保利发展控股集团股份有限公司 截至 2025 年 9 月 30 日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2025]第 ZG12985 号 您可使用手机" | | ■ 录 | 页 次 | | --- | --- | --- | | | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | । । | 前次募集资金使用情况报告 | 1-7 | 立信会计师事务所(特殊普通合伙) bdo china shu lun pan certified public accountants LLP 关于保利发展控股集团股份有限公司截至2025年9月30日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2025]第ZG12985号 保利发展控股集团股份有限公司全体股东: 我们接受委托,对后附的保利发展控股集团股份有限公司(以下 简称"保利发展"）截至2025年9月30日止前次募集资金使用情况报 告〈以下简称"前次募集资金使用情况报告"〉执行了合理保证的鉴 证业务。 一、管理层的责任 保利发展管理层的责任是根据《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第1号――规范运作》等相关规 定编制 ...

保利发展：拟发行可转债不超过50亿元。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Core Viewpoint - The "2025 China Real Estate Product Evaluation" has entered the project display phase, with the initial shortlisted projects announced on December 3rd, following a vigorous selection process involving industry experts and enterprises [2]. Group 1: Evaluation Process - The evaluation will combine expert reviews and online voting to determine the final awards, including "Top Ten High-end/Light Luxury/Quality Works" and "National Good Houses" [3]. - The evaluation work is currently progressing in an orderly manner, with details of shortlisted projects available for public viewing [3]. Group 2: Shortlisted Projects - High-end shortlisted projects include: - Xiamen Poly Ankang Yuchentianyue, developed by Poly Development and Xiamen Ankang Real Estate, featuring modern high-rise residential architecture [5]. - Zhuhai Huafa Xiangshan Lakeside, a collaborative project by Huafa Technology, showcasing an international hotel-style smart living community [5]. - Shanghai Jing'anli, offering modern high-rise and super high-rise residential and commercial spaces [6]. - Urban-style villa and commercial projects by Huafa and China Merchants Shekou [7]. - Light luxury shortlisted projects include: - Chengdu Greentown·Chengdu Runbaihe, developed by Greentown China, featuring modern high-rise and洋房 residential architecture [8]. - Jinan Greentown·Jinan Fengqi Heming, also developed by Greentown China, showcasing modern residential designs [8]. - Quality shortlisted projects include: - Tianjin Poly Junjing Heku, a modern low-rise residential community developed by Poly Development [10]. - Beijing Chang'an Huaxi Mansion, developed by China Electric Power Construction Real Estate, featuring modern high-rise residential architecture [11]. Group 3: Industry Focus - Since 2018, the industry has focused on changes in product strength, evolving from "product strength" to "product series" and "product," emphasizing delivery and value retention [12]. - The Product Strength 100 Working Group aims to promote valuable and replicable products and concepts within the industry, driving continuous upgrades in product strength [12]. - The award list for the 2025 China Real Estate Product Strength Evaluation will be announced in early January 2026, encouraging ongoing attention from stakeholders [12].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The central economic work conference emphasizes stabilizing the real estate market, with expectations for new policies to be introduced to control supply, reduce inventory, and improve the quality of housing supply [4][25] - In November, first-tier cities saw a significant increase in second-hand housing transactions, reaching 49,033 units, a 20% month-on-month increase, marking a seven-month high [4][25] - The building materials sector is focusing on improving profitability, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [5][47] Summary by Sections Real Estate Sector - The real estate sector is currently in a "bottoming" phase, with expectations for policy support to enhance market stability and recovery [4][25] - The report highlights a shift from high leverage and turnover to a focus on quality, service, and sustainability in the industry [4][25] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the evolving market landscape [4][25] Building Materials Sector - The building materials sector has seen a slight increase of 0.89% in the last two weeks, outperforming the CSI 300 index [26] - The cement industry is undergoing structural upgrades, with over 83.59 million tons of clinker capacity being eliminated as part of the capacity replacement policy [47] - The report suggests focusing on companies with strong fundamentals and high dividend yields, such as Conch Cement, Taipai Group, and Huaxin Cement [47] Market Trends - The report notes that the overall profitability of the cement industry has significantly improved, with leading companies showing strong cash flow and performance [47] - The glass fiber sector is experiencing a shift in demand from traditional construction materials to high-growth areas such as renewable energy and high-end electronic fibers [5][48] - The report indicates that the market for photovoltaic glass is under pressure due to high inventory levels and weak demand, but long-term growth prospects remain strong [5][42]

Core Insights - The real estate industry is undergoing a profound self-reform, focusing on quality and resilience, particularly in the Greater Bay Area, which is seen as a vibrant economic hub [2] - A number of benchmark real estate companies are innovating across various dimensions, including product quality, technology integration, and comprehensive service systems, aiming to create safe, comfortable, green, and smart living experiences [2] Award Winners - **Poly Developments Guangdong Company**: Recognized for enhancing product and service quality, embodying the "Three Good Concepts" and "Good House Strategy," and establishing a resilient development ecosystem [4] - **Yuexiu Property**: Celebrated for its commitment to "achieving a better life" and its competitive advantage through a unique business model that integrates development, operation, and finance [7] - **New World China**: Acknowledged for its long-term commitment to the Greater Bay Area and its active participation in high-quality development and social responsibility [9][10] - **Greentown China (South China Region)**: Awarded for transitioning from "building houses" to "creating lifestyles," focusing on comprehensive service and living upgrades in the Bay Area [12][13] - **Zhujiang Real Estate**: Recognized for its innovative approach and contribution to urban development, particularly with its flagship projects in Guangzhou [14] High-Quality Delivery Companies - **Guangzhou Metro Real Estate**: Noted for applying high standards of quality management from metro construction to real estate development, establishing a reliable delivery benchmark in the Bay Area [17] - **Sun Hung Kai Properties**: Celebrated for its extensive experience in Transit-Oriented Development (TOD) and its role in creating iconic urban landmarks in the Greater Bay Area [19] - **Longfor Group**: Acknowledged for its extensive project development and commitment to quality, having delivered over 1 million housing units [22]

NO.1 中央经济工作会议强调着力稳定房地产市场 12月10日至11日，中央经济工作会议在北京举行。会议确定，明年经济工作要抓好以下重点任务。其中 明确，坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产市场，因城施策控增量、去库存、 优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建 设。加快构建房地产发展新模式。积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增 隐性债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。 点评：此次会议延续"稳市场、防风险"核心导向，"因城施策"精准把握不同城市供需差异，存量商品房 转保障性住房的举措，既助力去库存又完善住房保障体系。公积金改革与"好房子"建设指向品质升级， 房地产发展新模式的加快构建，将推动行业从高速增长向高质量发展转型。同时联动化解地方债务风 险，为房地产市场平稳运行筑牢制度保障。 NO.2 北京国有建设用地使用权及房屋所有权首次登记实现"全程网办" 12月11日，北京市规划自然资源委印发通知，将企业住宅类不动产首次登记时限压缩至3个工作日，非 住宅类压缩至2个工作日。该市同步 ...

Core Viewpoint - The conference emphasized the need for modern urban governance to evolve from a focus on construction to a model that prioritizes continuous operation and management, integrating various social entities to enhance urban quality and livability [1][2]. Group 1: Urban Development Strategies - Urban high-quality development should transition from "single function" to "human-centered scenarios," highlighting the importance of ongoing management and operation [1]. - The path to urban high-quality development is seen as diverse and integrated, requiring operational thinking to combine spatial, ecological, and industrial resources [1][2]. - The shift from "incremental construction" to "stock activation" is a key challenge in urban governance, focusing on how to activate dormant resources and achieve "shared value" [2]. Group 2: Collaborative Models and Innovations - Poly Development introduced the "All-Domain Scenic City Service" model, which encompasses planning, operation, governance, and ecology, aiming for synergy between urban and scenic functions [2]. - A strategic partnership signing ceremony was held, involving Poly Property and various organizations, to promote an open, collaborative, and win-win industrial ecosystem based on planning, operation, and governance [2]. - The establishment of a smart urban joint laboratory by Poly City Construction Service Co., Ltd. and the Shenzhen Original Metaverse Research Institute aims to support the development and implementation of smart governance technologies for urban digital transformation [2]. Group 3: Policy and Community Engagement - There is a shift from policy guidance to social participation, focusing on enhancing services and creating value, with an emphasis on inclusive development and citizen satisfaction as benchmarks for urban construction [3]. - The modern urban construction landscape is evolving into a tangible reality that prioritizes stock utilization, shared resources, and vitality stimulation [3].

Group 1 - The core viewpoint of the article is that Poly Developments (600048) is currently operating normally and is confident in its ability to ensure debt repayment and incremental investments due to sufficient cash flow [1] - The company is actively promoting sales destocking and expanding high-quality projects, indicating a strategic focus on growth and financial stability [1] - New projects like Yuexi Bay have shown good initial performance, with market recognition of product quality and high compliance with project initiation standards [1]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 emphasizes stabilizing the real estate market and managing local government debt risks as key tasks for the upcoming year [1] Real Estate Development Sector - The policy aims to support financially sound state-owned and select private real estate companies, enhancing their project acquisition and sales capabilities [2] - Measures include controlling supply, reducing inventory, and encouraging the use of existing housing for affordable housing [1][2] Real Estate Services Sector - Increased market recovery expectations are likely to boost second-hand housing transaction volumes, benefiting real estate brokerage, property management, and consulting sectors [2] - Market share is expected to further concentrate among leading companies [2] Urban Renewal and Infrastructure Sector - "Urban village renovation" and "dual-use infrastructure" projects are identified as new growth points, providing significant order opportunities for construction, design, and infrastructure firms with relevant project experience [2] Building Materials and Home Furnishing Sector - Stabilization of the real estate market and the advancement of key projects will drive demand for upstream building materials like cement, steel, and glass, positively impacting downstream consumer sectors such as home appliances and furniture [2] REITs and Real Estate Asset Management Sector - The maturation of assets like affordable rental housing and industrial parks is expected to accelerate the expansion of the public REITs market, offering new exit channels and asset revitalization paths for real estate asset management companies [2] Company Analysis - Poly Developments (600048): As a leading state-owned enterprise, it shows resilience during industry adjustments and is actively involved in affordable housing and urban renewal projects [3] - China Merchants Shekou (001979): Backed by China Merchants Group, it has a unique comprehensive development model and is a core beneficiary of key projects [3] - Vanke A (000002): A benchmark enterprise focusing on development, operation, and service, with diversified business lines that help mitigate cyclical fluctuations [3] - Binjiang Group (002244): A quality real estate firm in the Yangtze River Delta, known for its product quality and financial stability, benefiting from local market recovery [3] - I Love My Home (000560): A leading comprehensive real estate service provider, expected to see rapid growth in brokerage income due to increased market activity [4] - Dongfang Yuhong (002271): A leader in the construction waterproofing industry, its product demand is anticipated to grow with the recovery of the real estate market and infrastructure projects [4]