股 票 研 究 推动行业高质量发展！ [Table_Industry] 房地产 二十届四中全会点评 本报告导读： 我们认为，未来五年中央对房地产的重视程度将对应提升，新房产品将顺应需求趋 势提质发展，不合时宜的限制性政策将进一步解除；供给侧将严控新增开发用地， 以城中村、危旧房改造形成有效投资，供应结构以优质地块为主。 投资要点： 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.10.27 2025-10-27 [table_Authors] [Table_Summary] 投资建议：维持"优于大市"评级。行业高质量发展内涵丰富，高屋 建瓴，相信未来会有更多信息。但不管怎样，在风险有序化解后， 当前重点城市房价持续下跌与高质量发展并不相符。2025 年 9 月， 70 个大中城市均没有出现房价环比上涨城市，新房和二手房之间价 差继续拉大。我们认为，房地产高质量发展与房价稳定密不可分， 目前基本面风险有序化解，数据运行略有走低，未来五年止跌回稳 是重要要求。看好蓝筹竞争格局，推荐：1）开发类：A 股-万科 A、 保利发展、招商蛇口 ...

"高埗华侨城天鹅堡开发商欠款不还，从2024年1月份（至今）以各种理由拖欠老带新现金回馈，作为一家央企毫无诚信可言……"近日，有市民在东莞问政 平台反映华侨城天鹅堡项目拖欠业主"老带新"活动奖励一事。记者了解到，"老带新"是房地产行业常用的一种营销手段，老业主推介新客户成交，即可获得 佣金或奖励。 针对上述问题，日前高埗镇住房和城乡建设局（下称"高埗镇住建局"）回应南都N视频记者称，"市民反映的华侨城天鹅堡项目开发商'老带新现金回馈'活动 拖欠发放问题情况属实，涉及二十余户业主，预计于12月底前完成奖励支付。"其还称，已多次约谈开发商负责人，提醒其要高度重视拖欠发放问题，加快 推进款项发放工作。 华侨城方面则回应称，华侨城天鹅堡"老带新"属于阶段性政策，公司分批审核，涉及现场核实老带新的合规性，审核需要一定的时间。目前已提交财务审批 中，不存在恶意拖欠，会尽快结算给相关业主。 高埗镇华侨城天鹅堡项目效果图。图源"东莞华侨城"小程序 投诉 不存在恶意拖欠 会尽快结算给相关业主 10月23日，南都N视频记者以普通市民身份致电高埗镇华侨城天鹅堡项目，相关工作人员表示，"因为'老带新'活动奖励是由集团审批，所以发放进 ...

证券之星消息，10月24日房地产开发板块较上一交易日下跌1.08%，深物业A领跌。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。房地产开发板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600246 万通发展 | | 6884.61万 | 8.35% | -5074.65万 | -6.16% | -1809.96万 | -2.20% | | 600895 张江高科 | | 4632.90万 | 1.85% | -2428.44万 | -0.97% | -2204.46万 | -0.88% | | 002208 合肥城建 | | 3746.01万 | 1.46% | -9157.84万 | -3.58% | 5411.83万 | 2.12% | | 600748 | 上实发展 | 3521.94万 | 2.80% | -4980.74万 | ...

Core Viewpoint - Shenzhen Overseas Chinese Town Co., Ltd. has received approval from the China Securities Regulatory Commission to exempt its senior management from restrictions on holding concurrent positions, specifically allowing Wu Bingqi to act as both the company's president and the general manager of the controlling shareholder, Overseas Chinese Town Group [1][2]. Group 1 - The company guarantees the authenticity, accuracy, and completeness of the announcement, ensuring there are no false records or misleading statements [1]. - The approval from the regulatory body allows Wu Bingqi to perform dual roles while committing to avoid conflicts of interest and ensuring the company's independence [1][2]. - Wu Bingqi has pledged to diligently manage the relationship between the company and its controlling shareholder, ensuring that the rights of the company and minority shareholders are not compromised [2].

Core Viewpoint - The company Huazhu A has shown a slight increase in stock price and has a market capitalization of 20.175 billion yuan, indicating a stable performance in the market [1] Group 1: Business Overview - As of the end of 2022, the company managed a total of 316 property projects, covering an area of 46.8 million square meters across 56 cities in China [2] - The company holds a 60% stake in Huazhou Cultural Tourism Development Co., which focuses on cultural tourism and real estate development [2] - Huazhu A has a 9.14% stake in Bohai Securities, making it the third-largest shareholder [2][3] - The company operates indoor ice and snow venues in some of its theme parks, such as the "Alpine Snow World" in Shenzhen, which was upgraded in 2020 [3] Group 2: Financial Performance - As of September 30, the number of shareholders for Huazhu A was 105,800, a decrease of 0.59% from the previous period, while the average number of circulating shares per person increased by 0.59% to 65,205 shares [8] - For the first half of 2025, the company reported a revenue of 11.317 billion yuan, a year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion yuan, a decrease of 171.52% [8] Group 3: Shareholder Information - The total cash distribution by Huazhu A since its listing amounts to 16.503 billion yuan, with no cash distribution in the last three years [9] - As of June 30, 2025, China Securities Finance Corporation is the third-largest circulating shareholder, holding 203 million shares, a decrease of 39.8223 million shares from the previous period [9] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 59.0445 million shares, an increase of 3.4062 million shares from the previous period [9]

证券日报网讯 10月22日晚间，华侨城A发布公告称，近日，公司收到控股股东华侨城集团有限公司（以 下简称"华侨城集团"）发来的中国证券监督管理委员会上市公司监管司作出的《关于同意豁免华侨城集 团有限公司高级管理人员兼职限制的函》，同意豁免华侨城集团总经理吴秉琪代行公司总裁职责的限 制。 （编辑 楚丽君） ...

Core Viewpoint - Shenzhen Overseas Chinese Town Co., Ltd. received approval from the China Securities Regulatory Commission to exempt the restriction on the concurrent positions of senior management personnel from its controlling shareholder, Overseas Chinese Town Group Co., Ltd. [1] Group 1 - The approval allows Wu Bingqi, the general manager of Overseas Chinese Town Group, to act as the president of the company without restrictions [1]

深圳华侨城股份有限公司 关于豁免公司高管兼职限制的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 近日，深圳华侨城股份有限公司（以下简称"公司"）收到控股 股东华侨城集团有限公司（以下简称"华侨城集团"）发来的中国证 券监督管理委员会（以下简称"中国证监会"）上市公司监管司作出 的《关于同意豁免华侨城集团有限公司高级管理人员兼职限制的函》， 同意豁免华侨城集团总经理吴秉琪代行公司总裁职责的限制。 证券代码：000069 证券简称：华侨城 A 公告编号：2025-48 董 事 会 特此公告。 第 1 页 共 2 页 深圳华侨城股份有限公司 华侨城集团承诺，按照《公司法》《证券法》《关于推动国有股 东与所控股上市公司解决同业竞争规范关联交易的指导意见》（国资 发产权〔2013〕202 号）及相关法律法规要求，严格履行已作出的关 于避免同业竞争、规范关联交易的各项承诺，保证公司的独立性，并 依法履行信息披露义务；保证吴秉琪先生优先履行公司总裁职责，充 分维护公司及中小股东合法权益。 吴秉琪先生承诺，在代行公司总裁职责并兼任控股股东华侨城集 团总经理职务期间，保证勤 ...

对冲正当其时 [Table_Industry] 房地产 地产 9 月观察及数据点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 陈子仪(分析师) | 021-23219244 | chenziyi@gtht.com | S0880525040102 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 9 月地产行业仍处下行通道，以投资为代表的前端投资降幅仍在加剧，隐含传统周 期下价格仍有压力，新房和二手房的价格差拉大，也意味着新项目带来的边际效益 在递减。 投资要点： 股票研究 /[Table_Date] 2025.10.22 [Table_Invest] 评级： ...

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading, with a recent increase of 2.02% and a total market value of 20.255 billion yuan, despite a year-to-date decline of 5.62% [1] Financial Performance - For the first half of 2025, China Overseas Chinese Town A reported a revenue of 11.317 billion yuan, a significant year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion yuan, reflecting a year-on-year decline of 171.52% [2] - Cumulative cash dividends since the listing amount to 16.503 billion yuan, with no dividends distributed in the past three years [3] Shareholder Information - As of September 30, the number of shareholders for China Overseas Chinese Town A is 105,800, a decrease of 0.59% from the previous period, while the average circulating shares per person increased by 0.59% to 65,205 shares [2] - The top ten circulating shareholders include China Securities Finance Corporation, which holds 203 million shares (a decrease of 39.8223 million shares), and Hong Kong Central Clearing Limited, which increased its holdings by 3.4062 million shares to 59.0445 million shares [3] Stock Trading Activity - The stock experienced a trading volume of 77.9442 million yuan with a turnover rate of 0.45%, indicating moderate trading activity [1] - The net inflow of main funds was 205,100 yuan, with significant buying and selling activities recorded [1] Business Segments - The main business segments of China Overseas Chinese Town A include tourism (72.15% of revenue), real estate (27.18%), and other businesses (0.67%) [1] - The company operates within the real estate development sector, specifically focusing on commercial real estate [1] Market Position - The company is categorized under several concepts, including mid-cap stocks, margin financing, share buybacks, DeepSeek concept, and new urbanization [1]