Core Points - Country Garden Services has been actively repurchasing its shares, with a total of 526,200 shares bought back over five consecutive days starting from November 18, 2025, at a total cost of 3,281,270 HKD [2] - The stock price of Country Garden Services increased by 3.21% on November 24, 2025, closing at 6.430 HKD, while the cumulative increase since November 18, 2025, was 0.94% [2] - Year-to-date, the company has conducted 46 share repurchase transactions, totaling 22,328,000 shares and an aggregate repurchase amount of 142 million HKD [2] Repurchase Details - On November 24, 2025, the company repurchased 470,000 shares at a price of 6.40 HKD per share, amounting to 300,800 HKD [2] - The highest repurchase price during the recent five-day period was 6.40 HKD, while the lowest was 6.18 HKD [2] - The repurchase activity included various transactions with the highest single-day repurchase being 179,200 shares on November 21, 2025, at a price of 6.25 HKD [2]

绿城服务(02869)发布公告，于2025年11月24日，该公司斥资94.21万港元回购20.2万股股份，回购价格 为每股4.6-4.68港元。 ...

Core Viewpoint - The company expects to achieve a profit attributable to owners of approximately RMB 50 million to RMB 60 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 15.4 million for the six months ending June 30, 2024 [1] Financial Performance - The turnaround from loss to profit is primarily attributed to the absence of impairment losses on financial assets, which amounted to approximately RMB 60 million for the six months ending June 30, 2024 [1] - Additionally, there was a parking deposit impairment loss of approximately RMB 24 million during the same period, which will not be present in the upcoming reporting period [1]

Core Viewpoint - 瑞森生活服务 reported a revenue of 1.956 billion, a year-on-year decrease of 0.89%, and a loss attributable to shareholders of 26.664 million, compared to a profit of 90.275 million in the same period last year, indicating challenges in project management and service offerings [1] Revenue Breakdown - The decrease in revenue is attributed to a reduction in the number of projects managed by the group, leading to a decline in income from value-added services [1] - Revenue from property management services increased by approximately 3.2%, primarily due to the addition of large-scale projects and the reduction of projects with unsatisfactory revenue or profitability [1] - Revenue from value-added services decreased by approximately 15.7%, mainly due to (i) a reduction in the number of projects under management; (ii) a contraction in the scope of urban-level value-added services, resulting in decreased income from the battery swapping business [1]

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 ...

Core Viewpoint - The opening of the "Silver Hair Care Love - Accompanying You to Old Age" health station in the Zhujiang Dijing community marks the official launch of an aging-friendly transformation project aimed at building a community that caters to all ages [2][3][7]. Group 1: Project Overview - The health station is part of a demonstration project guided by the Chigang Street Office in Haizhu District, in collaboration with Guangdong Kangjing Property Service Co., and various enterprises and community organizations [3][4]. - The project focuses on creating an aging-friendly community, with the "Evergreen Vine Tea Room" as a key initiative that integrates community, enterprise, and social resources to provide health care, life protection, and community integration services [7][9]. Group 2: Services and Facilities - The upgraded health station emphasizes innovation, public welfare, and sustainability, featuring new equipment such as smart health integrated machines for residents to self-measure blood pressure, blood oxygen, and temperature, generating health trend reports automatically [11][12]. - The "Evergreen Vine Tea Room" is designed with professional aging-friendly features to create a safe, comfortable, and warm social and activity space for elderly residents, becoming a hub for healthy living in the community [13][14]. Group 3: Community Engagement and Future Plans - The health station will regularly provide emergency supplies, health consultations, and free clinics, with new facilities like smart bioenergy cabins and graphene energy rooms for specialized eye care and youth vision protection [17][19]. - As a public service platform, the health station plans to collaborate with community health service centers and relevant organizations to form a "Hundred Enterprises for the People" service team, continuously integrating social resources to deliver more professional and practical health services to residents [23][24].

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]