Group 1: Monetary Policy and Market Operations - The People's Bank of China (PBOC) held its 111th monetary policy committee meeting on December 18, 2025, discussing the integration of incremental and stock policies to enhance monetary policy effectiveness and maintain liquidity [2] - On December 24, the PBOC announced a 400 billion yuan Medium-term Lending Facility (MLF) operation to ensure ample liquidity in the banking system, marking the 10th consecutive month of increased MLF operations [3] - The PBOC and eight other departments issued guidelines to support the high-quality development of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial collaboration and innovation [3] Group 2: Real Estate Policy Adjustments - Beijing's housing policy was adjusted to allow non-resident families to purchase homes within the Fifth Ring Road after paying social insurance or income tax for at least two years, and for homes outside the Fifth Ring Road for at least one year [5] - Families with two or more children can buy an additional home within the Fifth Ring Road under the existing housing purchase restrictions [5] Group 3: Employment and Economic Indicators - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, indicating a stable labor market, while continuing claims rose to 1.923 million, exceeding expectations [6] - Consumer confidence index in the U.S. has declined for five consecutive months, reflecting concerns about the job market, which may impact future consumer spending [6] Group 4: Bond Market Dynamics - The bond market experienced fluctuations, with the yield on the 10-year government bond remaining stable at 1.8350% and the 10-year policy bank bond yield decreasing by 0.05 basis points to 1.8975% [12] - On December 24, the secondary market saw significant movements, with a notable increase in the price of the "22 Vanke 04" industrial bond by over 18% [13] Group 5: Convertible Bonds and Equity Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.71% and trading volume reaching 758.99 billion yuan, up by 45.67 billion yuan from the previous day [22] - The A-share market also experienced gains, with the Shanghai Composite Index rising by 0.53%, supported by strong performances in the aerospace and semiconductor sectors [22] Group 6: International Bond Market - U.S. Treasury yields generally declined, with the 2-year yield down by 1 basis point to 3.47% and the 10-year yield down by 3 basis points to 4.15% [25] - In the European bond market, the 10-year government bond yields showed mixed trends, with France's yield increasing by 1 basis point while Spain's decreased by 1 basis point [28]

来源：科技日报 科技日报记者 朱虹 12月23日，全球首个陆上商用模块式小型堆"玲龙一号"汽轮发电机组非核冲转一次成功。该工程是海南昌江多用途模块式小型堆科技示范项目，由哈电集团 自主研制，冲转全程机组运行平稳，各项关键参数均符合设计标准，标志着项目建设突破关键节点，为后续核蒸汽冲转及并网发电筑牢基础。 "玲龙一号"是我国具有完全自主知识产权的陆上商用模块式小型堆，也是全球首个通过国际原子能机构安全审查的同类堆型，规划容量为125兆瓦，其核心 动力装备汽轮机、汽轮发电机、核主泵均由哈电集团自主研制。 非核冲转试验是核电机组建设过程中的重要环节，被喻为核电机组装料前对常规岛系统进行的一次全面"实战演练"。 此次冲转成功的汽轮发电机组，汽轮机采用哈电集团汽轮机公司自主研制的125兆瓦等级凝汽式、单轴、单背压、过热蒸汽汽轮机组，创新应用先进的高压 N+1轴承支撑等先进技术，显著提升运行效率与安全可靠性；高压模块实现整体发运、现场快速安装，凝汽器采用模块化设计，充分体现小型堆"小型化、 模块化、一体化"的技术特征。汽轮发电机采用哈电集团电机公司自主研制的空冷汽轮发电机，创新应用全空冷技术，定子采用内、外机座，铁芯与机 ...

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The Guangzhou real estate market showed signs of recovery in November 2025, with new residential sales area reaching 544,000 m², a month-on-month increase of 34.4% [3] - The total sales amount for the top 20 real estate companies in Guangzhou from January to November 2025 was 180.49 billion yuan, with a threshold value of 2.23 billion yuan [11] - Poly Developments topped both the sales amount and equity sales amount rankings, achieving 50.1 billion yuan and 43.15 billion yuan respectively [11] - The report highlights the strong performance of high-end residential projects, particularly Poly Yuexi Bay, which achieved a remarkable opening sales figure of 10.6 billion yuan [23] Sales Performance Summary - The top 20 real estate companies in Guangzhou for sales amount are as follows: 1. Poly Developments: 50.1 billion yuan 2. Yuexiu Property: 31.08 billion yuan 3. Zhuji Real Estate: 12.02 billion yuan 4. China Resources Land: 10.62 billion yuan 5. China Overseas Land: 9.96 billion yuan [8][12] - The top 20 companies by sales area are: 1. Poly Developments: 986,000 m² 2. Yuexiu Property: 810,000 m² 3. Zhuji Real Estate: 326,000 m² 4. China Resources Land: 305,000 m² 5. China Overseas Land: 275,000 m² [15][17] Project Sales Performance - The top projects by sales amount include: 1. Poly Yuexi Bay: 10.84 billion yuan 2. Poly Tianyao: 5.67 billion yuan 3. Poly Tianyi: 5.59 billion yuan [18][22] - The top projects by sales area include: 1. Wanbo Yufu: 82,000 m² 2. Asian Games City: 81,000 m² 3. Vanke Huangpu New City: 75,000 m² [18][22]

建发蒋村地块创下杭州地价新纪录 商报记者周坚洪 12月23日上午，随着位于富阳银湖板块的杭政储出[2025]137号宅地，被浙江龙大以6201元/平方米的楼 面价成功拿下，2025年杭州宅地市场正式落幕收官。 据统计，今年杭州市区一共挂牌了92宗涉宅地块，全部顺利出让，一共收获1420亿元土地出让金，相比 2024年的1169亿元，大幅上涨21%。 截至目前，杭州全年土地出让金暂时位列全国第二位，仅次于上海的1427亿元，与上海、北京这两大超 级城市并驾齐驱，牢牢占据前三席位。 上半年热下半年稳不同区域表现差异明显 纵观今年的杭州宅地市场，可以用"先热后稳"四个字来形容。上半年，不论是推地数量、宅地质量，还 是房企拿地热情、成交热度，都呈现出火热行情，热度堪称近年新高。 而进入下半年，受到楼市整体行情的影响，土地市场的热度出现降温，趋于平稳，开发商拿地更加谨 慎，特别是主城以外的郊区板块，频频出现底价成交的情况。 据统计，在全年成交的92宗涉宅地块中，有68宗是在今年7月份之前成交，占据总量的74%，并且平均 溢价率高达31.12%。其中，有9宗地块的溢价率超过了60%，尤其是建发大手笔拿下的蒋村低密宅地， ...

证券日报网讯 12月24日，保利发展在互动平台回答投资者提问时表示，公司2025年销售均价上涨主要 来自项目所在区域及产品定位的结构性差异，截至年末的存货减值准备，将按照会计准则及市场情况进 行减值测试后确定。 （文章来源：证券日报） ...

（编辑 丛可心 王雪儿） 证券日报网讯 12月24日，保利发展在互动平台回答投资者提问时表示，在工程设计与产品交付上，公 司建立了严格的质量管控体系，始终将产品品质视为公司发展的基石，并持续通过标准提升与管理优化 来夯实产品力。 ...

Core Insights - The article discusses the release of the "2025 China Real Estate Super Service Power Special Research," which aims to provide insights and support for the real estate industry amidst ongoing transformations [3][40] - The research emphasizes the importance of service capabilities in enhancing corporate value and outlines a new evaluation model called "Super Service Power" [40] Group 1: Research Development - Since 2020, the company has focused on real estate service research, initiating the "Double Top Ten" deep dive into real estate enterprise service capabilities [1] - In 2021, the company launched the "Service Power TOP50" special research system, which has now evolved into the "Super Service Power" assessment model by 2024 [1][40] Group 2: Rankings and Recognitions - The "2025 China Real Estate Super Service Power TOP50" list includes leading companies such as Greentown China, Poly Developments, and China Resources Land, among others [6][42] - The rankings are presented in a structured format, showcasing the top companies in the real estate sector based on their service capabilities [6][42] Group 3: Service Excellence and Community Engagement - The research highlights exemplary community operation models, such as those by Huafa and Greentown, which focus on building trust and enhancing customer experience through proactive service [21][30] - Companies are encouraged to adopt a "predictive" service support system, transitioning from product delivery to service operation, ensuring a seamless connection between risk control and execution [21][55] Group 4: Quality Assurance and Delivery - The article discusses the importance of a comprehensive quality assurance system that includes preemptive risk management and customer engagement strategies to enhance delivery experiences [23][58] - Companies like China Railway Construction and Huafa are implementing innovative service models that prioritize customer satisfaction and community involvement during the delivery process [23][62] Group 5: Sustainable Community Development - The research emphasizes the need for sustainable community ecosystems where residents actively participate in community activities, transforming from mere participants to community leaders [66][70] - Initiatives such as the "Neighbor Feast" by China Railway Construction demonstrate the shift towards community-driven events that foster deeper connections among residents [70]

保利发展控股集团股份有限公司公告，公司2025年第六次临时股东会将于2025年12月29日(星期一)召 开，审议关于公司符合向特定对象发行可转换公司债券条件的议案、关于公司2025年度向特定对象发行 可转换公司债券方案的议案。本次可转债发行总额不超过50亿元(含本数)。本次可转债发行拟用募集资 金投入以下项目：杭州保利天奕、石家庄保利裕华天珺、广州保利辰园湖境、中山保利琅悦、长春保利 景阳和煦、佛山保利锦鲤堂悦、上海保利虹桥和颂三期、天津保利珺璟和煦、石家庄保利长安琅悦。 （来源：同花顺） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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"）于2025年12月12日召开2025年第11次临时董事会， 审议通过关于公司2025年度向特定对象发行可转换公司债券（以下简称"本次发行"）的相关议案，具体 内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的相关公告。 截至目前，公司已取得有权国资监管单位中国保利集团有限公司对本次发行的批复，中国保利集团有限 公司同意公司向特定对象发行可转换公司债券，发行总额不超过人民币50亿元（含本数）。 本次发行尚需获得公司股东会审议通过，并报中国证监会等证券监管部门核准。公司将积极推进相关工 作，并及时履行信息披露义务。 董事会 二○二五年十二月二十三日 特此公告。 保利发展控股集团股份有限公司 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本次发行尚需获得公司股东会审议通过，并报中国证监会等证券监管部门核准。公司将积极推进相关工 作，并及时履行信息披露义务。 特此公告。 有权国资监管单位批准的公告 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。 保利发展控股集团股份有限公司（以下简称"公司"）于2025年12月12日召开2025年第11次临时董事会， 审议通过关于公司2025年度向特定对象发行可转换公司债券（以下简称"本次发行"）的相关议案，具体 内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的相关公告。 截至目前，公司已取得有权国资监管单位中国保利集团有限公司对本次发行的批复，中国保利集团有限 公司同意公司向特定对象发行可转换公司债券，发行总额不超过人民币50亿元（含本数）。 证券代码：600048 证券简称：保利发展 公告编号：2025-112 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 关于2025年度向特定对象发行可转换公司债券获得 保利发展控股集团股份 ...