Core Viewpoint - The company is preparing for its 2025 annual general meeting, focusing on the approval of related party transactions and the extension of the board's authority for issuing A-shares, while also reporting on its 2024 operational and financial performance. Group 1: Meeting Details - The annual general meeting is scheduled for June 20, 2025, at 14:00, with online voting available during specified times [1] - The meeting will be held at Ziting Hotel, Shanghai, and will be witnessed by lawyers from King & Wood Mallesons [1] - The agenda includes proposals for expected related party transactions and the extension of the board's authority for issuing A-shares [1] Group 2: Board Performance and Operations - The board held 11 meetings in the reporting period, focusing on significant matters such as equity purchases and management appointments [4] - The company reported a revenue of 6.959 billion yuan in 2024, a decrease of 54.74% year-on-year, and a net profit of -317 million yuan, down 157.06% [5][19] - The asset-liability ratio at the end of 2024 was 70.12%, a decrease of 1.35 percentage points from the beginning of the year [5][19] Group 3: Business Segments Performance - The asset management segment achieved a rental income of 647 million yuan, with a leasing area of over 800,000 square meters [6] - The property service segment managed 296 projects, covering 25.5 million square meters, leading to significant revenue growth [6] - The urban agriculture segment reported a revenue of 320 million yuan in 2024 [6] Group 4: Future Outlook and Strategy - The company anticipates a recovery in the real estate market in 2025, driven by supportive macro policies [9][10] - The strategic focus will be on enhancing core business areas while exploring urban life services and city renewal projects [11] - The company aims to optimize project delivery and improve product quality in residential projects [12] Group 5: Financial Management and Governance - The average interest rate on interest-bearing liabilities decreased from 4.34% to 3.87% in 2024 [7] - The company plans to provide guarantees totaling up to 3 billion yuan for subsidiaries in 2025 [21][22] - The board and supervisory committee have maintained compliance with legal and regulatory requirements, ensuring effective governance [14][16]

Core Viewpoint - The completion of the roof waterproofing and insulation system renovation project in the Zhenhai old community marks a significant step in implementing the national urban renewal strategy, showcasing how small renovations can lead to substantial improvements in residents' quality of life and sustainable urban development [1][3]. Group 1: Project Overview - The renovation project covers seven communities, with a total roof renovation area of 23,693 square meters [3]. - The project team faced challenges such as narrow construction sites and impacts on residents' daily lives, but successfully completed the project with a focus on quality and safety [3]. Group 2: Impact on Residents - The new waterproofing system effectively addresses long-standing issues of roof leaks during rainy seasons, significantly improving residents' quality of life and sense of security [3]. - The insulation treatment enhances indoor comfort by keeping homes cooler in summer and warmer in winter, contributing to energy conservation and supporting national energy reduction goals [3]. Group 3: Future Plans - The company plans to continue advancing other parts of the urban renewal project with high standards, aiming to create a modern community that is livable, resilient, and smart [4]. - The initiative is designed to enhance the living environment for residents in the Zhaobaoshan area, contributing to urban renewal and sustainable development [4].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The sales of the top 100 real estate companies are weak, with a year-on-year decline of 10.4% in sales amount and 23.6% in sales area in May 2025, indicating a need for continued policy support for the real estate sector [5][6] - The report recommends focusing on the domestic substitution chain and the African building materials chain, with leading companies in the existing market being the main focus for the year [9] Summary by Sections Real Estate Sales - In May 2025, the total sales amount of the top 100 real estate companies decreased by 10.4% year-on-year, while the sales area dropped by 23.6%. The month-on-month sales amount increased by 4.2%, and the sales area rose by 2.7%, but these figures are still below the average from 2018 to 2024 [5][6] Central Government Support - The central government plans to provide over 20 billion yuan to support urban renewal actions in 20 cities, focusing on areas such as underground pipeline updates, sewage treatment, and the renovation of historical and old districts [6][21] Cement Market - The cement shipment rate remained stable month-on-month at approximately 48%, with a year-on-year decline of 2.3 percentage points. The average price of cement was 368.55 yuan per ton, down 4.19 yuan from the previous week [7][26] Glass Market - The domestic float glass market showed weak transactions, with prices continuing to decline. The average price was 71.59 yuan per weight box, down 1.25 yuan from the previous week [8][40] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the special glass fiber market. For the African chain, Keda Manufacturing is highlighted as a local leader with advantages in production and branding [9]

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 Viewpoint - China State Construction Engineering Corporation (CSCEC) is strategically investing in real estate despite market challenges, indicating a strong belief in the long-term potential of the sector [1][3]. Group 1: Investment and Land Acquisition - CSCEC's subsidiary, China State Construction Second Engineering Bureau, has invested 7.491 billion yuan in a real estate development project in Beijing's urban sub-center [1][3]. - The project covers approximately 112,800 square meters with a total planned construction area of about 261,900 square meters, including residential and office spaces [3]. - The company aims to enhance its influence and brand recognition in the Beijing real estate market through this investment [3]. Group 2: Financial Performance and Business Segments - Real estate development is CSCEC's third-largest business, generating approximately 300 billion yuan in annual revenue with a gross profit margin of around 17% [1][4]. - From 2021 to 2024, the company's real estate revenue showed fluctuations, with 2023 sales reaching 451.4 billion yuan, a 12.4% increase year-on-year, making it the industry leader [4]. - In 2024, the real estate segment's revenue is projected to account for about 14% of total income, contributing 25.4% to gross profit [1][4]. Group 3: Market Strategy and Future Outlook - CSCEC plans to deepen its investment in core cities and regions, focusing on precise investment strategies and enhancing sales efforts [5][8]. - The company has acquired 75 new land parcels, increasing its land reserves to 77.18 million square meters, with all new acquisitions located in first-tier and strong second-tier cities [5][8]. - The real estate business aims to transition into a leading international property development and operation group, emphasizing residential development and quality commercial projects [8]. Group 4: Risk and Resilience - Despite facing challenges from market adjustments, CSCEC's real estate business has demonstrated resilience, with annual profits consistently exceeding 40 billion yuan from 2020 to 2024 [1][9]. - The company reported a 14.88% decline in net profit for 2024, primarily due to increased credit impairment losses, which reached 13.634 billion yuan [9].

在财政部近日公示的2025年城市更新行动评审结果中，包括北京、天津、兰州在内的20座城市入围，中 央财政将补助超200亿元。此次资金支持明确指向城市更新的样板项目与机制建设双轨道并行，从补齐 城市基础设施的短板弱项向探索建立可持续的城市更新机制迈进。 硬件更新是起点，长效机制支撑才是关键。城市更新绝非孤立项目的拼凑，而是需要基础设施硬支撑与 人文经济软实力协同发力的系统工程，应在可持续上下足"绣花功夫"。 城市更新首先要统筹规划。应以系统观念统领全局，一体推进机制完善和项目建设。在具体实施环节， 需制定可持续的城市更新机制，将城市的"生产、生活、生态"功能有机融合。同时，有序分步推进城市 的建筑、街道、管网、交通、河道、生态等领域更新升级。 精准施策，分类落子。中央财政按区域差异实施"分类补助"，东部至多8亿元、中部10亿元、西部及直 辖市12亿元。各地更需尊重区域发展梯度与城市禀赋差异，在统一目标下探索适合自身路径，突出城市 亮点特色，因城施策、精准施策。 构建城市更新内生引擎。项目储备库是城市更新的"源头活水"，确保项目供给源源不断；构建多元筹措 机制破解资金瓶颈；强化用地保障与审批优化，为项目落地扫除障 ...

2025 年 06 月 09 日 证券分析师 房诚琦 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） 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 Insights - Shanghai is emerging as a global travel destination with an average of over 30,000 inbound travelers daily by 2025, driven by the implementation of visa-free policies that enhance accessibility for foreign visitors [1][6] Group 1: Cultural and Historical Attractions - The Bund and its surroundings offer a blend of historical and modern experiences, showcasing the contrast between classical architecture and contemporary skyscrapers, creating a vibrant atmosphere for tourists [2] - Yu Garden and the City God Temple represent the pinnacle of Jiangnan garden aesthetics, merging traditional culture with modern elements, attracting visitors with their historical significance and contemporary events [2] - The cultural scene in Shanghai is rich, with over a hundred public and private art galleries and numerous museums, providing diverse experiences that rival those of London and New York [3] Group 2: Unique Experiences and Entertainment - The emergence of local brands like Xiaoguo Culture adds a unique flavor to Shanghai's cultural offerings, with performances that resonate with both domestic and international audiences, showcasing the city's humor and creativity [4] - The integration of traditional and modern performances, such as the Shanghai National Orchestra's signature show, enhances the cultural experience for foreign visitors, making it a must-see event [3] Group 3: Urban Development and Transformation - Urban renewal projects like the Shanghai West District and Wujiaochang have transformed historical sites into modern cultural hubs, attracting diverse crowds and fostering community engagement [3] - The introduction of themed cafes and cultural spaces, such as the first Shinkai Makoto-themed café, highlights Shanghai's appeal to niche markets and enhances its status as a cultural destination [3]

Investment Rating - The industry rating is "Outperform the Market" [6][67] Core Views - The report highlights that the downward trend in cement and glass prices continues, while urban renewal initiatives are actively promoted. The Ministry of Housing and Urban-Rural Development reported that 5,679 old urban residential areas were newly started for renovation from January to April, with over 50% opening rates in six regions [2][11] - Central government financial support for urban renewal is expected to exceed 20 billion yuan, with various local governments implementing measures to stimulate real estate market demand [2][11] - Short-term factors include the emphasis on stabilizing the real estate market amid growth pressures and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [2][11] - Long-term factors suggest that the opening of the interest rate reduction channel in Europe and the US may provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize real estate transactions and prices [2][11] Summary by Sections Recent High-Frequency Data - As of June 6, 2025, the average price of bulk P.O 42.5 cement in China is 372.6 yuan/ton, down 0.6% week-on-week and down 4.6% year-on-year [3][12] - The average factory price of glass (5.00mm) is 1,205.7 yuan/ton, down 2.0% week-on-week and down 27.3% year-on-year [3][20] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4] 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4] Market Performance - The Shanghai Composite Index rose by 1.13%, and the Shenzhen Composite Index rose by 1.82%. The building materials index increased by 0.63% [3][55] - Sub-sectors showed varied performance, with fiberglass manufacturing up by 2.08% and cement manufacturing down by 0.97% [3][55]

Core Insights - The event "AI Era, Guangzhou Transformation and Innovation Development" highlighted the need for cities to revitalize historical spaces and create youth-friendly policies, integrating technology and culture to enhance urban attractiveness and competitiveness [1][2] Group 1: Urban Renewal and Youth Engagement - Urban renewal has shifted from expansion to revitalization, focusing on cultural heritage and innovation, requiring collaborative efforts from government, market, and society [1][2] - Experts emphasized the importance of creating low-cost living environments and fair business conditions for young entrepreneurs during urban renewal [2][3] - The planning departments should adopt youth-oriented design principles to attract young people to participate in urban renewal [2][3] Group 2: Cultural and Economic Integration - Urban renewal should not only address housing issues but also alleviate young people's anxieties by providing supportive living and working environments [2][3] - The integration of ecological and cultural elements in urban renewal is essential for attracting youth, with a focus on creating vibrant public spaces and social venues [3][4] - The overall environment of a city, including innovation atmosphere and quality of life, plays a crucial role in attracting young talent [5] Group 3: Policy Recommendations - Recommendations include institutionalizing youth participation in urban renewal processes and aligning urban planning with the needs of young people [5] - The "14th Five-Year Plan" should incorporate strategies to provide personalized living, employment, and entrepreneurial spaces for young individuals in Guangzhou [5] - Exploring practical paths for youth involvement in urban renewal through empowerment, innovation, and collaborative governance is suggested [5]