Core Viewpoint - New City Development (01030) announced that New City Holdings (601155.SH) reported a revenue of 34.371 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 33.34% [1] - The net profit attributable to shareholders was 0.974 billion yuan, down 33.05% year-on-year [1] - The basic earnings per share stood at 0.43 yuan [1] Financial Performance - Revenue for the first three quarters of 2025: 34.371 billion yuan, a decrease of 33.34% year-on-year [1] - Net profit attributable to shareholders: 0.974 billion yuan, a decline of 33.05% year-on-year [1] - Basic earnings per share: 0.43 yuan [1]

持續關連交易 租賃服務框架協議 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 租賃服務框架協議 於2025年10月30日（交 易 時 段 後），新 城 控 股 與 米 塔 集 文 化 訂 立 租 賃 服 務 框 架 協 議，據 此，新 城 控 股 同 意 向 米 塔 集 文 化 提 供 租 賃 服 務 及 物 業 管 理 服 務，自 2025年10月30日起至2027年12月31日 止，受 年 度 上 限 規 限。 上市規則的涵義 於 本 公 告 日 期，本 公 司 控 股 股 東 王 先 生 間 接 擁 有 米 塔 集 文 化 約50%股 權。因 此，米 塔 集 文 化 為 王 先 生 的 聯 繫 人 及 本 公 司 的 關 連 人 ...

格隆汇10月30日丨新城发展(01030.HK)公布截至2025年9月30日止九个月的主要财务数据。前三季度营 收约为人民币343.71亿元，同比减少33.34%。净利润约为9.74亿元，同比减少33.05%。基本每股收益为 0.43元。 ...

SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 內幕消息 新城控股截至2025年9月30日止九個月 的主要財務數據及指標 茲提述新城發展控股有限公司（「本公司」）於2025年10月30日就其附屬公司新城 控股集團股份有限公司（「新城控股」，其A股於上海證券交易所上市（股 票 代 碼 為601155））截 至2025年9月30日止九個月之季度報告摘要刊發之海外監管公告 （「該公告」）。本 公 司 董 事（「董 事」）會（「董事會」）謹此提醒股東及公眾投資者注意 以下於該公告內載列之新城控股截至2025年9月30日止九個月的主要未經審核 財 務 數 據 及 指 標。 – 1 – 董事長 王曉松 新城控股的主要財務數據及指標 | | 本報告期 ...

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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 海外監管公告 本公告乃由新城發展控股有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條 而 作 出。茲 載 列 本 公 司 旗 下 一 間 於 上 海 證 券 交 易 所 上 市 的A股 附 屬 公 司，新 城 控 股 集 團 股 份 有 限 公 司（股 份 代 號：601155），在 上 海 證 券交易所網站(www.sse.com.cn)刊登的《新 城 控 股 集 團 股 份 有 限 公 司2025年第三季 度 報 告》，僅 供 參 閱。 承董事會命 新城發展控股有限公司 董事長 王曉松 中 國，2025年10月30日 於 本 公 告 日 期，董 事 包 括 ...

Core Viewpoint - Hong Kong real estate stocks are experiencing a counter-trend rally, with notable increases in share prices for several major companies following the release of a government action plan aimed at stabilizing the real estate investment scale in Shanghai [1] Group 1: Market Performance - Country Garden shares rose by 3.5%, while Sunac China and Agile Group increased by 2.5%. Vanke Enterprises saw a nearly 2% rise, and other companies like New City Development, Longfor Group, and China Overseas Macro Holdings also reported gains exceeding 1% [2] - The overall trend indicates a positive market response among real estate stocks despite broader market challenges [1] Group 2: Government Policy - The Shanghai Municipal Government issued a notification to promote high-quality development in the construction industry, emphasizing the need to stabilize real estate investment and strengthen the foundational market in Shanghai [1] - The plan aims to facilitate the construction of "good houses" and provide application scenarios for good design, construction, and services [1] Group 3: Industry Insights - Huatai Securities' research report highlights that the sales performance of "good houses" is significantly better than the average, suggesting that companies with strong product capabilities may achieve better sales conversion and more stable cash flow [1] - The report posits that product strength could become a core competitive advantage for real estate companies, reshaping their market positions and competitive landscape [1] - Huatai Securities continues to recommend real estate stocks characterized by "good credit, good cities, and good products" as a strategic investment focus [1]

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Group 1: Government Policies and Initiatives - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasizes the need to construct safe, comfortable, green, and smart houses, while also renovating old ones [1] - Nine departments, including the Ministry of Housing, have issued an action plan to develop and implement intelligent municipal infrastructure construction and renovation plans [2] - Beijing has introduced a new tax policy for housing rental enterprises, reducing the VAT rate from 5% to 1.5% starting January 1, 2026, and lowering the property tax rate from 12% to 4% [3] Group 2: Real Estate Transactions and Market Activity - In Chengdu, a new policy has been released that removes local deposit restrictions for housing provident fund loans, allowing eligible non-local contributors to apply for conversion loans [4] - Two low-density residential land parcels in Suzhou's Xiangcheng district were sold at a total price of 661 million yuan, with floor prices of 7,500 yuan and 7,000 yuan per square meter [5] - A residential land parcel in Hangzhou's Binjiang district was sold for 1.264 billion yuan, reflecting a nearly 20% premium over the starting price [6] Group 3: Land Supply and Development - Beijing has announced the eighth round of proposed residential land supply for 2025, covering 9 plots with a total area of approximately 44 hectares and a planned construction scale of about 1.03 million square meters [7] - Shanghai is set to auction 6 land parcels in its eighth batch of land sales, with a total starting price of 18.495 billion yuan [8] Group 4: Company Performance and Leadership Changes - China State Construction's project, Yunhe Jiuyuan, achieved sales of 448 units in September, leading in sales volume, area, and amount in Beijing [9] - Beijing Urban Construction's Xi Yuan project opened its humanistic demonstration area, showcasing high-end residential values [10] - Sunac China’s debt restructuring plan received approval from 98.5% of creditors, marking a significant step towards resolving its offshore debt issues [12] Group 5: Sales Performance of Real Estate Companies - China Resources Land reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decline of 10.4% [13] - China Jinmao's contract sales for the same period reached 80.685 billion yuan, with a total area of 3.6745 million square meters sold [14] - Longfor Group's total contract sales amounted to 50.75 billion yuan, with a sales area of 3.943 million square meters [15]

Group 1 - The 17th Shanghai International Mass Sports Festival opened on October 18, themed "Let Passion Be Unlimited," injecting vitality into the city [1] - The event featured a month-long preheating period with city-wide activities, including "entering business districts, schools, and scenic spots," promoting community engagement [3] - The main venue at Dishui Lake and the sub-venue at Yao Xue Ice and Snow World hosted diverse events, including ice and snow sports, running, group exercises, and esports, creating an all-age friendly sports system [3] Group 2 - On October 19, events included a 10-kilometer "Chase the Sun Lake Run," a 5-kilometer "Chase the Sun Walk," and the Shanghai Youth Alpine Skiing Championship, with unique and collectible medals [5] - The festival integrated sports with cultural and tourism elements, collaborating with Tongcheng Travel to launch online promotions and distribute travel red envelopes worth millions [5] - A total of 300,000 yuan in sports consumption vouchers were distributed, enhancing the connection between participation, tourism, and consumption, effectively boosting the regional cultural tourism economy [5] Group 3 - The carnival market at Dishui Lake featured over 40 institutions showcasing innovative sports projects like robot dancing and drone football, alongside traditional sports and trendy activities [7] - Renowned brands such as Master Kong and Kao set up food and interactive display areas, enriching the experience and providing diverse consumer choices [7] - Since its inception in 2009, the Shanghai International Mass Sports Festival has successfully held 16 editions, promoting internationalization, socialization, and public welfare through sports [7]

Core Viewpoint - The Hong Kong property stocks experienced a widespread decline on October 17, with notable drops in several major companies [1] Company Performance - Sunac China (01918.HK) fell by 3.85%, trading at 1.5 HKD [1] - Ronshine China (03301.HK) decreased by 3.31%, with a price of 0.175 HKD [1] - New World Development (01030.HK) saw a decline of 2.19%, priced at 2.23 HKD [1] - Greentown China (03900.HK) dropped by 2.05%, currently at 8.59 HKD [1]