证券代码：001914 证券简称：招商积余 公告编号：2025-82 招商局积余产业运营服务股份有限公司 第十一届董事会第二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 2025 年12月23日以电子邮件等方式发出召开公司第十一届董事会第二次会议的通知。 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，现场会议在深 圳市南山区蛇口太子湾邮轮大道招商积余大厦 15A1 会议室召开。应出席会议董 事 11 人，实际出席会议董事 11 人。其中，董事陈智恒、李朝晖现场参会，董事 黄健、袁斐、赵肖、杨蕾、KAREN LAI（黎明儿）、邹平学、宋静娴、张博辉 以视频方式参会，董事长吕斌因工作安排原因未能出席会议，授权委托董事袁斐 代为出席会议并行使表决权。公司高管列席了会议。会议由董事总经理陈智恒主 持（经全体董事推选）。本次会议的召集、召开符合《公司法》及《公司章程》 的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议经审议做 ...

2025 年 12 月 23 日 晨会速递 分析师点评 市场数据 行业研究 【建材】推动投资止跌回稳，着力扩大有效投资——建材、建筑及基建公募 REITs 半 月报（11 月 29 日-12 月 19 日）(买入) 基建投资下滑，个别细分领域保持较快增长。中央经济工作会议中提出推动投资止跌 回稳；"十五五"期间我国投资仍将保持一定增量，但将更加注重投资效益，重视项 目质量及项目落地，重大工程仍将是传统基建领域的重点。当前我们建议关注：新材 料方向：中国巨石，国恩股份，濮耐股份，科达制造，宏润建设（布局机器人业务）， 洁美科技。基建地产链方向：中国建筑、东方雨虹、海螺水泥。 【房地产】1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9%——土地市 场月度跟踪报告（2025 年 11 月）(增持) | | A 股市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | 上证综指 | 3917.36 | 0.69 | | 沪深 300 | 4611.62 | 0.95 | | 深证成指 | 13332.73 | 1.47 | | 中小板指 | 8083.6 | 1.60 | ...

Core Insights - The total market capitalization of 63 listed property companies reached 267.416 billion yuan, reflecting a significant increase of approximately 238.234 billion yuan, with a growth rate of 816.37% [1] Market Performance Summary - Among the 63 property companies, 57 maintained stable market values, accounting for 90% of the total [1] - Four companies experienced an increase in market value, totaling an increase of 13.641 billion yuan [1] - Two companies saw a decline in market value [1] Top Gainers - The company with the highest market capitalization increase was Zhongtian Service, which rose by 35.82%, adding 644 million yuan to its total market value of 2.443 billion yuan [1] - The top ten companies by market capitalization increase include Zhongtian Service, Zhujiang Co., New Dazheng, China Merchants Jiyu, Tefa Service, Nandu Property, Runhua Service, Lingyue Service Group, Suxin Service, and Likao Health Life [1] Top Losers - The company with the largest market capitalization decline was Country Garden Services, which reported a 0% decline, resulting in a total market value of 19.024 billion yuan [1] - The top ten companies by market capitalization decline include Country Garden Services, Greentown Services, Color Life, China Overseas Property, Yalife Service, Poly Property, Zhongao Home, Qifu Life Services, Pujiang China, and Xingye Wulian [1]

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Insights - In the first 11 months of 2025, the transaction area of residential land in 100 cities decreased by 15% year-on-year, while the average transaction floor price increased by 9% year-on-year [1][20] - The top three companies in terms of new land reserve value from January to November 2025 are China Overseas Land & Investment (COLI) with 96.2 billion yuan, China Resources Land with 75.7 billion yuan, and China Merchants Shekou with 75.4 billion yuan [2][89] - The core 30 cities saw a cumulative year-on-year decrease of 5% in residential land transaction area, but a 13% increase in average transaction price [2][3] Summary by Sections Land Supply and Demand - In the first 11 months of 2025, the total supply of land in 100 cities decreased by 11.9% year-on-year, with a total transaction area of 10.68 billion square meters [10] - The supply of residential land in 100 cities for January to November 2025 was 348 million square meters, down 16.5% year-on-year, while the transaction area was 221 million square meters, down 15.1% year-on-year [20][1] Land Transaction Prices - The average transaction floor price for residential land in 100 cities increased by 9.4% year-on-year, reaching 6,295 yuan per square meter [1][55] - In November 2025, the average transaction price for residential land in first-tier cities was 39,283 yuan per square meter, up 29.5% year-on-year [66] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a cumulative year-on-year increase of 22.1% in new land reserve value, totaling 861.8 billion yuan from January to November 2025 [81] - The top three companies in terms of new land reserve area were China Overseas Land & Investment (4.38 million square meters), Poly Developments (3.63 million square meters), and China Merchants Shekou (3.14 million square meters) [89] Core 30 Cities Land Transaction Situation - In November 2025, the core 30 cities recorded a total of 208 residential land transactions, with a total area of 1.529 million square meters, down 14.4% year-on-year [94] - The overall premium rate for land transactions in the core 30 cities was 2.2%, down 4.1 percentage points year-on-year [94] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales performance in core cities, recommending Poly Developments, China Merchants Shekou, and China Jinmao [4][117] - It also highlights the potential of companies with rich existing resources and operational brand competitiveness, recommending China Resources Land and Shanghai Lingang [4][117] - The report sees long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][117]

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 如何理解高质量发展的政策导向和内涵？ ——房地产行业周度观点更新 报告要点 [Table_Summary] 房地产行业高质量发展，要系统性处理好长期和短期、顶层设计与因城施策、市场和保障、增 量和存量、促发展与防风险等关系，短期、因城施策和防风险等维度的政策指向依然比较清晰， 需求端的支撑不可或缺。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中央：住建部长发表署名文章指出，党的十八大以来，我国房地产市场快速发展，城镇人均住 房建筑面积超过 40 平方米，户均住房超过 1.1 套，建设各类保障性住房和棚改安置住房 6800 多万套。全面落实推动房地产高质量发展的重点任务，提出几点要求：优化保障性住房供给， 完善以公租房、保租房和配售型保障房为主的多层次住房保障体系；科学安排土地供应、引导 配置金融资源，坚持因城施策、精准施策、一城 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a rebound in sales in Guangzhou due to the promotion of prefabricated buildings, with a week-on-week increase in sales despite a year-on-year decline [1][6] - The overall market performance remains weak, with the Shenwan Real Estate Index down by 0.41% and the CSI 300 Index down by 0.28%, indicating underperformance relative to the broader market [3][11] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 0.41%, while the CSI 300 Index fell by 0.28%, resulting in a relative return of -0.13% [3][11] - The report notes that the performance of the real estate sector is weaker than the overall market [3][11] Industry Fundamentals - For the week of December 12-18, 38 tracked cities saw a total of 29,303 new homes sold, a year-on-year decrease of 31.9% but a week-on-week increase of 8% [4][19] - The total transaction area for new homes was 3.19 million square meters, with a year-on-year decline of 29.6% but a week-on-week increase of 21% [4][19] - In the same week, 16 tracked cities recorded 18,668 second-hand homes sold, down 23% year-on-year but up 1.5% week-on-week [34][37] - The total transaction area for second-hand homes was 181.8 million square meters, with a year-on-year decline of 26.1% and a week-on-week increase of 5.7% [34][37] Land Market Supply and Transactions - In the week of December 8-14, land supply was 2,056.8 million square meters, down 55.1% year-on-year, with an average supply price of 1,053 yuan per square meter, down 38.5% year-on-year [5] - Land transactions totaled 8,132.5 million square meters, up 53.5% year-on-year, with a transaction amount of 135.41 billion yuan, up 55.9% year-on-year [5] Financing Analysis - Real estate companies issued a total of 5.33 billion yuan in credit bonds, reflecting a year-on-year decrease of 39.34% and a week-on-week decrease of 64.51% [5] Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively respond to market fluctuations [6] - It also notes that property management companies may see performance and valuation recovery as market demand rebounds, recommending attention to companies like China Resources Vanke and Poly Property [6]

Industry Overview - The real estate market is entering a phase of stabilization after significant adjustments, with signs of recovery becoming evident as new home sales decline at a slower rate compared to previous periods. In the first eleven months of 2025, the cumulative sales area of commercial housing reached 78,702 million square meters, a year-on-year decrease of 7.8%, compared to a 12.9% decline in 2024 [10][4][16] - The new home price decline has narrowed, with the average price drop in 70 large and medium-sized cities decreasing to 2.6% year-on-year by November 2025. First-tier cities performed better than second and third-tier cities in both year-on-year and month-on-month price changes [13][20] - The inventory of residential properties is being effectively reduced, with the narrow inventory (completed but unsold area) decreasing for nine consecutive months, leading to a narrowing of the inventory cycle to 20.5 months [16][17] Policy Environment - The central government continues to emphasize the goal of stabilizing the real estate market, implementing policies to support recovery through measures such as reducing interest rates and optimizing credit conditions. Local governments are also taking targeted actions to stimulate market demand [4][52] - The policy framework is evolving from "stabilizing the decline" to "high-quality development," focusing on both revitalizing existing stock and optimizing new supply. The construction of high-quality housing has been elevated to a strategic priority [51][52] 2026 Outlook - Key indicators for the real estate sector are expected to gradually stabilize and improve marginally in 2026. Under a neutral assumption, new construction area is projected to be 508 million square meters, a year-on-year decrease of 14.2%, while sales area is expected to be 835 million square meters, down 6.4% [4][10] - The overall development investment is anticipated to be 7.64 trillion yuan, reflecting an 8.5% year-on-year decline, but with a narrowing of the decline compared to 2025 [4][10] Investment Recommendations - The report suggests focusing on financially stable developers with a strong presence in core cities, such as China Resources Land, China Merchants Shekou, and New City Holdings. In the property management sector, companies like China Resources Mixc Life and Greentown Service are recommended [4][10]

Core Viewpoint - The stock of China Merchants Jinling has shown a mixed performance in recent trading sessions, with a year-to-date increase of 9.29% and a recent decline over the past 20 and 60 days, indicating potential volatility in the market [2][3]. Group 1: Stock Performance - As of December 19, the stock price increased by 2.08% to 11.29 CNY per share, with a trading volume of 39.0041 million CNY and a turnover rate of 0.33%, resulting in a total market capitalization of 11.896 billion CNY [1]. - Year-to-date, the stock has risen by 9.29%, with a 5-day increase of 2.45%, but has seen declines of 1.22% over 20 days and 3.50% over 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 13.942 billion CNY, reflecting a year-on-year growth of 14.65%, and a net profit attributable to shareholders of 686 million CNY, which is a 10.71% increase compared to the previous year [3]. - The company has distributed a total of 9.12 billion CNY in dividends since its A-share listing, with 5.62 billion CNY distributed over the last three years [4]. Group 3: Shareholder Information - As of December 10, the number of shareholders decreased to 20,600, a reduction of 0.35%, with an average of 51,193 circulating shares per shareholder, down by 0.28% [3]. - The top ten circulating shareholders include new entrants such as ICBC Value Selection Mixed Fund and Tianhong Yongli Bond A, indicating changes in institutional holdings [4].