Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

Group 1 - The real estate ETF (512200) experienced a rise of over 2%, currently up 1.76%, marking a potential five-day increase, with a turnover of 3.82% and a transaction volume of 185 million yuan [1] - In 2025, the second-hand housing market in first-tier cities showed strong performance, with Shanghai's transaction volume reaching approximately 254,000 units, a four-year high, and Shenzhen's transactions totaling 68,200 units, a year-on-year increase of 5.7% [1] - The real estate market in 2025 is showing signs of recovery, with ten major real estate companies achieving sales exceeding 10 billion yuan, and an average sales amount of 17.655 billion yuan [1] Group 2 - Zhongyou Securities highlighted a significant policy shift towards systematic efforts to stabilize the real estate market, indicating that the market is expected to stabilize in 2026 [2] - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2]

Group 1 - The core viewpoint of the news is that Poly Developments has shown a mixed performance in stock price and financial results, with a notable increase in stock price recently but a decline in revenue and net profit year-on-year [1][2]. Group 2 - As of January 8, Poly Developments' stock price increased by 2.03% to 6.52 CNY per share, with a trading volume of 438 million CNY and a market capitalization of 78.047 billion CNY [1]. - The company has seen a year-to-date stock price increase of 6.89%, with a 7.06% increase over the last five trading days, but a 17.26% decline over the last 60 days [1]. - For the period from January to September 2025, Poly Developments reported a revenue of 173.722 billion CNY, a year-on-year decrease of 4.95%, and a net profit attributable to shareholders of 1.929 billion CNY, down 75.31% year-on-year [2]. - The company has distributed a total of 64.976 billion CNY in dividends since its A-share listing, with 12.269 billion CNY distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders increased to 247,700, while the average number of circulating shares per person decreased by 12.25% to 48,319 shares [2][3].

证券日报网讯 1月7日，保利发展在互动平台回答投资者提问时表示，公司内在价值的切实提升，是应 对市场波动、回报股东信任的根本途径。公司始终将稳定并提升公司价值作为核心目标，持续扎实地做 好主业经营，全力优化资产质量与运营效率，努力改善经营表现。 （编辑 袁冠琳） ...

证券日报网讯 1月7日，保利发展在互动平台回答投资者提问时表示，股价受到多重因素综合影响，公 司立足主业经营，持续提升经营质量，着力去库存、优化资产结构来不断夯实公司经营基本面。关于管 理层薪酬，公司实行严格的绩效评价体系，薪酬详细情况请参阅公司年度报告。 （文章来源：证券日报） ...

| 证券代码：600048 | 证券简称：保利发展 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：110817 | 转债简称：保利定转 | | 关于"保利定转"2025 年第四季度转股情况的公告 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： "保利定转"的转股期起止日期为 2025 年 11 月 21 日至 2031 年 5 月 15 日；最新有效的转股价格为 15.92 元/股。 经《上海证券交易所自律监管决定书》（﹝2025﹞137 号）同意，公司发行 的850,000万元可转换公司债券于2025年6月19日在上海证券交易所挂牌转让， 证券简称为"保利定转"，证券代码为"110817"。 根据有关规定和《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》的约定，本次可转债转股期起止日期为 2025 年 11 月 21 日 至 2031 年 5 月 15 日，初始转股价格为 16.09 元/股，因公司实施 2024 年度利润 分配方案，转股价格 ...

（编辑 楚丽君） 证券日报网讯 1月6日，保利发展在互动平台回答投资者提问时表示，公司将结合相关政策精神、资本 市场情况以及公司经营安排，对各类市值管理工具的适用性进行审慎研究。公司坚信，持续提升经营质 量和夯实基本面，是维护公司价值、回报股东信任的坚实基础。 ...

证券日报网讯 1月6日，保利发展在互动平台回答投资者提问时表示，当前房地产行业仍处于波动调整 期，公司经营状况也受到一定影响。面对市场变化，公司灵活调整经营策略，以巩固经营安全为首要目 标，不断推进存量去化和综合处置、提升增量项目投资确定性。随着公司经营策略的扎实推进，销售结 构和资产结构已得到一定优化，预计在增量项目进入交付周期后陆续反映为结转业绩的变化。 （文章来源：证券日报） ...

从资金流向上来看，当日房地产开发板块主力资金净流出433.82万元，游资资金净流出3.17亿元，散户资 金净流入3.22亿元。房地产开发板块个股资金流向见下表： 证券之星消息，1月6日房地产开发板块较上一交易日上涨1.16%，盈新发展领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。房地产开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000620 | 盈新发展 | 3.03 | 10.18% | 353.35万 | | 10.66亿 | | 600266 | 城建发展 | 6.14 | 10.04% | 126.78万 | | 7.65亿 | | 000608 | *ST阳光 | 2.90 | 5.07% | ● 3.62万 | | 1048.59万 | | 000609 | ST中迪 | 8.95 | 5.05% | 13.59万 | | 1.18亿 | | 000668 | *ST荣控 | 10. ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5][25]. Core Insights - The outlook for 2026 marks the beginning of the Fifteenth Five-Year Plan, with a focus on high-quality development driven by regulatory requirements. The current new housing market, valued at 8 trillion RMB, shows some capacity for sales, emphasizing the importance of fiscal efforts and the timing of blue-chip competition [5][30]. - In December 2025, the top 100 real estate companies achieved a monthly sales amount of 3.13 trillion RMB, reflecting a year-on-year decline of 19.0%, but a narrowing of the decline by 0.9 percentage points compared to November 2025. Equity sales reached 2.46 trillion RMB, down 20.1% year-on-year, with an equity ratio of 79% [5][30]. - The report highlights that most top 100 companies experienced negative year-on-year sales growth in December 2025, with the highest sales recorded by China Overseas Land & Investment at 38 billion RMB [19][30]. Summary by Sections Sales Performance - In December 2025, the top 100 real estate companies' sales amounted to 324.65 billion RMB, up 39.3% month-on-month but down 26.1% year-on-year. Equity sales were 261.53 billion RMB, up 42.0% month-on-month and down 28.7% year-on-year [7][19]. - The top 50 companies recorded sales of 273.41 billion RMB, down 18.6% year-on-year, with equity sales of 211.44 billion RMB, down 18.8% year-on-year [7][19]. Company Recommendations - The report recommends several companies for investment: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Beijing Urban Construction, Hangzhou Binjiang, Gemdale; H-Shares - China Overseas Land, C&D International [25][30]. 2) Commercial Residential: China Resources Land, Longfor Group [25][30]. 3) Property: Onewo, China Resources Mixc, China Overseas Property, Poly Property, China Merchants Property, ChongQing New DaZheng [25][30]. 4) Cultural Tourism: Shenzhen Overseas Chinese Town [25][30]. Monthly Sales Trends - In December 2025, the top 11-20 companies had a sales threshold decrease of 4.3%, while the top 51-100 companies saw a more significant decline of 28.5% [16][30]. - Among the top 50 companies, 9 achieved positive year-on-year growth, with China State Construction Development leading at 213.2% [19][30].