Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and highlights the importance of stable dividend assets in the current market environment, suggesting a shift from style-driven to stock-driven investment logic in the dividend sector [1][2]. Group 1: Index Performance - As of August 6, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) increased by 0.41%, with notable gains from constituent stocks such as Jinkong Coal Industry (601001) up 6.18%, Weifu High Technology (000581) up 4.99%, and Shaanxi Coal and Chemical Industry (601225) up 4.78% [1]. - The National Enterprise Dividend ETF (159515) rose by 0.35%, marking its third consecutive increase [1]. Group 2: Investment Insights - According to Kaiyuan Securities, the current market uncertainty necessitates a focus on high dividend yields, with stable dividend assets (like banks and public utilities) being more favorable than cyclical dividend stocks [1]. - Everbright Securities notes a transition in the investment logic of the dividend sector from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1]. - The banking sector has emerged as a highlight within high dividend stocks, frequently targeted by insurance and asset management companies, indicating a clear demand for undervalued dividend stocks [1]. Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2]. - As of July 31, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 16.77% of the index [2].

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，建发(海南)国际控股有限公司成立，法定代表人为林 茂，注册资本20000万元，经营范围包含：一般经营项目：贸易经纪；销售代理；供应链管理服务；国 内贸易代理；谷物销售；豆及薯类销售；畜牧渔业饲料销售；棉、麻销售；林业产品销售；牲畜销售； 水产品批发；食用农产品批发；农副产品销售；服装服饰批发；鞋帽批发；针纺织品及原料销售；第一 类医疗器械销售；第二类医疗器械销售；煤炭及制品销售；石油制品销售(不含危险化学品)；非金属矿 及制品销售；金属材料销售；金属矿石销售；高品质特种钢铁材料销售；新型金属功能材料销售；高性 能有色金属及合金材料销售；汽车零配件批发；新能源汽车整车销售；机械设备销售；化工产品销售 (不含许可类化工产品)；计算机软硬件及辅助设备批发；金属制品销售；化妆品批发；日用品批发；饲 料添加剂销售；食品添加剂销售；纸浆销售；纸制品销售；粮油仓储服务；普通货物仓储服务(不含危 险化学品等需许可审批的项目)；软件开发；信息技术咨询服务；新鲜水果批发；食用农产品初加工； 木材销售；机械电气设备销售；电气设备销售；通讯设备销售；仪器仪表销售； ...

| 序号 | 股东名称 | 持股比例 ÷ | 认缴出资额 # | 认缴出资日期 = 首次持股日期 = | | --- | --- | --- | --- | --- | | | 西林陶进出口贸易有限公司 精药 | 60.00% | 750万元 | 2025-07-25 | | | 大股东 | | | | | | 厦门建发浆纸集团有限公司 | 40.00% | 500万元 | 2025-07-25 | | | 国有企业 | | | | | 2 25 | 厦门建发股份有限公司 | 95.00% | 47500万元 | 2011-06-14 | 企查查APP显示，近日，广西楙发进出口贸易有限公司成立，法定代表人为CHU YUNG KAI，注册资本为1250万元，经营范围包含：国内贸易代理；销售 代理；木材加工；木材销售；木材收购；木材采运；国际道路货物运输等。企查查股权穿透显示，该公司由广西楙闳进出口贸易有限公司、建发股份 （600153）旗下厦门建发浆纸集团有限公司共同持股。 | 正 章 台 缔造有远见的商业传奇 中国企业信用查询系统 | 广西林发进出口贸易有限公司 | | 查一下 | | ー 応用 ▼ 企业中心 ...

Group 1 - The establishment of Jianfa (Hainan) International Holdings Co., Ltd. has been recently reported, with a registered capital of 200 million yuan [1] - The company's business scope includes the sale of intelligent unmanned aerial vehicles, electronic special equipment, and electronic components and electromechanical assembly equipment [1] - Jianfa (Hainan) International Holdings Co., Ltd. is wholly owned by Jianfa Co., Ltd. through indirect shareholding [1]

Core Insights - The real estate market in July experienced a seasonal decline in supply and demand, reflected in the sales performance of real estate companies [2][4] - The total sales amount of the top 100 real estate companies from January to July was 20,730.1 billion yuan, a year-on-year decrease of 13.3% [4] - The sales performance of leading real estate companies remained stable, with the top 10 companies showing a sales threshold increase of 5% year-on-year [2][4] Sales Performance - In July, the sales amount of the top 100 real estate companies decreased by 18.2% year-on-year [2][6] - The top three companies by sales in the first seven months were Poly Developments (1,632 billion yuan), Greentown China (1,368 billion yuan), and China Overseas Land & Investment (1,319 billion yuan) [3][4] - The number of "billion-dollar" real estate companies increased to five this year, with an average sales amount of 1,320.1 billion yuan [11] Market Trends - The overall transaction volume of new homes in 30 key cities was 836 million square meters in July, down from 1,034 million square meters in June [14] - The cumulative transaction volume for the first seven months remained roughly flat compared to the previous year [14] - The market is expected to see a low-level fluctuation in new home transactions, with a projected year-on-year decline of less than 5% [14] Policy and Future Outlook - The Central Political Bureau meeting emphasized the need for stable and flexible macroeconomic policies to boost market confidence [15] - Various cities have introduced new policies to enhance supply quality and meet diverse housing needs, including optimizing public housing loan policies [15] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good houses" expected to emerge [15]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5][37] Core Viewpoints - The market heat has declined in July, with sales showing a significant year-on-year drop, reaching a six-year low for the same period [1][14] - The sales performance of top real estate companies varies, with some showing stability while others experience significant declines [4][33] - The report emphasizes the importance of policy-driven market dynamics and suggests that 2025 will be dominated by policy influences [5][37] Summary by Sections July Market Performance - In July, the top 100 real estate companies achieved a sales amount of 211.2 billion yuan, a year-on-year decrease of 24.3% and a month-on-month decrease of 37.7% [1][14] - From January to July, the top 100 companies recorded a total sales amount of 1.8639 trillion yuan, down 12.5% year-on-year [1][14] Sales by Company Tier - The sales decline is observed across all tiers, with the smallest drop in the TOP21-30 tier at 6.3% year-on-year, while the TOP10 tier saw a decline of 14.9% [2][16] - The sales threshold for the top 100 companies decreased significantly, with the threshold for the top 10 dropping from 52.65 billion yuan to 49.16 billion yuan, a decline of 6.6% [3][28] Performance of Leading Companies - Some leading state-owned and benchmark private enterprises showed stable sales, with Yuexiu Property achieving a year-on-year growth of 12.6% in July [4][33] - Among the top 40 companies, 11 reported positive year-on-year growth in July, with the best performer being Bangtai Group at 82.6% [4][33] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons, including the expectation of stronger policy support compared to previous years and the potential for quality companies to benefit from improved competitive dynamics [5][37] - Recommended stocks include Green Town China, China Overseas Development, and Poly Development among others [5][37]

Group 1 - The land market remains active in 2025, with top 100 real estate companies acquiring land worth a total of 578.3 billion yuan from January to July, representing a year-on-year increase of 34.3% [1] - The top 10 real estate companies accounted for 43.5% of the total new value added, with Greentown China leading at 111.6 billion yuan, followed by China Overseas Property and Poly Developments at 93.5 billion yuan and 90.7 billion yuan respectively [1] - Competitive bidding for prime land in core cities is intense, with record-breaking floor prices, such as the 200,300 yuan per square meter for a land parcel in Shanghai's Xuhui District [1] Group 2 - Real estate companies are actively acquiring land during this "window period" to replenish their portfolios, driven by the release of premium and scarce land by local governments [2] - In July, the overall real estate market experienced a seasonal decline in supply and demand, with new home transaction volumes in 30 key cities totaling approximately 8.36 million square meters, remaining stable compared to the previous year [2] - Poly Developments led sales with 150.1 billion yuan in transaction volume, while Greentown China and China Overseas Property followed closely [2] Group 3 - The new home transaction volume is expected to continue fluctuating at low levels in August, with a projected year-on-year decline of less than 5% [3] - Core first- and second-tier cities may experience a temporary cooling, while some second-tier cities like Tianjin, Wuhan, and Nanjing could see a phase of recovery [3] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good properties" [3]

Core Insights - The report highlights the significant salaries of CFOs in A-share listed companies, with a total compensation of 4.27 billion yuan and an average salary of 814,800 yuan for 2024 [1] - SF Holding's CFO, He Jie, has the highest salary at 7.848 million yuan, which is notably higher than the average salary of 770,000 yuan for CFOs in the transportation industry [1] Industry Overview - The total compensation for CFOs in the transportation industry (including A-share and New Third Board companies) amounts to 88.26 million yuan, with an average salary of approximately 767,500 yuan and a median salary of about 610,000 yuan [1] - SF Holding's CFO salary is 10 times higher than the average salary of CFOs in the transportation sector, which stands at 770,000 yuan [1] Company-Specific Data - SF Holding: CFO He Jie, salary 7,848,000 yuan, revenue growth 10.1% [2] - Bohai Ferry: CFO Xue Ze, salary 2,798,000 yuan, revenue growth -1.1% [2] - Dazhong Transportation: CFO Guo Hongying, salary 2,300,000 yuan, revenue growth -36.9% [2] - Jianfa Co.: CFO Wei Zhuo, salary 2,270,000 yuan, revenue growth -8.2% [2] - COSCO Shipping Energy: CFO Qi Zhao, salary 1,924,000 yuan, revenue growth 2.2% [2] - CITIC Offshore Helicopter: CFO Guan Gu, salary 1,630,000 yuan, revenue growth 9.8% [2] - Jinjiang Shipping: CFO Qiu Qian, salary 1,531,000 yuan, revenue growth 13.4% [2] - YTO Express: CFO Wang Lixiu, salary 1,416,000 yuan, revenue growth 19.7% [2] - Shentong Express: CFO Liang Bo, salary 1,370,000 yuan, revenue growth 15.3% [2] - China Merchants Energy Shipping: CFO Lou Dongyang, salary 1,363,000 yuan, revenue growth -0.3% [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for quality companies with strong product capabilities and inventory management [4][5]. Core Insights - The sales performance of real estate companies in July 2025 showed a significant decline, with a year-on-year decrease of 23% in sales amount and 26.6% in sales area. Cumulatively, the first seven months of 2025 saw an 18.4% decline in sales amount compared to the previous year [4][5]. - The report highlights a structural differentiation in the sales market, with first and second-tier cities performing better than third and fourth-tier cities. It suggests that the real estate market will exhibit a "structurally strong + overall weak" pattern moving forward [4][5]. - The report emphasizes that while the broad housing demand has bottomed out, the recovery of residents' balance sheets will take approximately two years, which will delay the expected positive cycle in price and volume [4][5]. Summary by Sections Sales Performance - In July 2025, the top three companies by sales were Poly Developments (18 billion), China Merchants Shekou (15.6 billion), and Vanke (13.5 billion). The threshold for the top three has decreased from 15.9 billion in the same month last year to 13.5 billion this year [4][5]. - The cumulative sales for the first seven months of 2025 were led by Poly Developments (163.2 billion), China Overseas (132 billion), and China Resources (123.6 billion), with significant year-on-year declines for most companies [4][5]. Investment Recommendations - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, such as Jianfa International, Binhai Group, China Resources Land, and Jianfa Holdings. It also suggests monitoring companies like Greentown China and China Jinmao [4][5]. - For undervalued recovery companies, the report highlights New Town Holdings, Yuexiu Property, China Merchants Shekou, Poly Developments, China Overseas, Longfor Group, and Huafa Group as potential investment opportunities [4][5].