Core Viewpoint - Konka Group's major shareholder, Overseas Chinese Town Group, will transfer nearly 30% of its shares to China Resources without compensation, indicating a significant change in control and potential strategic realignment for the company [1][3]. Group 1: Shareholder Changes - Overseas Chinese Town announced the transfer of its shares to China Resources as part of a strategy to promote professional integration among state-owned enterprises [3]. - After the transfer, Overseas Chinese Town and its concerted parties will no longer hold shares in Konka, while Panshi Run Chuang and He Mao Company will collectively hold 29.999997% of the shares [3]. Group 2: Financial Performance - Konka has reported continuous losses over the past three years, with total losses amounting to 6.931 billion yuan, including losses of 1.471 billion yuan in 2022, 2.164 billion yuan in 2023, and 3.296 billion yuan in 2024 [3][4]. - The semiconductor and storage chip segment generated revenue of only 17 million yuan in 2024, a staggering decline of 94.99%, while the consumer electronics segment, which accounts for 91.2% of total revenue, saw a slight decline of 0.67% to 10.137 billion yuan [4]. Group 3: Strategic Implications - The transition to China Resources as the controlling shareholder may provide an opportunity for Konka's semiconductor business to improve, given China Resources' established presence in the semiconductor industry [5].

20 May 2025 | 7:01AM CST China Property Weekly Wrap Week 20 Wrap - Transactions rebounded with more upbeat performance from export-oriented cities Key highlights for the week: Our tariff impact assessment (Exhibit 1 to Exhibit 4, more details on methodology) showcases more upbeat performance from export-reliant cities: 1) transaction: under web-registration metrics, the most export-reliant cities outperformed in primary (+26% wow in aggregated volume vs. flattish for rest cities) but lagged peers in seconda ...

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [14]. Core Insights - The policy goal of stabilizing the market is becoming more proactive, and market expectations have improved, although marginal downward pressure has increased since April [7]. - The rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [7]. - The experience from Hainan is not universally applicable in the current context, and the short-term supply capacity of real estate companies is declining, putting pressure on cash flow [3][11]. - The industry is expected to gradually promote the pilot expansion of existing home sales, considering institutional reforms and practical constraints [11]. Market Performance - The Yangtze River Real Estate Index increased by 0.04% this week, with a relative excess return of -1.08% compared to the CSI 300, ranking 24th out of 32 [8]. - Year-to-date, the Yangtze River Real Estate Index has decreased by 5.53%, with a relative excess return of -4.37% compared to the CSI 300, ranking 29th out of 32 [8]. Policy Developments - The central government emphasizes financial balance in urban renewal, prohibiting large-scale demolition and illegal borrowing [9]. - Local measures in Xinyang, Henan, have implemented existing home sales for newly sold land, ensuring reasonable residential de-stocking cycles [9]. Sales Data - New home transaction area in 37 cities showed a rolling year-on-year decline of 4.1%, while second-hand home transactions in 19 cities increased by 11.6% [10]. - As of May 16, the new home transaction area in 37 cities showed a month-on-month increase of 0.2%, while second-hand homes increased by 6.2% [10]. Current Focus - The discussion and promotion of existing home sales have gained attention again in 2023 due to delivery issues and the need for institutional reform [11]. - The impact of existing home sales on real estate companies includes extended cash flow recovery times, decreased turnover rates, and increased uncertainty and funding costs [11].

【1】郑州2025年第二批保障性租赁住房上线 【3】远洋集团4月协议销售额28.1亿元 5月14日，远洋集团披露4月未经审核经营简报。简报显示，4月远洋集团连同其附属公司、合营公司及 联营公司协议销售额约为28.1亿元，协议销售楼面面积约为16.68万平方米，协议销售均价约为1.68万 元/平方米。 【4】万科获深铁集团15.52亿元低息借款 5月14日，万科发布公告，披露深铁集团向其提供不超过15.52亿元的借款暨关联交易事项。 公告显示，该笔借款用途为偿还公司债券本金与利息，借款期限为36个月，可提前还款或展期。借款利 率为年化2.34%，低于1年期LPR，还款方式为每半年还款0.5%，最后一期还97%。 【5】华远地产董事张蔚欣退休离任 5月14日，郑州市2025年第二批保障性租赁住房上线"郑州市保障性租赁住房系统"进行配租，涉及郑州 城发东华美寓、郑州城发荥泽美寓，以及分散式房源等配租项目。 据悉，郑州城发东华美寓位于中牟县，和安街以西、仁川路以南。本批次配租房屋共约498套、1118间 房源，其中面积约75-77㎡的一居室共约188套，122-167㎡的三居室共约310套，房屋租金价格区间为 100 ...

Sales Performance - In April 2025, the company achieved a contracted sales area of 117,000 square meters, representing a year-on-year increase of 15% and remaining stable compared to March [1] - The contracted sales amount for April 2025 was 1.78 billion yuan, which is a 10% year-on-year increase but a 7% decrease compared to March [1] - From January to April 2025, the cumulative contracted sales area reached 396,000 square meters, up 11% year-on-year, while the total contracted sales amount was 6.14 billion yuan, reflecting a 2% year-on-year increase [1] Land Acquisition - There were no new land acquisitions reported by the company in April 2025 [2] Tourism Business - The company is actively enhancing its festive activities and continuously launching high-quality tourism products, including the "National Trend Culture Festival" with fireworks shows, drone performances, intangible cultural heritage displays, and music parties [3] - In April 2025, the company's tourism enterprises received a total of 5.8 million visitors, marking a 7% year-on-year increase [3] - From January to April 2025, the total number of visitors to the company's tourism enterprises reached 24.82 million, which is a 5% year-on-year increase [3]

Group 1: China People's Insurance Group - In 2024, China People's Insurance Group provided risk coverage of 31.75 trillion yuan, paid out 448.5 billion yuan in claims, and handled over 180 million claims, leading the industry in all three metrics [1] - The company launched the first comprehensive insurance for pilot projects nationwide and issued the first batch of major technology innovation insurance products, with an investment scale of 32.7 billion yuan [1] - China People's Insurance Group signed the United Nations Principles for Sustainable Insurance and insured 11.59 million new energy vehicles, with green risk coverage of 184 trillion yuan and an investment scale of 100.4 billion yuan for green development [1] Group 2: Digital Financial Innovation - In 2024, China People's Insurance Group's insurance solutions for the computing power industry were included in the Ministry of Industry and Information Technology's pilot program for cybersecurity insurance services [2] - The company has developed over 150 general AI capabilities, with daily usage exceeding 1 million times, and its proprietary AI model products have been applied in over 10 scenarios [2] Group 3: Overseas Payment Services - In Q1 2025, UnionPay's mobile payment transactions in Australia and New Zealand increased by over four times year-on-year, with Auckland's public transport transactions growing tenfold since the launch of UnionPay's contactless payment service [5] - UnionPay has established a comprehensive payment service network in Australia and New Zealand, with nearly all POS merchants and ATMs accepting UnionPay payments [6] Group 4: JD Group's Supply Chain Advantage - JD Group launched a 200 billion yuan export-to-domestic sales support plan to help foreign trade enterprises expand into the domestic market, with thousands of companies already in substantive procurement discussions [7] - The company has implemented a trade-in program since 2015, covering over 200 categories and reaching over 90% of rural areas in China [7][8] Group 5: Yangtze River Pharmaceutical Group - Yangtze River Pharmaceutical Group is focused on building a world-class pharmaceutical brand and has been recognized for its intelligent manufacturing capabilities [9] - The company has established 80 traditional Chinese medicine planting bases and is committed to enhancing its health management services [10] Group 6: Luzhou Laojiao Group - Luzhou Laojiao Group integrates traditional culture with modern technology to enhance its competitive edge and promote high-quality development in the liquor industry [11] - The company has established a national-level solid-state brewing technology innovation center and is developing a digital platform for the entire industry chain [11] Group 7: China Feihe Limited - China Feihe emphasizes independent innovation to enhance its core competitiveness and has established a full industry chain in the dairy sector [13] - The company has developed domestic production lines for key dairy ingredients and launched a leading infant formula based on extensive breast milk research [14] Group 8: WeBank - WeBank has served over 420 million individual customers and more than 580,000 small and micro enterprises through its digital financial products [16] - The bank maintains a high level of technology investment, with over 50% of its staff being technology personnel, and has developed over 220 AI applications [16]

Group 1 - Vanke A received a loan of 1.552 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay the principal and interest of publicly issued bonds, with a loan term of 36 months and an annual interest rate of 2.34%, lower than the 1-year LPR [2] - Chengfei Integration announced that its stock has been on a six-day trading limit, confirming that there are no undisclosed significant matters affecting the company [3] - Dongpeng Beverage's shareholder, Kunpeng Investment, reduced its shareholding from 6.44% to 5.43%, a decrease of 1.01 percentage points, through trading activities [4] Group 2 - Baofeng Energy plans to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum repurchase price of 22.80 yuan per share [7] - Huakayi Yibai announced that shareholders plan to reduce their holdings by up to 3% of the company's total shares [6] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for its life insurance subsidiary, totaling 115.359 billion yuan [22]

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

证券代码：000069 证券简称：华侨城 A 公告编号：2025-23 公司积极打造丰富多彩的节庆活动，持续向市场推出优质旅游产 品。各地欢乐谷进一步丰富"国潮文化节"节庆活动内容，增加烟花 秀、无人机表演、非遗表演、音乐派对等限定活动，为游客提供高品 质的节庆游玩体验。 2025 年 4 月，公司旗下文旅企业合计接待游客 580 万人次，同 比增加 7%。2025 年 1-4 月，公司旗下文旅企业合计接待游客 2482 万 深圳华侨城股份有限公司 2025 年 4 月主要业务经营情况公告 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。 一、2025 年 4 月销售情况 2025 年 4 月，公司实现合同销售面积 11.7 万平方米，同比增加 15%，环比 3 月基本持平；合同销售金额 17.8 亿元，同比增加 10%， 环比 3 月减少 7%。 2025 年 1-4 月公司累计实现合同销售面积 39.6 万平方米，同比 增加 11%；合同销售金额 61.4 亿元，同比增加 2%。 二、2025 年 4 月新增土地情况 2025 年 4 月，公司无新增土地情况。 ...

华侨城A公告，2025年4月公司实现合同销售面积11.7万平方米，同比增加15%，环比3月基本持平；合 同销售金额17.8亿元，同比增加10%，环比3月减少7%。2025年1-4月公司累计实现合同销售面积39.6万 平方米，同比增加11%；合同销售金额61.4亿元，同比增加2%。4月公司无新增土地情况。 ...