Group 1 - Vanke reported a revenue of nearly 38 billion and sales of nearly 35 billion in Q1, achieving a repayment rate of over 100% and delivering over 10,000 high-quality homes [2] - The major shareholder, Shenzhen Metro Group, plans to provide a loan of 3.3 billion at a rate of 2.34%, significantly lower than the national interbank lending rate, to support Vanke in repaying public debts [2] - Vanke's comprehensive residential product model has gained recognition, with projects like "Ideal Land" in Shanghai achieving top sales in both amount and area [3][4] Group 2 - Vanke's new projects have seen strong sales across multiple cities, with notable performance in Shanghai, Hangzhou, Tianjin, and Dongguan, achieving high sales rates [4] - The long-term rental apartment business remains industry-leading in scale and efficiency, with significant growth in annual revenue for property management services [4] - Vanke is embracing AI technology, having obtained nearly 300 national patents and innovating in project management and construction efficiency, which is expected to enhance market competitiveness [5]

Core Viewpoint - Vanke is actively implementing a comprehensive plan for reform and integration development, supported by its major shareholder, Shenzhen Metro Group, achieving significant financial results in Q1 2023. Group 1: Financial Performance - Vanke reported nearly 38 billion in revenue and approximately 35 billion in sales for Q1 2023, with a repayment rate exceeding 100% and over 10,000 high-quality housing deliveries [1] - The company completed a bulk transaction worth 3.8 billion and revitalized cash flow exceeding 4 billion [1] Group 2: Long-term Rental Apartment Business - Vanke's long-term rental apartment brand, "Boyu," signed a cooperation framework agreement with Shenzhen Metro Group to enhance integration in the housing rental sector [1] - The long-term rental business has become a leading player in the rental housing market, managing over 260,000 units and maintaining a rental rate of nearly 95% [2] - The business has received recognition from over 5,700 corporate clients, including major companies like Tencent and BYD [2] Group 3: Innovation and Market Recognition - Vanke's comprehensive residential product innovation has been recognized, with the "Ideal Flower Land" project achieving the highest sales in Guangzhou's main urban area [3] - The property management segment saw an annual revenue growth of over 50% and introduced an elastic pricing service model [3] - Vanke has obtained nearly 300 national patents and has been recognized with the highest national award in building technology, the "Huaxia Award" [3]

Core Viewpoint - Vanke reported strong financial performance in Q1, with significant revenue and sales growth, alongside successful project deliveries and strategic partnerships [1] Financial Performance - The company achieved nearly 38 billion in revenue and approximately 35 billion in sales during the first quarter [1] - The repayment rate exceeded 100%, indicating strong cash flow management [1] - Over 10,000 high-quality housing units were delivered in Q1, and all public debts were repaid on schedule [1] - A large transaction of 3.8 billion was completed, enhancing cash flow by over 4 billion [1] Sales and Market Performance - Vanke's new generation of comprehensive residential products saw strong sales across multiple cities, with the "Ideal Flower Land" becoming the sales champion in Guangzhou's main urban area [1] - The project turnover rate exceeded 80% in cities like Shanghai, Tianjin, and Hangzhou [1] Business Segments - The long-term rental business leads the industry in scale, efficiency, and insurance volume [1] - A strategic partnership was established with Shenzhen Metro Real Estate to explore integrated development [1] - Vanke Property's new stock project annual revenue growth exceeded 50% [1] - The commercial light-asset operation service has gained recognition from notable institutions such as GIC and Blackstone [1] - The logistics business boasts industry-leading rental rates, with cold chain revenue experiencing double-digit growth [1] Innovation and Technology - The company has consistently focused on independent innovation, accumulating nearly 300 technology patents to date [1]

万科A：一季度净亏损62.46亿元，上年同期亏损3.6亿元。深铁集团向公司提供33亿元借款。拟出售A股 库存股，占目前公司总股本（含回购的股份数）的0.61%。本次出售A股库存股后，公司将收回资金， 有利于补充公司的流动资金。 ...

Financial Performance - Revenue for Q1 2025 was RMB 37,994,650, a decrease of 38.31% compared to RMB 61,594,149 in Q1 2024[6] - Net profit attributable to shareholders was a loss of RMB 6,246,209, representing a decline of 1,625.63% from a loss of RMB 361,968 in the same period last year[6] - Basic and diluted earnings per share were both RMB (0.5268), a decrease of 1,625.63% from RMB (0.0305) in the previous year[6] - The company reported a net loss attributable to shareholders of RMB 6.25 billion[20] - The operating loss for the period was RMB 884.1 million, compared to an operating profit of RMB 4.658 billion in the previous year[35] - The total comprehensive loss for the period was RMB 8.016 billion, compared to a comprehensive income of RMB 280.37 million in the same period last year[37] Cash Flow and Assets - Cash flow from operating activities was a net outflow of RMB 5,792,569, an improvement of 38.52% compared to RMB 9,421,419 in Q1 2024[6] - As of the end of the reporting period, the company held cash and cash equivalents of RMB 75.50 billion, with total interest-bearing liabilities of RMB 365.87 billion, resulting in a debt-to-asset ratio of 73.5%[21] - Cash and cash equivalents decreased to RMB 71.122 billion from RMB 84.009 billion at the beginning of the year[40] Assets and Equity - Total assets decreased by 3.28% to RMB 1,244,039,386 from RMB 1,286,259,860 as of December 31, 2024[7] - Equity attributable to shareholders decreased by 2.93% to RMB 196,728,879 from RMB 202,666,488[7] - Other current assets decreased by 90.44% to RMB 16,897 from RMB 176,748, primarily due to the disposal of trading financial assets[9] Revenue Breakdown - Revenue from real estate development business contributed RMB 22.80 billion, down 51.1% year-on-year, while operating service business revenue increased by 12.1% to RMB 12.27 billion[20] - The group achieved a contracted sales area of 2.54 million square meters and a contracted sales amount of 34.92 billion yuan, representing year-on-year declines of 35.1% and 39.8% respectively[22] - The company achieved a total revenue of RMB 37.99 billion in the reporting period, a year-on-year decrease of 38.3%[20] Operational Highlights - The company delivered 10,400 housing units in the first quarter, achieving a sales amount of RMB 34.92 billion with a collection rate exceeding 100%[17] - The group completed a total of 44 projects, delivering 10,400 units, with 41% of projects allowing immediate delivery and a 96% online signing delivery rate[22] - The Shanghai Siji Yinxiu project had a sales rate of 84%, while the Hangzhou Yun Yao Zhi Cheng project achieved a 100% sales rate upon launch[23] Cost and Financing - Financing costs increased by 64.97% to RMB (2,081,743) due to a decrease in capitalized interest rates[9] - The company’s financing costs increased to RMB 2.082 billion from RMB 1.262 billion year-on-year[35] - The company actively implemented a comprehensive plan to promote reform and development, securing new financing and refinancing of RMB 13.9 billion in the first quarter[17] Strategic Initiatives - The company plans to maintain a cautious approach towards future investments and market expansion, emphasizing risk awareness among investors[8] - The company launched an AI drawing model applied in 455 projects, enhancing design efficiency and project analysis[19] - The company is developing a low-carbon community project in Shanghai, expected to reduce carbon emissions by 43.2% compared to national standards[18] Business Segments Performance - Property management services saw a 24.9% year-on-year increase in contract revenue to 780 million yuan, with new acquisitions contributing 60 million yuan[25] - The rental housing business generated 884 million yuan in revenue, a 6% year-on-year increase, with an occupancy rate of 93.9%[26] - The commercial development and operation business achieved revenue of 1.937 billion yuan, with an overall leasing rate of 92.1%[28] - The logistics and warehousing business achieved revenue of RMB 1 billion in Q1, a year-on-year increase of 3.3%[30] - High-standard warehouse revenue was RMB 500 million, a year-on-year decrease of 6.6%, while cold chain revenue was RMB 500 million, a year-on-year increase of 15.6%[30] Market Trends - The average premium rate for residential land transactions was 15.3%, an increase of 9.3 percentage points compared to the same period last year[15] - The group’s commercial traffic increased by 6.9% year-on-year, with sales rising by 5.8%[28] - The underlying asset of the CICC REIT maintained a leasing rate of 98.1% and a rent collection rate of 99.8%[29]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Group 1 - As of April 28, a total of 495 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest consecutive net outflow is Gao Meng New Materials, with 17 days, followed by *ST Jiu You with 16 days [1] - The largest total net outflow amount is from Light Media, with a cumulative net outflow of 2.024 billion yuan over five days [1] Group 2 - China Duty Free has seen a cumulative net outflow of 1.803 billion yuan over 13 days, ranking second in total outflow [1] - The stock with the highest net outflow ratio relative to trading volume is *ST Longyu, which has seen a 26.28% decline over the past six days [1] - The table lists various stocks with their respective net outflow days, amounts, ratios, and cumulative price changes, indicating a trend of declining stock prices among those with significant net outflows [1][2] Group 3 - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a 1.39% decline over the past five days [4] - The ETF has a price-to-earnings ratio of 19.23 times and has experienced a net inflow of 3.337 million yuan, with the latest share count increasing by 1 million to 430 million [4]

Core Insights - The Kunming real estate market experienced a decline in transaction volume but an increase in prices, driven by the sales of upgraded residential products with zero public area [1][3] - The first fourth-generation residential project, Yicheng·Danxia Cuiyu, launched with an average transaction price exceeding 20,000 yuan per square meter [1][10] - The latest LPR remained unchanged, with the one-year LPR at 3.1% and the five-year LPR at 3.6% [15] Market Performance - Last week, Kunming's real estate market saw a total supply of 13,100 square meters, a 17% decrease week-on-week, while transactions reached 51,900 square meters, a slight 3% decline [1] - The average transaction price was approximately 13,341 yuan per square meter, reflecting a 4% increase compared to the previous week [1] - The top-selling fourth-generation residential project, Bangtai·Guanyun, achieved a sales amount of about 78 million yuan, with an average transaction price of approximately 18,892 yuan per square meter [3] Project Launches - The Yicheng·Danxia Cuiyu project sold 190 high-rise units with a total sales of 350 million yuan during its initial launch, achieving a take-up rate of about 24% [5][10] - The project emphasizes zero public area and features a fully intelligent community, integrating advanced technology with high-quality residential offerings [12] - Another project, Zhuoyue Dianchi Qingcui A3, launched 126 units with a take-up rate of approximately 41% and an average transaction price between 10,500 and 12,000 yuan per square meter [13] Land Transactions - Only one commercial land parcel was sold last week, measuring approximately 23.43 acres, acquired by Kunming Rail Transit Group for 86.22 million yuan, with a floor price of about 3,450 yuan per square meter [5] Policy Updates - The new housing purchase subsidy policy was implemented across five districts in Kunming, allowing for refunds up to 30,000 yuan [15]

Group 1 - The concept of "Good House" is transforming the real estate industry and is now a significant policy focus for improving living quality and stabilizing the housing market [1][2] - Vanke is actively exploring and implementing the "Good House" concept, emphasizing product quality and service through its "Three Goods" philosophy [1][2] - Vanke's new project, Vanke Yinyue, features innovative customizable housing designs, marking a departure from traditional high-profit, low-cost strategies [2][5] Group 2 - The development of "Variable Housing" at Vanke Yinyue involves significant design and construction efforts, leading to higher costs but enhanced living experiences for residents [4][5][6] - Vanke Yinyue incorporates unique cultural elements, such as a reading space inspired by local heritage, enhancing community engagement and cultural resonance [7][8][11] - The project aims to create a vibrant community atmosphere through various amenities and services, fostering connections among residents [12][14] Group 3 - Vanke's approach extends beyond housing to community building, focusing on residents' lifestyle needs and creating spaces for social interaction [12][17] - Initiatives like community markets and seasonal services aim to enhance residents' daily experiences and strengthen community ties [21][23] - Vanke's strategy aligns with urban development goals, contributing to the revitalization of Northeast China through integrated community services and urban renewal projects [25]

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-051 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 已有担保措施为：印力商置承担差额支付及回售义务，公司之控股子公司印 力集团控股有限公司（SCPG Holdings Co.Ltd）提供保证担保。 新增担保措施为：印力商置以其持有天津鼎德 53.85%股权提供质押担保， 1 公司之控股子公司深圳印力管理有限公司（以下简称"印力管理"）以其持有天 津鼎德 46.15%股权提供质押担保。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司向金融机构融资，公司之控股子公司通过股权质押为相应的融资提 供担保。 公司 2023 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2023 年度股东大会决议之日起至 2024 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进 ...