Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [4]. Core Insights - The recent policy change on the value-added tax (VAT) for personal housing sales, reducing the rate from 5% to 3% for properties sold within two years, aims to lower seller transaction costs and help restore the transaction chain [2][4]. - The real estate industry has undergone significant adjustments since 2021, with front-end indicators (sales, land acquisition, and construction) declining by 50-70%, and back-end indicators (completion and investment) dropping by 30-40% [4]. - The cumulative decline in second-hand housing prices from July 2021 to September 2025 is 37%, surpassing the average decline of 34% across 42 countries [4]. - The report emphasizes the need for policies to support demand-side recovery to stabilize the market, particularly in core cities [4]. Summary by Sections Policy Changes - The new VAT policy effective from January 1, 2026, will exempt individuals from paying VAT on properties sold after two years of purchase, while those selling within two years will pay a reduced rate of 3% [5]. Market Analysis - The report highlights the critical need for repairing household balance sheets to address the ongoing challenges in the real estate market, with expectations for further supportive policies to stabilize the market [4]. - Anticipated policy measures include reductions in mortgage rates, optimization of purchase restrictions and taxes in first-tier cities, accelerated land acquisition, and support for real estate financing [4]. Investment Opportunities - The report identifies two key investment opportunities: the revaluation of quality commercial real estate and the emergence of strong product capabilities in core cities [4]. - Recommended companies for investment include: 1. Commercial real estate: China Resources Land, New World Development, Kerry Properties, Hang Lung Properties, Longfor Group, with a focus on Swire Properties and New World Development. 2. Quality housing companies: Jianfa International, Binjiang Group, Greentown China, and China Jinmao. 3. Undervalued recovery companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments. 4. Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property. 5. Second-hand housing intermediaries: Beike-W [4].

交通运输行业 标配（维持） 周期拐点渐显 交通运输行业 2026 年投资策略 2025 年 12 月 30 日 推荐 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 交通运输指数走势 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 投 资 策 略 行 业 研 究 证 券 研 究 报 告 ◼ 展望2026年：交通运输行业整体与宏观环境关联性较大，2025年整 体表现低迷，跑输沪深300指数。细分板块中，铁路公路等红利板块 因风格切换走弱，物流、航空机场、航运港口等行业下半年受到反内 卷及外需等因素提振，但仍跑输大盘指数。展望2026年，反内卷及大 基建的带动作用下内需有望迎来改善，推荐关注（1）反内卷带来的 国内快递竞争格局改善与受益于上游价格回升的大宗供应链。（2） 公商务及休闲需求增长，有望重回盈利的航空机场。（3）油运高景气 的全球 ...

证券之星消息，12月30日物流板块较上一交易日上涨0.04%，ST雪发领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002485 | ST雪发 | 4.31 | 5.12% | 3.96万 | = 1680.06万 | | | 600753 | *ST海钦 | 8.35 | 3.34% | 3.39万 | 2822.80万 | | | 603648 | 畅联股份 | 10.56 | 2.33% | 4.27万 | 4475.64万 | | | 605050 | 福然德 | 13.23 | 1.46% | 1 7.33万 | 9680.44万 | | | 601156 | 东航物流 | 18.27 | 1.11% | 9.92万 | | 1.81亿 | | 600794 | 保税科技 | 3.95 | 1.02% | 28.62万 | | 1.14亿 ...

近日，在中国银行海南省分行的全程推荐与金融服务支持下，建发（海南）国际控股有限公司正式通过 海南自由贸易港跨境资金集中运营中心认定，成为海南自贸港全岛封关运作后首家成功落地的跨境资金 集中运营中心。 作为服务海南自由贸易港建设的主力银行，中国银行紧密围绕自贸港封关运作后的金融制度安排，积极 推动跨境资金集中运营政策落地。本次建发海南国控的成功认定，是海南自贸港封关后落地的首家跨境 资金集中运营中心，具有重要的制度突破意义和市场示范效应。 在企业申报过程中，中国银行海南省分行充分发挥跨境金融"主办行+专业行"优势，围绕企业跨境资金 运营需求，从制度解读、方案设计、材料梳理、合规评估等方面提供全流程、定制化金融服务，协助企 业高效完成认定申报工作。 此次成功认定，不仅有助于建发股份进一步提升全球资金配置效率、降低跨境运营成本，也为海南自贸 港在封关运作背景下探索"更加自由、更加便利、更加安全可控"的跨境资金管理模式提供了可复制、可 推广的实践样本。 相关负责人表示，该行将继续立足海南自贸港金融开放前沿，紧扣封关运作后跨境资金流动新常态，持 续深化跨境资金集中运营、多功能自由贸易账户（EF账户）等跨境金融业务创新， ...

债券代码：115755 债券简称：23建发Y1 股票代码：600153 股票简称：建发股份 公告编号：临2025-054 债券代码：240217 债券简称：23建发Y2 债券代码：240650 债券简称：24建发Y1 债券代码：241016 债券简称：24建发Y2 债券代码：241137 债券简称：24建发Y3 债券代码：241265 债券简称：24建发Y4 债券代码：241266 债券简称：24建发Y5 厦门建发股份有限公司2025年第二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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月29日 (二)股东会召开的地点：厦门市思明区环岛东路1699号建发国际大厦附楼6层2号会议室 (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： ■ (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。 本次会议由公司董事会召集，会议由公司董事长林茂先生主持，并采取现场投票和网 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-054 | | --- | --- | --- | --- | --- | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | 厦门建发股份有限公司 2025年第二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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 376 | | --- | - ...

福建天衡联合律师事务所 关于厦门建发股份有限公司 2025 年第二次临时股东会的 法律意见书 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666号法 电话:86 · 592 · 5883666 厦门 · 泉州 · 福州 · 龙岩 · 上海 关于厦门建发股份有限公司 2025 年第二次临时股东会的法律意见书 (2025) 天衡(意)字第 296号 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 致:厦门建发股份有限公司 厦门建发股份有限公司(以下简称"公司")2025年第二次临时股东会(以 下简称"本次股东会")于 2025年12月29日召开。福建天衡联合律师事务所 (以下简称"本所")接受公司的委托,指派邢志华律师、荆日扬律师(以下简 称"本所律师")出席本次股东会,根据《中华人民共和国公司法》(以下简称 "《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 和《厦门建发股份有限公司章程》(以下简称"《公司章程》")的规定,对本 次股东会的召集和召开程序、出席会议人员的资格、召集人资格、会议表决程序 以 ...

由金融界主办的"启航·2025金融峰会"于12月26日在北京成功举办，本届大会以"新开局、新动能、新征程"为主题，汇聚监管部门、行业协会、金融机构、 上市公司、媒体等数百位相关领导和重磅嘉宾。作为大会备受关注的重要成果，第十四届"金智奖"年度评选结果正式揭晓。建发股份凭借在绿色发展、社会 责任、公司治理等领域的系统性深耕与卓越实践，成功斩获"ESG践行卓越案例"。 其中，"ESG践行卓越案例"专项奖项聚焦在环境可持续发展、社会价值共创、公司治理优化等方向深耕并取得显著成效的企业。该奖项旨在树立高质量发展 标杆，激励广大上市公司聚焦主业、深耕创新、践行社会责任，为"十五五"时期实体经济与资本市场协同发展凝聚行业共识，具有重要的行业引导意义。 建发股份此次斩获该奖项，是资本市场对其长期深耕ESG领域成果的权威认可。早在ESG理念普及前，建发股份便已锚定可持续发展赛道，信息披露实践持 续领先：自2010年起连续12年披露社会责任报告，2020年起连续4年披露中英文版ESG报告，并在2023年度升级为可持续发展报告，实现ESG信息披露的规 范化与常态化。 据悉，本届"金智奖"评选紧密契合2025年10月发布的"十五五 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that policy adjustments are being driven by fundamental pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, indicating ongoing developments in the sector [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, thus making it a strategic investment choice [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 cities 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 highlighted as critical areas to monitor, with expectations that first- and second-tier cities will benefit more from these changes [4] Summary by Sections New Housing Transactions - In the week, new housing transaction area across 30 cities was 241.0 million square meters, a month-on-month increase of 15.5% but a year-on-year decrease of 41.5% [2][25] - First-tier cities recorded a new housing transaction area of 53.9 million square meters, down 0.4% month-on-month and down 41.3% year-on-year [2][25] - Second-tier cities saw a transaction area of 146.8 million square meters, up 21.7% month-on-month but down 40.6% year-on-year [2][25] - Third-tier cities had a transaction area of 40.4 million square meters, up 18.7% month-on-month but down 45.1% year-on-year [2][25] Secondary Housing Transactions - The total area of secondary housing transactions in 14 sample cities was 208.0 million square meters, a month-on-month increase of 3.8% but a year-on-year decrease of 22.9% [32] - First-tier cities accounted for 89.3 million square meters, up 2.2% month-on-month [32] - Second-tier cities had 83.7 million square meters, down 1.8% month-on-month [32] - Third-tier cities recorded 35.0 million square meters, up 25.9% month-on-month [32] Credit Bonds - During the week (December 22-28), six credit bonds were issued by real estate companies, totaling 4.732 billion yuan, an increase of 0.402 billion yuan from the previous week [3][40] - The total repayment amount was 6.517 billion yuan, a decrease of 0.964 billion yuan, resulting in a net financing amount of -1.785 billion yuan, which is an increase of 1.366 billion yuan from the previous week [3][40]