Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Insights - The real estate market is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2][31]. Industry Data Summary New Housing Transaction Volume - In the week of November 15-21, 2025, 34 key cities recorded a total new housing transaction volume of 2.54 million square meters, a week-on-week increase of 26.3%. The transaction volume for first and second-tier cities rose by 28.6%, while third and fourth-tier cities saw a decline of 5% [3][4]. - For November 2025, the total new housing transaction volume in 34 cities was 6.348 million square meters, a year-on-year decrease of 32.7% [4][6]. Second-hand Housing Transaction Volume - In the week of November 15-21, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.073 million square meters, a week-on-week decrease of 12.8%. The cumulative transaction volume for November was 3.412 million square meters, a year-on-year decrease of 13.8% [10][11]. Inventory and Market Dynamics - In the week of November 15-21, 2025, 15 key cities had a total of 890,000 square meters of new housing launched, with a corresponding transaction volume of 920,000 square meters, resulting in a transaction-to-launch ratio of 1.04. The average monthly inventory turnover period was 23.3 months, a decrease of 0.17 months from the previous period [20][22]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting on November 21, 2025, emphasizing the need for innovative approaches in planning, funding, operation, and governance [31][32]. - Guangzhou is actively promoting the acquisition of existing commercial housing for use as affordable housing, with specific policies being implemented in various cities to support housing supply [31][32]. Company Dynamics - Major real estate companies are actively engaged in financing, with several issuing bonds and short-term financing instruments. For instance, China Merchants Shekou issued bonds totaling 5.04 billion yuan [36][38]. - The real estate sector underperformed the broader market, with the SW Real Estate Index declining by 5.83% compared to a 3.77% drop in the CSI 300 Index [42][45].

房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

珠江帝景健康驿 站升级启用，携 手共建全龄友好 健康社区_南方 +_南方plus 11月18日，"银 发护爱·陪您到 老——温情相 伴，健康同 行"健康驿站开 业庆典在广州珠 江帝景社区举 行，标志着该适 老化改造示范项 目正式启用。本 次活动由海珠区 赤岗街道办事处 指导，广东康景 物业服务有限公 司联合多家企业 及社区组织共同 推动。 堂、志愿服务等 举措，助力老年 居民实现"老有 所养、老有所 乐、老有所 为" 。 升级后的健康驿 站从"创新、公 益、持续"三大 方向着手，实现 了全面优化。驿 站内新配备智能 健康一体机，居 民可自助测量血 压、血氧、体温 等基础指标，系 统自动生成健康 趋势报告。配合 上线的个人健康 档案小程序，方 便居民随时查看 和管理健康数 据。作为改造重 点，"常青藤茶 室"通过专业适 老化设计，为社 区长者打造安 全、舒适、温暖 的社交与活动空 间，逐步成为社 区健康生活枢 "银发护爱·陪您到老——温情相伴，健康同行"健康驿站开业庆典现场。 在积极应对人口 老龄化的背景 下，赤岗街道以 珠江帝景社区为 示范点，围 绕"打造全龄友 好型社区"目 标，推出"常青 藤茶室"适老化 ...

Core Viewpoint - Country Garden Services has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Summary - On November 21, the company repurchased 1.792 million shares at a price range of HKD 6.230 to HKD 6.250, totaling HKD 11.1872 million [2]. - The stock closed at HKD 6.230 on the same day, reflecting a decrease of 0.95%, with a total trading volume of HKD 52.8938 million [2]. - Since November 18, the company has conducted buybacks for four consecutive days, acquiring a total of 4.792 million shares for a cumulative amount of HKD 29.8047 million, during which the stock price fell by 2.20% [2]. Year-to-Date Buyback Activity - Year-to-date, the company has executed 45 buyback transactions, acquiring a total of 21.858 million shares for a total expenditure of HKD 139 million [3]. - The detailed buyback activity includes various dates, share quantities, and price ranges, showcasing a consistent effort to stabilize the stock price [3][4].

机构：中金公司 竞争超预期致商场同店零售额不及预期；大会员业务不及预期。 研究员：张宇/王翼羽/李佳璠/孙元祺 公司动态 公司近况 我们参与了11 月18-19 日华润置地及万象生活联合举办的资本市场开放活动，调研其东北及华北公司、 参访呼和浩特及太原商业与住宅项目、并与公司及属地管理层进行座谈。 评论 传统"城"与"汇"产品线精益求精。公司"一城多汇"战略在东北及华北多个区域已成功落位），我们本次 参访的呼和浩特万象城与太原万象城均为标杆型城市旗舰商业、零售额当地排名领先。其中呼市项目打 破核心区老百货聚集的传统格局、为城市注入新场景与活力，7 月开业实现出租率与开业率双100%、 引入近200 家内蒙区域首店、开业六日零售额突破1 亿元；太原项目每年店铺更新率近30％、新进品牌 中近50％为首店，开业7 年来不断升级品牌组合、实现零售额持续较快增长。 非标产品持续创新。我们本次参访的太原钟楼街为华润万象2021年接管的当地区属平台公司项目。万象 生活充分融合历史古迹与商业消费，实现商户级次升维、老字号焕新、本地品牌孵化，项目入选商务 部"全国示范步行街"创建名单、2025 年初至今零售额同比增近两成。展望 ...

Group 1 - The company has appointed Ms. Fu Meixin as the company secretary and authorized representative as per Listing Rule 3.05, effective from November 21, 2025, until the end of the third board term [1] - Mr. Huang Jiayi and Mr. Li Jianwei have resigned from their positions as co-company secretaries, with Mr. Huang also resigning as the authorized representative under Listing Rule 3.05, effective from November 21, 2025 [1]

Group 1: Investment Strategies Overview - CITIC Securities released a comprehensive report on investment strategies for 2026, covering global capital markets, macroeconomic policies, A-shares, overseas markets, bond markets, asset allocation, and industry investment strategies [1] - The report includes insights from 19 research teams and spans approximately 30,000 words [1] Group 2: Pharmaceutical and Biotech Investment Strategies - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as manufacturing capabilities [3][4] - The industry needs to focus on internal supply chain security and compliance while exploring diversified international expansion [3] - Key investment opportunities for 2026 include innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [3][5][6] Group 3: Medical Device Investment Strategies - The medical device sector is expected to see performance improvements in 2026 due to policy easing, new product launches, and international expansion [14] - The long-term investment opportunities in this sector stem from innovation, internationalization, and mergers and acquisitions [14] - The industry is witnessing a shift towards high-value consumables and innovative technologies such as brain-computer interfaces and AI in healthcare [14][15] Group 4: Consumer Healthcare and Bioproducts - The traditional Chinese medicine sector is expected to recover from short-term pressures, with improved demand anticipated by year-end [9] - The blood products industry is focusing on supply growth and consolidation, with significant demand for immunoglobulin and factor products [10] - The vaccine sector is under pressure but is expected to improve with new product sales and international expansion [10] Group 5: Banking Sector Investment Strategies - The banking sector is expected to continue its weak recovery in 2025, with a focus on high dividend strategies [25][26] - The sector's fundamentals are stabilizing, with credit growth projected at 7%-8% and non-interest income expected to improve [26] - High dividend yield strategies are favored, particularly for state-owned banks and those with solid fundamentals [27] Group 6: Wealth Management and Financial Products - The wealth management sector is entering a phase of product transformation and structural optimization, with an expected growth rate of 10% in 2026 [28][33] - The focus is on multi-asset and multi-strategy products, with a significant increase in mixed product offerings anticipated [29][30] - The integration of AI and digital technologies is expected to enhance risk management and operational efficiency in wealth management [30] Group 7: Non-Banking Financial Institutions - The securities industry is poised for a new growth cycle, driven by policies that enhance capital market inclusivity and adaptability [35][36] - The industry is experiencing a shift from self-operated models to collaborative, light-asset business strategies [36][37] - The internationalization of Chinese securities firms is gaining momentum, providing new opportunities for growth [38][39] Group 8: Insurance Sector Trends - The insurance industry is expected to undergo significant changes during the "14th Five-Year Plan" period, focusing on balancing interests among insurers, channels, and customers [43][44] - Key trends include the transformation of savings products, innovation in health insurance, and the development of new distribution channels [43][44] - The sector is anticipated to benefit from improved performance and valuation recovery, presenting investment opportunities [43][44] Group 9: Food and Beverage Sector - The food and beverage sector is recovering from a prolonged downturn, with a focus on premium products like liquor and health-oriented snacks [48][49] - The liquor industry is expected to stabilize as consumer confidence improves, with a focus on high-quality brands [49][50] - The snack and beverage segments are seeing growth driven by health trends and innovative product offerings [52][53]

| | | | | 忠诚 规矩 清正 | 输入查询内容 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 严谨 | 专业 担当 | | | 首页 | 综合动态 | 采购大厅 | 服务大厅 | 政策法规 | 监督管理 | 培 | | and and the commend of 姓名 | 身份证号码 | 人员类型 | | --- | --- | --- | | 邓秋生 | 421***********355 | 法定代表人 | | 王利廷 | 132*************810 | 授权代表 | | 具体违规情形: | 夸大企业业绩和产品性能 | | --- | --- | | 处理结果: | 根据军队供应商管理相关规定,禁止1年内参加全军物资工程服务采购活动的处理。在禁止期内，法定代表人邓秋生控股或管理 的其他企业禁止参加上述范围军队采购活动,授权代表王利兵禁止代理其他供应商参加上述范围军队采购活动。 | | 处罚生效范围(单位): | 全军 | | 处罚生效范围(品种)： | 全品种 | | 禁止开始时间: | 2025-11-20 | ...

Core Insights - The COP30 conference in Brazil highlighted the strategic transformation of Chinese companies, particularly Wanwu Cloud, from technology followers to solution providers and ecosystem builders in addressing climate change [2] Company Overview - Wanwu Cloud's Lingstone positions itself as an AI-driven real estate service provider, utilizing GPU capabilities and integrating AI algorithms with IoT devices to optimize energy consumption and automate processes throughout the real estate lifecycle [2][3] - The company has developed a dual-track management system that coordinates "energy flow" and "carbon data flow" to address the challenges of fragmented and complex building emissions [2] Project Implementation - At the project level, Lingstone optimizes energy efficiency in key equipment like central air conditioning and constructs microgrids that integrate photovoltaic, energy storage, and charging systems to enhance clean energy penetration [3] - The platform has connected carbon data from 4,367 parks and 2,461 commercial projects, employing blockchain technology to create a reliable carbon accounting system [3] Industry Impact - The exploration by Wanwu Cloud Lingstone aligns with China's "14th Five-Year Plan" which emphasizes significant progress in building a "Beautiful China," offering replicable and scalable solutions for smart low-carbon real estate operations [4]

Core Viewpoint - The article highlights the strategic transformation of Chinese enterprises, particularly Wanwu Cloud, from technology followers to solution providers and ecosystem builders in response to climate change, showcased during the COP30 event in Brazil [2]. Group 1: Company Overview - Wanwu Cloud's Lingstone positions itself as the AI brain for real estate management, utilizing GPU capabilities and integrating AI algorithms with IoT devices to optimize energy consumption and automate processes throughout the real estate lifecycle [2]. - The company has completed carbon data integration for 4,367 parks and 2,461 commercial projects in China, employing blockchain technology to establish a reliable carbon accounting system [3]. Group 2: Market Demand and Solutions - There is an increasing market demand for energy-saving and carbon-reducing solutions as China continues to advance its "dual carbon" strategy [2]. - Lingstone's energy module has developed a dual-track management system that coordinates "energy flow" and "carbon data flow" to address the challenges of fragmented and complex building emissions [2]. Group 3: Technological Innovations - The company implements energy efficiency optimization for key energy-consuming equipment, such as central air conditioning, and constructs microgrids that integrate photovoltaic, energy storage, and charging systems to enhance clean energy penetration [3]. - By leveraging V2G technology, Lingstone transforms clusters of electric vehicles into flexible energy storage units, facilitating bidirectional energy interaction [3]. Group 4: Practical Applications and Recognition - Lingstone's systems have been validated in multiple projects across China, with notable applications like Shanghai Jinse Liuxiang Garden and Shenzhen Chuangzhi Cloud recognized as national carbon neutrality demonstration projects [3][4]. - The exploration of Lingstone is seen as a systematic solution that can be replicated and promoted, contributing to smart low-carbon operations in real estate and offering technological and business insights for global climate governance [4].