Group 1 - The article highlights a collective decline in the stock prices of Chinese property companies, with China Overseas Grand Oceans Group (00081) down 8.48% to HKD 2.05, Greentown China (03900) down 5% to HKD 8.36, New City Development (01030) down 2.31% to HKD 2.11, and Sunac China (01918) down 1.55% to HKD 1.27 [1] - Guosheng Securities reported that the total land acquisition amount for the top 100 real estate companies from January to November reached CNY 847.8 billion, marking a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the first ten months of the year [1] - The report indicates that while the land market in core cities was relatively active in the first half of the year, the enthusiasm for land acquisition among major real estate companies has decreased towards the end of the year due to the fulfillment of inventory replenishment goals and a cooling new housing market [1] Group 2 - According to Credit Lyonnais, the low investment willingness of developers is a major constraint on the real estate sector [1] - Data shows that the new construction area nationwide from January to October 2025 was only 491 million square meters, with commercial property development investment declining by 14.7% year-on-year [1] - Credit Lyonnais believes that stabilizing sales is key to rebuilding industry confidence, and it expects the decline in new construction area to narrow in 2026, with the annual sales of commercial housing expected to decrease by no more than 4% year-on-year [1]

Group 1 - The overall performance of Chinese property stocks has declined, with notable drops in companies such as China Overseas Grand Oceans Group (down 8.48% to HKD 2.05), Greentown China (down 5% to HKD 8.36), New City Development (down 2.31% to HKD 2.11), and Sunac China (down 1.55% to HKD 1.27) [1] - According to Guosheng Securities, the total land acquisition amount for the top 100 real estate companies from January to November reached CNY 847.8 billion, representing a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous month [1] - The land market in core cities showed relative heat in the first half of the year, driven by structural transactions, but the enthusiasm for land acquisition among major real estate companies has decreased as they met their replenishment targets and the new housing market cooled further in the second half of the year [1] Group 2 - According to Credit Lyonnais, the low investment willingness of developers is a major constraint on the real estate sector [1] - Data indicates that the newly started construction area nationwide from January to October 2025 was only 491 million square meters, with commercial property development investment declining by 14.7% year-on-year [1] - Credit Lyonnais believes that stabilizing sales is key to rebuilding industry confidence, and it expects the decline in newly started construction area to narrow in 2026, with the annual sales of commercial housing expected to decrease by no more than 4% year-on-year [1]

Group 1 - The Hong Kong real estate stocks have seen a significant decline, with China Jinmao dropping nearly 9% and China Overseas Grand Oceans Group falling 8% [1] - Other notable declines include Zhongliang Holdings down over 5%, Greentown China down 4.77%, and several other companies like Longfor Group and Yuyuan Property down over 3% [1] - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in the Chinese credit market, with the TMT sector showing good quality while the real estate sector remains under severe pressure [1] Group 2 - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [1] - Vanke's attempt to extend domestic bond maturities has led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [1] - The effects of policy easing have been limited, and there remains substantial inventory pressure in the market [1]

证券研究报告 | 2025年12月08日 数据背后的地产行业图景 优于大市 关注非热门城市的新房供需新格局 楼市持续筑底，高基数下同比承压。今年下半年以来，销售量价明显回落， 叠加上年高基数影响，四季度地产销售同比压力明显增大。2025 年 1-10 月， 全国商品房销售额同比-9.6%，销售面积同比-6.8%。10 月单月，商品房销售 额同比-24%，降幅较 9 月扩大了 13pct；商品房销售面积同比-19%，降幅较 9 月扩大了 8pct。从样本城市高频数据看，11 月单月，30 城新建商品房成 交面积同比-33%，降幅较 10 月扩大了 9pct；18 城二手住宅成交套数同比 -26%，降幅较 10 月扩大了 2pct。库存压力居高难下，开发投资加速下跌， 土拍热度冲高回落。百强销售较弱但拿地修复，头部国央企继续发力。 非热门城市人口流出，但本地居民改善置业需求仍在。2024 年末，全国一线、 二线、三四线城市的常住人口占比分别为 6%、21%、73%，较 2010 年末分别 变动+1、+4、-5pct。一二线楼市仍有新流入人口补充刚需购买力，三四线 楼市则以本地居民的改善置业需求为主，刚需客群流失对 ...

Company News - Xinyi International (00732.HK) reported an unaudited consolidated revenue of approximately HKD 1.278 billion for November, a year-on-year decrease of about 14.9%. The cumulative revenue for the first 11 months was approximately HKD 15.259 billion, down 6.2% year-on-year [2] - Jieli Trading (08017) announced an increase of 10 institutional clients by November 2025, up by 4 clients year-on-year. The registered user count reached approximately 883,100, a year-on-year increase of 6.2%, while the number of users for IPO subscriptions was about 113,100, reflecting an 8.2% year-on-year growth [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 211.399 billion for the first 11 months, a year-on-year decline of 21.8% [2] - Gemdale Commercial (00535.HK) recorded a cumulative contract sales total of approximately RMB 9.874 billion for the first 11 months, down 43.5% year-on-year [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of RMB 29.615 billion for the first 11 months, a year-on-year decrease of 16.6% [2] - Sunac China (01918.HK) achieved a cumulative contract sales amount of approximately RMB 33.89 billion for the first 11 months, a year-on-year decrease of 25.34% [2] - Hongyang Real Estate (01996.HK) reported a cumulative contract sales amount of RMB 4.181 billion for the first 11 months, down 47.87% year-on-year [3] - Country Garden (02007.HK) achieved a contract sales amount of approximately RMB 2.35 billion in November [4] - China Biopharmaceutical (01177.HK) received NMPA and FDA approval for the clinical trial application of "TQF3250," an oral GLP-1 receptor agonist [4] Buyback Activities - Yueda Group (00772.HK) plans to repurchase up to 102.2 million shares with a maximum total expenditure of HKD 1.2 billion [5] - Tencent Holdings (00700.HK) repurchased approximately 1.044 million shares for about HKD 636 million, with repurchase prices ranging from HKD 605 to HKD 613 [5] - Xiaomi Group-W (01810.HK) repurchased 2.4 million shares for approximately HKD 101 million, with a repurchase price of HKD 41.88 [5] - COSCO Shipping Holdings (01919.HK) repurchased 3 million shares for approximately HKD 41.8218 million, with repurchase prices between HKD 13.89 and HKD 13.99 [5] - Kuaishou-W (01024.HK) repurchased 445,000 shares for approximately HKD 29.923 million, with repurchase prices ranging from HKD 67.00 to HKD 67.55 [6] - China Feihe (06186.HK) repurchased 6.281 million shares for approximately HKD 25.7521 million, with a repurchase price of HKD 4.1 [7] - Green Tea Group (06831.HK) plans to repurchase shares with a total price not exceeding HKD 130 million [7]

中国海外宏洋集团(00081)公布，在2025年11月份，中海宏洋系列公司实现合约销售额人民币22.89亿元 及合约销售面积21.04万平方米，分别按年下跌43.7%及38.0%。在2025年1至11月份，累计合约销售额人 民币296.15亿元及合约销售面积267.05万平方米，分别按年下跌16.6%及13.8%。截至2025年11月底，累 计认购未签约额人民币4.95亿元及认购未签约面积4.19万平方米。 ...

在2025年11月份，集团于甘肃省兰州市安宁区新增项目1个，总楼面面积150,251平方米，总土地成本人 民币3.90亿元。从2025年1月1日至11月30日期间，集团累计新增总楼面面积2,092,352平方米，总土地成 本人民币88.02亿元，权益楼面面积1,863,945.24平方米，权益土地成本人民币77.48亿元。 格隆汇12月4日丨中国海外宏洋集团(00081.HK)公布，在2025年11月份，中海宏洋系列公司实现合约销 售额人民币22.89亿元及合约销售面积210,400平方米，分别按年下跌43.7%及38.0%。在2025年1至11月 份，累计合约销售额人民币296.15亿元及合约销售面积2,670,500平方米，分别按年下跌16.6%及13.8%。 截至2025年11月底，累计认购未签约额人民币4.95亿元及认购未签约面积41,900平方米。 ...

智通财经APP讯，中国海外宏洋集团(00081)公布，在2025年11月份，中海宏洋系列公司实现合约销售额 人民币22.89亿元及合约销售面积21.04万平方米，分别按年下跌43.7%及38.0%。在2025年1至11月份， 累计合约销售额人民币296.15亿元及合约销售面积267.05万平方米，分别按年下跌16.6%及13.8%。截至 2025 年11月底，累计认购未签约额人民币4.95亿元及认购未签约面积4.19万平方米。 ...

（股份代號：81） 二零二五年十一月份的未經審核營運數據 中國海外宏洋集團有限公司（「本公司」）董事局（「董事局」）欣然宣佈本公司及其附屬 公司（「本集團」）及本集團之聯營公司和合營公司（統稱「中海宏洋系列公司」）若干未 經審核營運數據如下： 在2025年11月份，中海宏洋系列公司實現合約銷售額人民幣2,289,000,000元及合約銷售面積 210,400平方米，分別按年下跌43.7%及38.0%。在2025年1至11月份，累計合約銷售額人民幣 29,615,000,000元及合約銷售面積2,670,500平方米，分別按年下跌16.6%及13.8%。截至2025 年11月底，累計認購未簽約額人民幣495,000,000元及認購未簽約面積41,900平方米。 在2025年11月份，本集團於甘肅省蘭州市安寧區新增項目1個，總樓面面積150,251平方米， 總土地成本人民幣390,100,000元。從2025年1月1日至11月30日期間，本集團累計新增總樓面 面積2,092,352平方米，總土地成本人民幣8,802,370,000元，權益樓面面積1,863,945.24平方 米，權益土地成本人民幣7,747,90 ...

Core Viewpoint - Moody's has withdrawn the "Baa3" issuer rating for China Overseas Grand Oceans Group Limited (stock code: 00081.HK) [1] Group 1 - The withdrawal of the rating indicates a significant change in the credit assessment of the company [1]