不过，建发股份三季报显示，今年前三季度，建发房产根据谨慎性原则计提8.17亿元存货跌价准备，实 现归母净利润14.5亿元，同比下降9.65%；而联发集团根据谨慎性原则计提3.31亿元存货跌价准备后， 实现归母净利润为-10.40亿元，为建发股份房地产业务分部贡献的归母净利润为-10.06亿元，同比减少 6.34亿元。 10月13日，建发股份发布投资者关系活动内容。 其中介绍，2025年前三季度，公司房地产业务中，建发房产合同销售金额达到957.4亿元，同比增长 12.6%，权益销售金额达到711.5亿，同比增长7.6%；同期联发集团合同销售金额达到194.5亿元，同比 提升53.3%，权益销售金额达到128.4亿元，同比提升82.1%。 不同于联发集团的年轻化布局，建发房产更聚焦国内核心城市优质地段，今年以来陆续发布"好房子"体 系框架、灯塔战略，并在北京、上海、厦门等城市落地了区位出色、产品力出众的灯塔项目。 建发在北京的"灯塔项目"建发·海晏已于上半年入市，总价2000万元起。在10月北京住宅成交排行榜 中，建发海晏以18套、5.11亿元的成绩斩获海淀区套数、金额双料冠军。上海灯塔项目建发·海宸于9月 3 ...

人民财讯11月11日电，企查查APP显示，近日，常熟市吴越新能源有限公司成立，法定代表人为邓飞， 注册资本为1亿元，经营范围包含：光伏发电设备租赁；光伏设备及元器件制造；太阳能热发电装备销 售；电力电子元器件销售等。企查查股权穿透显示，该公司由常熟市吴越产业投资发展有限公司、建发 股份（600153）旗下厦门建发新兴能源有限公司共同持股。 ...

Core Insights - The logistics sector experienced a rise of 1.44% on November 10, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Yuanshang (603813) closed at 34.35, up 5.01% with a trading volume of 15,300 [1] - Guanghui Logistics (600603) closed at 7.80, up 3.59% with a trading volume of 288,600 [1] - Xiamen Xiangyu (600057) closed at 8.70, up 3.33% with a trading volume of 361,800 [1] - Jianshe Co. (600153) closed at 10.56, up 3.12% with a trading volume of 357,800 [1] - Milkewei (603713) closed at 61.84, up 3.00% with a trading volume of 29,200 [1] - Shentong Express (002468) closed at 15.54, up 2.57% with a trading volume of 247,800 [1] - Chuanhua Zhili (002010) closed at 6.29, up 2.44% with a trading volume of 415,600 [1] - YTO Express (600233) closed at 16.85, up 2.12% with a trading volume of 149,200 [1] - *ST Haiqin (600753) closed at 7.78, up 2.10% with a trading volume of 29,500 [1] - SF Holding (002352) closed at 40.80, up 2.05% with a trading volume of 362,500 [1] Capital Flow - The logistics sector saw a net inflow of 84.64 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan [2] - Retail investors contributed a net inflow of 15.74 million yuan [2] Individual Stock Capital Flow - SF Holding (002352) had a main fund net inflow of 1.15 million yuan, with retail net inflow of 15.41 million yuan [3] - Chuanhua Zhili (002010) saw a main fund net inflow of 28.29 million yuan, but retail funds had a net outflow of 13.33 million yuan [3] - Shanghai Yashi (603329) experienced a main fund net inflow of 20.30 million yuan, with a retail net outflow of 14.06 million yuan [3] - Guanghui Logistics (600603) had a main fund net inflow of 9.01 million yuan, with retail net outflow of 7.86 million yuan [3]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [14] Core Insights - The industry is currently experiencing downward pressure, but after over four years of adjustment, it may have entered the latter half of the cycle. Individual performance among companies is beginning to show significant differentiation. Structural turning points in profitability are expected due to optimized land reserves, with some high-quality companies already seeing performance improvements [22][12][20] Summary by Sections Profitability - Revenue decline has narrowed, with a year-on-year decrease of 2.7% for key real estate companies in Q1-Q3 2025. The gross profit margin improved by 0.1 percentage points to 9.3%. However, individual profitability is increasingly differentiated, with companies like Binhai Group and Urban Development seeing over 40% growth in net profit [8][21][26] Debt Management - Maintaining financial safety is crucial, with a slight increase of 0.6% in interest-bearing debt by the end of Q3 2025. The overall debt risk in the industry is being cleared, and companies are beginning to tilt towards operational sustainability while ensuring financial safety [9][48][49] Cash Flow - Operating cash receipts saw a year-on-year decline of 9.3%, but the decrease has narrowed significantly. Investment activities remain restrained, and financing activities continue to show net outflows. Companies are focusing on cash flow safety through stringent cash management [10][24][48] Operations - Sales decline has narrowed, with a year-on-year decrease of 12.2% in sales amount for key companies. However, land acquisition has become more aggressive, with a 110.4% increase in land acquisition amount. The focus is shifting towards land quality, with floor prices rising by 38.9% [11][20][22]

来源：市场资讯 （来源：厦门建发集团有限公司） 本次大会由新华社旗下中国证券报主办，新华社新闻信息中心福建中心承办，建发集团作为特别合作单 位连续两年提供支持。大会举行了主题演讲、圆桌对话，共同探讨面向"十五五"战略机遇期，企业如何 依托港股平台高效汇聚国际资本、资本市场如何助力新质生产力发展等话题，推介了厦门营商环境和资 本赋能产业高质量发展相关政策措施，举行了上市公司（港股）金牛奖、证券业金牛奖颁奖典礼。 作为国有资本投资公司，建发集团始终坚持"服务实体经济、服务社会民生"的发展方向，积极融入国 家、区域和城市发展战略。多年来，公司聚焦深耕供应链运营、城市建设与运营、旅游会展、医疗健 康、新兴产业投资等实体经济，稳健提升核心主业的资产证券化比重；借助多元化资本平台，为股东和 投资者创造价值回报，为国有资本的保值增值与功能放大注入持续动能。 面向"十五五"，建发集团将持续深化"产业+资本"协同模式，不断强化科技和金融底座建设，奋力谱写 高质量发展新篇章，为厦门建设金融强市、打造金融科技之城贡献建发之力。 11月8日，2025厦门产业发展大会、2025证券业高质量发展大会在厦门举办，金圆集团杯·上市公司（港 ...

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].

Core Insights - The real estate sector is experiencing significant pressure with high base growth rates leading to a decline in market performance [1] - The report maintains a "Buy" rating for the industry, indicating potential investment opportunities despite current challenges [2] Market Performance - In October 2025, the transaction volume of commodity residential properties in 46 cities decreased by 33.3% year-on-year, with a notable decline in first-tier cities at 39.1% [11][12] - The cumulative transaction volume from January to October 2025 shows a 10.9% year-on-year decrease [11] - The second-hand housing market also faced challenges, with transaction volumes in 11 cities down by 21.3% year-on-year [35] Market Sentiment - The second-hand housing prices fell by 1.7% month-on-month in October 2025, marking a total decline of 13.0% since the beginning of the year [5][35] - Inventory levels in the new housing market showed a slight decrease, with a 2.1% reduction in short-term inventory in 10 key cities [5] Policy Environment - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, shifting from suppression to encouragement of reasonable demand [5][29] - The government is gradually lifting restrictive measures, which may positively impact market sentiment in the long term [5] Land Market Dynamics - In October 2025, the land transfer revenue in 600 cities dropped by 27.8% year-on-year, indicating a cooling land market [5] - The average land premium rate fell to 3.3%, the lowest since 2025, reflecting cautious bidding behavior among developers [5] Company Performance - The top 100 real estate companies reported a sales amount of 276.6 billion yuan in October 2025, a 41% year-on-year decline [29] - State-owned enterprises showed a year-on-year sales decline of 37%, while private enterprises faced a more severe drop of 52% [30] Investment Outlook - The SW Real Estate Index fell by 2.37% in October 2025, underperforming the broader market by 2.4 percentage points [5] - The report suggests holding quality real estate development companies, as the market is expected to stabilize and recover gradually [5]

●投资者可于2025年11月11日(星期二)16:00前访问网址https://eseb.cn/1sYX0cZ4GzK或使用微信扫描下方 小程序码进行会前提问，公司将在信息披露规则允许的范围内就投资者普遍关注的问题进行回答。 ■ 厦门建发股份有限公司（以下简称"公司"）已于2025年10月31日发布公司2025年第三季度报告。为便于 广大投资者更全面深入地了解公司2025年第三季度经营成果、财务状况，公司计划于2025年11月12日 （星期三）15:00-16:00召开2025年第三季度业绩说明会，就投资者关心的问题进行交流。 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 厦门建发股份有限公司关于召开 2025年第三季度业绩说明会的公告 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。 重要内容提示： （二）投资者可于2025年11月11日(星期二)16:00前访问网址https://eseb.cn/1sYX0cZ4GzK或使用微信扫 描下方小程序码进行会前提问，公司将在信息披露规则允许的范围内就投资者普遍关注的问题进行 ...

厦门建发股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公 司 2025 年第三季度报告。为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 11 月 12 日（星期三）15:00-16:00 召开 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 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： 投 资 者 可 于 2025 年 11 月 11 日 ( 星 期 二 )16:00 前 访 问 网 址 https://eseb.cn/1sYX0cZ4GzK 或使用微信扫描下方小程序码进行会前提问，公司 将在信息披露规则允许的范围内就投资者普遍关注的问题进行回答。 一、 说明会类型 1 会议召开时间：2025 年 11 月 12 日（星期三）15:00-16:00 会议召开平台：价值在线（www.ir-online.cn） 会议召开方式：网络在线交流 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 ...

Market Overview - On Thursday, the Shanghai Composite Index rose by 1.0%, the CSI 300 increased by 1.4%, the STAR Market 50 surged by 3.3%, the CSI 1000 climbed by 1.2%, the ChiNext Index went up by 1.8%, and the Hang Seng Index gained 2.1% [5][6] - The best-performing sectors on Thursday included non-ferrous metals (+3.1%), electronics (+3.0%), telecommunications (+2.4%), basic chemicals (+2.0%), and automobiles (+1.8%). The worst-performing sectors were media (-1.4%), social services (-1.1%), retail (-1.0%), beauty and personal care (-0.5%), and banking (-0.4%) [5][6] - The total transaction amount in the Shanghai and Shenzhen markets on Thursday was 20,553 billion yuan, with a net inflow of 5.48 billion Hong Kong dollars from southbound funds [6] Important Recommendations Company Analysis: *ST He (002816) - The company is undergoing a strategic transformation and diversification, anticipating a recovery in profitability. The leading position in cleaning equipment is expected to benefit from the semiconductor business expansion [7] - Revenue projections for 2025-2027 are 273 million, 419 million, and 543 million yuan, with growth rates of 1010%, 54%, and 29% respectively. Net profit forecasts are 11.77 million, 53.39 million, and 87.16 million yuan, with growth rates of -354%, 63% [7] - Catalysts include the delivery of maskless lithography equipment and new equipment orders [7] Company Analysis: Jianfa Co. (600153) - Jianfa Co. is expected to experience a turnaround, with previously pessimistic market expectations regarding its joint venture and home furnishing business being challenged by new operational changes [8] - Revenue forecasts for 2025-2027 are 652,563 million, 672,826 million, and 697,093 million yuan, with growth rates of -6.95%, 3.11%, and 3.61%. Net profit projections are 2,286 million, 3,076 million, and 4,560 million yuan, with growth rates of -22.39%, 34.55%, and 48.26% [8] - Key drivers include changes in management and operational strategy [8] Important Insights Fixed Income Credit Bonds - The financial bond market has become the largest sector for non-bank institutional investment, showcasing higher market value due to its safety compared to interest rate bonds and liquidity of public bonds [10] - The likelihood of unexpected credit events in the future is considered low, and there is a detailed analysis of the investment value in niche financial sectors such as AMC, financial leasing, and commercial leasing [10] Media Industry Analysis - The proportion of heavy positions in media stocks rose to 4.66% in Q3 2025, an increase of 0.55 percentage points, significantly above the industry standard of 2.88% [11] - The top ten media heavy positions include Tencent, Kuaishou, Giant Network, and ST Huasheng, with notable increases in holdings for gaming-related stocks [11] - Investment opportunities are highlighted for ST Huasheng, which may expand significantly if it completes its delisting process [11]