Company Summary - New Dazheng (SZ 002968) announced a share buyback of approximately 600,000 shares, accounting for 0.26% of the total share capital, with a total transaction value of about 7.28 million yuan [1] - The highest transaction price during the buyback was 13.08 yuan per share, while the lowest was 11.9 yuan per share [1] - As of the report, New Dazheng's market capitalization stands at 2.8 billion yuan [1] Industry Summary - A significant increase in overseas orders has been reported, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about potential vicious competition, as some companies are selling at a loss [1]

（文章来源：证券时报网） 今年以来该股累计进行38次回购，合计回购1556.90万股，累计回购金额9973.08万港元。（数据宝） 碧桂园服务回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.03 | 50.00 | 6.180 | 6.150 | 308.70 | | 2025.10.31 | 50.00 | 6.190 | 6.180 | 309.10 | | 2025.10.30 | 56.80 | 6.200 | 6.180 | 351.42 | | 2025.10.22 | 30.00 | 6.230 | 6.230 | 186.90 | | 2025.10.17 | 100.00 | 6.200 | 6.170 | 618.60 | | 2025.10.16 | 16.20 | 6.250 | 6.240 | 101.23 | | 2025.10.15 | 20.00 | 6.200 | 6.200 | 124.00 | | 2025.10.14 ...

Investment Rating - The report maintains an "Outperform" rating for China Merchants Property Operation & Service, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [4][15]. Core Insights - The company achieved a revenue of RMB 13.94 billion in the first three quarters of 2025, representing a year-on-year growth of 14.65%, while the net profit attributable to shareholders was RMB 690 million, up 10.71% year-on-year [4][15]. - The report projects EPS for 2025, 2026, and 2027 at RMB 0.89, RMB 1.03, and RMB 1.14 respectively, with a target price set at RMB 16.12 based on a PE ratio of 18.11X for 2025 [4][15]. Financial Summary - Total revenue is forecasted to grow from RMB 15.63 billion in 2023 to RMB 24.17 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [3][4]. - Net profit attributable to shareholders is expected to increase from RMB 736 million in 2023 to RMB 1.21 billion in 2027, reflecting a CAGR of about 10.9% [3][4]. - The overall gross profit margin (GPM) improved by 0.2 percentage points compared to the same period in 2024, while net profit margin decreased by 0.2 percentage points to 4.9% due to a 29.6% increase in management expenses [4][16]. Property Management Contracts - The company signed new property management contracts worth RMB 3.02 billion, with 92% derived from market expansion projects. By September 2025, it managed 2,410 projects covering 367 million square meters [4][17]. - The residential sector saw a 38% year-on-year increase in new contracts, indicating a strong focus on expanding this segment [4][17]. Asset Management Performance - The asset management segment reported over a 15% increase in sales, with property occupancy rates remaining high at 94%. The summer operations led to a 20% increase in traffic and a 15% increase in sales year-on-year [4][18].

Core Viewpoint - The strategic transformation of Jintou Chengkai (600322) focuses on shedding heavy assets and concentrating on light asset operations to navigate the deep adjustments in the real estate industry and achieve sustainable development [1][2]. Group 1: Strategic Transformation - Jintou Chengkai has initiated a strategic shift by transferring all real estate development-related assets and liabilities to Tianjin Urban Operation Development Co., Ltd. for a nominal price of 1 yuan, marking a significant move towards a "light asset" model [1][2]. - This decision is seen as a critical foundation for the company to escape financial difficulties and avoid delisting risks, showcasing the responsibility and strategic wisdom of the Tianjin state-owned asset system [1][2]. Group 2: Financial Restructuring - The company's asset-liability ratio stood at 100.36% as of June 2025, with a net asset of -500 million yuan and a net loss exceeding 540 million yuan in the first half of 2025, highlighting the financial strain from its real estate operations [2][3]. - Post-transaction, the asset-liability ratio is expected to drop to 46.28%, a decrease of 54.08 percentage points, and the net assets and earnings per share will turn positive, reversing the ongoing loss situation [3]. Group 3: Business Model Reconfiguration - The strategic shift not only aims for financial recovery but also fundamentally restructures the business model by focusing on property management and other light asset businesses, which offer stable cash flow and lower operational risks [4]. - The company plans to enhance its existing property management services while actively seeking acquisition opportunities for quality light asset targets to drive growth and improve profitability [4]. Group 4: Investment Perspective - The restructuring is anticipated to reshape the valuation logic and open up growth potential for Jintou Chengkai, with improved financial conditions and a mature business model leading to better dividend potential and valuation recovery [5]. - The transformation is viewed as a critical turning point for the company, enabling it to move from a burdensome operational model to a more agile and efficient one, with strong backing from state-owned assets [5].

Group 1 - Country Garden Services (06098) announced a share buyback plan, spending HKD 3.087 million to repurchase 500,000 shares on November 3, 2025 [1]

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對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的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00604） 二零二五年第三季度主要業務進展 深圳控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）向本公司 股東提供隨附二零二五年第三季度主要業務進展的新聞稿（「新聞稿」）。 新聞稿所載列的資料是根據本集團內部資料匯總編制而成，該等資料尚未經核數 師審核或審閱，因此僅供投資者參考。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 深圳控股有限公司 主席 王昱文 香港，二零二五年十一月三日 於本公告日期，董事會由七位董事組成，其中王昱文先生、蔡潯女士、嚴中宇先生及史 曉梅女士為本公司執行董事，而李偉強先生、黃友嘉博士及宮鵬教授為本公司獨立非執 行董事。 [請即時發放] 深圳控股公佈 2025 年第三季度主要業務進展 (2025 年 11 月 3 日- 香港) 深圳控股有限公司(「深圳控股」或「集團」；香港聯 交所上市編號：604.HK ...

Core Insights - Nandu Property's stock price increased by 2.61% on November 3, reaching 12.96 CNY per share, with a total market capitalization of 2.434 billion CNY [1] - The company has seen a year-to-date stock price increase of 52.29%, but has experienced a decline of 4.57% over the last five trading days [1][2] - For the period from January to September 2025, Nandu Property reported a revenue of 1.369 billion CNY, reflecting a year-on-year growth of 2.35%, and a net profit of 154 million CNY, which is a significant increase of 156.07% year-on-year [2] Financial Performance - Nandu Property's main business revenue composition includes: 89.52% from property basic services, 7.99% from property value-added services, 1.39% from non-owner value-added services, and 0.98% from other services [1] - The company has distributed a total of 319 million CNY in dividends since its A-share listing, with 123 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Nandu Property had 10,100 shareholders, an increase of 29.73% from the previous period, while the average number of circulating shares per shareholder decreased by 22.92% to 18,628 shares [2] - The top ten circulating shareholders saw a change, with Huaxia Return Mixed A (002001) exiting the list [3]

Core Viewpoint - The company is undergoing a significant asset disposal and restructuring plan to improve its financial health by divesting its real estate development business, which has been a core bottleneck due to high capital occupation and debt levels [1][2] Group 1: Asset Disposal and Restructuring - The company plans to transfer its real estate development-related assets and liabilities to Tianjin Urban Operation Development Co., Ltd. for a nominal price of 1 yuan, while retaining its property management business, which is more stable and generates consistent cash flow [1] - This restructuring is seen as the optimal solution to address the company's current development challenges and enhance core value while protecting shareholder interests [1] Group 2: Financial Impact - As of June 2025, the company's net assets are projected to be around -500 million yuan, with a net loss exceeding 540 million yuan in the first half of 2025 [1] - Post-asset disposal, the company anticipates turning its net assets and earnings per share from negative to positive, with the asset-liability ratio dropping to 46.28%, thereby mitigating the risk of delisting and improving its operational fundamentals [2]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Core Viewpoint - The Meihekou People's Court in Jilin Province has released a white paper on resolving property service contract disputes, highlighting the effectiveness of mediation in reducing litigation and improving governance efficiency [1] Summary by Relevant Sections Case Handling Statistics - From 2022 to June 30, 2025, the Meihekou Court handled a total of 2,476 property service contract dispute cases [1] - Out of these, 1,755 cases were resolved through mediation, while 721 cases were formally accepted for litigation [1] - The court achieved a mediation withdrawal rate of 54.79%, indicating a significant success in resolving disputes without proceeding to trial [1] Dispute Resolution Mechanism - The court has established a multi-faceted dispute resolution mechanism that integrates into the broader social governance framework [1] - A "mediation first + litigation last" model is being implemented to ensure timely judicial confirmation of successfully mediated cases, along with agreed-upon penalties for breach of contract [1] - After 2025, a new model will be adopted that combines comprehensive governance, proactive mediation, and expedited trials, enhancing the efficiency of dispute resolution [1] Impact on Governance and Cost Savings - The new approach aims to resolve property service contract disputes through non-adversarial means, significantly improving case quality and governance effectiveness at the grassroots level [1] - This method is expected to save costs for litigants and enhance their sense of judicial satisfaction [1]