Group 1 - The core viewpoint of the article is that a recent commentary in the magazine "Qiushi" has raised investor hopes for a shift in policy regarding the real estate market, suggesting that substantial policy measures are needed rather than incremental changes [1] - Morgan Stanley notes that since the second half of last year, housing prices and sales have continued to decline, making it logical for policymakers to consider a new direction in their approach [1] - The next key policy windows are identified as the March Two Sessions and the April Politburo meeting, indicating that the commentary alone is not sufficient to confirm a change in the official stance [1] Group 2 - Morgan Stanley's preferred stocks in the real estate sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao, indicating a focus on these companies for potential investment opportunities [1] - The report suggests that Longfor Group offers the best risk-reward profile amid the anticipated rebound triggered by policy changes [1]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong property stocks, driven by recent policy adjustments that are expected to enhance market activity [1] - Key property stocks such as Agile Group, Shimao Group, and Ronshine China saw increases of 9%, while Greentown China rose nearly 8% and China Jinmao increased by 6.5% [2] - The latest report from CICC indicates that the Ministry of Finance announced a new policy on the value-added tax for personal housing sales, and Beijing adjusted its purchase and loan restrictions, which are seen as positive developments for the market [1] Group 2 - Despite the recent policy improvements, the fundamental trends in the real estate market remain weak, necessitating ongoing observation of the interaction between policy and market fundamentals [1] - CICC suggests a cautious approach towards the real estate development sector in the short to medium term, while prioritizing investment in core assets within the commercial real estate sector that offer absolute returns [1] - If policy measures exceed expectations, there may be a more positive outlook for the real estate development sector, particularly for companies with high profit certainty and strong operational trends [1]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance. Among typical real estate companies, 24% reported year-on-year growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to focus on improving their internal capabilities and product quality [1] - Recent meetings held by various ministries, including the National Development and Reform Commission and the Ministry of Finance, have outlined key work for 2026, focusing on expanding domestic demand, promoting high-quality industrial development, and stabilizing the real estate market [1] Group 2 - Recent policy adjustments, such as the announcement from the Ministry of Finance regarding the value-added tax on personal housing sales and changes to purchase and loan restrictions in Beijing, are expected to enhance market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments in policy, necessitating ongoing observation of the interaction between policy and fundamentals. Short to medium-term patience is advised for the real estate development sector, with a focus on core assets in commercial real estate [2] - Recommendations include real estate stocks with "good credit, good city, good product," companies that manage cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Group 3 - Relevant companies in the real estate industry chain listed on the Hong Kong stock market include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

Group 1 - The overall performance of real estate companies is expected to continue bottoming out in 2025, with some companies experiencing significant recovery in their performance [1] - Among typical real estate companies, 24% reported year-on-year performance growth, with 12 companies showing growth rates exceeding 30% [1] - The confidence and expectations of homebuyers are still in the process of recovery, prompting real estate companies to enhance their internal capabilities and product quality [1] Group 2 - Recent policies, including adjustments to housing purchase restrictions and the announcement of a new value-added tax policy on personal housing sales, are expected to boost market activity [2] - The real estate market fundamentals remain weak, but there are small, positive developments on the policy front that warrant ongoing observation of the interaction between policy and fundamentals [2] - Recommendations include focusing on real estate stocks with good credit, good cities, and good products, as well as companies that can manage cash flow effectively during market adjustments [2] Group 3 - Relevant Hong Kong-listed real estate companies include Sunac China (01918), China Overseas Grand Oceans Group (00081), Longfor Group (00960), Vanke (02202), China Resources Land (01109), Yuexiu Property (00123), China Overseas Development (00688), and Jianfa International (01908) [3]

从销售结构看，头部房企优势依然明显。保利发展控股集团股份有限公司（以下简称"保利发展"）、绿 城中国控股有限公司、招商局蛇口工业区控股股份有限公司（以下简称"招商蛇口"）、杭州滨江房产集 团股份有限公司（以下简称"滨江集团"）等企业的销售额均超过千亿元。 中指研究院日前发布的数据显示，2025年销售额超千亿元的房企共10家，头部企业销售规模保持韧性， 核心城市项目仍是主要支撑。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，近年来，多地在供地端持续优化出让机 制，土地供应呈现出"控量提质"的特征。一方面，地方政府不断提升供地精准度，部分城市对配建公共 服务设施的项目给予容积率奖励，另有城市通过支持土地出让金分期缴纳，缓解房企资金压力。另一方 面，围绕"好房子"建设导向，各地加大低容积率、可开发性较强地块的投放力度，优质地块供应明显增 加，房企竞拍积极性提升，高溢价成交案例增多。 展望未来，严跃进表示，2026年住宅市场有望迎来一批在区位、品质和功能上更具竞争力的"好房子"项 目，核心城市新房产品结构将进一步优化，具备持续开发能力与稳健经营能力的头部房企，有望保持竞 争优势。 （文章来源：证券日报） ...

尽管行业艰难，但2025年还是有4家房企迈入2000亿元阵营，TOP10门槛守住"千亿"。 12月31日，中指研究院、克而瑞、亿翰智库等机构发布2025年房地产企业业绩。据中指研究院，保利发展、绿城中国、中海地产、华润置地4家房企全 年销售额均超2000亿元。其中，保利发展2530亿元、绿城中国2519亿元、中海地产2512亿元、华润置地2336亿元。 | 排名 | 企业名称 | 销售额 (亿元) | 排名 | | 企业名称 | | --- | --- | --- | --- | --- | --- | | 1 | PHITE FILL Les I | 2530.0 | 1 | 保利发展 | | | 2 | 绿城中国 | 2519.0 | 2 | 绿城中国 | | | 3 | 中海地产 | 2512.0 | 3 | 中海地产 | | | 4 | 束润量抑 | 2336.0 | 4 | 万科 | | | 5 | 招商蛇口 | 1960.2 | 5 | 束润置极 | | | 6 | Company of the program and the comments of the control of the cont ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 龍湖集團控股有限公司 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00960 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

随着中国房地产行业告别增量扩张的黄金时代，存量市场已成为行业竞争的核心战场。 中指研究院《2025中国商业地产发展白皮书》数据显示，截至2025年5月，全国3万平方米以上已开业零售商业项目总面积达5.9亿平方米，五大城市群就 占据60%的存量份额；另据观点指数，重点八城商业地产平均租金较上年同期下跌11.9%，大量中小体量项目陷入出租率不足、坪效低迷的困境。 与此同时，城市更新、保租房建设等政策密集落地，要求行业从"建房子"向"管资产"转型，存量资产盘活的紧迫性与日俱增。如何让海量低效资产重焕生 机、让沉淀价值充分释放，已成为房企穿越周期、实现可持续发展的必答题。 作为龙湖集团旗下专注于资产管理的旗舰品牌，龙湖资产管理承袭其二十余年不动产运营积淀，以创新业态欢肆为实践载体，构建起"业态协同增值、精 细运营赋能、投融建管退闭环"的全链条资管能力体系，在存量市场中走出一条可复制、高兑现的价值提升之路，为行业树立了存量资产盘活的新标杆。 龙湖全链资管能力进化之路 从单一长租公寓探索到全周期全业态布局，从业务板块升级到资管品牌独立，龙湖资产管理的发展轨迹深度契合中国房地产从增量扩张到存量深耕的行业 转型脉络，每一步迭 ...

12月28日，通业科技（300960）发布公告称，公司拟现金收购北京思凌科半导体技术有限公司(以下简称思凌科半导体)91.69%股 权，交易价格敲定5.61亿元。 思凌科半导体将成为通业科技的控股子公司，本次交易仍构成重大资产重组。 公开资料显示，思凌科成立于2016年3月，其经营范围涵盖技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 集成电路设计；信息系统集成服务；物联网技术服务；软件开发等。 2023年—2024年，思凌科营业收入分别为2.9亿元、3.1亿元；净利润分别为2950万元、3089万元。此次交易设置了业绩承诺，相 关方承诺，思凌科2026年度至2028年度累计实现的净利润不低于1.6亿元。 责编：叶舒筠 据悉，公司此前原计划收购思凌科半导体100%股权，经与交易对方多次沟通协商，并结合相关方最终意愿，对收购比例进行了 调整。公司决定将本次重大资产重组的收购比例由100%调整为91.69%，交易价格为5.61亿元。 潜望系列深度报道丨股事会专栏丨投资小红书丨e公司调查丨时报会客厅丨十大明星私募访谈丨小米突发！高管拟减持不超过20 亿美元股票！丨A股，迎多项利好！丨丨丨丨丨丨丨丨 校 ...