证券代码：600649 证券简称：城投控股 公告编号：2025-031 上海城投控股股份有限公司 关于注销已回购股份的实施公告 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： ? 上海城投控股股份有限公司（以下简称"公司" ）分别于 2025 年 和 2024 年年度股东会，审议通过了《关于将已回购股份用途变更 为注销并减少注册资本的议案》 ，同意公司对回购专用证券账户中 的 25,074,866 股回购股份的用途进行变更，由"出售"变更为"用 于注销并减少注册资本"。本次注销完成后，公司总股本将由 ? 股份注销日期：2025 年 8 月 7 日。 一、回购股份基本情况 公司于 2022 年 9 月 23 日召开第十届董事会第二十六次 会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，并于 2022 年 9 月 29 日披露了公司《关于以 集中竞价交易方式回购股份的回购报告书》，具体内容详见 公司临时公告（公告编号：2022-033）。 公司于 2022 年 10 月 13 日实施了首次回购。 ...

（文章来源：证券日报） 证券日报网讯 8月6日晚间，城投控股发布公告称，公司分别于2025年3月27日和2025年6月20日召开第 十一届董事会第二十次会议和2024年年度股东会，审议通过了《关于将已回购股份用途变更为注销并减 少注册资本的议案》，同意公司对回购专用证券账户中的25，074，866股回购股份的用途进行变更， 由"出售"变更为"用于注销并减少注册资本"。本次注销完成后，公司总股本将由2，529，575，634股变 更为2，504，500，768股。股份注销日期：2025年8月7日。 ...

Core Viewpoint - The company is participating in the expansion of the Guotai Junan Chengtou Kuan Ting REIT, which focuses on affordable rental housing projects in Shanghai [1][2]. Group 1 - The company announced that its wholly-owned subsidiary, Shanghai Chengtou Housing Rental Co., Ltd., is the original rights holder initiating the establishment of the Guotai Junan Chengtou Kuan Ting REIT, which was listed on the Shanghai Stock Exchange on January 12, 2024 [1]. - The board of directors approved the proposal to participate in the expansion of the Guotai Junan Chengtou Kuan Ting REIT and to acquire new infrastructure projects [2]. - The company will use two rental housing projects located in Shanghai's Minhang District, namely the Pujiang Community and the Jiuxing Community, as underlying assets for the REIT expansion [2].

证券代码：600649 证券简称：城投控股 公告编号：2025-032 上海城投控股股份有限公司 关于参与国泰君安城投宽庭保障性 租赁住房封闭式基础设施证券投资基金 拟扩募并新购入基础设施项目的公告 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。 一、项目实施背景 上海城投控股股份有限公司（以下简称"公司"）全资 子公司上海城投房屋租赁有限公司（以下简称"城投房屋租 赁"）作为原始权益人发起设立的国泰君安城投宽庭保障性 租赁住房封闭式基础设施证券投资基金（以下简称"基础设 施基金"、"基金"或"城投宽庭 REIT"，基金代码：508031） 已于 2024 年 1 月 12 日在上海证券交易所上市。 公司于 2025 年 8 月 5 日以通讯表决方式召开第十一届 董事会第二十六次会议，审议通过了《关于参与国泰君安城 投宽庭保障性租赁住房封闭式基础设施证券投资基金拟扩 募并新购入基础设施项目的议案》。董事会同意公司以上海 城源房地产有限公司、城兆星置业（上海）有限公司（以下 合称"项目公司"）分别持有的上海市闵行区浦江镇浦江社 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-031 上海城投控股股份有限公司 关于注销已回购股份的实施公告 公司于 2022 年 10 月 13 日实施了首次回购。2022 年 12 月 13 日，公司完成该次回购方案，共计回购公司股份 25,074,866 股 ， 占 公 司 总 股 本 的 0.99% ， 支 付 总 金 额 99,999,682.73 元（含交易费用）。公司未使用该次回购的股 1 份，前述已回购的股份 25,074,866 股存放于公司回购专用证 券账户中。 二、注销已回购股份履行的审批程序 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： 上海城投控股股份有限公司（以下简称"公司"）分别于 2025 年 3 月 27 日和 2025 年 6 月 20 日召开第十一届董事会第二十次会议 和 2024 年年度股东会，审议通过了《关于将已回购股份用途变更 为注销并减少注册资本的议案》，同意公司对回购专用证券账户中 的 25,074,866 股回购股份的用途进行变更，由"出售" ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights 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][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

Investment Rating - The report maintains a "Buy" rating for the real estate development sector and real estate services sector [10][14]. Core Insights - The report highlights a rebound in new home sales in 44 cities, with a week-on-week increase of 22%, while second-hand home sales saw a slight decline of 5% [2]. - Year-to-date, new home sales in 44 cities are down 6% year-on-year, while second-hand home sales are up 14% [2]. - The report emphasizes the importance of inventory reduction, noting a 0.4% decrease in new home inventory in 21 key cities [33]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 1.75%, with the real estate development sector down 3.43% [3]. - The report indicates a mixed performance in the real estate market, with new home sales showing signs of recovery while second-hand sales are declining [2][3]. Key Companies and Dynamics - The report recommends several companies for investment, including: - Chengdu Investment Holdings (600649 CH) with a target price of 6.34 - Chengjian Development (600266 CH) with a target price of 7.32 - Binjiang Group (002244 CH) with a target price of 12.08 - China Overseas Development (688 HK) with a target price of 17.07 - Greentown China (3900 HK) with a target price of 12.73 - China Overseas Property (2669 HK) with a target price of 7.74 - Link REIT (823 HK) with a target price of 50.59 [11][43]. New Home and Second-Hand Home Data - New home sales in July across 44 cities decreased by 19% year-on-year, with first-tier cities down 26% [15]. - The report notes that second-hand home sales in 22 cities decreased by 6% in July, but year-to-date, they are up 14% [24]. Inventory and Market Dynamics - As of July 27, the inventory of new homes in 21 key cities decreased by 0.4% week-on-week, with a year-on-year decline of 14% [33]. - The report indicates that the de-stocking speed in first-tier cities is 54 weeks, while second-tier cities are at 87 weeks [33]. Recommendations and Future Outlook - The report expresses optimism about the recovery of key city markets and the valuation recovery of companies with strong cash flow and performance [4][42]. - The report suggests that property management companies are also likely to see valuation recovery as the real estate market stabilizes [4].

Group 1 - The core viewpoint of the news is that Shanghai Urban Investment Holdings Co., Ltd. has shown significant financial growth in the first quarter of 2025, with a substantial increase in revenue and net profit compared to the previous year [1] - As of August 1, 2025, the company's stock price closed at 4.37 yuan, reflecting a 0.46% increase, with a trading volume of 295,200 hands and a transaction amount of 130 million yuan [1] - The company reported total operating revenue of 2.34 billion yuan for Q1 2025, representing a year-on-year growth of 455.64%, and a net profit attributable to shareholders of 23.59 million yuan, up 555.83% year-on-year [1] Group 2 - The company has a current ratio of 2.042, a quick ratio of 0.356, and a debt-to-asset ratio of 74.52%, indicating its liquidity and financial leverage [1] - Shanghai Urban Investment Holdings has made investments in 39 enterprises and participated in 83 bidding projects, showcasing its active engagement in the market [2] - The company was established in 1992 and primarily engages in the production and supply of water, with a registered capital of approximately 25.30 billion yuan [1][2]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [5] Core Insights - New home sales in July 2025 experienced seasonal adjustments, with a month-on-month decline of 38.1% and a year-on-year decline of 23.2%, indicating a weakening market momentum [1] - The report highlights an expected acceleration in the implementation of real estate policies, particularly in first-tier cities and core areas, which may exceed expectations [1] - The sales threshold for the top 10 real estate companies increased significantly, while sales amounts for various tiers of companies showed a month-on-month decline [2] - The concentration of top real estate companies has increased, with the top 10 companies accounting for 52.8% of total sales among the top 100 companies, reflecting a trend towards consolidation [3] - Overall market activity in the real estate sector has declined, suggesting a traditional off-season, with a recommendation to focus on companies with advantages in core city layouts [4] Summary by Sections New Home Sales - In July 2025, new home sales saw a month-on-month decrease of 38.1% and a year-on-year decrease of 23.2%, with cumulative sales from January to July down 14.4% year-on-year [1] Sales Thresholds - The sales thresholds for the top 10, 20, 30, 50, and 100 real estate companies were 616 billion, 217 billion, 147 billion, 77 billion, and 25 billion respectively, with the top 10 showing a year-on-year increase of 5.0% [2] Company Concentration - The top 10 companies' sales accounted for 52.8% of the total sales of the top 100 companies, indicating a slight increase in concentration compared to the previous year [3] Market Activity - The market activity for new and second-hand homes in 44 cities showed a month-on-month decline of 34.4% and 28.2% respectively, indicating a seasonal downturn [4] Recommendations - The report recommends focusing on real estate developers with strong credit, good city locations, and quality products, as well as top property management companies and REITs benefiting from asset revaluation in Hong Kong [4]

Group 1 - The core viewpoint of the article highlights the financial performance and stock market activity of Shanghai Urban Investment Holdings Co., Ltd. as of July 30, 2025 [1][3] - The company's stock closed at 4.52 yuan, down 1.95%, with a turnover rate of 1.1% and a trading volume of 277,700 hands, amounting to 127 million yuan [1] - The net outflow of main funds was 11.38 million yuan, accounting for 9.0% of the transaction amount, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 2.34 billion yuan, a year-on-year increase of 455.64%, and a net profit attributable to shareholders of 23.59 million yuan, up 555.83% [1] - The company's current ratio is 2.042, quick ratio is 0.356, and debt-to-asset ratio is 74.52% [1] - Shanghai Urban Investment Holdings has invested in 39 companies and participated in 83 bidding projects, with 2 patent information and 9 administrative licenses [2]