Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

Core Viewpoint - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to various indices, including the Shanghai 50, Sci-Tech 50, and others, effective after market close on December 12 and December 15, 2025, respectively [1][6][13]. Index Adjustments - The Shanghai 50 Index will replace 4 stocks, including SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [1][2]. - The Shanghai 180 Index will add 7 stocks, including Guotou Capital and Zhongtian Technology, and remove stocks like COSCO Shipping Energy and Nanshan Aluminum [3][4]. - The Shanghai 380 Index will see 38 stocks added, including COSCO Shipping Energy and Jinfa Technology, while removing Guotou Capital and Furuida [4][5]. - The Sci-Tech 50 Index will add Aojie Technology and Shengke Communication, removing Huaxi Biotechnology and Hangcai Co [5][6]. Shenzhen Stock Exchange Adjustments - The Shenzhen Component Index will add 17 stocks, including Deep Shenzhen A and Demingli, while removing stocks like China National Pharmaceutical and Tibet Mining [6][8]. - The ChiNext Index will add 8 stocks, including Shuanglin Co. and Changshan Pharmaceutical, while removing stocks like Biyuan and Yihualu [8][12]. - The Shenzhen 100 Index will add 7 stocks, including Cangge Mining and Guohang, while removing stocks like Tianshan Shares and Shanxi Coking Coal [9][11]. - The ChiNext 50 Index will add 5 stocks, including Changshan Pharmaceutical and Feili Hua, while removing stocks like Terui De and Mango Super Media [12]. Other Index Adjustments - The CSI 300 Index will replace 11 stocks, including Huadian New Energy and Dongshan Precision, effective after market close on December 12 [13][14]. - The CSI 500 Index will replace 50 stocks, including Heertai and Huahong Technology, effective after market close on December 12 [15][16]. - The CSI 1000 Index will replace 100 stocks, including Shijia Photon and Yongding Shares, effective after market close on December 12 [17][18]. - The CSI A50 Index will replace 4 stocks, including Huagong Technology and Guangqi Technology [19][20].

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices, effective in December 2025 [1][2]. Group 1: Index Adjustments - The Shanghai Stock Exchange announced adjustments to the Shanghai 50, Shanghai 180, and Shanghai 380 indices, with changes effective after market close on December 12, 2025 [2]. - The Shanghai 50 index will replace four stocks, adding SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [3][4]. - The Sci-Tech Innovation 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while removing Huaxi Biotechnology and Hangcai Co [4][5]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50, effective December 15, 2025 [5][7]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while removing Guoyao Yizhi, Haide Shares, and Tibet Mining [7][9]. - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9]. Group 3: Zhongzheng Index Adjustments - The Zhongzheng Index Company announced adjustments to the CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 indices, effective after market close on December 12, 2025 [13][14]. - The CSI 300 index will replace 11 stocks, adding Huadian New Energy, Shenghong Technology, Shandong Precision, and others, while removing FAW Liberation, Oppein Home, and others [13][14]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, the CSI A50 index will replace four stocks, the CSI A100 index will replace six stocks, and the CSI A500 index will replace 20 stocks [14].

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].

证券代码：600048 证券简称：保利发展 公告编号：2025-098 2025年度第四期中期票据发行结果公告 二〇二五年十一月二十八日 ■ 公司本期中期票据发行相关文件详见中国货币网（www.chinamoney.com.cn）和上海清算所网站 （www.shclearing.com）。 特此公告。 保利发展控股集团股份有限公司 董事会 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。 根据中国银行间市场交易商协会出具的《接受注册通知书》（中市协注〔2025〕MTN771号），保利发 展控股集团股份有限公司（以下简称"公司"）获准注册中期票据，注册金额为50亿元，注册额度自《接 受注册通知书》落款之日起2年内有效。 公司近日成功发行2025年度第四期中期票据，其中品种一（证券代码：102584978，证券简称：25保利 发展MTN004A）为3年期，品种二（证券代码：102584979，证券简称：25保利发展MTN004B）为5年 期，具体发行结果如下： ...

证券代码：600048 证券简称：保利发展 公告编号：2025-098 特此公告。 保利发展控股集团股份有限公司 保利发展控股集团股份有限公司 2025年度第四期中期票据发行结果公告 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。 根据中国银行间市场交易商协会出具的《接受注册通知书》（中市协注〔2025〕MTN771号），保利发 展控股集团股份有限公司（以下简称"公司"）获准注册中期票据，注册金额为50亿元，注册额度自《接 受注册通知书》落款之日起2年内有效。 公司近日成功发行2025年度第四期中期票据，其中品种一（证券代码：102584978，证券简称：25保利 发展MTN004A）为3年期，品种二（证券代码：102584979，证券简称：25保利发展MTN004B）为5年 期，具体发行结果如下： ■ 公司本期中期票据发行相关文件详见中国货币网（www.chinamoney.com.cn）和上海清算所网站 （www.shclearing.com）。 董事会 二〇二五年十一月二十八日 ...

Core Insights - The total land acquisition amount by the top 100 real estate companies reached 847.8 billion yuan from January to November 2025, marking a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous months [1][4] - State-owned enterprises continue to dominate land acquisitions, with eight out of the top ten companies being state-owned [1][5] - Private real estate companies have shown increased activity in land acquisition, particularly in first and second-tier cities, often collaborating with state-owned enterprises [1][6] Group 1: Land Acquisition Trends - The land acquisition enthusiasm among companies has decreased as the year-end approaches, leading to more cautious and selective land purchases [1][5] - The top three companies in terms of new value added are China Overseas Land & Investment (1,963 billion yuan), China Merchants Shekou (1,833 billion yuan), and Greentown China (1,293 billion yuan) [4][17] - The total new value added by the top 10 companies reached 1,144.6 billion yuan, accounting for 47.1% of the top 100 companies [4][17] Group 2: Private Company Activity - In November, private real estate companies were notably active in land acquisitions, focusing on core areas in first and second-tier cities [5][6] - Notable acquisitions include Maoyuan Real Estate in Beijing for 5.024 billion yuan and Jiayun Real Estate in Shanghai for a total of 2.475 billion yuan [6][8] - Private companies are increasingly favoring joint ventures for land acquisition to mitigate market uncertainties and share financial burdens [5][6] Group 3: Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top 10 companies acquiring 273.8 billion yuan, driven by sustained population inflow and housing demand [12][13] - The Beijing-Tianjin-Hebei region follows with 106 billion yuan in land acquisition, while the central and western regions lag behind with 60.2 billion yuan [12][13] - The focus on core urban areas remains strong, with private companies concentrating their efforts in regions where they have competitive advantages [6][12]

Core Points - The Shanghai Stock Exchange and China Securities Index Co., Ltd. have decided to adjust the sample stocks of several indices, including the SSE 50, SSE 180, SSE 380, and Sci-Tech 50, effective after the market closes on December 12, 2025 [1] Group 1: Index Adjustments - The SSE 50 index will replace 4 stocks, while the SSE 180 index will replace 7 stocks, and the SSE 380 index will replace 38 stocks [1] - The Sci-Tech 50 index will replace 2 stocks [1] Group 2: Stocks Added to Indices - Stocks added to the SSE 50 index include SAIC Motor Corporation (600104.SH), Northern Rare Earth (600111.SH), and Huadian New Energy (600930.SH) [1] - Stocks added to the SSE 180 index include Guotou Capital (600061), Zhongtian Technology (600522), and Huadian New Energy (600930) [3] - Stocks added to the SSE 380 index include Guotou Capital (600061), Furuida (600223), and Huadian New Energy (600930) [4] Group 3: Stocks Removed from Indices - Stocks removed from the SSE 50 index include Poly Developments (600048.SH), China Mobile (600941.SH), and Aluminum Corporation of China (601600.SH) [1] - Stocks removed from the SSE 180 index include COSCO Shipping Energy Transportation (600026), Nanshan Aluminum (600219), and Sailun Tire (601058) [3] - Stocks removed from the SSE 380 index include Nanshan Aluminum (600219), Jiangshan Shares (600389), and China Oilfield Services (601808) [4]

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。 证券代码：600048 证券简称：保利发展 公告编号：2025-098 2025 年度第四期中期票据发行结果公告 公司近日成功发行2025年度第四期中期票据，其中品种一（证券代码： 102584978，证券简称：25保利发展MTN004A）为3年期，品种二（证券代码： 102584979，证券简称：25保利发展MTN004B）为5年期，具体发行结果如下： | | 保利发展控股集团股份有限公司 | 保利发展控股集团股份有限公司 | | --- | --- | --- | | 名称 | 2025年度第四期中期票据 | 2025年度第四期中期票据 | | | （品种一） | （品种二） | | 简称 | 25保利发展MTN004A | 25保利发展MTN004B | | 代码 | 102584978 | 102584979 | | 期限 | 3年 | 5年 | | 起息日 | 2025年11月27日 | 2025年11月27日 | | 兑付日 | 2028年11月27日 | 2030年 ...

证券代码:600048 债券代码: 110817 证券简称: 保利发展 债券简称: 保利定转 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 第二次临时受托管理事务报告 (2025 年度) 重要声明 本报告依据《公司债券发行与交易管理办法》《关于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之债券受托管理协议》(以下简称"《受 托管理协议》"）《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 债券募集说明书》〈以下简称"《募集说明书》"〉等相关规定,由本次债券受 托管理人中国国际金融股份有限公司（以下简称"中金公司"）编制。中金公司 对本报告中所包含的从上述文件中引述内容和信息未进行独立验证,也不就该等 引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下,投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 l 中金公司作为保利发展控股集团股份有限公司(以下简称"保利发展"、"发 行人"或 ...