Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - The report highlights that the real estate market is experiencing a transition from quantity to quality, with a focus on structural optimization in 2025 [2][4] - It notes that the sales and investment declines are widening, although the decrease in construction starts and completions has narrowed [2][4] - The report emphasizes the importance of urban renewal as a key strategy to stabilize the real estate market and stimulate demand [2][4] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area has shifted from positive to negative month-on-month, with a year-on-year decline expanding [17] - In 40 cities, new housing transaction area was 158.8 million square meters, down 28.9% month-on-month and down 15.5% year-on-year [18][25] - Second-hand housing transaction area also saw an increase in both month-on-month and year-on-year declines [47] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,616.5 million square meters, up 42.6% month-on-month but down 1.1% year-on-year [62][66] - Total land transaction value was 41.77 billion yuan, down 24.6% month-on-month but up 44.7% year-on-year [68] - The average floor price of land was 2,583.9 yuan per square meter, down 47.1% month-on-month but up 46.4% year-on-year [63][66] 3. Policy Overview - Recent policy adjustments in major cities aim to optimize housing purchase limits and increase public housing loan support [2][4] - Beijing has lifted restrictions on the number of properties that can be purchased outside the Fifth Ring Road, which is expected to stimulate demand [2][4] 4. Company Performance Review - The report indicates that the real estate sector's absolute return was 2.2%, an increase of 5.6 percentage points from the previous week [15] - The sector's price-to-earnings ratio (PE) is reported at 25.52X, up 0.49X from the previous week [15]

Core Insights - Shanghai Chengtou's subsidiary, Chengtou Kuan Ting, has achieved a rental income scale exceeding 500 million yuan for 2024, marking a nearly tenfold increase compared to 2021 [1] - As of the first half of this year, the Chengtou Kuan Ting rental housing REIT has accumulated a distributable amount of 63.37 million yuan, with an annualized cash distribution rate of 4.19%, and a market value of 4.272 billion yuan [1] - The board of directors of Shanghai Chengtou announced an expansion plan on August 5, involving infrastructure projects including two affordable rental housing projects [1] Company Developments - Chengtou Kuan Ting has established a presence in nine major areas of Shanghai with 19 projects, managing over 27,000 housing units and serving nearly 50,000 individuals [1] - The company has launched a new high-end serviced apartment product line called Kuan Lan, with three projects already on the market or soon to be launched [1] Strategic Initiatives - The expansion is seen as a driving force for the continuous development of the Chengtou Kuan Ting REIT, with the inclusion of new assets expected to enhance operational efficiency and brand management [1]

Group 1 - The stock price of Chengdu Investment Holdings closed at 4.41 yuan on August 6, with a decrease of 0.01 yuan, representing a decline of 0.23% [1] - The trading volume on that day was 276,852 hands, with a transaction amount of 1.22 billion yuan [1] - Chengdu Investment Holdings is a key player in urban infrastructure investment and construction in Shanghai, with main businesses including real estate development, urban renewal, and environmental protection [1] Group 2 - In the first quarter of 2025, the company achieved operating revenue of 2.34 billion yuan and a net profit attributable to shareholders of 23.59 million yuan [1] - On August 6, the company announced plans to use two rental housing projects as underlying assets to participate in the infrastructure fund expansion application [1] - The company also announced the cancellation of 25.07 million repurchased shares on August 7, which will correspondingly reduce the total share capital [1] Group 3 - On August 6, the net outflow of main funds was 6.18 million yuan, accounting for 0.06% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 13.17 million yuan, representing 0.12% of the circulating market value [1]

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].