图证券代码：600048 证券简称：保利发展 公告编号：2025-025 由于项目开发过程中存在各种不确定性，上述数据可能与定期报告披露的数据存在差异，相关数据以公 司定期报告为准。 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年四月九日 保利发展控股集团股份有限公司 关于本公司获得房地产项目的公告 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。 自公司《关于本公司获得房地产项目的公告》（公告编号2025-013）披露以来，公司新增加房地产项目 2个，项目信息如下（具体位置详见附图）： 单位：平方米、万元 ■ 图1：天津市河西区内江路西侧地块 图2：泉州市丰泽区经五路东侧地块 保利发展控股集团股份有限公司 2025年3月份销售情况简报 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。 2025年3月，公司实现签约面积152.58万平方米，同比减少0.47%；签约金额290.16亿元，同比增加 7.32%。 2025年1-3月，公司实 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-025 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年四月九日 单位：平方米、万元 序号 项目名称 获取 方式 土地 用途 用地 面积 规划容积 率面积 我方需支 付价款 权益 比例 1 天津市河西区 内江路西侧地块 招拍挂 住宅 26,737 53,473 110,000 100% 2 泉州市丰泽区 经五路东侧地块 招拍挂 住宅 19,071 57,214 41,820 51% 合计 / / 45,808 110,687 151,820 / 图 1：天津市河西区内江路西侧地块 天津市河西区 内江路西侧地块 关于本公司获得房地产项目的公告 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。 自公司《关于本公司获得房地产项目的公告》（公告编号 2025-013）披露以 来，公司新增加房地产项目 2 个，项目信息如下（具体位置详见附图）： 由于项目开发过程中存在各种不确定性，上述数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 注：" " ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, with a focus on financially stable and well-performing leading companies [2]. Core Views - Recent government policies have been implemented to support the real estate market, including the cancellation of sales restrictions in Nanjing and adjustments to down payment ratios in Tianjin, which are expected to stimulate demand [7][17]. - The real estate market is experiencing structural differentiation, with new home sales declining while second-hand home sales show slight resilience [7][21]. - The report emphasizes the importance of focusing on leading real estate companies that can effectively navigate market fluctuations, such as Poly Developments, China Merchants Shekou, and China Resources Mixc Life [7][19]. Weekly Market Review - The Shenwan Real Estate Index decreased by 0.9%, while the CSI 300 Index fell by 1.37%, indicating that the sector outperformed the broader market by 0.47% [3][13]. - The total market capitalization of the real estate sector is approximately 1,034.3 billion yuan, with a circulating market value of about 995.5 billion yuan [8]. Industry Fundamentals Primary Market Analysis - In the week of March 28 to April 3, a total of 31,221 new homes were sold across 38 key cities, representing a year-on-year decline of 33.7% and a month-on-month decline of 15% [5][21]. - The total transaction area for new homes was 3.821 million square meters, with a year-on-year decrease of 27.7% and a month-on-month decrease of 5.9% [5][21]. Secondary Market Analysis - During the same week, 22,398 second-hand homes were sold in 16 key cities, showing a year-on-year increase of 1.2% but a month-on-month decrease of 10.7% [32]. - The total transaction area for second-hand homes was 2.178 million square meters, with a year-on-year increase of 4.7% and a month-on-month decrease of 11.5% [32]. Inventory Situation - The inventory of commercial housing in 17 key cities was 186.291 million square meters, with a month-on-month decrease of 0.5% and a depletion cycle of 156.6 weeks [45][52]. Land Market Analysis - In the week of March 24 to March 30, land supply reached 21.186 million square meters, a year-on-year increase of 19.2%, while the average supply price was 2,715 yuan per square meter, up 223.2% year-on-year [53]. - Land transactions totaled 23.359 million square meters, with a transaction amount of 62.15 billion yuan, reflecting a year-on-year increase of 55.4% [53].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of improvement with sales continuing to recover and various policy relaxations being introduced across multiple regions [1] - The report highlights a significant increase in year-on-year sales for both new and second-hand homes, indicating a positive trend in the market [1][2] Summary by Sections 1. Market Overview - The real estate sector saw a decline of 1.3% last week, outperforming the Shanghai Composite Index and the Wind All A Index, which fell by 1.8% and 2.0%, respectively [62] - In the new housing market, 36 cities recorded a total transaction area of 2.355 million square meters, a month-on-month decrease of 28.4% but a year-on-year increase of 17.0% [13] - The second-hand housing market in 15 cities saw a transaction area of 1.619 million square meters, down 21.7% month-on-month but up 56.9% year-on-year [21] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities is 76.621 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 12.6% [35] - The absorption cycle for new homes in these cities is 15.8 months, showing a slight improvement compared to previous periods [35] 3. Land Market - From March 31 to April 6, 2025, the land transaction area across 100 cities was 1.974 million square meters, reflecting a month-on-month decrease of 15.5% but a year-on-year increase of 103.0% [50] - The average land price was 825 RMB per square meter, down 69.0% month-on-month and 12.4% year-on-year [50] 4. Investment Recommendations - For real estate development, the report recommends companies such as China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong shareholder backing [8] - In property management, recommended companies include China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report suggests focusing on leading platforms like Beike and regional leaders like I Love My Home [9]

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [15]. Core Viewpoints - The policy goal of stabilizing the market is significantly more proactive, and market expectations have improved. Although there is a seasonal decline in volume and price, resilience remains. A trend reversal will take time, but the sharp decline in volume has likely ended, bringing housing prices closer to equilibrium. The most challenging period for the industry may be passing, with structural highlights in core regions and quality properties. The current stock positions for quality real estate stocks are not far from their bottom, and the importance of real estate in the economic internal circulation cannot be overlooked. Attention should be paid to quality real estate companies with core assets, local leaders benefiting from debt reduction, and central state-owned enterprises with stable cash flows [8][12]. Market Performance - This week, the Yangtze River Real Estate Index decreased by 0.86%, with an excess return of +0.51% relative to the CSI 300, ranking 19th out of 32 industries. Year-to-date, the index is down 3.72%, with an excess return of -1.85% relative to the CSI 300, ranking 25th out of 32 [9][19]. Policy Updates - Nanjing has fully lifted housing transfer restrictions, while Guangzhou has clarified its construction plans for commodity and affordable housing for 2025. Nanjing's recent meeting emphasized support for young homebuyers and the acceleration of housing supply to meet demand [10][21]. Sales Data - New home registrations in sample cities have shown a year-on-year decline, while second-hand home transactions remain high. The new home transaction area in 37 cities increased by 1.3% year-on-year, while second-hand homes in 19 cities saw a 35.5% increase [11][23]. Economic Impact of Export Pressure - The pressure on exports has two transmission paths affecting the real estate cycle: one through economic factors like employment and income, and the other through more proactive domestic demand policies in response to external risks. The strength of economic versus policy effects depends on policy goals and intensity. Historical data supports this, indicating that the current real estate industry still faces adjustment pressure, with policies focused on risk prevention, making it difficult to expect a trend of simultaneous volume and price increases [3][12].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Group 1: Real Estate Development Trends - In Q1 2025, the top five construction management companies accounted for over 44.3% of new signed construction area, a decrease of 13.7 percentage points compared to the same period in 2024, indicating a shift in market dynamics with leading firms losing ground to mid-tier companies [1] - Zhengzhou plans to invest 150 billion yuan in real estate development, aiming to deliver 500,000 square meters of new residential properties and sell 1.2 million square meters, reflecting a strategic approach to stabilize the housing market and attract long-term investment [2] - Poly Developments won a residential land plot in Hangzhou for 4.25 billion yuan, with a premium rate of 17.73%, highlighting the focus of leading real estate firms on acquiring quality land in core cities [5] Group 2: Corporate Financing and Regulatory Environment - China Resources Land's 2025 first phase medium-term notes registration of 20 billion yuan enhances the company's liquidity for project development and potential acquisitions, signaling regulatory support for quality real estate firms [3] - Kincore Holdings' actual controller and major shareholder are under investigation by the China Securities Regulatory Commission for failing to disclose risks and changes in equity, reflecting a stringent regulatory environment aimed at improving market transparency [4]

Group 1 - Apple CEO Tim Cook sold 108,100 shares of Apple stock for approximately $24.18 million, marking his third sale in a year, totaling over $110 million [2] - Oriental Fortune's chairman stated there are no plans to acquire Xueqiu during the annual performance briefing [3] - Meituan's CEO Wang Xing announced organizational adjustments and personnel appointments, including merging the review business into the core local business [3] Group 2 - Douyin Group acquired a land parcel in Guangzhou for 1.214 billion yuan to build a South China innovation base [4] - Tesla plans to produce 5,000 units of its Optimus humanoid robot this year, with a goal of 50,000 units next year [4] - Huawei's Hubble invested in Chengdu Xinzhao Technology, increasing its registered capital from 62.13 million yuan to approximately 70.20 million yuan [4] Group 3 - Pinduoduo announced a new initiative called "1,000 Billion Support" to invest over 100 billion yuan in the next three years to enhance the e-commerce ecosystem [6] - Meituan started a pilot program for rider pension insurance, expanding coverage to 17 provinces and cities [7] - Ele.me launched an AI product called "AI Entry Smart Manager" to assist new merchants with the onboarding process [8] Group 4 - Seres reported that the sales of its AITO M9 model increased by 117.83% year-on-year in the first quarter, with total sales reaching 23,290 units [9] - Poly Developments won a residential land bid in Hangzhou for 4.25 billion yuan, with a premium rate of 17.73% [10] - Guotai Junan completed its name change to Guotai Haitong Securities and appointed Zhu Jian as chairman and Li Junjie as president [11] Group 5 - Hengrui Medicine received approval for clinical trials of its new drug HRS-6719, which targets tumor cells [12] - Novo Nordisk announced the departure of its executive vice president Camilla Sylvest, with new leadership appointments [13] Group 6 - Several gold jewelry brands reported that the price of gold jewelry exceeded 960 yuan per gram [14] - Three squirrels increased the proportion of self-produced nuts and snacks significantly through the establishment of supply chain bases [14] - Dongpeng Beverage submitted an application for H-share listing on the Hong Kong Stock Exchange [15] Group 7 - Chanel denied rumors of a 20% workforce reduction in China, stating that its personnel development plans remain unchanged [16]

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on major players in core cities and a significant increase in land acquisition activities among top companies [10][18][25]. Core Insights - The average premium rate for land transactions reached 17.1% in March, an increase of 6 percentage points from February, indicating a recovery in the land market [12][10]. - The top 10 real estate companies accounted for 75% of the new land value, reflecting a concentration of investment among leading firms [18][23]. - The total new land value for the top 100 companies was 622 billion yuan, with a year-on-year growth of 17.8% [17][19]. Summary by Sections New Land Value Rankings - The top three companies in terms of new land value are China Resources Land (642.2 billion yuan), China Overseas Land (566 billion yuan), and Greentown China (504 billion yuan) [1][5]. - The report lists a total of 100 companies, with significant contributions from major players in the industry [1][5]. Land Acquisition Trends - The report highlights a "head-tail differentiation" in investment, where top companies are aggressively acquiring land while many smaller firms remain cautious [23][25]. - The land acquisition ratio for the top 100 companies is 0.3, indicating a strategic focus on land procurement among leading firms [21][18]. Market Dynamics - The report notes that the land market is experiencing a structural recovery, particularly in first-tier and strong second-tier cities, while third and fourth-tier cities are still facing challenges [25][10]. - The competitive landscape is shifting towards larger firms, with increased bidding activity for high-quality land parcels in key urban areas [25][10].

Investment Rating - The report indicates a stable investment outlook for the Chinese real estate industry, with signs of recovery in sales performance among the top 100 real estate companies in March 2025 [1][3]. Core Insights - In March 2025, new home sales stabilized with a slight year-on-year increase of 3%, attributed to increased supply and enhanced marketing efforts by real estate companies [1][10]. - The top 100 real estate companies achieved a sales turnover of 317.57 billion yuan in March, representing a month-on-month growth of 68.8% but a year-on-year decline of 11.4% [1][3]. - Cumulatively, the top 100 companies recorded a sales turnover of 733.3 billion yuan from January to March 2025, reflecting a year-on-year decrease of 5.9% [3]. Summary by Sections Sales Performance - The sales threshold for various tiers of the top 100 real estate companies has decreased, with the thresholds for the top 20 and top 30 companies dropping by 4.3% and 2% respectively, to 9 billion yuan and 5.34 billion yuan [9][12]. - The overall real estate market in China maintained a low operating level in the first quarter of 2025, continuing a trend of stabilization after previous declines [3][10]. Market Dynamics - The first-tier cities showed stronger resilience compared to second and third-tier cities, with first-tier cities experiencing nearly double month-on-month growth and an 8% year-on-year increase in March [10][11]. - The report anticipates that April will continue to be a peak sales month, with expectations of ongoing weak recovery in overall supply and demand [13]. Rankings and Data - The report includes a detailed ranking of the top 100 real estate companies based on their sales performance, with Poly Developments leading at 58.01 billion yuan for the first quarter [14][18]. - The full-caliber sales data indicates that Poly Developments achieved a total of 63 billion yuan in sales, while China Overseas Land & Investment and China Resources Land followed closely [18][21].