Core Insights - The real estate service sector experienced a 2.42% increase on October 21, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - The top-performing stocks in the real estate service sector included: - Zhujiang Co. (600684) with a closing price of 5.79, up 6.04% [1] - Shilianhang (002285) with a closing price of 2.38, up 3.93% [1] - Huangting International (000056) with a closing price of 2.43, up 3.85% [1] - Other notable stocks included Zhongtian Service (002188), Xindazheng (002968), and Nandu Property (603506) with respective increases [1] Capital Flow Analysis - The real estate service sector saw a net outflow of 16.28 million yuan from institutional investors and 44.42 million yuan from speculative funds, while retail investors contributed a net inflow of 60.70 million yuan [1] - Specific stock capital flows indicated: - Wo Ai Wo Jia (000560) had a net inflow of 10.05 million yuan from institutional investors [2] - Te Fa Service (300917) experienced a net outflow of 13.46 million yuan from speculative funds but a net inflow of 7.01 million yuan from retail investors [2] - Other stocks like Shilianhang (002285) and Zhongtian Service (002188) showed significant retail inflows despite overall net outflows from institutional and speculative funds [2]

Core Viewpoint - The "Star Exam" organized by the leading real estate brokerage company, I Love My Home, serves as a benchmark for assessing the professional quality of real estate agents, promoting the professionalization of the industry [1][3]. Group 1: Exam Purpose and Structure - The "Star Exam" is designed to ensure that real estate agents possess strong professional capabilities, addressing the complexities and risks associated with real estate transactions [3][4]. - The exam is not just a test but a comprehensive learning experience for agents, providing opportunities for both new and experienced agents to update their knowledge and skills [3][4]. - The exam results are directly linked to consumer service experiences, influencing agents' visibility on the company's online platform [4][5]. Group 2: Exam Content and Relevance - The 2025 "Star Exam" features upgraded content that reflects current market demands and regulatory changes, with a focus on real-world service scenarios [5][7]. - The exam includes 100 questions corresponding to 100 service scenarios, integrating recent regulations and market policies to ensure agents can effectively safeguard client interests [5][7]. - The assessment criteria have expanded to include not only legal knowledge but also comprehensive transaction safety and ethical service practices [7][9]. Group 3: Training and Support Systems - I Love My Home has established a comprehensive talent development system that includes practical training, an intelligent learning platform, and specialized training bases [8][9]. - The "Star" intelligent learning platform offers over 5,025 courses, with high participation rates among agents, facilitating continuous professional development [8][9]. - The company has created a "Zhen Service" intelligent platform to provide real-time support for agents, ensuring they have access to necessary resources and guidance [8][9].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The real estate sector continues to face pressure, with significant declines in investment and sales figures. The cumulative year-on-year decline in real estate development investment reached 13.9% for the first nine months of 2025, with new housing starts down 18.9% and completed housing down 15.3% [4][45] - The sales performance of new commercial housing has weakened, with a cumulative year-on-year decline of 7.9% in sales revenue and 5.5% in sales area for the same period. The sales figures for September 2025 indicate a year-on-year decline of 11.8% in sales revenue and 10.5% in sales area [6][45] - The report suggests that the high base effect from last year's fourth quarter will create significant pressure this year, leading to increased policy expectations that may provide opportunities for the real estate sector [5][72] Summary by Sections Investment and Sales Data - In the first nine months of 2025, national real estate development investment totaled 67,706 billion, down 13.9% year-on-year. New housing starts were 45,399 million square meters, down 18.9%, and completed housing was 31,129 million square meters, down 15.3% [4][45] - The sales area of new commercial housing was 65,835 million square meters, with a year-on-year decline of 5.5%, and sales revenue was 63,040 billion, down 7.9% [4][6] Price Trends - The average selling price of new commercial housing was 9,575 yuan per square meter, down 2.5% year-on-year, with a slight improvement in the rate of decline compared to previous months. In September, the average price was 9,406 yuan per square meter, down 1.4% year-on-year [22][45] Development Investment and Funding - Real estate development investment accelerated its decline, with a year-on-year drop of 13.9% for the first nine months. Funding for real estate enterprises was 72,299 billion, down 8.4% year-on-year [45][58] - In September, the year-on-year decline in development investment was 21.3%, while funding saw a decline of 11.5% [45][58] Construction Data - The new housing starts for the first nine months were 45,399 million square meters, down 18.9%, while completed housing was 31,129 million square meters, down 15.3%. However, September saw a year-on-year improvement in completed housing [58][45]

Core Viewpoint - I Love My Home (000560) reported that as of October 10, 2025, the total number of shareholders is 74,662 [1] Summary by Category - Company Information - The total number of shareholders for I Love My Home is 74,662 as of the specified date [1]

Core Insights - The real estate service sector experienced a slight decline of 0.09% on October 20, with Zhujiang Co. leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Zhongtian Service (002188) saw a closing price of 5.89, with an increase of 2.08% and a trading volume of 88,600 shares [1] - Nandu Property (603506) closed at 12.98, up 1.88%, with a trading volume of 42,800 shares [1] - Shilianhang (002285) closed at 2.29, up 1.33%, with a trading volume of 274,200 shares [1] - Zhujiang Co. (600684) closed at 5.46, down 3.87%, with a trading volume of 398,100 shares and a transaction amount of 221 million [2] Capital Flow - The real estate service sector saw a net outflow of 102 million from main funds, while retail investors contributed a net inflow of approximately 97 million [2][3] - Zhujiang Co. experienced a significant net outflow of 34.95 million from main funds, accounting for a 15.79% decrease [3] - The net inflow from retail investors for Zhujiang Co. was 39.02 million, representing 17.63% of the total [3]

Investment Rating - The report suggests a low valuation in the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Viewpoints - The real estate market is experiencing a downturn, with A-share real estate down by 2.3% and Hong Kong real estate down by 2.8% in the week of October 11-17 [1]. - The land market's premium rate is at a low level, with an average premium rate of 3% for residential land transactions in 300 cities [1]. - New housing sales in 47 cities totaled 402 million square meters, showing a week-on-week increase of 165% but a year-on-year decrease of 20% [2]. - The average opening sales rate for projects in September increased by 10 percentage points year-on-year to 39% [3]. - The new long-term loans for residents in September increased by 250 billion yuan, indicating a rebound in financing [4]. Summary by Sections Market Performance - A-share real estate sector ranked 15th with a decline of 2.3%, while Hong Kong real estate ranked 8th with a decline of 2.8% [1][17]. - The property service and management index in Hong Kong fell by 2.4%, while the Hang Seng China Enterprises Index dropped by 3.7% [22]. Land Market - In the week of October 11-17, 2025, the total area of residential land sold in 300 cities was 859 million square meters, a week-on-week increase of 26% but a year-on-year decrease of 46% [25]. - The cumulative area of residential land sold from the beginning of 2025 to now is 32,117 million square meters, down 10.2% year-on-year [25]. New Housing Sales - In the week of October 11-17, 2025, new housing sales in 47 cities totaled 402 million square meters, with a week-on-week increase of 165% but a year-on-year decrease of 20% [32]. - Sales in first-tier cities increased by 182% week-on-week but decreased by 31% year-on-year [35]. Second-hand Housing Sales - In the same week, second-hand housing sales in 22 cities totaled 266 million square meters, with a week-on-week increase of 182% but a year-on-year decrease of 18% [41]. - First-tier cities saw a week-on-week increase of 181% but a year-on-year decrease of 21% [41]. Financing Trends - The new long-term loans for residents in September amounted to 250 billion yuan, reflecting a year-on-year increase of 200 billion yuan [4][14]. - The cumulative new long-term loans from January to September decreased by 13.6% year-on-year, but the decline has narrowed compared to previous months [15].

Core Insights - The "Parent-Child Joyful Sports Gathering" organized by the company successfully concluded, covering over 60,000 participants across 120 events in Beijing, promoting community vitality and neighborly warmth through the "Good Neighbor Service" concept [1][8] Group 1: Event Overview - The event spanned three months and transformed community squares into vibrant spaces filled with activities for children and parents, fostering joy and interaction [2][6] - Activities included various sports challenges, allowing families to bond and engage in healthy competition [2][6] Group 2: Community Engagement - The event featured a "Real Estate Knowledge Corner," where experienced real estate consultants provided personalized advice on current market trends and transaction processes, helping residents navigate real estate transactions with confidence [4][8] - The initiative also included distributing agricultural products from rural revitalization areas as gifts, showcasing the company's commitment to social responsibility [4] Group 3: Health and Social Benefits - The event enhanced family emotional connections by providing opportunities for parents and children to engage in activities together, thus strengthening familial bonds [6] - It fostered neighborly relationships by creating a relaxed social environment, encouraging residents to interact and build community identity [7] Group 4: Service Model - The "Good Neighbor Service" model has been effectively implemented, offering a range of services including real estate consulting, convenience services, and community care, enhancing the overall living experience for residents [8] - The company aims to continue developing community-oriented activities that address resident needs, contributing to a harmonious and vibrant community ecosystem [8]

Meeting Overview - The second extraordinary general meeting of shareholders was held on October 16, 2025, at 14:00 [4] - The meeting combined on-site voting and online voting through the Shenzhen Stock Exchange [6] - A total of 524 shareholders and their authorized representatives attended, representing 563,224,557 shares, which is 23.9110% of the total shares [9] Voting and Proposals - All proposals listed in the meeting notice were approved through a combination of named voting and online voting [12] - The proposal to add Mr. Wu Chongguo as an independent director of the board was approved [12] - The proposal to reappoint Zhongshun Zhonghuan Accounting Firm as the auditor for the 2025 financial report and internal control audit was also approved [12] Legal Compliance - The meeting was conducted in accordance with relevant laws, regulations, and the company's articles of association, as confirmed by the legal opinions provided by Guohao Law Firm [12]

2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （1）现场会议召开时间：2025 年 10 月 16 日（星期四）14:00 开始。 证券代码：000560 证券简称：我爱我家 公告编号：2025-045 号 我爱我家控股集团股份有限公司 2025 年第二次临时股东会决议公告 本公司及除独立董事常明先生外的董事会全体成员保证信息披露的内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 1 范性文件和《我爱我家控股集团股份有限公司章程》的规定。 （2）网络投票时间：2025 年 10 月 16 日（星期四） 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 10 月 16 日 9:15—9:25，9:30—11:30，13:00—15:00；通过深圳证券交易所互联网投 票系统投票的时间为：2025 年 10 月 16 日 9:15 至 15:00 期间的任意时间。 2.现场会议召开地点：北京市朝阳区北辰东路 8 号院 7 号楼 5 层我爱我家会 议室。 3.会议召开方式：现 ...