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 ...

Group 1 - The rental and sales rights concept declined by 0.08%, ranking among the top declines in concept sectors, with notable declines in companies such as Sanxiang Impression, Caixin Development, and Jinheng Business Management [1] - The top gainers in the rental and sales rights concept included Mingpai Jewelry, 365 Network, and Yueshen Health, with increases of 10.05%, 5.17%, and 4.04% respectively [1] - The Sora concept (text-to-video) led the market with a gain of 10.43%, followed by MLOps at 9.88% and AI corpus at 9.18% [1] Group 2 - The rental and sales rights concept experienced a net outflow of 1.146 billion yuan, with 24 stocks seeing net outflows, and 7 stocks exceeding 50 million yuan in outflows [1] - Zhangjiang Hi-Tech had the highest net outflow of 486.1 million yuan, followed by Poly Development, Vanke A, and Shoukai Shares with net outflows of 168.9 million yuan, 99.1 million yuan, and 81.4 million yuan respectively [1] - The top net inflows in the concept stocks were seen in Mingpai Jewelry, Tianfu Cultural Tourism, and Huangting International, with net inflows of 61.8 million yuan, 13.2 million yuan, and 2.0 million yuan respectively [2]

Market Overview - The Shanghai Composite Index rose by 1.09% on January 12, with 28 out of the 31 sectors experiencing gains, led by the media and computer sectors, which increased by 7.80% and 7.26% respectively [1] - The sectors that saw declines included oil and petrochemicals, coal, and real estate, with decreases of 1.00%, 0.47%, and 0.29% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 27.468 billion yuan, with 11 sectors experiencing net inflows [1] - The computer sector had the highest net inflow of capital, amounting to 15.774 billion yuan, while the media sector followed with a net inflow of 5.391 billion yuan [1] - The sectors with the largest net outflows included power equipment and electronics, with outflows of 14.093 billion yuan and 11.193 billion yuan respectively [1] Real Estate Sector Performance - The real estate sector declined by 0.29%, with a total net outflow of 2.340 billion yuan [2] - Among the 100 stocks in the real estate sector, 34 stocks rose, including one that hit the daily limit, while 54 stocks fell, with one hitting the lower limit [2] - The top three stocks with the highest net inflow in the real estate sector were Daming City, Chengjian Development, and Electronic City, with net inflows of 85.503 million yuan, 58.205 million yuan, and 22.631 million yuan respectively [2] Real Estate Sector Outflow Analysis - The stocks with the largest net outflows in the real estate sector included Zhangjiang High-Tech, Poly Development, and Wantong Development, with outflows of 48.610 million yuan, 16.789 million yuan, and 14.967 million yuan respectively [3] - Other notable stocks with significant outflows included Vanke A and China Wuyi, with outflows of 9.910 million yuan and 8.238 million yuan respectively [3]

Group 1 - The core viewpoint of the article indicates that the sales performance of major property developers in mainland China showed significant improvement in December, with a total sales amount of 340.9 billion RMB, a 39.5% increase from November's 244.4 billion RMB [1] - The report highlights that the sales of 20 major listed developers tracked by the company increased by 48.2% month-on-month in December, primarily driven by strong performances from leading state-owned enterprises [1] - Among the top 10 developers by sales in December, 9 were state-owned enterprises, with Poly Developments (600048.SH) ranking first [1] Group 2 - The company expects that demand in the secondary housing market will continue to improve and outperform the primary market, while the new housing market is anticipated to remain stable [1] - The report suggests that buyers will continue to prefer projects from state-owned enterprises, indicating a positive outlook for companies like China Resources Land (01109) and Yuexiu Property (00123), which have demonstrated strong sales performance and execution capabilities in recent years [1] - Both China Resources Land and Yuexiu Property are given a "buy" rating due to their favorable sales track record [1]

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the industry is entering a phase of stable structure and profitability, with a focus on quality over quantity in land acquisition [61]. Core Insights - The 2025 land market is characterized by a "quality over quantity" approach, with a significant decrease in land supply and transaction volumes, while average transaction prices have increased [25][61]. - Central state-owned enterprises (SOEs) and leading real estate companies are becoming more active in land acquisition, with a notable increase in land acquisition intensity among major firms [48][61]. - The average premium rate for land transactions in national sample cities has risen, indicating strong competition for prime land in first and second-tier cities [31][61]. Summary by Sections Land Market Overview - In 2025, the total land supply in national sample cities decreased by 16.9% year-on-year to 1,172.42 million square meters, with first, second, and third-fourth tier cities experiencing declines of 27.6%, 6.4%, and 19.2% respectively [25][28]. - Land transaction volumes also fell by 12.5% to 986.63 million square meters, with transaction values dropping by 11.4% to RMB 28,488 billion, while the average transaction floor price increased by 3.4% to RMB 2,887 per square meter [25][28]. Premium Rates and City Focus - The average premium rate for land transactions in 2025 was 5.3%, up 1.1 percentage points year-on-year, with first-tier cities averaging 10.7% and second-tier cities at 6.2% [31][61]. - Major cities like Shanghai, Shenzhen, Hangzhou, and Chengdu saw premium rates exceeding 10%, indicating a strong demand for quality land [31][61]. Investment Strategies of Key Players - In 2025, 12 real estate companies exceeded RMB 10 billion in land acquisition, with 11 being central SOEs, highlighting the dominance of state-owned enterprises in the market [48][61]. - The land acquisition intensity for the top 100 real estate companies was 0.29, reflecting a 70.6% increase year-on-year, with Hangzhou Binjiang Real Estate Group leading at 81.9% [48][61]. Investment Recommendations - The report suggests focusing on key players in the real estate sector, including Poly Developments, China Merchants Shekou, and China Resources Land, among others, as they are well-positioned to benefit from the current market dynamics [61][65].

Investment Rating - Investment advice emphasizes high-quality development in the real estate sector, with low-valuation real estate showing potential for gains. The sector is expected to experience valuation recovery in 2026 due to improved regulations and policies [20]. Core Insights - The Fifteenth Five-Year Plan focuses on high-quality development in real estate, with market enthusiasm on the rise. The current total market cap of the AH real estate sector is misaligned with its economic position, indicating potential investment opportunities [20]. - The report highlights a decrease in planned land reserve acquisitions, with a total planned reserve exceeding RMB 700 billion. By 4Q25, 5,364 idle land plots are planned for acquisition, covering 290 million square meters, totaling RMB 706 billion [20][3]. - Special bond issuance remains high, with over RMB 300 billion in land reserve special bonds issued by 4Q25, covering 43% of planned reserves, an increase of 11 percentage points from the previous quarter [20][3]. Summary by Sections Land Reserve Planning - In 4Q25, the new planned land reserve amount is RMB 79.8 billion, down 44.4% quarter-on-quarter. The top three regions by reserve scale are Zhejiang (RMB 90.7 billion), Guangdong (RMB 88.4 billion), and Chongqing (RMB 67 billion) [20][3]. - The average discount rate for land acquisition is 0.8, with 77.6% of the new plots acquired being from the 2020-2024 period [20][3]. Special Bonds - By 4Q25, the issuance of special bonds for land reserve has reached over RMB 3,000 billion, with a coverage rate of 43% for planned reserves. The new issuance in 4Q25 is RMB 109.5 billion, maintaining a high pace [20][3]. - Local governments plan to issue RMB 4.58 trillion in new special bonds in 2025, with 6.6% allocated for acquiring idle land [20][3]. Key Companies to Watch - Key targets for investment include development companies such as Poly Developments, China Merchants Shekou, and Gemdale, as well as property management firms like China Resources Mixc and Poly Property Services [20][3].

Policy News - The State Council held a meeting on January 9 to implement a package policy for fiscal and financial coordination to boost domestic demand, emphasizing the need to guide social capital in promoting consumption and expanding investment, particularly in supporting resident consumption upgrades and private investment development [1] - The People's Bank of China emphasized the continuation of moderately loose monetary policy during its 2026 work meeting, aiming to support stable growth in the real economy and financial market, while also addressing financial risks in key areas [1] - Recent adjustments to the real estate financing coordination mechanism allow projects on the "white list" to extend loans for up to five years, compared to the previous maximum of two and a half years [1] Market News - In 2025, the total land transfer fees for residential land in 300 cities decreased by 10.6% year-on-year, with a total of 2.3 trillion yuan, and the planned building area for residential land transactions fell by 13.5% to 620 million square meters [4] - The top 20 cities accounted for 52% of the national residential land transfer fees, indicating a concentration of land acquisition by major enterprises in core cities [4] Real Estate Company News - Vanke announced that Yu Liang has retired due to age, resigning from his positions as director and executive vice president, with no impact on the board's operation [8] - Country Garden's four bonds resumed trading on January 9 after early cash repayment was completed on December 26, 2025 [12] - Sunac China reported three new overdue debts totaling approximately 640 million yuan, with the main reasons being unpaid principal [13] - R&F Properties disclosed that as of November 30, 2025, the total overdue debt reached 38.7 billion yuan, primarily due to various financial obligations not being repaid [14] - Several real estate companies reported their 2025 sales performance, with Poly Developments achieving a signed sales amount of 253.03 billion yuan and China Overseas Development reaching 251.23 billion yuan [15]