房企跟投事件再次引发了舆论关注。日前，华侨城集团前员工向南都·湾财社记者反映，在企业推行 的"强制"跟投制度下，大量员工资金被卷入地产项目，如今因项目停工、资金未回正等原因难以返还， 尤其部分被裁员工数额不菲的跟投本金被套牢。 "即便已与企业解除劳动关系，仍要按原规则等待漫长的返还流程。"在他看来，这种"人走钱留"的状况 让本就因失业而陷入生活困境的自己更添焦虑。 而针对前员工反映的跟投本金无法追回等问题，华侨城方面在接受记者采访时表示—— 跟投实质属于投资行为，有盈利也有亏损的情况，无论跟投人员在职或离职，项目盈利时均会按照相关 跟投协议及跟投制度予以分红，项目亏损时也需共担风险。 另外对于员工关切，公司一直高度重视，与相关员工保持紧密、充分、友善的沟通，后续也将持续积极 稳妥推进相关工作。 "强制"跟投？ 南都·湾财社记者了解到，华侨城的跟投制度始于2019年。当年，企业发布《深圳华侨城股份有限公司 项目跟投管理办法》的公告，对跟投相关事项作出明确规定。 其中第一条明确提到，原则上所有投资项目必须实施跟投，确因项目类型、性质不适合开展跟投的，应 经公司党委会审批同意。 而在跟投人员上，必须跟投人包括项目公 ...

房企跟投事件再次引发了舆论关注。日前，华侨城集团前员工向南都·湾财社记者反映，在企业推行 的"强制"跟投制度下，大量员工资金被卷入地产项目，如今因项目停工、资金未回正等原因难以返还， 尤其部分被裁员工数额不菲的跟投本金被套牢。 "即便已与企业解除劳动关系，仍要按原规则等待漫长的返还流程。"在他看来，这种"人走钱留"的状况 让本就因失业而陷入生活困境的自己更添焦虑。 而针对前员工反应的跟投本金无法追回等问题，华侨城方面在接受记者采访时表示，跟投实质属于投资 行为，有盈利也有亏损的情况，无论跟投人员在职或离职，项目盈利时均会按照相关跟投协议及跟投制 度予以分红，项目亏损时也需共担风险。另外对于员工关切，公司一直高度重视，与相关员工保持紧 密、充分、友善的沟通，后续也将持续积极稳妥推进相关工作。 "强制"跟投？ 南都·湾财社记者了解到，华侨城的跟投制度始于2019年。当年，企业发布《深圳华侨城股份有限公司 项目跟投管理办法》的公告，对跟投相关事项作出明确规定。 其中第一条明确提到，原则上所有投资项目必须实施跟投，确因项目类型、性质不适合开展跟投的，应 经公司党委会审批同意。 而在跟投人员上，必须跟投人包括项目公司负 ...

Group 1: Regional Competitive Landscape - The cultural tourism integration industry in China is predominantly concentrated in Guangdong, Anhui, Jiangsu, and Shanghai, with Guangdong having notable listed companies such as Overseas Chinese Town and Lingnan Holdings [1] Group 2: Brand Rankings - The "2024 China Cultural Tourism Group Brand Communication Power Top 100" list includes Ctrip Group, China Youth Travel Service, Haichang Ocean Park, China Duty Free Group, Qujiang Cultural Tourism, and Overseas Chinese Town Group in the top ten [4][6] Group 3: Market Share and Revenue - In 2024, the total revenue of listed companies in China's cultural tourism integration industry reached 351.306 billion yuan, with the top three companies being China Duty Free Group, Overseas Chinese Town, and Tongcheng Travel, collectively accounting for over 45% of the market [7] Group 4: Market Concentration - The market concentration in the cultural tourism integration industry is high, with the top ten companies accounting for 82.93% of the market share, CR3 at 46.73%, and CR5 at 66.89% [9] Group 5: Competitive Dynamics - The cultural tourism market is becoming increasingly competitive, with many companies entering the sector. Government policies are supporting the development of cultural tourism integration, indicating significant growth potential. The threat of new entrants is high, while the threat of substitutes is low. The bargaining power of suppliers is weak, and consumer bargaining power is also limited due to fixed pricing of products like tickets and accommodations [12]

量价回落，波动加剧 [Table_Industry] 房地产 ——中国城市运行周期跟踪（2025.Q2） | [姓名table_Authors] | 电话 | 邮箱 | 证书编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 白淑媛(分析师) | 021-38675923 | baishuyuan@gtht.com | S0880518010004 | 本报告导读： 2025 年 Q2 整体市场表现出成交量疲软、价格企稳但缺乏趋势以及库存上涨、去化 压力增大的特点。 投资要点： 房地产《确立无风险时代，相信未来》2025.07.17 房地产《城市发展存量提质，更新收储蓄势待 发》2025.07.16 房地产《第 28 周成交暂时回落，温和复苏趋势不 变》2025.07.14 房地产《房地双收，加速去库》2025.07.09 请务必阅读正文之后 ...

靴子落地 在长达三个多月的等待后 昔日"彩电大王"康佳集团 （"深康佳A"，000016） 的控股权交接正式完成 根据康佳集团7月22日发布的公告，原控股股东华侨城集团及其一致行动人已将所持有的康佳集团全部 A股及B股股份，无偿划转至中国华润有限公司（"中国华润"）指定的下属企业。 据悉，本次划转实施后，华侨城集团不再持有康佳任何股份，彻底退出；华润系通过磐石润创（深圳） 信息管理有限公司和合贸有限公司，合计持有康佳30%的股权，成为新的控股股东。 然而，就在交割完成前一周，康佳发布的一份半年度业绩预告，清晰地揭示了新股东即将面对的严峻挑 战：尽管账面亏损额度较去年同期大幅收窄，但其赖以生存的主营业务，依然处于"失血"状态。 股权交割尘埃落定 本次股权划转自2025年4月29日首次披露，历经反垄断审查与国资委批复，最终于7月完成交割 。 根据公告，划转完成后，康佳集团总股本不变 。其中： 中国华润下属的磐石润创持有公司A股股份约5.24亿股，占总股本的21.76%，成为公司控股股东 。 另一家下属企业合贸有限公司持有公司B股股份约1.98亿股，占总股本的8.24% 。 公司的实际控制人由华侨城集团变更为中国华 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250714-20250718） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有冰轮环境、博实结、大族数控、福光股份、 骏鼎达等。近5天机构调研数前二十的热门公司有冰轮环境、燕京啤酒、兴蓉环 境、宁波银行和超捷股份等。近30天机构调研数前二十的热门公司中评级机构家 数大于或等于10家的有6家，分别为燕京啤酒、沪电股份、中国重汽、汇川技术、 华菱钢铁和北方稀土。燕京啤酒、沪电股份和中国重汽2024年归母净利润相较 2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年7月14日至2025年7月18日，发布重要股东增持进展情况公告的公司共计 3家，分别为帝欧家居、利亚德和华侨城A。 ➢ 本周A股上市公司回购情况 2025年7月14日至2025年7月18日，共计81家公司发布回购进展情况公告，评级 机构家数大于10家（含10家）的共18家，其中，预计回购金额上下限均值占预案 日市值比例大于1%的共5家，公司为厦门象屿、长虹美菱、梦百合、隆盛科技和 海南华铁。 ➢ 2025/01/01-2025/07/18 ...

转自：前瞻产业研究院 行业主要上市公司：华侨城(000069.SZ)、张家界(000430.SZ)、三湘印象(000863.SZ)、曲江文旅 (600706.SH)、复星旅游文化(01992.HK)、宋城演艺(300144.SZ)等 本文核心数据：市场热度项目;区域消费市场 1、界定 "研学旅行"词最出现于2013年2月国务院办公厅印发的《国民旅游休闲纲要(2013-2020年)》。此后，作为一 项动素质教育改革的杠杆举措和一种探索旅游转型发展的崭新方式，研学旅行逐渐走入国内教育界及旅游界 的研究视野并成为提振综合实践育人研究的新领域。 2、研学企业发展阶段 根据中国旅行社协会研学旅行分会数据调研(覆盖全国32个省级行政单位，共有239家研学类企业参与)显 示，截至2024年年底，多数研学企业正处在成长期，意味着发展潜力巨大。 3、研学企业主营业务 研学企业主营业务是学校研学团队的组织或接待，占比52.72%，其次为研学基地(营地)的运营，占比 20.08%。 5、研学市场消费群体情况 2024年，研学产品消费群体主要来自北京市、广东省、上海市等，消费占比分别为28.45%，18.83%以及 13.39%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [13]. Core Insights - The policy goal of stabilizing the market has somewhat boosted market expectations, but marginal downward pressure has increased since April. The rapid decline in volume and price may have passed, with structural highlights in core areas and quality properties [6][10]. - The report identifies a significant gap in quality housing due to a high proportion of old residential buildings in key cities and the impact of price controls on the quality of new homes. This creates a foundation for product iteration and potential volume growth [3][10]. - The loosening of price controls is expected to lead to a revaluation of property prices, particularly for mid-to-high-end products, which could enhance product pricing power and profitability for developers with regional advantages and manageable inventory levels [3][10]. Market Performance - The Yangtze River Real Estate Index decreased by 1.94% this week, underperforming the CSI 300 by 3.03%, ranking 32 out of 32 industries. Year-to-date, the index is down 0.81%, with a cumulative underperformance of 3.95% compared to the CSI 300 [7][17]. - The report notes that the real estate sector has shown poor performance this week, primarily driven by declines in development stocks, while property management and rental stocks exhibited mixed results [7]. Policy Developments - The Central Urban Work Conference outlined seven key tasks, emphasizing the transition from rapid urbanization to stable development, focusing on optimizing urban systems and enhancing living conditions [8][21]. - Local policies in cities like Qingdao and Changsha are being optimized to support housing exchanges and stimulate market activity through various measures, including subsidies for home purchases and revitalizing existing land [8][21]. Sales Trends - New home and second-hand home transaction volumes in sample cities are experiencing low-level fluctuations. For instance, the transaction area for new homes in 37 cities decreased by 18.1% year-on-year, while second-hand homes in 19 cities saw a decline of 7.2% [9][22]. - Year-to-date, new home transaction areas in 37 cities are down 3.9%, while second-hand homes in 19 cities have increased by 16.3% [9][22]. Investment Opportunities - The report highlights that the real estate downcycle requires three conditions for a trend reversal: the cycle must reach a bottom, economic feedback must be positive, and policies must be sufficiently strong. Currently, these conditions are challenging to meet in the short term, with investment opportunities primarily in policy expectations and structural segments [10]. - The potential for product iteration and stable cash flow in the real estate sector is emphasized, particularly for developers with regional advantages and low inventory pressure, which may yield long-term alpha and stable profit returns [3][10].

Core Viewpoint - The real estate industry is facing significant challenges in the first half of 2025, with a notable performance divergence among listed companies, as many report substantial losses while a few manage to turn profits [1][2]. Group 1: Overall Performance - As of July 17, 2025, 61 listed real estate companies have disclosed their mid-year performance forecasts, with a total expected loss ranging from 342.56 billion to 464.97 billion [1]. - Out of these, 24 companies anticipate profits while 37 expect losses, indicating that 60% of the companies are projected to report losses [1][2]. - The overall trend shows a decline in performance, with companies like China Vanke and Greenland Holdings shifting from profit to loss, while others like Joy City and Urban Construction Development have managed to turn losses into profits [1][2]. Group 2: Companies Turning Profits - In the first half of 2025, 24 companies are expected to achieve profits totaling between 68.68 billion and 80.16 billion, with 12 companies successfully reversing previous losses [2][3]. - Urban Construction Development is projected to report a net profit of 4.4 billion to 6.54 billion, marking a year-on-year increase of up to 575.14% [3][7]. - Other companies that have turned profitable include Zhongzhou Holdings, City Investment Holdings, and Joy City, showcasing resilience in a challenging market [2][3]. Group 3: Companies Reporting Losses - Among the 37 companies forecasting losses, 13 are expected to report their first-ever losses, including Shahe Co., Xiangjiang Holdings, and Greenland Holdings [8][11]. - The total expected loss for these companies ranges from 422.72 billion to 533.64 billion, with Vanke leading with a projected loss of 100 billion to 120 billion [8][11]. - Other notable companies with significant losses include Jindi Group, which anticipates a loss of 34 billion to 42 billion, and Xinda Real Estate, expecting a loss of 35 billion to 39 billion [11][12]. Group 4: Market Outlook - The overall real estate market is still in an adjustment phase, but signs of stabilization are emerging, particularly in first-tier and some strong second-tier cities [14]. - Analysts suggest that the second half of 2025 may present a turning point for the industry, with potential recovery driven by policy adjustments and improved buyer confidence [13][14]. - The top 100 real estate companies reported a total sales amount of 18,364.1 billion, a year-on-year decline of 11.8%, but the rate of decline is narrowing [13].

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