Core Viewpoint - The A-share market has seen a decline in real estate stocks, with several companies experiencing significant drops in their share prices [1] Group 1: Company Performance - Binjiang Group and China Wuyi both fell over 5% [1] - Caixin Development dropped nearly 5% [1] - I Love My Home, Sanxiang Impression, and Hefei Urban Construction all decreased by over 3% [1] - Huaxia Happiness, Jindi Group, Te Fa Service, China National Trade, China Merchants Shekou, New Town Holdings, and Vanke A all saw declines exceeding 2% [1]

Core Insights - The real estate development sector experienced a 1.0% increase on November 25, with Yingxin Development leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Real Estate Sector Performance - Yingxin Development (000620) closed at 3.25, with a rise of 10.17% and a trading volume of 2.3363 million shares, amounting to a transaction value of 749 million [1] - China Wuyi (000797) also saw a significant increase, closing at 3.69, up 10.15%, with a trading volume of 2.5207 million shares and a transaction value of 887 million [1] - Other notable performers included Wantong Development (600246) with a 6.76% increase, closing at 11.53, and Sanzhou Impression (000863) with a 6.37% increase, closing at 5.18 [1] Capital Flow Analysis - The real estate development sector saw a net inflow of 135 million from institutional investors, while retail investors experienced a net outflow of 4.9798 million [2] - Major stocks like Yingxin Development had a net inflow of 295 million from institutional investors, but a net outflow of 121 million from speculative funds [3] - China Wuyi had a net inflow of 102 million from institutional investors, while it faced a net outflow of 50.1 million from speculative funds [3]

证券日报网讯中国武夷（000797）11月24日在互动平台回答投资者提问时表示，根据信息披露公平原 则，公司在定期报告中披露对应时点的股东信息。 ...

Core Viewpoint - China Wuyi (000797) emphasizes the importance of market value management and is committed to improving operational quality in response to stock price fluctuations influenced by multiple factors [1] Group 1 - The company acknowledges that stock price volatility is affected by various factors [1] - The company is focused on enhancing its operational efficiency [1] - The company actively engages with investors through interactive platforms [1]

Group 1 - China Wuyi's stock price dropped by 5.85% on November 24, closing at 3.38 CNY per share, with a trading volume of 83.32 million CNY and a turnover rate of 1.54%. The total market capitalization is 5.309 billion CNY. The stock has experienced a cumulative decline of 20.22% over the past three days [1] - China Wuyi Industrial Co., Ltd. is located at 89 Wusi Road, Fuzhou, Fujian Province, and was established on January 31, 1992. The company was listed on July 15, 1997, and its main business includes real estate development, international engineering contracting, prefabricated construction, and international trade. The revenue composition is as follows: commercial trade 39.00%, construction products 32.67%, real estate development products 24.16%, leasing and others 2.25%, and property services 1.93% [1] Group 2 - Among the top ten circulating shareholders of China Wuyi, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) reduced its holdings by 65,400 shares in the third quarter, now holding 9.9407 million shares, which accounts for 0.63% of the circulating shares. The estimated floating loss today is approximately 2.0876 million CNY, with a total floating loss of 9.0461 million CNY during the three-day decline [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 202 million CNY. Year-to-date, it has a return of 4.74%, ranking 3759 out of 4208 in its category; over the past year, it has a loss of 5.15%, ranking 3882 out of 3981; and since inception, it has a loss of 41.63% [2] - The fund manager of Southern CSI Real Estate ETF Initiated Link A (004642) is Luo Wenjie, who has a total tenure of 12 years and 220 days. The current total asset scale is 170.445 billion CNY, with the best fund return during the tenure being 145.85% and the worst being -47.6% [3]

Core Viewpoint - China Wuyi (000797.SZ) currently has no land reserves in the Pingtan area [1] Group 1 - The company has clarified its position regarding land reserves in Pingtan [1]

关于控股子公司福州复寅 49%股权 完成过户变更登记暨诉讼事项进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和 完整，不存在虚假记载，误导性陈述或者重大遗漏。 证券代码：000797 证券简称：中国武夷 公告编号：2025-087 中国武夷实业股份有限公司 特此公告。 一、交易概述 三、其他事项 公司于2025年6月3日起诉福建复寅与公司有关纠纷一案 [案号（2025）闽0112民初4129号]，已获法院生效判决支持， 福建复寅需再支付公司债务金额约为2,710万元（不含利息）， 经公司向法院申请强制执行，法院出具《执行裁定书》[案号 （2025）闽0112执4289号之一]，终结（2025）闽0112执4289 号案件的执行，将该案并入（2025）闽0112执恢66号案件合 并执行。截至目前，法院生效判决福建复寅欠公司的债务金 额已超过本次股权拍卖款项，公司将持续追查福建复寅名下 其他可供执行财产，一经发现将及时向法院申请追加强制执 行，后续亦将跟进法院执行款项分配等相关事项。 公司将切实维护公司和股东的利益并持续关注后续进 展情况及时履行信息披露义务，敬请投资者注意投资风险。 四、备查文件 ...

Market Overview - The market opened high but closed lower, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.4%, 0.76%, and 1.12% respectively, indicating a continued money-losing effect across the market [3] - Over 3,800 stocks declined while more than 1,400 stocks rose, with total trading volume shrinking to 1.7 trillion [3] Fujian Local Stocks - Fujian local stocks experienced significant volatility, with HeFu China achieving a 15-day streak of 13 limit-ups, accumulating a rise of over 290% [6] - Other notable performers included Jomoo with 7 consecutive limit-ups, Aerospace Development with 5, and Rongji Software with 4 [6] - Conversely, Longzhou Co. hit the limit down, and several stocks like Zhongfu Tong and Hongxiang Co. fell over 10% [6] - The overall Fujian local stock index saw a slight decline of 0.27% despite an early drop of over 2% [6] Brokerage Firms - Three brokerages, Xinda Securities, Zhongjin Company, and Dongxing Securities, announced a restructuring plan involving a share swap merger [8] - Following the announcement, Dongxing Securities saw a significant intraday rise of over 4.6% [8] - Other brokerages and financial stocks opened higher but ultimately closed lower, with the brokerage sector down by 0.43% [11] Real Estate Sector - The real estate sector experienced a surge due to external media reports, with stocks like I Love My Home and 365 Network hitting limit-ups [12] - The real estate brokerage sector rose by 5.77%, while the broader real estate market saw a slight decline of 0.15% [13] - The market reaction was characterized by rapid price movements following the news, indicating a potential speculative environment [14] Specific Stocks and Trends - Guqi Down Material saw a small fluctuation in the morning but rallied in the afternoon, achieving a 2-day limit-up [16] - The stock's rise is attributed to the cold wave driving demand for down products, alongside other stocks like Jingneng Heat Power benefiting from heating supply concepts [16] - The recent increase in duck down prices has also contributed to market interest in Guqi Down Material, filling a gap for direct duck down concept stocks in the A-share market [19]

Core Insights - The A-share market in Fujian experienced a collective decline, with several stocks, including Zhongfutong and Longzhou Co., falling over 10% [1] - The stocks of Haixia Innovation and Pingtan Development were suspended for trading due to significant price deviations from their fundamentals [1] Summary by Category Stock Performance - Zhongfutong: -10.69%, market cap 4.701 billion, YTD increase 32.17% [2] - Longzhou Co.: -10.06%, market cap 3.571 billion, YTD increase 50.12% [2] - Tianma Technology: -10.02%, market cap 7.554 billion, YTD increase 17.74% [2] - China Wuyi: -9.88%, market cap 5.733 billion, YTD increase 31.77% [2] - Lidaxin: -9.86%, market cap 8.444 billion, YTD increase 10.20% [2] - Dongbai Group: -9.81%, market cap 7.437 billion, YTD increase 23.79% [2] - Other notable declines include Qipilong (-8.22%), Hai Xin Food (-8.05%), and Yong'an Forestry (-7.74%) [2] Market Context - The decline in Fujian stocks follows a period of sustained increases, indicating potential market corrections [1] - The suspension of Haixia Innovation and Pingtan Development highlights concerns over stock valuations relative to company fundamentals [1]

Core Viewpoint - China Wuyi experienced a significant drop, hitting the daily limit down with a trading volume of 9.63 billion yuan and a turnover rate of 14.98% [2] Trading Performance - The stock's price fell by 9.50%, leading to its inclusion on the Shenzhen Stock Exchange's watch list for price deviation [2] - The net selling by the Shenzhen Stock Connect amounted to 20.69 million yuan, while the total net selling from brokerage seats was 2.02 million yuan [2] Market Activity - The top five trading departments accounted for a total transaction volume of 366 million yuan, with buying transactions at 172 million yuan and selling transactions at 194 million yuan, resulting in a net selling of 22.72 million yuan [2] - The main funds saw a net outflow of 64.60 million yuan, with large orders contributing to a net outflow of 53.61 million yuan and big orders at 10.99 million yuan [2] Specific Trading Departments - The top buying department was Dongya Qianhai Securities with a buying amount of 64.80 million yuan, while the top selling department was Guotai Junan Securities with a selling amount of 522.86 million yuan [2]