Core Viewpoint - The "Hualian Luanshanfu" project, which has faced numerous delays since its planning in 2006, is finally set to enter the market after nearly two decades of development challenges, with a recent announcement of its resumption of construction in 2024 [1][13]. Project Overview - The project is located in the Bao'an District, specifically at the intersection of Guangshen Highway and Hangcheng Avenue, and is a collaboration between Hualian Holdings and Hengyu Group, with a construction planning permit expected to be issued in January 2025 [4]. - The total construction area is approximately 124,300 square meters, with a land area of about 21,900 square meters, a floor area ratio of 4.19, and a green space ratio of 25% [6]. - The development consists of seven buildings, including five residential towers ranging from 28 to 38 stories, totaling 504 units, along with a six-story commercial building and a 21-story office building [7]. Design and Amenities - The project features a high-end residential configuration, including a heated swimming pool and optimized design elements such as the shape and location of the rooftop landscape pavilion and swimming pool [3][8]. - The residential units will range from approximately 96 to 119 square meters for flats and 133 to 170 square meters for duplexes, with sales expected to begin in October [10]. Market Context - The project is positioned in a highly sought-after area where residential land is scarce, which is anticipated to alleviate the demand for new housing in the region [11]. - The surrounding infrastructure includes access to the Metro Line 12 and the upcoming Line 20, as well as educational institutions and shopping centers, enhancing the project's attractiveness [10]. Company Background - The development is managed by Shenzhen Jinghengtai Real Estate Development Co., Ltd., which has undergone several name changes and is fully owned by Hualian Holdings [15][17]. - Hualian Holdings' involvement in the project reflects its strategic commitment to resolving historical issues and strengthening its presence in the Shenzhen real estate market [22].

Core Viewpoint - The real estate market is experiencing further differentiation in sales performance, with certain hot regions, particularly first-tier and some new first-tier cities, maintaining a level of transaction activity [1][4]. Sales Data Disclosure - Poly Developments reported a signed area of 1.5233 million square meters and a signed amount of 29.011 billion yuan in June 2025. For the first half of 2025, the company achieved a signed area of 7.1354 million square meters and a signed amount of 145.171 billion yuan [2]. - Country Garden achieved a sales amount of 2.81 billion yuan and a sales area of 350,000 square meters in June. From January to June, the sales amount was 16.75 billion yuan with a sales area of 2.049 million square meters [2]. - Zhengrong Real Estate reported a cumulative contract sales amount of approximately 402 million yuan and a sales area of about 23,400 square meters in June. For the first half of 2025, the cumulative contract sales amount was approximately 2.365 billion yuan with a sales area of about 142,600 square meters [2]. Market Activity in Hot Regions - In Shenzhen, 5,546 second-hand homes were recorded in June 2025, a month-on-month decrease of 3.2% but a year-on-year increase of 4.5%. The average monthly recorded volume for the first half of 2025 was 5,851 units, indicating a sustained active market driven by policy support and demand release [4]. - The Shenzhen Beike Research Institute anticipates that the market activity in the second half of the year will improve due to continued loose policies and the traditional sales peak season [4]. Industry Analysis - The real estate market is stabilizing amid policy guidance, demand adjustments, and industry transformation. The market is transitioning from "incremental decline" to "quality improvement," with core high-end projects in first-tier cities supporting price increases [5]. - New first-tier and second-tier cities are expected to see price stabilization and recovery as quality housing supply increases, while third and fourth-tier cities may continue to adopt "price for volume" strategies [5]. Policy Support - Cities like Xi'an and Qingdao have recently introduced favorable policies to support the real estate market, including expanding the scope of housing provident fund payment for down payments [6]. - Beijing is working on regulations to better protect consumer rights in the housing rental market, which includes oversight of personal subletting activities [7]. Future Outlook - The year 2025 is viewed as a transitional period for the real estate market, with ongoing adjustments leading to new dynamics. There is potential for further reductions in mortgage rates and possible easing of purchase restrictions in certain cities [7].

Report Summary 1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core View of the Report - The company's current business strategy is "real estate for stability, transformation for development." It aims to maintain stability in the real - estate sector while actively promoting industrial transformation to address sustainable development issues [25]. 3. Summary by Relevant Catalogs 3.1调研基本情况 - The research object is Hualian Holdings, belonging to the real - estate development industry. The reception time was July 4, 2025. The company's reception staff included Deputy General Manager and Board Secretary Kong Qingfu, Securities Business Department Manager and Securities Affairs Representative Lai Zena, and Securities Business Department Business Manager and Securities Affairs Representative Chen Zehua [17]. 3.2详细调研机构 - The research institution is Hunan Aiying Securities Investment Consultant, an investment consulting company. The relevant personnel are Yao Zexing, Zeng Fei, Li Bin, and Zeng Guoqing [20]. 3.3主要内容资料 - **Share Repurchase Plan**: From 2024 to 2025, the company implemented two phases of share repurchase plans. From January 2024 to January 2025, it repurchased 97.2153 million shares, accounting for 6.55% of the current total share capital, with a total transaction amount of RMB 299.969 million. It plans to cancel 80.1153 million shares, accounting for 5.40% of the current total share capital, and the remaining 17.1 million shares in the repurchase account are intended for equity incentives or employee stock ownership plans. From April to June 2025, it repurchased 6.508 million shares, accounting for 0.44% of the current total share capital, with a total transaction amount of RMB 22.9294 million, for the purpose of maintaining the company's value and shareholders' rights [24]. - **Projects Under Construction and Planned**: The project under construction is the "Yupin Luanshan" project, a pure residential urban renewal project on top of a subway station, with a floor - area ratio of 79,600 square meters and a total construction area of about 120,000 square meters. It started construction in October 2024 and is planned to start pre - sales by the end of 2025. The planned project is the "Hualian Nanshan A Area" project, with a "industrial - to - affordable - housing" renewal direction and a demolition area of 77,800 square meters. In April 2025, the draft of the renewal unit plan passed the special meeting of the Nanshan District Urban Renewal and Land Reclamation Work, and the relevant application and preliminary work are in progress [25]. - **Future Real - Estate Business and Transformation**: The company plans not to add new land reserves or real - estate development projects except for the "Yupin Luanshan" and "Hualian Nanshan A Area" projects. It is actively promoting the industrial transformation strategy. It participated in the establishment of the "Zhongbao Qingyuan Huihai Industrial Fund," investing 430 million yuan and holding 24% equity in Shenzhen Jueneng and 36% equity in Zhuhai Jueneng. It is also looking for investment opportunities in the new energy industry chain [25][26].

Core Insights - Chinese banks have shown remarkable performance in the 2025 Global Bank 1000 ranking, with four banks in the top five and six in the top ten, indicating a strong presence in the global banking sector [1][3] Group 1: Rankings and Performance - The top four banks globally are all Chinese: Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, maintaining their positions for eight consecutive years [3] - China Merchants Bank improved its ranking from 10th to 8th, surpassing Wells Fargo, showcasing significant progress [3] - Chinese banks occupy half of the top 20 positions and 15 out of the top 50 banks, with no declines in rankings for the latter [4] Group 2: Individual Bank Strategies - Industrial and Commercial Bank of China achieved a 9.2% increase in total assets, focusing on loans to manufacturing, strategic emerging industries, and green development [6] - China Merchants Bank's success is attributed to its strong retail banking position and growth in non-interest income, which reached 126.2 billion yuan, accounting for 37.4% of its revenue [6] - Beijing Bank's growth strategy emphasizes regional development, with significant increases in technology and green loans, leading to a 43.69% rise in stock price [7] Group 3: Industry Trends - The global banking sector is experiencing increased concentration, with the top 20 banks accounting for 37.2% of total tier-one capital, up 0.2 percentage points from the previous year [8] - Chinese banks are expected to enhance their global competitiveness by solidifying capital structures and improving risk management capabilities [8] - There is a focus on supporting the real economy and adapting to global market conditions, particularly in the Asia-Pacific region [8]

Group 1: Share Buyback Plans - The company has implemented two phases of share buyback plans from 2024 to date, repurchasing a total of 9,721.53 million shares, which accounts for 6.55% of the current total share capital, with a total transaction amount of RMB 299,969,000 [1] - Out of the repurchased shares, 8,011.53 million shares are planned to be canceled, representing 5.40% of the current total share capital, while 1,710.00 million shares will be used for employee stock ownership plans [1] - From April to June 2025, the company repurchased an additional 650.80 million shares, accounting for 0.44% of the current total share capital, with a transaction amount of RMB 22,929,400 [1] Group 2: Current and Planned Projects - The company is currently constructing the "Yupin Luanshan" project, a residential project above a subway station, with a planned construction area of 79,600 m² and a total building area of approximately 120,000 m², which commenced in October 2024 and is expected to start pre-sales by the end of 2025 [2] - The planned project "Hualian Nanshan A District" focuses on urban renewal, with a demolition area of 77,800 m², and the planning proposal was approved in April 2025 [2] Group 3: Future Development and Industry Transformation - The company's strategic focus is on "stabilizing real estate while promoting transformation," with no new land reserves or real estate development projects planned beyond the two mentioned [2] - The company is actively pursuing an industrial transformation strategy, having invested RMB 430 million in establishing the "Zhongbao Qingyuan Huihai Industrial Fund," holding 24% and 36% stakes in Shenzhen Juneng and Zhuhai Juneng, respectively [2] - The company is also exploring investment opportunities in the new energy industry chain, leveraging the technical and management platforms of its invested companies [2]

证券代码：000036 证券简称：华联控股 公告编号：2025-048 华联控股股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 华联控股股份有限公司(以下简称"公司") 于 2025 年 4 月 9 日召开第十一 届董事会第二十二次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司以自有资金回购公司已发行的人民币普通股（A 股）股票，用于维护公司价 值及股东权益所必需。本次拟用于回购的资金总额不低于人民币 3,000 万元（含） 且不超过人民币 6,000 万元（含），回购股份的实施期限为自董事会审议通过回 购 股 份 方 案 之 日 起 3 个 月 内 。 具 体 内 容 详 见 公 司 刊 登 在 巨 潮 资 讯 网 （www.cninfo.com.cn）的《华联控股第十一届董事会第二十二次会议决议公告》 《华联控股关于回购公司股份方案的公告》《华联控股回购股份报告书》（公告 编号：2025-003、2025-004、2025-006）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 ...

Group 1 - The launch of the Cross-Border Payment System marks a significant development in the cross-border payment market, with multiple banks including Bank of China, Agricultural Bank of China, and China Construction Bank actively participating [1][2] - The first cross-border remittance transaction took place in Shenzhen, enabling real-time cross-border remittances between residents of mainland China and Hong Kong [1] - The initial participating banks from mainland China include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank, while Hong Kong banks include Bank of China (Hong Kong), East Asia Bank, China Construction Bank (Asia), Hang Seng Bank, HSBC, and ICBC (Asia) [1] Group 2 - Bank of China has introduced the Cross-Border Payment System, allowing Hong Kong residents to register their mainland mobile numbers and initiate remittance transactions without needing to fill in additional account information, enhancing convenience [1][2] - Agricultural Bank of China has also launched its cross-border payment services, with a focus on real-time remittance for various scenarios such as tuition and medical payments, initially piloting in Shenzhen before expanding to other regions [2][3] - China Construction Bank has begun offering cross-border payment services in Guangdong, Shenzhen, and Hainan, with plans for nationwide rollout, and is currently waiving service fees for these transactions [3]

Core Viewpoint - The launch of the Cross-Border Payment Link on June 22 aims to facilitate personal remittances and payments between residents of Hong Kong and mainland China, offering advantages such as instant transactions, simplified documentation, and lower costs compared to traditional cross-border remittance methods [2][3]. Group 1: Transaction Details - As of June 22, the transaction volume for northbound remittances was approximately 6,900 transactions, with an average transaction amount of about RMB 800. For southbound remittances, the volume was around 19,000 transactions, with an average amount of RMB 3,100 [3]. - The service allows for daily remittance limits of HKD 10,000 for northbound transactions and an annual limit of HKD 200,000, while southbound transactions are subject to an annual limit of USD 50,000 [13][16]. Group 2: Market Competition - Twelve pilot banks are competing aggressively for market share by waiving fees and offering cashback incentives to attract customers. For instance, some banks are currently not charging fees for southbound remittances during the trial period [18][22]. - The competitive landscape is characterized by banks leveraging their customer bases and technological capabilities to enhance service offerings and increase transaction volumes [23]. Group 3: Future Prospects - The Cross-Border Payment Link is expected to expand its application scenarios beyond person-to-person (P2P) transactions to include person-to-business (P2B), business-to-person (B2P), and government-to-business (G2B) transactions in the future [11][13]. - The initiative is anticipated to enhance the internationalization of the Renminbi and strengthen Hong Kong's position as an international financial center by improving the efficiency of cross-border payments [25][26].

Financial Sector - The banking sector showed positive performance with Agricultural Bank of China, Bank of China, and Zhao Bank reporting market capitalizations of 1,977.40 billion, 1,610.30 billion, and 576.28 billion respectively, with respective trading volumes of 1.62 billion, 1.25 billion, and 0.83 billion [3] - Construction Bank and Industrial and Commercial Bank of China also performed well, with market capitalizations of 2,255.10 billion and 2,548.30 billion, and trading volumes of 0.61 billion and 2.13 billion respectively [3] - The overall trend in the banking sector was positive, with most banks showing slight increases in stock prices [3] Insurance Sector - The insurance sector saw China Life Insurance, China Pacific Insurance, and Ping An Insurance with market capitalizations of 370.60 billion, 982.99 billion, and 340.46 billion respectively, and trading volumes of 1.31 billion, 0.57 billion, and 0.50 billion [4] - All three companies experienced slight increases in stock prices, indicating a stable performance in the insurance market [4] Semiconductor Sector - The semiconductor sector had mixed results, with North China Huachuang, Cambricon Technologies, and Haiguang Information reporting market capitalizations of 224.69 billion, 254.35 billion, and 329.78 billion respectively [4] - Trading volumes varied significantly, with Cambricon Technologies leading at 6.80 billion, while North China Huachuang had a trading volume of 1.36 billion [4] - The sector experienced fluctuations, with some companies showing declines in stock prices [4] Automotive Sector - The automotive sector was led by BYD and Great Wall Motors, with market capitalizations of 282.79 billion and 1,068.63 billion respectively [4] - Trading volumes were significant, with BYD at 3.50 billion and Great Wall Motors at 0.21 billion [4] - The sector showed a positive trend with BYD's stock price increasing by 1.00% [4] Energy Sector - In the energy sector, China Petroleum and Sinopec reported market capitalizations of 699.59 billion and 1,599.60 billion respectively, with trading volumes of 0.62 billion and 0.46 billion [4] - The sector showed slight increases in stock prices, indicating a stable performance [4] Other Sectors - The liquor industry, represented by Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,860.43 billion, 216.46 billion, and 485.09 billion respectively, with Kweichow Moutai experiencing a slight decline [4] - The food and beverage sector, including companies like Zhongjin Securities and Haitai, showed varied performance with slight fluctuations in stock prices [5]

Core Viewpoint - The company has approved a share repurchase plan to maintain its value and protect shareholder interests, with a total repurchase fund ranging from RMB 30 million to RMB 60 million [1] Group 1: Share Repurchase Plan - The company plans to repurchase its issued A-shares using its own funds, with a total amount not less than RMB 30 million and not exceeding RMB 60 million [1] - The implementation period for the share repurchase is within three months from the date of the board's approval [1] Group 2: Progress of Share Repurchase - As of May 30, 2025, the company has repurchased 1,046,650 shares, accounting for 0.07% of the total share capital, with a total transaction amount of RMB 3,699,197.50 [1] - The highest transaction price was RMB 3.56 per share, and the lowest was RMB 3.50 per share [1] Group 3: Compliance with Regulations - The share repurchase complies with relevant regulations, including the timing and trading methods, ensuring no repurchase occurred during significant events that could affect stock prices [2] - The company adhered to the rules regarding the price limits and trading periods for share repurchase [2] Group 4: Future Arrangements - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations during the repurchase period [2]