智通财经APP获悉，中指研究院发布2025中国房地产企业交付规模排行榜。2025年，交付规模位列前三的分别是碧桂园交付170000 套、中海地产133200套、保利发展130000套，5家企业交付超10万套，10家企业交付超5万套，34家企业交付超万套。2025年TOP10房 企交付合计为996800套，相比2024年交付TOP10总规模下降36%。随着保交付任务的完成及房企销售规模的持续下降，未来交付规模有 望继续下降。 随着行业加速告别高周转旧模式，交付力已成为房企穿越周期的核心指标，叠加现房销售制度有序推进与房地产发展新模式构建，以 品质为核心、服务为支撑的交付体系，正推动行业向更稳健、更注重居住本质的方向转型。在房地产发展进入新阶段，"交付"已从基 本义务演进为企业的综合能力体现，预计未来交付力与产品力深度融合的企业将进一步巩固市场地位。其中，中海凭借交付133200套 位居前列。中海地产高品质交付形成覆盖交付前、中、后的全周期管理体系。交付前聚焦施工与质量管控，通过工艺策划、开放日和 查验保证品质，并前置沟通。交付中注重体验，以客户为中心，提供快修、陪同及入户仪式。交付后推出"6H精工维修"品牌和统 ...

Sales Performance - In December 2025, 30 key listed real estate companies achieved a total sales amount of 232.86 billion yuan, with 22 companies showing month-on-month sales growth [5][11] - Among these, Sunac China had the highest month-on-month growth rate [5] - For the entire year, the cumulative sales amount reached 2,214.2 billion yuan, with China Jinmao and Greenland Holdings showing growth [5] Land Acquisition - In December, half of the monitored companies added land reserves, with a cautious approach towards year-end investments [7][12] - The total investment amount for the 30 monitored companies was approximately 30.1 billion yuan, reflecting a month-on-month increase of 29% [11] - The average land floor price in December was 10,968 yuan per square meter, down 39% from November [11] Financing Activities - In December 2025, the total financing amount for 65 typical real estate companies was 24.078 billion yuan, a decrease from the previous month [13] - The cumulative financing for the year was 414.314 billion yuan, indicating a low level of financing activity [13] - The average financing cost for newly issued bonds was 2.89%, a slight decrease compared to 2024 [15] Organizational Dynamics - Significant personnel changes occurred in major companies, including the appointment of Cheng Guangyu as the new president of Country Garden [16][18] - Greenland China initiated a comprehensive organizational adjustment, focusing on strategic leadership and risk control [19] - The trend in the industry shows a shift towards organizational efficiency and management optimization in response to market pressures [17][18]

Core Viewpoint - The real estate industry is gradually bottoming out and undergoing value reconstruction, adhering to the core concept of "long-termism" [1] Group 1: Sales Performance - In 2025, 10 real estate companies achieved sales exceeding 100 billion yuan, with 4 companies surpassing 200 billion yuan [1] - The top 10 companies by sales in 2025 were: Poly Developments (253 billion), Greentown China (251.9 billion), China Overseas Land & Investment (251.2 billion), China Resources Land (233.6 billion), China Merchants Shekou (186 billion), Vanke (178 billion), Jianfa Real Estate (156 billion), China Jinmao (135 billion), Yuexiu Property (128 billion), and Binjiang Group (105 billion) [2] Group 2: Investment Trends - The investment amount in 2025 reflects the industry's situation, with state-owned enterprises dominating the top ten in investment [2] - China Overseas Land & Investment, China Resources Land, Poly Developments, and China Merchants Shekou accounted for over 30% of the total investment among the top ten companies [2] - Private enterprises showed signs of recovering investment confidence, with total land acquisition exceeding 100 billion yuan in 2025, marking an 8% year-on-year increase [3] Group 3: Market Outlook - The year 2026 is expected to be a pivotal year for the industry, with ongoing debt restructuring among real estate companies and a focus on completing housing delivery tasks [3] - The market is anticipated to seek a new supply-demand balance while maintaining a stable adjustment, with potential structural recovery in residential market transactions [3] - The average annual sales area of new residential buildings in the next five years is projected to remain between 700 million and 800 million square meters [4] Group 4: Company Visions for 2026 - Poly Developments aims to enhance its core value through refined operations and digital marketing while expanding into property services and light-asset construction [5] - Greentown China focuses on product innovation and community service, emphasizing high quality and sustainability [6] - China Overseas Land & Investment plans to deepen its core business and enhance its competitive edge through technology and investment [7] - China Resources Land intends to accelerate its strategic layout and ensure high-quality project execution [8] - China Jinmao aims to become a leader in product innovation and sustainable development through a three-step strategic plan [9] - Yuexiu Property emphasizes high-quality growth through enhanced service offerings and community engagement [10] - Country Garden is shifting its focus from housing delivery to optimizing its debt structure and restoring normal operations [11] - China Communications Construction Company is committed to urban deep cultivation and digital transformation [12]

Core Insights - The real estate industry is gradually bottoming out and undergoing value reconstruction, adhering to the core concept of "long-termism" [1] - In 2025, 10 real estate companies achieved sales exceeding 100 billion yuan, with 4 companies surpassing 200 billion yuan [1] - The top 10 companies by sales in 2025 include Poly Developments, Greentown China, China Overseas Property, and others [2] Sales Performance - The sales performance of the top 10 real estate companies in 2025 is as follows: - Poly Developments: 253 billion yuan - Greentown China: 251.9 billion yuan - China Overseas Property: 251.2 billion yuan - China Resources Land: 233.6 billion yuan - China Merchants Shekou: 186 billion yuan - Vanke: 178 billion yuan - Jianfa Real Estate: 156 billion yuan - China Jinmao: 135 billion yuan - Yuexiu Property: 128 billion yuan - Binjiang Group: 105 billion yuan [2] Investment Trends - In 2025, the investment amount of the top 10 companies is primarily dominated by state-owned enterprises, with China Overseas Property, China Resources Land, Poly Developments, and China Merchants Shekou accounting for over 30% of the total investment [2] - Private enterprises show signs of recovering investment confidence, with total land acquisition exceeding 100 billion yuan, a year-on-year increase of 8% [3] Market Outlook - The year 2026 is expected to be a pivotal year for the real estate industry, with ongoing debt restructuring and the completion of housing delivery tasks [3] - The market is anticipated to seek a new supply-demand balance, with potential structural recovery in residential market transactions, while prices are expected to remain stable [3] Company Strategies - Poly Developments aims to enhance its core value through refined operations and digital marketing, expanding its service offerings [6] - Greentown China focuses on product innovation and community service to enhance quality and sustainability [7] - China Overseas Property emphasizes its main business and aims for steady growth through differentiated competition [8] - China Resources Land plans to accelerate its strategic layout and enhance project management capabilities [9] - China Jinmao is committed to becoming a leader in product innovation and transformation [10] - Yuexiu Property aims for high-quality growth through enhanced service offerings and community engagement [11] - Country Garden is shifting focus from housing delivery to optimizing debt structure and restoring normal operations [12] - China Communications Real Estate is concentrating on core urban areas and digital transformation [13]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index increased by 5.1% in the second week of January 2026, ranking 11th among 31 primary industry sectors [8][10] - New housing transactions in 20 monitored cities saw a 37% year-on-year decrease, while the average daily transaction volume increased by 104% week-on-week [22][27] - The report highlights three main issues in the real estate market: declining new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [34][35] Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 12,626.37 billion [2] Policy News - In Shenyang, new policies were implemented to optimize housing fund loans, including extending the minimum down payment policy to December 31, 2026, and increasing the loan limit for new citizens and youth [18][19] - Shanghai emphasized creating a fair market competition environment through new regulations [18][19] Sales Data - In the second week, the average daily transaction volume for new homes in 20 cities was 21.8 million square meters, with total transactions of 153 million square meters [26][27] - The average daily transaction volume for second-hand homes in 11 cities was 30.3 million square meters, with total transactions of 212 million square meters [27][32] Financing - The report notes that most companies issuing bonds this week are local state-owned enterprises, with New Hope Real Estate issuing the largest amount of 8.8 billion [33] Investment Recommendations - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies [34][35]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Views - The current market is under pressure with declining transaction volumes and prices, but there is potential for policy adjustments in the first quarter of the year to stabilize the market [9] - The report suggests focusing on companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [9] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area decreased by 45.7% month-on-month and 35.6% year-on-year, with a notable increase in the decline rate [20][28] - Second-hand housing transaction area increased by 35.5% month-on-month but decreased by 21.6% year-on-year [51] - New housing inventory area increased by 0.2% month-on-month and decreased by 8.6% year-on-year, with an average de-stocking cycle of 16.3 months [44][45] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,744.7 million square meters, down 60.3% month-on-month and 2.2% year-on-year [67] - Total land transaction value was 32.19 billion, down 71.2% month-on-month and 63.3% year-on-year, with an average floor price of 1,844.7 yuan per square meter [67][73] - The land premium rate was 0.6%, down 7.9 percentage points month-on-month and 4.6 percentage points year-on-year [67][69] 3. Policy Overview - Various cities are optimizing housing fund policies, such as extending the mutual assistance policy for housing fund withdrawals in Chengdu until the end of 2026 [5][104] - In Shenyang, five housing fund loan policies were optimized starting January 2026, including extending the minimum down payment ratio of 15% [5][104] 4. Sector Performance Review - The real estate sector's absolute return was 5.1%, up 5.8 percentage points from the previous week, and the relative return compared to the CSI 300 was 2.3%, up 2.4 percentage points [106][107] - The sector's price-to-earnings ratio was 25.66X, an increase of 1.02X from the previous week [110] 5. Key Company Announcements - New City Holdings reported a shareholding change with its controlling shareholder holding 1.4 billion shares, representing 6.11% of the total [118]

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。 保利发展控股集团股份有限公司（以下简称"公司"）2026年第1次临时董事会于2026年1月9日以通讯表 决方式召开，会议召集人为公司董事长刘平先生，会议应参加表决董事九名，实际参加表决董事九名。 会议的召集和召开符合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》的有关规 定，会议审议通过了以下议案： 证券代码：600048 证券简称：保利发展 公告编号：2026-004 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 2026年第1次临时董事会决议公告 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二六年一月十二日 一、董事会以9票同意、0票反对、0票弃权通过《关于总部组织机构调整的议案》。 同意对公司总部组织机构进行调整，调整后的总部架构为：1、董事会办公室；2、综合管理中心；3、 战略投资中心；4、财务金融中心；5、不动产运营中心；6、审计与风控管理中心；7、人力资源中心 （保利商研院）；8、党群工作办公室；9、纪检监察工作办 ...

观点网 1月9日，保利发展控股集团股份有限公司公布了2025年全年销售简报。 公告显示，2025年12月，保利发展实现签约金额121.64亿元，同比减少18.94%；实现签约面积69.71万 平方米，同比减少19.33%。纵观全年，保利累计实现签约金额2530.30亿元，同比减少21.67%；累计签 约面积1235.34万平方米，同比减少31.24%。 根据观点指数发布的《2025年1-12月房地产市场分析报告》显示，保利发展以2530亿元的全口径销售额 成功卫冕行业第一。 而在反映企业实际控制项目销售的权益金额榜单上，格局有所不同：中海地产以2141亿元位居第一，保 利发展以约2000亿元位列第二，华润置地以1593亿元排名第三。 销售冠军与追赶者们 保利发展以2530亿元的销售额，守住了2025年全口径销售额的行业头把交椅，但这一领先优势已大幅收 窄，目前与第二名绿城中国之间有11亿元的微弱差距。 显然保利发展在行业蝉联多年的"王座"正面临严峻挑战，此前积累的优势城墙有所削弱。 回顾近年数据，2023年保利曾以约4246亿元的全口径销售额断层领先，比当时行业第二万科（3755.4亿 元）多出近500亿元， ...

（文章来源：证券日报） 证券日报网讯 1月12日，保利发展发布公告称，公司2026年第1次临时董事会审议通过《关于总部组织 机构调整的议案》。 ...

证券代码：600048 证券简称：保利发展 公告编号：2026-004 转债代码：110817 转债简称：保利定转 同意对公司总部组织机构进行调整，调整后的总部架构为：1、董事会办公 室；2、综合管理中心；3、战略投资中心；4、财务金融中心；5、不动产运营中 心；6、审计与风控管理中心；7、人力资源中心（保利商研院）；8、党群工作办 公室；9、纪检监察工作办公室；10、党委巡察工作办公室。 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二六年一月十二日 2026 年第 1 次临时董事会决议公告 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。 保利发展控股集团股份有限公司（以下简称"公司"）2026 年第 1 次临时 董事会于 2026 年 1 月 9 日以通讯表决方式召开，会议召集人为公司董事长刘平 先生，会议应参加表决董事九名，实际参加表决董事九名。会议的召集和召开符 合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》的有关 规定，会议审议通过了以下议案： 一、 董事会以 9 票同意、0 票反对、0 票 ...