（文章来源：证券日报） 证券日报网讯 8月13日晚间，保利发展发布公告称，公司2024年度利润分配方案实施后，将依据《保利 发展控股集团股份有限公司向特定对象发行可转换公司债券募集说明书》发行条款及相关规定对本次可 转债的当期转股价格进行调整，"保利定转"的转股价格将由16.09元/股调整为15.92元/股，由于本次可转 债尚未进入转股期，调整后的转股价格自2025年8月20日（除息日）起生效。 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

这里有长住的，有短住的，有旅居的，有康养的，有旅游或者是医疗为目的的客户，大家的需求非常多 元且独特。 8月13日，2025博鳌地产发展暨代建大会在海南召开。保利发展（600048）控股海南云南区域党委书 记、董事长李勇以"以好生活为纲，赋能品质人居——保利发展在海南的探索与实践"为主题发表演讲。 李勇坦言，未来还是有一些挑战的，在海南要做一个好房子其实不太容易。 第一个是技术挑战，海南的台风比较多，高温、高湿、高盐，为了解决这个问题，保利做了大量的研 究。 第二是经济的挑战，海南总体成本大概比广东省要贵10%到15%，几乎所有的建材来自大陆，要通过海 路运过来，绝大多数施工团队、工人也要从大陆过来。这样的问题导致建设和后期维护成本都会有一些 挑战。 第三是市场和客户的挑战，因为海南的客户需求和大陆地区有非常多的不一样，这里有长住的，有短住 的，有旅居的，有康养的，有旅游或者是医疗为目的的客户，大家的需求非常多元且独特。 第四是配套的挑战，海南过完清明节到7月份，街上是不堵车的，机场的航班好多也是空着的。这些商 家如何熬过漫长的淡季？真正有机会赚钱的时间最多就是4个月。 他提到，这些挑战需要政府、银行、上下游 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-070 保利发展控股集团股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.17元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/8/19 － 2025/8/20 2025/8/20 ? 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 7 月 1 日的2025年第三次临时股东大会审议 通过。 二、分配方案 截至股权登记日 2025 年 8 月 19 日下午上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册 的本公司全体股东。 （1）差异化分红方案 以实施权益分派股权登记日的总股本扣除公司回购专用证券账户的股数为基 数，每股派发现金红利 0.17 元（含税），共计派发现金红利 2,017,120,012.80 元 （含税） ，不进行资本公积金转增股本。 ...

调整可转换公司债券转股价格的公告 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。 证券代码：600048 证券简称：保利发展 公告编号：2025-071 关于根据 2024 年度利润分配方案 二、转股价格调整依据 润分配方案，公司拟以本次实施权益分派股权登记日（2025年8月19日）的总股 本扣减公司回购专用证券账户的股数为基数，每10股派发现金红利1.70元（税前）， 且不进行资本公积转增资本，具体内容详见公司于2025年6月14日、2025年7月2 日在上海证券交易所网站（www.sse.com.cn）分别披露的《关于2024年度利润分 配方案的公告》（公告编号：2025-059）及《2025年第三次临时股东大会决议公 告》（公告编号：2025-063）。 公司2024年度利润分配方案实施后，将依据《保利发展控股集团股份有限公 司向特定对象发行可转换公司债券募集说明书》(以下简称"募集说明书")发行 条款及相关规定对本次可转债的当期转股价格进行调整。 三、转股价格调整结果 重要内容提示： ? 调整前的转股价格：16.09 ...

中国国际金融股份有限公司 关于保利发展控股集团股份有限公司 差异化分红事项的专项意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐人"、"保荐 机构"）作为保利发展控股集团股份有限公司（以下简称"保利发展"、"公司"） 向特定对象发行可转换公司债券的保荐人，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股份回购规则》（以下简称"《回购规则》"）、《上海证券交易所 股票上市规则》（以下简称"《上市规则》"）、《上海证券交易所上市公司自 律监管指引第7号——回购股份》、《上海证券交易所上市公司自律监管指南第 2号——业务办理》以及《保利发展控股集团股份有限公司章程（以下简称"《公 司章程》"）》等相关法律、法规及规范性文件的规定，对保利发展2024年度利 润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了审 慎核查，并出具专项意见如下： 股份存放于公司回购专用证券账户。 根据《上海证券交易所上市公司自律监管指引第7号——回购股份》，上市 公司回购专用账户中的股份，不享有利润分配等权利，故需进行差异化权益分派 特 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-070 保利发展控股集团股份有限公司 2024年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/19 | － | 2025/8/20 | 2025/8/20 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 7 月 1 日的2025年第三次临时股东大会审议 通过。 二、分配方案 截至股权登记日 2025 年 8 月 19 日下午上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册 的本公司全体股东。 3. 差异化分红送转方案： （1）差异化分红方案 以实施权益分派股权登记日的总股本扣除公司回购专用证券账户的股数为基 每股分配比例 A 股每股现金红利 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

证券代码：600048 证券简称：保利发展 公告编号：2025-071 关于根据 2024 年度利润分配方案 调整可转换公司债券转股价格的公告 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： 一、本次可转债基本情况 根据中国证券监督管理委员会出具的《关于同意保利发展控股集团股份有限 公司向特定对象发行可转换公司债券注册的批复》（证监许可﹝2025﹞853号）， 公司向特定对象发行了8,500万张可转换公司债券（以下简称"本次可转债"）， 每张面值100元，募集资金总额为850,000万元，扣除发行费用2,125万元（含税） 后，募集资金净额为847,875万元。 本次可转债的证券简称为"保利定转"，证券代码为"110817"，于2025 年5月30日在中国证券登记结算有限责任公司上海分公司办理完成登记托管，挂 牌转让日期为2025年6月19日。本次可转债转股期自本次可转债发行结束之日满 六个月后的第一个交易日起至本次可转债到期日止，初始转股价格为16.09元/ 股。 二、转股价格调整依据 2025年7月1日，公 ...

Core Viewpoint - The real estate market is stabilizing due to various policies, with a noticeable reduction in the sales decline of real estate companies in the first seven months of 2025 compared to the previous year [2][8]. Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, a year-on-year decline of 13.3%, significantly narrowing from a 40.1% drop in the same period last year [2][8]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [2][3]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, with sales figures of 136.8 billion yuan, 132 billion yuan, 123.6 billion yuan, and 104.6 billion yuan, respectively [3]. Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, leading to a general decline in sales prices compared to last year [7][9]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [7]. Market Trends - The real estate market continues to be in an adjustment phase, with a trend of shrinking balance sheets among listed companies [6]. - Despite the overall decline in sales, some companies like Jinmao reported a sales increase of over 20% year-on-year, achieving 61.807 billion yuan in sales [6] - The market is expected to maintain stability in August, with potential improvements in sales due to ongoing policy support [10]. Profitability Concerns - The shift to a "price for volume" strategy has resulted in profit losses for many companies, with 11 out of 62 listed companies forecasting losses for the first half of 2025 [9][10]. - Factors contributing to poor performance include increased asset impairment provisions and rising interest expenses on debts [10].