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].

Investment Strategy Overview - The transportation industry is closely linked to the macroeconomic environment, with a weak overall performance in 2025, underperforming the CSI 300 index. Key segments like railways and highways have weakened due to style shifts, while logistics, aviation, and shipping have seen some support in the second half of the year from anti-involution and external demand factors, but still lag behind the market index. Looking ahead to 2026, domestic demand is expected to improve driven by anti-involution and major infrastructure projects, with recommendations to focus on (1) improved domestic express delivery competition and benefiting bulk supply chains from upstream price recovery, (2) growth in business and leisure demand potentially returning aviation airports to profitability, and (3) the high prosperity cycle of oil transportation [5][72]. 2025 Review - The transportation industry index showed a stable performance, with a cumulative increase of 1.55% as of December 29, 2025, but underperformed the CSI 300 index. The performance of sub-sectors varied, with aviation airports, shipping ports, railways, and logistics showing cumulative changes of 9.74%, 6.56%, -12.86%, and 6.34% respectively, all underperforming the CSI 300 index [13][14]. Aviation Sector - The aviation supply-demand landscape continues to improve, with aircraft utilization recovering to high levels. Domestic civil aviation demand has been steadily increasing, with passenger volume reaching new highs in the second half of 2025. The average daily utilization of aircraft in China was 8.7 hours as of November 2025, nearing pre-pandemic levels [18][21]. - The average ticket price has stabilized, with a peak passenger load factor of 87.5% in August 2025. The market supply-demand situation is tight, and further tightening could boost ticket prices [23][24]. - The supply side faces challenges with aircraft manufacturers struggling to restore production capacity, with Boeing and Airbus delivering significantly fewer aircraft than pre-pandemic levels. As of 2024, Boeing delivered 348 commercial aircraft, while Airbus delivered 766, both below their respective 2019 levels [25][26]. - The demand side is supported by policy initiatives that have revitalized business activities, with business line passenger volume increasing year-on-year in the first eight months of 2025 [34][36]. - Cost pressures are alleviated by declining oil prices, with WTI futures at $56.74 per barrel as of December 26, 2025, down 54.13% from peak levels. The strengthening of the RMB also reduces dollar-denominated debt burdens for airlines [40][43]. Oil Transportation Sector - The oil transportation industry is currently in a high prosperity cycle, with oil prices influenced by demand fluctuations and unexpected events. The BDTI index has seen an uptick, indicating potential for improved industry conditions [46][47]. - Short-term demand is driven by significant U.S. strategic petroleum reserve replenishment needs, while long-term demand is expected to stabilize globally. The IEA forecasts a growth of 2.5 million barrels per day in global oil demand from 2024 to 2030 [49][51]. - The supply side is characterized by tight compliance capacity, with sanctions on shadow fleets leading to a reduction in compliant shipping capacity. This is expected to gradually elevate oil transportation rates [56][57]. Bulk Supply Chain Sector - The bulk supply chain sector is transitioning from traditional trading and logistics models to integrated service provider models, enhancing resource control and operational efficiency. Leading companies are learning from international experiences to improve their market positions [60][63]. - The sector is currently fragmented, with a low market share for leading firms (CR5 at around 5%). As domestic companies consolidate, there is potential for increased market share and profitability [63][64]. - The anti-involution trend is expected to stabilize the PPI, benefiting bulk supply chains as they recover from price declines. The sector is poised to benefit from price rebounds and improved demand conditions [65][66]. Investment Recommendations - Maintain a market-weight rating for the transportation industry, with a focus on improving domestic demand and sector recovery in 2026. Recommended stocks include China National Aviation (601111), Southern Airlines (600029), and Xiamen Xiangyu (600057) [72][74].

Core Viewpoint - The logistics sector experienced a slight increase of 0.04% on December 30, with ST Xuefa leading the gains, while the overall market showed mixed results with the Shanghai Composite Index closing at 3965.12, down 0.0% [1]. Group 1: Market Performance - The logistics sector's performance was highlighted by ST Xuefa, which closed at 4.31 with a gain of 5.12% [1]. - Other notable gainers included *ST Haijin, which rose by 3.34% to 8.35, and Changlian Co., which increased by 2.33% to 10.56 [1]. - The Shenzhen Component Index closed at 13604.07, reflecting an increase of 0.49% [1]. Group 2: Trading Volume and Value - ST Xuefa had a trading volume of 39,600 shares and a transaction value of approximately 16.80 million [1]. - The highest transaction value in the logistics sector was recorded by Donghang Logistics, with a closing price of 18.27 and a transaction value of 181 million [1]. - The overall trading volume and value for the logistics sector showed varied performance across different stocks, with some stocks like Baoshui Technology and Donghang Logistics achieving significant transaction values [1]. Group 3: Capital Flow - The logistics sector saw a net outflow of 531 million from institutional investors, while retail investors contributed a net inflow of 507 million [2]. - The data indicates that retail investors were more active in the logistics sector, contrasting with the outflow from institutional investors [2]. - Specific stocks like YTO Express and Baoshui Technology experienced varying levels of net inflow and outflow from different investor categories [3].

Group 1 - The core viewpoint of the news is that Jianfa (Hainan) International Holdings Co., Ltd. has become the first successfully established cross-border capital centralized operation center in Hainan Free Trade Port after its closure, supported by Bank of China Hainan Branch [1][2] - The establishment of this center is significant for the financial system arrangements following the closure of the free trade port and serves as a market demonstration effect [1] - Jianfa (Hainan) International Holdings is a cross-border capital management platform set up by Jianfa Co., Ltd. in Hainan, focusing on capital preservation, risk management, and cross-border fund allocation [1] Group 2 - The successful recognition will enhance Jianfa Co., Ltd.'s global capital allocation efficiency and reduce cross-border operational costs, providing a replicable model for cross-border capital management in Hainan Free Trade Port [2] - The Bank of China will continue to innovate in cross-border financial services, including centralized capital operations and multi-functional free trade accounts, to support the development of quality enterprises in Hainan [2]

Meeting Overview - The second temporary shareholders' meeting of Xiamen C&D Inc. was held on December 29, 2025, at the C&D International Building in Xiamen [2] - The meeting was convened by the board of directors and chaired by Chairman Lin Mao, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the Articles of Association [2] Attendance and Participation - Out of 8 current directors, 5 attended the meeting, while 3 were absent due to work commitments [3] - The board secretary and senior management also attended the meeting [3] Resolutions Passed - All proposed resolutions were approved, including: 1. Proposal to provide a guarantee limit for Shenzhou Logistics and related transactions [4] 2. Proposal to provide guarantee limits for subsidiaries and associated companies [5] 3. Proposal for financial assistance limits [5] 4. Proposal for expected daily related transaction limits for 2026 [5] 5. Proposal for expected related transactions with financial institutions for 2026 [5] 6. Proposal to engage in financial derivatives trading [5] 7. Proposal to engage in commodity derivatives trading [5] 8. Proposal to use idle funds for cash management [5] Voting and Legal Compliance - The first two proposals were special resolutions, requiring more than two-thirds of the valid voting rights to pass, which they achieved [6] - The meeting was witnessed by Fujian Tianheng Law Firm, confirming that the meeting's procedures, participant qualifications, and voting processes complied with relevant laws and regulations [7]

| 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 ...

Core Viewpoint - The "2025 Financial Summit" held on December 26 in Beijing highlighted the importance of green development and corporate social responsibility, with Jianfa Co. winning the "ESG Exemplary Case" award for its outstanding practices in these areas [1][3]. Group 1: Event Overview - The summit gathered hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1]. - The "Golden Intelligence Award" results were announced, focusing on high-quality development and aligning with the strategic direction of the 14th Five-Year Plan [3]. Group 2: Jianfa Co.'s Achievements - Jianfa Co. was recognized for its systematic efforts in green development, social responsibility, and corporate governance, marking a significant acknowledgment of its long-term commitment to ESG practices [3][4]. - The company has been disclosing its social responsibility reports for 12 consecutive years since 2010 and upgraded its ESG report to a sustainable development report in 2023 [3][4]. Group 3: ESG Practices and Commitments - Jianfa Co. has committed to achieving "carbon peak" by 2030 and "carbon neutrality" by 2060, with the release of its first "Carbon Neutrality White Paper" [4]. - The company adheres to national green building standards and has completed 12 new green building projects in 2024, contributing to its green development initiatives [4]. - Jianfa Co. integrates the United Nations Sustainable Development Goals (SDGs) into its operations and has established a community policy to enhance collaboration with local communities [4]. Group 4: Industry Recognition and Ratings - Jianfa Co. maintains a leading position in ESG ratings, scoring 45 in the S&P Global Corporate Sustainability Assessment, placing it in the top 12% globally [5]. - The company received an A rating from Huazheng Index and an A- rating in the Hang Seng Sustainable Development Index, ranking in the top 10% of the market [5].

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]