Core Viewpoint - The China Securities Index for Property Management and Services has shown significant growth, with a 5.44% increase over the past month, 10.37% over the past three months, and 9.13% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Property Management and Services (SHS Property, 931745) opened low but rose, currently at 364.50 points [1]. - The index reflects the overall performance of 30 listed companies involved in property management services, community value-added services, and non-owner value-added services from both mainland and Hong Kong markets [1]. Group 2: Index Composition - The top ten weighted companies in the index are: China Resources Vientiane Life (16.35%), Country Garden Services (14.23%), Wanwu Cloud (11.42%), Poly Property (10.06%), Greentown Services (6.54%), China Overseas Property (6.52%), China Merchants Jinling (4.9%), China National Foreign Trade (4.26%), Hualian Co. (4.26%), and Huitong Energy (3.73%) [1]. - The index's market composition shows that the Hong Kong Stock Exchange accounts for 75.58%, the Shenzhen Stock Exchange for 14.35%, and the Shanghai Stock Exchange for 10.07% [1]. Group 3: Industry Breakdown - The index's sample holdings indicate that real estate management constitutes 87.75% and real estate services 12.25% [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

证券代码：001914 证券简称：招商积余 公告编号：2025-39 招商局积余产业运营服务股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公 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2025年4月 25日在巨潮资讯网和《证券时报》《中国证券报》《上海证券报》《证券日报》 上刊登了《关于召开2025年第二次临时股东大会的通知》。公司2025年第二次 临时股东大会将通过深圳证券交易所交易系统和互联网投票系统向股东提供 网络形式的投票平台。为保护投资者合法权益，方便各位股东行使股东大会表 决权，现披露关于召开2025年第二次临时股东大会的提示性公告。 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：本公司董事会 3、会议召开的合法、合规性：2025年4月24日，公司第十届董事会第三十五次 会议审议通过了《关于召开2025年第二次临时股东大会的议案》。本次股东大会会 议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、会议 ...

下调公积金贷款利率,拟推融资政策 2025 年国新办一揽子金融政策点评 2025 年 5 月 7 日 房地产行业 推荐 维持评级 分析师 胡孝宇 网: huxiaoyu_yj @chinastock.com.cn 分析师登记编码：S0130523070001 相对沪深 300 表现图 2025-5-6 房地产(申万 40% 20% 资料来源:中国银河证券研究院 行业点评·房地产行业 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相关研究 1. 【银河地产】行业点评_房地产行业_持续巩固稳 定态势，有力有序推进城改 2. 【银河地产】行业点评_房地产行业_全面发力, 持续推动地产止跌回稳 3. 【银河地产】行业深度_房地产_内生和外生因素 支撑下的需求中枢 4. 【银河地产】行业点评_房地产行业_供需两侧齐 发力,推动地产止跌回稳 5. 【银河地产】行业点评_加快构建新模式,推进地 产新篇章_三中全会专题研究 www.chinastock.com.cn 证券研究报告 o 事件: 2025年 5月7日,国新办举行新闻发布会,央行、金管局、证监会等 部门负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况, ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [6] Core Views - The gradual implementation of incremental policies is expected to consolidate the trend of the real estate market stabilizing after a decline [5] - The adjustment of housing provident fund loan rates and the combination of reserve requirement ratio cuts and interest rate reductions are anticipated to open up space for commercial loan rate reductions [2] - The reduction in structural monetary policy tool rates is expected to lower the cost of funds for urban village renovations and stock housing acquisitions [3] - The report emphasizes the importance of financing system reforms and the inclusion of REITs in the stock connect program to support the real estate sector [4] Summary by Sections Incremental Policies - The central bank and financial regulatory authorities announced a package of financial policies aimed at the real estate sector, including interest rate cuts and reforms in real estate financing [1] - The expected implementation of these policies is likely to support the stabilization of the real estate market [5] Loan Rate Adjustments - The housing provident fund loan rate was reduced by 0.25 percentage points, saving residents over 20 billion yuan annually [2] - The commercial bank housing loan rates are expected to decline as a result of these adjustments [2] Structural Monetary Policy - All structural monetary policy tool rates were lowered by 0.25 percentage points, which is expected to reduce funding costs for urban village renovations and stock housing acquisitions [3] Financing Reforms - The report highlights the acceleration of financing system reforms that align with new real estate development models, aiming to stabilize real estate financing and meet housing demand [4] Investment Recommendations - The report recommends focusing on core cities, particularly first-tier cities, and companies with strong resources and credit ratings, emphasizing the "three good" logic: good credit, good cities, and good products [5] - Specific stock recommendations include: - A-share developers: Chengdu Investment Holdings, Urban Construction Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Holdings [9] - Hong Kong developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [9] - Property management companies: China Resources Vientiane Life, Greentown Service, China Overseas Property, China Merchants Jiyu, Poly Property, Binjiang Service [9]

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。 证券代码：001914 证券简称：招商积余 公告编号：2025-38 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 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 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an expectation of improvement despite overall weak performance [2][4]. Core Insights - The real estate sector's financial reports for 2024 show a significant decline, with revenues down by 19.3% year-on-year, and net profits plummeting by 2510% [3][4]. - The report highlights a structural differentiation within the sector, with first-tier companies performing better than second and third-tier companies [4][5]. - The importance of real estate strategies has increased recently, with government policies aimed at stabilizing the market and improving consumer confidence [4][5]. Summary by Sections 1. Revenue and Profit Decline - In 2024, the overall revenue of the real estate sector decreased by 19.3% compared to 2023, with first-tier companies down by 15.6%, second-tier by 23.5%, and third-tier by 24.1% [12][13]. - The net profit for the sector saw a drastic decline of 2510% year-on-year, with first-tier companies down by 321%, second-tier by 246%, and third-tier by 11694% [16][17]. 2. Margins and Financial Ratios - The gross margin for the sector in 2024 was 14.8%, a decrease of 2.6 percentage points from 2023, with first-tier companies at 12.7%, second-tier at 16.9%, and third-tier at 18.0% [20][21]. - The net profit margin was -8.9% for 2024, with first-tier companies at -5.7%, second-tier at -17.2%, and third-tier at -8.6% [24][25]. - The three expense ratios increased to 9.9% in 2024, with first-tier companies at 6.7%, second-tier at 15.3%, and third-tier at 12.9% [27][29]. 3. Debt and Cash Flow - By the end of 2024, the overall debt-to-asset ratio for the sector was 74.1%, slightly down from 2023, with first-tier companies at 72.0% and second-tier at 82.2% [43][45]. - The net debt ratio increased to 83.6%, reflecting rising liabilities and declining net assets [3][4]. - The cash-to-short-term debt ratio was 1.0, indicating a tightening cash flow situation across all tiers [3][4]. 4. Sales and Pre-sales Trends - Sales cash inflow decreased by 26% year-on-year in 2024, with a further decline in pre-sales locking rates, indicating a challenging sales environment [4][5]. - The pre-sales locking rate fell to 0.63, suggesting a decrease in future revenue recognition potential [4][5]. 5. Investment Recommendations - The report recommends focusing on high-quality real estate companies such as Jianfa International, Binhai Group, and China Resources Land, among others, while also highlighting opportunities in second-hand housing intermediaries and property management firms [4][5].

Investment Rating - The report maintains a "Positive" rating for the property management industry [4][5][6] Core Viewpoints - The property management industry is experiencing overall deceleration, with a continued differentiation among companies. In 2024, the overall revenue growth of the property management sector was +4.2%, a decrease of 3.5 percentage points compared to the previous year. First-tier companies saw a revenue increase of +5.6%, while second-tier companies experienced a +2.9% growth [3][12][15] - The overall net profit of the property management sector declined by -18.2% in 2024, with first-tier companies' net profit decreasing by -18.3% and second-tier companies by -21.4%. This decline is attributed to factors such as the continuous downturn in real estate sales and new construction since the second half of 2021, as well as increased impairment provisions for receivables [3][5][15] - The report highlights that the property management industry possesses unique characteristics, including significant growth potential, a walled property attribute, and a legacy of concentration. Despite short-term challenges due to the real estate downturn, high-quality property management companies are expected to benefit from increased concentration and efficiency improvements, leading to greater growth opportunities [4][6] Summary by Sections 1. Revenue Growth and Performance Decline - In 2024, the property management sector's revenue growth slowed to +4.2%, with first-tier companies at +5.6% and second-tier at +2.9% [12][15] - The net profit for the sector fell by -18.2%, with first-tier companies at -18.3% and second-tier at -21.4% [15][17] 2. Profitability Metrics - The overall gross margin for the property management sector was 18.5%, down by 1.3 percentage points year-on-year. First-tier companies had a gross margin of 17.6%, while second-tier companies had 19.6% [20][22] - The net profit margin for the sector was 3.8%, a decrease of 1.1 percentage points, with first-tier companies at 4.5% and second-tier at 2.5% [35][36] 3. Service Revenue Composition - In 2024, the revenue composition for property management services, non-owner value-added services, and owner value-added services was 73%, 9%, and 11%, respectively. The revenue growth rates were +10%, -16%, and +0.2% [60][61] - The average managed area for 13 major property management companies increased by 9.0% year-on-year, while the average contracted area grew by 3.7% [72][73] 4. Financial Ratios and Returns - The overall asset-liability ratio for the property management sector was 44.6%, an increase of 2.5 percentage points year-on-year. The return on equity (ROE) for the sector was 4.4%, down by 3.2 percentage points [4][5][6] - The average receivables impairment ratio reached 32.2%, up by 12.7 percentage points year-on-year, indicating increased financial pressure on property management companies [44][45]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [6] Core Insights - In April, the sales amount of the top 100 real estate companies decreased by 14.8% month-on-month and 14.6% year-on-year, indicating a seasonal adjustment in the market [2] - The cumulative sales amount from January to April showed a year-on-year decline of 10.1%, with a worsening growth rate compared to the first quarter [2] - The report suggests that the policy window for the real estate industry is gradually opening, with a focus on the implementation of practical policies [2] Summary by Sections Sales Performance - The sales threshold for the top 10 real estate companies increased significantly, with the sales amount required to enter the top 10 reaching 333 billion, a year-on-year increase of 10.9% [3] - In April, only 32 companies among the top 100 saw a month-on-month increase in sales, a decrease of 50 compared to March [3] - The month-on-month sales performance of the top 10 companies showed a year-on-year decline of 14.7% [3] Market Trends - The contribution of the top 10 companies to the total sales of the top 100 companies decreased, accounting for 50.2% and 51.7% of monthly and cumulative sales, respectively [4] - The net signing volume for new and second-hand homes showed a decline, with new homes down 13.3% year-on-year and second-hand homes up 18.7% [5] Investment Recommendations - The report recommends focusing on companies with strong credit, good cities, and quality products, particularly in core cities with greater policy flexibility [5] - Key recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9] - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9] - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, Poly Property, and China Merchants Jinling [5][9] Company-Specific Insights - Chengdu Investment Holdings reported a significant increase in revenue and profitability in Q1 2025, maintaining a "Buy" rating with a target price of 6.34 [11] - Chengjian Development also showed strong revenue growth and a return to profitability, with a target price of 7.32 [11] - Binjiang Group reported robust revenue growth and maintained a "Buy" rating with a target price of 12.08 [11] - New Town Holdings showed a recovery in net profit and maintained a "Buy" rating with a target price of 17.50 [11] - China Resources Land maintained a strong performance with a target price of 32.72, reflecting its competitive advantages [12]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4.465 billion yuan, a year-on-year increase of 19.9%, and a net profit of 2.2 billion yuan, up 15.1% year-on-year, slightly exceeding market expectations [7] - The company continues to improve its expense ratio, with a total expense ratio of 4.1%, down 0.2 percentage points year-on-year, driven by cost reduction and efficiency enhancement measures [7] - The company is focusing on property management and asset management, leveraging strong resources and market expansion capabilities, which are expected to lead the property management industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.908 billion yuan, with a year-on-year growth rate of 10.1% [6] - The net profit attributable to the parent company is projected to be 970 million yuan in 2025, reflecting a year-on-year growth of 15.4% [6] - Earnings per share are expected to be 0.91 yuan in 2025, with a price-to-earnings ratio of 13 [6] Performance Metrics - The company achieved a gross margin of 11.5% in Q1 2025, with a net profit margin of 5.1% [7] - The return on equity (ROE) for Q1 2025 was 2.1%, with expectations for gradual improvement in future years [6][7] - The company has a total managed area of 371 million square meters, with a slight year-on-year decrease of 0.8% due to the disposal of inefficient contracts [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 14.96 [7][8]. Core Views - The company reported a revenue of RMB 4.46 billion for Q1 2025, representing a year-on-year increase of 20%, and a net profit attributable to the parent company of RMB 220 million, up 15% year-on-year, primarily driven by the property management segment [1][2]. - The property management segment is expected to continue driving revenue growth, with a focus on quality improvement and efficiency enhancement strategies to further improve profitability throughout the year [2][3]. Revenue and Profitability - The company achieved a new annual contract amount of RMB 850 million in Q1 2025, a 7% increase year-on-year, with third-party contracts contributing RMB 770 million [3]. - The gross margin slightly decreased by 0.2 percentage points year-on-year, while the expense ratio increased by 0.1 percentage points, mainly due to bonus payments [2]. Asset Management - As of Q1 2025, the company managed 70 commercial projects with a total managed area of 3.93 million square meters, maintaining stability compared to the end of 2024 [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is RMB 0.88, with expected growth in net profit attributable to the parent company reaching RMB 933.7 million, reflecting an 11.09% increase year-on-year [6][27]. - The report suggests a reasonable price-to-earnings (PE) ratio of 17 times, considering the company's strong non-residential market expansion capabilities and improving profitability trends [5].