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]

Core Insights - The land market in Hangzhou has seen a significant increase in land transfer revenue, totaling 142 billion yuan in 2025, a 21% increase from 116.9 billion yuan in 2024, positioning Hangzhou as the second-highest in the country after Shanghai [2] - The market experienced a "hot to stable" trend throughout the year, with 74% of the total 92 residential land parcels sold before July, achieving an average premium rate of 31.12% [3] - The highest land price recorded was for the Jiangcun low-density residential land, sold at 88,029 yuan per square meter, marking a historic high for Hangzhou [6] Land Market Performance - In 2025, a total of 92 residential land parcels were successfully sold in Hangzhou, generating 142 billion yuan in land transfer revenue, with a notable increase in the number of parcels sold compared to the previous year [2] - The first half of the year saw a surge in land sales, while the second half experienced a cooling trend, with only 24 parcels sold and an average premium rate of 7.66% [3] - The average premium rates varied significantly across districts, with Xiaoshan District leading with a 36.21% average premium rate [4] District-Specific Insights - Xiaoshan District sold 17 parcels, with several areas exceeding a 50% premium rate, while the average premium rate for Gongshu District was 29.76% [4] - West Lake and Shangcheng Districts had average premium rates of 31.31% and 45.99%, respectively, indicating strong competition in these areas [5] - Yuhang District had a lower average premium rate of 16.73%, with some parcels sold at base price [5] Record-Breaking Land Prices - Nearly 20 districts in Hangzhou set new land price records this year, with multiple parcels achieving the highest prices in a short time [6] - The Jiangcun low-density residential land sale at 88,029 yuan per square meter was the highest, placing Hangzhou among the top three cities in China for land prices [6] - Other notable high prices included 77,409 yuan per square meter for a parcel in the Xixing unit and 64,834 yuan per square meter for a parcel in the Hushu unit [7] Developer Activity - The leading developer in terms of land acquisition was Binjiang Group, which secured 18 parcels for a total of 37.949 billion yuan [8] - Greentown also performed well, acquiring 12 parcels for 21.994 billion yuan, with many of these properties already launched and performing well in the market [8] - Other developers like Jianfa and Poly Development also made significant acquisitions, contributing to the competitive landscape [9]

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 ...

（文章来源：证券日报） 证券日报网讯 12月23日，保利发展在互动平台回答投资者提问时表示，公司非常重视住宅产品的质量 和业主权益的维护。 ...

2025 年第六次临时股东会 保利发展控股集团股份有限公司 2025 年第六次临时股东会 会议资料 （2025 年 12 月） 2025 年第六次临时股东会 保利发展控股集团股份有限公司 2025 年第六次临时股东会须知 根据中国证券监督管理委员会《上市公司股东会规则》和《公司 章程》的有关规定，为确保公司股东会顺利召开，特制定会议须知如 下，望出席股东会的全体人员遵守执行： 一、股东参加股东会，应当认真履行其法定义务，不得侵犯其他 股东权益； 二、股东会期间，全体出席人员应以维护股东的合法利益、确保 会议正常秩序和议事效率为原则，认真履行法定职责； 三、出席会议的股东依法享有发言权、咨询权、表决权等各项权 利，但需由公司统一安排发言和解答； 四、任何人不得扰乱会议的正常秩序和会议程序，会议期间请关 闭手机或将其调至振动状态。 2025 年第六次临时股东会 保利发展控股集团股份有限公司 2025 年第六次临时股东会 会议议程 一、会议时间： 现场会议召开时间：2025 年 12 月 29 日（星期一），下午 2:30 （一）截至2025年12月24日（星期三）下午收市时中国证券登记 结算有限责任公司上海分公司 ...