证券代码：000069 证券简称：华侨城 A 公告编号：2026-03 深圳华侨城股份有限公司 关于召开 2026 年第一次临时股东会通知的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、召开会议基本情况 （一）股东会届次：2026 年第一次临时股东会 （二）召集人：深圳华侨城股份有限公司董事会 2026 年 1 月 9 日，公司第九届董事会第四次临时会议审议通过 了《关于召开 2026 年第一次临时股东会的议案》。 （三）本次股东会的召集、召开所履行的程序符合有关法律、行 政法规、部门规章、规范性文件、深圳证券交易所业务规则和公司章 程等的有关规定。 2、通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 1 月 28 日（星期三）9:15-15:00 期间的任意时间。 第 1 页 （五）会议的召开方式：本次股东会采用现场表决与网络投票相 结合的方式召开。 公司股东应严肃行使表决权，投票表决时，同一股份只能选择现 场投票、深圳证券交易所交易系统投票、深圳证券交易所互联网系统 投票中的一种，不能重复投票。如果同一股份通过现场、交易系统和 互联 ...

深圳华侨城股份有限公司第九届董事会第四次临时会议的 通知和文件于 2026 年 1 月 6 日（星期二）以书面、电子邮件方 式送达各位与会人员。会议于 2026 年 1 月 9 日（星期五）以通 讯方式召开。出席会议董事应到 4 人，实到 3 人，独立董事李茂 惠因个人原因请假本次会议。会议的召开符合公司法和公司章程 的有关规定。 会议根据议程逐项审议并通过了如下事项： 一、3 票同意，0 票反对，0 票弃权，审议通过了《关于提 请股东会更换独立董事的议案》，同意提名邓金栋先生为公司独 立董事候选人，任期自股东会审议通过之日起至第九届董事会任 期届满之日止；李茂惠先生因个人原因不再担任公司相关职务； 并同意将该议案提交公司股东会审议。具体情况详见《关于变更 独立董事的公告》（公告编号：2026-02） 二、3 票同意，0 票反对，0 票弃权，审议通过了《关于召 证券代码：000069 证券简称：华侨城 A 公告编号：2026-01 深圳华侨城股份有限公司 第九届董事会第四次临时会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 第 1 页 共 2 页 开 ...

华侨城A公告称，2026年1月9日，公司九届四次董事会同意提名邓金栋为独立董事候选人，任期至九届 董事会届满。李茂惠因个人原因离任，截至公告日未持股。公司拟1月28日召开临时股东会审议更换提 案，邓金栋任职资格需经深交所审核。其未取得资格证书，但承诺参加培训获取。截至公告日，邓金栋 未持股，无关联关系，符合任职条件。 ...

Group 1 - The core focus of the news is the successful test flight of the electric vertical takeoff and landing vehicle prototype, Hongqi Tianyan No. 1, developed by FAW Qiyu (Shenzhen) Technology Co., marking a significant step in the low-altitude economy sector in China [1] - FAW Qiyu aims to establish a global headquarters for flying cars in Dapeng New District, focusing on research, manufacturing, testing, and operational services [1] - The "Central-Local State-Owned Enterprise Shenzhen Action" initiative has led to the signing of 47 cooperation projects with a total investment of 544 billion yuan, enhancing collaboration between central and local state-owned enterprises [1][2] Group 2 - The Shenzhen State-owned Assets Supervision and Administration Commission has established the Shenzhen State-Owned Enterprise Party Building Research Association to improve communication and coordination among over 3,400 central state-owned enterprises in Shenzhen [2] - The association has created a "Pengyou Circle" to facilitate collaboration and resource sharing among member enterprises, enhancing operational efficiency [4] Group 3 - The association has organized multiple policy briefings and training sessions to address the needs of central state-owned enterprises, with over 3,000 participants attending various events [4][8] - A comprehensive communication and feedback mechanism has been established to address enterprise concerns, ensuring timely responses to issues raised by businesses [6][8] Group 4 - The association has facilitated the implementation of various projects, including housing solutions for employees and financing support for small and medium enterprises, demonstrating its effectiveness in addressing practical challenges faced by enterprises [7][9] - A "thousand people visiting a thousand enterprises" initiative has been launched to gather feedback and improve service delivery, resulting in a structured approach to problem-solving [8] Group 5 - The association has promoted over 300 key projects with a total investment of 1.1 trillion yuan, enhancing the integration of central and local enterprises [10][11] - Future plans include strengthening communication mechanisms and deepening the "Party Building + Service + Cooperation" model to foster a more collaborative environment for state-owned enterprises in Shenzhen [12]

债券代码：149343 债券简称：21 侨城 02 深圳华侨城股份有限公司 关于"21 侨城 02"回售结果暨摘牌公告 本公司董事或具有同等职责的人员保证本公告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏。 特别提示： 深圳华侨城股份有限公司 2021 年面向合格投资者公开发行公司债券（第 一期）（品种二）（以下简称"本期债券"）将于 2026 年 1 月 12 日支付 2025 年 1 月 11 日至 2026 年 1 月 10 日期间的利息及本期债券的回售本金。因本期债 券已全额回售，付息及支付回售款后本期债券将在深圳证券交易所摘牌。 1、债券简称：21 侨城 02。 2、债券代码：149343.SZ。 3、债权登记日：2026 年 1 月 9 日。 侨城 02"全部回售给深圳华侨城股份有限公司（以下简称"公司"或"发行人"）， 回售价格为 100 元/张（不含利息），回售资金兑付日为 2026 年 1 月 12 日，本 次回售资金已足额划转至中国证券登记结算有限责任公司深圳分公司。 根据中国证券登记结算有限责任公司深圳分公司提供的数据，"21 侨城 02" 本次回售登记期有效回售申报数 ...

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

Core Viewpoint - The recent rumors surrounding the detention of Duan Xiannian have sparked significant reactions within the industry, highlighting the vulnerabilities of the Chinese cultural tourism real estate model [1] Group 1: Historical Context - During Duan Xiannian's leadership at Overseas Chinese Town A, the "culture + tourism + urbanization" and "cultural tourism + real estate" models were seen as golden formulas, with theme parks serving as traffic engines and real estate as cash machines [3] - The rapid expansion and prioritization of scale in the industry were initially successful, with examples like Happy Valley and Window of the World becoming industry benchmarks [3] Group 2: Structural Issues - The existing model relies heavily on asset expansion and future expectations rather than actual operating cash flow, leading to vulnerabilities when the real estate cycle reverses [4] - The Shenzhen Securities Regulatory Bureau and Shenzhen Stock Exchange have pointed out issues such as asset impairment and insufficient provisions, indicating structural risks in the cultural tourism projects [4] Group 3: Industry Challenges - The current environment, marked by the pandemic and deep adjustments in the real estate sector, has exposed the weaknesses of the model, resulting in significant losses for Overseas Chinese Town A in 2024 and consecutive deficits over three years [5] - Other state-owned enterprises are also facing similar challenges, indicating a broader issue within the integrated cultural tourism real estate model [5] Group 4: Future Considerations - The incident involving Duan Xiannian marks the beginning of a critical phase for Overseas Chinese Town, raising questions about asset revaluation, financial resilience, and the potential transformation of cultural tourism into a core business rather than a real estate appendage [6] - The industry must shift focus from scale to genuine customer flow, stay duration, consumption, and cash flow, with theme parks needing to evolve into sustainable content platforms [6] - The current situation compels the industry to confront the reality that cultural tourism is not merely a financial tool but requires patience, professionalism, and a long-term perspective [6]

Core Viewpoint - In 2025, the Chinese real estate industry is entering a new phase of value competition amid deep adjustments, shifting its core competitiveness from scale and speed to product quality, operational service, and sustainable professional capabilities. Brand communication has transformed into a multi-dimensional value output focused on "hardcore product strength," "warm community strength," and "entrusted professionalism" [1]. Group 1: Brand Development - The year 2025 marks a significant transformation in the industry, with the "Good House" standard becoming a key driver for brand development and product quality, as it is integrated into government work reports and residential regulations [8]. - Many companies are releasing updated "Good House" standards, with Green City China updating its standards to include 270 core guidelines, while Jianfa Real Estate has introduced a four-dimensional framework for its "Good House" system [9]. - The launch of innovative community projects under the "Good House" framework, such as Darwin Camp and zero-carbon community projects, has garnered high attention and engagement [10]. Group 2: Community Brand - The real estate industry is evolving from "space construction" to "relationship cultivation," focusing on community warmth, neighborly relations, and growth experiences [16]. - Leading companies are creating community ecosystems that foster recognition, participation, and continuity, with community operations becoming a key aspect of post-delivery services [21]. - Initiatives like the "Children-Friendly" program by China Railway Real Estate and various health and wellness activities by companies like China Railway and Fuyue Property highlight the industry's focus on enhancing living experiences for residents [17][18]. Group 3: Construction Brand - In 2025, brand communication in real estate construction is characterized by a focus on "stronger companies, technology-driven, and value deepening," with an emphasis on comprehensive strength and differentiated value [22]. - The integration of AI technology in construction processes, such as the AI cooling station control system developed by Longfor, showcases the industry's commitment to innovation and efficiency [22]. - The establishment of industry standards, such as the "Comprehensive Capability Evaluation Standard for Construction Enterprises," enhances brand credibility and positions companies as authoritative figures in the market [23]. Group 4: Future Outlook - The brand communication landscape in the real estate sector is becoming increasingly structured, with product brands focusing on the "Good House" concept, community brands emphasizing human connections, and construction brands building on professionalism and technological capabilities [26]. - Future brand strategies will likely integrate product innovation, community engagement, and digital capabilities, allowing companies to create perceivable and trustworthy brand assets that provide a competitive edge in the evolving market [26].

近日，土楼研究所的消息说，段先念被带走了。 段先念的名字，很多90后不知道。但20年前，算得上如雷贯耳。 段先念是做曲江文旅成名的。后来还形成了所谓的"曲江模式"——这个模式跟段先念的名字是连在一起 的。就是将"文化+旅游+城市"整合起来进行运营，实现区域土地大幅增值。现在西安的网红打卡点大 唐芙蓉园、大唐不夜城，都是段先念主导建设的。段先念也从曲江新区管委会主任升到了西安市副市 长。 2014年3月，段先念跨省调到华侨城集团当总经理的时候，人们多少有点意外。这个跨度有点大。 但仔细一想，也不意外。那时，段先念已经58岁了，这个年龄在政界要晋升恐怕比较难。而华侨城是央 企，也是正厅级，再干五六年没问题。更重要的是，段先念以文旅成名，华侨城则是响当当的"文旅央 企"。从这个角度上说，国资委是知人善任。 2017年，任克雷退休，段先念接任董事长。由此华侨城迎来大刀阔斧的动作。用地产界的话说就是，大 举扩张。 如果没记错的话，华侨城那时有两个重要的投资方向，一个是云南，一个是段先念起家的西安。动辄千 亿级别。当然，意向项目没有都落地。话说回来，如果都落地了，华侨城今天的窟窿要更大。举个例 子，华侨城那几年跟云南城投 ...

Core Viewpoint - The crisis at Vanke has impacted the real estate market, prompting China Overseas Chinese Town Holdings Limited (OCT Group) to seek national support for bond repayment [1] Group 1: Company Actions and Financial Situation - OCT Group has received clear instructions from the State-owned Assets Supervision and Administration Commission (SASAC) to provide "all necessary support" for bond repayment, including potential capital injection or asset transfer [1] - The company is discussing with regulatory authorities to enhance its refinancing capabilities, with one possibility being the issuance of longer-term bonds in the first half of this year [1] - In the past 25 years, OCT Group primarily issued short-term financing bonds (SCP), totaling approximately 13.5 billion yuan across 8 issuances last year [1] Group 2: Debt Obligations and Challenges - OCT Group faces significant short-term debt repayment pressure, with a total of approximately 22.195 billion yuan in bonds due in 2026 [2] - Two bonds are maturing in January: "25华侨城SCP002" with a principal of 2 billion yuan and a coupon rate of 3.59%, and "23华侨城MTN001" with a principal of 1.5 billion yuan and a coupon rate of 3.36% [2] - Shenzhen OCT Co., Ltd. (SZ:000069), the main listed platform of OCT Group, has short-term borrowings of 2.314 billion yuan and non-current liabilities due within one year of 34.133 billion yuan as of the end of Q3 2025, indicating a cash short-term debt ratio of less than 0.62 [4] Group 3: Historical Context and Precedents - There is a precedent for SASAC supporting OCT Group through asset transfers, as seen in April 2025 when OCT Group transferred all its shares in Konka Group to China Resources without compensation, ending a 34-year controlling history [5]