Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]

Market Overview - The Shanghai Composite Index closed at 3861.87 points, slightly above the annual line, with a change of 0.04% [1] - The total trading volume of A-shares reached 23670.69 billion yuan [1] Stocks Breaking Annual Line - A total of 79 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Longxin Zhongke: 13.82% deviation, closing price at 149.59 yuan, with a daily increase of 14.89% and turnover rate of 5.54% [1] - Huazhi Wine: 10.72% deviation, closing price at 19.51 yuan, with a daily increase of 11.17% and turnover rate of 4.82% [1] - Hanbang High-tech: 8.19% deviation, closing price at 8.30 yuan, with a daily increase of 11.41% and turnover rate of 14.00% [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Huashu Holdings: 4.70% deviation, closing price at 2.62 yuan, with a daily increase of 5.65% [1] - Guoyao Modern: 2.60% deviation, closing price at 9.62 yuan, with a daily increase of 5.48% [1] - Ningxia Building Materials: just above the annual line with minor deviation [1]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - The report highlights that new home transaction volume has weakened year-on-year, while the Ministry of Natural Resources encourages market-oriented activation of idle land [3][4] - The report emphasizes that the real estate market is currently focused on stabilizing and recovering from previous downturns, with a key goal of "stopping the decline and stabilizing" [6][14] Summary by Sections New Home Market Tracking - In the week of September 6 to September 12, new home transaction volume in 40 cities was 16,000 units, a decrease of 17.9% month-on-month and an increase of 3.0% year-on-year [17] - New home transaction area was 155.5 million square meters, down 15.9% month-on-month and down 2.9% year-on-year [25] - Inventory of new homes in 12 cities was 139.7 million units, with a month-on-month decrease of 0.1% and a year-on-year decrease of 15.0% [28][30] Land Market Tracking - The total area of land transactions in 100 cities was 1,247.0 million square meters, down 19.4% month-on-month and down 19.1% year-on-year [61] - The total price of land transactions was 281.7 billion yuan, up 8.2% month-on-month and up 54.1% year-on-year [64] - The average land price was 2,259.1 yuan per square meter, up 34.3% month-on-month and up 90.6% year-on-year [63] Policy Overview - The Ministry of Natural Resources announced plans to refine standards for identifying inefficient land and promote the activation of idle land through market-oriented methods [3][102] - Local governments, such as Henan, have introduced new policies to increase housing subsidies and optimize housing fund policies [3][102] Company Performance - The absolute return of the real estate industry was 6.0%, an increase of 7.5 percentage points from the previous week [14] - The relative return compared to the CSI 300 was 4.6%, an increase of 5.3 percentage points from the previous week [14] - The price-to-earnings ratio (PE) for the real estate sector was 31.53X, an increase of 1.48X from the previous week [14]

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Investment Rating - The report maintains a "Positive" rating for the real estate sector [2][3][34] Core Viewpoints - The investment side remains weak, with a year-on-year decline of 12.9% in investment from January to August 2025, and a more significant drop of 19.5% in August alone [1][20] - The sales side is also experiencing a downturn, with a cumulative sales area decrease of 4.7% year-on-year from January to August 2025, and a sharper decline of 10.6% in August [21][34] - Funding sources are showing a narrowing decline, with total funding sources down 8.0% year-on-year from January to August 2025, but domestic loans have turned positive [35] Investment Analysis Summary Investment Side - From January to August 2025, total real estate development investment reached 603.09 billion yuan, down 12.9% year-on-year, with August alone seeing a 19.5% decline [3][20] - New construction area decreased by 19.5% year-on-year, while the completion area fell by 17.0% [20][21] - The report predicts a continued weak investment environment, with forecasts of a 11.0% decline in investment, 15.1% in new construction, and 20.0% in completions for 2025 [20] Sales Side - Cumulative sales area from January to August 2025 was 570 million square meters, down 4.7% year-on-year, with a 10.6% drop in August [21][34] - The total sales amount for the same period was 5.5 trillion yuan, reflecting a 7.3% decrease year-on-year, with August sales amounting to 544.9 billion yuan, down 14.0% [21][34] - The average selling price of commercial housing decreased by 2.6% year-on-year, with a slight increase in August compared to July [33][34] Funding Side - Total funding sources for real estate development enterprises amounted to 6.4 trillion yuan from January to August 2025, down 8.0% year-on-year [35] - Domestic loans showed a year-on-year increase of 0.2%, with August seeing a 1.1% rise [35] - The report indicates that while funding remains slightly tight, it is expected to improve gradually due to recent policy relaxations [35]

Market Overview - On September 15, the real estate service sector declined by 0.26%, with Ningbo Fuda leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the real estate service sector included: - Zhujiang Shares (600684) with a closing price of 5.88, up 1.55% [1] - Shilianhang (002285) at 2.65, up 1.53% [1] - Zhongtian Service (002188) at 5.91, up 1.20% [1] - Major decliners included: - Ningbo Fuda (600724) at 5.14, down 1.91% [1] - ST Mingcheng (600136) at 1.90, down 1.55% [1] - Zhaoshang Jiyu (001914) at 12.30, down 1.60% [1] Capital Flow - The real estate service sector experienced a net outflow of 140 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [1] - Detailed capital flow for selected stocks showed: - Zhongtian Service had a net inflow of 575.35 thousand yuan from institutional investors [2] - Ningbo Fuda faced a net outflow of 1,601.74 thousand yuan from institutional investors [2] - Zhujiang Shares had a net outflow of 750.96 thousand yuan from institutional investors [2]

Core Viewpoint - The company "我爱我家" has experienced fluctuations in stock performance and has shown mixed financial results in recent periods, indicating potential investment opportunities and challenges in the real estate service sector [1][2]. Financial Performance - As of July 31, 2025, "我爱我家" reported a revenue of 56.58 billion yuan, a year-on-year decrease of 2.69%, while the net profit attributable to shareholders was 38.40 million yuan, reflecting a year-on-year increase of 30.80% [2]. - The company has a cumulative cash distribution of 5.30 billion yuan since its A-share listing, with a total of 10.13 million yuan distributed over the past three years [3]. Stock Market Activity - On September 15, 2025, "我爱我家" saw a stock price decline of 2.22%, trading at 3.09 yuan per share with a total market capitalization of 7.28 billion yuan [1]. - The stock has increased by 1.44% year-to-date, with a 2.66% rise over the last five trading days and a 6.33% increase over the past 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 90,600, with an average of 24,888 shares held per shareholder, an increase of 1.01% from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among them [3].

Core Viewpoint - The article discusses the rise of asset management-style housing rental services, where landlords entrust their properties to intermediaries for unified management, leading to improved living and service standards, but also raising concerns about the redistribution of interests among intermediaries, landlords, and tenants [2][4]. Summary by Sections Asset Management Rental Services - Asset management-style rental services involve landlords handing over their properties to intermediaries for management, including renting, collecting rent, maintenance, and operations [2][4]. - This model has gained traction among many intermediary companies, enhancing living standards but also sparking debates over the interests of landlords and tenants being overlooked [2]. Cost Comparison - A case study shows that renting a managed property costs 21.38 million yuan over three years compared to 19.98 million yuan for direct rental, indicating that direct rentals are cheaper but managed properties offer better management and services [4]. Intermediary Benefits - For intermediaries, the asset management business provides stable income and transforms scattered properties into operational assets, allowing for additional revenue from financial, home decoration, and housekeeping services [7]. Landlord and Tenant Perspectives - Landlords transition from being mere property owners to asset owners, reducing risks associated with vacancy and management tasks [7]. - Tenants benefit from higher service standards, reduced disputes with landlords, and conveniences like cleaning and maintenance services [8]. Challenges in the Market - Issues arise such as limited visibility for direct rentals, reduced viewing frequency for direct rental properties, and fewer options for landlords who wish to rent out their properties quickly [8]. - Many landlords still rely on professional intermediaries due to the complexities of self-renting [8]. Industry Trends - The revenue structure of intermediary companies is shifting, with rental service income rising significantly; for example, Beike's rental service revenue reached 21.8% by mid-2025 [10]. - Companies like I Love My Home report that asset management is their largest revenue source, indicating a trend towards stable income through property management rather than traditional brokerage [10]. Future Considerations - The article suggests that the current issues in the asset management rental sector are temporary and will improve as companies enhance their asset management capabilities [11]. - There is a need for better financial oversight in the management of tenant deposits, as the accumulation of funds can pose risks if management companies fail [12].

我爱我家控股集团股份有限公司 独立董事工作制度 （经 2025 年 9 月 12 日召开的 2025 年第一次临时股东大会审议通过） 第一章 总 则 第一条 为规范独立董事行为，进一步完善我爱我家控股集团股份有限公司 （以下简称"公司"、"上市公司"）法人治理结构，充分发挥独立董事在公司 治理中的作用，促进公司规范运作，促进提高上市公司质量，保护公司及全体股 东的合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》《上市公司独立董事管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》（以下简称"《主板规范运作》"）、《深圳证 券交易所上市公司自律监管指南第1号——业务办理》等有关法律、行政法规、 部门规章、规范性文件及《我爱我家控股集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断关系的董 ...