Investment Rating - The report assigns an "Overweight" rating for the real estate industry [4]. Core Insights - The real estate sector is expected to experience a noticeable decline in 2025, aligning with earlier predictions that companies would maintain positive cash flow and that there would be no financial risks throughout the year. The focus will shift from finance to economic aspects in 2026 [2]. - The anticipated theme for 2026 is "high-quality development," with an emphasis on urban renewal. Recommended companies include Vanke A, Poly Developments, China Overseas Development, and Longfor Group among others [59]. - The total investment in real estate development is projected to be 8.3 trillion yuan, with sales amounting to 8.4 trillion yuan, achieving the goal of no financial risks for the year. The industry is expected to continue reducing investment, primarily in construction, which will further alleviate spending pressures [59][60]. Summary by Sections Investment Overview - In 2025, the cumulative real estate development investment is expected to decline by 17.2% compared to 2024, with residential investment decreasing by 16.3% [13][11]. - The total sales amount for commercial housing is projected to drop by 12.6% year-on-year [10][11]. Sales and Construction Data - The total sales area of commercial housing for 2025 is estimated at 881 million square meters, reflecting an 8.7% year-on-year decrease [25][10]. - The new construction area is expected to decline by 20.4% year-on-year, while the completion area is projected to decrease by 18.1% [18][9]. Funding Sources - The total funding for real estate development is anticipated to reach 9.31 trillion yuan, with a year-on-year decline of 13.4% [43][11]. - Domestic loans are expected to account for 15.14% of the funding sources, with a year-on-year decrease of 7.3% [47][49]. Market Dynamics - The unsold housing area at the end of 2025 is projected to be 766 million square meters, with a year-on-year increase of 1.6% [60][37]. - The report emphasizes the importance of understanding the real estate sector's impact on the economy, focusing on physical construction rather than virtual rental income [61].

房地产板块盘中再度拉升，大悦城封涨停，此前城投控股涨停，招商蛇口、滨江集团、保利发展、中华 企业均涨超5%。 ...

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.99%, and the ChiNext Index down by 1.17% as of January 20 [1][15] - The beauty care, real estate, building materials, and construction decoration sectors showed localized activity, while the communication, defense, and non-ferrous metal sectors declined [1][15] Electric Grid Equipment Sector - The electric grid equipment sector was active at the beginning of trading, with companies like Senyuan Electric, Hancable, and Guangdian Electric achieving three consecutive trading limits, and Haiyou New Materials rising over 10% [2][15] - The National Energy Administration announced that by 2025, China's total electricity consumption will exceed 10 trillion kilowatt-hours, reaching 10.4 trillion kilowatt-hours, a year-on-year increase of 5% [3][17] Real Estate Sector - The real estate sector saw a rise, with City Investment Holdings and Hefei Urban Construction hitting the daily limit, while Poly Developments and China Merchants Shekou also experienced gains [4][18] - The building materials sector also rose, with companies like Hanjian Heshan and Jiuding New Materials reaching their daily limits, and Dongfang Yuhong increasing by over 7% [4][19] Communication Sector - The communication sector faced a downturn, with Datang Telecom hitting the daily limit down, and companies like Sanwei Communication and Dongxin He Ping experiencing significant declines [6][20] - The commercial aerospace concept stocks continued to retreat, with Aerospace Power hitting the daily limit down, and other companies like Aerospace Huanyu and Aerospace Hongtu also declining [6][21] Company Specifics - Yidian Tianxia officially resumed trading on January 20, opening with a 20% limit down at 65.06 CNY per share, and remained at the limit down with over 300,000 shares for sale [9][22] - The company stated that its business does not involve GEO operations and has not generated related revenue, maintaining that its main business remains in overseas integrated marketing and digital services [10][11]

来源：环球网 【环球网综合报道】1月19日，保利发展控股集团股份有限公司发布2025年度业绩预告暨业绩快报公 告。 公告显示，经初步测算，保利发展预计公司2025年度实现归属于母公司所有者的净利润10.26亿元，与 上年同期相比，将减少39.76亿元，同比减少79.49%；预计2025年度实现归属于母公司所有者的扣除非 经常性损益的净利润6.28亿元，与上年同期相比，将减少36.29亿元，同比减少85.25%。 保利发展表示，报告期内，受行业和市场波动影响，公司房地产项目结转毛利率同比下降；公司结合当 前市场情况拟计提资产减值损失及信用减值损失合计约69亿元，预计减少2025年度归属于母公司所有者 的净利润约42亿元。如不考虑上述因素，公司2025年度实现归属于母公司所有者的净利润约52亿元，其 中第四季度实现归属于母公司所有者的净利润约33亿元。 利发展 图源：保 ...

保利发展股价出现异动，截至今日9时44分，股价大涨5.27%，成交1.37亿股，成交金额8.92亿元，换手 率为1.15%，公司发布的最新业绩预告显示，预计2025年实现净利润10.26亿元，净利润同比下降 79.49%。 证券时报·数据宝统计显示，今日公布2025年业绩预告公司中，截至发稿股价较为强势的有华测检测、 明泰铝业、保利发展等，股价分别上涨11.11%、9.99%、5.27%。 （文章来源：证券时报网） 资金面上看，保利发展近5日主力资金总体呈净流出状态，累计净流出4.83亿元，其中，上一交易日主 力资金全天净流出468.91万元。 融资融券数据显示，该股最新（1月19日）两融余额35.38亿元，其中，融资余额为35.28亿元，近5日融 资余额合计增加1.43亿元，增幅为4.24%。（数据宝） ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, focusing on high-quality real estate companies and commercial real estate [3][4][21]. Core Insights - The investment side of the real estate sector remains weak, with a year-on-year decline of 17.2% in total real estate development investment for 2025, and a significant drop of 35.8% in December alone [4][21]. - The sales side shows a narrowing decline in sales area, with a year-on-year decrease of 8.7% for 2025, and a 15.6% drop in December [22][32]. - The funding side indicates a continued decline in funding sources, with a 13.4% year-on-year decrease in total funding for real estate development in 2025, and a sharp 26.7% drop in December [37]. Summary by Sections Investment Side - Total real estate development investment for 2025 reached 828.8 billion yuan, down 17.2% year-on-year, with December's investment declining by 35.8% [4][21]. - New construction area decreased by 20.4% year-on-year, with December showing a 19.4% decline [20][21]. - The report adjusts 2026 forecasts, predicting a 7.7% decline in new construction and a 9.1% drop in investment [21]. Sales Side - The total sales area for 2025 was 880 million square meters, down 8.7% year-on-year, with December's sales area declining by 15.6% [22][32]. - The total sales revenue for 2025 was 8.4 trillion yuan, reflecting a 12.6% year-on-year decrease, with December's sales revenue down 23.6% [24][32]. - The average selling price of commercial housing for 2025 was 9,527 yuan per square meter, down 4.3% year-on-year [31][32]. Funding Side - Total funding sources for real estate development in 2025 amounted to 9.3 trillion yuan, a decrease of 13.4% year-on-year, with December's funding sources down 26.7% [37]. - Domestic loans saw a year-on-year decline of 7.3%, with a significant drop of 45% in December [37]. - The report anticipates that funding sources will gradually improve due to ongoing policy relaxations [37].

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

证券代码：600048 证券简称：保利发展 公告编号：2026-006 转债代码：110817 转债简称：保利定转 保利发展控股集团股份有限公司 2025年度业绩预告暨业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用情形：实现盈利，净利润与上年同期相比下降50%以上。 ● 经初步测算，保利发展控股集团股份有限公司（以下简称"公司"）预计2025年度实现归属于母公司所 有者的净利润102,561.84万元，与上年同期相比，将减少397,556.49万元，同比减少79.49%； 预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润62,801.91万元，与上年同期相比， 将减少362,863.95万元，同比减少85.25%。 ● 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年 年度报告中披露数据为准，提请投资者注意投资风险。 （一）业绩预告期间：2025年1月1日至2025年12月31日 （二）业绩预告情况 经初步测算， ...

中访网数据 保利发展控股集团股份有限公司于2026年1月19日发布2025年度业绩预告暨业绩快报公告。 初步测算显示，公司2025年度经营业绩预计出现大幅下滑。报告期内，公司预计实现归属于母公司所有 者的净利润约为10.26亿元，与上年同期的50.01亿元相比，大幅减少39.76亿元，同比下降79.49%；预计 实现扣除非经常性损益的净利润约为6.28亿元，同比减少85.25%。公司表示，业绩预减主要受两方面因 素影响：一是受行业和市场波动影响，房地产项目结转毛利率同比下降；二是公司结合当前市场情况拟 计提资产减值损失及信用减值损失合计约69亿元，此项计提预计将减少2025年度归母净利润约42亿元。 若剔除该减值计提影响，公司2025年度归母净利润约为52亿元，其中第四季度贡献约33亿元。此外，公 司2025年营业总收入约为3082.61亿元，同比微降1.09%。本公告所载数据为初步核算数据，具体财务数 据将以公司正式披露的2025年年度报告为准。 ...

公告显示，经初步测算，保利发展预计2025年度实现归属于母公司所有者的净利润10.26亿元，与上年 同期相比，将减少39.76亿元，同比减少79.49%；预计2025年度实现归属于母公司所有者的扣除非经常 性损益的净利润6.28亿元，与上年同期相比，将减少36.29亿元，同比减少85.25%。 公司表示，上述2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025 年年度报告中披露数据为准。 2025年保利发展利润指标同比下降，主要原因包括报告期内受行业和市场波动影响，公司房地产项目结 转毛利率同比下降。 1月19日晚间，保利发展披露2025年度业绩预告暨业绩快报公告。 此外，公司结合当前市场情况拟计提资产减值损失及信用减值损失合计约69亿元，预计减少2025年度归 属于母公司所有者的净利润约42亿元。如不考虑上述因素，公司2025年度实现归属于母公司所有者的净 利润约52亿元，其中第四季度实现归属于母公司所有者的净利润约33亿元。 事实上，近年来保利发展净利润持续承压。Choice数据显示，2020年至2024年公司净利润分别为289.5 亿元、273.9亿元、183.2亿元、1 ...