证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 证券研究报告 行业定期报告 房地产 hyzqdatemark 2025 年 12 月 03 日 证监会推动商业不动产 REITs 试点，商业地产望重估 投资评级： 看好（维持） ——房地产行业周报（25/11/22-25/11/28） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 1.4%、深证成指上升 3.6%、创业板指上升 4.5%、沪深 300 上升 1.6%、房地产（申万）上升 0.7%。个股方面，涨跌幅前五的分别为：万通发 展(+19.3%)、*ST 南置(+12.6%)、新华联(+10.5%)、张江高科(+9.7%)、天保基建(+9.2%)， 涨跌幅后五的分别为：华夏幸福(-14.9%)、京基智农(-14.8%)、万科 A(-11.2%)、 ...

Core Insights - The real estate service sector experienced a 0.52% increase on December 1, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Zhujiang Co. (600684) closed at 4.77, up 3.25% with a trading volume of 364,300 shares and a turnover of 173 million yuan [1] - China Merchants Jin Yu (001914) closed at 11.17, up 1.73% with a trading volume of 115,300 shares and a turnover of 130 million yuan [1] - ST Ming Cheng (600136) closed at 1.82, up 0.55% with a trading volume of 89,000 shares and a turnover of 16.21 million yuan [1] - Other notable performances include: - Wangting International (000056) at 2.40, up 0.42% [1] - Ningbo Fuda (600724) at 5.32, up 0.38% [1] - Shilian Hang (002285) at 3.04, up 0.33% [1] - Te Fa Service (300917) at 42.12, down 0.02% [1] - Zhong Tian Service (002188) at 6.26, down 0.16% [1] - Xin Da Zheng (002968) at 12.04, down 0.66% [1] - Wo Ai Wo Jia (000560) at 3.10, down 0.96% [1] Capital Flow - The real estate service sector saw a net outflow of 130 million yuan from institutional investors, while retail investors contributed a net inflow of 121 million yuan [2] - The capital flow for individual stocks shows: - Zhujiang Co. had a net outflow of 31.08 million yuan from institutional investors [3] - Ningbo Fuda experienced a net inflow of 961,300 yuan from institutional investors [3] - ST Ming Cheng had a net inflow of 341,900 yuan from retail investors [3] - Shilian Hang saw a net outflow of 52.50 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

证券之星消息，11月28日房地产服务板块较上一交易日上涨1.91%，世联行领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。房地产服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002285 | 世联行 | 3.03 | 10.18% | 269.88万 | 7.83亿 | | 603506 | 南都物业 | 12.44 | 2.47% | 2.51万 | 3077.85万 | | 002188 | 中天服务 | 6.27 | 2.12% | 7.13万 | 4408.54万 | | 600724 | 宁波富达 | 5.30 | 1.73% | ﻜ 6.71万 | 3516.99万 | | 002968 | 新大正 | 12.12 | 1.59% | 2.41万 | 2894.38万 | | 300917 | 特发服务 | 42.13 | 1.54% | 8.81万 | 3.70亿 | | 600684 | 珠江股份 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-80 招商局积余产业运营服务股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 招商局积余产业运营服务股份有限公司（以下简称"公司"）于2024年10 月16日召开第十届董事会第二十五次会议，于2024年11月28日召开2024年第三次 临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司以自有资金或自筹资金通过深圳证券交易所系统以集中竞价交易方式 回购公司股份，回购的股份全部用于注销并减少注册资本，回购股份价格不超过 人民币14.90元/股，回购资金总额不低于人民币0.78亿元且不超过人民币1.56亿元， 回购期限自股东大会审议通过本次回购方案之日起12个月内。 上述内容详见公司于2024年10月17日、2024年11月29日在巨潮资讯网 （www.cninfo.com.cn）分别披露的《关于以集中竞价交易方式回购公司股份方 案的公告》（公告编号：2024-48）、《回购报告书》（公告编号：2024-61）。 截至202 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-79 特此公告 招商局积余产业运营服务股份有限公司 董 事 会 2025 年 11 月 28 日 招商局积余产业运营服务股份有限公司 关于独立董事自愿放弃领取独立董事津贴的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 招商局积余产业运营服务股份有限公司（以下简称"公司"）近日收到公司独 立董事宋静娴女士的书面声明。宋静娴女士在担任公司独立董事及董事会专门委员 会相关职务期间，自愿放弃在公司领取独立董事津贴，同时保证放弃领取上述独立 董事津贴将不会影响其作为公司独立董事的正常履职，不会影响其在公司董事会专 门委员会内的正常履职，也不会影响其因不当履职而应承担的相关责任。 宋静娴女士符合上市公司独立董事任职资格，具备独立董事应有的独立性，经 公司 2025 年 11 月 27 日召开的 2025 年第四次临时股东会审议通过，宋静娴女士被 选举为公司第十一届董事会独立董事。截至目前，宋静娴女士尚未在公司领取独立 董事津贴。公司将根据宋静娴女士本人的声明，不为其发放独立董事津贴。 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-78 招商局积余产业运营服务股份有限公司 关于追加 2025 年度日常关联交易合同预计额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 1、已审议的日常关联交易合同预计额度情况 2025 年 3 月 10 日，招商局积余产业运营股份有限公司（以下简称"公司"）2025 年第一次临时股东大会审议通过了第十届董事会第三十次会议通过的《关于与招商局 集团及下属企业间 2025 年度日常关联交易预计的议案》，同意公司（含下属子公司， 以下同）2025 年与实际控制人招商局集团有限公司（以下简称"招商局集团"）及下 属企业间日常关联交易的签订合同总金额预计为 398,800 万元，其中"提供劳务"类项 下"基础物业管理及专业化服务"关联交易合同总金额预计为 370,000 万元。该次关联 交易预计的具体情况详见公司于 2025 年 1 月 3 日刊登在《证券时报》《中国证券报》 《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn ...

证券代码：001914 证券简称：招商积余 公告编号：2025-77 招商局积余产业运营服务股份有限公司 关于完成董事会换届选举及聘任高级管理人员的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 11 月 27 日，招商局积余产业运营服务股份有限公司（以下简称"公 司"）召开 2025 年第四次临时股东会，以累积投票制选举产生了第十一届董事 会非独立董事和独立董事。在股东会完成董事会换届选举后，公司于同日召开了 第十一届董事会第一次会议，审议通过了关于选举董事长，推选董事会各专门委 员会委员及召集人，聘任高级管理人员的相关议案。公司第十一届董事会的换届 工作已经完成，现将相关情况公告如下： 一、董事会换届选举情况 公司第十一届董事会成员：吕斌先生、陈智恒先生、黄健先生、袁斐先生、 赵肖先生、李朝晖先生、杨蕾女士为公司第十一届董事会非独立董事，KAREN LAI（黎明儿）女士、邹平学先生、宋静娴女士、张博辉先生为公司第十一届董 事会独立董事。上述 11 名董事共同组成公司第十一届董事会，任期自公司 2025 年第四次临时股东会选举通过之日起三年。 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-75 1、本次股东会未出现否决议案的情形。 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、现场会议时间：2025 年 11 月 27 日 14:30 2、网络投票时间：2025 年 11 月 27 日 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11月27日 9:15-9:25，9:30-11:30和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11月27日9:15-15:00期间的任意时间。 3、股权登记日：2025 年 11 月 20 日 招商局积余产业运营服务股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 4、会议地点：深圳市南山区蛇口太子湾邮轮大道招商积余大厦 15A1 会议室 5、会议召开方式：现场投票与网络投票表决相结合 6、召集人：公司董事会 7、主持人：公司董事总经理陈智恒先生（董事长吕斌先生因工作安排原因未能出 席会议 ...