Group 1 - The core viewpoint of the news is that Poly Developments has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite a decline in revenue and profit [1][2]. Group 2 - As of January 29, Poly Developments' stock price rose by 2.06% to 6.94 CNY per share, with a trading volume of 488 million CNY and a market capitalization of 83.075 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 13.77%, with a 5-day increase of 5.47% and a 20-day increase of 13.96%, while it has seen a 60-day decline of 3.74% [1]. - Poly Developments' main business involves real estate development and operation, with 89.98% of its revenue coming from real estate sales [1]. Group 3 - As of September 30, the number of shareholders for Poly Developments increased by 13.96% to 247,700, while the average circulating shares per person decreased by 12.25% to 48,319 shares [2]. - For the period from January to September 2025, Poly Developments reported a revenue of 173.722 billion CNY, a year-on-year decrease of 4.95%, and a net profit attributable to shareholders of 1.929 billion CNY, down 75.31% year-on-year [2]. - The company has distributed a total of 64.976 billion CNY in dividends since its A-share listing, with 12.269 billion CNY distributed over the past three years [2].

核心观点 公司拟以以广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs，此举有利于公司 拓宽融资渠道，持有物业价值有望重估。截至2024 年底公司持有开业的租赁住房、购物中心、酒店、 写字楼等商业经营类资产项目534 万方，全年收入约40 亿元，参考已上市的产业园和消费基础设施公募 REITs 可供分配金额占收入比例和年化派息率，估算公司持有商业物业重估价值约为590 亿元，约为当 前市值的72%。 事件 1、公司销售结转可能不及预期。当前房地产市场仍处于筑底阶段，如公司布局的城市基本面出现超预 期恶化，公司房地产项目销售可能不及预期；公司当前可结转资源充沛，若部分城市存在延期交付的状 况，公司结转可能不及预期，从而影响公司业绩表现。 2、存货存在减值风险。当前房地产市场仍处于筑底阶段，公司在前期以较高价格获取的地块，后续销 售价格可能不及预期，存货仍存在减值压力，可能影响公司业绩表现。 3、房地产行业政策超预期收紧。如行业政策出现超预期收紧，可能影响公司销售恢复进度。 4、发行商业不动产REITs 尚需获得上海证券交易所、中国证券监督管理委会审核与批准，项目申报工 作存在不确定性风险。 拟 ...

随着《中国证监会关于推出商业不动产投资信托基金试点的公告》的发布，写字楼、酒店等商业不动产 迎来新的盘活途径。近期，已有多家企业披露具体的商业不动产投资信托基金(REITs)申报方案和入池 资产，更多公司则表示正积极关注，对相关资产进行梳理评估。 武商集团（000501）亦表示，关于商业不动产公募REITs，目前公司已启动专项研究工作，对旗下符合 发行条件的商业资产进行梳理与评估，审慎论证相关方案的必要性、可行性及发行路径。后续若涉及重 大事项，公司将依法依规，履行信息披露义务。 从已披露信息看，具备成熟商办资产和运营能力的企业率先制定发行方案；更多企业仍处于资产筛选和 路径论证阶段。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，过去商业项目资金沉淀周期较长，而 REITs能够实现风险分散和收益共享，有利于企业降低资产负债率，也有助于提升商业不动产的市场定 价和运营透明度。 戴德梁行相关负责人在接受《证券日报》记者采访时曾表示，公募REITs扩容至酒店以及写字楼资产， 一方面，有助于推动房地产行业从开发逻辑向运营逻辑转型；另一方面，也有利于更多社会资金进入不 动产投资的赛道，帮助企业提升运营管理能 ...

本次申报发行商业不动产REITs的标的资产选定了粤港澳大湾区的两大核心城市项目，分别是广州保利 中心项目和佛山保利水城项目。 另一项标的资产则是佛山保利水城项目，该项目位于佛山市金融CBD，是一座成熟的购物中心项目 。 该资产目前由保利发展全资子公司佛山保城企业管理有限公司持有。 从现实经验来看，这类资产符合市场的偏好。证监会相关负责人表示，"从全球成熟市场发展经验来 看，商业综合体、商业零售、写字楼、酒店等商业不动产是REITs产品重要的底层资产。我国商业不动 产存量规模庞大，具有通过REITs进行盘活并拓宽权益融资渠道的内在需求。" 对于此次发行计划，保利发展也有着清晰的战略考量。 保利发展（600048）终于搭上REITs申请的班车。 1月27日晚间，保利发展发布公告，拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信 托基金（以下简称"商业不动产REITs"）的申报发行工作。 保利发展在公告中表示，这标志着保利发展正式启动将旗下商业不动产资产通过发行不动产投资信托基 金（REITs）进行证券化的进程，旨在盘活存量资产、拓宽融资渠道。董事会同时授权管理层办理与本 次REITs申报发行相关的具体事 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000609 | ST中迪 | 7.54 | -5.04% | 16.65万 | 1.29亿 | | 600340 | 化夏幸福 | 1.63 | -4.68% | 184.47万 | 3.05亿 | | 000608 | *ST阳光 | 3.23 | -4.15% | 25.04万 | 8322.59万 | | 600246 | 万通发展 | 13.05 | -3.48% | 75.98万 | 10.04亿 | | 600638 | 新黄浦 | 7.24 | -3.34% | 15.56万 | 1.14亿 | | 000036 | 保联控股 | 6.05 | -3.04% | 77.73万 | 4.72亿 | | 600736 | 苏州高新 | 7.32 | -2.79% | 75.97万 | 5.67亿 | | 002305 | *ST南置 | 2.24 | -2.61% | 27.90万 | 6305.90万 | | 600376 | 首开股 ...

Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., has approved the proposal to initiate the application and issuance of commercial real estate REITs to enhance its capital structure and core competitiveness in response to regulatory policies [2][11]. Group 1: Basic Information on Commercial Real Estate REITs - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate REITs, aligning with the regulatory push for the development of the REITs market [2]. - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. Group 2: REITs Issuance Process - The company will act as the original rights holder and submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission for the establishment of the commercial real estate REITs [3]. - The company intends to participate in the strategic placement of at least 20% of the REITs issuance [4]. - An asset-backed special plan will be established to issue commercial real estate asset-backed securities, with the REITs fully subscribing to these securities [6]. Group 3: Management and Operational Arrangements - The company will oversee the operational management of the REITs, with specific subsidiaries designated for implementation [8]. - The company will transfer 100% equity of the project companies holding the underlying assets to the special plan [7]. Group 4: Authorization Matters - The board of directors has authorized key executives to handle all matters related to the REITs application and issuance, including signing legal documents and making necessary adjustments based on market conditions [10]. Group 5: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to optimize resource allocation and enhance sustainable development capabilities [11].

Group 1: Industry Overview - The Guangdong-Hong Kong-Macao Greater Bay Area is experiencing a profound demographic transformation, with the elderly population in Guangdong exceeding 18 million and over 23% of Hong Kong's population aged 65 and above, leading to a growing demand for high-quality elder care services [1][2] - The region is leveraging its international medical resources, policy advantages, and economic strength to turn the challenges of aging into strategic opportunities for developing the "silver economy" [1][2] Group 2: Policy and Integration - The release of the policy document "Opinions on Deepening the Reform and Development of Elderly Care Services" emphasizes the establishment of a supply mechanism for elderly care services and promotes integration across major regions, including the Greater Bay Area [2] - The integration of services in the Greater Bay Area is characterized by differentiated development among cities, with Guangzhou focusing on high-end medical care, Shenzhen on technology-driven elder care, and other cities developing unique cultural and tourism-based elder care models [2][3] Group 3: Innovative Practices - The "9073" model proposed by the National Health Commission indicates that about 90% of elderly individuals prefer home care, prompting diverse social entities, including insurance companies and real estate firms, to explore new elder care models [5][6] - Companies like Qianhai Life Insurance are investing in elder care facilities, such as the Qianhai Life Shenzhen Happiness Home, which integrates insurance with elder care services [6][7] Group 4: Market Dynamics - The market for elder care in the Greater Bay Area is evolving, with various stakeholders, including real estate and insurance companies, recognizing the long-term potential and actively developing products and business models [7][8] - The integration of medical services within elder care facilities is becoming more common, with local institutions embedding medical functions or establishing partnerships with hospitals to streamline care [3][4] Group 5: Challenges and Solutions - Despite clear demand, the elder care industry in the Greater Bay Area faces challenges such as land supply constraints, long operational cycles, and an uneven payment system, which hinder high-quality development [8][9] - Innovative approaches are being explored, such as market-oriented operations in facilities like the Shenzhen Elderly Care Institute, which aims to meet diverse community needs while alleviating operational pressures [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600048 证券简称：保利发展 公告编号：2026-009 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 关于开展商业不动产REITs 申报发行工作及 相关授权事项的公告 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。 一、商业不动产REITs基本情况 2026年1月27日，保利发展控股集团股份有限公司（以下简称"公司"）2026年第2次临时董事会会议审议 通过了《关于开展商业不动产REITs申报发行工作及相关授权事项的议案》。 为响应《中国证监会关于推出商业不动产投资信托基金试点的公告》《关于推动不动产投资信托基金 （REITs）市场高质量发展有关工作的通知》等政策号召，进一步构筑公司不动产经营专业能力，优化 资本结构，增强公司核心竞争力和可持续发展能力，公司拟以持有的商业不动产项目作为底层资产，开 展商业不动产投资信托基金（以下简称"商业不动产REITs"）申报发行工作。 本次发行商业不动产REITs未构成关联交易，未构成《上市公司重 ...

Group 1 - Poly Property announced a framework agreement for the second phase of parking space agency services with its controlling shareholder, Poly Development Holdings, effective for three years from the date of approval at the extraordinary general meeting [1] - Poly Development Holdings holds a 72.289% stake in Poly Property, making this transaction a continuing connected transaction that requires disclosure and independent shareholder approval [1] - The agreement stipulates that Poly Property will provide exclusive agency services for the rental and sale of parking spaces to Poly Development Holdings, with a maximum annual deposit limit of 2 billion yuan from 2026 to 2029, and agency service fees capped at 500 million yuan for 2026-2028 and 125 million yuan for 2029 [1]

格隆汇1月27日丨保利物业(06049.HK)公告，于2026年1月27日，公司与保利发展控股订立《第二期车位 代理框架协议(续)》，期限自《第二期车位代理框架协议(续)》于临时股东大会审议通过日起计三年。 ...