Group 1 - The investment rating for the real estate development sector is "Buy" for specific companies such as Poly Development, China Merchants Shekou, and Shanghai Lingang, while "Hold" is given to others like New Town Holdings and Binjiang Group [5][29][63] - The report highlights that the real estate sector's beta is currently weak, with significant declines in investment and new construction areas, but structural alpha opportunities are emerging due to regional and urban differentiation [3][56][59] - Key companies in the real estate development sector have shown varying performance, with New Town Holdings and Binjiang Group leading in A-shares, while Jianfa International Group and China Jinmao excelled in H-shares [21][24][29] Group 2 - The investment rating for the property service sector is also "Buy" for companies like China Resources Mixc Life and Greentown Service, while "Hold" is assigned to others [53][63] - The property service sector has shown resilience, with a slight increase in market performance, although it still lags behind the broader indices [45][48] - Key companies in the property service sector, such as Poly Property and China Overseas Property, have demonstrated strong performance in recent months, indicating a positive outlook for the sector [48][53][54]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery with a week-on-week increase in both new and second-hand property transactions, indicating a potential stabilization in the market [4][31]. - The report emphasizes the need for continued policy support to enhance market conditions, particularly in light of the ongoing inventory reduction trends [4][31]. Industry Data Summary New Housing Transactions - In the week of June 21-27, 2025, 34 key cities recorded a total new housing transaction volume of 3.792 million square meters, representing a week-on-week increase of 51.1% [5][8]. - Year-on-year, new housing transactions in June decreased by 13%, with first and second-tier cities seeing a decline of 11% and third and fourth-tier cities experiencing a 26% drop [8][9]. Second-Hand Housing Transactions - For the same week, second-hand housing transactions in 13 cities remained stable with a slight increase of 0.5%, while the cumulative transaction volume for June showed a year-on-year decrease of 5% [13][22]. Inventory and Supply - In the week of June 21-27, 2025, 15 cities launched 1.82 million square meters of new housing, with a sales-to-launch ratio of 0.85, indicating ongoing inventory management challenges [22][31]. - The total available housing inventory in these cities was 89.79 million square meters, reflecting a week-on-week increase of 0.3% [22][31]. Policy and News Tracking - The report highlights key policy developments aimed at stabilizing the real estate market, including measures to support first-time homebuyers and families with multiple children [31][34]. - Recent statements from government officials indicate a commitment to expanding domestic demand and enhancing consumer confidence in the real estate sector [31][34].

Group 1 - The real estate sector is experiencing a rapid surge, with Shibei Gaoxin (600604) hitting the daily limit up, indicating strong investor interest [1] - New Huangpu (600638) has seen an increase of over 8%, reflecting positive market sentiment towards the company [1] - Other companies such as Phoenix Shares (600716), China Merchants Jiyu (001914), and Hefei Urban Construction (002208) are also witnessing upward movement in their stock prices [1] Group 2 - There is a notable influx of dark pool funds into these stocks, suggesting increased trading activity and potential investment opportunities in the real estate sector [1]

特此公告 招商局积余产业运营服务股份有限公司 招商局积余产业运营服务股份有限公司 关于副总经理辞任的公告 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。 近日，招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 收到公司副总经理董新彦先生的书面辞任报告。董新彦先生因工作调整原因辞去 公司副总经理职务，辞任后将在公司担任纪委书记职务。 根据《公司法》及《公司章程》的有关规定，董新彦先生的辞任报告自送达 公司董事会之日起生效，并已按照公司相关规定完成了工作交接，其辞任不会对 公司的正常经营产生影响。截至本公告披露日，董新彦先生未持有公司股份，不 存在应当履行而未履行的承诺事项。 董新彦先生自任职以来，恪尽职守、勤勉尽责，公司及董事会对董新彦先生 在任职期间为公司发展所做出的贡献表示衷心感谢。 证券代码：001914 证券简称：招商积余 公告编号：2025-48 董 事 会 2025 年 6 月 25 日 1 ...

Investment Rating - The report maintains a recommendation for the real estate sector, indicating that the sector has entered an investment range with a price-to-book (PB) ratio of approximately 1.0 times, reflecting concerns about the impact of current sales on business models [2][38]. Core Insights - The real estate market is experiencing a low-level oscillation in sales, with a year-on-year decline in new housing sales area of -3.3% in May, indicating continued pressure on sales due to weak inventory and new supply trends [14][15]. - The report highlights that the funding chain index for real estate has declined, remaining at historically low levels, but anticipates potential improvements in the financial situation of some companies as supply and demand policies gradually take effect [2][10]. - The report suggests that the decline in mortgage rates may help stabilize total demand for new and second-hand homes, with a focus on the new housing market showing earlier signs of marginal improvement compared to the second-hand market [38]. Summary by Sections Sales Data - In May, the adjusted year-on-year growth rate for sales area was -3.3%, with a total sales area of 35.3 million square meters, reflecting a continued low market heat [14][15]. - The cumulative sales amount from January to May was 3.4 trillion yuan, with a year-on-year decline of -3.8% [10][15]. Construction Data - The new construction area in May saw a year-on-year decline of -19.3%, indicating a tightening balance in new construction under the current market conditions [39][40]. - The report maintains that the completion rate will likely remain low until the second half of 2026, with a May completion area decline of -19.5% year-on-year [39][40]. Investment Trends - Real estate development investment in May showed a year-on-year decline of -12.0%, reflecting a synchronized drop in construction area and ongoing inventory reduction efforts by developers [2][39]. - The report emphasizes the importance of focusing on companies with stable cash flow generation capabilities and those that can navigate the current market challenges effectively [38].

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]

广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 518038 电话(Tel.)：(0755) 8826 5288 传真(Fax.)：(0755) 8826 5537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于招商局积余产业运营服务股份有限公司 2024 年度股东大会的 法律意见书 信达会字[2025]第 193 号 致：招商局积余产业运营服务股份有限公司 广东信达律师事务所（以下简称"信达"）接受招商局积余产业运营服务股 份有限公司（以下简称"贵公司"）的委托，指派律师参加了贵公司 2024 年度 股东大会（以下简称"本次股东大会"），并进行了必要的验证工作。 信达律师根据《中华人民共和国公司法》（下称"《公司法》"）、《中华 人民共和国证券法》（下称"《证券法》"）、《上市公司股东会规则》 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-47 招商局积余产业运营服务股份有限公司 2024 年度股东大会决议公告 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6月17日 9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2025年6月17日 9:15-15:00期间的任意时间。 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： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 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 6 月 17 日下午 2:30 2、网络投票时间：2025 年 6 月 17 日 3、股权登记日：2025 年 6 月 10 日 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 15 楼多功能厅 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：公司董事长吕斌先生 8、本次会议的召集、召开程序及表决方式符合有关法律、行政法规、部门规章 ...

Meeting Overview - The shareholder meeting of China Merchants Jin Yu Industrial Operation Service Co., Ltd. was held on June 17, 2025, with a total of 741,344,555 shares represented, accounting for 70.0095% of the total voting shares [1] - A total of 191 shareholders represented 78,755,201 shares, which is 7.4373% of the voting shares [1] Resolutions Passed - The following resolutions were approved during the meeting: - The 2024 Board of Directors Work Report was approved with 740,847,355 votes in favor (99.9329%) [2] - The 2024 Supervisory Board Work Report was approved with 740,846,355 votes in favor (99.9328%) [3] - The 2024 Financial Settlement Report was approved with 740,849,255 votes in favor (99.9332%) [4] - The 2024 Profit Distribution Plan was approved with 740,936,755 votes in favor (99.9450%) [5] - The 2024 Annual Report and its summary were approved with 740,857,255 votes in favor (99.9343%) [6] - The proposal to provide guarantee limits for subsidiaries was approved with 740,917,755 votes in favor (99.9424%) [7] - The proposal to reappoint the accounting firm was approved with 740,852,855 votes in favor (99.9337%) [8] - The proposal for liability insurance for directors, supervisors, and senior management was approved with 740,834,955 votes in favor (99.9313%) [9] - The proposal to supplement the Board of Directors was approved with 740,929,755 votes in favor (99.9440%) [10] - The proposal to renew the financial service agreement with China Merchants Group was approved with 195,058,491 votes in favor (98.0824%) [11] Legal Compliance - The meeting was attended by lawyers from Guangdong Xinda Law Firm, who confirmed that the meeting's procedures complied with relevant laws and regulations, ensuring the legality of the meeting and the validity of the voting results [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]