招商局积余产业运营服务股份有限公司董事会提名和薪酬委员会议事规则 招商局积余产业运营服务股份有限公司 董事会提名和薪酬委员会议事规则 （2025 年 12 月 24 日经第十一届董事会第二次会议审议通过） 第一章 总 则 第一条 为规范招商局积余产业运营服务股份有限公司（以下简称"公司"）高级管理人员 的产生，优化董事会组成，建立健全公司董事及高级管理人员的考核和薪酬管理制度，完善公 司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》《上市公司自律监管指引 第 1 号——主板上市公司规范运作》《招商局积余产业运营服务股份有限公司章程》（以下简 称"《公司章程》"）等有关规定，公司董事会下设董事会提名和薪酬委员会（以下简称"提 名和薪酬委员会"），并制定本议事规则。 第二条 提名和薪酬委员会是公司董事会下设的专门工作机构，主要负责拟定董事、高级管 理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格进行遴选、审核；负责审 定公司董事、高级管理人员的考核制度并监督执行；审定公司的薪酬制度并监督执行，对董事 会负责。 第三条 本议事规则所称董事、高级管理人员是指公司董事长、董事；董事会聘任的总经理 ...

招商局积余产业运营服务股份有限公司董事会战略与可持续发展委员会议事规则 招商局积余产业运营服务股份有限公司 董事会战略与可持续发展委员会议事规则 （2025 年 12 月 24 日经第十一届董事会第二次会议审议通过） 第一章 总 则 第一条 为适应招商局积余产业运营服务股份有限公司（以下简称"公司"）战略发展 需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策科学性，提 高重大投资决策的效益和决策的质量，完善公司治理结构，根据《中华人民共和国公司法》 《上市公司治理准则》《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》《招商局积余产业运营服务股份有限公司章程》（以下简称"《公司章程》"）及 其他有关规定，公司董事会下设董事会战略与可持续发展委员会（以下简称"战略与可持续 发展委员会"），并制定本议事规则。 第二条 战略与可持续发展委员会是公司董事会下设的专门工作机构，主要负责对公司 长期发展战略、重大投资决策、可持续发展工作进行研究并提出建议。 第三条 战略与可持续发展委员会所作决议，应当符合法律、行政法规、部门规章等规 范性文件（以下合称"法律、法规"）及《公司 ...

招商局积余产业运营服务股份有限公司信息披露暂缓与豁免制度 招商局积余产业运营服务股份有限公司 信息披露暂缓与豁免制度 （2025年12月24日经第十一届董事会第二次会议审议通过） 第一章 总 则 第一条 为规范招商局积余产业运营服务股份有限公司（以下简称"公司"）信息披露 暂缓与豁免行为，确保公司及相关信息披露义务人依法合规地履行信息披露义务，保护投资 者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息 披露管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易所股票上市规则》 （以下简称"《上市规则》"）以及有关法律、法规、规章和《招商局积余产业运营服务股 份有限公司章程》（以下简称"《公司章程》"）及公司《信息披露事务管理制度》的有关 规定，结合公司信息披露工作的实际情况，制定本制度。 第二条 公司及其他信息披露义务人按照《上市规则》及深圳证券交易所其他业务规则 等相关法律法规、规范性文件的规定，办理信息披露暂缓、豁免事务的，适用本制度。 第三条 公司及其他信息披露义务人应自行审慎判断应当披露的信息是否存在《上市规 则》及深圳证券交易所其他相关业务规则中规定的暂缓、豁 ...

关于与招商局集团及下属企业间 证券代码：001914 证券简称：招商积余 公告编号：2025-83 招商局积余产业运营服务股份有限公司 2026 年度日常关联交易预计的公告 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 公司与招商局集团及下属企业 2025 年 1-11 月实际发生的日常关联交易签订 合同总金额为 412,261 万元，实际发生总金额为 351,158 万元（未经审计）。 （二）决策程序 2025年12月24日，公司第十一届董事会第二次会议审议通过了《关于公司与 招商局集团及下属企业间2026年度日常关联交易预计的议案》（5票同意，0票反 对，0票弃权）。关联董事吕斌、陈智恒、黄健、袁斐、赵肖、李朝晖回避了对 本议案的表决，由非关联董事杨蕾、KAREN LAI（黎明儿）、邹平学、宋静娴、 张博辉对本议案进行表决。本议案在提交公司董事会审议前，已经公司独立董事 1 专门会议2025年第五次会议审议并获全票通过，同意将其提交董事会审议。 （一）日常关联交易概述 招商局集团有限公司（以下简称"招商局集团"）为招商局积余产业运营 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-82 招商局积余产业运营服务股份有限公司 第十一届董事会第二次会议决议公告 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。 一、董事会会议召开情况 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 2025 年12月23日以电子邮件等方式发出召开公司第十一届董事会第二次会议的通知。 会议于 2025 年 12 月 24 日以现场和视频会议相结合的方式召开，现场会议在深 圳市南山区蛇口太子湾邮轮大道招商积余大厦 15A1 会议室召开。应出席会议董 事 11 人，实际出席会议董事 11 人。其中，董事陈智恒、李朝晖现场参会，董事 黄健、袁斐、赵肖、杨蕾、KAREN LAI（黎明儿）、邹平学、宋静娴、张博辉 以视频方式参会，董事长吕斌因工作安排原因未能出席会议，授权委托董事袁斐 代为出席会议并行使表决权。公司高管列席了会议。会议由董事总经理陈智恒主 持（经全体董事推选）。本次会议的召集、召开符合《公司法》及《公司章程》 的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议经审议做 ...

Core Insights - The total market capitalization of 63 listed property companies reached 267.416 billion yuan, reflecting a significant increase of approximately 238.234 billion yuan, with a growth rate of 816.37% [1] Market Performance Summary - Among the 63 property companies, 57 maintained stable market values, accounting for 90% of the total [1] - Four companies experienced an increase in market value, totaling an increase of 13.641 billion yuan [1] - Two companies saw a decline in market value [1] Top Gainers - The company with the highest market capitalization increase was Zhongtian Service, which rose by 35.82%, adding 644 million yuan to its total market value of 2.443 billion yuan [1] - The top ten companies by market capitalization increase include Zhongtian Service, Zhujiang Co., New Dazheng, China Merchants Jiyu, Tefa Service, Nandu Property, Runhua Service, Lingyue Service Group, Suxin Service, and Likao Health Life [1] Top Losers - The company with the largest market capitalization decline was Country Garden Services, which reported a 0% decline, resulting in a total market value of 19.024 billion yuan [1] - The top ten companies by market capitalization decline include Country Garden Services, Greentown Services, Color Life, China Overseas Property, Yalife Service, Poly Property, Zhongao Home, Qifu Life Services, Pujiang China, and Xingye Wulian [1]

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Insights - In the first 11 months of 2025, the transaction area of residential land in 100 cities decreased by 15% year-on-year, while the average transaction floor price increased by 9% year-on-year [1][20] - The top three companies in terms of new land reserve value from January to November 2025 are China Overseas Land & Investment (COLI) with 96.2 billion yuan, China Resources Land with 75.7 billion yuan, and China Merchants Shekou with 75.4 billion yuan [2][89] - The core 30 cities saw a cumulative year-on-year decrease of 5% in residential land transaction area, but a 13% increase in average transaction price [2][3] Summary by Sections Land Supply and Demand - In the first 11 months of 2025, the total supply of land in 100 cities decreased by 11.9% year-on-year, with a total transaction area of 10.68 billion square meters [10] - The supply of residential land in 100 cities for January to November 2025 was 348 million square meters, down 16.5% year-on-year, while the transaction area was 221 million square meters, down 15.1% year-on-year [20][1] Land Transaction Prices - The average transaction floor price for residential land in 100 cities increased by 9.4% year-on-year, reaching 6,295 yuan per square meter [1][55] - In November 2025, the average transaction price for residential land in first-tier cities was 39,283 yuan per square meter, up 29.5% year-on-year [66] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a cumulative year-on-year increase of 22.1% in new land reserve value, totaling 861.8 billion yuan from January to November 2025 [81] - The top three companies in terms of new land reserve area were China Overseas Land & Investment (4.38 million square meters), Poly Developments (3.63 million square meters), and China Merchants Shekou (3.14 million square meters) [89] Core 30 Cities Land Transaction Situation - In November 2025, the core 30 cities recorded a total of 208 residential land transactions, with a total area of 1.529 million square meters, down 14.4% year-on-year [94] - The overall premium rate for land transactions in the core 30 cities was 2.2%, down 4.1 percentage points year-on-year [94] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales performance in core cities, recommending Poly Developments, China Merchants Shekou, and China Jinmao [4][117] - It also highlights the potential of companies with rich existing resources and operational brand competitiveness, recommending China Resources Land and Shanghai Lingang [4][117] - The report sees long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][117]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales in Guangzhou due to the promotion of prefabricated buildings, with a week-on-week increase in sales despite a year-on-year decline [1][6] - The overall market performance remains weak, with the Shenwan Real Estate Index down by 0.41% and the CSI 300 Index down by 0.28%, indicating underperformance relative to the broader market [3][11] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 0.41%, while the CSI 300 Index fell by 0.28%, resulting in a relative return of -0.13% [3][11] - The report notes that the performance of the real estate sector is weaker than the overall market [3][11] Industry Fundamentals - For the week of December 12-18, 38 tracked cities saw a total of 29,303 new homes sold, a year-on-year decrease of 31.9% but a week-on-week increase of 8% [4][19] - The total transaction area for new homes was 3.19 million square meters, with a year-on-year decline of 29.6% but a week-on-week increase of 21% [4][19] - In the same week, 16 tracked cities recorded 18,668 second-hand homes sold, down 23% year-on-year but up 1.5% week-on-week [34][37] - The total transaction area for second-hand homes was 181.8 million square meters, with a year-on-year decline of 26.1% and a week-on-week increase of 5.7% [34][37] Land Market Supply and Transactions - In the week of December 8-14, land supply was 2,056.8 million square meters, down 55.1% year-on-year, with an average supply price of 1,053 yuan per square meter, down 38.5% year-on-year [5] - Land transactions totaled 8,132.5 million square meters, up 53.5% year-on-year, with a transaction amount of 135.41 billion yuan, up 55.9% year-on-year [5] Financing Analysis - Real estate companies issued a total of 5.33 billion yuan in credit bonds, reflecting a year-on-year decrease of 39.34% and a week-on-week decrease of 64.51% [5] Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively respond to market fluctuations [6] - It also notes that property management companies may see performance and valuation recovery as market demand rebounds, recommending attention to companies like China Resources Vanke and Poly Property [6]