Group 1: Core Views - The real estate market is showing signs of stabilization, with policies aimed at maintaining a steady market expected to continue throughout the year [2][9] - The central government has set a tone for real estate policies to stabilize the market through urban renewal and the release of rigid and improvement demands [11][12] - The demand side is seeing policy adjustments to stimulate housing demand, including optimizing housing fund loan policies and increasing purchase subsidies [15][16] Group 2: Property Sector Insights - The property service sector is stabilizing, with a slowdown in management scale growth and stable property fee changes [3][6] - The financial performance of property services shows a prominent increase in revenue without a corresponding increase in profit, indicating a trend towards reliance on the parent company [3][6] Group 3: REITs and Investment Opportunities - The REITs sector is expanding rapidly, with a stable performance in consumer and affordable housing categories [4][6] - The issuance of special bonds for land acquisition is accelerating, with significant planned investments in idle land across various provinces [18][19] - The city village renovation policies are being implemented successfully, with several cities exploring or launching housing voucher policies for urban renewal [21][22] Group 4: Supply Side Developments - The standards for "good housing" are becoming clearer, with over 30 provinces and cities introducing new construction standards aimed at improving housing quality [23][24] - The Ministry of Housing and Urban-Rural Development has released guidelines focusing on the construction of high-quality residential projects [23][24] Group 5: Sales Trends - New home sales are expected to see a narrowing year-on-year decline, while the enthusiasm for second-hand homes is likely to persist [27][28] - The sales performance of top developers shows a concentration of sales among leading companies, with a slight year-on-year decrease in core city sales [32][34] - The market is experiencing significant polarization, with varying de-stocking effects across major cities [37][41] Group 6: Land Market Dynamics - The concentration of land sales in core cities is increasing, indicating a sustained interest from developers in acquiring land [45][46] - The land transaction volumes and prices in major cities like Beijing, Shanghai, and Guangzhou reflect a competitive land market [49][52]

Core Viewpoint - Binjiang Group maintains a cautious approach amidst the deep adjustment in the real estate industry, focusing on stability and prudent management while achieving significant sales growth and financial performance [1][2]. Group 1: Management and Governance - Binjiang Group's board of directors has been re-elected, with Qi Jinxing continuing as chairman, indicating stability in leadership [1]. - The management team has remained consistent, with key executives having over 15 years of experience in the company [1]. - The company is facing a succession issue, as Qi Jinxing's son has joined the group, but the transition remains on hold [1]. Group 2: Financial Performance - In 2024, Binjiang Group reported a revenue of 69.152 billion yuan, a year-on-year increase of 17.85%, and a net profit of 3.791 billion yuan, up 32.94% [1]. - The company achieved a sales performance of 111.63 billion yuan, ranking ninth among national real estate companies and being the only private enterprise in the top ten [1][2]. Group 3: Market Position and Strategy - Binjiang Group has been actively acquiring high-quality land parcels in Hangzhou, but faces increasing competition in the market [2][3]. - The company has adopted a strategy of "heavy investment in core cities and light assets in non-core cities," aligning with its goal of reducing uncertain city investments [4]. - In 2025, Binjiang's land acquisition amounted to 27.53 billion yuan, with 80% of this investment in Hangzhou [3][4]. Group 4: Land Acquisition and Development - Binjiang Group has set records for land prices in Hangzhou, with significant acquisitions in early 2025, including a plot that became the first in the city to exceed a floor price of 60,000 yuan per square meter [5]. - The company plans to develop these high-cost land parcels through partnerships to mitigate risks, although specific partners have not been disclosed [5][6]. - The financial cost of developing these "land king" plots is projected to increase by approximately 1 billion to 1.4 billion yuan due to high land acquisition costs [6]. Group 5: Market Challenges - The real estate market in Hangzhou is experiencing structural differentiation, with core areas remaining strong while peripheral areas struggle [6]. - Binjiang Group faces challenges in pricing its new developments, as high costs may lead to difficulties in sales if priced too high, while low pricing could risk profitability [6]. - The company's ability to enhance product quality will be crucial in navigating the challenges posed by high land costs and market uncertainties [6].

Core Viewpoint - The company, under the leadership of Chairman Qi Jinxing, has invested over 500 million yuan in transforming Hujiaping Village into a "summer resort in the Yangtze River Delta" and aims to set a benchmark for rural revitalization and common prosperity in China [1][3]. Investment and Financial Performance - Over the past three years, the company has invested approximately 500 to 600 million yuan, averaging about 180 million yuan annually, which is manageable given the company's scale of over 100 billion yuan [3]. - The sales revenue during the last three and a half years accounted for more than half of the company's total sales since its establishment 33 years ago, with last year's sales exceeding 110 billion yuan [6]. Leadership and Management Philosophy - The company emphasizes the importance of a stable team and has maintained a 7-hour workday with limited overtime, fostering a productive work environment [16]. - Chairman Qi believes that a good boss should ensure the long-term success and quality of the company while sharing the results with the team [17]. Personal Insights and Values - Qi Jinxing reflects on the evolution of his views on wealth, stating that while money was initially important, the value of social contributions and the impact on society have become more significant [8]. - He emphasizes the importance of health, diligence, and taking steady steps towards goals as key advice for young entrepreneurs [17].

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Core Points - The company held its seventh board meeting on June 9, 2025, where key resolutions were passed regarding the election of the board chairman and the appointment of senior management [1][2] Group 1: Board Elections - The board elected Mr. Qi Jinxing as the chairman for the seventh board term, with unanimous approval (5 votes in favor) [1] - The board established four specialized committees, with Mr. Qi Jinxing serving as the chairman of one committee and Mr. Jia Shenghua and Mr. Yu Yongsheng chairing others [1][2] Group 2: Senior Management Appointments - The board appointed Mr. Zhang Hongli as the president, Mr. Shen Weidong as the vice president and CFO, and Mr. Guo Qing as the vice president [2][3][4] - All appointed senior management members have no shareholding in the company and meet the qualifications as per relevant regulations [3][4]

关于 编号：TCYJS2025H0944 号 致：杭州滨江房产集团股份有限公司 根据《中华人民共和国证券法》以下简称（"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会关于《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件 的要求，浙江天册律师事务所（以下简称"本所"）接受杭州滨江房产集团股份有限 公司（以下简称"滨江集团"或"公司"）的委托，指派吕崇华律师、赵琰律师参加 滨江集团 2024 年年度股东大会，并出具本法律意见书。 本法律意见书仅供滨江集团 2024 年年度股东大会之目的使用。本所律师同意将 本法律意见书随滨江集团本次股东大会其他信息披露资料一并公告。 杭州滨江房产集团股份有限公司 法 律 意 见 书 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571 8790 1111 传真：0571 8790 1500 http://www.tclawfirm.com 法律意见书 浙江天册律师事务所 关于杭州滨江房产集团股份有限公司 法律意见书 本所律师根据《股东会规则》第五条的要求，按照律师行 ...

根据《公司法》、《公司章程》等相关规定，为保证杭州滨江房 产集团股份有限公司（以下简称"公司"）董事会的合规运作，公司 于2025年6月9日召开了职工代表大会，经民主选举，一致同意选举沈 伟东先生（简历附后）担任公司第七届董事会职工代表董事。本次选 举产生的职工代表董事将与公司2024年年度股东大会选举产生的董 事共同组成公司第七届董事会，任期至公司第七届董事会任期届满时 止。 本次换届选举完成后，公司第七届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计未超过公司董事总数的二分 之一，符合《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》的规定。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二〇二五年六月十日 附件: 公司第七届董事会职工代表董事简历 证券代码：002244 证券简称：滨江集团 公告编号：2025－034 杭州滨江房产集团股份有限公司 沈伟东先生：1973年出生，硕士研究生学历，高级会计师，中国 注册会计师。现任公司董事、副总裁、财务总监兼董事会秘书。2007 年5月起任公司财务总监；2004年－2007年就职于立信会计师事务所 有限公司杭州分所， ...

杭州滨江房产集团股份有限公司 董事会 证券代码：002244 证券简称：滨江集团 公告编号：2025－034 杭州滨江房产集团股份有限公司 关于选举第七届董事会职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《公司法》、《公司章程》等相关规定，为保证杭州滨江房 产集团股份有限公司（以下简称"公司"）董事会的合规运作，公司 于2025年6月9日召开了职工代表大会，经民主选举，一致同意选举沈 伟东先生（简历附后）担任公司第七届董事会职工代表董事。本次选 举产生的职工代表董事将与公司2024年年度股东大会选举产生的董 事共同组成公司第七届董事会，任期至公司第七届董事会任期届满时 止。 本次换届选举完成后，公司第七届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计未超过公司董事总数的二分 之一，符合《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》的规定。 特此公告。 二〇二五年六月十日 1 附件: 公司第七届董事会职工代表董事简历 沈伟东先生：1973年出生，硕士研究生学历，高级会计师，中国 注册会计师。 ...

关于 杭州滨江房产集团股份有限公司 2024 年年度股东大会的 法 律 意 见 书 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571 8790 1111 传真：0571 8790 1500 http://www.tclawfirm.com 法律意见书 浙江天册律师事务所 关于杭州滨江房产集团股份有限公司 致：杭州滨江房产集团股份有限公司 根据《中华人民共和国证券法》以下简称（"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会关于《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件 的要求，浙江天册律师事务所（以下简称"本所"）接受杭州滨江房产集团股份有限 公司（以下简称"滨江集团"或"公司"）的委托，指派吕崇华律师、赵琰律师参加 滨江集团 2024 年年度股东大会，并出具本法律意见书。 本法律意见书仅供滨江集团 2024 年年度股东大会之目的使用。本所律师同意将 本法律意见书随滨江集团本次股东大会其他信息披露资料一并公告。 本所律师根据《股东会规则》第五条的要求，按照律师行业公认的业务标准、道 德 ...

证券代码：002244 证券简称：滨江集团 公告编号：2025-032 杭州滨江房产集团股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议召开时间：2025 年 6 月 9 日（星期一）14：30 网络投票时间：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 6 月 9 日 9:15—9:25，9:30－11:30， 13:00—15:00；通过深圳证券交易所互联网投票系统进行网络投票的 具体时间为 2025 年 6 月 9 日 9:15 至 15:00。 2、会议地点：杭州市庆春东路 36 号六楼会议室 3、召开方式：现场投票与网络投票相结合的方式 4、召集人：公司董事会 特别提示： 1、本次股东大会无否决提案的情况； 通过现场和网络投票的中小股东 280 人，代表股份 247,281,117 股，占公司有表决权股份总数的 7.9475％。 公司董事、监事、高级管理人员 ...