财务公司于 2019 年 12 月 20 日经上海银保监局批准开 业，并于同年 12 月 25 日取得《企业法人营业执照》，于 2019 年 12 月 26 日 取 得 《 金 融 许 可 证 》（ 机 构 编 码 ： L0273H231000001）。城投财务公司采用集团及成员单位参股 模式设立，注册资本人民币 10 亿元，其中上海城投（集团） 有限公司（以下简称"城投集团"或"集团"）出资 6 亿元， 出资比例 60%；本公司出资 2 亿元，出资比例 20%；上海城 投资产管理（集团）有限公司出资 2 亿元，出资比例 20%。 城投财务公司实行董事会领导下的总经理负责制，按照法律 法规和公司章程的规定建立股东会、董事会和监事会，目前 1 上海城投控股股份有限公司 关于上海城投集团财务有限公司 的风险持续评估报告 根据上海证券交易所《上市公司自律监管指引第 5 号— —交易与关联交易》的要求，上海城投控股股份有限公司（以 下简称"本公司"）通过查验上海城投集团财务有限公司（以 下简称"城投财务公司" 或"财务公司"）《金融许可证》《企 业法人营业执照》等证件资料，并查阅了财务公司 2025 年 6 月 30 ...

一、董事会会议召开情况 上海城投控股股份有限公司（以下简称"公司"）董事 会于 2025 年 8 月 18 日以书面方式向各位董事发出了召开第 十一届董事会第二十七次会议的通知。会议于 2025 年 8 月 28 日以通讯表决方式召开。本次会议应出席董事 9 人，实际 出席董事 9 人。本次会议的召开符合有关法律法规和《公司 章程》的规定。 二、董事会会议审议情况 （一）董事会以 5 票同意（关联董事回避表决）、0 票反 对、0 票弃权审议通过了《关于上海城投集团财务有限公司 的风险持续评估报告》 证券代码：600649 证券简称：城投控股 公告编号：2025-034 上海城投控股股份有限公司 第十一届董事会第二十七次会议决议公告 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。 重要内容提示： 本次董事会所有议案均获通过。 本议案经独立董事专门会议审议通过后提交董事会审 议。关联董事张辰先生、任志坚先生、范春羚女士、王锋先 详情请参见上海证券交易所网站（www.sse.com.cn）以 及 2025 年 8 月 30 日《上海 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-035 上海城投控股股份有限公司 关于以集中竞价方式回购股份的方案 ● 回购股份方式：通过上海证券交易所系统以集中竞价交易方式 回购 A 股股票。 ● 回购股份期限：自董事会审议通过本次回购股份方案之日起 3 个月内。 1 ● 相关股东是否存在减持计划：公司董高、控股股东上海城投（集 团）有限公司（以下简称"上海城投"）在未来 3 个月、6 个月不存在 减持公司股份的计划。公司股东弘毅（上海）股权投资基金中心（有 限合伙）回函:在未来 3 个月、6 个月将视自身财务安排及市场情况而 定，后续如有减持计划，将严格遵守减持的相关规定，并按照要求及 时履行信息披露义务。 ● 相关风险提示： ● 回购股份用途：为维护公司价值及股东权益。 ● 回购股份价格：本次回购股份价格不超过人民币 6.87 元/股（含）， 即不高于董事会通过本次回购股份方案的决议前 30 个交易日公司股票 交易均价的 150%。 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、准确性和完整性依法承担法律责任。 重要内容提示： ● ...

上海城投控股股份有限公司2025 年半年度报告 公司代码：600649 公司简称：城投控股 上海城投控股股份有限公司 2025 年半年度报告 1 / 179 上海城投控股股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张辰、主管会计工作负责人任志坚、财务总监吴春及会计机构负责人（会计主 管人员）伍捷声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中有涉及公司经营和发展战略等未来计划的前瞻性陈述不构成公司对投资者的实质 承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 √适用 □不适用 公司于 2025 年 6 月 20 日召开 2024 年年度股东会，审议 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Core Viewpoint - The investment attitude of institutions towards rental housing REITs has become cautious due to the continuous decline in rental market prices and the increasing supply of affordable rental housing, leading to intensified competition. Institutions now prioritize tangible operational performance data over cyclical concepts and narratives [1][6][18]. Group 1: Investment Interest and Performance - The head of a community management organization for affordable rental housing REITs has noted a significant increase in interest from various financial institutions, including insurance and private equity funds, in the operational strength and expected annual dividend rates of these REITs [2][3]. - Affordable rental housing REITs are perceived as more stable compared to other REIT sectors, with rental rates and income remaining relatively stable, attracting capital and pushing up market valuations [4][5]. - As of June 30, 2025, the eight listed affordable rental housing REITs had an average increase of approximately 52% from their issuance price, with an average increase of about 20% this year, outperforming the overall REIT market [4][5]. Group 2: Concerns and Market Dynamics - Financial institutions have raised concerns about whether affordable rental housing REITs can maintain a 4% annual dividend rate amidst falling housing prices and increasing supply in the long-term rental market [6][8]. - Data from the first half of 2025 indicates a 3.6% year-on-year decline in rental prices across 55 cities, with the supply of affordable rental housing continuing to grow, intensifying competition in the market [9][6]. Group 3: Strategies for Stability - To address investor concerns, affordable rental housing REITs are considering expansion and optimizing community management to enhance operational efficiency and maintain dividend rates [16][17]. - Recent initiatives include collaborating with large enterprises to attract employees through rental subsidies, stabilizing occupancy rates and rental income [18][17]. - The introduction of new assets through expansion is seen as a quick way to enhance overall dividend rates and operational performance, with recent expansions showing promising projected cash flow distribution rates [11][12].

Core Viewpoint - The trend of dual rental and sales in the housing market is prompting innovative practices in response to the demand for quality housing, with a focus on the expansion of rental housing REITs in China [1][2]. Group 1: REITs Expansion - Guotai Junan's rental housing REIT, the Chengtou Kuan Ting REIT, plans to expand through targeted fundraising and acquisition of infrastructure projects [1]. - Shanghai Urban Investment Holdings has approved an expansion plan involving two rental housing projects, indicating a proactive approach to market growth [1][2]. - The Chengtou Kuan Ting REIT has a cumulative distributable amount of 63.37 million yuan and an annual cash distribution rate of 4.196%, with a market value of 4.272 billion yuan [2]. Group 2: Market Dynamics - The rental population in major cities is nearly 40 million, with a significant demand for quality living conditions, as highlighted by the implementation of the Housing Rental Regulations [3]. - The Chengtou Kuan Ting brand was launched in 2019 to cater to the housing needs of new citizens and young people, with plans to explore a circular investment model [3]. - The total market value of the first batch of public REITs in China has exceeded 200 billion yuan, leading to increased investment enthusiasm across various market participants [3]. Group 3: Challenges in Expansion - The Chengtou Kuan Ting REIT faces challenges in transitioning from single project revenue to capital ecosystem revenue, which is crucial for its expansion [4]. - The operational data of the selected projects, such as the rental rates exceeding 90%, will be critical in overcoming regulatory hurdles related to project operation duration [5]. - The competitive landscape requires the team to enhance non-rental income through standardized operations and services, while avoiding price wars to maintain project profitability [6].

? 股东持股的基本情况 本次减持计划实施前，上海城投控股股份有限公司（以下简称"公司"）持 股 5%以上股东弘毅（上海）股权投资基金中心（有限合伙） 证券代码：600649 证券简称：城投控股 公告编号：2025-033 上海城投控股股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 公司于 2025 年 8 月 7 日对回购专用证券账户中的 25,074,866 股回购股份实 施注销，总股本由 2,529,575,634 股变更为 2,504,500,768 股。详见公司于 2025 年 8 月 7 日在上海证券交易所网站及《上海证券报》上披露的《关于注销已回购 股份的实施公告》（公告编号：2025-031）。 （以下简称"弘毅上 海"）持有公司股份共计 150,352,944 股，占当时公司总股本的 5.94%。上述股 份全部由协议转让取得。 ? 减持计划的实施结果情况 公司于 2025 年 8 月 18 日收盘后收到公司股东弘毅上海发来的《减持公司股 份进展告知函 ...

格隆汇8月18日丨城投控股(600649.SH)公布，公司于2025年8月18日收盘后收到公司股东弘毅上海发来 的《减持公司股份进展告知函》，弘毅上海未减持公司股份。截至本公告披露日，本次减持计划披露的 减持时间区间届满，减持计划结束，弘毅上海持有公司股份共计150,352,944股，占公司目前总股本的 6.00%。 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-033 上海城投控股股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，上海城投控股股份有限公司（以下简称"公司"）持 股 5%以上股东弘毅（上海）股权投资基金中心（有限合伙）（以下简称"弘毅上 海"）持有公司股份共计 150,352,944 股，占当时公司总股本的 5.94%。上述股 份全部由协议转让取得。 公司股份变动情况 公司于 2025 年 8 月 7 日对回购专用证券账户中的 25,074,866 股回购股份实 施注销，总股本由 2,529,575,634 股变更为 2,504,500,768 股。详见公司于 2025 年 8 月 7 日在上海证券交易所网站及《上海证券报》上披露的《关于注销已回购 股份的实施公告》（公告编号：2025-031）。 减持计划的实施结果情况 公司于 2025 年 8 月 18 日收盘后收到公司股东弘毅上海发来的《减持公司股 份进 ...