国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国(01918)跌4.76%，报1.6 港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...

国务院新闻办公室于2025年9月22日举行"高质量完成'十四五'规划"系列主题新闻发布会，邀请中国人民银行行长 潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤新介绍"十 四五"时期金融业发展成就，并答记者问。涉及房地产的内容主要如下： 李云泽：我们也积极助力化解房地产和地方债风险。持续推动房地产市场止跌回稳。多措并举稳定融资，为保障 性住房等"三大工程"提供资金支持超1.6万亿元，租赁性住房贷款年均增长52%。牵头建立城市房地产融资协调机 制，"白名单"项目贷款超过7万亿元，支持近2000万套住房建设交付，有力保障广大购房人的合法权益。支持化解 地方债务风险。指导金融机构严守不新增隐债的红线，依法合规对融资平台开展债务重组和置换，助力地方在发 展中化债、在化债中发展。 潘功胜：在金融支持房地产风险化解方面，人民银行立足宏观审慎管理的职能，优化调整首付比、房贷利率等多 项政策，并降低存量房贷利率，每年可为超过5000万户家庭减少利息支出约3000亿元。 中国央行在货币政策的确定上，宏观层面的原则是非常清晰的，中国的货币政策坚持以我为主，兼顾内外均衡。 当前中国的货币政 ...

Company Overview - Shanghai Waigaoqiao Group Co., Ltd. is located at 999 Zhouhai Road, B Block, Senlan International Building, Pudong New District, Shanghai, established on December 31, 1994, and listed on May 4, 1993 [2] - The company's main business includes park development, commercial real estate, and logistics trade [2] - Revenue composition: Trade and services 55.54%, industrial property leasing 24.00%, commercial property leasing 6.42%, daily chemical product processing 5.95%, property management 5.05%, real estate sales 2.65%, others 0.39% [2] Stock Performance - As of September 23, the stock price of Waigaoqiao fell by 2.00% to 10.78 CNY per share, with a total market capitalization of 14.66 billion CNY [1] - Year-to-date, the stock price has decreased by 6.75%, with a 3.75% drop over the last five trading days, a 6.59% decline over the last 20 days, and a 0.83% decrease over the last 60 days [2] Financial Performance - For the first half of 2025, Waigaoqiao achieved a revenue of 2.856 billion CNY, representing a year-on-year growth of 4.95%, while the net profit attributable to shareholders decreased by 27.70% to 102 million CNY [2] - Cumulative cash dividends since the A-share listing amount to 4.693 billion CNY, with 1.316 billion CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 50,800, with an average of 0 circulating shares per person [2] - The ninth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 6.0081 million shares, a decrease of 642,500 shares from the previous period [3]

中金中证1000指数增强发起A（017733）基金经理为耿帅军、王阳峰。 9月23日，中华企业跌5.07%，截至发稿，报2.81元/股，成交1.46亿元，换手率0.84%，总市值169.90亿 元。中华企业股价已经连续4天下跌，区间累计跌幅8.64%。 资料显示，中华企业股份有限公司位于上海市浦东新区浦明路1388号5-7楼，成立日期1993年10月5日， 上市日期1993年9月24日，公司主营业务涉及侨汇房、商品房设计、建造、买卖、租赁及调剂业务,各类 商品住宅的配套服务;房屋装修及维修业务;建筑材料经营。主营业务收入构成为：房地产业91.31%，物 业管理6.17%，商业2.26%，其他(补充)0.26%。 从基金十大重仓股角度 数据显示，中金基金旗下1只基金重仓中华企业。中金中证1000指数增强发起A（017733）二季度持有 股数18.64万股，占基金净值比例为0.74%，位居第四大重仓股。根据测算，今日浮亏损失约2.8万元。 连续4天下跌期间浮亏损失5.22万元。 中金中证1000指数增强发起A（017733）成立日期2023年3月14日，最新规模4392.89万。今年以来收益 31.58%，同类排 ...

Asia Pacific Equity Research September 2025 Hong Kong Property Chartbook All the charts you need Hong Kong Property Karl ChanAC (852) 2800-8513 karl.chan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Venus Choi (852) 2800-8599 venus.choi@jpmorgan.com Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking ...

南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 8.4%，同类排名3597/4220；近一年收益28.12%，同类排名3282/3814；成立以来亏损39.59%。 9月23日，大悦城跌5.12%，截至发稿，报3.15元/股，成交3646.83万元，换手率0.27%，总市值135.02亿 元。 资料显示，大悦城控股集团股份有限公司位于北京市朝阳区朝阳门南大街8号中粮福临门大厦13层,广东 省深圳市宝安区留仙一路8号中粮创芯研发中心A1栋27楼，成立日期1993年10月8日，上市日期1993年 10月8日，公司主营业务涉及商品房开发与销售、物业租赁、来料加工业。商业地产。主营业务收入构 成为：商品房销售及一级土地开发75.64%，投资物业及相关服务16.80%，物业及其他3.34%，酒店经营 3.06%，管理输出0.85%，其他(补充)0.31%。 从大悦城十大流通股东角度 数据显示，南方基金旗下1只基金位居大悦城十大流通股东。南方中证房地产ETF发起联接A（004642） 二季度增持33.34万股，持有股数1641.02万股，占流通股的比例为0.4 ...

Group 1 - The core point of the news is that Quzhou Development's stock price has dropped by 5.05%, currently trading at 4.32 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 0.67%, resulting in a total market capitalization of 36.759 billion CNY [1] - Quzhou Xinan Development Co., Ltd. is located at 500 Chuangjing Road, Hangzhou, Zhejiang Province, established on February 23, 1993, and listed on June 23, 1999. The company's main business involves technology investment and real estate development [1] - The revenue composition of Quzhou Development is primarily from real estate at 88.53%, with other businesses contributing 8.77% and supplementary income at 2.71% [1] Group 2 - From the perspective of fund holdings, one fund under Penghua Fund has a significant position in Quzhou Development. The Penghua CSI 800 Real Estate Index (LOF) A (160628) reduced its holdings by 329,400 shares in the second quarter, now holding 4.3652 million shares, which accounts for 5.63% of the fund's net value, ranking as the sixth-largest holding [2] - The Penghua CSI 800 Real Estate Index (LOF) A (160628) was established on January 1, 2021, with a current size of 151 million CNY. Year-to-date returns are 8.01%, ranking 3619 out of 4220 in its category; over the past year, returns are 20.01%, ranking 3575 out of 3814; since inception, returns are 8.52% [2] - The fund manager of Penghua CSI 800 Real Estate Index (LOF) A (160628) is Yan Dong, who has been in the position for 6 years and 191 days, with total assets under management of 4.15 billion CNY. The best fund return during his tenure is 456.3%, while the worst is -38% [2]

Company Overview - Lujiazui has experienced a stock price decline of 14.28% year-to-date, with a drop of 3.91% over the last five trading days, 5.43% over the last 20 days, and 5.32% over the last 60 days [2] - The company is primarily engaged in real estate leasing (88.01% of revenue), trust services (6.25%), other services (3.27%), and securities (2.46%) [2] - As of June 30, 2025, Lujiazui reported a revenue of 6.598 billion yuan, representing a year-on-year growth of 43.50%, and a net profit attributable to shareholders of 815 million yuan, reflecting a growth of 46.72% [2] Market Performance - On September 23, Lujiazui's stock price fell by 2.22%, trading at 8.36 yuan per share, with a total market capitalization of 42.094 billion yuan [1] - The stock saw a net outflow of 7.4784 million yuan in principal funds, with large orders accounting for 14.99% of purchases and 34.53% of sales [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 1.50% to 94,500, with an average of 0 shares per shareholder [2] - The company has distributed a total of 17.620 billion yuan in dividends since its A-share listing, with 1.848 billion yuan distributed over the last three years [3] - The Southern CSI 500 ETF is noted as a new major shareholder, holding 17.4917 million shares [3]

Group 1 - The core point of the news is that Sanxiang Impression's stock price has dropped by 5.09%, currently trading at 3.54 CNY per share, with a total market capitalization of 4.18 billion CNY [1] - Sanxiang Impression Co., Ltd. is primarily engaged in real estate development and operation, with its main business revenue composition being 78.68% from real estate sales, 10.16% from cultural performances, 5.58% from property leasing, and 0.91% from construction [1] Group 2 - Among the top ten circulating shareholders of Sanxiang Impression, a fund under Southern Fund has increased its holdings by 155,300 shares, bringing its total to 9.0389 million shares, which accounts for 0.78% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) has a current scale of 173 million CNY and has reported a year-to-date return of 8.4% [2] Group 3 - The fund manager of Southern CSI Real Estate ETF Initiated Link A is Luo Wenjie, who has a total tenure of 12 years and 158 days, with the fund's total asset scale at 138.999 billion CNY [3] - During his tenure, the best fund return was 145.85%, while the worst return was -47.6% [3]

数据显示，南方基金旗下1只基金位居华丽家族十大流通股东。南方中证房地产ETF发起联接A （004642）二季度增持44.15万股，持有股数2045.62万股，占流通股的比例为1.28%。根据测算，今日 浮亏损失约368.21万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 8.4%，同类排名3597/4220；近一年收益28.12%，同类排名3282/3814；成立以来亏损39.59%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 9月23日，华丽家族跌5.08%，截至发稿，报3.36元/股，成交9844.75万元，换手率1.80%，总市值53.84 亿元。 资料显示，华丽家族股份有限公司位于上海市长宁区红宝石路500号东银中心B栋15楼，成立日期1996 年10月18日，上市日期2002年7月9日，公司主营业务涉及房地产业务、创新科技项目投资以及金融项目 投资。主营业务收入构成为：房地产产品96.26%，其他(补充)3.70%，装修及绿化工程0.03%，石墨烯衍 生品0.02%。 从华丽家族十大流通股东角度 风险提示： ...