Core Viewpoint - The controlling shareholder of the company, Overseas Chinese Town Group, has announced a plan to increase its stake in the company by investing between 111 million yuan and 220 million yuan within a six-month period starting from July 15, 2025 [1] Summary by Relevant Sections - **Shareholder Actions** - The controlling shareholder has committed to purchasing 1.11 billion yuan to 2.2 billion yuan worth of shares [1] - As of the date of the announcement, over half of the designated period has passed, during which 428,700 shares have been acquired through centralized bidding, representing 0.00533% of the total share capital [1] - The total transaction amount for these shares is 1.1068 million yuan [1] - The shareholder has pledged not to reduce their holdings during the commitment period [1]

证券日报网讯华侨城A10月13日在互动平台回答投资者提问时表示，截至9月30日，公司股东总户数为 105798户。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the real estate sector, including New World Development (9.70 HK), China Resources Land (35.30 HK), and Yuexiu Property (10.70 HK) [3][4][12]. Core Insights - The overall real estate market showed signs of recovery in September 2025, with total sales from the top 100 developers increasing by 20.9% month-on-month to 266.1 billion RMB [4][12]. - The report highlights that state-owned enterprises (SOEs) dominate the sales rankings, with nine out of the top ten developers being SOEs, and Poly Developments maintaining the top position [4][12]. - The central government continues to implement policies aimed at stabilizing the real estate market, focusing on urban renewal and improving housing standards [4][14][35]. Summary by Sections Market Performance - The report indicates that the stock performance of Chinese enterprises has generally outperformed that of mainland developers, with the industry net asset value discount slightly narrowing to 83.7% [5][12]. Sales Performance - In September 2025, the sales of 21 tracked listed developers increased by 4.4% month-on-month, driven by significant growth from China Resources Land and Jianfa Properties, which saw increases exceeding 30% [12][13]. - The average selling price rose by 13.7% month-on-month, while the sales area decreased by 9.1% [12][13]. Market Dynamics - The report notes a 14.75% month-on-month increase in new home transaction volumes across ten cities in September, with supply rising by 42.5% [21][22]. - The inventory turnover period has expanded to approximately 19.13 months, indicating a need for further market adjustments [21][22]. Policy Review - Central policies in September 2025 focused on stabilizing the real estate market, enhancing housing support, and promoting urban renewal projects [35][37]. - Local governments have introduced measures to lower purchasing thresholds and optimize credit support to stimulate market demand [37][38]. Company Updates - Kaisa Group's offshore debt restructuring became effective, involving the issuance of new notes totaling 6.686 billion USD [39]. - China Resources Land reported a significant increase in contract sales, reflecting its strong market position [4][12]. - Poly Developments is actively engaging in asset-backed securities projects to optimize its capital structure [45].

Core Viewpoint - The stock of Overseas Chinese Town A has shown a mixed performance with a slight increase in recent trading days, while the company faces significant revenue and profit declines in the first half of 2025 [1][2]. Financial Performance - As of September 30, the stock price of Overseas Chinese Town A increased by 2.33% to 2.64 CNY per share, with a total market capitalization of 21.22 billion CNY [1]. - For the first half of 2025, the company reported a revenue of 11.32 billion CNY, a year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.87 billion CNY, a decline of 171.52% [2]. Shareholder Information - As of September 19, the number of shareholders for Overseas Chinese Town A reached 106,400, an increase of 0.71%, while the average number of circulating shares per shareholder decreased by 0.71% to 64,821 shares [2]. - The company has cumulatively distributed 16.50 billion CNY in dividends since its listing, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation, which held 203 million shares, a decrease of 39.82 million shares from the previous period [3]. - Hong Kong Central Clearing Limited increased its holdings by 3.41 million shares to 5.90 million shares, while the newly entered shareholder, Fortune China Tourism Theme ETF, holds 52.10 million shares [3].

Core Insights - The concept of "Characteristic Towns" has seen a rise of 0.65% as of the market close on September 26, ranking 9th among concept sectors [1] - Within this sector, 24 stocks experienced gains, with *ST Zhengping hitting the daily limit, while Meichen Technology, Hainan Ruize, and Chengbang Co., Ltd. showed notable increases of 6.62%, 5.19%, and 2.98% respectively [1] - Conversely, Yunnan Urban Investment, Changbai Mountain, and Daqian Ecology faced declines of 2.96%, 2.63%, and 1.91% respectively [1] Market Performance - The "Characteristic Towns" concept ranked 9th in terms of daily increase among various sectors, with a total of 24 stocks rising [1] - The leading gainers in this sector included Meichen Technology (6.62%), Hainan Ruize (5.19%), and Chengbang Co., Ltd. (2.98%) [1] - The sector also saw a net inflow of 0.24 billion yuan from main funds, with 22 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow [2] Fund Flow Analysis - Hainan Ruize led the net inflow with 44.57 million yuan, followed closely by Meichen Technology (43.36 million yuan), Huachao City A (33.88 million yuan), and Zhongnan Media (31.42 million yuan) [2][3] - The net inflow ratios for Zhongnan Media, *ST Jiaotou, and Hainan Ruize were 24.77%, 12.07%, and 11.65% respectively, indicating strong interest from main funds [3] Stock Performance - The top stocks in the "Characteristic Towns" sector based on net inflow included: - Hainan Ruize: 5.19% increase, 8.71% turnover rate, 44.57 million yuan net inflow, 11.65% net inflow ratio [3] - Meichen Technology: 6.62% increase, 12.21% turnover rate, 43.36 million yuan net inflow, 7.71% net inflow ratio [3] - Huachao City A: 1.19% increase, 2.16% turnover rate, 33.88 million yuan net inflow, 8.84% net inflow ratio [3]

| 债券简称：21 | 侨城 | 02 | 债券代码：149343 | | --- | --- | --- | --- | | 债券简称：21 | 侨城 | 04 | 债券代码：149354 | | 债券简称：21 | 侨城 | 06 | 债券代码：149439 | 兴业证券股份有限公司 关于 深圳华侨城股份有限公司会计师事务所发生变动的 受托管理事务临时报告 债券受托管理人：兴业证券股份有限公司 二 〇 二 五 年 九 月 一、公司债券核准及发行情况 经中国证监会于 2019 年 1 月 14 日签发的"证监许可[2019]63 号"文核准，深 圳华侨城股份有限公司（以下简称"发行人"）获准面向合格投资者公开发行面值 总额不超过人民币 88 亿元（含 88 亿元）的公司债券（以下简称"本次债券"）。 截至本报告出具之日，本次债券存续债券分别为发行人于 2021 年 1 月发行的深 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"21 侨城 01"、"21 侨城 02"），发行规模为 25 亿元；于 2021 年 1 月发行 的深圳华侨城股份有限公司 2021 年面向合 ...

| 债券简称：21 | 侨城 | 02 | 债券代码：149343 | | --- | --- | --- | --- | | 债券简称：21 | 侨城 | 04 | 债券代码：149354 | | 债券简称：21 | 侨城 | 06 | 债券代码：149439 | 兴业证券股份有限公司 关于 深圳华侨城股份有限公司董事长、总裁发生变动的 受托管理事务临时报告 债券受托管理人：兴业证券股份有限公司 二 〇 二 五 年 九 月 一、公司债券核准及发行情况 经中国证监会于 2019 年 1 月 14 日签发的"证监许可[2019]63 号"文核准，深 圳华侨城股份有限公司（以下简称"发行人"）获准面向合格投资者公开发行面值 总额不超过人民币 88 亿元（含 88 亿元）的公司债券（以下简称"本次债券"）。 截至本报告出具之日，本次债券存续债券分别为发行人于 2021 年 1 月发行的深 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"21 侨城 01"、"21 侨城 02"），发行规模为 25 亿元；于 2021 年 1 月发行 的深圳华侨城股份有限公司 2021 年面向合 ...

联合〔2025〕9735 号 联合资信评估股份有限公司关于深圳华侨城股份有限公司 公司 2025 年 9 月 20 日发布的《深圳华侨城股份有限公司关于董事长、副董事长及总裁离任的 公告》显示，董事会于近日收到公司董事长张振高先生和副董事长、总裁刘凤喜先生递交的书面辞 职报告，张振高先生已达法定退休年龄，即日起不再担任公司董事长、执行委员会主任委员、战略 委员会主任委员等职务，离任后将不再担任公司任何职务；刘凤喜先生因工作调动，即日起不再担 任公司副董事长、总裁、执行委员会委员、战略委员会委员、薪酬与考核委员会委员、提名委员会 委员等职务，离任后将不再担任公司任何职务。上述人员离任未导致公司董事会成员低于法定最低 人数，不会对公司董事会运作及正常生产经营活动产生重大影响。 针对上述事项，联合资信已与公司取得联系并了解相关情况。联合资信认为上述事项暂未对公 司信用水平造成重大不利影响。综合评估，联合资信决定维持上次评级结果不变，公司个体信用状 况为 a，外部支持提升 5 个子级，主体长期信用等级为 AAA，上述债项信用等级为 AAA，评级展 债券代码 债券简称 上次主体评级结果 上次债项评级结果 上次评级时间 ...

Core Viewpoint - Under ongoing operational pressure, Overseas Chinese Town (OCT) has initiated a series of self-rescue and external rescue measures, including a leadership change with Wu Bingqi appointed as the new chairman, which is seen as a critical turning point for the company [1][3][4]. Leadership Change - Wu Bingqi has been elected as the new chairman of OCT, taking over from Zhang Zhenggao, who has resigned along with the vice chairman and president Liu Fengxi [1][3]. - Wu Bingqi's previous experience at China Resources Land is expected to bring new strategic insights and operational models to OCT [4][5]. Financial Performance - OCT has faced continuous net profit losses, with cumulative losses reaching 260.59 billion yuan over three years from 2022 to 2024 [6][10]. - In the first half of 2025, OCT reported a significant revenue drop of 50.82% year-on-year, with revenue at 113.17 billion yuan and a net loss of 28.68 billion yuan, which is an increase in loss of 171.52% compared to the previous year [4][10]. Strategic Adjustments - The company is returning to a "dual-driven" development strategy, focusing on both real estate and cultural tourism, in response to its declining performance [1][10]. - OCT's real estate sales have plummeted from 553 billion yuan in 2022 to 263 billion yuan in 2024, indicating a severe downturn in its core business [6][10]. Cost Management and Asset Sales - To manage costs, OCT has reduced land acquisitions significantly, with new land reserves dropping to zero in 2024 [8][9]. - The company has also engaged in asset sales, including the transfer of several properties and stakes, totaling over 30 billion yuan in the last two months of 2024 [9][10]. Future Outlook - The company aims to enhance its tourism business's core competitiveness and stabilize its real estate operations through resource optimization and product enhancement [10]. - Key tasks for OCT include accelerating sales collection, expanding financing channels, and optimizing commercial operations to improve revenue sources [10].

Group 1 - The company, Overseas Chinese Town A, reported that as of September 19, the total number of shareholders was 106,425 [2]