Group 1 - Wu Bingqi appointed as Party Secretary and Chairman of Overseas Chinese Town Group Co., Ltd. [1] - Liu Kaixin nominated as candidate for Vice General Manager of Overseas Chinese Town Group Co., Ltd., relieved of the position of Discipline Inspection Commission Secretary [1] - He Changqing appointed as Party Committee Member and Discipline Inspection Commission Secretary of Overseas Chinese Town Group Co., Ltd. [1] - Zhang Liyong relieved of Party Committee Member position and retired from Vice General Manager role at Overseas Chinese Town Group Co., Ltd. [1] Group 2 - Qin Hanjun appointed as Party Secretary and Chairman of China Machinery Science and Technology Group Co., Ltd. [2] - Wang Desheng relieved of Party Secretary, Chairman, and Director positions at China Machinery Science and Technology Group Co., Ltd., retired [2] Group 3 - Jiang Bo appointed as Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [3] Group 4 - Ni Zhen appointed as Party Secretary and Chairman of China Energy Construction Group Co., Ltd., no longer serving as General Manager [4] - Wang Xiaojun appointed as Deputy Party Secretary and Director of China Power Construction Group Co., Ltd., nominated as candidate for General Manager [4] Group 5 - Huang Zhuo appointed as Deputy Party Secretary of China Nonferrous Metal Industry Group Co., Ltd., no longer serving as Vice General Manager [5] Group 6 - Chen Jian appointed as Party Committee Member and nominated as candidate for Vice General Manager of China Coal Energy Group Co., Ltd. [6] - Tang Baoguo relieved of Party Committee Member position and retired from Vice General Manager role at China Coal Energy Group Co., Ltd. [6] Group 7 - Li Xiehua appointed as external director of Mining and Metallurgy Technology Group Co., Ltd. [7]

来源： 国务院国资委网站 国务院国资委网站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 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。 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。 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。 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、 ...

Group 1 - Wu Bingqi appointed as the Party Secretary and Chairman of China Overseas Chinese Town Group Co., Ltd. [2] - Liu Kaixin nominated as the candidate for Vice General Manager of China Overseas Chinese Town Group Co., Ltd., and removed from the position of Discipline Inspection Commission Secretary [3] - He Changqing appointed as a member of the Standing Committee of the Party Committee and Secretary of the Discipline Inspection Commission of China Overseas Chinese Town Group Co., Ltd., and removed from the position of Discipline Inspection Commission Secretary of China Academy of Building Research [4] - Zhang Liyong removed from the Standing Committee of the Party Committee of China Overseas Chinese Town Group Co., Ltd. and retired from the position of Vice General Manager [5] Group 2 - Qin Hanjun appointed as the Party Secretary and Chairman of China Machinery Science Research Institute Group Co., Ltd. [6] - Wang Desheng removed from the positions of Party Secretary, Chairman, and Director of China Machinery Science Research Institute Group Co., Ltd. and retired [7] Group 3 - Gao Hongbin appointed as the Party Secretary and Chairman of China Steel Research Group Co., Ltd., and no longer serves as General Manager [8] - Zhang Shaoming removed from the positions of Party Secretary, Standing Committee Member, Chairman, and Director of China Steel Research Group Co., Ltd. [9] Group 4 - Jiang Bo appointed as the Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [10] Group 5 - Ni Zhen appointed as the Party Secretary and Chairman of China Energy Construction Group Co., Ltd., and no longer serves as General Manager [11] Group 6 - Wang Xiaojun appointed as the Deputy Secretary and Director of China Power Construction Group Co., Ltd., nominated as the candidate for General Manager [12] Group 7 - Huang Zhuo appointed as the Deputy Secretary of China General Research Institute for Nonferrous Metals, and no longer serves as Vice General Manager [13] Group 8 - Chen Jian appointed as a member of the Standing Committee of the Party Committee of China Coal Energy Group Co., Ltd., nominated as the candidate for Vice General Manager [15] - Tang Baoguo removed from the Standing Committee of the Party Committee and the position of Vice General Manager of China Coal Energy Group Co., Ltd. and retired [16] Group 9 - Li Xiehua appointed as an external director of Mining and Metallurgy Technology Group Co., Ltd. [17]

Core Viewpoint - The article reports on the recent appointments and dismissals of leadership positions within ten central enterprises, as announced by the State-owned Assets Supervision and Administration Commission (SASAC) on November 21. Group 1: Appointments - Wu Bingqi has been appointed as the Party Secretary and Chairman of China Overseas Chinese Town Group Co., Ltd. [3] - Liu Kaixin has been nominated as the candidate for Vice General Manager of China Overseas Chinese Town Group Co., Ltd. [4] - He Changqing has been appointed as a member of the Standing Committee of the Party and Secretary of the Discipline Inspection Commission of China Overseas Chinese Town Group Co., Ltd. [5] - Qin Hanjun has been appointed as the Party Secretary and Chairman of China Machinery Science and Technology Group Co., Ltd. [7] - Gao Hongbin has been appointed as the Party Secretary and Chairman of China Steel Research Technology Group Co., Ltd. [9] - Jiang Bo has been appointed as the Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [11] - Ni Zhen has been appointed as the Party Secretary and Chairman of China Energy Construction Group Co., Ltd. [12] - Wang Xiaojun has been appointed as the Deputy Secretary and Director of China Power Construction Group Co., Ltd., and nominated as the candidate for General Manager. [13] - Huang Zhuo has been appointed as the Deputy Secretary of China Yuhua Technology Group Co., Ltd. [14] - Chen Jian has been appointed as a member of the Standing Committee of the Party and nominated as the candidate for Vice General Manager of China Coal Energy Group Co., Ltd. [16] Group 2: Dismissals - Zhang Liyong has been removed from his position as a member of the Standing Committee of the Party and Vice General Manager of China Overseas Chinese Town Group Co., Ltd. and is now retired. [6] - Wang Desheng has been removed from his positions as Party Secretary, Chairman, and Director of China Machinery Science and Technology Group Co., Ltd. and is now retired. [8] - Zhang Shaoming has been removed from his positions as Party Secretary, member of the Standing Committee, Chairman, and Director of China Steel Research Technology Group Co., Ltd. [10] - Tang Baoguo has been removed from his position as a member of the Standing Committee of the Party and Vice General Manager of China Coal Energy Group Co., Ltd. and is now retired. [17]

Group 1 - Wu Bingqi appointed as Party Secretary and Chairman of China Overseas Chinese Town Group Co., Ltd. [1] - Liu Kaixin nominated as Vice General Manager candidate of China Overseas Chinese Town Group Co., Ltd., removed from the position of Discipline Inspection Commission Secretary [1] - He Changqing appointed as Party Committee Member and Discipline Inspection Commission Secretary of China Overseas Chinese Town Group Co., Ltd. [1] - Zhang Liyong removed from the position of Party Committee Member and Vice General Manager of China Overseas Chinese Town Group Co., Ltd., retired [1] Group 2 - Qin Hanjun appointed as Party Secretary and Chairman of China Machinery Science Research Institute Group Co., Ltd. [2] Group 3 - Wang Desheng removed from the positions of Party Secretary, Chairman, and Director of China Machinery Science Research Institute Group Co., Ltd., retired [3] Group 4 - Gao Hongbin appointed as Party Secretary and Chairman of China Steel Research Group Co., Ltd., no longer serving as General Manager [4] - Zhang Shaoming removed from the positions of Party Secretary, Party Committee Member, Chairman, and Director of China Steel Research Group Co., Ltd. [4] Group 5 - Jiang Bo appointed as Party Secretary and Chairman of China Civil Aviation Information Group Co., Ltd. [5] Group 6 - Ni Zhen appointed as Party Secretary and Chairman of China Energy Construction Group Co., Ltd., no longer serving as General Manager [6] Group 7 - Wang Xiaojun appointed as Deputy Party Secretary and Director of China Power Construction Group Co., Ltd., nominated as General Manager candidate [7] Group 8 - Huang Zhuo appointed as Deputy Party Secretary of China Nonferrous Metal Industry Group Co., Ltd., no longer serving as Vice General Manager [8] Group 9 - Chen Jian appointed as Party Committee Member of China Coal Energy Group Co., Ltd., nominated as Vice General Manager candidate [9] - Tang Baoguo removed from the position of Party Committee Member and Vice General Manager of China Coal Energy Group Co., Ltd., retired [9] Group 10 - Li Xiehua appointed as external director of Mining and Metallurgy Technology Group Co., Ltd. [10]

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown mixed performance recently, with a slight increase in price but significant declines in revenue and profit year-on-year [1][2]. Financial Performance - As of October 20, 2025, China Overseas Chinese Town A reported a revenue of 17.025 billion yuan, a year-on-year decrease of 41.95% [2]. - The net profit attributable to shareholders was -4.367 billion yuan, reflecting a year-on-year decline of 85.76% [2]. - The stock price increased by 3.75% year-to-date, but it has decreased by 0.72% over the last five trading days [1]. Shareholder Information - As of October 20, 2025, the number of shareholders for China Overseas Chinese Town A was 103,300, a decrease of 2.38% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.43% to 66,792 shares [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Securities ETF and Hong Kong Central Clearing Limited, with significant increases in their holdings [3]. Market Activity - The stock experienced a trading volume of 78.616 million yuan with a turnover rate of 0.42% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on November 11 [1]. Business Overview - China Overseas Chinese Town A, established on September 2, 1997, primarily operates in tourism, real estate, and paper packaging, with tourism accounting for 72.15% of its revenue [1]. - The company is categorized under the real estate development sector, focusing on commercial real estate and related concepts such as online tourism and low-cost travel [1].

Core Viewpoint - A silent personnel storm is sweeping through the real estate industry, with over 20 chairmen of real estate companies changing since June, indicating a significant shift in management as companies adapt to new industry conditions [3][5][11]. Group 1: Changes in Leadership - Since the beginning of 2025, large-scale organizational adjustments in real estate companies have become the norm, with a notable increase in leadership changes in the second half of the year [5][6]. - Notable changes include the resignation of Lu Jiming as chairman of Guangming Real Estate due to reaching retirement age, and the appointment of Wang Wei as the new chairman [5]. - Other companies like Dalong Real Estate and Beijing Zhuzong have also seen leadership changes, with significant adjustments in their management teams [6][7]. Group 2: Reasons Behind Changes - The adjustments in leadership, particularly among state-owned enterprises, reflect the ongoing reforms in state-owned enterprises aimed at optimizing resource allocation and enhancing management control [9]. - The pressure from declining sales and continuous losses since 2022 has prompted many companies to adjust their management teams to cope with market challenges [13]. - The shift from large-scale development to refined operations and asset-light models necessitates new leadership capable of navigating these changes [13]. Group 3: Financial Implications - The total remuneration for chairmen of listed real estate companies has decreased, with total salaries dropping from 86.57 million yuan in 2022 to 69.38 million yuan in 2024 [14]. - This reduction in compensation reflects the need for management to adapt to new market conditions and emphasizes the importance of financial safety and operational efficiency [14]. Group 4: Future Management Requirements - The evolving real estate landscape demands that managers possess enhanced capabilities, including product management, operational efficiency, and investment precision [14]. - The ability to identify new market opportunities and make strategic adjustments is becoming increasingly critical for leadership in the real estate sector [14].

Core Insights - A silent personnel storm is sweeping through the real estate industry, with over 20 chairmen of real estate companies changing since early June, averaging one change per week [2][7] - The changes are predominantly seen in state-owned enterprises, reflecting a need for management to adapt to new industry conditions and enhance internal management capabilities, product innovation, and operational efficiency [2][6] Group 1: Leadership Changes - Major state-owned enterprises like China Minmetals, Beijing Construction Group, and China Overseas Land have seen significant leadership changes, indicating a trend of high-level adjustments in the sector [3][5] - Specific examples include the resignation of Lu Jiming from Guangming Real Estate due to retirement and the appointment of Wang Wei as the new chairman [3] - Other notable changes include the resignation of Li Wenjiang from Dalong Real Estate and the appointment of Zhao Changsong as acting chairman [4] Group 2: Reasons for Changes - The adjustments in leadership are attributed to the need for resource optimization and management reform within state-owned enterprises, as well as the pressures faced by private companies [6][8] - The real estate sector has been under significant pressure, with over 60% of listed companies reporting losses in the first half of 2025, prompting high-level changes as a response to market and performance pressures [8] Group 3: Financial Adjustments - The total compensation for chairmen of listed real estate companies has decreased from 86.57 million yuan in 2022 to 69.38 million yuan in 2024, reflecting the industry's adaptation to new market conditions [9] - The need for management to shift focus from land acquisition and high leverage to financial security and operational efficiency is emphasized [9]

Core Points - On November 18, Huazhou City A experienced a decline of 5.28%, trading at 2.69 CNY per share, with a transaction volume of 318 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 21.622 billion CNY [1] - The company, Shenzhen Huazhou City Co., Ltd., was established on September 2, 1997, and listed on September 10, 1997. Its main business segments include tourism (72.15% of revenue), real estate (27.18%), and other (0.67%) [1] Shareholder Insights - The top circulating shareholder of Huazhou City A is the Fuquan Fund, which increased its holdings in the Fuquan CSI Tourism Theme ETF (159766) by 29.8912 million shares in the third quarter, bringing its total to 81.994 million shares, representing 1.19% of circulating shares. The estimated floating loss today is approximately 12.2991 million CNY [2][4] - The Fuquan CSI Tourism Theme ETF was established on July 15, 2021, with a current scale of 4.927 billion CNY. Year-to-date returns are 13.01%, ranking 3378 out of 4212 in its category, while the one-year return is 12.44%, ranking 3089 out of 3956. Since inception, the fund has experienced a loss of 20.36% [2] Fund Management - The fund manager of the Fuquan CSI Tourism Theme ETF is Cao Ludi, who has been in the position for 5 years and 184 days. The total asset size of the fund is 21.209 billion CNY, with the best return during the tenure being 122.97% and the worst return being -44.98% [3]

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [2][8] - Recent leadership adjustments are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [2][8] Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng as non-executive director and chairman, with Zhu Wenkai appointed as his successor [3] - On November 13, Longfor Properties announced the resignation of Chairman Li Wenjiang due to work adjustments, with Zhao Changsong temporarily taking over [6] - Five Mining Real Estate also reported the resignation of He Jianbo as chairman, with Dai Pengyu appointed as acting chairman [6] Market Dynamics - Since September, several leading real estate companies, including China Merchants Shekou, Vanke, and China Resources Land, have disclosed significant personnel changes [2][8] - The adjustments are primarily concentrated in key positions such as chairman, vice chairman, and general manager, driven by work reallocations and personal reasons [8][9] Cross-Group Movements - Recent trends indicate a "cross-group flow" of executives, with notable appointments such as Xu Rong becoming chairman of China Resources Land after previously serving in various roles within the group [10] - The movement of executives across different sectors is aimed at leveraging diverse management experiences to enhance operational efficiency and strategic alignment [12] Strategic Implications - The ongoing changes reflect a broader shift in the industry as it transitions from rapid expansion to a focus on refined operations, resource integration, and risk management [13] - State-owned enterprises are proactively restructuring their leadership to better position themselves for future growth opportunities in urban renewal and asset management [13]