Core Viewpoint - The company has entered into a termination agreement regarding the return of parking spaces, which will enhance cash flow and facilitate quicker liquidation of assets [1] Group 1: Termination Agreement - The company’s wholly-owned subsidiary, Chengdu Deshang, has agreed to return 652 parking spaces to the seller as part of a termination agreement [1] - The related debtor will pay a total of RMB 22.52 million to Chengdu Deshang [1] Group 2: Debt Settlement - According to the debt settlement agreement, the seller will transfer a total of 960 parking spaces to Chengdu Deshang to offset the receivables owed by the debtor [1] - As of the announcement date, 308 parking spaces have already been sold by Chengdu Deshang, leaving 652 parking spaces still held by the group [1] Group 3: Financial Implications - The return of the parking spaces and cash repayment by the debtor will help to expand the company’s cash flow [1] - This strategy is expected to facilitate the rapid liquidation of the parking spaces, thereby saving on sales costs [1]

Core Insights - The real estate service sector experienced a 2.42% increase on October 21, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - The top-performing stocks in the real estate service sector included: - Zhujiang Co. (600684) with a closing price of 5.79, up 6.04% [1] - Shilianhang (002285) with a closing price of 2.38, up 3.93% [1] - Huangting International (000056) with a closing price of 2.43, up 3.85% [1] - Other notable stocks included Zhongtian Service (002188), Xindazheng (002968), and Nandu Property (603506) with respective increases [1] Capital Flow Analysis - The real estate service sector saw a net outflow of 16.28 million yuan from institutional investors and 44.42 million yuan from speculative funds, while retail investors contributed a net inflow of 60.70 million yuan [1] - Specific stock capital flows indicated: - Wo Ai Wo Jia (000560) had a net inflow of 10.05 million yuan from institutional investors [2] - Te Fa Service (300917) experienced a net outflow of 13.46 million yuan from speculative funds but a net inflow of 7.01 million yuan from retail investors [2] - Other stocks like Shilianhang (002285) and Zhongtian Service (002188) showed significant retail inflows despite overall net outflows from institutional and speculative funds [2]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The real estate sector continues to face pressure, with significant declines in investment and sales figures. The cumulative year-on-year decline in real estate development investment reached 13.9% for the first nine months of 2025, with new housing starts down 18.9% and completed housing down 15.3% [4][45] - The sales performance of new commercial housing has weakened, with a cumulative year-on-year decline of 7.9% in sales revenue and 5.5% in sales area for the same period. The sales figures for September 2025 indicate a year-on-year decline of 11.8% in sales revenue and 10.5% in sales area [6][45] - The report suggests that the high base effect from last year's fourth quarter will create significant pressure this year, leading to increased policy expectations that may provide opportunities for the real estate sector [5][72] Summary by Sections Investment and Sales Data - In the first nine months of 2025, national real estate development investment totaled 67,706 billion, down 13.9% year-on-year. New housing starts were 45,399 million square meters, down 18.9%, and completed housing was 31,129 million square meters, down 15.3% [4][45] - The sales area of new commercial housing was 65,835 million square meters, with a year-on-year decline of 5.5%, and sales revenue was 63,040 billion, down 7.9% [4][6] Price Trends - The average selling price of new commercial housing was 9,575 yuan per square meter, down 2.5% year-on-year, with a slight improvement in the rate of decline compared to previous months. In September, the average price was 9,406 yuan per square meter, down 1.4% year-on-year [22][45] Development Investment and Funding - Real estate development investment accelerated its decline, with a year-on-year drop of 13.9% for the first nine months. Funding for real estate enterprises was 72,299 billion, down 8.4% year-on-year [45][58] - In September, the year-on-year decline in development investment was 21.3%, while funding saw a decline of 11.5% [45][58] Construction Data - The new housing starts for the first nine months were 45,399 million square meters, down 18.9%, while completed housing was 31,129 million square meters, down 15.3%. However, September saw a year-on-year improvement in completed housing [58][45]

国创高新公告称，全资子公司国创技术向中国银行申请1000万元借款，公司为国创技术该笔借款提供连 带责任保证担保，并签署《最高额保证合同》。公司2025年度为全资子公司提供不超2.4亿元担保额 度，本次担保在额度范围内，无需再审议。本次担保后，公司对国创技术担保余额1000万元，可用担保 额度为0。截至公告披露日，公司对外担保余额1.1亿元，占最近一期经审计净资产的23.45%，无逾期等 异常担保情形。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The industry is still in a bottoming and stabilizing phase, with a more optimistic view on real estate companies in core cities with abundant resources. The report highlights that while the marginal improvement in construction and sales is noted, housing prices still face downward pressure [1][2]. - The report recommends real estate stocks that align with the "good credit, good city, good product" logic, as well as leading property management companies with stable dividends and performance [1]. Summary by Sections Real Estate Development - In September, real estate development investment saw a year-on-year decline of 21%, which is a 1.8 percentage point increase in the decline compared to August. Cumulatively from January to September, the year-on-year decline is 14% [2]. - The land market showed marginal improvement in September, with transaction area and transaction amount down by 1% and 7% year-on-year, respectively, compared to declines of 25% and 31% in August [2]. - New construction in September decreased by 14% year-on-year, but the decline narrowed by 6 percentage points compared to August [2]. Sales Performance - The sales amount in September saw a year-on-year decline of 12%, which is a 2 percentage point narrowing from August. Cumulatively, from January to September, the year-on-year decline is 8% [3]. - The new housing price index in 70 cities decreased by 2.7% year-on-year in September, with a 0.3 percentage point narrowing from August [3]. Cash Flow Situation - In September, the cash inflow for real estate companies decreased by 12% year-on-year, although the decline narrowed by 0.4 percentage points compared to August. Specifically, deposits and prepayments fell by 9% year-on-year, while personal mortgage loans decreased by 11% [4]. - The overall cash flow situation for real estate companies remains to be improved, as domestic loans saw a significant decline of 15% year-on-year in September [4].

Core Insights - The real estate service sector experienced a slight decline of 0.09% on October 20, with Zhujiang Co. leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Zhongtian Service (002188) saw a closing price of 5.89, with an increase of 2.08% and a trading volume of 88,600 shares [1] - Nandu Property (603506) closed at 12.98, up 1.88%, with a trading volume of 42,800 shares [1] - Shilianhang (002285) closed at 2.29, up 1.33%, with a trading volume of 274,200 shares [1] - Zhujiang Co. (600684) closed at 5.46, down 3.87%, with a trading volume of 398,100 shares and a transaction amount of 221 million [2] Capital Flow - The real estate service sector saw a net outflow of 102 million from main funds, while retail investors contributed a net inflow of approximately 97 million [2][3] - Zhujiang Co. experienced a significant net outflow of 34.95 million from main funds, accounting for a 15.79% decrease [3] - The net inflow from retail investors for Zhujiang Co. was 39.02 million, representing 17.63% of the total [3]

格隆汇10月17日丨贝壳-W(02423.HK)公告，10月16日耗资500万美元回购82.2万股。 ...

Market Overview - On October 17, the real estate service sector declined by 1.67%, with Huangting International leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Key stocks in the real estate service sector showed varied performance, with Huangting International closing at 2.31, down 4.15%, and Zhujiang Shares at 5.68, down 3.40% [2] - The trading volume and turnover for several stocks were significant, with Wo Ai Wo Jia recording a turnover of 266 million yuan [2] Capital Flow - The real estate service sector experienced a net outflow of 45.6861 million yuan from institutional investors and 20.1255 million yuan from speculative funds, while retail investors saw a net inflow of 65.8116 million yuan [2] - Detailed capital flow data indicates that several stocks, including Huangting International and Zhujiang Shares, faced significant net outflows from institutional and speculative investors [3]

Market Overview - The real estate service sector declined by 1.19% on October 16, with New Dazheng leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Key stocks in the real estate service sector showed varied performance, with the following notable changes: - Zhujiang Shares (600684) increased by 2.44% to 5.88, with a trading volume of 299,600 shares and a turnover of 173 million yuan [1] - New Dazheng (002968) decreased by 2.92% to 12.30, with a trading volume of 109,300 shares and a turnover of 135 million yuan [2] - I Love My Home (000560) fell by 2.00% to 2.94, with a trading volume of 1,203,200 shares and a turnover of 355 million yuan [2] Capital Flow - The real estate service sector experienced a net outflow of 50.45 million yuan from institutional investors, while retail investors saw a net inflow of 15.87 million yuan [2] - The following stocks had significant capital flow: - Zhujiang Shares had a net inflow of 12.02 million yuan from institutional investors, while retail investors had a net outflow of 16.03 million yuan [3] - New Dazheng saw a net outflow of 12.30 million yuan from institutional investors, but a net inflow of 19.51 million yuan from retail investors [3]

证券日报网讯国创高新（002377）10月15日在互动平台回答投资者提问时表示，截至2025年9月30日， 公司股东人数为2.94万户。 ...