Investment Rating - The report assigns an "Overweight" rating for the real estate sector [4]. Core Insights - The real estate industry is currently in a downward trend, with significant declines in front-end investments and ongoing price pressures in the traditional cycle [2]. - The cumulative year-on-year decline in real estate investment for the first nine months of 2025 is 13.9%, indicating a potential two-digit decrease for the year if the trend continues [61]. - The widening price gap between new and second-hand homes suggests diminishing marginal returns from new projects [62]. Summary by Sections Investment Situation - In the first nine months of 2025, real estate development investment reached 67,706 billion yuan, down 13.9% year-on-year, with residential investment also declining by 12.9% [12][9]. - New construction area decreased by 18.9% year-on-year, while completed area fell by 15.3% [18][9]. Sales Performance - The total sales area of commercial housing in the first nine months of 2025 was 6.58 million square meters, reflecting a 5.5% year-on-year decline [27]. - The sales amount for commercial housing was 63,040 billion yuan, down 7.9% year-on-year [10]. Funding Sources - Total funding sources for real estate reached 72,299 billion yuan, with an 8.4% year-on-year decline [46]. - Domestic loans accounted for 15.62% of funding sources, with a 1.4% decrease year-on-year [48]. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category, and China Resources Land and Longfor Group in the commercial and residential category [61].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][9] Core Viewpoints - The report indicates that the land market pressure remains significant in Q3 2025, with a year-on-year decline in land supply, transaction area, and land transfer revenue. Despite a decrease in land transfer revenue in first-tier cities, the premium rate has significantly increased. The average premium rate for land transfers in Q3 2025 is 4.56%, up by 0.81 percentage points compared to Q3 2024. The report suggests that the market is returning to rationality, with both supply and demand showing moderate declines [9][44]. Summary by Sections 1. National Land Supply and Transaction Situation in Q3 2025 - The planned land supply area in Q3 2025 is 760 million square meters, with a year-on-year growth rate of -9.42%. The total land transfer revenue is 0.68 trillion yuan, down by 9.74% year-on-year [12][19]. - The average premium rate for land transfers in Q3 2025 is 4.56%, with first-tier cities averaging 18.18%, second-tier cities at 2.60%, and third and fourth-tier cities at 3.02% [26][30]. 2. Analysis of High Total Price and High Premium Rate Land Parcels - High total price land parcels are primarily located in first-tier cities, with four parcels exceeding 5 billion yuan in total price in Q3 2025 [33][37]. - The number of cities with a premium rate exceeding 20% was 13 in July 2025, increasing to 19 in August, and then decreasing to 12 in September [40][42]. 3. Investment Recommendations - The report recommends focusing on leading real estate companies with stable performance and high safety, such as China Merchants Shekou, Binjiang Group, and China Vanke. Beneficiary stocks include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land. For the property sector, recommended companies include China Resources Mixc Life, China Overseas Property, Poly Property, China Merchants Jinling, and Greentown Service [9][44].

招商局积余产业运营服务股份有限公司 章 程 （2025 年 10 月 21 日经 2025 年第三次临时股东大会审议通过） | 第一章 | 总 则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 公司股份 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 3 | | | 第三节 | 股份转让 4 | | | 第四章 | 股东和股东会 4 | | | 第一节 | 股东的一般规定 4 | | | 第二节 | 控股股东和实际控制人 6 | | | 第三节 | 股东会的一般规定 7 | | | 第四节 | 股东会的召集 10 | | | 第五节 | 股东会的通知 | 11 | | 第六节 | 股东会的提案 12 | | | 第七节 | 股东会的召开 12 | | | 第八节 | 股东会的表决及决议 14 | | | 第五章 | 党委 | 17 | | 第六章 | 董事和董事会 18 | | | 第一节 | 董事的一般规定 18 | | | 第二节 | 董事会 20 | | | 第三节 | 独立董事 23 | | | 第四节 ...

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 （2025 年 10 月 21 日经 2025 年第三次临时股东大会审议通过） 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"）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"）。 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 会计年度结束后的 6 个月内举行。 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 ...

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 （2025 年 10 月 21 日经 2025 年第三次临时股东大会审议通过） 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"）。 第二条 公司依法设立董事会，董事会是公司的经营决策主体，定战略、作决策、防风 险，行使法律法规及《公司章程》赋予的职权。 第二章 董事会职权 第三条 董事会行使下列职权： （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； （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 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-59 招商局积余产业运营服务股份有限公司 2025 年第三次临时股东大会决议公告 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。 1、现场会议时间：2025 年 10 月 21 日 14:30 2、网络投票时间：2025 年 10 月 21 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10月21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10月21 日9:15-15:00期间的任意时间。 3、股权登记日：2025 年 10 月 14 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 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 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 1,058,920,260 股，且相关比例采取四舍五入方式保留四位小数，下同） 其中：出席本次股东大会现场 ...

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 年第三次临时股东大会的 法律意见书 $$\Xi\,{\cal O}\,{\underline{{{\longrightarrow}}}}\,\,\mathbb{H}\,\mathbb{H}+\mathbb{H}$$ 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 年第三次临时股东大会的 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） 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》"）、中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）以及《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》"）的有关规定，北京市中 伦（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席 贵公司 2025 年第三次临时股东大会（以下简称"本次股东大会"），对本次股 东大会召集与召开的程序、出席会议人员资格、召集人的资格、表决程序和表决 结果等重要事项的合法性进行现场见证，并依法出具法律意见书 ...

Core Insights - The real estate service sector experienced a 2.42% increase on October 21, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - The top-performing stocks in the real estate service sector included: - Zhujiang Co. (600684) with a closing price of 5.79, up 6.04% [1] - Shilianhang (002285) with a closing price of 2.38, up 3.93% [1] - Huangting International (000056) with a closing price of 2.43, up 3.85% [1] - Other notable stocks included Zhongtian Service (002188), Xindazheng (002968), and Nandu Property (603506) with respective increases [1] Capital Flow Analysis - The real estate service sector saw a net outflow of 16.28 million yuan from institutional investors and 44.42 million yuan from speculative funds, while retail investors contributed a net inflow of 60.70 million yuan [1] - Specific stock capital flows indicated: - Wo Ai Wo Jia (000560) had a net inflow of 10.05 million yuan from institutional investors [2] - Te Fa Service (300917) experienced a net outflow of 13.46 million yuan from speculative funds but a net inflow of 7.01 million yuan from retail investors [2] - Other stocks like Shilianhang (002285) and Zhongtian Service (002188) showed significant retail inflows despite overall net outflows from institutional and speculative funds [2]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].