Core Insights - The logistics sector experienced a rise of 1.44% on November 10, with *ST Yuanshang leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Yuanshang (603813) closed at 34.35, up 5.01% with a trading volume of 15,300 [1] - Guanghui Logistics (600603) closed at 7.80, up 3.59% with a trading volume of 288,600 [1] - Xiamen Xiangyu (600057) closed at 8.70, up 3.33% with a trading volume of 361,800 [1] - Jianshe Co. (600153) closed at 10.56, up 3.12% with a trading volume of 357,800 [1] - Milkewei (603713) closed at 61.84, up 3.00% with a trading volume of 29,200 [1] - Shentong Express (002468) closed at 15.54, up 2.57% with a trading volume of 247,800 [1] - Chuanhua Zhili (002010) closed at 6.29, up 2.44% with a trading volume of 415,600 [1] - YTO Express (600233) closed at 16.85, up 2.12% with a trading volume of 149,200 [1] - *ST Haiqin (600753) closed at 7.78, up 2.10% with a trading volume of 29,500 [1] - SF Holding (002352) closed at 40.80, up 2.05% with a trading volume of 362,500 [1] Capital Flow - The logistics sector saw a net inflow of 84.64 million yuan from main funds, while retail funds experienced a net outflow of 100 million yuan [2] - Retail investors contributed a net inflow of 15.74 million yuan [2] Individual Stock Capital Flow - SF Holding (002352) had a main fund net inflow of 1.15 million yuan, with retail net inflow of 15.41 million yuan [3] - Chuanhua Zhili (002010) saw a main fund net inflow of 28.29 million yuan, but retail funds had a net outflow of 13.33 million yuan [3] - Shanghai Yashi (603329) experienced a main fund net inflow of 20.30 million yuan, with a retail net outflow of 14.06 million yuan [3] - Guanghui Logistics (600603) had a main fund net inflow of 9.01 million yuan, with retail net outflow of 7.86 million yuan [3]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [14] Core Insights - The industry is currently experiencing downward pressure, but after over four years of adjustment, it may have entered the latter half of the cycle. Individual performance among companies is beginning to show significant differentiation. Structural turning points in profitability are expected due to optimized land reserves, with some high-quality companies already seeing performance improvements [22][12][20] Summary by Sections Profitability - Revenue decline has narrowed, with a year-on-year decrease of 2.7% for key real estate companies in Q1-Q3 2025. The gross profit margin improved by 0.1 percentage points to 9.3%. However, individual profitability is increasingly differentiated, with companies like Binhai Group and Urban Development seeing over 40% growth in net profit [8][21][26] Debt Management - Maintaining financial safety is crucial, with a slight increase of 0.6% in interest-bearing debt by the end of Q3 2025. The overall debt risk in the industry is being cleared, and companies are beginning to tilt towards operational sustainability while ensuring financial safety [9][48][49] Cash Flow - Operating cash receipts saw a year-on-year decline of 9.3%, but the decrease has narrowed significantly. Investment activities remain restrained, and financing activities continue to show net outflows. Companies are focusing on cash flow safety through stringent cash management [10][24][48] Operations - Sales decline has narrowed, with a year-on-year decrease of 12.2% in sales amount for key companies. However, land acquisition has become more aggressive, with a 110.4% increase in land acquisition amount. The focus is shifting towards land quality, with floor prices rising by 38.9% [11][20][22]

Group 1 - The 2025 Xiamen Industrial Development Conference and the 2025 Securities Industry High-Quality Development Conference were held in Xiamen, with awards announced for listed companies and the securities industry [1] - Key figures from the government and media attended the event, including former officials from the State Council Development Research Center and Xinhua News Agency [1] - The conference featured keynote speeches and roundtable discussions focusing on how enterprises can leverage the Hong Kong stock platform to attract international capital and how the capital market can support the development of new productivity [1] Group 2 - Jianfa Group, as a state-owned capital investment company, emphasizes serving the real economy and social welfare, aligning with national and regional development strategies [2] - The company focuses on supply chain operations, urban construction and operation, tourism and exhibitions, healthcare, and investment in emerging industries, while steadily increasing the asset securitization ratio of its core businesses [2] - Looking towards the "14th Five-Year Plan," Jianfa Group aims to deepen the "industry + capital" collaborative model and enhance the construction of technological and financial foundations to contribute to Xiamen's development as a financial hub and a financial technology city [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [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 investments in first-tier 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 crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

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]