本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"或"本公司"）董 事会决定召集 2025 年第二次临时股东会。本次股东会采用现场投票与网络投票 表决相结合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、召集人：公司董事会 3、合法合规性说明：本公司第四届董事会 2025 年第八次临时会议审议通 过了《关于召开 2025 年第二次临时股东会的议案》，会议的召集、召开符合有关 法律、法规、规章和公司章程的规定。 4、召开时间： 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-127 招商局蛇口工业区控股股份有限公司 关于召开 2025 年第二次临时股东会的通知 现场会议开始时间：2025 年 12 月 24 日（星期三）下午 2:30 网络投票时间：2025 年 12 月 24 日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025 年 12 月 24 日 9:15－9:25，9:30－11:30，13:00 －15 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-126 招商局蛇口工业区控股股份有限公司 第四届董事会 2025 年第八次临时会议决议公告 董事会同意公司于 2025 年 12 月 24 日在深圳蛇口召开 2025 年第二次临时股 东会。详见公司今日刊登的《关于召开 2025 年第二次临时股东会的通知》。 上述议案二，董事长朱文凯审议该议案时回避了表决，董事会以 7 票同意,0 票反对,0 票弃权的表决结果审议通过;其余议案均以 8 票同意，0 票反对，0 票 弃权的表决结果审议通过。其中，议案三需提交股东会审议。 特此公告。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"）第四届董事会 2025 年第八次临时会议通知于 2025 年 12 月 4 日以专人送达、电子邮件等方式 送达全体董事及高级管理人员。2025 年 12 月 5 日会议以通讯方式举行，应到董 事 8 人，实到董事 8 人。会议的召集、召开符合有关法律、法规和《公司章程》 的规定。会议审议通过了以下议案： 一、关于制定 ...

Group 1: Sales Performance - In November 2025, 30 key listed real estate companies achieved a total sales amount of 162.36 billion yuan, with a cumulative performance of 1,981.13 billion yuan from January to November 2025 [1] - Among the 30 companies, seven reported month-on-month sales growth in November, with China Resources Land showing the highest growth rate [1] - Cumulatively, China Jinmao and Greenland Holdings recorded sales growth from January to November 2025 [1] Group 2: Investment Trends - Real estate companies are adopting a cautious investment approach, focusing on existing project development and sales rather than acquiring new land [5] - In November, the total investment amount for the monitored 30 companies was approximately 23.4 billion yuan, with a land acquisition area of 1.31 million square meters [5] - 13 companies reported new land reserves, with major acquisitions by state-owned enterprises like China Overseas Land and Investment and Greenland China [5] Group 3: Financing Activities - In November 2025, the total financing amount for 65 typical real estate companies reached 43.279 billion yuan, a month-on-month increase of 24% [8] - The cumulative financing amount from January to November 2025 was 390.236 billion yuan, with domestic debt financing accounting for 26.126 billion yuan and foreign debt financing increasing significantly [8] - The average financing cost for new bond financing was 2.87%, showing a decrease compared to 2024 [8][10] Group 4: Organizational Adjustments - Many real estate companies are undergoing organizational restructuring to enhance efficiency, with Dragon Lake Group merging regional operations to form a new business structure [12] - New City Holdings is splitting its light asset business into two companies to capture the construction market, while also restructuring its real estate development division [13] - CIFI Group has implemented a significant organizational overhaul, consolidating multiple divisions into three major regional business units to focus on core markets [14]

核心内容 ◎ 文 / CRIC研究中心 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15.0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润置矩 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329. 0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. 8 | 112.8 | | 建发房产 | 60. 0 | -45. 2% | 1125. 1 | 102. 3 | | 中国金茂 | 80. 0 | -33. 3% | 1006. 8 | 91.5 | | 越秀地产 | 51.0 | -58. 5% | 972. 0 ...

Group 1 - The Shanghai Composite Index closed at 3869.98 points, slightly down by 0.21%, with a total trading volume of 12,650.90 billion yuan [1] - A total of 30 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates including Gongyuan Co., Xiling Power, and Jingzhuang Technology at 4.79%, 4.56%, and 4.32% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Juzan Optoelectronics, Haidaer, and China Merchants Shekou [1] Group 2 - The top three stocks with the highest deviation rates from the annual line are as follows: - Gongyuan Co. (4.88% increase, latest price 4.51 yuan, deviation rate 4.79%) - Xiling Power (6.50% increase, latest price 17.69 yuan, deviation rate 4.56%) - Jingzhuang Technology (5.24% increase, latest price 13.45 yuan, deviation rate 4.32%) [1] - Other notable stocks with positive performance include Mingzhi Electric (3.80% increase), Innotec (3.08% increase), and Tianwei Vision (3.97% increase) [1] - The trading turnover rates for these stocks vary, with Gongyuan Co. at 5.05%, Xiling Power at 4.24%, and Jingzhuang Technology at 4.70% [1]

Core Viewpoint - Shenzhen Zhaofeng Real Estate Co., Ltd. has been established with a registered capital of 900 million yuan, indicating a strategic move by the company to expand its real estate operations in Shenzhen [1] Group 1 - The company is co-owned by China Merchants Shekou Industrial Zone Holdings Co., Ltd. and Shenzhen Zhaoping Fengpei Investment Center (Limited Partnership) [1] - The business scope of the new company includes project management services, non-residential real estate leasing, real estate brokerage, property management, and information consulting services [1]

Core Points - The Shanghai Composite Index is at 3872.00 points, slightly down by 0.15%, with a total trading volume of 768.58 billion yuan [1] - A total of 24 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks that have broken through the annual line include Mingzhi Electric, Xinjie Electric, and Tongyi Aerospace, with deviation rates of 3.78%, 3.12%, and 3.11% respectively [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Wanxun Control, Huaxin Shares, and Huazhong CNC [1] Deviation Rate Rankings - The top three stocks with the highest deviation rates are: 1. Mingzhi Electric: 4.01% increase, latest price at 67.10 yuan [1] 2. Xinjie Electric: 5.20% increase, latest price at 54.40 yuan [1] 3. Tongyi Aerospace: 5.99% increase, latest price at 16.28 yuan [1] - Other notable stocks include: - Jingdu Technology: 3.99% increase, latest price at 13.29 yuan [1] - Weiguang Shares: 3.50% increase, latest price at 32.83 yuan [1] Trading Metrics - The trading turnover rates for the top stocks range from 1.10% to 6.29%, indicating varying levels of investor interest [1] - The annual moving average prices for these stocks range from 6.11 yuan to 82.12 yuan, reflecting a diverse set of industries represented [1]

Core Viewpoint - The announcement from Bosera Asset Management Co., Ltd. details the second dividend distribution for the year 2025 for the Bosera China Merchants Shekou Industrial Park Closed-End Infrastructure Securities Investment Fund, with a cash dividend of 0.20 yuan per 10 shares [1] Summary by Category Dividend Distribution - The dividend distribution base date is set for September 9, and the cash dividend will be distributed to registered fund shareholders as of the equity registration date, which is December 8 [1] - The cash dividend payment date is scheduled for December 11, and the fund does not support reinvestment of dividends [1] Taxation and Fees - According to relevant regulations, the fund's profit distributed to investors is temporarily exempt from income tax [1] - There will be no dividend distribution fees charged for this dividend [1]

Core Insights - The report maintains a "stronger than market" rating for the real estate sector, indicating a positive outlook despite ongoing challenges in the market [1] - The real estate market in 2025 is characterized by an initial recovery followed by a decline, with high inventory levels and weak demand impacting overall performance [4][13] - The report anticipates that the supportive policies for the real estate market will continue into 2026, although market confidence will take time to recover [4][5] Market Review - In 2025, the national real estate market experienced a decline in sales, with a 9.6% year-on-year drop in sales amount from January to October, although the decline was less severe than in 2024 [13] - The second-hand housing market outperformed the new housing market, with a reported 8% increase in transactions for the top ten cities compared to a 10.5% decline in new homes [13][46] - The overall market remains in an adjustment phase, with supply-demand relationships still needing improvement [13] 2026 Outlook - Positive factors are expected to converge, leading to a gradual stabilization of the real estate market, particularly in core urban areas and quality housing [4][5] - The report predicts a 6% decline in sales area and an 8.5% decline in investment for 2026, reflecting ongoing market pressures [4][5] Investment Opportunities - The demand for "good houses" is projected to grow, with an average annual improvement demand of 590 million square meters from 2025 to 2030, representing 67% of total demand [4] - Quality real estate companies with strong land acquisition and product capabilities are expected to benefit first from the "good house" trend, with companies like China Overseas Development and China Resources Land highlighted as potential beneficiaries [5][6] - The Hong Kong real estate market is showing signs of stabilization, with a 20.3% year-on-year increase in transaction volume for the first ten months of 2025, presenting investment opportunities for Hong Kong-based real estate firms [4][5][52] Key Company Forecasts - The report includes earnings forecasts for several key companies, indicating a positive outlook for firms like Poly Developments and China Overseas Development, with expected earnings per share (EPS) growth over the next few years [6][7] - Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property, are also recommended for investment consideration [5][6]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]