Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [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 investments 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 crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

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 致：香港交易及結算所有限公司 公司名稱: 中海物業集團有限公司 呈交日期: 2025年11月3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) | 02669 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.001 | HKD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.001 | HKD | | 30,000,000 | 本月底法 ...

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].

Group 1 - The core point of the article is the resignation of Pang Jinying from his positions as Executive Director and Vice President of China Overseas Property due to work relocation [1] - The resignation will take effect after the board meeting scheduled for October 28, 2025 [1] - Zhang Guiqing will be appointed as the replacement authorized representative of the company according to the Hong Kong Stock Exchange Listing Rules [1]

Core Viewpoint - China Overseas Property (02669) announced the resignation of Mr. Pang Jinying from his positions as Executive Director and Vice President due to work relocation, effective after the board meeting on October 28, 2025 [1] Group 1 - Mr. Pang Jinying's resignation is attributed to work relocation [1] - The replacement for Mr. Pang will be Mr. Zhang Guiqing, who will assume the role as the company's authorized representative under the Hong Kong Stock Exchange Listing Rules [1] - The effective date of the changes will be after the board meeting scheduled for October 28, 2025 [1]

Core Viewpoint - China Overseas Property (02669) announced the resignation of Mr. Pang Jinying from his positions as Executive Director and Vice President due to work relocation, effective after the board meeting on October 28, 2025 [1] Group 1 - Mr. Pang Jinying's resignation is attributed to work relocation [1] - The resignation will take effect after the board meeting scheduled for October 28, 2025 [1] - Mr. Zhang Guiqing will replace Mr. Pang as the company's authorized representative under the Hong Kong Stock Exchange Listing Rules [1]

CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 獨立非執行董事 中 海 物 業 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：2669） 董事名單與其角色和職能 中海物業集團有限公司董事會(「董事會」)於二零二五年十月二十八日舉行之董事會會 議結束後的成員載列如下﹕ 執行董事 張貴清 （主席） 肖俊強 （行政總裁） 甘沃輝 （財務總監） 非執行董事 郭磊 吳溢穎 容永祺 蘇錦樑 林雲峯 董事會設立 4 個委員會。下表提供每位相關董事會成員在這些委員會中所擔任的職位。 | | 委員會 審核 | 薪酬 | 提名 | 可持續發展 | | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 督導委員會 | | 張貴清 | - | M | C | M | | 肖俊強 | - | - | - | M | | 吳溢穎 | - | - | M | - | | 容永祺 | C | M | M | M | | 蘇錦樑 | M | C | M | M | | 林雲峯 | M | M | ...

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份 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。 於本公告日期，董事會包括八名董事，三名為執行董事，即張貴清先生（主席）、 肖俊強先生（行政總裁）及甘沃輝先生（財務總監）；兩名為非執行董事，即 郭磊先生及吳溢穎女士；以及三名為獨立非執行董事，即容永祺先生、蘇錦樑先生及 林雲峯先生。 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中 海 物 業 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2669） 執行董事、副總裁及授權代表之替任人之辭任 中海物業集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，龐金營先生 （「龐先生」）因工作調動關係決定辭任本公司執行董事、副總裁及根據香港聯合交 易所有限公司（「聯交所」）證券上市規則第 3.06 條項下之本公司授權代表張貴清 先生之替任人，由二零二五年十月二十八日舉行之董事會會議結束後生效。 龐先生確認其與董事會並無分 ...

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]

Core Viewpoint - The forum celebrated the 10th anniversary of China Overseas Property, highlighting its significant growth and transformation into a benchmark enterprise in the property management industry, driven by refined management and high-quality services [1][5][9]. Group 1: Leadership Insights - The leadership emphasized the importance of high-quality living standards and the shift in property services from basic management to value-driven services, aiming to enhance the quality of life for citizens [5][7]. - The company aims to innovate in management, technology, and operational models to support high-quality industry development and enhance service capabilities through systematic and standardized service solutions [7][12]. - The past decade was characterized by a transformation from a closed market to an open one, focusing on urban services and high-quality development, while integrating technology into operations [11][12]. Group 2: Market Position and Future Strategy - The company has successfully transitioned from a regular property management firm to a publicly listed benchmark company, creating a trusted brand in the industry [9][11]. - The future strategy includes becoming a comprehensive urban space operator, focusing on service value, technological integration, and sustainable development [12][20]. - The company aims to leverage its resources and strategic support from China State Construction and China Overseas Group to enhance its market position and long-term value creation [18]. Group 3: Financial Performance - Over the past decade, the company's market value increased from over 3 billion HKD to over 16 billion HKD, with a compound annual growth rate of 17% [18]. - The company is recognized for its stable cash flow and light asset model, which are crucial for long-term value in the property management sector [18]. Group 4: New Initiatives - The launch of the "4+6+N" full lifecycle product system aims to enhance community governance and integrate quality resources for better urban management [20]. - The introduction of the "Qianyi Collective Procurement" platform is designed to strengthen the core competitiveness of urban operations and improve service quality in the industry [23].