Group 1 - The Hong Kong government has revised its private residential supply target for the next decade to 126,000 units, a reduction of 6,000 units, highlighting the importance of maintaining a stable and transparent land sale plan to address long-term housing demand [1] - Developers may remain cautious due to the government's focus on land supply and long-term planning rather than short-term market support, potentially leading to low transaction volumes and continued negative price adjustment sentiment, especially in the secondary market [1] - The government has streamlined statutory procedures and administrative processes for land development, allowing for greater design flexibility and improved economic viability of projects, which may enhance land utilization efficiency and increase parking space supply in urban areas [1] Group 2 - The "In-City Student Housing Program" is expected to support the commercial investment market, with a projected shortage of approximately 73,000 student accommodation beds by the 2027/28 academic year if all non-local students require housing [2] - The program has already led to the active redevelopment of existing properties, with four hotels and three residential buildings converted into student accommodation by 2025, particularly in poorly performing hotel locations [2] - The new capital investment scheme has lowered the investment threshold for residential properties to HKD 30 million, which is expected to stimulate demand for luxury homes and standalone houses, although the overall impact on transaction volume is anticipated to be minimal [2]

Core Viewpoint - Overseas investment in Japanese real estate reached a historical high in the first half of 2025, driven by rising land prices in major cities like Tokyo and Osaka, and supported by favorable economic conditions such as yen depreciation and low interest rates [2][4]. Group 1: Investment Trends - In the first half of 2025, overseas investors invested 1.14 trillion yen in Japanese real estate, marking the highest amount since 2005 [4]. - The yield gap, which measures investment return rates minus long-term interest rates, indicates that Japan offers higher attractiveness compared to other countries, with Tokyo's central office yield gap at 1.85%, surpassing New York (1.75%), Singapore (1.03%), and London (0.86%) [4][7]. Group 2: Rental Market Dynamics - Office rents in Tokyo are currently about 80% of those in New York, and rental prices have decreased by approximately 30% compared to pre-Lehman crisis peaks, while rents in London have increased by about 40% [7]. - The vacancy rate for Tokyo office buildings is expected to remain low until around 2027, with continuous rent increases anticipated [7]. Group 3: Economic Factors - The influx of foreign capital is supported by the economic environment, including yen depreciation and lower interest rates compared to other countries [7]. - The Bank of Japan has been gradually increasing interest rates, which is seen as acceptable for investors, as Japan's interest rates remain lower than those abroad [7].

Core Viewpoint - The stock of Fangdd Network Group Ltd. (DUO.US) surged by 13% to $3.47 following the release of housing price data by the National Bureau of Statistics on September 15, indicating a potential positive sentiment in the real estate market [1]. Group 1: Housing Price Trends - In August, new residential sales prices in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1]. - Second-tier cities experienced a month-on-month decrease of 0.3% in new residential sales prices, also showing a narrowing decline of 0.1 percentage points [1]. - Third-tier cities saw a month-on-month decline of 0.4% in new residential sales prices, with the decline expanding by 0.1 percentage points [1].

Core Viewpoint - 房多多 (DUO.US) experienced a significant increase of 13%, closing at $3.47, following the release of housing price data by the National Bureau of Statistics on September 15 [1] Group 1: Housing Market Data - In August, new residential property prices in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - In second-tier cities, new residential property prices fell by 0.3% month-on-month, with the decline also narrowing by 0.1 percentage points [1] - In third-tier cities, new residential property prices decreased by 0.4% month-on-month, with the decline expanding by 0.1 percentage points [1]

Market Conditions - Current housing market faces affordability challenges and economic uncertainty impacting both buyers and sellers [1] - Sellers are reluctant to move due to favorable current mortgage rates, while buyers struggle with steady home prices [1]

Market Performance - The real estate service sector increased by 1.54% on September 16, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 6.47, up 10.03% with a trading volume of 710,500 shares and a turnover of 454 million yuan [1] - Nandu Property (603506) closed at 15.78, up 7.20% with a trading volume of 215,100 shares and a turnover of 331 million yuan [1] - Huangting International (000056) closed at 3.01, up 3.08% with a trading volume of 1,538,300 shares and a turnover of 466 million yuan [1] - Wo Ai Wo Jia (000560) closed at 3.25, up 2.20% with a trading volume of 1,936,100 shares and a turnover of 620 million yuan [1] - Other notable stocks include Zhongtian Service (002188) up 1.69% and Shilianhang (002285) up 1.51% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 91.07 million yuan from institutional investors, while retail investors contributed a net inflow of 17.86 million yuan [1] - Retail investors showed a net outflow of 109 million yuan from speculative funds [1] Detailed Capital Flow for Selected Stocks - Zhujiang Co. had a net inflow of 10.21 million yuan from institutional investors, but a net outflow of 64.47 million yuan from speculative funds [2] - Nandu Property experienced a net inflow of 27.53 million yuan from institutional investors, with a net outflow of 14.25 million yuan from speculative funds [2] - Huangting International had a net inflow of 18.41 million yuan from institutional investors, while experiencing a net outflow of 2.96 million yuan from speculative funds [2] - Wo Ai Wo Jia saw a net outflow of 16.22 million yuan from institutional investors, but a net inflow of 31.80 million yuan from retail investors [2]

Core Points - Beijing has introduced new policies for housing provident fund loans, including adjustments to the recognition standards for first-time home loans and an increase in the maximum loan amount for second homes from 600,000 to 1,000,000 yuan [1][4]. Group 1: Policy Adjustments - The new policy adjusts the recognition standards for first-time home loans, allowing individuals without housing who have previously used and cleared a provident fund loan to qualify for first-time home loan policies instead of second-home policies [2]. - The linkage mechanism between the loan amount and the contribution amount has been optimized, increasing the loan amount from 100,000 yuan for each year of contribution to 150,000 yuan [2]. Group 2: Loan Statistics - In the first month after the new policy was implemented, the number of provident fund loan applications reached 4,340, a nearly 40% increase from the previous year's 3,167 applications [1]. - The average loan amount for second-home loans has increased to 950,000 yuan, up by 320,000 yuan compared to before the policy change [4]. - The average loan amount for all new provident fund loans has risen to 1,040,000 yuan, an increase of 140,000 yuan [3]. Group 3: Down Payment and Loan Distribution - The down payment ratio for second-home loans has been reduced to 30%, applicable both within and outside the Fifth Ring Road [5]. - Among the second-home loans issued after the new policy, 230 loans were granted with a 30% down payment ratio, accounting for over 60% of all second-home loans [5]. - The average down payment ratio for second-home loans has decreased to 42%, down by 8 percentage points [5].

Core Viewpoint - Ganzhou Jiamei Resource Recycling Co., Ltd. has been established with a registered capital of 50,000 RMB, focusing on various waste management and recycling services [1] Company Summary - The legal representative of the company is Xiao Chunsheng [1] - The company’s business scope includes licensed projects such as urban household waste management services and urban construction waste disposal [1] - General projects include sales and recycling of renewable resources, rural household waste management services, solid waste treatment, property management, and various construction and environmental services [1]

Market Overview - On September 15, the real estate service sector declined by 0.26%, with Ningbo Fuda leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the real estate service sector included: - Zhujiang Shares (600684) with a closing price of 5.88, up 1.55% [1] - Shilianhang (002285) at 2.65, up 1.53% [1] - Zhongtian Service (002188) at 5.91, up 1.20% [1] - Major decliners included: - Ningbo Fuda (600724) at 5.14, down 1.91% [1] - ST Mingcheng (600136) at 1.90, down 1.55% [1] - Zhaoshang Jiyu (001914) at 12.30, down 1.60% [1] Capital Flow - The real estate service sector experienced a net outflow of 140 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [1] - Detailed capital flow for selected stocks showed: - Zhongtian Service had a net inflow of 575.35 thousand yuan from institutional investors [2] - Ningbo Fuda faced a net outflow of 1,601.74 thousand yuan from institutional investors [2] - Zhujiang Shares had a net outflow of 750.96 thousand yuan from institutional investors [2]

Group 1: Research Basic Information - The research object is Jinhe Commercial Management, belonging to the real estate service industry. The reception time was September 12, 2025, and the listed company's reception staff included the chairman and general manager, Yu Minjun; independent director, Lu Kaiwei; director, deputy general manager, and board secretary, WANG LI (Wang Li); and the chief financial officer, Shi Jun [16] Group 2: Detailed Research Institutions - The reception objects were all investors at Jinhe Commercial Management's 2025 semi - annual performance briefing, and the reception object type was "other" [19] Group 3: Main Content Information Dividend Policy - Since its listing on the main board of the Shanghai Stock Exchange in April 2020, the company has cumulatively distributed about 700 million yuan in cash dividends (excluding the current interim report profit distribution). For the current semi - annual report, the company plans to distribute a cash dividend of 1.10 yuan per 10 shares (tax included) to all shareholders based on the total share capital recorded on the record date of the equity distribution. As of June 30, 2025, the company's total share capital was 472,500,000 shares, so the total planned cash dividend was 51,975,000 yuan (tax included) [23] Business Expansion Plan - The company focuses on the urban renewal field and is committed to the re - positioning, design, renovation, investment promotion, operation, and service improvement of old urban properties. While focusing on first - tier cities such as Shanghai and Beijing, it also actively seeks business expansion opportunities in core second - tier cities [24] Measures to Boost Stock Price and Investor Confidence - The company's management closely monitors stock price fluctuations and focuses on the development of the urban renewal main business. In the first half of 2025, the company actively expanded its property business, adding a commissioned operation project in the core area of Huangpu District, Shanghai, and renewing a commissioned operation project in the core area of Changning District. It also adjusted its portfolio of managed projects, focusing on high - profit projects and exiting some projects to improve management efficiency and control costs. As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. In addition, the semi - annual profit distribution plan was submitted to the company's third extraordinary general meeting of shareholders on September 10, 2025, and approved [24][25] Impact of Urban Renewal Policies - The company has accumulated many successful cases of cultural and creative park and commercial and office property renewal and transformation. Its management formats include cultural and creative parks, office buildings, community commerce, apartments, etc. Through urban renewal, it can achieve brand, industrial, and commercial operation upgrades in the areas of its projects. The company's operation models include leased operation, entrusted operation, and equity - participation operation. In the future, it will continue to seize policy dividends, improve building renovation and operation capabilities, and promote regional economic development [25][26] Response to Macroeconomic Fluctuations - The company focuses on its core business of urban renewal. To address the impact of the external environment on project rental rates, the company's management team takes various measures, such as maintaining existing tenants, improving service levels, forming professional investment promotion teams, and adjusting business conditions according to market demand. In the first half of 2025, the company's property service satisfaction rate was higher than 95%, remaining stable compared with the same period and the whole year of 2024 [26] Integration of Community Services - The company has formed core competitiveness in the urban renewal field, including a full - value - chain integrated management system, brand, and regional scale advantages. It manages various types of properties and is moderately interested in cooperation opportunities in the fields of childcare services and elderly care. It aims to achieve a win - win situation for property owners, customers, society, and the company [27] 2025 First - Half Performance - As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. During the reporting period, the company achieved an operating income of 490.7263 million yuan, a year - on - year decrease of 5.18%; the net profit attributable to shareholders of the listed company was 75.4524 million yuan, a year - on - year increase of 224.95%; and the net cash flow from operating activities was 317.6303 million yuan, a year - on - year decrease of 6.55%. The reasons for the changes were: the decline in operating income was due to weak tenant demand and the company's adjustment of its project portfolio; the increase in net profit was due to a transaction with Tongchangshengye and cost control; the decrease in net cash flow from operating activities was due to the extension of the payment period for some entrusted operation projects [28][30]