香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年五月十六日 於本公告刊發日期，董事會成員包括： 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司 关于"22 穗建 03"公司债券 2025 年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ⚫ 债权登记日：2025 年 5 月 23 日 ⚫ 付息日：2025 年 5 月 26 日 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 广州市城市建设开发有限公 ...

Group 1: Policy and Market Overview - The Central Committee and State Council issued opinions to promote urban renewal, emphasizing sustainable development and improved urban quality [1] - The Central Political Bureau reiterated the need to stabilize the real estate and stock markets, with financial regulators committed to implementing supportive measures [1] - The People's Bank of China announced a reduction in personal housing provident fund loan rates, which is expected to save residents over 20 billion yuan annually [1] Group 2: Real Estate Market Trends - The real estate market shows signs of recovery, particularly in first- and second-tier cities, with high-quality projects entering the market [3] - In the first quarter, real estate loans increased by over 750 billion yuan, with personal housing loans seeing the largest quarterly increase since 2022 [2] - The inventory of new homes in 12 key cities is 87.71 million square meters, with a de-stocking cycle of 15.2 months, indicating a significant year-on-year reduction [3] Group 3: Company Performance - Vanke Enterprises reported revenue exceeding 340 billion yuan for 2024, leading the industry in transaction volume and housing delivery [5] - China Resources Land's total contract sales for April 2025 were approximately 17.3 billion yuan, reflecting a year-on-year decrease [5] - Yuexiu Property achieved contract sales of approximately 10.29 billion yuan in April 2025, a year-on-year increase of about 23.8% [6]

Market Overview - The market is experiencing fluctuations, with Hong Kong stocks closing down 0.79% amid a trade war easing [1] - The Middle East is a focal point for capital, with significant investment commitments from Saudi Arabia and Qatar, including a $600 billion investment from Saudi Arabia and a $1.2 trillion economic exchange agreement with Qatar [1] - There is skepticism regarding the actual economic capacity of Gulf countries to fulfill these commitments, given their GDP figures [1] Technology Sector - The U.S. Department of Commerce has stated that using Huawei's Ascend chips globally violates export controls, indicating ongoing tensions in the tech sector [2] - China's economic indicators show a decline in short-term loans and a decrease in both short-term and long-term household loans, suggesting reduced consumer spending [2] - The overall tech sector, including companies like SMIC and Hua Hong, is expected to face pressure due to these geopolitical tensions [2] IPO Market - The IPO market in Hong Kong is under pressure, with CATL's public offering attracting over $50 billion in institutional orders, indicating strong demand [3] - There are multiple companies, including Chinese enterprises, applying for IPOs in Hong Kong, reflecting ongoing interest in the market despite broader economic challenges [3] Shipping and Port Sector - The shipping and port sectors are seeing strength, with companies like China Merchants Port announcing new leasing agreements to enhance financing [4] - China Merchants Port's stock rose nearly 4%, alongside gains in other shipping companies, indicating positive market sentiment in this sector [4] Tencent Holdings - Tencent reported better-than-expected Q1 results, with revenue of 180.22 billion RMB, a 13% year-on-year increase, and a net profit of 47.82 billion RMB, up 14% [5] - The company is adjusting its organizational structure to enhance its e-commerce capabilities, which aligns with its strategic goals [5] Urban Development - The Chinese government has issued guidelines to promote urban renewal, focusing on sustainable development and infrastructure improvement [6] - Key companies in this sector include Vanke, Yuexiu Property, and China Resources Land, which are expected to benefit from these initiatives [6] Company Spotlight: Blokko - Blokko is experiencing significant growth, with projected revenue of 2.241 billion RMB in 2024, a 155.6% increase, driven by its successful transition into the building block toy market [7] - The company has a diverse IP portfolio, including partnerships with major franchises like Ultraman, contributing to its revenue growth [7][8] - Blokko's distribution strategy includes a strong presence in first and second-tier cities, with plans to expand its product offerings further [8]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - The real estate market in key cities has shown signs of recovery due to a series of policy optimizations introduced in 2024, leading to increased market activity in the fourth quarter of 2024. The report anticipates that these policies will continue to take effect in 2025, resulting in a gradual stabilization of the market in high-capacity cities [4][85] - The report suggests focusing on two main investment lines: 1) Strong leading real estate companies with comprehensive development capabilities and a good reputation, actively participating in urban renewal and village reconstruction [4][85] 2) Commercial public REITs with diverse business models and strong operational brands [4][85] Summary by Sections New Housing Market - In the first four months of 2025, the average transaction price of new homes in the core 30 cities increased by 5% year-on-year, with a total transaction area of 4,376 million square meters, reflecting a 2.3% increase year-on-year [1][17] - The average transaction price for new homes in key cities was as follows: Beijing at 60,061 CNY/sqm (+21.2%), Shanghai at 77,681 CNY/sqm (-2.8%), Guangzhou at 32,623 CNY/sqm (-11.8%), and Shenzhen at 60,537 CNY/sqm (-2.0%) [2][37] Second-Hand Housing Market - The transaction area of second-hand homes in the core 15 cities increased by 21% year-on-year in the first four months of 2025, with the average price in 10 cities rising by 2% [3] - The average transaction price for second-hand homes in key cities was: Beijing at 28,927 CNY/sqm (+3.5%), Shanghai at 39,193 CNY/sqm (+2.6%), Guangzhou at 27,170 CNY/sqm (-7.4%), and Shenzhen at 57,887 CNY/sqm (-2.0%) [80] Investment Recommendations - The report emphasizes the importance of monitoring the implementation of policies aimed at stabilizing the real estate market and suggests that the market will see further differentiation among regions and cities in 2025 [4][85] - Recommended companies include China Overseas Development, China Merchants Shekou, Poly Developments, and others that are actively involved in urban renewal and have a strong market presence [4][85]

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The current evolution of the housing sales system in China is expected to progress gradually, with a focus on pilot programs starting in lower-tier cities. The emphasis is on stabilizing the market through incremental policies rather than abrupt changes [4][5]. - The discussions surrounding the housing sales system have shifted from short-term measures aimed at cooling the market to long-term reforms aimed at establishing a new development model for the real estate sector [3][4]. - The report highlights the importance of supportive policies to ensure the successful implementation of the housing sales system, particularly in the context of stabilizing the market [5]. Summary by Sections Housing Sales System Evolution - The housing sales system is being pushed forward with pilot programs, particularly in lower-tier cities, to minimize market disruption [4]. - The focus is on new land sales being tied to immediate housing sales, with existing projects facing stricter pre-sale regulations [2][3]. Market Stability and Policy Support - The report emphasizes the need for additional policies to stabilize the market and support the "stop the decline and stabilize" goal [5]. - It suggests that the real estate sector is currently in a phase where more incremental and supportive measures are necessary to ensure a smooth transition to the new sales system [4][5]. Recommended Companies - The report recommends several companies for investment, including: - A-share developers: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9][11]. - Hong Kong-listed developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9][11]. - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, China Merchants Jinling, Poly Property, and Binjiang Service [9][11]. Financial Performance and Projections - The report provides financial forecasts for the recommended companies, indicating expected earnings per share (EPS) growth and target prices for each [12][13][14]. - For instance, Chengdu Investment Holdings is projected to have an EPS of 0.23 in 2025, with a target price of 6.34 [12]. Conclusion - The report concludes that while the housing sales system is evolving, the focus should remain on stabilizing the market through supportive policies and careful implementation of new regulations [5].

Core Insights - The real estate development sector is experiencing a performance bottoming phase in 2024 due to declining gross margins and increased impairment losses, with no significant improvement observed in Q1 of this year [1] - Companies focusing on core cities and property leasing have shown performance growth despite the overall sector challenges [1] Group 1: Financial Performance - Sample real estate companies are projected to achieve revenues of 4.03 trillion yuan in 2024, a year-on-year decline of 19%, with a net loss of 371.9 billion yuan, an increase in losses by 281.1 billion yuan compared to 2023 [1] - The gross margin for sample companies is expected to decrease by 2.2 percentage points in 2024, with A-share companies recording an additional impairment of 63.5 billion yuan compared to the previous year [1] Group 2: Leverage and Debt Structure - The overall asset-liability ratio for sample companies is expected to be 71.6% by the end of 2024, a decrease of 0.3 percentage points from the previous year, with state-owned enterprises showing a more significant reduction [2] - A-share development companies saw a 0.9 percentage point decrease in interest-bearing debt ratio in Q1 2025 compared to the end of the previous year, indicating a marginal improvement in debt structure [2] Group 3: Market Dynamics and Investment Confidence - The sales concentration of the top 100 real estate companies is declining, with total sales expected to be 3.08 trillion yuan in 2024, a year-on-year decrease of 27.4%, while the market share is projected to drop by 4.9 percentage points to 36.3% [3] - Despite a 31% year-on-year decline in land acquisition amounts for the top 100 companies, there was a 42% increase in land acquisition amounts in the first four months of this year, indicating improved investment confidence [3] Group 4: Strategic Recommendations - Companies with a focus on core city development, property management, and related sectors are recommended, including A-share companies such as Binjiang Group and China Merchants Shekou, as well as Hong Kong-listed companies like Beike and Yuexiu Property [4]

交银国际研究 | | | 三个月 | 年初至 | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 66.64 | -10.80 | -10.65% | | 期金 | 3,240.30 | 12.37 | 23.24 | | 期银 | 32.98 | -0.38 | 14.10 | | 期铜 | 9,534.00 | -2.83 | 9.51 | | 日圆 | 146.32 | 3.99 | 7.41 | | 英镑 | 1.33 | 5.45 | 6.25 | | 欧元 | 1.12 | 6.71 | 8.29 | | 基点变动 | | 三个月 六个月 | | | 基点变动 | | 三个月 六个月 | | | --- | --- | --- | --- | | HIBOR | 4.58 | 0.00 | 0.00 | | 美国10年债息 yield | 4.53 | 1.19 | 2.03 | | 资料来源： FactSet | | | | | 恒指技术走势 | | | --- | --- | | 恒生指数 | 23,640.65 | | 50 天 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年五月十四日 於本公告刊發日期，董事會成員包括： 关于"22 穗建 01"公司债券回售实施结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、本期债券回售登记情况 1、债券代码：185771 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：185771 债券简称：22 穗建 01 广州市城市建设开发有限公司 2、债券简称：22 穗建 01 3、回售登记期：2025 年 4 月 ...

Group 1: Market Performance and Trends - In April 2025, the residential market did not maintain the momentum from March, with a total sales area of 996.3 million square meters, representing a month-on-month decrease of 28.0% and a year-on-year decrease of 6.2% [3] - Despite the overall market cooling, cities like Shanghai, Shenzhen, and Guangzhou still experienced "daylight sales," indicating structural heat in the market, particularly in high-demand areas [5] - The average land transaction price in key cities remains high, with significant premium rates observed, particularly in first-tier and core second-tier cities [7] Group 2: Policy and Government Actions - The Political Bureau meeting emphasized the need to stabilize the real estate market, focusing on urban renewal actions and increasing the supply of high-quality housing [1] - Future policies may include expanding demand by lifting purchase restrictions, promoting housing delivery, and accelerating the acquisition of existing properties and land [2] Group 3: Company Developments - Poly Developments achieved significant success in April, securing two high-value land parcels in Hangzhou and Xiamen, with floor prices of 52,000 yuan and 51,000 yuan per square meter, respectively, marking the highest prices for the month [1][9] - Sunac China's overseas debt restructuring has made substantial progress, with a total of approximately 95.5 billion USD involved, potentially allowing the company to convert debt into equity [15] Group 4: Investment and Financing - In April 2025, the top 100 real estate companies acquired land worth 116.53 billion yuan, a month-on-month decrease of 4.8% but a year-on-year increase of 87.4% [8] - The average financing cost for domestic bonds issued by real estate companies in April was 2.7%, a slight decrease from March [15]

Core Viewpoint - The emergence of "land kings" in cities like Beijing, Shanghai, Hangzhou, and Chengdu presents both opportunities and challenges for real estate companies, necessitating effective strategies for absorption of these high-priced lands [2][10]. Group 1: Market Dynamics - The "Chaoyang 11" land parcel was acquired for a record price of 12.6 billion yuan, marking it as the second-highest total price in Chaoyang's land auction history, with a floor price of 54,500 yuan per square meter [2]. - Despite high listing prices in surrounding areas, developers are exercising caution in the current real estate market [2]. - The competition for the Huangshanmu Store site will be intense, with projects like "Xinyi Heyuan" and "Haidian Shucun" also entering the market [6][7]. Group 2: Sales and Profitability - Maintaining sales while ensuring profitability is a significant challenge for projects acquired at high prices, as evidenced by two high-priced projects in Beijing with varying sales rates [10][11]. - The market favors early entrants, as demonstrated by the success of the "Yuejinyayuan" project, which achieved strong sales due to a lack of new supply in the area [9]. - Developers are increasingly prioritizing customer engagement and pre-sales strategies to mitigate risks associated with high land costs [2][11]. Group 3: Cost and Quality Management - Balancing cost control and product quality is crucial, as cutting costs can lead to a decline in quality, impacting market competitiveness [13]. - Companies can enhance efficiency and optimize structures to control costs without sacrificing quality, such as reducing overhead and improving team performance [13]. - Collaboration with local governments can help developers secure better profit margins through policy adjustments, such as increasing plot ratios or negotiating land prices [14].