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》（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。 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 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 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。 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 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 ...

智通财经APP讯，保利发展(600048.SH)公告，公司近日收到中国证券监督管理委员会出具的《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》，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。 ...

保利发展公告称，近日收到中国证监会批复，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。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，可分期发行。自同意注册至发行结束前，如发生重大事项，公司应及时报告并处理。公 司将按要求办理发行事宜并履行信息披露义务。 ...

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。 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： ...

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4] Core Insights - The industry continues to face downward pressure, but there is a reduction in expenditure pressure, which is expected to persist and provide a favorable financial environment for the macro economy [2] - The overall industry operation is still under downward pressure, with significant declines in development investment and sales figures [53] - The report anticipates that the real estate sector will not contribute to systemic financial risks in 2026, maintaining a favorable environment [53] Summary by Sections Investment Highlights - The report highlights that the real estate investment for January to November 2025 has decreased by 15.9% compared to the same period in 2024, with a notable decline in sales and new construction areas [7][11] - The anticipated trends for 2026 include continued financial risk reduction and persistent economic pressure, with a focus on financial risks in the real estate sector [53] Industry Data - For January to November 2025, the cumulative development investment reached 78,591 billion, with a year-on-year decrease of 15.9% [10] - The sales area of commercial housing for the same period was 787 million square meters, reflecting a year-on-year decline of 7.8% [23] - The report notes that the total funds available for real estate development decreased by 11.9% year-on-year, indicating a tightening financial environment [39] Recommendations - The report recommends several companies for investment, including: 1. Development: Vanke A, Poly Developments, China Overseas Development 2. Commercial and Residential: Longfor Group 3. Property Management: Wanwu Cloud, China Resources Mixc Life 4. Cultural Tourism: Overseas Chinese Town A [53]

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Core Viewpoint - The recent hiring of Cai Liang, a former senior figure at Vanke, by Poly Developments is seen as a significant move to enhance the company's competitive edge in the Shanghai real estate market, particularly in the high-end segment [1][3]. Group 1: Talent Acquisition and Management Changes - Cai Liang has officially joined Poly Developments in Shanghai, focusing on product research and development, marking a shift from the company's traditional practice of internal promotions [1]. - This move is perceived as a strategic effort to break through competitive bottlenecks by restructuring the executive team and integrating external talent [3]. - The appointment of Cai Liang coincides with a critical period in the Shanghai market, where competition for high-end properties is intensifying [3]. Group 2: Market Competition and Sales Performance - The competition among top real estate firms in Shanghai is intensifying, with Poly Developments aiming to secure the second position in annual sales by releasing over 2.6 billion yuan worth of properties [1][6]. - As of December 12, 2024, the sales performance of Poly's Expo Tianyue project shows a sales rate of 77.9%, with 648 units sold out of 832 [4]. - In terms of sales figures, Poly Developments reported 39.58 billion yuan in sales, closely trailing behind China Resources Land at 41.79 billion yuan, indicating a competitive landscape [5]. Group 3: Product Strategy and Market Positioning - Poly Developments is focusing on high-end projects, with the Expo Tianyue project achieving a record price of 26.6 million yuan per square meter, making it one of the most expensive in Shanghai [6]. - The company is also launching new products under the "Good House" policy, including high-efficiency units that offer better usable space compared to conventional products [6][7]. - The strategic release of various property types, including luxury apartments and low-density villas, aims to enhance overall sales and market presence [7].

最新公告列表 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。 截至2025年12月15日收盘，保利发展（600048）报收于6.27元，较前一交易日下跌2.34%，最新总市值 为750.55亿元。该股当日开盘6.32元，最高6.38元，最低6.26元，成交额达10.35亿元，换手率为1.37%。 《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第四次临时受托管理事务报告 （2025年度）》 《保利发展控股集团股份有限公司2025年度向特定对象发行可转换公司债券预案》 《保利发展控股集团股份有限公司关于续聘会计师事务所的公告》 《保利发展控股集团股份有限公司关于公司最近五年不存在被证券监管部门和交易所采取监管措 施或处罚的公告》 《保利发展控股集团股份有限公司2025年度向特定对象发行可转换公司债券募集资金运用可行性 分析报告》 《保利发展控股集团股份有限公司2025年度可转换公司债券持有人会议规则》 《保利发展控股集团股份有限公司2025年第11次临时董事会决议公告》 《保利发展控股集团股份有限公司关于2025年度向特定对 ...

证券之星消息，12月15日房地产开发板块较上一交易日下跌0.76%，首开股份领跌。当日上证指数报收 于3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。房地产开发板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000620 盈新发展 | | 3.88 Z | 36.78% | -1.37 Z | -12.95% | -2.51 Z | -23.83% | | 000069 华侨城 A | | 4869.67万 | 16.32% | -2405.30万 | -8.06% | -2464.37万 | -8.26% | | 000036 华联控股 | | 4799.03万 | 12.30% | -1618.61万 | -4.15% | -3180.42万 | -8.15% | | 000838 财信发展 | | 2176.82万 | 5.90% | 119.48万 | 0. ...