经济观察网 近期中国国贸（600007）（600007）股价出现波动。根据证券之星消息，截至2026年2月13 日收盘，该股报收于20.56元，当日下跌1.44%，成交额为3234.54万元；主力资金净流出53.44万元，游 资资金净流入386.35万元，散户资金净流出332.9万元。从近5个交易日（2月9日至13日）看，股价区间 跌幅为1.06%，振幅2.02%，最高价触及20.95元（2月12日），最低价下探20.53元（2月13日）。技术面 显示，当前股价处于20日布林线压力位21.14元与支撑位19.53元之间，MACD指标偏弱，但KDJ指标仍 处于中性区间。 近期事件 房地产行业近期出现头部房企组织架构调整动向，可能间接影响商业地产板块。智通财经报道显示， 2026年开年以来，保利、华润等房企密集推进区域合并与管控扁平化，以应对销售低迷压力；行业1月 百强房企销售额同比下降18.9%，标普预测2026年新房销售额或下滑约10%。尽管中国国贸主营投资性 物业出租，非住宅开发，但行业整体承压可能对商业地产需求与估值产生溢出效应。 机构观点 机构对中国国贸的近期看法偏中性。根据2026年2月14日整合的市 ...

Investment Rating - The report suggests a positive outlook for the real estate industry, indicating a stabilization phase and recommending attention to quality real estate companies [44]. Core Insights - The real estate sector has shown significant recovery in transaction volumes, with new home sales in 43 cities increasing by 360.3% year-on-year and 48.7% month-on-month as of February 6 [17][18]. - The report highlights a notable increase in second-hand home transactions, with a year-on-year increase of 443.7% and a month-on-month increase of 81.5% in 14 cities [18]. - The inventory of commercial housing in 17 cities has decreased by 0.2%, with a de-stocking cycle of 157.2 weeks [22]. - Land supply in 100 major cities has decreased by 19.3% year-on-year, while land transaction volume has increased by 77.5% [27]. Summary by Sections Market Review - The real estate sector experienced a 0% increase in the week of February 2-6, outperforming the CSI 300 index by 1.3 percentage points [11]. - The total transaction volume for the week was 120.52 billion yuan, reflecting a 23.7% decrease compared to the previous week [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,254.08 billion yuan, with a TTM price-to-earnings ratio of 65.8 compared to the CSI 300's 14.0 [4]. Industry and Company Dynamics - Recent policies have been introduced to stabilize the real estate market, including subsidies for multi-child families and adjustments to housing loan policies [35]. - Companies like 京投发展 (JingTuo Development) are actively engaging in bond issuance to manage debt and fund operations [39]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including 华润置地 (China Resources Land), 龙湖集团 (Longfor Group), and various property management firms [44][45].

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [46]. Core Insights - The real estate market is showing signs of stabilization, with a potential for continued policy easing to support recovery. The report highlights the importance of focusing on financially sound real estate firms [46]. - Recent data indicates a year-on-year increase in second-hand housing transactions by 11.7% in 14 cities, while new housing transactions have decreased by 18.1% [18][19]. - The report notes a significant decline in new housing transaction volumes, particularly in second-tier cities, which saw a 20% year-on-year drop [18]. Summary by Sections Market Review - The real estate sector experienced a decline of 2.2% in the week of January 26-30, underperforming the CSI 300 index by 2.3 percentage points [12]. - Trading volume for the week was 146.65 billion yuan, reflecting a 13.3% decrease compared to the previous week [12]. Basic Data - The total market capitalization of the real estate industry is 1,253.122 billion yuan, with a circulating market value of 1,218.269 billion yuan. The industry’s price-to-earnings ratio (TTM) stands at 61.8, compared to 14.2 for the CSI 300 [4]. Industry and Company Dynamics - Recent policy changes have relaxed the "three red lines" requirements for many real estate companies, allowing only those in distress to report financial metrics regularly [36]. - The report highlights significant company activities, including new financing and mergers, which may enhance competitive positioning in the market [39][40][41]. Investment Recommendations - The report recommends focusing on several companies across different segments: 1. Development: China Resources Land (1109.HK), Longfor Group (0960.HK) 2. Commercial: China International Trade (600007.SH), New City Holdings (601155.SH) 3. Property Management: Poly Property (6049.HK), China Overseas Property (2669.HK) 4. Brokerage: Beike-W (2423.HK) [46][48].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

（编辑 楚丽君） 证券日报网讯 1月22日，中国国贸在互动平台回答投资者提问时表示，国贸一期、二期建筑物对应的土 地使用权由公司控股股东中国国际贸易中心有限公司所有，这是历史原因造成的，且在公司设立时获得 有关政府部门的认可。土地使用权到期后如何处理，国家有关政策尚不明朗。该问题是共性问题，相信 将来可以得到妥善解决。 ...

Summary of Conference Call on China Property Management & Services Industry Industry Overview - The property management and services (PMC) industry in China is expected to experience moderate growth in 2026 due to ongoing headwinds such as pressure on management fees and cash collection [1][2] - The industry is transitioning to a new growth phase, moving away from legacy issues, although cash collection pressures and management fee weaknesses persist [2] Key Insights - **Earnings Growth Forecast**: The forecast for earnings growth from 2025 to 2027 is 3%, 5%, and 7% year-on-year, respectively, with an average topline growth of approximately 5% [3] - **Performance Divergence**: Companies with strong service quality and solid asset bases are expected to outperform, while those relying on lower quality projects may struggle [2] - **Focus on High-Quality Names**: Recommendations include prioritizing companies like CR Mixc and GTS for their asset quality and decent dividends, with CGS identified as a tactical investment opportunity [4] Financial Metrics - **Management Services (PMS)**: PMS is projected to be the main growth driver with a 7% CAGR from 2025 to 2027, supported by diversified third-party expansion [3] - **Valuation Changes**: Price targets and ratings for various companies have been adjusted, with CGS seeing a 16% increase in price target due to improved cash flow and dividend visibility [11] Company-Specific Updates - **A-Living**: Earnings estimates for 2025-2027 have been revised down by 3%, 7%, and 7% due to a slower recovery in city services and the termination of low-quality projects [11] - **CGS**: Earnings estimates have been revised up by 3%, 5%, and 7% for the same period, reflecting lower SG&A and better-than-expected margin pressure [11] - **CR Mixc**: Earnings estimates have been adjusted down by 2%, 4%, and 7%, but the price target has been increased by 5% due to strong shopping mall performance [11] - **Onewo**: Earnings estimates have been revised down by 6%, 15%, and 28% due to rising margin pressure and liquidity risks from Vanke [11] Market Dynamics - **Cash Collection Pressure**: The average cash collection is expected to decline by 2-3 percentage points in 2025, impacting overall growth [2] - **Legacy Issues**: The impact of legacy issues is diminishing, with PMCs now focusing on independent growth engines and third-party projects [13][14] - **Property Sales Decline**: National property sales have dropped significantly, with expectations of further contraction in 2026, albeit at a milder pace [15][16] Investment Recommendations - **Order of Preference**: The preferred companies include Greentown Service, CR Mixc, and Poly Property Services, with A-Living and Sunac Services rated as underweight [12] - **Dividend Yields**: Companies like CGS and CR Mixc offer attractive dividend yields of approximately 8% and 4-5%, respectively [4][12] Conclusion - The China PMC industry is navigating through a challenging environment with moderate growth expectations. Companies that can maintain high service quality and adapt to changing market conditions are likely to emerge as leaders in this evolving landscape.

证券代码：600007 证券简称：中国国贸 公告编号：2026-005 中国国际贸易中心股份有限公司 公司董事会对副董事长吴相仁先生任职期间为公司所作的努力和贡献表示衷心感谢。 特此公告。 中国国际贸易中心股份有限公司 关于董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事离任基本情况 ■ 根据公司控股股东中国国际贸易中心有限公司提出的"吴相仁先生不再担任公司董事；余元堂先生为公 司董事候选人，经公司股东大会审议通过后接替吴相仁先生担任公司董事"提案，公司于2026年1月16日 召开2026年第一次临时股东会，会议审议通过吴相仁先生不再担任公司第九届董事会董事及选举余元堂 先生担任公司第九届董事会董事的议案。 2026年1月16日，公司召开九届二十二次董事会会议，选举余元堂先生为公司第九届董事会副董事长、 执行董事及薪酬委员会委员。 二、董事离任对公司的影响 经吴相仁先生确认，其与本公司董事会无不同意见，亦不存在需要本公司股东知悉的其他事宜。吴相仁 先生的离任不会导致本公司董事会成员低于法定人数，不会影响 ...

每经AI快讯，中国国贸1月16日晚间发布公告称，根据公司控股股东中国国际贸易中心有限公司提出 的"吴相仁先生不再担任公司董事；余元堂先生为公司董事候选人，经公司股东大会审议通过后接替吴 相仁先生担任公司董事"提案，公司于2026年1月16日召开2026年第一次临时股东会，会议审议通过吴相 仁先生不再担任公司第九届董事会董事及选举余元堂先生担任公司第九届董事会董事的议案。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ （记者 贾运可） 2026年1月16日，公司召开九届二十二次董事会会议，选举余元堂先生为公司第九届董事会副董事长、 执行董事及薪酬委员会委员。 ...

证券代码：600007 证券简称：中国国贸 公告编号：2026-005 根据公司控股股东中国国际贸易中心有限公司提出的"吴相仁先生不再担任 公司董事；余元堂先生为公司董事候选人，经公司股东大会审议通过后接替吴相 仁先生担任公司董事"提案，公司于 2026 年 1 月 16 日召开 2026 年第一次临时 股东会，会议审议通过吴相仁先生不再担任公司第九届董事会董事及选举余元堂 先生担任公司第九届董事会董事的议案。 2026 年 1 月 16 日，公司召开九届二十二次董事会会议，选举余元堂先生为 公司第九届董事会副董事长、执行董事及薪酬委员会委员。 二、董事离任对公司的影响 经吴相仁先生确认，其与本公司董事会无不同意见，亦不存在需要本公司股 东知悉的其他事宜。吴相仁先生的离任不会导致本公司董事会成员低于法定人数， 1 不会影响本公司董事会正常运作。吴相仁先生已按照本公司相关规定做好交接工 作，不存在未履行完毕的公开承诺。 公司董事会对副董事长吴相仁先生任职期间为公司所作的努力和贡献表示 衷心感谢。 中国国际贸易中心股份有限公司 关于董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ...

2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600007 证券简称：中国国贸 公告编号：2026-003 中国国际贸易中心股份有限公司 本次会议是否有否决议案：无 一、会议召开和出席情况 (二)股东会召开的地点：北京市朝阳区建国门外大街 1 号中国国际贸易中心国贸 大厦 A 座 7 层多功能厅 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，公司董事长赵汝泉先生主持。会议采用现场 投票和网络投票相结合的方式进行表决，符合《公司法》及《中国国际贸易中心 股份有限公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事13人，列席9人。公司董事长赵汝泉先生、副董事长吴相仁先生、 董事郎宽女士及邢诒鋕先生、独立董事李朝鲜先生、张祖同先生、张学兵先 1 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 132 2、出席会议的股东所持有表决权的股份总数 ...