本文字数：2466，阅读时长大约4分钟 作者 | 第一财经 孙梦凡 2025.11. 18 同时，在本轮房企董事长"换防潮"中，有不少都是央国企，比如五矿地产、北京住总、招商蛇口、中 交地产、华侨城、城建发展、大龙地产等，此外还有金科股份这类已经进行重整的出险房企等。 业内人士认为，随着房地产行业进入新阶段，房企管理者也需要适应行业新形势，进行能力重塑。过 去企业发展依赖金融杠杆和土地资源，而现在则更考验企业的内在管理能力、产品创新能力和运营效 率等。 封图 | 第一财经 任玉明摄影 一场无声的人事风暴正席卷房地产行业。 下半年以来，从大型央企到地方国企，从千亿巨头到区域性房企，房企董事长变更的消息接连出现。 据第一财经不完全统计，仅六月初至今，便有超20家房企董事长发生变动，相当于平均每周都有一 把手"换人"。 房企董事长密集调整 2025年以来，房地产企业进行大规模组织架构调整，已经是行业常态。而下半年尤其是近期，一个 新的变化是，多家房企的"一把手"出现调整。 11月18日，上海国企光明地产宣布，因达到法定退休年龄，陆吉敏请求辞去公司董事长、董事、战 略委员会主任委员职务。同时，补选王伟为公司第九届董事 ...

同时，在本轮房企董事长"换防潮"中，有不少都是央国企，比如五矿地产、北京住总、招商蛇口、中交 地产、华侨城、城建发展、大龙地产等，此外还有金科股份这类已经进行重整的出险房企等。 一场无声的人事风暴正席卷房地产行业。 一场无声的人事风暴正席卷房地产行业。 下半年以来，从大型央企到地方国企，从千亿巨头到区域性房企，房企董事长变更的消息接连出现。据 第一财经不完全统计，仅六月初至今，便有超20家房企董事长发生变动，相当于平均每周都有一把 手"换人"。 业内人士认为，随着房地产行业进入新阶段，房企管理者也需要适应行业新形势，进行能力重塑。过去 企业发展依赖金融杠杆和土地资源，而现在则更考验企业的内在管理能力、产品创新能力和运营效率 等。 房企董事长密集调整 2025年以来，房地产企业进行大规模组织架构调整，已经是行业常态。而下半年尤其是近期，一个新的 变化是，多家房企的"一把手"出现调整。 11月18日，上海国企光明地产宣布，因达到法定退休年龄，陆吉敏请求辞去公司董事长、董事、战略委 员会主任委员职务。同时，补选王伟为公司第九届董事会董事长，任职期限至第九届董事会任期届满 止。 11月13日，央企五矿地产宣布，何剑波 ...

资料显示，万科企业股份有限公司位于广东省深圳市盐田区大梅沙环梅路33号万科中心,香港中环花园 道1号中银大厦43楼A室，成立日期1984年5月30日，上市日期1991年1月29日，公司主营业务涉及房地 产开发和物业服务。主营业务收入构成为：房地产开发及相关资产经营业务80.17%，物业服务 16.23%，其他(补充)3.61%。 11月18日，万科A盘中下跌2.08%，截至13:02，报6.13元/股，成交5.92亿元，换手率0.98%，总市值 731.35亿元。 资金流向方面，主力资金净流出8763.41万元，特大单买入8060.26万元，占比13.63%，卖出1.41亿元， 占比23.83%；大单买入1.10亿元，占比18.55%，卖出1.37亿元，占比23.15%。 万科A今年以来股价跌15.56%，近5个交易日跌2.39%，近20日跌4.22%，近60日跌5.69%。 分红方面，万科AA股上市后累计派现1030.33亿元。近三年，累计派现80.63亿元。 机构持仓方面，截止2025年9月30日，万科A十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股1.72亿股，相比上期增加1708.68 ...

撰文｜陈利 编辑｜魏文艺 封面图源｜视觉中国-VCG41N1663660002 近期，房地产行业迎来高层"换防潮"。 11月14日，招商局置地宣布，蒋铁峰辞去非执行董事、董事会主席及提名委员会主席的职务，由朱文凯接任。就在前一日（11月13日），五矿地产也公告 称，何剑波辞去执行董事、董事会主席等职务，并不再担任授权代表，戴鹏宇被任命为董事会代理主席。 《每日经济新闻》记者（以下简称"每经记者"）注意到，自9月以来，已有包括招商蛇口、万科、华润置地、华侨城等多家头部房企密集披露核心岗位人 事调整信息。从整体调整情况来看，央国企及国资主导企业成为核心主体。 11月17日，上海易居房地产研究院副院长严跃进在接受每经记者微信采访时表示："当前房地产销售市场出现了一些变化，企业本身的经营成本、战略目 标也会相应进行调整，管理层的人事调整正是基于市场对企业的传导，进而在企业的内部出现了一些调整。" 核心岗位密集调整 临近年底，房企高层的人事调整步伐明显加快。 11月14日，招商局置地宣布，蒋铁峰因工作安排调动，辞去非执行董事、董事会主席及提名委员会主席的职务；与此同时，朱文凯被委任为新的非执行董 事、董事会主席及提名委 ...

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [1][5][6] - Recent adjustments in leadership are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [1][5][6] Group 1: Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng from his roles as non-executive director and chairman, with Zhu Wenkai appointed as his successor [1] - On November 13, Dalong Real Estate reported that Chairman Li Wenjiang resigned due to work adjustments, with Zhao Changsong appointed as acting chairman [3] - Five Mining Real Estate also announced leadership changes on the same day, with He Jianbo resigning and Dai Pengyu appointed as acting chairman [3] Group 2: Market Adaptation - The frequency of executive changes has increased as the year-end approaches, indicating a shift in corporate strategies in response to market conditions [1][5] - According to Yan Yujin from Shanghai Yiju Real Estate Research Institute, these personnel adjustments reflect the need for companies to align with market changes and internal operational adjustments [1][5] Group 3: Central State-Owned Enterprises - Central state-owned enterprises are at the forefront of these leadership changes, with key positions such as chairman and general manager being affected [5][6] - The adjustments are often due to work reallocations and personal reasons, highlighting the higher scrutiny and requirements for performance in these enterprises [6] Group 4: Cross-Group Movements - Recent trends show an increase in cross-group movements among executives, such as Xu Rong's appointment as chairman of China Resources Land after previously serving in various roles within the group [8] - The movement of executives like Wu Bingqi from China State Construction to China Overseas Land and Investment is aimed at leveraging cross-sector management experience to enhance business integration [8][9] Group 5: Industry Transformation - The real estate sector is transitioning from rapid expansion to a focus on refined operations, resource integration, and risk management, with state-owned enterprises leading this transformation [9] - The new generation of executives is expected to drive change and adapt to the evolving market landscape, reflecting a strategic shift in organizational and talent structures [9]

Investment Rating - The report indicates a cautious investment rating for the real estate industry in Xi'an, reflecting ongoing market adjustments and a need for sustained policy support to stabilize prices and expectations [3][12][25]. Core Insights - The Xi'an real estate market is experiencing a significant contraction, with the top 10 real estate companies achieving total sales of 64.87 billion yuan from January to October 2025, a decrease of 32.59 billion yuan or approximately 33.4% year-on-year [12]. - The market is in a "stop decline and stabilize" phase, with recent policies aimed at promoting recovery, although the momentum for recovery is weakening [3][4]. - The supply of new homes is expected to improve in the fourth quarter, supported by land parcels acquired in core cities earlier in the year, but market differentiation will continue [3][25]. Summary by Sections Sales Performance - The top 10 real estate companies in Xi'an for January to October 2025 are ranked by sales revenue, with Poly Development leading at 10.62 billion yuan, followed closely by China Railway Construction Real Estate at 10.44 billion yuan [5][6]. - The sales area for these companies shows a similar trend, with Poly Development also leading in sales area at 642,000 m² [5][6]. Market Trends - The second-hand housing market has shown positive growth, with transaction volumes increasing year-on-year, while the new housing market has seen slight recovery due to the introduction of quality projects [4][12]. - The average price of new residential properties in Xi'an increased by 0.56% month-on-month and 2.82% year-on-year as of October 2025, indicating a slight upward trend in pricing [18]. Land Market - The land market in Xi'an has seen a reduction in the number of residential land transactions, with 96 plots released and 73 plots sold, reflecting a year-on-year decrease of 31.93% and 44.13% respectively [19]. - The average floor price for land has increased to 6,694 yuan/m², a year-on-year rise of 31.64%, indicating a tightening supply and increased competition for prime land [19][24]. Future Outlook - The report anticipates a continuation of moderate recovery and internal differentiation in the Xi'an real estate market, with new housing supply remaining active and quality projects driving market dynamics [25]. - Market confidence is expected to strengthen due to ongoing policy support and an increase in quality supply, leading to a gradual stabilization of the overall market by year-end [25].

Core Points - Vanke Enterprise Co., Ltd. is scheduled to hold its first extraordinary general meeting of shareholders on November 20, 2025, at 15:30 in Shenzhen [1] - Shareholders unable to attend in person can participate via online voting for A-shareholders or by proxy voting for H-shareholders [1][2] - The meeting will last for half a day, and attendees are responsible for their own accommodation and transportation [3] Non-Physical Attendance - A-shareholders must follow the online voting process as detailed in the notice published on November 4, 2025 [1] - H-shareholders need to contact the company’s board office for registration by calling +86 (755) 2560 6666 before November 19, 2025 [2] Contact Information - Shareholders with inquiries regarding attendance can contact the board office via phone, fax, or email before November 19, 2025 [4]

Focus on Chengtun Mining - Company plans to invest approximately 1.423 billion RMB (19.995 million USD) in its subsidiary Chengtun Gold International through its wholly-owned subsidiary Hongsheng International Resources [1] Focus on Century Huatong - Company intends to repurchase shares worth between 500 million to 1 billion RMB, with a maximum repurchase price of 28.77 RMB per share [2] Focus on ST Zhongdi - Company stock experienced a significant price increase of 153.19% from October 16 to November 12, 2025, leading to a trading suspension for verification starting November 13, 2025 [3] Performance Highlights - BeiGene reported a revenue of 27.595 billion RMB for the first three quarters of 2025, marking a year-on-year growth of 44.2%, with a net profit of 1.139 billion RMB [4] Capital Increase & Restructuring - *ST Lian Stone received court approval for its restructuring plan, entering the execution phase after the termination of the restructuring process [5] Important Matters - Tuosda is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [6] - North Medical's chairman and president were arrested for criminal charges, but the company's control and operations remain stable [7] - Nanjing Public Utilities is transferring 43.731 million shares, accounting for 7.61% of total shares, to Nanjing Innovation Investment Group for approximately 300 million RMB [8] Company Developments - Kaige Precision Machinery is establishing a joint venture with Zhangjiagang Wuyue Special Materials Technology, with an investment of 1 billion RMB for high-end component projects [9] - Stable Medical is investing approximately 2 billion RMB in a new production base for cotton non-woven fabric [10] - Fuchun Environmental is co-investing 116 million RMB in a combined heat and power project in Hubei [10] - Xingsheng Zhihui is collaborating with Beijing Automotive Group for resource sharing in the new energy vehicle sector [10] Stock Trading Updates - Huazhong Silver's subsidiary is undergoing a year-end maintenance shutdown, expected to last 20 days, with no impact on annual production plans [11] - San Yuan Co. clarified that its seasonal product, milk skin candy, has minimal revenue impact [12] - Chongqing Beer plans to distribute a cash dividend of 1.30 RMB per share, totaling approximately 629 million RMB [12] Stock Suspension - ST Zhongdi's stock is suspended for verification due to significant price fluctuations [15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 * 僅供識別 万科企业股份有限公司 关于"20 万科 08"公司债券付息、赎回结果暨摘牌公告 证券代码：000002、299903、149297 证券简称：万科 A、万科 H 代、20 万科 08 公告编号：〈万〉2025-146 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年11月1 2日 於本 公 告日期，本 公司 董 事會 成 員包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事黃 力 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 關於H股股東參加 2025年第一次臨時股東會的提示性公告 兹提述萬科企業股份有限公司（「本公司」）日期為2025年11月4日之2025年第一次臨時股東會（「臨時股 東會」）通告、通函、適用於股東會的代表委任表格（以上文件統稱「臨時股東會系列公告」）。除另有定 義者外，本公告所用詞彙與大會系列公告所定義者具相同涵義。 萬科企業股份有限公司 本公司謹此將H股股東或代理人出席臨時股東會的建議提示如下： H股股東參加臨時股東會 為向H股股東或股東代理人提供更好的會務服務，本公司建議擬親自出席臨時股東會的H股股東或 股東代理人在臨時股東會召開前至少24小時聯繫本公司（具體聯繫方法請見下文）登記聯繫方式等信 息。 H股股東亦可通過填寫並提交臨時股東會代表委任表格，委任大會主席或其他 ...