Group 1 - The core viewpoint of the article is that Poly Developments (600048) acknowledges that its stock performance is influenced by multiple factors and emphasizes its commitment to operational strategies to enhance shareholder value [1] Group 2 - The company plans to continue focusing on its operations while actively responding to industry changes [1] - The company aims to implement strategies for destocking and structural adjustments to improve operational quality [1] - The company is dedicated to creating value for its shareholders through these efforts [1]

Core Viewpoint - The real estate industry in China is experiencing a significant increase in bond financing, with a total of 620.4 billion yuan in November 2025, marking a year-on-year growth of 28.5% [1] Financing Overview - From January to November 2025, the total bond financing for real estate companies reached 550.28 billion yuan, reflecting a year-on-year increase of 10.5% [3] - The structure of financing shows that credit bond financing amounted to 320.2 billion yuan, a slight increase of 2.9% year-on-year, accounting for 58.2% of the total [3] - Overseas bond financing surged to 161.5 billion yuan, up 141% year-on-year, representing 2.9% of the total [3] - Asset-backed securities (ABS) financing reached 213.93 billion yuan, with a year-on-year growth of 19%, making up 38.9% of the total [3] Credit Bond Issuance - In November, credit bond issuance saw a slight decline, primarily from state-owned enterprises, with major issuances from companies like China Merchants Shekou and Poly Development exceeding 3 billion yuan [3] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3] Overseas Bond Issuance - China Resources Land successfully issued overseas bonds in November, contributing to an increase in overseas bond issuance [3] - On November 13, China Resources Land issued 4.3 billion yuan and 300 million USD in dual-currency green bonds, with a 3-year USD bond at a coupon rate of 4.125% and a 5-year yuan bond at 2.40% [3] ABS Market Dynamics - The ABS issuance scale reached 294 billion yuan, showing significant growth, with REITs being the largest category at 51.7% [4] - Other categories included CMBS/CMBN at 24.5%, supply chain ABS at 12.7%, and affordable housing ABS at 11.1% [4] Financing Costs - The average bond financing rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but a 0.1 percentage point increase compared to the previous month [6] - The average rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97%, decreasing by 0.33 percentage points month-on-month [6] Notable Company Activities - China Merchants Shekou had the highest issuance amount in November at 50.4 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6]

（文章来源：证券日报） 证券日报网讯 12月17日，保利发展在互动平台回答投资者提问时表示，公司市值变化受多种因素综合 影响，公司立足持续经营，自2022年起坚定"去库存"，推进存量项目销售去化，在保障经营安全基础 上，不断优化资源结构。面对行业新发展模式，公司积极提升产品品质、推进租赁住房业务发展，加强 核心竞争力建设，有信心持续改善经营质量，努力为股东创造价值。 ...

（文章来源：证券日报） 证券日报网讯 12月17日，保利发展在互动平台回答投资者提问时表示，公司注重投资者回报，尽管利 润规模受行业市场影响有所下降，公司仍坚持按照《2023-2025年股东回报规划》实施年度现金分红。 关于利润分配政策和回报规划，相关内容请查阅公司公告。后续利润分配安排，公司将结合行业发展态 势、资金使用安排、增量项目投资计划等综合评估，提出相应现金分红政策。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600048 证券简称：保利发展 公告编号：2025-111 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向专业投资者公开发行公司债券注册申请获得中国证监会同意的公 告 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规定处 理。 公司将按照有关法律法规和批复文件的要求及公司股东会的授权办理本次公司债券发行的相关事宜，并 及时履行信息披露义务。 特此公告。 保利发展控股集团股份有限公司董事会 二〇二五年十二月十六日 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"）近日收到中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于同意保利发展控股集团股份有限公司向专业投资者公开发行公司债券注册的 批复》 ...

截至2025年12月16日收盘，保利发展（600048）报收于6.28元，较前一交易日上涨0.16%，最新总市值 为751.74亿元。该股当日开盘6.27元，最高6.35元，最低6.25元，成交额达7.9亿元，换手率为1.05%。 《保利发展控股集团股份有限公司关于向专业投资者公开发行公司债券注册申请获得中国证监会 同意的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 近日，保利发展控股集团股份有限公司发布公告称，公司近日收到中国证监会出具的批复，同意公司向 专业投资者公开发行面值总额不超过150亿元的公司债券注册申请。批复自同意注册之日起24个月内有 效，公司可在注册有效期内分期发行。本次发行应严格按照报送上海证券交易所的募集说明书进行。期 间如发生重大事项，需及时报告并按规定处理。公司表示将依法依规推进发行工作，并履行信息披露义 务。 最新公告列表 ...

Core Viewpoint - The announcement of 16 residential projects entering the market in Shanghai signifies a significant supply surge, totaling 1,679 units, marking a rare batch launch in the year [1] Group 1: Market Dynamics - The concentrated launch coincides with the year-end performance push for real estate companies, showcasing both high-value projects and affordable options to cater to diverse buyer needs [1] - The new projects include luxury properties with prices exceeding 170,000 yuan per square meter, as well as affordable options starting from 34,000 yuan per square meter [2] Group 2: Project Highlights - The highest-priced project, Anlan Shanghai, is priced at 17.88 million yuan per square meter, targeting high-end buyers with a total price threshold of approximately 27 million yuan [2] - Anlan Shanghai's pricing is lower than previous industry predictions and competitive projects in the same area, indicating a strategic pricing approach [2] - The second-highest project, Green City Huangpu ONE Phase II, has a recorded average price of 17.2 million yuan per square meter, reflecting a 2,000 yuan increase from the previous phase [3] Group 3: Competitive Landscape - The year-end sales competition among top real estate companies in Shanghai is intensifying, with the top three companies—China Resources Land, China Merchants Shekou, and Poly Developments—showing close sales figures [9] - The sales rankings for the top 50 real estate companies in Shanghai have remained stable, with minor shifts in positions, indicating a competitive but predictable market environment [9] - China Overseas Land's performance has slowed compared to last year, but the launch of new projects may help close the gap with leading competitors [12]

地产简讯 12月16日，保利发展控股发布关于向专业投资者公开发行公司债券注册申请获得中国证监会同意的公 告，向专业投资者公开发行面值总额不超过150亿元公司债券的注册申请。本次发行应严格按报送上海 证券交易所的募集说明书进行，批复自同意注册日起24个月内有效，公司在注册有效期内可以分期发行 公司债券。自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及时报告并按有关 规定处理。 ...

面对行业调整，保利发展没有被动等待，而是通过"调、换、转、退"推动新旧动能转换，持续优化资产 与业务构成。这一过程，正是国家所倡导的"推动企业结构性优化、提升经营效率"的生动实践。 在开发业务上，公司坚持聚焦重点城市、重点板块及高端客户群，重点在市场表现稳定、公司竞争优势 突出的城市开展投资，投资质量不断提高，资源结构持续优化。存量未开发资源则严格落实"以销定 产"，有效提升资源价值。 保利发展始终聚焦"好房子"策略，担当行业价值革新者。近年来，保利发展连续九年发布行业白皮书， 系统提出并践行"好房子"标准，从产品理念、空间设计、社区服务、绿色健康等多维度推动住宅品质革 新。这不仅是企业产品战略的升级，更与"推动高品质生活、改善民生供给"的政策目标高度一致。 当市场因短期波动而焦虑时，真正穿越周期的力量，往往源于对长期主义的坚守与对核心价值的持续锻 造。保利发展在全国多个核心城市落地的"好房子"标杆项目，一批批由保利发展打造的"好房子"正成为 当地人居升级的新标杆。这些项目不仅在设计、绿色、健康、服务等维度全面践行"好房子"标准，更以 高交付品质和客户满意度，在行业深度调整期赢得市场信任。 在房地产行业结构性 ...

格隆汇12月16日丨保利发展(600048.SH)公布，公司近日收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于同意保利发展控股集团股份有限公司向专业投资者公开发行公司债券注册的批 复》（证监许可【2025】2764号），该批复就公司公开发行公司债券注册申请批复如下： 一、同意公司向专业投资者公开发行面值总额不超过150亿元公司债券的注册申请。二、本次发行公司 债券应严格按照报送上海证券交易所的募集说明书进行。三、本批复自同意注册之日起24个月内有效， 公司在注册有效期内可以分期发行公司债券。四、自同意注册之日起至本次公司债券发行结束前，公司 如发生重大事项，应及时报告并按有关规定处理。 ...