Core Viewpoint - The appointment of Wu Bingqi as the new chairman and party secretary of China Overseas Chinese Town Group marks a significant leadership change, indicating a potential shift in the company's strategic direction amidst ongoing financial challenges [1][3]. Management Changes - Wu Bingqi has been appointed as the party secretary and chairman of China Overseas Chinese Town Group, succeeding Zhang Zhenggao, who retired due to reaching the retirement age for large state-owned enterprises [1][3]. - Liu Kaixin has been nominated as the new deputy general manager, while He Changqing has been appointed as the party committee member and discipline inspection secretary [1][3]. - Wu Bingqi has over 30 years of experience within the China Resources system, having held various senior positions, including president of China Resources Land [3][4]. Financial Performance - China Overseas Chinese Town reported a total revenue of 17.025 billion yuan in the first three quarters of the year, a year-on-year decrease of 41.95%, with a net loss attributable to shareholders of 4.367 billion yuan [10]. - The company has recorded net losses for four consecutive years, with cumulative losses exceeding 26 billion yuan from 2022 to 2024 [10][12]. - As of June 2025, the total debt of the company reached 241.086 billion yuan, with short-term debt accounting for 61.85% of the total, indicating significant repayment pressure [10][12]. Strategic Adjustments - Prior to Wu Bingqi's appointment, the company completed a major asset adjustment by transferring Konka Group to China Resources, reflecting a strategic decision to divest from underperforming assets [7][9]. - The company has significantly reduced its land investment scale in response to cash flow pressures, with new land investments dropping from 49.4 billion yuan in 2019 to 1.5 billion yuan in 2024 [12]. - The remaining developable land area is 10.2072 million square meters, located in key cities, which may serve as a crucial asset for the company to navigate its financial difficulties [12].

2025年10月末资产总额78.89亿元，负债总额58.48亿元（流动负债总额47.53亿元），净资产20.42亿元， 资产负债率74.12%; 2025年1-10月实现营业收入0.05亿元，净利润-0.24亿元。截至2025年10月末，该公 司无重大或有事项（包括担保、抵押、诉讼及仲裁事项）。 三、担保协议的主要内容 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。 一、担保情况概述 深圳华侨城股份有限公司（以下简称"公司"）于2025年4月25日召开2024年年度股东大会，审议通过了 《关于公司及控股子公司2025-2026年度对控参股公司提供担保额度的提案》，同意公司及控股子公司 于2025-2026年度为控参股公司合计提供额度不超过人民币532.64亿元的担保额度；在不超过上述担保 总额度的情况下，公司管理层可根据实际经营情况对控参股公司之间的担保额度进行调剂。 为满足子公司业务发展需要，公司将对全资子公司深圳华侨城华腾投资有限公司未使用的担保额度 1.142亿元、全资子公司重庆华侨城实业发展有限公司未使用的担保额度0.752亿元调剂至控股子公司深 圳华侨城城 ...

关于在控参股公司之间调剂担保额度的公告 证券代码：000069 证券简称：华侨城 A 公告编号：2025-54 深圳华侨城股份有限公司 2025 年 10 月末资产总额 78.89 亿元，负债总额 58.48 亿元 （流动负债总额 47.53 亿元），净资产 20.42 亿元，资产负债 率 74.12%; 2025 年 1-10 月实现营业收入 0.05 亿元，净利润 -0.24 亿元。截至 2025 年 10 月末，该公司无重大或有事项（包 括担保、抵押、诉讼及仲裁事项）。 三、担保协议的主要内容 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。 一、担保情况概述 深圳华侨城股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 2024 年年度股东大会，审议通过了《关于公司及控 股子公司 2025-2026 年度对控参股公司提供担保额度的提案》， 同意公司及控股子公司于 2025-2026 年度为控参股公司合计提供 额度不超过人民币 532.64 亿元的担保额度；在不超过上述担保总 额度的情况下，公司管理层可根据实际经营情况对控参股公司之 间的担 ...

深圳华侨城股份有限公司 关于"21 侨城 02"票面利率调整和回售实施办法 第二次提示性公告 重要提示： 1. 利率调整：根据《深圳华侨城股份有限公司2021年面 向合格投资者公开发行公司债券（第一期）》（以下简称"《募 集说明书》"）的约定，公司作为"21侨城02"（债券代码： 149343.SZ）的发行人，有权决定在存续期的第5年末调整本 期债券存续期后2年的票面利率。根据当前的市场行情，公 司决定下调本期债券票面利率100个基点，即"21侨城02" 债券存续期后2年的票面利率为2.89%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择回售等同于以人民币100元/张（不含利息）卖出持有的"21 侨城02"。投资者选择回售可能会带来损失，敬请投资者注 意风险。 5. 回售登记期：20 ...

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading activity, with a recent increase in share price and notable changes in shareholder composition, despite a significant decline in revenue and profit for the year [1][2]. Financial Performance - For the period from January to September 2025, China Overseas Chinese Town A reported revenue of 17.025 billion yuan, a year-on-year decrease of 41.95% [2]. - The company experienced a net loss attributable to shareholders of 4.367 billion yuan, representing an 85.76% decline compared to the previous year [2]. Stock Performance - As of November 25, the stock price of China Overseas Chinese Town A increased by 2.26%, reaching 2.72 yuan per share, with a trading volume of 166 million yuan and a turnover rate of 0.90% [1]. - Year-to-date, the stock has risen by 1.87%, with a 12.86% increase over the past 20 days and a 12.40% increase over the past 60 days [1]. Shareholder Composition - As of October 20, the number of shareholders for China Overseas Chinese Town A decreased to 103,300, a reduction of 2.38% [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Tourism Theme ETF and Hong Kong Central Clearing Limited, with significant increases in their holdings [3]. Dividend History - Since its listing, China Overseas Chinese Town A has distributed a total of 16.503 billion yuan in dividends, but there have been no dividend payouts in the last three years [3].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]

New Stock Issuance - The new stock issuance for Moer Thread (证券代码: 787795) is priced at 114.28 RMB per share, effective from November 24, 2025[1] - Tianpu Co., Ltd. (证券代码: 605255) is undergoing a tender offer period from November 20 to December 19, 2025[1] Cash Options - Hangzhou Qilun B (证券代码: 200771) has a cash option declaration period from November 19 to November 25, 2025[1] Market Alerts - Jiumuwang (证券代码: 601566) has reported severe abnormal fluctuations[1] - Hefu China (证券代码: 603122) is also noted for significant abnormal fluctuations[1] Recent Announcements - Huasheng Lithium Battery (证券代码: 688353) and Pinming Technology (证券代码: 688109) have recent announcements regarding their stock activities[1] - ST Yuan Cheng (证券代码: 603388) and ST Keli Da (证券代码: 603828) have also made recent disclosures[1] Trading Updates - The trading updates include various companies with links to their respective announcements, indicating ongoing market activities and potential investment opportunities[1]

深圳华侨城股份有限公司 关于"21 侨城 02"票面利率调整和回售实施办法 第一次提示性公告 重要提示： 8．发行人拟不对本次回售债券进行转售。最终是否转 售，以回售结果公告说明为准。 为保证投资者回售选择权有关工作的顺利进行，现将有 关事宜公告如下： 1. 利率调整：根据《深圳华侨城股份有限公司2021年面 向合格投资者公开发行公司债券（第一期）》（以下简称"《募 集说明书》"）的约定，公司作为"21侨城02"（债券代码： 149343.SZ）的发行人，有权决定在存续期的第5年末调整本 期债券存续期后2年的票面利率。根据当前的市场行情，公 司决定下调本期债券票面利率100个基点，即"21侨城02" 债券存续期后2年的票面利率为2.89%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择 ...

Core Viewpoint - Yunnan Huawen Kanglv Development Co., Ltd. is selling a 42-acre land parcel in Songming at a price of 26.1295 million yuan, significantly below its assessed value of 46.6599 million yuan, indicating a 56% discount [1][3]. Group 1: Company Overview - Yunnan Huawen Kanglv Development Co., Ltd. is a subsidiary of Yunnan Overseas Chinese Town [3]. - The land being sold is part of the "Dianchi Central Leisure City," a key cultural tourism project in Songming, originally planned to include well-known theme parks [3][15]. - The project has faced significant setbacks, including a halt in construction after just one year, leading to a near-complete abandonment for almost three years [5][15]. Group 2: Project Status - The current state of the "Dianchi Central Leisure City" is described as unmanaged and deteriorating, with completed facilities overgrown and in disrepair [6][10]. - The sales center, initially intended as a demonstration area, is now in a state of disarray, with furniture damaged and debris scattered [7][11]. - Despite the project's promotional materials remaining intact, the reality of the site starkly contrasts with the optimistic marketing messages from its inception [11][12]. Group 3: Market Context - The broader real estate environment has shifted from boom to bust, particularly affecting remote cultural tourism projects like "Dianchi Central Leisure City" [15]. - Yunnan Overseas Chinese Town has been experiencing continuous losses, with Yunnan being one of the hardest-hit areas [15][18]. - There are rumors of a potential acquisition of Yunnan Overseas Chinese Town by another state-owned enterprise, China Resources, although this may not lead to improvements for projects like "Dianchi Central Leisure City" due to differing strategic focuses [18].

吴秉琪任华侨城集团有限公司党委书记、董事长。 提名刘开新为华侨城集团有限公司副总经理人选，免去其华侨城集团有限公司纪委书记职务。 贺长青任华侨城集团有限公司党委常委、纪委书记，免去其中国建筑科学研究院有限公司纪委书记职务。 免去张立勇的华侨城集团有限公司党委常委职务，不再担任华侨城集团有限公司副总经理职务，退休。 国资小新11月21日发布《10户中央企业15名领导人员职务任免》。 华侨城集团有限公司、中国建筑科学研究院有限公司 中国机械科学研究总院集团有限公司 秦汉军任中国机械科学研究总院集团有限公司党委书记、董事长。 免去王德成的中国机械科学研究总院集团有限公司党委书记、董事长、董事职务，退休。 中国钢研科技集团有限公司 高宏斌任中国钢研科技集团有限公司党委书记、董事长，不再担任中国钢研科技集团有限公司总经理职务。 免去张少明的中国钢研科技集团有限公司党委书记、党委常委、董事长、董事职务。 中国民航信息集团有限公司 江波任中国民航信息集团有限公司党委书记、董事长。 中国能源建设集团有限公司 倪真任中国能源建设集团有限公司党委书记、董事长，不再担任中国能源建设集团有限公司总经理职务。 黄倬任中国有研科技集团有 ...