14.5%, and 15.0% for the same period [57][58].

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Core Viewpoint - The recent rise in certain Chinese real estate stocks is attributed to a favorable industry rumor, although it has not been officially confirmed [1] Group 1: Stock Performance - Country Garden (02007) increased by 4%, reaching HKD 0.52 - Jianfa International Group (01908) rose by 2.88%, reaching HKD 17.04 - Longfor Group (00960) saw a 2.46% increase, reaching HKD 10 - Greentown China (03900) grew by 1.64%, reaching HKD 9.29 [1] Group 2: Market Sentiment - Analysts suggest that the strength in the real estate sector is linked to a positive rumor from foreign media [1] - Vanke's upcoming temporary shareholders' meeting on November 20, 2025, is expected to address market trends [1] Group 3: Industry Outlook - Vanke believes that with the continued implementation of policies, reasonable housing demand will gradually be realized, leading the industry out of its adjustment phase towards stable development [1] - Galaxy Securities indicates that in the later stages of urbanization, the real estate sector is expected to develop new models for high-quality growth, focusing on improving foundational systems and management [1] - The firm anticipates that as the industry achieves high-quality development, overall valuation recovery will occur, allowing leading real estate companies to improve operations and benefit from valuation recovery [1]

Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]