证券代码：001914 证券简称：招商积余 公告编号：2025-58 招商局积余产业运营服务股份有限公司 关于回购公司股份的进展公告 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。具体内容详见公司 披露在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 公司已与招商银行股份有限公司深圳分行签署《股票回购增持贷款合同》， 公司回购股份资金来源中的自筹资金，为招商银行股份有限公司深圳分行提供的 股票回购贷款。 一、回购公司股份的具体情况 根 ...

Core Insights - The real estate service sector increased by 1.18% on October 10, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Huangting International (000056) closed at 2.49, up 5.51% with a trading volume of 1.72 million shares and a transaction value of 406 million yuan [1] - Ningbo Fuda (600724) closed at 5.16, up 4.24% with a trading volume of 255,900 shares and a transaction value of 131 million yuan [1] - New Dazheng (002968) closed at 12.23, up 3.21% with a trading volume of 174,300 shares and a transaction value of 209 million yuan [1] - Other notable performers include Zhongtian Service (002188) up 2.67% and Zhaoshang Jiyu (001914) up 1.30% [1] Capital Flow - The real estate service sector experienced a net outflow of 11.44 million yuan from institutional investors and 48.58 million yuan from speculative funds, while retail investors saw a net inflow of 60.03 million yuan [2] - The capital flow for individual stocks shows Huangting International with a net outflow of 38.57 million yuan from institutional investors [3] - Zhaoshang Jiyu had a significant retail net inflow of 36.38 million yuan, indicating strong retail interest despite overall outflows [3]

Market Performance - On September 29, the real estate service sector rose by 0.16% compared to the previous trading day, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 6.10, with a gain of 3.04% and a trading volume of 349,700 shares, amounting to a transaction value of 212 million yuan [1] - Other notable performers included: - Nandu Property (603506) at 13.89, up 2.06% [1] - Zhongtian Service (002188) at 5.66, up 1.98% [1] - Ningbo Fuda (600724) at 4.98, up 1.43% [1] - Shilianhang (002285) at 2.40, up 1.27% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 51.19 million yuan from institutional investors, while retail investors saw a net outflow of 10.52 million yuan [2] - Conversely, speculative funds recorded a net inflow of 61.71 million yuan [2] - Zhujiang Co. had a net inflow of 22.30 million yuan from institutional investors, representing 10.50% of its total trading volume [2]

Group 1 - The company held its 40th meeting of the 10th Board of Directors on September 28, 2025, with all 10 directors present, confirming the legality and validity of the meeting [2][3]. - The Board approved the renaming of the "Audit Committee" to "Audit Committee" and the transfer of relevant supervisory responsibilities to the Board's Audit Committee after the cancellation of the Supervisory Board [3][4]. - The company will revise its Articles of Association to unify the term "Shareholders' Meeting" to "Shareholders' Meeting" and eliminate the Supervisory Board, with the legal representative changing from the Chairman to the General Manager [4][13]. Group 2 - The Board approved the revision of the "Shareholders' Meeting Rules," which will be submitted for shareholder approval [8][9]. - The Board also approved the revision of the "Board Meeting Rules," which will require shareholder approval [11][12]. - The company plans to hold its third extraordinary general meeting of shareholders on October 21, 2025, to discuss the approved resolutions [14][17]. Group 3 - The meeting will adopt a combination of on-site voting and online voting, with specific voting times outlined for both methods [18][19]. - The registration for the meeting will take place from October 15 to October 20, 2025, with details provided for both corporate and individual shareholders [25][27]. - The company will provide a network voting platform for shareholders, with specific instructions for participation [30][32].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The current monetary policy stance in China is supportive, with measures to optimize down payment ratios and mortgage rates, potentially reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [10][11] - The real estate sector is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections Market Overview - The real estate index decreased by 0.2% this week, underperforming the CSI 300 index by 1.22 percentage points, ranking 11th among 31 sectors [12] - In the past week, 30 cities recorded new housing transaction areas of 186.1 million square meters, a 20.0% increase month-on-month but a 23.6% decrease year-on-year [23] New Housing Transactions - New housing transaction areas in first-tier cities reached 55.8 million square meters, up 11.6% month-on-month and up 12.5% year-on-year [23] - Second-tier cities saw transactions of 91.0 million square meters, a 41.9% increase month-on-month but a 20.5% decrease year-on-year [23] - Third-tier cities recorded 39.2 million square meters, down 4.1% month-on-month and down 50.6% year-on-year [23] Second-Hand Housing Transactions - The total transaction area for second-hand housing in 14 sample cities was 198.9 million square meters, a 1.4% increase month-on-month and a 13.9% increase year-on-year [31] - Year-to-date, the cumulative transaction area for second-hand housing is 7,815.4 million square meters, reflecting a 17.3% increase year-on-year [31] Credit Bond Issuance - This week, 14 credit bonds were issued by real estate companies, totaling 14.781 billion yuan, a 67.61 billion yuan increase from the previous week [41] - The net financing amount was 4.562 billion yuan, marking a significant increase of 111.56 billion yuan from the previous week [41]

Company Overview - China Merchants Jinling (招商积余) announced the convening of its 40th meeting of the 10th Board of Directors on September 28, 2025, via telecommunication voting [1] - The meeting reviewed the proposal to amend the "Rules of Procedure for Board Meetings" among other documents [1] Financial Performance - For the first half of 2025, the revenue composition of China Merchants Jinling was as follows: property management accounted for 96.64% and asset management accounted for 3.36% [1] - As of the report date, the market capitalization of China Merchants Jinling was 12.8 billion yuan [1]

招商局积余产业运营服务股份有限公司 3、公司原《累计投票制实施细则》整合至修订后的《公司章程》及本制度 中，原《累计投票制实施细则》相应废止； 4、其他非实质性修订，如条款编号、标点符号调整等不再逐一列示。 除上述调整外，《股东大会议事规则》其余修订具体如下： | 修订前 | 修订后 | | --- | --- | | 第一条 为规范公司行为，保证股东大会依法行 | 第一条 为规范招商局积余产业运营服务股份 | | 使职权，根据《中华人民共和国公司法》（以下简 | 有限公司（以下简称"公司"）行为，保证股东会 | | 称《公司法》）、《中华人民共和国证券法》（以 | 依法行使职权，根据《中华人民共和国公司法》（以 | | 下简称《证券法》）、《上市公司股东会规则》和 | 下简称"《公司法》"）、《中华人民共和国证券 | | 《招商局积余产业运营服务股份有限公司章程》（以 | 法》（以下简称"《证券法》"）、《上市公司股 | | 下简称"公司章程"）的规定，制定本议事规则（以 | 东会规则》和《招商局积余产业运营服务股份有限 | | 下简称"本规则"）。 | 公司章程》（以下简称"《公司章程》"）的规定， | ...

（修订稿） 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"）行为，保 证股东会依法行使职权，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》（以下简称"《证券法》"）、《上市公司股东会规则》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》"）的规定，制定本议事 规则（以下简称"本规则"）。 招商局积余产业运营服务股份有限公司股东会议事规则 招商局积余产业运营服务股份有限公司 股东会议事规则 临时股东会不定期召开，有下列情形之一的，公司在事实发生之日起 2 个月以内召开临 时股东会： （一）董事人数不足《公司法》规定人数，或者少于《公司章程》所定人数的三分之二 时； （二）公司未弥补的亏损达股本总额的三分之一时； 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关规定召开股 东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽责， 确保股东会正常召开和依法行使职权。 第三条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当于上一 会计年度 ...

招商局积余产业运营服务股份有限公司董事会议事规则 招商局积余产业运营服务股份有限公司 董事会议事规则 （修订稿） 第一章 总 则 第一条 为明确招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会职 权范围，全面行使好董事会的各项职权，规范董事会议事方式和决策程序，确保董事会的工 作效率、工作质量、规范运作和科学决策，根据《中华人民共和国公司法》《中华人民共和 国证券法》及《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，制定本议事规则（以下简称"本规则"）。 （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的中长期发展规划、经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； 第二章 董事会职权 第三条 董事会行使下列职权： （五）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六）拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式的方 案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外担保 事项、委托理财、关联交易、对外捐赠等事项； （八）决定公司内部管理机构 ...

招商局积余产业运营服务股份有限公司 《董事会议事规则》修订对照表 为进一步促进公司规范运作，健全内部治理机制，根据最新修订的《中华人 民共和国公司法》《上市公司章程指引》《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》等法律 法规的要求，结合公司实际情况，对《董事会议事规则》相关内容进行修订，具 体修订如下： 1、有关"股东大会"的表述统一调整为"股东会"，董事会下设"审核委 员会"的表述统一更名为"审计委员会"，条款仅做前述调整的，不再逐一列示 修订前后对照情况； 2、其他非实质性修订，如条款编号、标点符号调整等不再逐一列示。 除上述调整外，《董事会议事规则》其余修订具体如下： | 修订前 | 修订后 | | --- | --- | | 第一条 为明确公司董事会职权范围，全面行 | 第一条 为明确招商局积余产业运营服务股份 | | 使好董事会的各项职权，规范董事会议事方式和决 | 有限公司（以下简称"公司"）董事会职权范围， | | 策程序，确保董事会的工作效率、工作质量、规范 | 全面行使好董事会的各项职权，规范董事会议事方 | | 运作和科学决策， ...