Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [4]. Core Insights - The recent policy change on the value-added tax (VAT) for personal housing sales, reducing the rate from 5% to 3% for properties sold within two years, aims to lower seller transaction costs and help restore the transaction chain [2][4]. - The real estate industry has undergone significant adjustments since 2021, with front-end indicators (sales, land acquisition, and construction) declining by 50-70%, and back-end indicators (completion and investment) dropping by 30-40% [4]. - The cumulative decline in second-hand housing prices from July 2021 to September 2025 is 37%, surpassing the average decline of 34% across 42 countries [4]. - The report emphasizes the need for policies to support demand-side recovery to stabilize the market, particularly in core cities [4]. Summary by Sections Policy Changes - The new VAT policy effective from January 1, 2026, will exempt individuals from paying VAT on properties sold after two years of purchase, while those selling within two years will pay a reduced rate of 3% [5]. Market Analysis - The report highlights the critical need for repairing household balance sheets to address the ongoing challenges in the real estate market, with expectations for further supportive policies to stabilize the market [4]. - Anticipated policy measures include reductions in mortgage rates, optimization of purchase restrictions and taxes in first-tier cities, accelerated land acquisition, and support for real estate financing [4]. Investment Opportunities - The report identifies two key investment opportunities: the revaluation of quality commercial real estate and the emergence of strong product capabilities in core cities [4]. - Recommended companies for investment include: 1. Commercial real estate: China Resources Land, New World Development, Kerry Properties, Hang Lung Properties, Longfor Group, with a focus on Swire Properties and New World Development. 2. Quality housing companies: Jianfa International, Binjiang Group, Greentown China, and China Jinmao. 3. Undervalued recovery companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments. 4. Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property. 5. Second-hand housing intermediaries: Beike-W [4].

Group 1 - The core viewpoint of the article is that招商积余 has provided updates on its shareholder accounts related to margin financing and securities lending as of December 19, 2025 [2] - The total number of shareholders in the consolidated margin financing and securities lending accounts is reported to be 20,457 [2] - The total number of shareholders in the non-consolidated margin financing and securities lending accounts is reported to be 19,023 [2]

Core Viewpoint - The company, China Merchants Jinling, announced the approval of a new compensation plan for its management team during the third meeting of the 11th Board of Directors [2] Group 1 - The announcement was made on December 30, indicating a significant decision regarding the management structure [2] - The compensation plan was reviewed and approved by the board, highlighting the company's focus on aligning management incentives with performance [2]

Core Viewpoint - The company,招商积余, announced the public listing for the sale of a 60% stake in its subsidiary, 衡阳中航地产有限公司, on the Beijing Property Exchange, with a qualified buyer identified [1] Group 1 - The company received approval from its board to sell the 60% stake in 衡阳中航地产有限公司 [1] - The public listing period ended with one qualified interested buyer, 衡阳高新投置业有限公司 [1] - A contract for the property transaction was signed on December 25, 2025, between the company and 衡阳高新投置业有限公司 [1]

招商局积余产业运营服务股份有限公司 第十一届董事会第三次会议决议公告 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。 证券代码：001914 证券简称：招商积余 公告编号：2025-85 董事会在审议该议案时，关联董事赵肖回避了对本议案的表决。 本议案已经公司董事会提名和薪酬委员会 2025 年第十次会议审议通过。 三、备查文件 （一）经与会董事签字并加盖董事会印章的董事会决议； （二）董事会提名和薪酬委员会 2025 年第十次会议决议。 特此公告 招商局积余产业运营服务股份有限公司 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29日以电子邮件等方式发出召开公司第十一届董事会第三次会议的通知。 会议于 2025 年 12 月 30 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 15A2 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，董事赵肖现场参会，董事吕斌、陈智 恒、黄健、袁斐、李朝晖、杨蕾、KAREN LAI（黎明儿）、邹平学、 ...

证券之星消息，12月29日房地产服务板块较上一交易日下跌1.27%，ST明诚领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。房地产服务板块个股涨跌见下表： 从资金流向上来看，当日房地产服务板块主力资金净流出5593.79万元，游资资金净流入1776.47万元，散 户资金净流入3817.32万元。房地产服务板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600136 | ST明诚 | 1.70 | -2.86% | 19.78万 | 3385.79万 | | 001914 | 招商积余 | 10.71 | -2.10% | 7.69万 | 8322.56万 | | 002285 | 世联行 | 2.87 | -2.05% | 104.84万 | 3.03亿 | | 600684 | 珠江股份 | 4.39 | -2.01% | 21.77万 | 9601.35万 | | 600724 | 宁波富达 | 5.67 | ...

12月29日，招商积余盘中下跌2.01%，截至14:25，报10.72元/股，成交7099.07万元，换手率0.62%，总 市值112.96亿元。 资金流向方面，主力资金净流出417.85万元，特大单买入218.89万元，占比3.08%，卖出512.32万元，占 比7.22%；大单买入1058.10万元，占比14.90%，卖出1182.51万元，占比16.66%。 招商积余所属申万行业为：房地产-房地产服务-物业管理。所属概念板块包括：央企改革、中盘、融资 融券、养老金概念、基金重仓等。 截至12月10日，招商积余股东户数2.06万，较上期减少0.35%；人均流通股51193股，较上期减少 0.28%。2025年1月-9月，招商积余实现营业收入139.42亿元，同比增长14.65%；归母净利润6.86亿元， 同比增长10.71%。 分红方面，招商积余A股上市后累计派现9.12亿元。近三年，累计派现5.62亿元。 机构持仓方面，截止2025年9月30日，招商积余十大流通股东中，工银价值精选混合A（019085）位居 第四大流通股东，持股1919.01万股，为新进股东。香港中央结算有限公司位居第五大流通股东，持股 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that policy adjustments are being driven by fundamental pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, indicating ongoing developments in the sector [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, thus making it a strategic investment choice [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities 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 highlighted as critical areas to monitor, with expectations that first- and second-tier cities will benefit more from these changes [4] Summary by Sections New Housing Transactions - In the week, new housing transaction area across 30 cities was 241.0 million square meters, a month-on-month increase of 15.5% but a year-on-year decrease of 41.5% [2][25] - First-tier cities recorded a new housing transaction area of 53.9 million square meters, down 0.4% month-on-month and down 41.3% year-on-year [2][25] - Second-tier cities saw a transaction area of 146.8 million square meters, up 21.7% month-on-month but down 40.6% year-on-year [2][25] - Third-tier cities had a transaction area of 40.4 million square meters, up 18.7% month-on-month but down 45.1% year-on-year [2][25] Secondary Housing Transactions - The total area of secondary housing transactions in 14 sample cities was 208.0 million square meters, a month-on-month increase of 3.8% but a year-on-year decrease of 22.9% [32] - First-tier cities accounted for 89.3 million square meters, up 2.2% month-on-month [32] - Second-tier cities had 83.7 million square meters, down 1.8% month-on-month [32] - Third-tier cities recorded 35.0 million square meters, up 25.9% month-on-month [32] Credit Bonds - During the week (December 22-28), six credit bonds were issued by real estate companies, totaling 4.732 billion yuan, an increase of 0.402 billion yuan from the previous week [3][40] - The total repayment amount was 6.517 billion yuan, a decrease of 0.964 billion yuan, resulting in a net financing amount of -1.785 billion yuan, which is an increase of 1.366 billion yuan from the previous week [3][40]

招商局积余产业运营服务股份有限公司 关于挂牌转让控股子公司60%股权的进展公告 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。 一、交易情况概述 2025年11月11日，招商局积余产业运营服务股份有限公司（以下简称"公司"）召开的第十届董事会第四 十二次会议审议通过了《关于挂牌转让控股子公司60%股权的议案》，同意公司挂牌转让控股子公司衡 阳中航地产有限公司（以下简称"衡阳中航"）60%股权，受让方还需以符合监管要求的支付方式承担清 偿衡阳中航债务的义务。公司以评估机构出具的股权评估结果（以经有权国资管理单位备案的结果为 准）为依据，以1,675,649.92元作为挂牌底价。若以经有权国资管理单位备案的评估结果计算的衡阳中 航60%股权评估值高于1,675,649.92元，则挂牌底价为以经有权国资管理单位备案的评估结果计算的衡 阳中航60%股权评估值。具体详见公司于2025年11月12日披露在巨潮资讯网和《证券时报》《中国证券 报》《上海证券报》《证券日报》上的《关于拟挂牌转让控股子公司60%股权的公告》（公告编号： 2025-65）。 二、交易进展 2025年11 ...