展望未来，建发股份将继续携手全球产业链伙伴，深化开放合作、坚持绿色发展、聚力创新赋能，在双循环格局中书写价值共生的新篇章，为经济社会可持 续发展注入更强劲的动能。 建发股份积极响应国家绿色发展战略，以"数智赋能"与"绿色赋能"为核心，依托供应链运营资源优势，推动可持续发展理念深度融入业务全流程。在产业升 级层面，建发股份聚焦钢铁、浆纸、农产品等重点领域，将数智化解决方案与传统产业生产、流通环节深度融合，持续推动传统产业"逐绿向新"改造升级； 在循环经济领域，建发股份将发展循环经济作为绿色转型的重要抓手，在废钢、有色金属、废纸、废油等重点领域形成了资源高效利用的创新模式，致力于 为产业链的绿色转型提供有效路径。 此外，建发股份还积极响应"一带一路"倡议，深化"走出去"战略，主动融入国内国际双循环新发展格局，与全球产业链伙伴共享开放发展新机遇；紧扣国 家"粮食安全"战略，持续搭建并拓展全球农产品采购渠道网络，致力于补齐国内豆类、油料等产品的供应短板，为保障民生供给、服务消费产业升级提供坚 实支撑；积极响应"消费帮扶"与"乡村振兴"战略，连续多年深耕东西部产业协作，重点聚焦援宁、援藏、援疆产业发展和消费帮扶工作，助 ...

证券之星消息，12月16日物流板块较上一交易日下跌0.48%，龙洲股份领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。物流板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002352 顺丰控股 | | 2084.46万 | 3.01% | -2754.65万 | -3.98% | 670.19万 | 0.97% | | 600153 建发股份 | | 1842.76万 | 10.56% | -2442.66万 | -13.99% | 599.90万 | 3.44% | | 000906 浙商中拓 | | 577.13万 | 15.38% | -487.39万 | -12.99% | -89.74万 | -2.39% | | 002492 | 恒其达蓉 | 521.52万 | 7.04% | 208.07万 | 2.81% | -729. ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

每经AI快讯，建发股份（SH 600153，收盘价：9.55元）12月12日晚间发布公告称，公司第十届2025年 第十三次董事会临时会议于2025年12月12日以通讯方式召开。会议审议了《关于2026年度日常关联交易 额度预计的议案》等文件。 2025年1至6月份，建发股份的营业收入构成为：供应链运营业务占比84.94%，房地产业占比14.0%，家 居商场运营业务占比1.06%。 截至发稿，建发股份市值为277亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 曾健辉） ...

每经AI快讯，建发股份（SH 600153，收盘价：9.55元）12月12日晚间发布公告称，截至2025年10月 末，公司实际对外担保余额为1947.21亿元人民币以及37.31亿美元，其中：公司实际对子公司提供担保 的余额为1916.3亿元人民币以及37.31亿美元，对参股公司提供担保的余额为29.6亿元人民币，对厦门软 件职业技术学院担保的余额为1.31亿元人民币，均无逾期担保。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王瀚黎） 2025年1至6月份，建发股份的营业收入构成为：供应链运营业务占比84.94%，房地产业占比14.0%，家 居商场运营业务占比1.06%。 截至发稿，建发股份市值为277亿元。 ...

公司于 2025 年 12 月 12 日召开第十届董事会 2025 年第十三次临时会议，审 议通过了《关于使用自有闲置资金进行现金管理的议案》。为提高公司及子公司 的资金使用效率，增加公司货币资金的管理效益，在保证经营活动资金需求的前 提下，结合公司日常经营中的资金使用情况，公司及子公司拟使用自有闲置资金 进行现金管理。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—052 | | --- | --- | --- | --- | --- | --- | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | | 债券代码：241266 | 债券简称 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—045 | | --- | --- | --- | --- | --- | --- | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | | 厦门建发股份有限公司 关于为商舟物流提供担保额度预计 暨关联交易的公告 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。 重要内容提示 1.被担保人：商舟航空物流有限公司（以下简称"商舟物流"）及其子公 ...