Core Viewpoint - Poly Developments has announced the addition of 6 new real estate projects since the previous announcement regarding the acquisition of real estate projects [1] Company Summary - Poly Developments (stock code: 600048.SH) has disclosed the acquisition of 6 new real estate projects [1]

Core Points - Poly Developments (600048.SH) reported a signed area of 1.119 million square meters in September 2025, a year-on-year decrease of 10.46% [1] - The signed amount for the same period was 20.531 billion yuan, reflecting a year-on-year decrease of 1.84% [1] - For the first nine months of 2025, the company achieved a signed area of 10.1042 million square meters, down 25.13% year-on-year [1] - The signed amount for the first nine months was 201.731 billion yuan, a decrease of 16.53% compared to the previous year [1]

Core Viewpoint - Poly Development (600048.SH) announced the addition of 6 new real estate projects since the disclosure of its previous announcement regarding the acquisition of real estate projects [1] Group 1 - The company has expanded its real estate portfolio by acquiring 6 new projects [1]

Core Insights - The company reported a signed area of 1.119 million square meters in September 2025, representing a year-on-year decrease of 10.46% [1] - The signed amount for the same period was 20.531 billion yuan, showing a year-on-year decrease of 1.84% [1] - For the period from January to September 2025, the company achieved a signed area of 10.1042 million square meters, which is a year-on-year decrease of 25.13% [1] - The signed amount for the first nine months of 2025 was 201.731 billion yuan, reflecting a year-on-year decrease of 16.53% [1]

智通财经APP讯，保利发展(600048.SH)发布公告，2025年9月，公司实现签约面积111.90万平方米，同 比减少10.46%;签约金额205.31亿元，同比减少1.84%。2025年1-9月，公司实现签约面积1010.42万平方 米，同比减少25.13%;签约金额2017.31亿元，同比减少16.53%。 ...

Market Overview - On October 10, the real estate development sector rose by 0.55% compared to the previous trading day, with Jintou Chengkai leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Jintou Chengkai (600322) closed at 2.70, up 10.20% with a trading volume of 628,500 shares and a transaction value of 167 million [1] - Shen Zhen Yi A (000006) closed at 11.94, up 10.05% with a trading volume of 1,134,500 shares and a transaction value of 1.283 billion [1] - Hefei Urban Construction (002208) closed at 9.21, up 10.04% with a trading volume of 981,900 shares and a transaction value of 851 million [1] - Other notable gainers include ST Nanzhi (002305) up 5.08% and Buliankong Holdings (000036) up 4.55% [1] Capital Flow - The real estate development sector experienced a net outflow of 1.024 billion from institutional investors, while retail investors saw a net inflow of 1.243 billion [2] - The main stocks with significant capital inflow include Poly Development (600048) with a net inflow of 139 million, and Hefei Urban Construction (002208) with a net inflow of 11.8 million [3] - Conversely, Shoukai Co. (600376) saw a significant net outflow of 1.219 billion, down 8.72% [2]

Core Viewpoint - Poly Real Estate Group (00119) has seen a stock increase of over 4%, currently at HKD 1.71, with a trading volume of HKD 25.1652 million. The market interprets the recent share transfer as a precursor to the integration of Poly Real Estate and Poly Property [1] Group 1: Company Developments - Poly Developments (600048) announced the transfer of 4.512 billion shares to Poly Group, which will eliminate the intermediate level of ownership, positioning both Poly Developments and Poly Property as primary subsidiaries of Poly Group [1] - This restructuring is viewed positively by the market, indicating a potential integration between Poly Developments and Poly Property [1] Group 2: Market Analysis - CICC has issued a report stating that Poly Property is a significant real estate development platform under Poly Group, demonstrating stable operational performance during the current downturn [1] - The firm has rated Poly Property as "outperforming the industry," highlighting its high valuation cost-effectiveness among central state-owned real estate companies [1] - The market anticipates improvements in operational performance and valuation recovery for the company, driven by policy support [1]

Core Viewpoint - Poly Property Group (00119) has seen a stock increase of over 4%, currently at HKD 1.71, with a trading volume of HKD 25.1652 million. The market perceives the recent share transfer as a precursor to the integration of Poly Development and Poly Property [1]. Group 1: Company Developments - Poly Development announced the transfer of 4.512 billion shares to Poly Group, which will eliminate the intermediate level as Poly Development transitions to a first-tier subsidiary of Poly Group alongside Poly Property [1]. - This structural change is interpreted by the market as a step towards the integration of Poly Development and Poly Property [1]. Group 2: Market Analysis - CICC has issued a report stating that Poly Property is a significant real estate development platform under Poly Group, demonstrating stable operational performance during the current downturn [1]. - The report assigns a "outperforming the industry" rating to Poly Property, highlighting its high valuation cost-effectiveness among central enterprise real estate companies [1]. - The market anticipates an improvement in operational performance and valuation recovery potential for the company, driven by policy support [1].

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

中指研究院认为，后续政策仍将维持宽松基调，预计将继续聚焦"止跌回稳"目标，推动已出台各项政策 加快落实。核心城市新房供应或迎来温和改善，对市场预计形成一定支撑，但更多城市新项目较为有 限，市场分化行情将延续。 值得一提的是，9月份单月百强房企销售总额环比增长11.9%，建发、滨江、金茂、保利置业等房企销 售表现较为强劲。 【深圳商报讯】（记者 陈燕青）9月份楼市销售有所回暖。中指研究院最新数据显示，今年前9个月， 百强房企销售总额为26065.9亿元，同比下降12.2%，降幅较前8个月收窄1.1个百分点。前三季度百强房 企权益销售额为18060.4亿元，权益销售面积为9274.0万平方米。 从房企排名看，保利发展（600048）、绿城中国、中海地产、华润置地、招商蛇口（001979）位居销售 额前五名，前三季度全口径销售额分别为2017亿元、1785亿元、1705亿元、1544亿元、1406.6亿元。 ...