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 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-83 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 ...

Core Viewpoint - The company has completed the transaction of transferring 60% equity of its subsidiary, Hengyang Zhonghang Real Estate Co., Ltd., to Hengyang High-tech Investment and Development Co., Ltd., which is expected to enhance asset quality and release development resources [1] Group 1 - The transaction was formalized through a property rights transaction contract signed on December 25, 2025 [1] - The transfer price was set at 1.6756 million yuan, matching the listing price [1] - Following the completion of the transaction, the company will no longer hold equity in Hengyang Zhonghang, and it will be excluded from the company's consolidated financial statements [1] Group 2 - The transaction is anticipated to result in a one-time reduction of approximately 264 million yuan in the company's net profit attributable to shareholders for the fiscal year 2025 [1]

Core Viewpoint - The real estate service sector experienced a slight decline of 0.11% on December 26, with Shijie Holdings leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1% [1] - The Shenzhen Component Index closed at 13603.89, up 0.54% [1] - The real estate service sector stocks showed mixed performance, with notable gainers and losers [1] Group 2: Individual Stock Performance - ST Mingcheng (600136) rose by 4.79% to close at 1.75, with a trading volume of 319,800 shares [1] - New Dazheng (002968) increased by 3.04% to 12.55, with a trading volume of 86,700 shares [1] - Zhujiang Shares (600684) gained 1.59% to 4.48, with a trading volume of 274,500 shares [1] - Shijie Holdings (002285) fell by 2.01% to 2.93, with a trading volume of 965,500 shares [2] - Other notable declines included Wangting International (000056) down 0.97% and I Love My Home (000560) down 0.68% [2] Group 3: Capital Flow - The real estate service sector saw a net outflow of 37.71 million yuan from institutional investors, while retail investors contributed a net inflow of 24.89 million yuan [2] - Zhujiang Shares had a net inflow of 10.24 million yuan from institutional investors, while New Dazheng experienced a net outflow of 1.54 million yuan [3] - I Love My Home faced a significant net outflow of 18.58 million yuan from institutional investors [3]

Group 1 - The real estate service sector increased by 0.04% on December 25, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the real estate service sector showed varied performance, with Xin Dazheng rising by 3.57% to a closing price of 12.18 [1] Group 2 - The main funds in the real estate service sector experienced a net outflow of 63.56 million yuan, while retail investors saw a net inflow of 41.84 million yuan [2] - The trading volume and turnover for major stocks in the sector varied, with Wo Ai Wo Jia recording a turnover of 222 million yuan [2] - The net inflow of retail funds was significant for several stocks, indicating a mixed sentiment among investors [3]

Group 1 - The board of directors of the company held its second meeting on December 24, 2025, to discuss various governance matters and approved several resolutions [1][2][4] - The board approved the revision and establishment of several governance systems, including the rules for the audit committee and the information disclosure system, with unanimous support from all attending directors [2][3] - The company plans to engage in daily related transactions with China Merchants Group and its subsidiaries, estimating a total contract amount of 558,420 million yuan for 2026, with an expected annual occurrence of 495,807 million yuan [4][17] Group 2 - The expected related transactions include income from leasing assets, providing services, and selling goods, with a total estimated contract amount of 533,200 million yuan and an annual occurrence of 464,387 million yuan [5][18] - The board also approved the performance assessment results for the management team for 2024 and the 2022-2024 term, with 10 votes in favor [7][8] - The company’s independent directors held a special meeting and unanimously agreed that the related transactions are normal and necessary for business operations, ensuring that they do not harm the interests of shareholders, especially minority shareholders [33]

截至发稿，招商积余市值为116亿元。 每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 每经AI快讯，招商积余（SZ 001914，收盘价：11.05元）12月24日晚间发布公告称，公司第十一届第二 次董事会会议于2025年12月24日以现场和视频会议相结合的方式召开。会议审议了《关于公司2025年度 风险管理报告的议案》等文件。 2025年1至6月份，招商积余的营业收入构成为：物业管理占比96.64%，资产管理占比3.36%。 （记者 曾健辉） ...

招商局积余产业运营服务股份有限公司董事、高级管理人员离职管理制度 招商局积余产业运营服务股份有限公司 董事、高级管理人员离职管理制度 公司高级管理人员可以在任期届满以前提出辞职。高级管理人员辞任的，应当向董事会 提交书面辞职报告，自董事会收到辞职报告时辞职生效。有关高级管理人员辞职的具体程序 和办法由其与公司之间的劳动合同规定。 第四条 董事会收到董事、高级管理人员辞任报告后，将在两个交易日内披露有关情况。 涉及独立董事辞任的，需说明是否对公司治理及独立性构成重大影响。董事提出辞任的，公 司应当在六十日内完成补选，确保董事会及其专门委员会构成符合法律、行政法规和《公司 章程》的规定。 第五条 被解除职务程序 公司董事和高级管理人员在任职期间出现《公司法》规定不得担任公司董事和高级管理 人员的情形的，公司应当依法解除其职务。 股东会可在董事任期届满前解除其职务，决议作出之日起解任生效。向股东会提出解除 董事职务提案方，应提供解除董事职务的理由或依据。股东会审议解除董事职务的提案时， 应当由出席股东会的股东所持表决权的过半数通过。 （2025年12月24日经第十一届董事会第二次会议审议通过） 第一章 总 则 第一 ...

招商局积余产业运营服务股份有限公司董事会审计委员会议事规则 招商局积余产业运营服务股份有限公司 董事会审计委员会议事规则 （2025 年 12 月 24 日经第十一届董事会第二次会议审议通过） 第一章 总 则 第一条 为建立和健全招商局积余产业运营服务股份有限公司（以下简称"公司"）内 部控制制度，提高内部控制能力，完善内部控制程序，促进董事会对经理层的有效监督，根 据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司治理准则》《上市公司 自律监管指引第 1 号——主板上市公司规范运作》《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》"）及其他有关规定，公司董事会下设董事会审计委员会 （以下简称"审计委员会"），并制定本议事规则。 第二条 审计委员会是公司董事会下设的专门工作机构，主要负责公司内、外部审计的 沟通、监督和核查工作，推进风控内控体系建设与监督工作，并行使《公司法》规定的监事 会的职权。 第三条 审计委员会所作决议，应当符合法律、行政法规、部门规章等规范性文件（以 下合称"法律、法规"）及《公司章程》、本议事规则的规定。审计委员会决议内容违反有 关法律、法规或《公司章程 ...