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]

Core Points - Xiamen C&D Inc. will hold a performance briefing for the third quarter of 2025 on November 12, 2025, from 15:00 to 16:00 [3][6] - The briefing will be conducted via video broadcast combined with online Q&A, allowing for interaction with investors regarding the company's operational results and financial indicators [4][5] - Investors can submit questions before the meeting until November 11, 2025, at 16:00 through a specified website or WeChat mini-program [2][7] Meeting Details - The performance briefing will take place on November 12, 2025, from 15:00 to 16:00 [6] - The platform for the meeting is "Value Online" (www.ir-online.cn) [5][6] - The meeting will feature participation from the company's chairman and other key executives [5][6] Participation Information - Investors can participate online and will receive timely responses to their questions during the briefing [7] - Contact information for inquiries includes a designated contact person and email address [7]

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]

Group 1 - MSCI announced the results of its November index review, which includes the addition of 17 new A-shares and the removal of 16 A-shares [2][3] - The newly added A-shares include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology, while the removed A-shares include companies like Zhongzhi Co., Bertley, and Dong'a Ejiao [1][3] - The adjustments will take effect after the market closes on November 24 [2] Group 2 - In addition to A-shares, MSCI also included 9 new Hong Kong stocks in its indices, such as Zijin Mining International and GF Securities, while removing 4 Hong Kong stocks [3][4] - The largest new additions to the MSCI Global Standard Index include companies like CoreWeave, Nebius Group, and Insmed, indicating a focus on sectors like cloud services and biopharmaceuticals [4] - MSCI conducts four routine adjustments to its indices each year, with the November review being one of the two major semi-annual assessments [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has signed a strategic cooperation agreement with Louis Dreyfus, aiming for an annual transaction of 2.5 billion USD in agricultural products, enhancing its global supply chain network [8] - The company has maintained a strong performance in its supply chain business, with a significant increase in overseas business scale, reaching 9.464 billion USD, a year-on-year growth of 23.24% [8] - The company aims to learn from Japanese trading companies to enhance its global operations, positioning itself as a leading international supply chain operator [8] - The company’s real estate segment is experiencing growth despite short-term pressures on its operations [8] Financial Summary - Revenue projections for 2025-2027 are 70.16 billion, 70.73 billion, and 71.48 billion RMB respectively, with a revenue growth rate of 0.0%, 0.8%, and 1.1% [7][9] - The net profit for the same period is projected to be 3.48 billion, 3.87 billion, and 4.26 billion RMB, with corresponding net profit growth rates of 18.2%, 11.1%, and 10.1% [7][9] - The earnings per share (EPS) are expected to be 1.20, 1.33, and 1.47 RMB for 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 8.5x, 7.6x, and 6.9x [7][9] - The return on equity (ROE) is projected to improve from 4.7% in 2025 to 5.6% in 2027 [7][9]

Core Viewpoint - The market holds a cautious attitude towards the fair value fluctuations of Meikailong and the losses of Lianfa Group in the real estate business, while expectations for Jianfa Co.'s future net profit growth are relatively low. However, Jianfa Co. maintains a stable operational foundation in its supply chain and real estate sectors, with positive changes occurring in the operations of Meikailong and Lianfa Group, which are expected to lead to a recovery in performance [1] Group 1: Meikailong's Operational Recovery - Meikailong, a leading home furnishing market player, shows signs of operational recovery with a new five-year plan aiming to increase rental rates to over 90% within three years. The new leadership and strategic direction indicate a potential turning point for Meikailong [1] - The business model of Meikailong, characterized by a rental income model, is expected to benefit from rising rents during economic upturns, enhancing net profit. Conversely, during downturns, fair value decreases may pressure net profit [1] - The fair value loss pressure for Meikailong is projected to gradually ease from 2025 to 2027, with potential profit growth starting in 2026 or 2027 under optimistic scenarios [1] Group 2: Real Estate Business Improvement - Jianfa Co.'s real estate business, comprising Jianfa Real Estate and Lianfa Group, is entering a new phase of quality improvement and efficiency. Lianfa Group is expected to experience significant operational improvements due to a management overhaul and a focus on new product lines targeting young consumers [2] - A total of approximately 15 billion yuan in inventory impairment has been recognized from 2021 to 2024, with Lianfa Group's impairments largely accounted for, indicating that many risks have been preemptively addressed [2] - The company anticipates that while profits may be under pressure in 2024-2025, the downward price pressure will gradually diminish thereafter [2] Group 3: Supply Chain Stability - Jianfa Co. has achieved a counter-cyclical growth in its supply chain operations, with an annual growth rate of approximately 15%. The diversified product structure has effectively mitigated the impact of single-category cyclical fluctuations [3] - The company has distributed a total of 19 billion yuan in dividends since its listing, representing 63% of its current market value, with a commitment to maintain a minimum dividend of 0.7 yuan per share for 2024-2025 [3] - The stable operating cash flow supports the dividend policy, with an average historical dividend yield of 4.3% [3] Group 4: Validation and Catalysts - Key indicators for validating Jianfa Co.'s operational recovery include monitoring Meikailong's rental rates and unit rents, as well as Lianfa Group's sales and land acquisition quality [4] - Catalysts for potential performance improvement include the successful implementation of Meikailong's new strategic initiatives, favorable real estate sales data, and a rebound in commodity prices [6] Group 5: Unique Insights - The market tends to view Lianfa Group and Meikailong pessimistically, but the analysis reveals significant operational changes and core value that have been overlooked. Meikailong is seen as a "misunderstood recovery asset" rather than a "bad asset" [7] - The supply chain business is transitioning to a service fee model, demonstrating strong profitability resilience, which is often underestimated by the market [8] - The market's focus on the overall downturn in the real estate sector overlooks the individual improvements within Lianfa Group, which is undergoing significant operational changes under new management and product lines [9] Group 6: Profit Forecast - Jianfa Co.'s real estate profits are expected to hit a low point in 2025, with Jianfa Real Estate maintaining stable growth while Lianfa Group faces significant impairment pressures. However, Lianfa Group's performance is anticipated to recover starting in 2026, contributing positively to Jianfa Co.'s profits [10] - The projected net profits for Jianfa Co. from 2025 to 2027 are 2.3 billion, 3.1 billion, and 4.6 billion yuan, respectively, with a CAGR exceeding 40% during this period [10] - The company is expected to experience a "deep squat and jump" in performance over the next three years, with a target price of 12.7 yuan per share based on a 12x PE valuation for 2026 [10]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][6]. Summary of Adjustments - **Newly Added Stocks**: The list includes stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) among others [4]. - **Removed Stocks**: Stocks such as Zhongzhi Co., Ltd. (600038.SH), Bertli (603596.SH), and Dong'e Ejiao (000423.SZ) are among those being removed from the index [4]. - **Hong Kong Stocks**: In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Global Index Adjustments - **Global Standard Index Changes**: MSCI's global standard index (ACWI) added 69 stocks and removed 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [5]. - **Emerging Markets Index**: The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy from Indonesia, Zijin Mining International, and GF Securities [5]. Adjustment Frequency and Impact - MSCI conducts four routine adjustments annually, with the May and November adjustments typically being more significant. Adjustments are based on objective quantitative metrics such as market capitalization and liquidity [6].

Group 1 - MSCI announced changes to its indices, including the addition of 17 new A-share stocks and the removal of 16 stocks, effective after the market close on November 24, 2025 [1] - The newly added A-share stocks include 千里科技 (601777.SH), 东阳光 (600673.SH), and 长川科技 (300604.SZ), while stocks like 中直股份 (600038.SH) and 海澜之家 (600398.SH) were removed [1] - In addition to A-shares, 9 Hong Kong stocks were added to the MSCI China Index, including 紫金黄金国际 and 广发证券, while 4 stocks were removed [1] Group 2 - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable additions including CoreWeave and Nebius Group [2] - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, 紫金黄金国际, and 广发证券 [2] - MSCI conducts four routine adjustments to its indices annually, with May and November adjustments typically being more significant [2]

Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][4]. Group 1: A-Share Index Adjustments - New additions to the MSCI China A-share index include stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4]. - Stocks removed from the index include Zhongzhi Co., Ltd. (600038.SH), Berteli (603596.SH), and Dong'a Ejiao (000423.SZ) [4]. Group 2: Hong Kong Stock Adjustments - In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks, including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Group 3: Global Index Adjustments - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [5]. - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities [5]. Group 4: Adjustment Frequency and Impact - MSCI conducts four routine adjustments to its indices annually, with the May and November adjustments typically having a larger impact compared to the February and August adjustments [6]. - Adjustments are based on objective quantitative indicators such as market capitalization and liquidity, and historical analysis suggests that the overall market impact of MSCI's routine adjustments is manageable [6].