证券日报网讯保利发展（600048）11月26日在互动平台回答投资者提问时表示，公司看好并聚焦核心城 市一二线城市的优质投资机会，今年以来拓展覆盖上海、北京、广州、西安、石家庄等城市的优质地 块。对于具体项目，公司将结合区位条件、市场环境及潜在价值进行专业论证，并根据市场变化和经营 策略动态调整投资决策。 ...

Group 1 - The core viewpoint is that Poly Developments is currently facing significant fluctuations in transaction volume and prices due to industry downturns, which has impacted the company's profitability [1] - In response to market changes, the company is committed to reducing inventory, restructuring, improving product quality, and enhancing cost management to strengthen its risk resistance [1] - The company plans to evaluate its market value management measures based on market conditions, operational needs, and financial arrangements [1]

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，长沙北中心保利时代项目配套商业至今未 动工。请问该商业规划是否变更？若未变更，预计何时建成？若已变更，能介绍下变更后的规划内容吗 ？ 保利发展（600048.SH）11月26日在投资者互动平台表示，长沙北中心保利时代项目配套商业尚未总图 批复，暂不涉及规划变更。配套商业（商业Mall）计划于2025年12月30日前动工，2029年6月开业。公 司将根据项目实际进展，在符合相关规定的前提下，强化管理、积极推进配套商业的建设工作，力争提 早开业。 ...

Core Insights - The ninth batch of land auctions in Shanghai on November 24, 2023, saw all nine plots sold, totaling a construction area of 552,600 square meters and generating approximately 17.33 billion yuan in revenue [1] - The overall enthusiasm for the land auction has cooled, with the highest premium rates being 15.76% for the Pudong Chuansha plot and 5.17% for the Qingpu Xujing plot, while the remaining seven plots were sold at base prices [1][5] - A diverse range of 16 companies participated in the auction, including three state-owned enterprises and several private companies such as Jiayun Real Estate and Dahua Group [1] Group 1: Auction Details - Jiayun Real Estate won the highly sought-after Pudong plots C05A-18 and C05A-17 with a total bid of 2.475 billion yuan, reflecting a premium rate of 15.76% [2] - Jiayun Real Estate's acquired plots have a comprehensive floor price of 29,913 yuan per square meter, which is lower than nearby properties, indicating potential pricing challenges in the future [2] - Baoye Group secured the Qingpu plot with a total bid of 1.73 billion yuan and a premium rate of 5.17%, resulting in a floor price of 31,561 yuan per square meter [3] Group 2: Market Trends - Seven of the nine plots were sold at base prices, highlighting a significant market differentiation, particularly in the previously popular Yangpu Riverside residential area [4] - The Yangpu plot was sold for 2.177 billion yuan, with a floor price of 68,800 yuan per square meter, and included requirements for affordable rental housing [4] - Analysts noted that the lack of high premium transactions is linked to a decrease in high-end residential sales in Shanghai, leading developers to adjust their expectations [5]

证券代码：600048 证券简称：保利发展 公告编号：2025-096 转债代码：110817 转债简称：保利定转 关于公司部分募集资金专项账户 被冻结及解除冻结的公告 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。 二、专项账户被冻结及解除冻结的原因 上述被冻结账户资金余额合计 9.42 万元，占公司该期向特定对象发行可转 换公司债券募集资金净额 847,875 万元的 0.0011%，占公司最近一期经审计货币 资金的 0.0001%，相关资金及其占公司净资产规模较小。 上述专项账户在冻结期间对公司募集资金存放使用、公司正常经营活动未产 生不利影响，募集资金投资项目均按照原定计划实施。 特此公告。 截至本公告披露日，公司暂未收到冻结上述专项账户的相关法律文书。经公 司自查并向广州市海珠区人民法院咨询了解，上述专项账户被冻结与公司于 2025 年 11 月 24 日收到法院送达的《民事起诉状》有关。根据该起诉状，广州 百利投资发展有限公司、广州弘塱置业发展有限公司因与公司的合作合同纠纷， 户名 开户行 银行账号 账户性质 账户 ...

| 证券代码：600048 | 证券简称：保利发展 | 公告编号：2025-097 | | --- | --- | --- | | 转债代码：110817 | 转债简称：保利定转 | | 关于召开 2025 年第三季度网上业绩说明会的公告 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。 重要内容提示： 保利发展控股集团股份有限公司（以下简称"公司"）已于2025年10月22 日披露《2025年第三季度报告》，为便于广大投资者更全面深入地了解公司2025 年第三季度经营成果、财务状况等情况，公司拟于2025年12月5日11:00-12:00 通过网络互动方式召开2025年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将对2025年第三季度的经营成 果、财务状况等情况与投资者进行互动交流，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 二、会议基本信息 会议召开时间：2025年12月5日（星期五）11:00-12:00 会议召开时间：2025 年 12 月 5 ...

Core Insights - The real estate development sector experienced a 1.0% increase on November 25, with Yingxin Development leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Real Estate Sector Performance - Yingxin Development (000620) closed at 3.25, with a rise of 10.17% and a trading volume of 2.3363 million shares, amounting to a transaction value of 749 million [1] - China Wuyi (000797) also saw a significant increase, closing at 3.69, up 10.15%, with a trading volume of 2.5207 million shares and a transaction value of 887 million [1] - Other notable performers included Wantong Development (600246) with a 6.76% increase, closing at 11.53, and Sanzhou Impression (000863) with a 6.37% increase, closing at 5.18 [1] Capital Flow Analysis - The real estate development sector saw a net inflow of 135 million from institutional investors, while retail investors experienced a net outflow of 4.9798 million [2] - Major stocks like Yingxin Development had a net inflow of 295 million from institutional investors, but a net outflow of 121 million from speculative funds [3] - China Wuyi had a net inflow of 102 million from institutional investors, while it faced a net outflow of 50.1 million from speculative funds [3]

Core Viewpoints - The current Chinese real estate market is undergoing the deepest and longest adjustment period in history, with multiple indicators reverting to levels seen over a decade ago [5][66][77] - The sustained large losses of real estate companies will accelerate industry reshuffling and optimize the competitive landscape [5][66][77] - Future policies may be further intensified, and with China's economic resilience, the economic growth rate is expected to remain within a reasonable range, which could help shorten the current adjustment cycle [5][66][77] Group 1: Market Overview - As of the end of Q3 2025, the cumulative sales area of commercial housing nationwide has decreased by 5.5% year-on-year, while the cumulative sales amount has dropped by 7.9% [19][20] - The real estate development investment completion amount has fallen from a peak of 14.76 trillion yuan in 2021 to 10.02 trillion yuan in 2024, with an expected further decline to approximately 9 trillion yuan in 2025, marking a nearly 40% drop from the peak [66][50] - The average net asset return rate for listed real estate companies as of the end of Q3 2025 is -4.74%, ranking last among 31 industry sectors [45][66] Group 2: Performance of Real Estate Companies - In the first three quarters of 2025, listed real estate companies reported a total operating revenue of 1.05 trillion yuan, a year-on-year decline of 11% [39][66] - The operating profit for the same period was -35.85 billion yuan, marking the first recorded loss since statistics began [39][66] - The net profit and attributable net profit were -58.52 billion yuan and -64.74 billion yuan, respectively, with losses significantly widening compared to the previous year [39][66] Group 3: Future Outlook - The report anticipates a continued "bottoming" period for the real estate market, with historical comparisons suggesting that while the downward trend may be nearing its end, the timeline for recovery could still be extended [66][70] - The real estate market is expected to experience a three-phase valuation recovery process, with the current phase being the second, which requires stabilization and recovery of the fundamental market conditions [77][78] - Investment targets include stable central state-owned enterprises and regional leaders focused on first- and second-tier cities, which are expected to gain market share during the downturn [77][80]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [8]. Core Insights - The report highlights a divergence from market sentiment, suggesting that a reduction in industry risk assessment and increasing confidence in a medium to long-term recovery path are the main drivers for the recovery of real estate stocks. Despite a short-term acceleration in market decline, expectations for enhanced real estate policies in December and the first quarter of 2026 are strengthening the investment value of quality real estate stocks [2][4]. Summary by Sections Policy Expectations - Recent reports indicate that the Chinese decision-makers are considering a new round of real estate policies, including interest subsidies for new personal housing loans, increasing personal income tax deductions for mortgage payments, and further reducing housing transaction taxes. This has led to a rise in real estate stock prices. The effectiveness of such policies, particularly interest subsidies, is crucial for short-term market recovery, depending on the magnitude and duration of the subsidies [3][4]. Market Data - In October, the real estate market showed significant declines, with a 19% year-on-year drop in sales area (61.47 million square meters) and a 24% decrease in sales value (CNY 597.7 billion), marking the largest declines since the second half of 2024. New personal mortgage loans fell by 30% year-on-year to CNY 95 billion, and development investment decreased by 23% year-on-year. The market sentiment remains pessimistic, and the report emphasizes the need for substantial fiscal policies, such as interest subsidies, to restore market confidence [4][5]. Investment Recommendations - The report recommends specific stocks for investment: China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Binjiang Group (002244, Not Rated), and Jindi Group (600383, Accumulate) [5].

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]