交易主要情况： | 交易目的 | □获取投资收益 ☑套期保值 | | | | | --- | --- | --- | --- | --- | | 交易期限 | 2026 年 1 月 1 日至 2026 | 月 31 | 日 | 年 12 | | 交易品种 | | 主要包括外汇远期、外汇掉期、外汇期权、外汇期货、利率 | | | | | 掉期、货币互换等 | | | | | 交易金额 | 预计动用的交易保证金 和权利金上限 | | 在手合约的保证金金额和权利 金上限在任意时点合计不超过 | | | | | | 公司最近一个年度经审计的归 | | | | | | 属于母公司所有者权益的20%， | | | | 预计任一交易日持有的 | | 在手合约的最高合约价值在任 意时点不超过公司最近一个年 | | | | 最高合约价值 | | 度经审计的营业收入的20% | | | 资金来源 | □借贷资金 ☑自有资金 | | | | | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—050 | | --- | --- | --- | --- | --- | --- | | 债券代码 ...

厦门建发股份有限公司 2025 年第二次临时股东会 会议资料 1 厦门建发股份有限公司 2025 年第二次临时股东会会议资料目录 | 序号 | 内容 | 页码 | | --- | --- | --- | | 1 | 《关于为商舟物流提供担保额度预计暨关联交易的议案》 | 4 | | 2 | 《关于为子公司和参股公司提供担保额度预计的议案》 | 6 | | 3 | 《关于提供财务资助额度预计的议案》 | 15 | | 4 | 《关于 2026 年度日常关联交易额度预计的议案》 | 18 | | 5 | 《关于 2026 年度与金融机构发生关联交易额度预计的议案》 | 21 | | 6 | 《关于开展金融衍生品交易的议案》 | 23 | | 7 | 《关于开展商品衍生品交易的议案》 | 26 | | 8 | 《关于使用自有闲置资金进行现金管理的议案》 | 29 | 2 厦门建发股份有限公司 2025 年第二次临时股东会现场会议议程 会议时间：2025 年 12 月 29 日下午 14:15 会议地点：厦门市思明区环岛东路 1699 号建发国际大厦附楼 6 层 2 号会 议室 主 持 人：董事长林茂先生 见证律师所 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-053 | | --- | --- | --- | --- | --- | | 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 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 股东会召开日期：2025年12月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—044 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会 2025 年第十三次临时会议决议公告 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。 厦门建发股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日以通 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

Group 1 - The core view of the report indicates that the real estate industry will continue to bottom out in 2026, focusing on light assets and quality enterprises [8][11] - The investment logic suggests a shift from supplying housing to supplying quality housing, with an emphasis on high-quality development and improved housing standards [8][11] - The report emphasizes a defensive investment strategy for 2026, recommending stocks in property management and high-quality developers [9][11] Group 2 - The report identifies that the probability of debt default risks among real estate companies is low for 2026, primarily due to the dominance of state-owned enterprises in the market [15] - It highlights that the policy outlook for 2026 is cautious, with expectations of high margins, cash flow, and dividends in investment choices [11][12] - The report outlines that the key assumption for 2026 is that the new model of real estate development will require long-term adjustment, with strong short-term policy stability [12] Group 3 - The report recommends specific stocks, such as Jianfa Co., which is expected to experience a recovery in profits due to operational improvements and strategic shifts [20][21] - It predicts Jianfa Co.'s net profit for 2025, 2026, and 2027 to be 2.3 billion, 3.1 billion, and 4.6 billion respectively, with a CAGR of over 40% [20] - The report suggests that Jianfa Co. will benefit from a stable cash flow and high dividend performance, with a target price of 12.7 yuan per share based on a 12x PE valuation for 2026 [20]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002800 | 天顺股份 | 14.92 | -3.12% | 5.25万 | - 7887.17万 | | 603836 | 海程邦达 | 14.46 | -2.03% | 5.97万 | 8707.22万 | | 002889 | 东方嘉盛 | 16.15 | -2.00% | 9.89万 | 1.60亿 | | 300240 | 飞力达 | 7.54 | -1.57% | 7.37万 | 5583.80万 | | 603117 | 万林物流 | 5.06 | -1.56% | 6.81万 | 3451.79万 | | 603329 | 上海雅仕 | 11.22 | -1.49% | 2.33万 | 2624.10万 | | 300013 | 新宁物流 | 4.19 | -1.41% | 20.58万 | 8694.68万 | | 603871 | 嘉友国际 | 12.51 | -1.26% | 8.23万 | 1.03亿 | | 60005 ...

Core Viewpoint - The company emphasizes the importance of creating high-quality products that can withstand market cycles, as articulated by Chen Feilong during the launch of the Jianfa·Haiyao project in Chengdu, which is part of its "Lighthouse Strategy" aimed at redefining high-end real estate offerings [1][3]. Group 1: Lighthouse Strategy - The "Lighthouse Strategy" aims to establish Jianfa as a century-old enterprise capable of enduring market fluctuations, focusing on high-end product strength and customer engagement [3]. - The strategy is built on four pillars: physical space, operations and services, community, and spiritual pursuit, which are essential for creating high-end products [1][3]. - Jianfa has implemented the "Lighthouse Strategy" in major cities like Beijing, Shanghai, and Xiamen, ensuring that each project meets the highest standards and responds to valuable land [3]. Group 2: Customer Maintenance System - Jianfa has introduced a comprehensive customer maintenance system called "Eternal Companionship, Customer First," which integrates customer feedback throughout the entire product lifecycle, from land acquisition to service delivery [6][7]. - The company has conducted extensive customer research, collecting 21,200 customer feedback surveys and engaging in over 2,200 face-to-face interviews, demonstrating a commitment to understanding customer needs [6][7]. - The customer maintenance system aims to create a continuous value generation system that evolves based on customer feedback and integrates various operational capabilities from Jianfa Group [7]. Group 3: High-End Property Service System - Jianfa has launched the "Zhenxiang+" high-end property service system, which focuses on seven key aspects: safety, longevity, prestige, intelligence, livability, all-age inclusivity, and social interaction [10]. - The service system includes a long-term support mechanism and a specialized team configuration to ensure comprehensive service coverage [10]. - This system aims to meet customer expectations for a high-quality lifestyle and serves as a reference model for the advancement of high-end property services in the industry [10]. Group 4: Jianfa·Haiyao Project - Jianfa·Haiyao represents the first "Lighthouse" project in Chengdu, designed to harmonize human and natural relationships while adhering to new national standards for public community spaces [5][13]. - The project features a unique architectural design that emphasizes aesthetic experiences and community engagement, with a focus on creating a desirable living environment [13][15]. - Jianfa·Haiyao incorporates a "three-separation movement system" to enhance privacy and efficiency, addressing the diverse needs of high-net-worth residents [21][22].

Core Insights - Jianfa Real Estate Group held a product launch event in Chengdu, showcasing its "Lighthouse Strategy," customer maintenance system, high-end property service system, and the comprehensive value of the Jianfa·Haiyao project [1] Group 1: Lighthouse Strategy - The "Lighthouse Strategy" aims to establish Jianfa Real Estate as a century-old enterprise capable of navigating through cycles, focusing on high-end product expression and long-term development [2] - The strategy emphasizes four pillars for high-end products: physical space, operations and services, community, and spiritual pursuit, all of which are essential [2] Group 2: Customer Maintenance System - Jianfa Real Estate introduced the "Constant Companionship, Customer First" customer maintenance system, creating a closed-loop process from land acquisition to product delivery and living experience [3] - The company has collected 212,000 survey responses and conducted approximately 2,200 one-on-one interviews, with an average interview duration of 2.8 hours per household [3] - This approach reflects a commitment to customer value and provides a scientific basis for product and service iteration [3] Group 3: High-End Property Service System - Jianfa Property Service Group launched the upgraded "Zhenxiang+" high-end property service system, focusing on seven key aspects: safety, longevity, prestige, intelligence, livability, all-age, and social interaction [4] - The service system includes a long-term support mechanism and a "1+3" team configuration for comprehensive service coverage [4] Group 4: Jianfa·Haiyao Project - The Jianfa·Haiyao project emphasizes a design philosophy centered on harmony with nature and aims to create a home that people want to return to every day [5] - The project features a unique layout that maximizes light, views, and privacy, with a focus on a "three-separated movement line system" for different household activities [5] Group 5: Future Trends and Strategic Insights - The event included insights from Tsinghua University on the long-term trends in real estate, emphasizing the need for a service-oriented approach in high-end living [6] - Jianfa Real Estate's "Lighthouse Strategy" and product systems reflect its deep thinking in the current market environment, aiming to be an industry leader through continuous innovation [6]