Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]

Core Viewpoint - Poly Developments has faced significant financial pressure in 2023, with a 13% decline in stock price and a notable drop in profitability, indicating a shift in its operational dynamics and market challenges [2][3]. Financial Performance - In Q3 2025, Poly Developments reported a revenue of 568.65 billion yuan, a year-on-year increase of 30.65%, but experienced a total profit loss of 0.6 billion yuan, with a net profit loss of 7.82 billion yuan, reflecting a nearly 300% decline [3][5]. - The company's net profit margin has been severely impacted, with a 75.31% year-on-year decrease in net profit attributable to shareholders, and a 76.76% drop in net profit after deducting non-recurring items [2][3]. Project and Cost Dynamics - The shift in development models and high project costs from previous land acquisitions have contributed to the current financial strain, with a reported 10 billion yuan loss from non-consolidated projects [5][10]. - The average land acquisition cost has surged from 0.68 million yuan per square meter in 2021 to 2.08 million yuan per square meter by the end of 2024, a 205.88% increase, while the average selling price has only risen by 12.15% during the same period [11]. Market Position and Strategy - Despite financial pressures, Poly Developments has maintained an aggressive land acquisition strategy, securing 290 million square meters of new floor area at a cost of 603 billion yuan, primarily in core cities [5][6]. - The company remains a leader in the industry with a sales volume of 201.7 billion yuan and a sales area of 10 million square meters in the first three quarters of 2025 [5][6]. Structural Challenges - The share of minority shareholders in net profit has increased significantly, with the ratio of minority shareholder losses surpassing the net profit attributable to the parent company, indicating a fundamental shift in profit distribution [7][9]. - The overall gross profit margin has decreased to 13.4%, down 2.5 percentage points year-on-year, highlighting the ongoing challenges in maintaining profitability amidst rising costs and market fluctuations [10].

Group 1 - The core message of the statement is that Poly Group clarifies its non-involvement in any activities related to "Hong Kong Poly Stablecoin" and "Poly Stablecoin Fund" [1] - Poly Group and its subsidiaries have no equity or affiliation with the companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited" [1] - The company urges the public to be vigilant and to report any illegal activities to law enforcement [1]

Core Viewpoint - China Poly Group issued a statement to clarify that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] Group 1 - China Poly Group and its subsidiaries have not organized or participated in any business or activities related to Hong Kong stablecoins or stablecoin funds [1] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with China Poly Group and its subsidiaries [1] - All actions taken by these Hong Kong registered companies are unrelated to China Poly Group, and the group urges the public to be cautious and verify information before engaging in investment activities [1]

Core Viewpoint - China Poly Group has issued a statement to clarify its non-involvement in any activities related to "Hong Kong Poly Stablecoin" and "Poly Stablecoin Fund" [2] Group 1 - China Poly Group and its subsidiaries have not organized or participated in any business or activities related to Hong Kong stablecoins or stablecoin funds [2] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Co., Ltd.", "Poly Digital Asset Co., Ltd.", and "Poly Digital Asset Issuance Co., Ltd.", have no ownership or affiliation with China Poly Group and its subsidiaries [2] - All actions taken by the aforementioned Hong Kong companies are unrelated to China Poly Group [2]

Core Viewpoint - Poly Group has issued a statement clarifying that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" and warns the public to be cautious of potential fraud [3][4]. Group 1 - Poly Group and its subsidiaries have not organized or participated in any business related to Hong Kong stablecoins or stablecoin funds [3]. - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with Poly Group or its subsidiaries [3]. - Poly Group urges the public to be vigilant and to report any illegal activities to the police [3].

Core Viewpoint - China Poly Group has issued a statement clarifying that it and its subsidiaries are not involved in any activities related to Hong Kong stablecoins or stablecoin funds [1] Group 1 - The statement emphasizes that companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with China Poly Group or its subsidiaries [1] - There are no investment, cooperation, or business relationships between these Hong Kong entities and China Poly Group, indicating that all their activities are unrelated to the group [1]

Core Viewpoint - Poly Group has issued a statement to clarify that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] Group 1 - Poly Group and its subsidiaries have not organized or participated in any business related to Hong Kong stablecoins or stablecoin funds [1] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with Poly Group and its subsidiaries [1] - All actions taken by these Hong Kong entities are unrelated to Poly Group [1] Group 2 - Poly Group urges the public to remain vigilant, carefully assess investment opportunities, and report any illegal activities to law enforcement [2]

Core Viewpoint - Poly Group has issued a statement clarifying that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] Group 1 - Poly Group and its subsidiaries have not organized or participated in any business activities related to Hong Kong stablecoins or stablecoin funds [1] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with Poly Group and its subsidiaries [1] - Poly Group urges the public to remain vigilant, carefully assess investment opportunities, and report any illegal activities to law enforcement [1]

保利集团及下属公司未组织或参与任何涉及香港稳定币、稳定币基金相关业务及活动。香港注册登记 的"保利數字產業集團有限公司""保利數字資產有限公司""保利数字資產發行有限公司"与保利集团及下 属公司无任何股权或隶属关系，也不存在任何投资、合作、业务等关系，其一切行为均与保利集团无 关。 新京报讯10月24日，中国保利集团发布声明： 为维护社会经济秩序和公众合法权益，保利集团针对近期网络传播的有关"香港保利稳定币""保利稳定 币基金"及相关主体情况澄清声明如下： 保利集团提醒社会各界提高警惕，注意甄别，谨慎开展投资合作，如发现违法犯罪行为，请尽快到公安 机关报案。 特此声明。 ...