证券代码：600376 证券简称：首开股份 公告编号：2026-014 北京首都开发股份有限公司 关于提供财务资助的公告 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 述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 重要内容提示： 在房地产项目开发前期，各方股东向项目公司提供股东借款及在项目开 发后期，为提高资金使用效率，项目公司向各方股东临时调拨盈余资金，为房地 产行业经营惯例。 近期公司（含控股子公司）向 4 家合联营项目公司提供股东借款合计 84， 977.7万元；5家控股项目公司向除公司（含控股子公司）以外的其他股东调拨盈 余资金合计35，617万元，两项合计金额为120,594.7万元，按照《上海证券交易 所上市公司自律监管指引第1号——规范运作》规定，上述事项构成公司提供财 务资助。 2025年5月20日，公司召开2024年年度股东会，审议通过了《关于提请股 东会对公司新增财务资助额度进行授权的议案》。本次发生财务资助在股东会授 权额度以内。 一、财务资助事项概述 公司近期共发生财务资助事项累计金额为120,594.7万元，其中公司（含控 股子公司）向4家合联营 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three key trends expected in 2026: 1) The adjustment in the real estate market is likely nearing its end, with current price adjustments being relatively sufficient; 2) There are structural opportunities for "good housing" as the market enters a phase of differentiation; 3) The recovery of the Hong Kong property market is expected to continue, driven by multiple favorable factors [6][50]. Market Performance - The Shanghai Composite Index fell by 3.4%, the Shenzhen Component Index decreased by 2.9%, while the ChiNext Index rose by 1.3%. The real estate sector (Shenwan) dropped by 4.2% during the week [9]. - Notable stock performances included: Jingtou Development (+24.0%), Shibei High-tech (+10.0%), and Shilianhang (+8.7%) among the top gainers; while Tibet City Investment (-11.4%) and Zhongtian Service (-10.8%) were among the biggest losers [9]. Data Tracking New Housing Transactions - For the week of March 14-20, new housing transactions in 42 key cities totaled 2.1 million square meters, a week-on-week increase of 11.1% but a year-on-year decrease of 27.1% [16]. - Cumulatively, from March 1-20, new housing transactions reached 5.12 million square meters, up 81.1% from the previous month but down 22.1% year-on-year [19]. Second-hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.49 million square meters, reflecting a week-on-week increase of 13.3% and a year-on-year decrease of 4.6% [31]. - Cumulatively, from March 1-20, second-hand housing transactions reached 6.25 million square meters, up 77.3% from the previous month but down 12.0% year-on-year [35]. Industry News - The Ministry of Finance released a report emphasizing the implementation of special bonds to support the acquisition of existing residential properties for affordable housing [47]. - The National Financial Regulatory Administration held a meeting to enhance the "guarantee delivery" whitelist system and accelerate the establishment of a financing system compatible with new real estate development models [47]. - Nanjing introduced six policies to stabilize the real estate market, including differentiated housing supply and encouraging housing consumption through "old-for-new" programs [47]. Company Announcements - In 2025, China Merchants Shekou achieved revenue of 154.73 billion yuan, a year-on-year decrease of 13.5%, with a net profit of 1.02 billion yuan, down 74.7% year-on-year [50]. - Tianjian Group plans to issue a perpetual corporate bond with a scale not exceeding 700 million yuan, aimed at repaying maturing corporate bond principal [50].

证券代码：600376 证券简称：首开股份 公告编号：2026-013 截至本公告披露日，李岩先生未持有公司股份。 根据《公司法》及《公司章程》的有关规定，李岩先生的辞职报告自送达公 司董事会之日起生效。李岩先生辞职不会影响公司日常生产经营，李岩先生已完 成相关工作交接。 公司董事会谨对李岩先生在担任公司高管期间为公司发展所做出的贡献表 示衷心感谢！ 北京首都开发股份有限公司 关于公司高级管理人员辞职的公告 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 述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 一、高级管理人员离任情况 近日，北京首都开发股份有限公司（以下简称"公司"）董事会收到副总经 理李岩先生的书面辞职报告。李岩先生因工作调整原因，申请辞去公司副总经理 职务。辞职后，李岩先生将不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | | 原定 | 离任原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 任期到期日 | | ...

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Insights - The report highlights three major trends expected in 2026: 1) The adjustment in the real estate market is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages [4] 2) There are structural opportunities for "good housing" as the market enters a phase of differentiation, with a focus on high-quality residential developments [4] 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4] Market Performance - The Shanghai Composite Index decreased by 0.7%, while the Shenzhen Component Index increased by 0.8%, and the ChiNext Index rose by 2.5% [5] - The real estate sector (Shenwan) saw a decline of 0.5% [5] - Notable stock performances included: - Top gainers: Jingtou Development (+25.0%), Tibet City Investment (+13.4%), *ST Sunshine (+9.3%) [5] - Top losers: Caixin Development (-8.6%), *ST Rong Control (-8.2%), Tefa Service (-6.5%) [5] Data Tracking New Housing Transactions - For the week of March 7-13, 2026, 42 key cities recorded a total new housing transaction of 1.89 million square meters, a 28.6% increase from the previous week [14] - Year-to-date, new housing transactions have decreased by 32.2% compared to the same period last year [19] Second-Hand Housing Transactions - For the same week, 21 key cities recorded a total second-hand housing transaction of 2.20 million square meters, a 19.2% increase from the previous week [30] - Year-to-date, second-hand housing transactions have decreased by 8.7% compared to the same period last year [34] Industry News - The Ministry of Natural Resources and the National Forestry and Grassland Administration issued a notice requiring the establishment of a mechanism linking new land use with the revitalization of existing land [45] - In Shanghai, the personal housing property tax threshold was adjusted to 92,536 yuan per square meter, marking the first decrease since 2018 [45] - Various cities are implementing policies to optimize housing conditions for talent and adjust housing fund policies [45] Company Announcements - Zhangjiang Hi-Tech reported a revenue of 4.19 billion yuan for 2025, a year-on-year increase of 111.2% [49] - China Resources Land achieved a sales amount of 10.05 billion yuan in February 2026, a year-on-year decrease of 25.6% [49] - New City Holdings issued bonds totaling 355 million USD with an interest rate of 11.8%, maturing in 2029 [49]

Investment Rating - The industry investment rating is maintained as "Buy" [2][7]. Core Insights - The effects of new policies in Shanghai are becoming evident, leading to a recovery in second-hand housing transactions [1]. - In major cities like Beijing and Shanghai, second-hand housing transactions are gradually recovering, although new housing transactions have not yet seen a similar trend [4][5]. - The overall performance of the real estate sector has shown a relative decline of 15% over the past 12 months compared to the CSI 300 index [3]. Summary by Sections Market Performance - In the past week (March 7-13), Beijing reported an average of 580 second-hand housing transactions per day, down 3.7% year-on-year, while new housing transactions were 76 units, down 27.5% year-on-year [4]. - Shanghai saw an average of 982 second-hand housing transactions per day, up 8% year-on-year, while new housing transactions were 318 units, down 8% year-on-year [5]. - In Shenzhen, second-hand housing transactions averaged 154 units per day, down 25% year-on-year, and new housing transactions were 39 units, down 57% year-on-year [5]. National Trends - In 30 major cities, new housing transaction area increased by 0.9% year-on-year in the past week, with a year-on-year decline of 9.6% in March [6]. - The cumulative transaction area from January to March showed a year-on-year decline of 21.6% [6]. - Second-hand housing transactions in 14 cities saw a year-on-year decline of 24.7% in the past week, with a March year-on-year decline of 17% [6]. Investment Recommendations - The months of March and April are traditionally peak seasons for the real estate market, especially following the implementation of the "Shanghai Seven" policies, which have stimulated both second-hand and new housing transactions [7]. - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [7]. - It also highlights the potential for valuation recovery in leading intermediary agencies as the proportion of second-hand housing transactions continues to rise [7].

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

一、新增诉讼仲裁事项的基本情况 公司及控股子公司新增诉讼、仲裁事项的金额共计约人民币 114,749.11 万元，占 公司最近一期经审计归属于公司股东的净资产绝对值的 8.5%。其中，单笔涉案金额 5,000 万元及以上的案件合计约人民币 60,501.72 万元；单笔涉案金额 5,000 万元以下 的案件合计约人民币 54,247.39 万元。 证券代码：600376 证券简称：首开股份 公告编号：2026-012 北京首都开发股份有限公司 关于累计诉讼、仲裁事项的公告 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。 重要内容提示 ●本次披露新增诉讼及仲裁事项金额114,749.11万元，占公司最近一期经审 计归属于公司股东的净资产绝对值的8.5%；其中公司及控股子公司作为原告/申请 人的案件金额合计44,076.80万元；公司及控股子公司作为被告/被申请人的案件 金额合计70,672.31万元。 ●上市公司所处诉讼地位：原告、被告、申请人、被申请人。 ●是否会对公司损益产生负面影响：因部分诉讼案件尚未开庭审理，部分案件 尚 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [7] Core Insights - The report presents a contrarian view, suggesting that while there are expectations for a market turning point due to declining listings and stabilizing prices in core cities, further observation is necessary. The improvement in the housing market is attributed to specific factors, including seasonal demand and policy expectations, particularly in Shanghai [2][3] - The government’s policy direction remains focused on risk prevention, safeguarding livelihoods, and reducing financialization in the real estate sector. Despite expectations for a new round of large-scale real estate stimulus, the report indicates that substantial changes in policy are unlikely [3] - The introduction of the "Shanghai Seven Measures" has significantly lowered entry barriers for first-time homebuyers, indicating a shift from inventory reduction to demand expansion in Shanghai's housing market. This policy is expected to stimulate market recovery, particularly in the context of seasonal demand [4] Summary by Sections Market Performance - The real estate sector has shown a weekly increase of 0.61%, with Hong Kong-listed property companies outperforming the Hang Seng Index by 3.62% [14][19] - Individual stock performance highlights include a 12.72% increase for Black Peony in A-shares and a 7.59% increase for Sun Hung Kai Properties in H-shares [19][22] Second-hand Housing Weekly Tracking - The average listing price in first-tier cities has seen a slight week-on-week decline of 0.11%, while the number of listings has increased by 0.36% in first-tier cities, aligning with seasonal trends [24][30] - Transaction volumes for second-hand homes have shown significant recovery since the Spring Festival, with first-tier cities like Beijing, Guangzhou, and Shenzhen experiencing a year-on-year increase of 104% [38][53] New Housing Weekly Tracking - New home sales have rebounded post-Spring Festival, with a year-on-year increase of 41.35% in ten sample cities, although Shanghai and Shenzhen saw declines of 3.2% and 40% respectively [62] - The inventory of new homes in first-tier cities has decreased by 0.4% week-on-week, indicating a tightening market [64][67] Investment Recommendations - The report suggests that investors should focus on local state-owned enterprises and nationally strong real estate companies in Shanghai and other first-tier cities, as these are expected to benefit from ongoing policy easing and market stabilization [6]

北京首都开发股份有限公司 关于公司高级管理人员辞职的公告 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 述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 一、高级管理人员离任情况 近日，北京首都开发股份有限公司（以下简称"公司"）董事会收到刘安先 生的书面辞职报告。刘安先生因达到退休年龄，申请辞去公司副总经理职务。辞 职后，刘安先生将不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定 | | 离任原因 | 是否继续在上 市公司及其控 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 任期到期日 | | | 股子公司任职 | 毕的公开 承诺 | | 刘安 | 副总经理 | 2026 年 | | 2026 年 | 退休 | 否 | 否 | | | | 2 月 28 日 | 6 | 月 26 日 | | | | 二、离任对公司的影响 证券代码：600376 证券简称：首开股份 公告编号：2026-011 截至本公告披露日，刘安先生未持有公司股份。 根据《公司法》及《公司 ...