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： 自2025年9月3日至9月12日期间，北京首都开发股份有限公司（以下简称 "公司"）股票收盘价格涨幅偏离值累计达到100%，触及股票交易严重异常波动 情形。公司于2025年9月13日发布了《关于股票交易异常波动暨严重异常波动的 公告》（临2025-082）。 9月17日和9月18日公司股票连续两个交易日内日收盘价格涨幅偏离值累 计达到20%，根据《上海证券交易所交易规则》有关规定，属于股票交易异常波 动情形。 根据《上海证券交易所股票上市规则》，上市公司出现股票交易重大异 常情形，可以对公司股票及其衍生品种实施停牌，并要求公司进行核查，公司披 露相关公告后复牌。 近期公司股票交易呈现出交易量明显增长、换手率大幅提升、股东人数 显著增长、个别机构股东出现减持清仓等情况，股价短期上涨过快，严重偏离基 本面，可能存在下跌风险。 股票代码：600376 股票简称：首开股份 编号：临2025-089 北京首都开发股份有限公司 关于股票交易异常波动的公告 经公司自查并向控股股东 ...

Group 1 - Recent strong performance in the real estate sector, with some companies experiencing significant stock price increases, such as Wan Tong Development with over 140% rise in 60 trading days [2][3] - The A-share market has seen multiple stocks hitting the daily limit, including Xiangjiang Holdings and Shanghai Construction, indicating a bullish trend [3] - The Hong Kong stock market also reflects this trend, with a 26% increase in property stocks since June, showcasing investor confidence in leading real estate firms [5] Group 2 - Factors driving the recent surge include capital market dynamics, undervaluation of stocks, and the diversification of companies beyond real estate sales [6] - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have eased purchase restrictions, providing a boost to market sentiment [8][9] - The traditional sales peak season of "Golden September and Silver October" is expected to improve short-term performance for real estate companies [10] Group 3 - Debt restructuring progress among distressed companies like Kaisa Group and CIFI Group has alleviated market concerns regarding industry debt risks [11][12][13] - The relationship between capital market recovery and the real estate market is complex, with current sales data still under pressure despite stock price increases [15] - Analysts suggest that for a true market turnaround, improvements in housing demand and income expectations are necessary, as current housing prices still face downward pressure [16]

Core Viewpoint - The stock price of Beijing Capital Development Co., Ltd. (首开股份) has surged significantly, reaching approximately 2.75 times its price on September 1, despite the company being in a loss-making position and facing financial pressures [2][3]. Company Performance - In the first half of the year, the company's revenue was 18.039 billion yuan, a year-on-year increase of 105.19%, but it reported a net loss of 1.839 billion yuan [3]. - The company has been experiencing continuous losses since 2022, with projected net losses of 461 million yuan, 6.339 billion yuan, and 8.141 billion yuan for 2022, 2023, and 2024 respectively [7]. - The company is facing challenges such as declining sales scale, decreasing area of new projects, and insufficient project reserves [7]. Stock Market Activity - The company achieved 10 consecutive trading limit-ups within 11 trading days, prompting multiple risk warnings regarding the rapid increase in stock price [3]. - The stock's trading volume and turnover rate have significantly increased, along with a notable rise in the number of shareholders [3]. Investment and Holdings - The surge in stock price is attributed to the company's indirect stake in the popular company Hangzhou Yushu Technology Co., Ltd. (宇树科技), which is preparing for an IPO [5][6]. - The company's subsidiary, Beijing Shoukai Yingxin Investment Management Co., Ltd. (盈信公司), holds a minimal indirect stake of approximately 0.3% in Yushu Technology through a fund [6]. Real Estate Market Activity - The company has been active in the real estate market, signing contracts for 852,300 square meters with a total contract value of 13.152 billion yuan in the first eight months of the year [7]. - On September 5, the company acquired a residential land parcel in Chaoyang District for 446 million yuan, marking its return to the Beijing land market [7][8].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes 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][46] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.5%, the Shenzhen Component Index by 2.6%, the ChiNext Index by 2.1%, and the CSI 300 by 1.4%, while the real estate sector (Shenwan) increased by 6.0% [6][9] - The top five stocks in terms of growth were Shoukai Co. (+57.0%), Suning Universal (+47.1%), Wolong New Energy (+28.1%), Xinda Zheng (+24.5%), and Heimu Dan (+20.9%) [6][9] Data Tracking New Housing Transactions - In the week of September 6-12, 2025, new housing transactions in 42 key cities totaled 1.54 million square meters, a decrease of 9.6% from the previous week [15] - For September up to the week of September 12, new housing transactions totaled 2.72 million square meters, an increase of 14.1% month-on-month but a decrease of 3.2% year-on-year [19] Second-Hand Housing Transactions - In the week of September 6-12, 2025, second-hand housing transactions in 21 key cities totaled 1.96 million square meters, an increase of 13.5% from the previous week [29] - For September up to the week of September 12, second-hand housing transactions totaled 3.38 million square meters, an increase of 15.6% month-on-month and 21.5% year-on-year [33] Industry News - The Ministry of Housing and Urban-Rural Development issued guidelines to improve the quality of administrative law enforcement in housing construction [46] - The State Council emphasized the importance of high-quality completion of the 14th Five-Year Plan, with measures to enhance the convenience of real estate registration [46] - The report highlights that Guangdong Province has designated Guangzhou and Shenzhen as pilot cities for modular construction, with a trial period until the end of 2028 [46] Company Announcements - In August, New Town Holdings reported a sales amount of 1.58 billion yuan (down 37% year-on-year), while China Jinmao reported 9.077 billion yuan (up 46.5% year-on-year) [50] - China Jinmao's revenue for the first half of 2025 was 25.11 billion yuan, an increase of 14% year-on-year, with a net profit of 1.09 billion yuan, up 8% year-on-year [50]

Core Viewpoint - The stock of Shoukai Co., Ltd. (600376.SH) has experienced a significant surge, driven by its indirect stake in Yushu Technology, which is preparing for an IPO, leading to a market capitalization increase from 6.8 billion CNY to over 20 billion CNY in a short period [2][8][10]. Group 1: Stock Performance - From September 2 to September 17, Shoukai's stock price rose from 2.64 CNY to 7.34 CNY, with its market value increasing from 6.8 billion CNY to 18.9 billion CNY [2]. - As of September 18, Shoukai recorded 12 trading days with 11 price limits, pushing its market capitalization to over 20 billion CNY [2][8]. - The stock has seen a cumulative increase of over 160% since September 3, reflecting strong investor interest [8]. Group 2: Yushu Technology's IPO - Yushu Technology is expected to submit its listing application between October and December 2025, which has fueled market enthusiasm [6][7]. - The company has been under IPO guidance since July 18, 2023, with CITIC Securities as the advisory firm, indicating a near-term public offering [7]. Group 3: Financial Performance of Shoukai - Shoukai reported a revenue of 18.04 billion CNY in the first half of the year, a year-on-year increase of 105.19%, but still posted a net loss of 1.839 billion CNY [10]. - The company has faced continuous losses for four consecutive years, highlighting the cyclical challenges in the real estate sector [10]. Group 4: Market Sentiment and Shadow Stocks - The excitement around Yushu Technology has led to a broader rally in "shadow stocks," with other companies like Jinfake Technology and Wolong Electric Drive also experiencing significant stock price increases due to their indirect stakes in Yushu [14][15]. - The phenomenon reflects a trend in the A-share market where speculative investments in companies with potential IPOs can lead to inflated valuations, often disconnected from actual financial performance [12][15].

（原标题：盛大狂欢！宇树"影子"翻飞，0.3%持股撬动市值膨胀130亿） 21世纪经济报道记者 石恩泽 深圳报道 9月，A股市场上最飚的股，当属上市房企首开股份（600376.SH）。 自9月2日至9月17日，首开股份股价从2.64元/股涨至7.34元/股，总市值由68亿元飙涨至189亿元。 9月18日，首开股份开盘后再度涨停，录得12天11板，市值涨超200亿元。 而该公司涨停的逻辑或在于，其通过子公司间接持有宇树科技约0.3%股权。 尽管多次公告提示"仅为财务投资"，并发布了8次股票交易风险提示、股票交易异常波动相关公告。但并未阻挡投资者对"宇树概念股第一股"的追 捧热情。 事情始于9月2日，宇树科技在社交媒体称，预计将在2025年10月至12月期间向证券交易所提交备案文件，届时将正式披露公司的相关运营数据。 另外证监会官网显示，7月18日，宇树科技已开启上市辅导，辅导机构为中信证券。这更加坐实了宇树科技上市在即。 这一消息，瞬间点燃资本市场热情。 因间接持有宇树科技股权，自9月3日起，首开股份股价开启连续涨停模式，11个交易日录得10个涨停，累计涨幅超过160%。截至9月18日开盘， 录得12天11板， ...

记者丨石恩泽 编辑丨朱益民 9月，A股市场上最飚的股，当属上市房企首开股份（600376.SH）。 自9月2日至9月17日，首开股份股价从2.64元/股涨至7.34元/股，总市值由68亿元飙涨至189亿元。 9月18日，首开股份开盘后再度涨停，录得12天11板，市值涨超200亿元。 | 8.07 +0.73 +9.95% | | | | | | 首开股份 ① 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 600376 交易 | | SSE CNY 15:00:02 闭市 | | | | | | 疑似减持受限通 融 ▲ □ ■ | | 委比 | 100.00% 委差 | 86174 | Wind ESG评级 | BBB | | 详情 | | 更五 | | . | रेस | 206.84% 120日 | | 216.47% | | 壶四 | - | - | 5日 | 61.08% 250日 | | 275.35% | | 壶三 | - | - | 20日 | 195.60% 52周高 | | 7.34 | | 卖二 | = | = ...

记者丨 石恩泽 编辑丨朱益民 9月，A股市场上 最 飚 的 股，当属上市房企首开股份（600376.SH）。 自9月2日至9月17日， 首开股份股价从2.64元/股涨至7.34元/股，总市值由68亿元飙涨至189亿元。 9月18日，首开股份开盘后再度涨停，录得12天11板，市值涨超200亿元。 | 8.07 +0.73 +9.95% | | | | | | 首开股份 ① 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 600376 ×易 | | SSE CNY 15:00:02 闭市 | | | | | | 疑似减持受限 通 融 △ △ + | | 委比 | 100.00% 委差 | 86174 | Wind ESG评级 | BBB | | 详情 | | 卖五 | | - | 交生 | 206.84% 120日 | | 216.47% | | 卖四 | | - | 5日 | 61.08% 250日 | | 275.35% | | 卖三 | | | 20日 | 195.60% 52周高 | | 7.34 | | 卖二 | | | 60 ...

Group 1: New Stock Issuances - Cash option declaration period for *ST Tianmao (000627) is from September 15 to September 19, 2025[1] - *ST Zitian (300280) has 11 trading days remaining until the last trading day during the delisting arrangement period[1] - *ST Dongtong (300379) has reported severe abnormal fluctuations in stock price[1] Group 2: Market Alerts - Jiushi Media (601929) has experienced significant abnormal fluctuations in stock price[1] - Xian Dao Intelligent (300450) has reported severe abnormal fluctuations in stock price[1] - Hangke Technology (688006) has issued a notice regarding stock performance[1] Group 3: Trading Notifications - Shanghai Construction (600170) has issued a trading notification on September 18, 2025[1] - Junsheng Electronics (600699) has issued a trading notification on September 18, 2025[1] - ST Changyuan (600525) has issued a trading notification on September 18, 2025[1]

（文章来源：证券日报） 证券日报网讯 9月17日晚间，首开股份发布公告称，2025年9月17日，公司董事会收到《北京首都开发 股份有限公司职工代表大会关于推选职工代表董事的决议》，经公司职工代表大会选举，张国宏先生当 选为公司第十届董事会职工代表董事。 ...