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].

Group 1 - The company, Jianfa Co., Ltd. (SH 600153), held its 13th temporary board meeting on December 12, 2025, via communication to review the proposal for the estimated daily related transaction limit for 2026 [1] - For the first half of 2025, Jianfa Co., Ltd.'s revenue composition was as follows: supply chain operations accounted for 84.94%, real estate accounted for 14.0%, and home mall operations accounted for 1.06% [1] - As of the report date, Jianfa Co., Ltd. had a market capitalization of 27.7 billion yuan [1]

Company Overview - Jianfa Co., Ltd. (SH 600153) reported a total external guarantee balance of 194.72 billion RMB and 3.73 billion USD as of the end of October 2025 [1] - The company provided guarantees of 191.63 billion RMB and 3.73 billion USD to its subsidiaries, 2.96 billion RMB to associated companies, and 131 million RMB to Xiamen Software Vocational Technical College, with no overdue guarantees [1] Revenue Composition - For the first half of 2025, Jianfa's revenue composition was as follows: Supply chain operations accounted for 84.94%, real estate for 14.0%, and home mall operations for 1.06% [1] Market Capitalization - As of the report date, Jianfa's market capitalization stood at 27.7 billion RMB [1]

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 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—049 | | --- | --- | --- | --- | --- | --- | | 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 2026 年度与金融机构发生关联交易额度预计的 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： 一、关联交易概述 为满足公司的流动资金周转需要，提高公 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—046 | | --- | --- | --- | --- | --- | --- | | 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 关于为子公司和参股公司提供担保额度预计的公告 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.本次担保计划：预计总担保限额为 3,955.2 亿元人民币和 86 ...

厦门建发股份有限公司 关于提供财务资助额度预计的公告 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。 为支持各控股子公司和参股公司业务发展，满足其经营发展过程中的资金 需求，降低公司整体财务费用，根据《上海证券交易所股票上市规则》以及《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，公司计 划 2026 年内向各控股子公司、参股公司等对象新增提供财务资助（含委托贷款， 下同）额度 170.715 亿元（注：新增财务资助额度为接受财务资助公司在 2026 年度可以新增取得的最高单日借款余额，新增额度不含截至 2025 年末存量借款 余额），财务资助额度有效期为 2026 年 1 月 1 日至 12 月 31 日，具体如下： 一、提供财务资助额度预计 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—047 | | --- | --- | --- | --- | --- | --- | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—048 | | --- | --- | --- | --- | --- | --- | | 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 2026 年度日常关联交易额度预计公告 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。 ● 本次关联交易为公司日常经营行为，选择与关联方合作可大大降低公司 经营风险，不会损害公司 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—051 | | --- | --- | --- | --- | --- | --- | | 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 关于开展商品衍生品交易的公告 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： 交易主要情况： | 交易目的 | □获取投资收益 ☑套期保值 | | | --- | ...