证券日报网讯 12月17日，招商积余在互动平台回答投资者提问时表示，2025年12月10日，公司合并融 资融券信用账户股东总户数为20583户，未合并融资融券信用账户股东总户数为19142户。 （文章来源：证券日报） ...

证券日报网讯 12月17日，招商积余在互动平台回答投资者提问时表示，公司非常重视采购合规，建立 包含采购、供应商管理及合同等方面的风险控制体系，对供应商入库、采购过程、合同签署、供应商履 约评价、供应商退出等环节进行规范，并通过建设上线信息化系统提升管理效能。公司通过精细化管理 持续提升成本竞争力，通过信息化系统、监督检查等方式管理项目现场和成本。 （文章来源：证券日报） ...

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4] Core Insights - The industry continues to face downward pressure, but there is a reduction in expenditure pressure, which is expected to persist and provide a favorable financial environment for the macro economy [2] - The overall industry operation is still under downward pressure, with significant declines in development investment and sales figures [53] - The report anticipates that the real estate sector will not contribute to systemic financial risks in 2026, maintaining a favorable environment [53] Summary by Sections Investment Highlights - The report highlights that the real estate investment for January to November 2025 has decreased by 15.9% compared to the same period in 2024, with a notable decline in sales and new construction areas [7][11] - The anticipated trends for 2026 include continued financial risk reduction and persistent economic pressure, with a focus on financial risks in the real estate sector [53] Industry Data - For January to November 2025, the cumulative development investment reached 78,591 billion, with a year-on-year decrease of 15.9% [10] - The sales area of commercial housing for the same period was 787 million square meters, reflecting a year-on-year decline of 7.8% [23] - The report notes that the total funds available for real estate development decreased by 11.9% year-on-year, indicating a tightening financial environment [39] Recommendations - The report recommends several companies for investment, including: 1. Development: Vanke A, Poly Developments, China Overseas Development 2. Commercial and Residential: Longfor Group 3. Property Management: Wanwu Cloud, China Resources Mixc Life 4. Cultural Tourism: Overseas Chinese Town A [53]

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Luxshare Precision, Haiguang Information, Zhongke Shuguang, Jereh, and Huichuan Technology [11] - In the last five days, the most popular companies for institutional research were Haiguang Information, Zhongke Shuguang, Weichuang Electric, Superjet, and Shenghong Technology [11] - Among the top twenty companies in the past 30 days, 13 companies had 10 or more rating agencies involved [11] Group 2: Major Shareholder Increase in A-Share Companies - From December 8 to December 12, 2025, two A-share companies announced significant shareholder increases, with Inpai Si planning to increase its holdings by an amount that represents more than 1% of the market value on the announcement date [18] - From January 1 to December 12, 2025, a total of 307 companies announced shareholder increases, with 77 of them having 10 or more rating agencies involved [19] Group 3: A-Share Company Buyback Situation - Between December 8 and December 12, 2025, 50 companies announced buyback progress, with 13 having 10 or more rating agencies involved [22] - Four companies are recommended for attention based on their buyback amounts exceeding 1% of their market value on the announcement date, including Naxin Micro, Midea Group, SF Holding, and China Merchants Jinling [22] - From January 1 to December 12, 2025, a total of 1,830 companies announced buyback progress, with 356 having 10 or more rating agencies involved [24]

Investment Rating - The investment rating for the real estate industry is "Outperform" with a focus on quality companies [26][30]. Core Insights - The primary goal of the industry is to stabilize the real estate market, with a clear policy direction to maintain stability and prevent fluctuations in fundamentals [31][34]. - Supply-side issues and housing security are emphasized, with a shift towards utilizing existing housing for security purposes rather than new construction [32][33]. - Demand-side support focuses on reforming the housing provident fund system and promoting quality housing construction, with an aim to stabilize prices and expectations [33][34]. - The development model is shifting from exploration to deepening, indicating a collaborative breakthrough in supply optimization, inventory reduction, and demand stabilization [34][11]. Summary by Sections Investment Recommendations - Preferred companies include: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Gemdale; H-Shares - China Overseas Land & Investment 2) Residential and Commercial: Longfor Group 3) Property Management: Onewo, China Resources Mixc, China Overseas Property, Poly Property, China Merchants Property, ChongQing New DaZheng 4) Cultural Tourism: Shenzhen Overseas Chinese Town [26][30]. Market Stability - The focus on stabilizing the real estate market has been consistent since September 2024, with policies aimed at preventing fluctuations in the market fundamentals [31][8]. - The meeting emphasized city-specific policies to control new supply, reduce inventory, and optimize supply, aligning with previous approaches [32][9]. Supply-Side Focus - The meeting highlighted the importance of controlling new supply and reducing inventory, with an emphasis on converting existing housing for social welfare purposes [32][9]. - Future policies may continue to revolve around government acquisition of existing properties to balance supply and demand [9][11]. Demand-Side Support - The reform of the housing provident fund system is expected to expand its scope and functionality, providing sustainable financial support for housing [33][10]. - Quality housing construction is set to be a key topic in the Fifteenth Five-Year Plan, aiming to stabilize market prices and expectations [33][10]. Development Model - The emphasis on accelerating the new real estate development model indicates a transition from exploration to a more structured approach, focusing on optimizing supply and stabilizing demand [34][11].

Summary of China Property Management Conference Call Industry Overview - The conference call focused on the **China Property Management (PM)** industry, discussing the outlook for 2026 and beyond, emphasizing the stabilization and potential improvement of PM fundamentals despite challenging macroeconomic conditions and a downturn in the housing market [1][2]. Key Points 1. Market Outlook and Growth Drivers - **Stabilization of PM Fundamentals**: The PM industry is expected to stabilize and improve due to: - Reduced reliance on related developers, with their contribution to new business projected to decrease from 40% in 2024 to 15% during 2026E-2028E [1]. - A focus on upgrading the quality of managed portfolios to enhance profitability and cash collection [1]. - Restructuring of value-added service (VAS) businesses to focus on core community needs, stabilizing their contribution to total revenues at around 10% [1]. - Improved cash collection from better portfolio quality, leading to enhanced free cash flow (FCF) generation [1]. 2. Financial Projections - **Earnings Forecasts**: The average EPS growth is projected at +7% year-over-year for 2028E, indicating an 8% compound annual growth rate (CAGR) from 2026E to 2028E, compared to an average of 0% from 2023 to 2025E [2]. - **Free Cash Flow and Dividends**: An average FCF yield of 13% and a dividend yield of 6% are expected, with aggregate FCF for the sector in 2026E projected to exceed historical peaks [2]. - **Target Prices**: Target prices for PM companies have been adjusted to reflect a range of -15% to +40%, with an average target price implying an 11X P/E ratio for 2026E [2]. 3. Market Share and Project Acquisition - **Focus on High-Tier Cities**: The PM industry is narrowing its focus to approximately 50 cities, primarily Tier-1 and Tier-2 cities, where new home sales are stabilizing at sustainable levels [24]. - **New Project Opportunities**: There are significant opportunities in high-tier cities, with an estimated annual contract value of Rmb25 billion from new home sales and high-quality non-residential projects [12][24]. 4. Value-Added Services (VAS) - **Restructuring of VAS**: The 2C VAS segment is stabilizing, with a focus on asset-light services that cater to residents' core needs, expected to contribute around 10% to overall PM revenue [43][48]. - **Decline in 2B VAS**: The 2B VAS segment has seen a decline, particularly among privately-owned enterprises (POEs), but its impact on overall revenue is diminishing as its contribution shrinks [45][48]. 5. Project Termination Rates - **Stabilization of Termination Rates**: The project termination rate is stabilizing at about 3%-4%, which includes both voluntary and involuntary exits [25][40]. This is a positive sign for portfolio optimization efforts among PM companies. 6. Profitability and Fee Structures - **GPM Stabilization**: The gross profit margin (GPM) is expected to stabilize due to better-structured PM fees and portfolio quality, despite previous downward pressures from macroeconomic factors and government regulations [55][56]. - **Long-Term Fee Growth Potential**: There is potential for PM fees to increase as the housing stock ages, with households expected to allocate more budget towards property management services for enhanced living experiences [58][68]. Conclusion - The China PM industry is poised for stabilization and growth, driven by strategic shifts towards high-quality project acquisitions, improved cash flow management, and a focus on core service offerings. The outlook for earnings and cash flow generation appears positive, with significant opportunities in high-tier cities and a stabilizing market environment.

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The Shanghai land market is showing signs of recovery with improved land quality and increased willingness among developers to acquire land [8] - The land supply in Shanghai for 2025 is reported at 1.6524 million square meters, a year-on-year increase of 2.16%, while the planned construction area is 3.2134 million square meters, a decrease of 3.71% [12][19] - The average premium rate for land transactions in Shanghai reached 15.75% in 2025, an increase of 5.47 percentage points year-on-year, with total land transfer fees amounting to 140.022 billion yuan, up 1.46% year-on-year [23] Summary by Sections 1. Shanghai Land Supply and Transaction Situation - The total area of land released for construction in Shanghai in 2025 is 1.6524 million square meters, with a planned construction area of 3.2134 million square meters [12] - The transaction area of construction land in 2025 is 1.6402 million square meters, a decrease of 5.63% year-on-year, while the planned construction area transacted is 3.1610 million square meters, down 14.46% year-on-year [19] - The average transaction floor price is 44,297.15 yuan per square meter, an increase of 8.63% year-on-year, and the average land price is 85,358.89 yuan per square meter, up 7.50% year-on-year [21] 2. Shanghai Land Auction Analysis - The top 10 high-premium land parcels are primarily located in the Pudong New Area and Hongkou District, indicating higher auction activity in these central urban areas compared to suburban regions [38] - The auction market in 2025 saw no failed bids, reflecting a robust demand for land [47] 3. Investment Recommendations - The report suggests focusing on leading real estate companies with stable performance and high safety margins, such as China Merchants Shekou, Binjiang Group, and Huafa Group [47] - Beneficiary stocks recommended include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land [47] - For the property sector, recommended companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and China Merchants Jinling [47]