Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

从学历来看，以本科为主，占比达到60%；其次是硕士，达到34%。专科占比仅为4.6 %。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平 分行业来看，A股市场66家房地产行业上市公司财务总监薪酬均值为103.15万元（数据来源于choice，截止2024年末任期不满1年的不参与统计，CFO包括部分公司总会计师等），远超市场均 从年龄分布来看，50（含）岁以上是主力人群，人数达到34位，占比达到52%；其次是40（含）-50岁，占比达到29%；30（含）-40的CFO占比仅为4.5%。 去年有29家公司的财务总监在降薪，降薪金额最大的是华发股份罗彬，从442万降至225.7万元。其次是保利发展王一夫。排第三的是*ST阳光（维权）常立铭，降薪79.11万元至110.65万元 值得一提的是，去年有36家房地产公司陷入亏损，占比达到55%。万科亏损最严重，达到494.78亿元，财务总监韩 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，A股市场房地产行业共有105家公司，其中104位财务总监薪酬（剔除一家无薪酬记录的公 司）均值为89.01万元，高于市场均值。 事实上，在前几年，房地产行业快速发展的同时，其高管层也享受了较高的待遇，千万年薪并不少见。 近几年房地产行业进入调整期，很多公司连续亏损，管理层薪酬虽然有所下降，仍旧处在较高的水平。 比如京投发展，连续亏损两年，去年收入减少86.69%，亏损10.55亿元，财务总监兼董秘张雨来薪酬仍 达到146.75万元。 从A股市场房地产行业财务总监总体来看，年龄分布上，50（含）岁以上人群为主力，占比接近50%； 40（含）-50岁占比为43%；30（含）-40仅占7.6%。 中国国贸的财务总监林南春年龄在最大，出生于1957年，截至2024年已经67岁。林南春从2008年起担任 ...

Core Viewpoint - The article discusses the recent trend of top management talent moving from leading state-owned real estate enterprises to local state-owned enterprises, highlighting the strategic hiring of Li Feng by Beijing Investment Development Group as a significant move in the competitive Beijing real estate market [1][7][25]. Group 1: Talent Movement and Management Changes - Leading state-owned enterprises like China Jinmao and China Resources Land have been actively recruiting and nurturing top management talent during market downturns [1][8]. - Li Feng, former General Manager of the Marketing Center at China Jinmao, has joined Beijing Investment Development Group as the new marketing head, indicating a strategic shift for the company [1][2][25]. - The trend of top management talent moving to local state-owned enterprises is seen as a response to the competitive pressures in the real estate market, with these companies becoming attractive "safe havens" for top talent [1][8]. Group 2: Performance and Market Dynamics - The Beijing real estate market is increasingly dominated by top-tier firms, with the top 30 companies achieving a sales volume of 129.3 billion, a 14% year-on-year increase [8]. - The performance of real estate companies is highly dependent on effective marketing strategies, as evidenced by the significant sales growth of top firms compared to those in lower tiers [8][25]. - Beijing Investment Development Group has faced challenges, including projected losses of 6.6 billion and 10.55 billion for 2023 and 2024, respectively, but has shown signs of recovery with a sales achievement of 11.03 billion in the first half of the year [25][26]. Group 3: Company Background and Development Strategy - Beijing Investment Development Group, originally known as Yintai Holdings, has a strong foundation in transit-oriented development (TOD) and is recognized as a leader in rail property development [17][18]. - The company has developed a diverse portfolio, including residential, commercial, and mixed-use projects, leveraging its connection to the Beijing subway system [17][18]. - The recent hiring of Li Feng is expected to enhance the company's market position and brand influence in Beijing, particularly as it seeks to capitalize on new high-value projects [26][27].

Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that the procedures for the 2025 fifth extraordinary general meeting of shareholders of Jingtou Development Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [1][5]. Group 1: Meeting Procedures - The extraordinary general meeting was convened by the company's board of directors, with the notice published on July 1, 2025, in various financial newspapers and on the Shanghai Stock Exchange website [1][3]. - The meeting was held on July 16, 2025, at 14:00 in Beijing, combining both on-site and online voting methods [3][4]. - The notice included all necessary details such as meeting time, voting methods, and agenda items, ensuring full disclosure as per legal requirements [3][4]. Group 2: Attendance Qualifications - The record date for shareholders to attend the meeting was July 9, 2025, with 141 participants representing shares at the meeting [4][5]. - All attending shareholders were verified to be registered holders of the company's shares as of the record date [4][5]. Group 3: Agenda Items - The agenda items for the meeting were submitted by the board of directors and remained unchanged during the meeting [5][6]. - The legal opinion confirms that the agenda items complied with relevant laws and the company's articles of association [5][6]. Group 4: Voting Procedures and Results - Voting was conducted through both on-site and online platforms, with shareholders required to choose one method for casting their votes [5][6]. - The voting results indicated that 119,932,926 shares were in favor, 280,005 against, and 40,700 abstained, reflecting the voting outcome [6][7]. - The meeting's resolutions were deemed valid and in accordance with legal and regulatory requirements [6][7].

Group 1 - The company held a shareholder meeting on July 16, 2025, with a total attendance representing 27.0557% of the shares [1] - The meeting was conducted in compliance with the Company Law and the Articles of Association, utilizing both on-site and online voting methods [1] - The chairman of the board, Mr. Kong Lingyang, presided over the meeting, which included attendance from directors, supervisors, and the board secretary [1] Group 2 - Non-cumulative voting proposals were approved with significant support, including 99.7333% and 99.4826% of A-share votes in favor [1] - The voting results for major matters involving less than 5% of shareholders were also documented, indicating a structured voting process [1] - The legal representatives confirmed that the meeting's procedures complied with relevant laws and regulations, ensuring the legitimacy of the proposals and voting outcomes [1][2]

证券代码：600683 证券简称：京投发展 公告编号：临 2025-066 京投发展股份有限公司 2025年第五次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 141 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 120,253,631 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 27.0557 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 本次股东会采用现场投票和网络投票相结合的表决方式，符合《公司法》和 《公司章程》的有关规定，会议由董事长孔令洋先生主持。 (一) 股东会召开的时间：2025 年 07 月 16 日 (二) 股东会召开的地点：北京市朝阳区建国门外大街 2 号银泰中心 C 座 17 层会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 ...

北京市中伦律师事务所 关于京投发展股份有限公司 2025 年第五次临时股东会的法 律意见书 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于京投发展股份有限公司 2025 年第五次临时股东会 的法律意见书 为出具本法律意见书，本所委派律师参加了本次临时股东会，审查了公司提供的文 件和资料，并进行了必要的审查和验证。在前述审查和验证的过程中，本所律师得到公 司的如下承诺和保证：公司已经提供了本所认为出具本法律意见书所必需的，完整、真 实、准确、合法及有效的原始书面材料、副本材料 ...

Group 1 - The company expects a net profit attributable to the parent company of between -280 million and -240 million yuan for the first half of 2025 [1][2] - The net profit after deducting non-recurring gains and losses is projected to be between -298 million and -258 million yuan [1][2] - Compared to the same period last year, the loss is expected to increase by 97.37 million to 137.37 million yuan [1][2] Group 2 - The previous year's net profit attributable to the parent company was -142.63 million yuan, with a total profit of -224.29 million yuan [2] - The company reported a loss per share of -0.41 yuan in the previous year [2] - The primary reasons for the expected loss include a decrease in gross profit from real estate business and an increase in interest expenses related to real estate projects [2]

| 物业名称 | 项目种类 | 可出租面积 | 出租率 | 2025年4-6月租 | 2025年1-6月租 | | --- | --- | --- | --- | --- | --- | | | | (平方米) | | 金收入（万元） | 金收入（万元） | | 阳光花园 | 幼儿园 | 2,436.00 | 100.00% | 28.09 | 56.19 | | 泰悦豪庭 | 商铺 | 2,264.53 | 100.00% | 77.65 | 155.24 | | 华联2号楼及中农 信商厦 | 购物中心及商用 库房 | 11,785.71 | 84.72% | 66.67 | 133.34 | | 华联3号楼 | 商铺及购物中心 | 6,539.58 | 72.71% | 184.62 | 345.04 | | | 写字楼 | 6,468.56 | 74.08% | 95.70 | 181.80 | 1 京投发展股份有限公司 2025年第二季度主要经营数据公告 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。 公司现将2025 ...