证券代码：001914 证券简称：招商积余 公告编号：2025-74 招商局积余产业运营服务股份有限公司 独立董事提名人声明与承诺 提名人招商局积余产业运营服务股份有限公司董事会现就提名张博辉为招 商局积余产业运营服务股份有限公司第十一届董事会独立董事候选人发表公开 声明。被提名人已书面同意作为招商局积余产业运营服务股份有限公司第十一届 董事会独立董事候选人（参见该独立董事候选人声明）。本次提名是在充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规 章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性 的要求，具体声明并承诺如下事项： 一、被提名人已经通过招商局积余产业运营服务股份有限公司第十届董事会 提名和薪酬委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 是 □ 否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 是 □ 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-71 招商局积余产业运营服务股份有限公司 独立董事提名人声明与承诺 提名人招商局积余产业运营服务股份有限公司董事会现就提名 KAREN LAI（黎明儿）为招商局积余产业运营服务股份有限公司第十一届董事会独立 董事候选人发表公开声明。被提名人已书面同意作为招商局积余产业运营服务 股份有限公司第十一届董事会独立董事候选人（参见该独立董事候选人声明）。 本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、全部兼 职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符合相 关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立 董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过招商局积余产业运营服务股份有限公司第十届董事 会提名和薪酬委员会资格审查，提名人与被提名人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 是 □ 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 是 □ 否 四、被提名人符合公司章程规定的独立董 ...

是 □ 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 证券代码：001914 证券简称：招商积余 公告编号：2025-72 招商局积余产业运营服务股份有限公司 独立董事提名人声明与承诺 提名人招商局积余产业运营服务股份有限公司董事会现就提名邹平学为 招商局积余产业运营服务股份有限公司第十一届董事会独立董事候选人发表 公开声明。被提名人已书面同意作为招商局积余产业运营服务股份有限公司第 十一届董事会独立董事候选人（参见该独立董事候选人声明）。本次提名是在 充分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况后作出的，本提名人认为被提名人符合相关法律、行政 法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任 职资格及独立性的要求，具体声明并承诺如下事项： 是 □ 否 一、被提名人已经通过招商局积余产业运营服务股份有限公司第十届董事 会提名和薪酬委员会资格审查，提名人与被提名人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-70 招商局积余产业运营服务股份有限公司 独立董事候选人声明与承诺 声明人张博辉作为招商局积余产业运营服务股份有限公司第十一届董事会 独立董事候选人，已充分了解并同意由提名人招商局积余产业运营服务股份有限 公司董事会提名为招商局积余产业运营服务股份有限公司（以下简称"该公司"） 第十一届董事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在 任何影响本人独立性的关系，且符合相关法律、行政法规、部门规章、规范性文 件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体 声明并承诺如下事项： 一、本人已经通过招商局积余产业运营服务股份有限公司第十届董事会提名 和薪酬委员会资格审查，提名人与本人不存在利害关系或者其他可能影响独立履 职情形的密切关系。 是 □ 否 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任 公司董事的情形。 是 □ 否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 是 □ 否 四、本人符合该公司章程规定的独立董事任职条件。 是 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-66 招商局积余产业运营服务股份有限公司 关于召开 2025 年第四次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025年第四次临时股东会 2、股东会的召集人：本公司董事会 3、会议召开的合法、合规性：2025年11月11日，公司第十届董事会第四 十二次会议审议通过了《关于召开2025年第四次临时股东会的议案》。本次股 东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、会议时间： （1）现场会议时间：2025年11月27日14:30 1 公司股东或其委托代理人通过相应的投票系统行使表决权的表决票数，应 当与现场投票的表决票数以及符合规定的其他投票方式的表决票数一起计入 本次股东会的表决权总数。 6、会议的股权登记日：2025 年 11 月 20 日 7、出席对象： （1）在股权登记日持有公司股份的普通股股东或其代理人 于股权登记日下午收市时在中国证券登记结算有限责任公司深圳分公司 登记在册的公司全体普通股股 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-63 招商局积余产业运营服务股份有限公司 第十届董事会第四十二次会议决议公告 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。 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 7 日以电子邮件等方式发出召开第十届董事会第四十二次会议的通知。 会议于 2025 年 11 月 11 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 10 人，实际出席会议董事 10 人，其中董事吕斌、陈智恒、赵肖、李朝晖、许 遵武现场参会，董事刘晔、杨蕾、林洪、KAREN LAI（黎明儿）、邹平学以视 频形式参会，公司高级管理人员列席了会议。会议由董事长吕斌先生主持。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： （一）审议通过了《关于控股子公司债权债务核定的议案》（10 票同意、0 票反 ...

Market Performance - The real estate service sector increased by 1.9% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Huangting International (code: 000056) closed at 2.40, with a rise of 3.45% and a trading volume of 474,900 shares, amounting to a transaction value of 113 million [1] - Ningbo Fuda (code: 600724) closed at 5.64, up 2.92%, with a trading volume of 159,100 shares and a transaction value of 88.86 million [1] - Te Fa Service (code: 300917) closed at 41.12, increasing by 2.80%, with a trading volume of 46,600 shares and a transaction value of 190 million [1] - Other notable stocks include Shilianhang (code: 002285) with a 2.08% increase, and Zhenjiang Co. (code: 600684) with a 1.62% increase [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 63.84 million from main funds, while retail funds experienced a net outflow of 38.53 million [1] - The capital flow for individual stocks indicates that Zhujiang Co. (code: 600684) had a main fund net inflow of 23.74 million, while retail funds saw a net outflow of 27.53 million [2] - Te Fa Service (code: 300917) recorded a main fund net inflow of 11.53 million, with retail funds experiencing a net outflow of 3.02 million [2]

Core Viewpoint - The stock of China Merchants Jin Yu has shown a positive trend with a year-to-date increase of 14.62%, despite a recent decline over the past 60 days [1][2] Company Overview - China Merchants Jin Yu, established on May 29, 1985, and listed on September 28, 1994, is located in Nanshan District, Shenzhen, Guangdong Province [1] - The company primarily engages in property asset management, with its revenue composition being: property management (35.11%), basic property management (27.33%), non-residential property management (19.61%), residential property management (7.71%), professional value-added services (6.88%), asset management (1.22%), platform value-added services (0.91%), rental and operation of owned properties (0.85%), commercial operations (0.37%), and other businesses (0.00%) [1] Financial Performance - For the period from January to September 2025, China Merchants Jin Yu reported a revenue of 13.942 billion yuan, reflecting a year-on-year growth of 14.65%, and a net profit attributable to shareholders of 686 million yuan, up 10.71% year-on-year [2] - The company has distributed a total of 9.12 billion yuan in dividends since its A-share listing, with 5.62 billion yuan distributed over the last three years [3] Shareholder Information - As of October 20, 2025, the number of shareholders for China Merchants Jin Yu was 19,700, an increase of 2.56% from the previous period, with an average of 53,742 circulating shares per shareholder, a decrease of 2.49% [2] - The top ten circulating shareholders include notable funds such as ICBC Value Selection Mixed Fund and Hong Kong Central Clearing Limited, with significant changes in holdings among various institutional investors [3]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [3][33]. Core Insights - The real estate market is experiencing significant pressure, with new home sales in 34 key cities dropping by 45% week-on-week and 47% year-on-year in November [3][4]. - The report emphasizes the importance of localized policies, such as credit rating links to pre-sale fund supervision in Fuzhou and tax subsidies in Suzhou, which aim to stimulate market activity [27][30]. - The report identifies potential investment opportunities in commercial real estate and property management, particularly in light of ongoing monetary easing in China [3][33]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 158.6 million square meters, a week-on-week decrease of 45.4% and a year-on-year decrease of 46.5% [4][5]. - Sales in first and second-tier cities saw a week-on-week decline of 46.1%, while third and fourth-tier cities experienced a 34.4% drop [4][5]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 98.8 million square meters, reflecting a week-on-week decrease of 15.2% and a year-on-year decrease of 30.3% [12][5]. - The cumulative sales for the year reached 50.1 million square meters, showing a slight increase of 1.4% year-on-year [12]. Inventory and Supply - In 15 key cities, 82 million square meters were launched for sale, with a transaction-to-launch ratio of 0.78, indicating a challenging market environment [19][5]. - The total available residential area in these cities was 89.5 million square meters, with a slight week-on-week increase of 0.2% [19]. Policy and News Summary - The National Development and Reform Commission has initiated a digital transformation action plan to promote smart city development and property digitalization [27]. - Localized policies are being implemented, such as Fuzhou's new regulations linking credit ratings to pre-sale fund supervision and Suzhou's tax subsidies for home purchases [27][30]. - The report notes that various cities are relaxing residency requirements and enhancing public housing policies to stimulate demand [27][30]. Company Dynamics - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments down 50.1% and China Overseas Development down 55.1% year-on-year [33]. - Financing activities included China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and Daxin City reducing the interest rate on its issued bonds to 2.15% [33][36]. - The report highlights stock buybacks by companies such as Shell-W and Greentown Service, indicating a strategic move to enhance shareholder value [37].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [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 investments in 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 crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].