Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

3月18日，中海地产以75.02亿元的竞得海淀区树村地块，溢价率27.93%，楼面价约10.23万元/㎡，打破 了北京土地市场历史单价纪录。 室内为轻法式宫廷风，浅色奢装，支持定制化空间改造。 据悉，该项目占地3.9万㎡，容积率仅1.6，打造16栋4-6层洋房+叠拼，限高18米，共278户。南区四排规 划为低密洋房，主力户型为建面约220㎡、260㎡的大三面宽户型，以及300㎡四面宽旗舰产品；北区四 排为叠拼产品，面积350㎡-480㎡，其中，下叠为1-2层+地下室，上叠为4-5层+露台，中间层三层为370 ㎡大平层，全盘仅14套，面宽26米。 近日，中海树村项目公布案名——中海.安澜北京。 外立面采用玻璃幕墙+铝板+天然奢石，新中式坡屋顶设计，呼应圆明园风貌；室内为轻法式宫廷风， 浅色奢装，支持定制化空间改造。 ...

中海深圳超总地块的地面情况。 黄指南/摄 本报记者 张蓓 见习记者 黄指南 深圳报道 中海落下了深圳超总板块的第二子。 12月全国土拍进入博弈深水区，广深市场的热度尤为突出，成为行业观察市场复苏动能的核心窗口。 作为深圳市本月首场土拍的重头戏，两宗宅地均采用"价高者得"的纯市场化竞价规则，而南山区T207- 0068宗地无疑是全场最受瞩目的"明星"。 在深圳豪宅市场热度未减的当下，这宗地块不仅是超总板块继深湾玖序后的第二宗宅地，更成为观测房 企投资信心与战略布局的关键样本。 从地理坐标来看，T207-0068宗地的稀缺性不言而喻。其坐落于超总核心区白石二道与深湾二路东南 侧，1.18万平方米的土地上承载着4.11万平方米的建筑体量，住宅容积率被控制在3.1，起始价22.36亿 元。 根据法定图则，地块三面被写字楼环绕，东侧紧邻中海操盘的深湾玖序，南侧为TCL大厦，西侧是天音 大厦，北侧则与神州数码相望。 保利发展历经76轮竞价加仓广州海珠，紧随其后，中海以95轮激烈角逐、超42%的溢价率斩获深圳超级 总部基地第二宗宅地，两大央企的密集出手，将区域土拍的白热化态势推向顶点。 "就深圳市场而言，中海的市场感知能力 ...

智通财经APP获悉，华润啤酒-R(80291)、友邦保险-R(81299)、安踏体育-R(82020)上一交易日沽空比率 位于前三位，分别为100.00%、100.00%、100.00%。阿里巴巴-SW(09988)、腾讯控股(00700)、建设银行 (00939)的沽空金额位居前三，分别为14.85 亿元、11.63 亿元、9.21 亿元。华润啤酒-R(80291)、友邦保 险-R(81299)、春立医疗(01858)的偏离值位居前三，分别为37.08%、34.84%、34.29%。 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 31.21 万元 | 100.00% | 37.08% | | 友邦保险-R(81299) | 8.38 万元 | 100.00% | 34.84% | | 春立医疗(01858) | 928.20 万元 | 40.92% | 34.29% | | 百度集团-SWR(89888) | 279.32 万元 | 69.26% | 32.64% | | () | 6025.95 万元 | ...

Core Viewpoint - The competition for high-end real estate in Shenzhen has intensified, particularly with the recent auction of a prime land parcel in Nanshan, which is expected to be developed into luxury residential units, marking a new phase in the luxury property market [1][8]. Group 1: Auction Details - The T207-0068 land parcel in Nanshan was sold for 3.186 billion, with a premium rate of 42.49%, resulting in a comprehensive floor price of approximately 77,400 per square meter and a saleable floor price of about 87,000 per square meter [1][5]. - The land has an area of 11,833.61 square meters and a residential saleable area of 36,584 square meters, with a height limit of 100 meters and a plot ratio of 3.1 [3][6]. Group 2: Market Context - The new land acquisition by China Overseas Land & Investment (中海) is expected to complement its existing luxury projects, potentially creating a product hierarchy similar to the previously developed Deep Bay Jiu Xu [5][7]. - The competitive landscape has expanded from the original "Hau Hai-She Kou" area to include "Hau Hai-She Kou-Shen Chao Zong," indicating a broader market for luxury properties [8][9]. Group 3: Competitive Dynamics - The entry of the new land parcel is likely to intensify competition among luxury projects, with multiple developments in the vicinity, including Shenzhen Bay Luan Xi and CITIC Xin Yue Bay, collectively offering over 1,800 units [7][8]. - The high acquisition cost and the need to maintain luxury positioning will compel developers to enhance product quality, such as upgrading exterior finishes and offering high-end furnishings to attract buyers [10][11]. Group 4: Sales Performance - In contrast to the inventory issues faced in Beijing, Shenzhen's luxury properties have been performing well, with many projects nearing sell-out status, indicating a strong demand in the market [12][17]. - China Overseas has successfully launched multiple projects in Shenzhen, with a total supply of 10,845 units since 2020, leaving only 439 units unsold as of December 2025 [17][18].

Core Insights - The land market in Guangzhou and Shenzhen is experiencing a year-end surge, with significant transactions indicating a recovery in the real estate sector [1][3] Group 1: Shenzhen Land Transactions - A mini residential land plot in Shenzhen's Futian district was auctioned, marking the first publicly sold residential land in 16 years, with a total price of 792 million yuan and a premium rate of 65%, translating to a floor price of 42,700 yuan per square meter [1][2] - Another notable transaction occurred on December 8, where China Overseas Land & Investment acquired a plot in the Shenzhen Bay Super Headquarters Base for 3.186 billion yuan, achieving a floor price of 77,400 yuan per square meter and a premium rate of 42.49%, setting a new high for such plots [1][4] - The competitive bidding for these plots involved major players, including state-owned enterprises and local private firms, reflecting strong market confidence despite stringent development conditions [2][3] Group 2: Guangzhou Land Transactions - In Guangzhou, a plot in Haizhu District was sold for 3.5 billion yuan, with a premium rate of approximately 27% and a floor price of about 24,400 yuan per square meter, indicating robust demand in prime locations [1][5] - The overall land market in Guangzhou is also showing signs of activity, with recent sales reflecting a mix of residential and commercial land, although the overall market remains fragmented [6][7] Group 3: Market Trends and Future Outlook - Analysts suggest that the high premium rates in Shenzhen indicate a structural recovery in the real estate market, with core area land scarcity continuing to support prices [3] - The shift towards "current housing sales" models is expected to accelerate industry consolidation, favoring larger firms with stronger financial capabilities [2][3] - The total land transaction value in Shenzhen for 2025 is projected to reach 29.09 billion yuan, with an average premium rate of 32.81% across 12 residential land deals [6]

深超总宅地占地约1.18万平米 建筑面积约4.1万平米 具体来看，该地块规模较为紧凑，占地仅约1.18万平米，建面约4.1万平米——包括住宅约3.66万平米、 商业1000平米等，宗地整体容积率为3.48，限高100米。该地块最初规划为商业用地，今年4月才调整为 二类居住用地，同时，该宗地出让规则无商品房限价、无配建要求、户型不受"70/90政策"限制，竞得 人需承诺"交房即发证"，并遵守"1年内开工、4年内竣工"的开发时限。 据了解，深超总定位为深圳战略发展核心区域，以总部经济为主导，住宅规划极少，稀缺性显著，目前 该片区唯一在售新房住宅项目为中海深湾玖序，仅有少量尾盘在售，项目毛坯备案均价13.3万/㎡，周 边二手房挂盘价普遍在14万-18万元/㎡之间，部分优质房源可达20万元/㎡以上。 12月8日，深圳两宗住宅用地成功出让，分别位于南山区深圳湾超级总部基地和光明区马田街道，起始 总价高达30.02亿元。最终中海31.86亿元竞得南山深圳湾超级总部基地地块，龙湖7.66亿元底价竞得光 明区马田街道地块，两地块共收金39.52亿元。 其中，南山区深圳湾超级总部基地T207-0068宗地竞争尤为激烈，经6轮自 ...

Group 1 - The successful auction of the "mini residential land" in Shenzhen's Futian District attracted eight real estate companies, with China Railway Real Estate winning the bid at a total price of 792 million yuan, reflecting a high premium rate of 65% and a floor price of 42,695 yuan per square meter [1] - This land parcel, with an area of 4,994.02 square meters, is the first publicly auctioned pure residential land in Futian District since 2016 and the last residential land auction in Shenzhen for 2025, requiring all units to be sold as completed properties [1] - The high premium indicates a structural recovery in Shenzhen's real estate market, with core area land scarcity continuing to support prices, and it is expected that Shenzhen will maintain market heat through a limited supply of quality land in 2026 [1] Group 2 - On December 8, two land parcels in Shenzhen were successfully auctioned, with China Overseas Land & Investment winning one for 3.186 billion yuan and Longfor Group winning another for 766 million yuan, totaling 3.952 billion yuan in revenue [2] - Year-to-date, Shenzhen has completed 12 residential land transactions, with a total transaction amount of 29.09 billion yuan and an average premium rate of 32.81% [2] - The real estate market in Shenzhen shows significant differentiation, with high-end properties in core locations still performing well despite a relatively sluggish market, indicating strong purchasing power in these areas [2]

中国海外发展(00688)发布公告，中海企业发展集团有限公司2023年面向专业投资者公开发行公司债券 (第二期)(品种二)将于2025年12月12日支付自2024年12月12日至2025年12月11日期间的利息。 据悉，本次债券简称"23中海04"，债券余额30亿元，当前票面利率3.20%；每10张"23中海04"面值人民 币1000元派发利息为人民币32.00元(含税)。 ...

据悉，本次债券简称"23中海04"，债券余额30亿元，当前票面利率3.20%；每10张"23中海04"面值人民 币1000元派发利息为人民币32.00元(含税）。 智通财经APP讯，中国海外发展(00688)发布公告，中海企业发展集团有限公司2023年面向专业投资者公 开发行公司债券(第二期)(品种二)将于2025年12月12日支付自2024年12月12日至2025年12月11日期间的 利息。 ...