英文【高盛】中国房地产覆盖范围的变化

Summary Vicky Li is transitioning to a new role within Global Investment Research. As a result, and due to a change in analyst responsibilities, we are making the following changes to our coverage: Transferring coverage Yi Wang has assumed primary coverage responsibility of Greentown China Holdings (3900.HK), China Jinmao Holdings (0817.HK), Seazen Group Ltd (1030.HK), China Merchants Shekou Inds Zone (001979.SZ), Gemdale Corp. (600383.SS), Shenzhen Overseas Chinese Town (000069.SZ), Greentown Service Group (2869.HK), A-Living Smart City Services Co. (3319.HK), Sunac Services Holdings Ltd. (1516.HK), China Merchants Prop Operation (001914.SZ), and Guangdong KinLong Hardware (002791.SZ). Our investment ratings, target prices, and estimates have not changed from those previously published. For our current view on each stock, please see Exhibit 1. Dropping coverage Yi Wang is dropping property management coverage of Powerlong Commercial Management (9909.HK) and Jinke Smart Services Group (9666.HK). Vicky Li is dropping developers coverage of Red Star Macalline Group (1528.HK), Sunac (1918.HK) and China Overseas Grand Oceans Group (0081.HK), property management coverage of S-Enjoy Service (1755.HK) and CIFI YS (1995.HK), and building product coverage of Anhui Honglu Steel Structure (002541.SZ), Changjiang & Jinggong Steel (600496.SS), QuakeSafe Technologies (300767.SZ), Kibing Group (601636.SS) and Dongpeng Holdings (003012.SZ). Accordingly, our investment ratings, target prices, and estimates for these stocks are no longer in effect and should not be relied upon. This is our final report on these stocks and summarizes our final investment views and ratings. We previously moved to Rating Suspended for Sunac (1918.HK) and CIFI YS (1995.HK) on July 1, 2022 and May 1, 2023 respectively. Research | Equity Philippa Vizzone, CFA +852-2978-0457 | philippa.vizzone@gs.com Goldman Sachs (Asia) L.L.C. Joy Nguyen +852-2978-1106 | joy.nguyen@gs.com Goldman Sachs (Asia) L.L.C. Yi Wang, CFA +86(21)2401-8930 | yi.wang@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Vicky Li +86(21)2401-8926 | vicky.li@goldmansachs.cn Goldman Sachs (China) Securities Company LimitedChina Property: Changes in coverage19 May 2025 | 4:05PM HKT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Exhibit 1: Summary of our ratings, estimates, price targets, and risks of coverage transferred Source: Datastream, Goldman Sachs Global Investment Research19 May 2025 2Goldman