Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]

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11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12月1日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | ...

Core Points - The chairman of the board, Lin Weiguo, reduced his stake in Jianfa International Group (01908) by selling 87,000 shares at a price of HKD 17.16 per share, totaling approximately HKD 1.4929 million [1] - After the sale, the latest number of shares held by Lin Weiguo is approximately 1.8475 million, representing a holding percentage of 0.08% [1]

Group 1 - The chairman of the board, Lin Weiguo, reduced his stake in Jianfa International Group (01908) by selling 87,000 shares at a price of HKD 17.16 per share, totaling approximately HKD 1.4929 million [1] - After the reduction, the latest number of shares held by Lin Weiguo is approximately 1.8475 million, representing a holding percentage of 0.08% [1]

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]

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]

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 ...