深圳华侨城股份有限公司 关于豁免公司高管兼职限制的公告 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。 近日，深圳华侨城股份有限公司（以下简称"公司"）收到控股 股东华侨城集团有限公司（以下简称"华侨城集团"）发来的中国证 券监督管理委员会（以下简称"中国证监会"）上市公司监管司作出 的《关于同意豁免华侨城集团有限公司高级管理人员兼职限制的函》， 同意豁免华侨城集团总经理吴秉琪代行公司总裁职责的限制。 证券代码：000069 证券简称：华侨城 A 公告编号：2025-48 董 事 会 特此公告。 第 1 页 共 2 页 深圳华侨城股份有限公司 华侨城集团承诺，按照《公司法》《证券法》《关于推动国有股 东与所控股上市公司解决同业竞争规范关联交易的指导意见》（国资 发产权〔2013〕202 号）及相关法律法规要求，严格履行已作出的关 于避免同业竞争、规范关联交易的各项承诺，保证公司的独立性，并 依法履行信息披露义务；保证吴秉琪先生优先履行公司总裁职责，充 分维护公司及中小股东合法权益。 吴秉琪先生承诺，在代行公司总裁职责并兼任控股股东华侨城集 团总经理职务期间，保证勤 ...

Investment Rating - The report assigns an "Overweight" rating for the real estate sector [4]. Core Insights - The real estate industry is currently in a downward trend, with significant declines in front-end investments and ongoing price pressures in the traditional cycle [2]. - The cumulative year-on-year decline in real estate investment for the first nine months of 2025 is 13.9%, indicating a potential two-digit decrease for the year if the trend continues [61]. - The widening price gap between new and second-hand homes suggests diminishing marginal returns from new projects [62]. Summary by Sections Investment Situation - In the first nine months of 2025, real estate development investment reached 67,706 billion yuan, down 13.9% year-on-year, with residential investment also declining by 12.9% [12][9]. - New construction area decreased by 18.9% year-on-year, while completed area fell by 15.3% [18][9]. Sales Performance - The total sales area of commercial housing in the first nine months of 2025 was 6.58 million square meters, reflecting a 5.5% year-on-year decline [27]. - The sales amount for commercial housing was 63,040 billion yuan, down 7.9% year-on-year [10]. Funding Sources - Total funding sources for real estate reached 72,299 billion yuan, with an 8.4% year-on-year decline [46]. - Domestic loans accounted for 15.62% of funding sources, with a 1.4% decrease year-on-year [48]. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category, and China Resources Land and Longfor Group in the commercial and residential category [61].

Investment Rating - The report maintains a positive investment rating for selected companies in the real estate sector, recommending a focus on expansion-oriented firms [65][72]. Core Insights - Real estate investment in the first nine months of 2025 has decreased by 13.9% year-on-year, with expectations of a double-digit decline even with a strong fourth quarter. This could result in a reduction of 1 trillion RMB compared to the previous year if the investment drops by over 10% in 2025 [3][74]. - Urban renewal and new technology infrastructure are identified as key areas for potential growth and investment opportunities [3][74]. - The widening price gap between new and second-hand homes is impacting the marginal effects of new projects, with new home prices showing slight increases in major cities while second-hand home prices remain stagnant [70][74]. Summary by Sections 1. Investment Trends - In the first nine months of 2025, real estate investment has fallen by 13.9% compared to the same period in 2024, with a significant decline in new construction and sales [6][11]. - The investment growth rate in September 2025 dropped to -21.3%, indicating continued pressure on the market [69][74]. 2. Sales Performance - The total sales area of commercial housing in the first nine months of 2025 decreased by 5.5% year-on-year, with sales revenue declining by 7.9% [8][25]. - Sales in first-tier cities showed resilience, with a slight increase in sales area, while second and third-tier cities experienced declines [32][34]. 3. Funding Sources - Total funding for real estate development reached 7.23 trillion RMB in the first nine months of 2025, down 8.4% year-on-year [48][52]. - Domestic loans accounted for 15.62% of funding sources, with a year-on-year decline of 1.4% [52][67]. 4. Recommended Companies - The report recommends several companies for investment, including: - Development: China Vanke, Poly Developments, China Merchants Shekou, Gemdale [65][74]. - Residential: China Resources Land, Longfor Group [65][74]. - Property Management: Onewo, China Resources Mixc Lifestyle Services [65][74]. - Culture & Tourism: Shenzhen Overseas Chinese Town [65][74].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the liquidity scores of QB's bond assets. In the urban investment bond sector, the number of high - grade liquid bond items in Jiangsu, Sichuan, and Chongqing has increased, and the overall situation in Shandong and Tianjin has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, and 3 - 5 years has increased, while that of 2 - 3 years has decreased, and the situation for those over 5 years has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with ratings of AAA, AA, AA(2), and AA - has increased, while that of AA+ has decreased. [2] - In the industrial bond sector, the number of high - grade liquid bond items in the real estate and steel industries has increased, while that in the public utilities, transportation, and coal industries has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year and 1 - 2 years has increased, that of 3 - 5 years has decreased, and the situation for 2 - 3 years and over 5 years has remained stable. In terms of ChinaBond implied ratings, the number of high - grade liquid bond items with ratings of AAA+, AAA-, AA+, and AA has increased, with a relatively large increase in medium - and low - rated items such as AA+ and AA, while the number of those with a rating of AAA has decreased. [3] 3. Summaries According to Relevant Catalogs 3.1 Urban Investment Bonds: Increased Liquidity of Medium - and Short - Maturity High - Grade Bond Items - **Distribution of Bond Items**: The number of high - grade liquid urban investment bonds with medium - and short - maturities has increased. Regionally, the number in Jiangsu, Sichuan, and Chongqing has increased, while that in Shandong and Tianjin has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, and 3 - 5 years has increased, that of 2 - 3 years has decreased, and the situation for those over 5 years has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with ratings of AAA, AA, AA(2), and AA - has increased, while that of AA+ has decreased. [9] - **Yield Situation**: Regionally, the yields of high - grade liquid bond items in Jiangsu, Shandong, Sichuan, and Chongqing have mainly decreased, while that in Tianjin has mainly increased, with the fluctuation range concentrated between 1 - 7bp. In terms of maturity, the yields of high - grade liquid bond items in all maturities have mainly decreased, with the decline range concentrated between 1 - 5bp. In terms of implied ratings, the yields of high - grade liquid bond items with a rating of AAA have mainly increased, while those of AA+, AA, AA(2), and AA - have mainly decreased, with the decline range concentrated between 2 - 5bp. [10][11] - **Top 20 in Liquidity Score Increase**: The main body levels are mainly AA and AA+. The regions are concentrated in Jiangsu, Zhejiang, and Anhui. The top 20 main bodies are mainly involved in industries such as building decoration and comprehensive industries. [12] - **Top 20 in Liquidity Score Decrease**: The main body levels are mainly AA and AA+. The regional distribution is mainly in Zhejiang, Jiangsu, Shandong, etc. The top 20 main bodies are mainly in comprehensive, real estate, and building decoration industries. [12] 3.2 Industrial Bonds: Increased Liquidity of Short - Maturity Medium - and Low - Rated Bond Items - **Distribution of Bond Items**: The number of high - grade liquid industrial bonds with short - maturities and medium - and low - ratings has generally remained stable. By the issuer's industry, the number of high - grade liquid bond items in the real estate and steel industries has increased, while that in the public utilities, transportation, and coal industries has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year and 1 - 2 years has increased, that of 3 - 5 years has decreased, and the situation for 2 - 3 years and over 5 years has remained stable. In terms of ChinaBond implied ratings, the number of high - grade liquid bond items with ratings of AAA+, AAA-, AA+, and AA has increased, with a relatively large increase in medium - and low - rated items such as AA+ and AA, while the number of those with a rating of AAA has decreased. [17] - **Yield Situation**: By industry, the yields of high - grade liquid bond items in the real estate, coal, and steel industries have mainly decreased, while those in the public utilities and transportation industries have mainly increased, with the fluctuation range concentrated between 0.5 - 6bp. In terms of maturity, the yields of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, 2 - 3 years, and over 5 years have mainly decreased; the yields of B - grade liquid bond items with maturities of 3 - 5 years have mainly increased, with a very small increase; the yields of A - grade bond items have mainly decreased, with a decline of about 2bp. In terms of implied ratings, the yields of high - grade liquid bond items with a rating of AAA+ have mainly increased, with an increase range of 2 - 11bp; the yields of other implied - rated high - grade liquid bond items have mainly decreased, with the decline range concentrated between 1 - 3bp. [19] - **Top 20 in Liquidity Score Increase**: The industries of the top 20 main bodies in liquidity score increase are mainly building decoration, commercial retail, and transportation. The main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, building decoration, commercial retail, and real estate. [21] - **Top 20 in Liquidity Score Decrease**: The top 20 main bodies in liquidity score decrease are mainly in building decoration, transportation, and public utilities. The main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, public utilities, and real estate. [21]

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading, with a recent increase of 2.02% and a total market value of 20.255 billion yuan, despite a year-to-date decline of 5.62% [1] Financial Performance - For the first half of 2025, China Overseas Chinese Town A reported a revenue of 11.317 billion yuan, a significant year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion yuan, reflecting a year-on-year decline of 171.52% [2] - Cumulative cash dividends since the listing amount to 16.503 billion yuan, with no dividends distributed in the past three years [3] Shareholder Information - As of September 30, the number of shareholders for China Overseas Chinese Town A is 105,800, a decrease of 0.59% from the previous period, while the average circulating shares per person increased by 0.59% to 65,205 shares [2] - The top ten circulating shareholders include China Securities Finance Corporation, which holds 203 million shares (a decrease of 39.8223 million shares), and Hong Kong Central Clearing Limited, which increased its holdings by 3.4062 million shares to 59.0445 million shares [3] Stock Trading Activity - The stock experienced a trading volume of 77.9442 million yuan with a turnover rate of 0.45%, indicating moderate trading activity [1] - The net inflow of main funds was 205,100 yuan, with significant buying and selling activities recorded [1] Business Segments - The main business segments of China Overseas Chinese Town A include tourism (72.15% of revenue), real estate (27.18%), and other businesses (0.67%) [1] - The company operates within the real estate development sector, specifically focusing on commercial real estate [1] Market Position - The company is categorized under several concepts, including mid-cap stocks, margin financing, share buybacks, DeepSeek concept, and new urbanization [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][52]. Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation [4][43]. - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [4]. - The report recommends focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [4]. Market Performance - The Shanghai Composite Index fell by 1.5%, the Shenzhen Component Index by 5.0%, the ChiNext Index by 5.7%, and the CSI 300 Index by 2.2%. The real estate sector (Shenwan) declined by 2.3% [4][7]. - The top five stocks in terms of increase were Hefei Urban Construction (+41.0%), Shanghai Shimao (+25.3%), *ST Nanzhi (+19.3%), Shahe Co. (+15.9%), and Daming City (+11.8%). The bottom five were Shoukai Co. (-19.5%), Zhangjiang Hi-Tech (-11.6%), Hualian Holdings (-9.4%), Overseas Chinese Town A (-7.7%), and Zhongzhou Holdings (-7.4%) [4][7]. Data Tracking New Housing Transactions - For the week of October 11-17, 2025, 42 key cities saw a total new housing transaction of 2.46 million square meters, a week-on-week increase of 151.8% [13]. - As of October 17, 2025, the total new housing transaction for the month in these cities was 3.68 million square meters, a month-on-month decrease of 6.8% and a year-on-year decrease of 32.0% [17]. Second-Hand Housing Transactions - For the week of October 11-17, 2025, 21 key cities recorded a total second-hand housing transaction of 2.20 million square meters, a week-on-week increase of 155.9% [26]. - As of October 17, 2025, the total second-hand housing transaction for the month was 3.14 million square meters, a month-on-month decrease of 32.7% and a year-on-year decrease of 21.0% [30]. Industry News - The Ministry of Housing and Urban-Rural Development emphasized the establishment of housing inspection, safety management funds, and housing insurance systems [40]. - The Ministry of Natural Resources clarified that future urban land space planning will focus on revitalizing and optimizing existing space [40]. - Various local policies have been introduced, such as tax incentives for housing rental companies in Beijing and relaxed residency requirements in Xiamen [40].

Core Insights - Aitiya is focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to introduce its two core projects: the "China Tourism Project Investment Conference" and the newly planned "Edinburgh" cultural and artistic scenic area [1][5] Company Overview - Aitiya, established in 2010, plays a significant role in resource integration and project initiation within China's cultural tourism industry [2] - The company has a strong international and domestic resource network covering the entire chain of cultural tourism investment, project planning, product design, and operational management [2] Key Projects - The "China Tourism Project Investment Conference" has been held for fifteen consecutive years and is regarded as the "Oscar of the cultural tourism industry," gathering top investment and operational institutions [2] - The "Edinburgh" project aims to create a comprehensive cultural tourism area that integrates comedy performances, public art, and immersive experiences, inviting renowned artists and institutions as partners [3] Industry Trends - The Chinese cultural tourism industry is entering a critical phase of high-quality development, necessitating an upgrade in investment logic [4] - Successful cultural tourism projects will depend on four key factors: international vision, product innovation, professional threshold breakthroughs, and enhanced aesthetic appeal [4] Future Plans - Aitiya plans to leverage the upcoming 2025 Greater Bay Area Cultural Industry Investment Conference to deepen connections with local resources and promote its core projects [5][6] - The company aims to collaborate with local governments and enterprises to implement international and innovative cultural tourism projects in the Greater Bay Area [5][6] Strategic Importance - The value of the investment conference lies not only in funding connections but also in building an industrial ecosystem and resource network essential for the success of cultural tourism projects [6] - Aitiya intends to play a key role in connecting resources and empowering content within the Greater Bay Area's cultural tourism landscape [6]

Core Insights - Aitiya is focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to implement two major projects: the "China Tourism Project Investment Conference" and the "Edinburgh" cultural and artistic scenic area [1][6] - The organization emphasizes the integration of international resources and local industry advantages to enhance the quality of the cultural tourism industry in the Greater Bay Area [1][7] Aitiya's Role in Cultural Tourism - Established in 2010, Aitiya plays a crucial role in resource integration and project initiation within China's cultural tourism sector [2] - The organization has successfully facilitated the introduction of the French "Freaks' World" project, a billion-level investment, into Hangzhou, showcasing its capability in international project collaboration [2][3] - Aitiya operates two core projects: the "China Tourism Project Investment Conference," recognized as the "Oscar of the cultural tourism industry," and the newly developed "Edinburgh" project, which aims to create an immersive cultural tourism experience [2][3] Investment Strategy and Development Trends - The current phase of China's cultural tourism industry is characterized by a shift towards high-quality development, necessitating an upgrade in investment logic [4] - Successful cultural tourism projects will depend on four key factors: international perspective, product innovation, professional standards, and aesthetic enhancement [4] - The Greater Bay Area is seen as a natural hub for developing international cultural tourism projects, with a need to introduce globally influential cultural content [4][5] Upcoming Initiatives and Collaborations - Aitiya plans to leverage the upcoming 2025 Greater Bay Area Cultural Industry Investment Conference to deepen connections with local resources [6][7] - The organization aims to establish partnerships with local scenic spots and enterprises to create a new cultural tourism benchmark in the region [6][7] - Aitiya has a strong historical connection with Guangdong, having received support from major local enterprises since its inception [6]

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading, with a current price of 2.46 CNY per share, reflecting a year-to-date decline of 7.87% and a recent five-day drop of 3.15% [1] Financial Performance - For the first half of 2025, China Overseas Chinese Town A reported a revenue of 11.317 billion CNY, a significant year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion CNY, marking a 171.52% decline compared to the previous period [2] - Cumulative cash dividends since the company's listing amount to 16.503 billion CNY, with no dividends distributed in the past three years [3] Shareholder Structure - As of September 30, the number of shareholders for China Overseas Chinese Town A is 105,800, a decrease of 0.59% from the previous period, while the average circulating shares per person increased by 0.59% to 65,205 shares [2] - The top ten circulating shareholders include China Securities Finance Corporation, which holds 203 million shares (a decrease of 39.82 million shares), and Hong Kong Central Clearing Limited, which increased its holdings by 3.41 million shares to 59.04 million shares [3]

Group 1: Government Policies and Initiatives - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasizes the need to construct safe, comfortable, green, and smart houses, while also renovating old ones [1] - Nine departments, including the Ministry of Housing, have issued an action plan to develop and implement intelligent municipal infrastructure construction and renovation plans [2] - Beijing has introduced a new tax policy for housing rental enterprises, reducing the VAT rate from 5% to 1.5% starting January 1, 2026, and lowering the property tax rate from 12% to 4% [3] Group 2: Real Estate Transactions and Market Activity - In Chengdu, a new policy has been released that removes local deposit restrictions for housing provident fund loans, allowing eligible non-local contributors to apply for conversion loans [4] - Two low-density residential land parcels in Suzhou's Xiangcheng district were sold at a total price of 661 million yuan, with floor prices of 7,500 yuan and 7,000 yuan per square meter [5] - A residential land parcel in Hangzhou's Binjiang district was sold for 1.264 billion yuan, reflecting a nearly 20% premium over the starting price [6] Group 3: Land Supply and Development - Beijing has announced the eighth round of proposed residential land supply for 2025, covering 9 plots with a total area of approximately 44 hectares and a planned construction scale of about 1.03 million square meters [7] - Shanghai is set to auction 6 land parcels in its eighth batch of land sales, with a total starting price of 18.495 billion yuan [8] Group 4: Company Performance and Leadership Changes - China State Construction's project, Yunhe Jiuyuan, achieved sales of 448 units in September, leading in sales volume, area, and amount in Beijing [9] - Beijing Urban Construction's Xi Yuan project opened its humanistic demonstration area, showcasing high-end residential values [10] - Sunac China’s debt restructuring plan received approval from 98.5% of creditors, marking a significant step towards resolving its offshore debt issues [12] Group 5: Sales Performance of Real Estate Companies - China Resources Land reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decline of 10.4% [13] - China Jinmao's contract sales for the same period reached 80.685 billion yuan, with a total area of 3.6745 million square meters sold [14] - Longfor Group's total contract sales amounted to 50.75 billion yuan, with a sales area of 3.943 million square meters [15]