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 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-76 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 11 月 25 日以电子邮件等方式发出召开公司第十一届董事会第一次会议通知。 会议于 2025 年 11 月 27 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，董事吕斌、袁斐、陈智恒、李朝晖、 KAREN LAI（黎明儿）、邹平学现场参会，董事杨蕾、宋静娴、张博辉以视频方 式参会，董事黄健因个人原因未能出席，授权委托董事袁斐代为出席本次会议并 行使表决权，董事赵肖因公务原因未能出席会议，授权委托董事陈智恒代为出席 会议并行使表决权。公司高管列席了会议。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 会议经审议做出了如下决议： 招商局积余产业运营服务股份有限公司 第十一届董事会第一次会议决议公告 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， ...

北京市中伦（深圳）律师事务所 关于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的 法律意见书 致：招商局积余产业运营服务股份有限公司（贵公司） 法律意见书 $$\underline{{{\ \ \ \ }}}\bullet\underline{{{\ \ \ }}}\mathbb{H}\mathbb{H}\mathbb{H}\mathbb{H}$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于招商局积余产业运营服务股份有限公司 2025 年第四 ...

格隆汇11月27日丨招商积余(001914.SZ)公布，截至2025年11月27日，公司通过股份回购专用证券账 户，以集中竞价方式累计回购公司股份6,626,202股，占公司总股本的0.62%，实际回购时间区间为2024 年12月10日至2025年11月27日。本次回购股份最高成交价为12.14元/股，最低为10.44元/股，已支付的 总金额为78,010,168.98元。公司本次回购股份总金额已达回购股份方案中回购总金额下限，且未超过回 购总金额上限，公司本次回购符合相关法律法规及公司回购方案的要求，本次回购股份方案已实施完 毕。 ...

招商积余公告称，截至2025年11月27日，公司完成股份回购，通过集中竞价累计回购6,626,202股，占总 股本0.62%，支付总金额7801.02万元。回购价格10.44 - 12.14元/股，符合方案要求。本次回购不会对公 司多方面产生重大不利影响，回购期间相关主体无买卖公司股票情况。回购股份将全部注销减少注册资 本，后续将办理相关登记事宜。 ...

（编辑 王雪儿） 证券日报网讯 招商积余11月26日在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任 公司提供数据，2025年11月20日，公司合并融资融券信用账户股东总户数为20496户，未合并融资融券 信用账户股东总户数为19027户。 ...

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Core Insights - The real estate service sector experienced a decline of 1.19% on November 21, with Zhongtian Service leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Shilianhang (002285) saw a significant increase of 9.96%, closing at 2.87, with a trading volume of 2.8435 million shares and a transaction value of 797 million [1] - Zhongtian Service (002188) dropped by 7.04%, closing at 5.94, with a trading volume of 160,100 shares and a transaction value of 97.7867 million [2] - Other notable declines included Zhujiang Co. (600684) down 4.49% and Ningbo Fuda (600724) down 4.69% [1][2] Capital Flow - The real estate service sector saw a net outflow of 22.1977 million from institutional investors and 13.9504 million from speculative funds, while retail investors had a net inflow of 36.1481 million [2] - Shilianhang had a net inflow of 132 million from institutional investors, but a net outflow of 45.2078 million from speculative funds [3] - The overall trend indicates a shift in capital dynamics within the sector, with retail investors showing resilience amidst institutional and speculative outflows [2][3]