Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Group 1: Policy and Market Impact - Fuzhou has released implementation details for converting non-residential stock into affordable rental housing, which aims to increase housing supply and meet the needs of new citizens and young people [1] - In Sichuan, real estate development investment has stabilized, with a 6.5% year-on-year decline in the first half of the year, a reduction of 3.4 percentage points compared to the previous year [2] - The supply of judicial auction properties in June reached a new high of 32,000 units, indicating market pressure and potential impacts on new and second-hand housing prices [3] Group 2: Company Developments - Zhao Hui has been appointed as the Executive President of Greentown China, which may bring new strategies and resource integration to the company [4] - Xiamen C&D Group's plan to issue a public bond of 11.4 billion yuan has received feedback from the Shanghai Stock Exchange, which will enhance the company's financing channels and liquidity [5]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) highlights the increasing internationalization and globalization efforts of Xiamen C&D Inc., a core member of the Fortune Global 500 C&D Group, which has established business relationships with over 170 countries and regions [1] - C&D Inc. focuses on serving China's industrial needs and aligns its strategies with national initiatives, particularly in key markets such as Belt and Road countries, BRICS nations, and RCEP member countries [1] - Beijing Bank showcases innovations in supply chain finance and cross-border finance, emphasizing the importance of global supply chain stability and offering multi-currency settlement services [3][4] Group 2 - Beijing Bank's "Foreign Exchange Jing Manager" brand provides 5A-level cross-border services covering 173 countries, facilitating seamless transactions between domestic and foreign currencies [4] - YTO Express, the only private express logistics company at the expo, is actively building logistics infrastructure in Central Asia and has established a cross-border express logistics network with Kazakhstan, processing over 30,000 cross-border packages daily [4]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for these industries [5][14][25] Core Insights - The central urban work conference held from July 14 to 15, 2025, marks a transition in China's urbanization from rapid growth to stable development, emphasizing quality over quantity in urban expansion [5][6] - The conference highlights the importance of urban renewal as a key strategy for high-quality urban development, aligning with previous action plans and signaling forthcoming supportive policies [5][6] - The report anticipates that urban development will increasingly focus on core cities, with a shift towards improving existing urban stock rather than expanding new areas [5][6] - Future urban development is expected to differentiate between cities, with a strong emphasis on creating modern, livable, and resilient urban environments [5][6] Summary by Sections Urban Development Transition - The report notes that urbanization is moving from a phase of rapid growth to one of stable development, with a focus on enhancing existing urban quality [5][7] - The emphasis is on integrated planning for population, industry, urban areas, and transportation to optimize urban spatial structures [5][9] Urban Renewal as a Strategy - Urban renewal is identified as a critical lever for achieving high-quality urban development, with expectations for specific policies to be implemented following the conference [5][8] - The report suggests that urban renewal efforts will be concentrated in first and second-tier cities, reflecting a strategic shift in urban planning [5][8] Future Urban Development Focus - The report outlines seven key tasks for urban work, including optimizing urban systems, fostering innovation, enhancing livability, promoting green cities, ensuring safety, cultivating cultural values, and developing smart cities [8][9][10] - The focus on creating "good housing" aligns with the broader goal of improving living conditions and urban quality, with potential support for quality real estate companies [5][9] Investment Recommendations - The report recommends specific companies within the real estate sector, including those with strong product capabilities and those positioned for valuation recovery, as well as second-hand housing intermediaries and property management firms [5][14][16]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Core Points - The article outlines the insider information management system of Xiamen Jianfa Co., Ltd, aimed at regulating insider information handling, enhancing confidentiality, and protecting investors' rights [1][2] - The system defines insider information and the responsibilities of insiders, including the need for accurate and complete records of insider information [3][4] Insider Information Definition - Insider information refers to unpublicized information that significantly impacts the company's operations, finances, or the trading prices of its securities [1][3] - Specific examples of insider information include major changes in business strategy, significant asset transactions exceeding 30% of total assets, and major losses or debts [2][4] Responsibilities of Insiders - The board of directors is responsible for ensuring the accuracy and completeness of insider information records, with the chairman being the primary responsible person [1][3] - Insiders must fill out the insider information registration form and report any changes in their status or knowledge of insider information [5][6] Registration and Record-Keeping - The company must maintain a detailed record of insiders, including the time, place, and manner in which they became aware of insider information [7][8] - Insiders are required to confirm their knowledge of insider information and cooperate with the company in maintaining accurate records [5][6] Confidentiality and Accountability - Insiders are obligated to keep insider information confidential and are prohibited from disclosing it before official public disclosure [16][19] - Violations of the insider information management system can lead to penalties, including reporting to regulatory authorities and potential legal consequences [19][21] Additional Provisions - The system includes provisions for the handling of insider information related to significant corporate events, such as mergers, acquisitions, and major asset restructurings [13][14] - The company is required to keep insider information records for at least ten years [15]

General Principles - The management system for the shares held by the board of directors and senior management of Xiamen Jianfa Co., Ltd. is established to strengthen the management of shareholding and changes in accordance with relevant laws and regulations [2][3] - This system applies to the shares held by the company's directors and senior management, including those recorded in their names and those in margin trading accounts [2] Trading Restrictions - Directors and senior management are prohibited from transferring shares under certain conditions, such as within six months after leaving the company or during investigations for securities violations [3][4] - The annual transfer of shares by directors and senior management during their tenure is limited to 25% of their total holdings, with specific exceptions for legal circumstances [3][4] Information Disclosure - Directors and senior management must report personal information changes and shareholding changes within specified timeframes to ensure transparency [6][7] - The company secretary is responsible for managing the data related to directors and senior management's shareholdings and must report any violations to regulatory authorities [7][8] Additional Provisions - The system will be executed in accordance with national laws and regulations, and any inconsistencies with these regulations will be resolved in favor of the legal provisions [9] - The board of directors is responsible for interpreting and revising this system, which will take effect upon approval [9]

Core Viewpoint - The article outlines the investor relations management system of Xiamen C&D Inc., emphasizing the importance of communication between the company and its investors to enhance corporate governance and protect investor interests [1][2]. Group 1: Principles of Investor Relations Management - Compliance Principle: The company must conduct investor relations management in accordance with legal and regulatory requirements [2]. - Equality Principle: All investors, especially retail investors, should be treated equally and provided with opportunities to participate [2]. - Proactive Principle: The company should actively engage in investor relations activities and respond to investor feedback [2]. - Honesty and Integrity Principle: The company must maintain integrity and responsibility in its investor relations activities [2]. Group 2: Content and Methods of Investor Relations Management - Communication Content: The company should communicate various aspects, including risks and challenges it may face [4]. - Multi-channel Approach: The company should utilize various channels such as its website, phone, and email to facilitate communication with investors [4][5]. - Investor Relations Section: The company must maintain a dedicated section on its website for investor relations, providing timely updates [3][4]. Group 3: Responsibilities and Organization - Investor Relations Management: The board secretary is responsible for investor relations, supported by the securities department [7]. - Responsibilities: Key responsibilities include drafting management policies, organizing communication activities, and handling investor inquiries [7][8]. - Support for Investor Rights: The company must support investors in exercising their rights and cooperate with investor protection organizations [6][8]. Group 4: Conduct and Compliance - Prohibited Conduct: The company and its personnel must avoid disclosing undisclosed significant information or misleading information during investor relations activities [8]. - Employee Qualifications: Employees involved in investor relations should possess good character, professional knowledge, and communication skills [8][9]. - Record Keeping: The company must maintain detailed records of investor relations activities for at least three years [9].