Meeting Overview - The second temporary shareholders' meeting of Xiamen C&D Inc. was held on December 29, 2025, at the C&D International Building in Xiamen [2] - The meeting was convened by the board of directors and chaired by Chairman Lin Mao, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the Articles of Association [2] Attendance and Participation - Out of 8 current directors, 5 attended the meeting, while 3 were absent due to work commitments [3] - The board secretary and senior management also attended the meeting [3] Resolutions Passed - All proposed resolutions were approved, including: 1. Proposal to provide a guarantee limit for Shenzhou Logistics and related transactions [4] 2. Proposal to provide guarantee limits for subsidiaries and associated companies [5] 3. Proposal for financial assistance limits [5] 4. Proposal for expected daily related transaction limits for 2026 [5] 5. Proposal for expected related transactions with financial institutions for 2026 [5] 6. Proposal to engage in financial derivatives trading [5] 7. Proposal to engage in commodity derivatives trading [5] 8. Proposal to use idle funds for cash management [5] Voting and Legal Compliance - The first two proposals were special resolutions, requiring more than two-thirds of the valid voting rights to pass, which they achieved [6] - The meeting was witnessed by Fujian Tianheng Law Firm, confirming that the meeting's procedures, participant qualifications, and voting processes complied with relevant laws and regulations [7]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-054 | | --- | --- | --- | --- | --- | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | 厦门建发股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 376 | | --- | - ...

福建天衡联合律师事务所 关于厦门建发股份有限公司 2025 年第二次临时股东会的 法律意见书 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666号法 电话:86 · 592 · 5883666 厦门 · 泉州 · 福州 · 龙岩 · 上海 关于厦门建发股份有限公司 2025 年第二次临时股东会的法律意见书 (2025) 天衡(意)字第 296号 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 致:厦门建发股份有限公司 厦门建发股份有限公司(以下简称"公司")2025年第二次临时股东会(以 下简称"本次股东会")于 2025年12月29日召开。福建天衡联合律师事务所 (以下简称"本所")接受公司的委托,指派邢志华律师、荆日扬律师(以下简 称"本所律师")出席本次股东会,根据《中华人民共和国公司法》(以下简称 "《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 和《厦门建发股份有限公司章程》(以下简称"《公司章程》")的规定,对本 次股东会的召集和召开程序、出席会议人员的资格、召集人资格、会议表决程序 以 ...

Core Viewpoint - The "2025 Financial Summit" held on December 26 in Beijing highlighted the importance of green development and corporate social responsibility, with Jianfa Co. winning the "ESG Exemplary Case" award for its outstanding practices in these areas [1][3]. Group 1: Event Overview - The summit gathered hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1]. - The "Golden Intelligence Award" results were announced, focusing on high-quality development and aligning with the strategic direction of the 14th Five-Year Plan [3]. Group 2: Jianfa Co.'s Achievements - Jianfa Co. was recognized for its systematic efforts in green development, social responsibility, and corporate governance, marking a significant acknowledgment of its long-term commitment to ESG practices [3][4]. - The company has been disclosing its social responsibility reports for 12 consecutive years since 2010 and upgraded its ESG report to a sustainable development report in 2023 [3][4]. Group 3: ESG Practices and Commitments - Jianfa Co. has committed to achieving "carbon peak" by 2030 and "carbon neutrality" by 2060, with the release of its first "Carbon Neutrality White Paper" [4]. - The company adheres to national green building standards and has completed 12 new green building projects in 2024, contributing to its green development initiatives [4]. - Jianfa Co. integrates the United Nations Sustainable Development Goals (SDGs) into its operations and has established a community policy to enhance collaboration with local communities [4]. Group 4: Industry Recognition and Ratings - Jianfa Co. maintains a leading position in ESG ratings, scoring 45 in the S&P Global Corporate Sustainability Assessment, placing it in the top 12% globally [5]. - The company received an A rating from Huazheng Index and an A- rating in the Hang Seng Sustainable Development Index, ranking in the top 10% of the market [5].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that policy adjustments are being driven by fundamental pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, indicating ongoing developments in the sector [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, thus making it a strategic investment choice [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with expectations that first- and second-tier cities will benefit more from these changes [4] Summary by Sections New Housing Transactions - In the week, new housing transaction area across 30 cities was 241.0 million square meters, a month-on-month increase of 15.5% but a year-on-year decrease of 41.5% [2][25] - First-tier cities recorded a new housing transaction area of 53.9 million square meters, down 0.4% month-on-month and down 41.3% year-on-year [2][25] - Second-tier cities saw a transaction area of 146.8 million square meters, up 21.7% month-on-month but down 40.6% year-on-year [2][25] - Third-tier cities had a transaction area of 40.4 million square meters, up 18.7% month-on-month but down 45.1% year-on-year [2][25] Secondary Housing Transactions - The total area of secondary housing transactions in 14 sample cities was 208.0 million square meters, a month-on-month increase of 3.8% but a year-on-year decrease of 22.9% [32] - First-tier cities accounted for 89.3 million square meters, up 2.2% month-on-month [32] - Second-tier cities had 83.7 million square meters, down 1.8% month-on-month [32] - Third-tier cities recorded 35.0 million square meters, up 25.9% month-on-month [32] Credit Bonds - During the week (December 22-28), six credit bonds were issued by real estate companies, totaling 4.732 billion yuan, an increase of 0.402 billion yuan from the previous week [3][40] - The total repayment amount was 6.517 billion yuan, a decrease of 0.964 billion yuan, resulting in a net financing amount of -1.785 billion yuan, which is an increase of 1.366 billion yuan from the previous week [3][40]

Group 1 - The Guangzhou Futures Exchange has decided to cancel the designated delivery warehouse for industrial silicon futures [1] - The designated delivery warehouse operated by Jianfa Logistics Group Co., Ltd. located in Dongguan, Guangdong Province has had its qualification revoked [1] - The designated quality inspection institutions for industrial silicon futures, including the Kunming Customs Technology Center and the Yunnan Provincial Analysis and Testing Center, have also had their qualifications canceled [1] Group 2 - The cancellation of the designated delivery warehouse and quality inspection institutions is effective immediately [2] - This announcement was made by the Guangzhou Futures Exchange on December 22, 2025 [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Core Insights - The "Zijin International Operations Headquarters" was officially inaugurated in Sanya, aiming to leverage the benefits of the free trade port and enhance global resource connectivity [1] Group 1: Event Overview - The event was hosted by Zijin Guokong and attracted nearly a hundred representatives from government and enterprises, leading to multiple cooperation intentions [1] - The theme of the event was "Gathering Strength from Customs Closure Benefits, Joining Hands to Start a New Journey" [1] Group 2: Strategic Importance - The Sanya Central Business District Management Bureau highlighted that the Zijin International Center is a crucial carrier for the "two headquarters base" construction, expected to become a key hub for global resources [1] - The Central Business District will continue to provide comprehensive support, including precise policy implementation and international platform assistance for enterprises' global layout [1] Group 3: Company Initiatives - Zijin Guokong aims to establish the Zijin International Center as a strategic foothold for deepening engagement in the free trade port and connecting globally [1] - The center is designed to serve as a "headquarters reception hall for large enterprises in Sanya," enhancing policy benefits for resident companies and empowering regional high-quality development [1] Group 4: Tenant Companies - Notable companies such as Minsheng Bank and Xiamen Jianfa have confirmed their residency, along with Zijin Mining's international division and Sanya branch [1] - Representatives from various sectors, including cross-border trade, modern finance, and technological innovation, expressed clear intentions to settle and reached preliminary cooperation agreements [1]

Group 1 - The core viewpoint of the news is that Jianfa Co., Ltd. has made significant progress in expanding its supply chain operations, with notable partnerships and a stable profit outlook despite global economic challenges [1][2]. - Jianfa Co., Ltd. reported a recent stock price of 9.35 yuan, down 1.37% from the previous trading day, with a total market capitalization of 27.111 billion yuan [1]. - The company achieved over 5.2 billion USD in signed agreements during the November Import Expo, collaborating with seven global enterprises in key agricultural products [1]. Group 2 - The supply chain operations of Jianfa Co., Ltd. are expected to maintain a net profit range of 3.3 to 4 billion yuan from 2021 to 2024, with a return on equity (ROE) exceeding 15% [2]. - The company has developed a risk control system characterized by "professionalization, stratification, and process orientation," and has established a global supply chain service network covering over 170 countries [2]. - Jianfa Co., Ltd. is actively exploring the application of AI and other new technologies in its supply chain operations, enhancing its risk control and daily management activities [2]. Group 3 - Ruiyuan Fund, which participated in the recent research, focuses on value investment and has five funds under management, with one fund showing a 59.95% growth over the past year [3].