Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]

Key Points - *ST Zhengping's stock will resume trading on November 12, 2025, after a significant increase of 152.42% from September 1 to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - Dongfang Zhizao plans to acquire 70% of Nantong Saifu Machinery Equipment Co., Ltd. for 27.4887 million yuan, making it a subsidiary [4] - Zhifei Biology received approval for clinical trials of a combined vaccine for adolescents and adults to prevent diphtheria, tetanus, and whooping cough [5] - CITIC Securities has been approved by the CSRC to issue up to 50 billion yuan in short-term corporate bonds [6] - Bangji Technology intends to terminate a major asset restructuring involving the acquisition of several companies, stating that current operations will not be adversely affected [7] - Dekeli is planning to issue S-shares and list on the Singapore Exchange as part of its global strategy [8] - Emei Mountain A announced that Leshan State Investment will transfer 90% of its stake in Emei Mountain Leshan Buddha Tourism Group to another state-owned entity without compensation, maintaining the current control structure [9] Performance Summary - Xincheng Development reported a contract sales amount of approximately 1.419 billion yuan in October 2025, with cumulative sales of about 16.468 billion yuan from January to October [11] - Huadong Holdings sold 242,500 pigs in October 2025, with a 19.85% month-on-month increase and a 20.80% year-on-year increase [13] - Xiamen Airport's passenger throughput in October was 2.5548 million, a year-on-year increase of 1.56% [14] Shareholding Changes - Huaguang Huaneng executives plan to reduce their holdings, with the chairman and several executives intending to sell up to 171,200 shares each [16] - Hot景 Biology announced a share buyback plan of 100 million to 200 million yuan for employee stock ownership or incentives [17] - Aladdin's controlling shareholder's stake decreased from 46.27% to 44.76% due to the dissolution of a partnership [18] - JianKai Technology's controlling shareholder plans to transfer 3% of the company's shares [19] - Yuyuan Holdings intends to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 8.6 yuan per share [20] Major Contracts - China Oil Engineering's subsidiary won a project in Kazakhstan worth approximately 3.003 billion yuan for the construction of ethane and propane pipelines [22] - Dash Intelligent signed a contract for an intelligent display technology park project worth 12.7652 million yuan, which will positively impact its market share in the enterprise park sector [24]

Core Viewpoint - New City Development (01030) reported a significant decline in contract sales and rental income for October 2025 compared to the previous year, indicating challenges in the real estate market [1] Sales Performance - In October 2025, the company achieved a contract sales amount of approximately RMB 1.419 billion, representing a year-on-year decrease of 45.76% [1] - From January to October 2025, the cumulative contract sales amount was approximately RMB 16.468 billion, down 52.2% year-on-year, with a total sales area of about 2.1506 million square meters [1] Rental Income - As of October 2025, the company had a total of 177 rental properties, with a total construction area of approximately 16.3002 million square meters [1] - The rental income for October 2025 was approximately RMB 1.106 billion, while the commercial operating income was about RMB 1.186 billion (including tax) [1] - For the period from January to October 2025, the cumulative rental income reached approximately RMB 10.912 billion, and the cumulative commercial operating income was around RMB 11.696 billion (including tax) [1]

Group 1 - The company reported a contract sales amount of approximately RMB 1.419 billion in October 2025, with a contract sales area of about 191,500 square meters [1] - Cumulatively, from January to October 2025, the total contract sales amount reached approximately RMB 16.468 billion, with a total sales area of around 2,150,600 square meters [1] - In October 2025, the company had a total of 177 rental properties, with a total construction area of approximately 16.3002 million square meters [1] Group 2 - The rental income for October 2025 was approximately RMB 1.106 billion, while the commercial operating income was about RMB 1.186 billion (including tax rental income) [1] - From January to October 2025, the cumulative rental income amounted to approximately RMB 10.912 billion, and the cumulative commercial operating income was around RMB 11.696 billion (including tax rental income) [1]

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） 2025年10月未經審核營運統計數據 合約銷售 新城發展控股有限公司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈，於2025年10月，本 集 團 實 現 合 約 銷 售 金 額 約 人 民 幣14.19 億 元，合 約 銷 售 面 積 約19.15萬 平 方 米。 2025年1月 至10月累計合同銷售金額約人民幣164.68億 元，累 計 銷 售 面 積 約215.06 萬 平 方 米。 2025年1月 至10月累計租金收入*約人民幣109.12億 元，累 計 商 業 運 營 收 入**約 人民幣116.96億 元（即 含 稅 ...

Group 1 - Hong Kong real estate stocks experienced a general rise, with Longfor Group up 3.33%, China Resources Land up 3%, and Agile Group up 3.4% [1] - Other notable increases include R&F Properties, Jin Hui Holdings, Ronshine China, and Jianfa International Group, each rising approximately 2%, while Midea Real Estate, Longguang Group, New City Development, and China Overseas Macro Holdings rose over 1% [1] Group 2 - The China Index Academy recently released the October financing report, indicating that the total bond financing in the real estate sector for October 2025 reached 51.24 billion yuan, a year-on-year increase of 76.9% [1] - The issuance of credit bonds in October also saw a year-on-year increase, primarily from state-owned enterprises, with real estate credit bond financing amounting to 32.7 billion yuan, up 50.7% year-on-year, accounting for 63.8% of the total [1] Group 3 - CITIC Securities suggests that 2026 may be a critical year for real estate companies to enter a balance sheet repair phase, with some firms potentially reaching the bottom of a long-term profit cycle [1] - Companies that manage to recover first are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]

Core Viewpoint - The Chinese real estate stocks have shown signs of recovery, with significant increases in share prices for several companies, despite ongoing challenges in the market [1] Group 1: Market Performance - As of the latest report, Greentown China (03900) rose by 8.36% to HKD 8.94, R&F Properties (02777) increased by 5.66% to HKD 0.56, New World Development (01030) gained 4.04% to HKD 2.32, and Shimao Group (00813) climbed 3.85% to HKD 0.27 [1] - According to CRIC, the top 100 real estate companies achieved a sales turnover of CNY 253 billion in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] Group 2: Sales Performance - Cumulatively, the top 100 real estate companies reported a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the rate of decline widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Morgan Stanley suggests that the large number of second-hand homes on the market may continue to suppress market sentiment, exerting pressure on real estate sales and prices for the remainder of the year [1] - CITIC Securities reports that the supply and demand situation in the real estate market has improved, indicating that adjustments have been sufficient, and forecasts a potential stabilization in the market in 2026 [1] - CITIC Securities also believes that 2026 could be a critical year for real estate companies to repair their balance sheets, with some firms possibly reaching a long-term profitability bottom [1]

Group 1 - The core viewpoint of the article indicates a recovery in the Chinese real estate sector, with notable stock price increases for several companies, including Greentown China, R&F Properties, New World Development, and Shimao Group [1] - According to CRIC, the top 100 real estate companies achieved a sales turnover of 253 billion yuan in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] - Cumulative performance shows that the top 100 real estate companies recorded a total sales turnover of 25,766.6 billion yuan, representing a year-on-year decline of 16%, with the decline rate widening by 4.2 percentage points compared to the first nine months of the year [1] Group 2 - Morgan Stanley suggests that the large number of second-hand homes on the market may continue to suppress market sentiment, exerting pressure on real estate sales and prices for the remainder of the year [1] - CITIC Securities reports an improvement in the supply and demand situation in the real estate market, indicating that adjustments have been sufficient, and forecasts a potential stabilization in the market by 2026 [1] - CITIC Securities believes that 2026 could be a critical year for real estate companies to repair their balance sheets, with some firms potentially reaching the bottom of their profit cycles, particularly those with good city layouts and valuable investment properties [1]

Group 1 - Hong Kong property stocks experienced a rise, with notable increases in several companies' stock prices [1] - Greentown China saw a significant increase of 9.09%, reaching a latest price of 9.000 and a total market capitalization of 22.856 billion [2] - Other companies such as Oceanwide Holdings and R&F Properties also reported substantial gains of 8.65% and 7.55% respectively [2] Group 2 - Shimao Group increased by 5.77%, with a latest price of 0.275 and a market cap of 23.66 billion [2] - Companies like Jianfa International Group, China Resources Land, and China Jinmao rose over 4%, indicating a positive trend in the sector [1][2] - Year-to-date performance shows mixed results, with some companies like Oceanwide Holdings and R&F Properties down by 54.25% and 58.09% respectively [2]

Core Insights - The real estate sector is experiencing significant pressure with high base growth rates leading to a decline in market performance [1] - The report maintains a "Buy" rating for the industry, indicating potential investment opportunities despite current challenges [2] Market Performance - In October 2025, the transaction volume of commodity residential properties in 46 cities decreased by 33.3% year-on-year, with a notable decline in first-tier cities at 39.1% [11][12] - The cumulative transaction volume from January to October 2025 shows a 10.9% year-on-year decrease [11] - The second-hand housing market also faced challenges, with transaction volumes in 11 cities down by 21.3% year-on-year [35] Market Sentiment - The second-hand housing prices fell by 1.7% month-on-month in October 2025, marking a total decline of 13.0% since the beginning of the year [5][35] - Inventory levels in the new housing market showed a slight decrease, with a 2.1% reduction in short-term inventory in 10 key cities [5] Policy Environment - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, shifting from suppression to encouragement of reasonable demand [5][29] - The government is gradually lifting restrictive measures, which may positively impact market sentiment in the long term [5] Land Market Dynamics - In October 2025, the land transfer revenue in 600 cities dropped by 27.8% year-on-year, indicating a cooling land market [5] - The average land premium rate fell to 3.3%, the lowest since 2025, reflecting cautious bidding behavior among developers [5] Company Performance - The top 100 real estate companies reported a sales amount of 276.6 billion yuan in October 2025, a 41% year-on-year decline [29] - State-owned enterprises showed a year-on-year sales decline of 37%, while private enterprises faced a more severe drop of 52% [30] Investment Outlook - The SW Real Estate Index fell by 2.37% in October 2025, underperforming the broader market by 2.4 percentage points [5] - The report suggests holding quality real estate development companies, as the market is expected to stabilize and recover gradually [5]