11月15日，借十五运会火热举办的东风，广州首个业态最丰富、最全面的水上运动盛会——2025琶洲水 上运动嘉年华，越秀地产共建琶洲南TOD码头和华樾码头双码头。活动期间，帆艇、尾波冲浪、水上 超跑、摩托艇、皮划艇、桨板等多元潮酷水上项目密集亮相，解锁越秀大琶洲高端生活体验。 越秀地产共建双码头，启幕琶洲高品质滨水新生活 ...

（股份代號：00123） （在香港註冊成立的有限公司） 有關銀行存款及附帶服務之 持續關連交易 有關銀行存款及附帶服務之持續關連交易 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 茲提述二○二二年公告及二○二二年通函，內容有關重續本公司有關於創興銀 行集團的銀行存款的持續關連交易。 本公司於二○二五年十一月十四日訂立二○二六年銀行存款及附帶服務協議， 為期三年，以（ 其中包括 ）重續二○二三年銀行存款協議，並修訂現有銀行存款 持續關連交易的範圍，以涵蓋由創興銀行集團向本集團提供附帶服務。 上市規則涵義 – 1 – 緒言 茲提述本公司日期為二○二二年十一月三日的公告（「二○二二年公告」）及本公司 日期為二○二二年十一月二十四日的通函（「二○二二年通函」），內容有關重續本 公司有關於創興銀行集團的銀行存款的持續關連交易（「現有銀行存款持續關連交 易」）。 有關銀行存款及附帶服務之持續關連 ...

然而，理想主义的"海报同盟"未能经受住销售数据的考验。 项目亮相初期，中建智地操盘的紫京宸园凭借一场精彩绝伦的产品发布会先声夺人，以创新的产品理念赢得市场瞩目，在声势上占得先机。面对合作方制造 的声量压力，操盘璞樾的越秀地产却选择了一条不同的路径。 当9月开盘后，两个项目的网签数据（均仅百余套）远不及预期时，平衡被彻底打破。根据北京兴鼎房地产开发有限公司（中建智地子公司）向广州国资委 发出的举报信，越秀地产被指控"暗中调价"，未遵守股东方约定的统一定价标准。 在北京楼市的聚光灯下，朝阳黄衫木店板块上演了一幕跌宕起伏的商战剧。中建智地、金茂、越秀三大房企联手打造的"璞樾-紫京宸园"双子项目，在短短 数月内经历了从联合造势到公开决裂的戏剧性转变。这场从"携手共举"到"拔刀相向"的蜕变，不仅是一起商业合作的破裂案例，更成为观测当前楼市心态与 规则的显微镜。 就在这个秋天，地产人的朋友圈曾为一张海报刷屏。毗邻而居的璞樾与紫京宸园共同推出联合宣传，摒弃了楼市常见的"唯我独尊"话术，共同抬出"星河湾 豪宅生活区"的价值主张。这张由两个项目、三家开发商共同背书的海报，被业内誉为"一股清流"，彰显着北京地产圈久违的格局——竞 ...

11月13日，越秀地产"江南三章"产品发布会在杭州西子宾馆正式启幕，运河樾、如玺华院、观锦宸樾府三座低密作品联袂亮相。此次推出的三大项目，将 越秀地产深耕杭州15载的人居洞察与营造经验进行深度沉淀，不仅在文化融合与产品细节上颇具匠心，更在健康科技、空间美学与社区场景等实现全维进 阶。 "江南三章"的亮相，展现了越秀地产在高端住宅领域的系统性思考与优秀设计能力。在居住价值重构的当下，越秀以引领时代的产品标准，为杭州乃至全 国高端住宅市场树立了价值新范式。 发布会以品牌片《越见杭州》正式拉开序幕。影片深情回望越秀与杭州同频共振的15年历程。从城市向西拓展，到钱塘江岸崛起，从TOD轨道之上的开 拓，到如今三座低密作品的赋新，呈现出越秀与杭州共生共进、共赴未来的信心与实力。 在深耕杭州15年的重要时刻，越秀地产华东区域联席总经理詹瑞林诚挚致辞。他表示，在杭州这片热土上，越秀用15年书写了一部与城市共成长的"江南 三章"：越秀广泛参与杭州多个区域建设，参与并见证着杭州城市发展的宏伟进程，这是"造城"的广度；越秀坚持从土地文脉中提炼精神，从生活场景中 洞察需求，形成"定制"的深度；越秀围绕"品质、温度、智慧、成长"四大维 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [4]. Core Insights - Key monitored enterprises acquired 32 plots of land with a total transaction amount of 375.3 billion yuan [5][6]. - Brand real estate companies completed 4 financing transactions, totaling 45 billion yuan [5][6]. Land Reserves - Recent land acquisition details include: - Yuexiu Property acquired a residential land in Guangzhou for 1.194 billion yuan, with a premium of 8.2% [8]. - In Changsha, 3 residential plots were sold for a total of 1.89 billion yuan, with a maximum premium of 18% [9]. - China Green Development secured land in Sanya for 1.36 billion yuan at the base price [10]. - China Resources Land won a plot in Dongguan for 1.91 billion yuan, with a saleable floor price of 21,606 yuan/m² [11]. Investment Financing - Recent financing activities include: - Tiandi Source issued 200 million yuan in medium-term notes with an interest rate of 3.60% [12][14]. - Fuzhou Urban Investment Group successfully issued 580 million yuan in short-term financing bonds [15]. - China Communications Construction Company received approval for a 300 million yuan corporate bond [16]. - Hangzhou Anju Group's 2 billion yuan corporate bond was approved by the Shanghai Stock Exchange [17]. Corporate Dynamics - China State Construction Group signed a strategic cooperation framework agreement with the Chongqing government [18]. - Greentown Management and Chongqing Green Development signed a cooperation development agreement to enhance high-quality real estate projects [19].

Core Insights - The real estate industry in China is transitioning from a focus on rapid growth to prioritizing quality and experience, with "delivery" evolving into a key indicator of a company's comprehensive strength and brand commitment [1][20][21] Group 1: New Delivery Concept - Yuexiu Property has introduced the "Good House, New Delivery" system in the Beijing market, marking a shift from merely delivering products to delivering a lifestyle [2][19] - The "New Delivery" concept emphasizes a holistic approach to property delivery, integrating community ecology and long-term operations [20][21] Group 2: Project Highlights - The Yuexiu Xingyue project in Changping represents a significant implementation of the "Good House, New Delivery" philosophy, showcasing high-quality living environments [4][19] - The project features thoughtful design elements, such as optimized homecoming pathways and practical interior layouts, enhancing the overall living experience [6][10] Group 3: Community and Ecosystem - Yuexiu Xingyue aims to create emotional connections within the community through diverse spaces and activities, fostering daily interactions among residents [10][19] - The project is strategically located near key urban resources, including transportation and educational institutions, promoting a "walkable" lifestyle [12][19] Group 4: Market Performance - Yuexiu Property has achieved significant sales success in Beijing, ranking first in total sales among real estate companies in the first half of 2025 [14][20] - The company has successfully launched multiple high-end projects, demonstrating its strong product capabilities and commitment to quality [15][19] Group 5: Industry Transformation - The shift in the real estate sector emphasizes the importance of creating living experiences rather than merely constructing buildings, with Yuexiu leading this transformation [21] - The company's innovative delivery practices and community-focused approach are setting new standards for quality living in the industry [20][21]

今年北京楼市最受关注的板块可能就是朝阳黄衫木店了。 今年4月28日，中建一局旗下中建智地，联合中国金茂、越秀地产、朝开公司竞得北京市朝阳区黄杉木店及孙河组团地块，总价126亿元。 作为临近星河湾，有大量改善客群的区域，一开始，这两个项目的市场关注度很高，预期也很高。加上朝青板块已经有10年左右没有出新宅地了，所以业 内、包括操盘的房企都认为这俩项目不愁卖。 这个组团宅地分为南北两块地，南地块由中建智地操盘，北地块由越秀地产操盘，金茂负责产品，四家企业在两个项目中全部有股份，交叉持股。这两个 项目的案名分别为紫京宸园、璞樾，定位都是高端改善，也都是操盘公司今年在北京市场上的重点项目。 一直到开盘初期，一片和谐。 当初交叉持股，也是为了避免直接竞争，实现收益共享。从根儿上来说没有问题啊？ 但最近，传闻两个项目的股东方之间出现了不和谐的声音。 昨天，北京兴鼎房地产开发有限公司向广州国资委发了一封举报信，"控诉"越秀地产没有遵循之前项目股东方开会约定的两个地块房源统一定价标准，对 部分房源进行暗中调价，造成超3亿元货值损失。同时，利用调整价格，让南地块（紫京宸园）部分房源失去竞争优势，导致客户流失，影响了超22亿元 ...

Core Viewpoint - Hai'an Group (001233.SZ) has initiated its subscription with an issue price of 48 CNY per share and a subscription limit of 14,500 shares, reflecting a price-to-earnings ratio of 13.94 times, with Guotai Junan Securities as the sponsor [1] Company Overview - Hai'an Group's main business includes the research, production, and sales of giant all-steel engineering machinery radial tires and the operation management of mining tires, possessing production technology and capacity for a full range of all-steel giant tires (rim diameter of 49 inches and above) [1] - The company serves numerous domestic and international mining companies, machinery manufacturers, mining service contractors, and tire traders [1] Market Analysis - According to Frost & Sullivan, the global market for all-steel giant tires grew from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.18%, indicating a persistent supply-demand imbalance [3] - The market for all-steel giant tires is expected to reach 358,000 units by 2027, highlighting significant future growth potential [3] Competitive Landscape - The global tire industry is experiencing dynamic changes, with market share increasingly shifting towards East Asian companies, as the market share of major international tire brands has decreased from approximately 56% in 2002 to around 39% in 2022 [5] - China, as a major tire producer, accounts for nearly half of the global output, with 60% of its tires exported [5] - The exit of smaller tire manufacturers due to supply-side reforms has led to a gradual clearing of domestic tire production capacity, allowing surviving companies to gain more development space [5] Business Performance - Hai'an Group's revenue composition for 2022, 2023, and projected 2024 is as follows: - All-steel giant tire sales: 1.508 billion CNY, 2.251 billion CNY, 2.300 billion CNY - Mining tire operation management: 582 million CNY, 482 million CNY, 459 million CNY - Total revenue: 1.453 billion CNY, 2.208 billion CNY, 2.243 billion CNY [8] - The company reported net profits of approximately 354 million CNY, 654 million CNY, and 679 million CNY for the same years [8] Financial Metrics - As of December 31, 2024, the total assets of Hai'an Group are projected to be 3.283 billion CNY, with equity attributable to shareholders of 2.387 billion CNY and a debt-to-asset ratio of 21.10% [9] - The company expects to achieve a net profit of approximately 679 million CNY in 2024, with a basic earnings per share of 4.87 CNY [9] - The net cash flow from operating activities is anticipated to decrease significantly in the first half of 2025 compared to the same period in 2024, primarily due to increased cash payments for goods and services [9]

Core Insights - The REITs market is seen as a significant opportunity for the commercial real estate sector in China, which is currently undergoing a transformation [1][8] - Despite having a leading number of REITs, the scale of China's public REITs market is still in its infancy compared to global standards [2][3] Group 1: Market Overview - As of November 7, 2025, China has issued 77 public REITs with a total issuance scale of 198.1 billion yuan, indicating rapid growth in quantity [2] - The number of issued REITs in China surpasses the combined total of Singapore and Hong Kong, showcasing strong market momentum [3] Group 2: Challenges Faced - The public REITs market in China faces challenges such as insufficient supply of quality assets and low efficiency in project execution [4] - Current tax policies increase the cost of asset issuance, discouraging original equity holders from launching REITs [4][5] - The lengthy and complex approval process for REITs contributes to low project execution efficiency, leading to delays [4][6] Group 3: Asset Management and Utilization - The use of proceeds from REITs is restricted by regulations, which can complicate investment decisions for state-owned enterprises [6] - Successful examples of private REITs, such as the one issued by Yuexiu Group, demonstrate the potential for asset revitalization without the lengthy public listing process [7] Group 4: Future Outlook - The REITs market is anticipated to play a crucial role in the future of the real estate market, although its full potential is not yet clear [8] - The development of REITs requires careful attention to market volatility, asset performance, and management capabilities to ensure long-term success [9]

Core Viewpoint - The article discusses the launch of the "Good House New Delivery" concept by Yuexiu Property, aligning with the Chinese government's "Four Good" construction policy, emphasizing the importance of delivering not just houses but a holistic living experience [1][2][40]. Group 1: Policy and Concept - The Central Committee of the Communist Party of China has officially released guidelines for the 15th Five-Year Plan, highlighting the construction of "safe, comfortable, green, and smart 'good houses'" [1]. - Under the "Four Good" policy, Yuexiu Property aims to create a three-dimensional delivery system that includes "new quality," "new gathering places," and "new ecology" [2][40]. Group 2: Implementation of the Concept - Yuexiu Property's "Good House New Delivery" concept breaks traditional delivery limitations by focusing on community ecology, space value, customer needs, and neighborly connections [3][39]. - The delivery of the Yuexiu Xingyue project in Changping marks a significant implementation of this concept, showcasing a commitment to quality and customer satisfaction [4][6]. Group 3: Community and Lifestyle - The project emphasizes the creation of a "good community" post-delivery, with various community spaces designed to foster daily interactions and community vitality [15][19]. - Future community activities will be organized to enhance neighborly relationships and promote a harmonious living environment [19]. Group 4: Ecological and Urban Integration - The Yuexiu Xingyue project is strategically located in the Zhu Xin Zhuang core area, benefiting from proximity to major transportation and educational resources, thus promoting a convenient lifestyle [20][30]. - The project exemplifies the integration of urban resources and the delivery of a comprehensive living experience, aligning with the "new ecology" aspect of the delivery concept [20][38]. Group 5: Market Performance and Future Outlook - Yuexiu Property has successfully launched multiple high-end projects in Beijing, indicating a strong market presence and the effectiveness of the "Good House New Delivery" concept [38][39]. - The innovative approach of pre-delivery showcases the company's commitment to enhancing customer experience and responding to market expectations [21][40].