董事会专门委员会工作细则 保利发展控股集团股份有限公司 董事会专门委员会工作细则 （2025年11月修订） 保利发展控股集团股份有限公司 董事会战略委员会工作细则 第一章 总 则 第一条 为适应保利发展控股集团股份有限公司（以下简称"公司"）战略 发展需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强 决策科学性，提高重大投资决策的效益和决策的质量，完善公司治理结构，根据 《中华人民共和国公司法》《上市公司治理准则》《公司章程》及其他有关规定， 公司董事会特设立战略委员会，并制定本工作细则。 第二条 董事会战略委员会是董事会下设立的专门工作机构，主要负责对公 司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由五名董事组成。 第四条 战略委员会委员，由董事长、二分之一以上独立董事或三分之一以 上董事提名，经董事会过半数选举产生。 第五条 战略委员会设主任委员一名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述 第三至第五条规定补足委员人数。 ...

第一章 总则 关联交易决策制度 保利发展控股集团股份有限公司 关联交易决策制度 （2025 年 11 月修订） （尚须经公司股东大会审议通过后生效） 第一条 为规范公司的关联交易，保证关联交易的公允性，保利发展控股集 团股份有限公司（以下简称"公司"）根据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所股票上市规则》（以下简称"《上市规则》"）《保 利发展控股集团股份有限公司章程》（以下简称"《公司章程》"）《保利发展控股 集团股份有限公司股东会议事规则》《保利发展控股集团股份有限公司董事会议 事规则》及有关法律、法规的规定，制定本制度。 第二条 公司在确认和处理有关关联人之间的关联交易事项时，须遵循并 贯彻以下原则： （一）尽量避免或减少与关联人之间的关联交易； （二）关联人如享有公司股东会表决权，在股东会对该事项进行表决时，应 当予以回避； （三）与关联人有任何利害关系的董事，在董事会对该事项进行表决时，应 当予以回避； （四）公司董事会应当根据客观标准判断该关联交易是否对公司有利，必要 时应当聘请具有执行证券、期货相关业务资格的中介机构，对交易标的进行审计 或评估； （五）对于必须发生 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-094 转债代码：110817 转债简称：保利定转 关于取消监事会、修订《公司章程》、 修订及制定部分制度的公告 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 11 月 21 日召开第七届董事会第十三次会议，审议通过《关于取消监事会及修订<公司章 程>的议案》《关于修订及制定部分制度的议案》，现将有关情况公告如下： 一、取消监事会的情况 根据《中华人民共和国公司法》《上市公司章程指引》等相关要求，结合公 司实际情况，公司将不再设置监事会或监事职务，监事会相关职权由审计委员会 承接，《监事会议事规则》废止。 在公司股东大会审议通过取消监事会事项前，公司第七届监事会仍将严格按 照相关规定勤勉履职。公司对监事会及全体监事在任职期间对公司所做的贡献表 示衷心感谢。 二、修订《公司章程》情况 为进一步加强公司治理建设，根据《中华人民共和国公司法》《上市公司章 程指引》等相关要求，以及上述取消监事会事项，公司 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-095 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 关于召开2025年第五次临时股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 (一)股东大会类型和届次 2025年第五次临时股东大会 召开的日期时间：2025 年 12 月 8 日 14 点 30 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 8 日 至2025 年 12 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2025 年 12 月 8 日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二)股东大会召集人：董事会 (三)投票方 ...

具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《保利 发展控股集团股份有限公司关于取消监事会、修订<公司章程>、修订及制定部分 制度的公告》（公告编号 2025-094）。 证券代码：600048 证券简称：保利发展 公告编号：2025-093 转债代码：110817 转债简称：保利定转 第七届董事会第十三次会议决议公告 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"）第七届董事会第十三 次会议于 2025 年 11 月 21 日以现场结合通讯表决形式召开，会议召集人为公司 董事长刘平先生，会议应参加表决董事九名，实际参加表决董事九名。会议的召 集和召开符合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章 程》的有关规定，会议审议通过了以下议案： 一、董事会以 9 票同意、0 票反对、0 票弃权通过《关于取消监事会及修订 <公司章程>的议案》。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《保利 发展控股集团股份 ...

每经AI快讯，保利发展（SH 600048，收盘价：6.93元）11月21日晚间发布公告称，公司第七届第十三 次董事会会议于2025年11月21日以现场结合通讯表决形式召开。会议审议了《关于取消监事会及修订 < 公司章程> 的议案》等文件。 2025年1至6月份，保利发展的营业收入构成为：房地产占比89.98%，其他占比9.77%，其他业务占比 0.25%。 截至发稿，保利发展市值为830亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 王晓波） ...

Core Viewpoint - Poly Developments' stock price has experienced a decline of 18.43% year-to-date, with significant drops in recent trading periods, indicating potential challenges in the real estate market [1][2]. Financial Performance - For the period from January to September 2025, Poly Developments reported a revenue of 173.72 billion yuan, a year-on-year decrease of 4.95%, and a net profit attributable to shareholders of 1.93 billion yuan, down 75.31% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 64.98 billion yuan, with 12.27 billion yuan distributed over the last three years [3]. Stock Market Activity - As of November 20, Poly Developments' stock price was 7.09 yuan per share, with a market capitalization of 84.87 billion yuan. The stock saw a trading volume of 9.27 billion yuan and a turnover rate of 1.11% [1]. - The stock has seen a net outflow of 48.91 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 247,700, with an average of 48,319 shares held per shareholder, a decrease of 12.25% from the previous period [2][3]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

Core Insights - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, alongside the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic [1][3]. Group 1: C-REIT Expansion - Policy incentives are accelerating the expansion of C-REITs (China Real Estate Investment Trusts), with the market size expected to reach approximately $1 trillion in the long term [2][4]. - Developers are likely to benefit from this emerging long-term theme due to their large rental asset portfolios, although their participation in REIT issuance remains low [2][4]. - The analysis of developers' rental assets indicates that China Resources Land has the strongest potential for benefit from REIT spin-offs [2][4]. Group 2: Market Dynamics - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs, expanding the asset range and issuer backgrounds [6]. - C-REITs are expected to become an important asset class over the next 10 to 20 years due to their stable returns and low correlation with the stock market [6]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme [6]. Group 3: Key Beneficiaries - In-depth analysis shows that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by New World Development (601155.SS) and Longfor Group (0960.HK) due to their large shopping center portfolios [7]. - Other companies with rich non-retail rental assets, such as China Overseas Land (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), and Poly Developments (600048.SS), may also benefit in the medium term as the REIT coverage expands [7]. Group 4: C-REIT Development History - The development of C-REITs over the past 25 years can be divided into four phases: initial preparation, gradual development, accelerated promotion, and full-speed phase [9]. - The regulatory framework for C-REITs was first proposed in the early 2000s, with significant progress made since the first public REIT was listed in mid-2021 [8][9]. Group 5: Current Market Status - As of September 2025, there are 75 publicly listed C-REITs with a cumulative issuance scale of approximately RMB 200 billion and a market value of about RMB 220 billion [10]. - Despite significant growth since the first public REITs were listed, C-REITs currently account for only 0.15% of the total market value of China's stock market [10]. Group 6: Future Potential - The potential market size for C-REITs is estimated to reach $1 trillion, which is 32 times the current market value of approximately $31 billion [15][16]. - The estimated value of commercial properties completed since 2000 is around $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share [14][15].

Group 1 - Bond traders are awaiting the release of key economic data that will strengthen market expectations for the Federal Reserve's future interest rate cuts [2] - U.S. Treasury prices have seen their largest increase since 2020, driven by rate cut expectations [2] - The end of the U.S. government shutdown will lead to the release of delayed economic reports, including September employment data [2] Group 2 - During the government shutdown, the absence of official data made it difficult to assess economic trends, although private sector data indicated weakness [2] - The Federal Reserve has lowered the benchmark interest rate twice in September and October, ending a nine-month period of holding rates steady [2] - There is a risk of stronger-than-expected official data, which could lead policymakers to maintain interest rates at the December meeting [2] Group 3 - China’s two-year government bond yield is at 1.43%, while the ten-year yield is at 1.81% [7] - The U.S. two-year government bond yield has risen by 4 basis points to 3.62%, and the ten-year yield has increased by 3 basis points to 4.14% [7] Group 4 - Huaxia Happiness has received a notice regarding a pre-restructuring application from creditor Longcheng Construction, with significant uncertainty about the court's acceptance of the application [3] - Taihe Group announced a loan extension with Tianjin Bank, providing a guarantee for its subsidiary's obligations, with a maximum guarantee amount of 239 million yuan [3] - Poly Development has updated the status of its 15 billion yuan public bond project to "submitted for registration" [3]

Group 1: Government Land Use Rights Revenue - In the first ten months of 2025, the revenue from state-owned land use rights reached 24,982 billion yuan, a year-on-year decrease of 7.4% [1] - The overall government fund budget revenue was 34,473 billion yuan, reflecting a 2.8% decline compared to the previous year [1] - The decline in land use rights revenue indicates that the adjustment in the land market is ongoing, although it has shifted from a "cliff-like drop" to a "moderate decline," suggesting increased market resilience [1] Group 2: Qu Mei Home's Loan Guarantee - Qu Mei Home announced it would provide a guarantee for a bank loan of up to 2.3 billion Norwegian Krone for its overseas subsidiary, Ekornes QM Holding AS [2] - The guarantee involves pledging 100% equity of its wholly-owned subsidiary, Ekornes AS, aimed at optimizing the company's debt structure [2] - This move is seen as necessary for debt optimization, although it introduces exchange rate and operational risks [2] Group 3: Oppein Home's Cash Management - Oppein Home plans to invest 320 million yuan of idle raised funds into structured deposits to enhance fund utilization efficiency [3] - The investment will be split into two products with terms of 52 days, expected to yield annualized returns of 0.65% to 1.9% and 0.65% to 2.5% respectively [3] - This strategy aligns with the company's conservative management style and is expected to generate some returns while ensuring project construction is not affected [3] Group 4: Rongsheng Development's Debt Restructuring - Rongsheng Development signed a debt restructuring agreement with China Cinda Asset Management for approximately 2 billion yuan to alleviate company debt [4] - The agreement stipulates that if certain repayment conditions are met, the remaining debt will be waived, significantly reducing the company's liabilities [4] - This restructuring is a critical step in the company's debt resolution strategy, providing essential breathing space for operations [4] Group 5: Poly Developments' Convertible Bonds - Poly Developments announced the initiation of the conversion of its 8.5 billion yuan convertible bonds, with a maturity of six years and a tiered interest rate structure [5] - The latest conversion price is set at 15.92 yuan per share, with the total amount raised matching the bond issuance [5] - This action is part of a long-term strategy to optimize the financing structure and potentially convert debt into equity in the future [5]