1月8日，"为更好 启新篇——2025中国房地产产品力TOP100发布会"成功召开。 克而瑞联席董事长丁祖昱 先生、克而瑞CEO张燕女士， 普睿数智科技副总裁、合伙人孟音女士 与来自标杆房企的多位嘉宾，通过主题 演讲、圆桌对话，探讨当前房地产行业产品力创新迭代亮点及未来发展趋势，为企业提供实践参考与启示， 为行业产品力发展助力。 产品力100 点击图片查看大会实录 华发股份副总裁、首席设计官 黄凤彬 做《全球视野下，华发如何定义新时代人居好房子》主题演讲 ，主要内容 如下： 华发股份副总裁、首席设计官 黄凤彬 立足国内市场，华发将这些全球智慧转化为切实可行的实践。我们直面行业五大矛盾，拒绝简单照搬国外 模式，而是结合中国人情社会与生活习惯进行本土化创新。在上海静安里项目中，我们深度研究城市风 貌，精细打磨每一个户型，实现历史文脉与现代业态的融合；珠海湾项目打造"社区-居家-机构"三位一体 养老体系，配套优质教育与运动场地，开盘至今已热销七百多套；成都锦宸院与西安锦宸赋则因地制宜适 配城市气质，更通过创新户型设计保障每间房的舒适体验。 华发坚持"科技+好房子"的产品理念，以数字化、智慧化、绿色化、产业化为支撑， ...

Core Viewpoint - In 2025, the real estate industry is transitioning from quantity expansion to quality enhancement, with the concept of "good housing" becoming a national strategy, marking a new development stage focused on product strength as the core competitive advantage [2]. Group 1: Rankings Release - The "Top 100 Real Estate Companies by Product Strength" list has been published, highlighting leading companies in the industry [4][5]. - The list includes prominent companies such as Greentown China, Poly Developments, and China Overseas Land & Investment, among others [5][6]. Group 2: Product Series and Works - The "Top 10 Product Series" and "Top 10 Works" lists have been introduced, showcasing the best residential product series and projects in the industry [8][12]. - The top luxury product series include offerings from companies like New Hope Real Estate and China Overseas Land & Investment [8]. - The top high-end works feature projects such as Beijing Run Garden and Chengdu China Merchants Xi [13][15]. Group 3: Good Housing Strategy Characteristics - Major real estate companies like Poly, China Resources, and Yuexiu have launched "good housing" strategies focusing on safety, comfort, green living, and smart technology [29]. - These strategies extend to refined values such as craftsmanship, service, low carbon, and health, implemented through quantifiable technical standards [29][33]. - Companies are establishing comprehensive technical standard systems that cover physical space and service ecology, reflecting a meticulous management approach [33]. Group 4: Trends in Residential Projects - There is a trend towards high aesthetic appeal and high performance in residential projects, with a focus on features like full-house water purification, noise reduction, and safety [37][50]. - The use of environmentally friendly materials is emphasized, with projects achieving near-zero pollution standards [51]. - Different project tiers exhibit unique characteristics, with high-end projects focusing on cultural integration and personalized services [52][63].

向宇。 华发股份官网图 1月1日，华发股份（代码600325）发布第十一届董事会第一次会议决议公告，公告宣布，第十一届董事 会完成组建。 其中，郭凌勇继续担任董事长，刘颖喆出任副董事长。此外，在高管聘任方面，经公司董事长郭凌勇提 名，向宇被聘任为公司总裁，叶宁为董事会秘书。 华发股份迎来高层人事大调整！陈茵卸任总裁一职，华发股份公司执行副总裁向宇接任！ 2025年4月22日，华发股份公告，公司常务执行副总裁俞卫国、执行副总裁张驰和财务总监罗彬因个人 原因辞职，辞职报告自送达董事局之日起生效。 公告资料显示，向宇，男，土家族，1971年出生，博士研究生学历，中共党员。曾任武汉中央商务区城 建开发有限公司董事长，华发股份副总裁、华东区域董事长兼华中区域董事长，华夏幸福基业股份有限 公司高级副总裁兼南方总部江南区域总经理等职务。此前担任华发股份公司董事，执行副总裁，华南大 区党委书记、董事长、总经理。 新团队就任之外，此次原总裁陈茵的离任也引发了不少关注。 陈茵 华发股份官网图 公开资料显示，陈茵1970年出生，汉族，中国国籍，工程师，博士学历，曾任珠海英格仕房产开发有限 公司助理总经理兼工程业务部经理，华发股份销 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Views - The report emphasizes the importance of stabilizing real estate market expectations and highlights the sector's significant role in the national economy and as a source of household wealth [3][50] - The report suggests that the real estate market's healthy development is crucial for overall economic stability and calls for decisive policy measures rather than piecemeal approaches [50] Market Performance - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.6%, and the real estate sector (Shenwan) declined by 0.7% during the week [5][8] - Notable stock performances included Chengjian Development (+13.2%) and Sanzhong Impression (+10.7%), while Hualian Holdings (-15.5%) and Yatong Shares (-6.8%) saw significant declines [5][8] Data Tracking New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 42 key cities totaled 2.56 million square meters, a 2.0% decrease from the previous week [16] - For December, new housing transactions reached 10.63 million square meters, a 35.7% increase month-on-month but a 40.5% decrease year-on-year [21] Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 1.64 million square meters, a 21.5% decrease from the previous week [34] - For December, second-hand housing transactions amounted to 9.22 million square meters, an 11.1% increase month-on-month but a 27.9% decrease year-on-year [37] Industry News - The Ministry of Housing and Urban-Rural Development aims for significant progress in housing quality improvement by 2030, focusing on standards, design, materials, and construction [50] - New tax policies were introduced, reducing the value-added tax rate for second-hand housing transactions to 3% for properties held for less than two years, while properties held for two years or more are exempt from VAT [50] - The China Securities Regulatory Commission announced the launch of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality market development [50] Company Announcements - China Resources Land secured a sustainable development-linked loan of 2 billion yuan with a term of 36 months [54] - Huafa Group elected Guo Lingyong as the chairman of its board and Liu Yingzhe as vice chairman [54]

绍兴的陈师傅买了一套房子 他说销售承诺买房送价值72万的黄金 可到现在还没兑现 有关这件事情的话题 登上了微博热搜第一 陈师傅：我就是冲着这个72万的黄金的等额的价格来购买的，返黄金嘛，没想到现在一拖再拖。本来说 2个月，后来3个月，现在5个月了，还没返过来这黄金。 越城区HFC华发金融活力城臻庭的一套房子 位于一楼面积119平方 总价219万多 陈师傅是绍兴人 他说全家四口人还住在一套老房子里 2025年6月份 他看中了 陈师傅：反正有70多万的黄金可以返，加上贷款有168万的贷款，首付款是总共是33万多，除掉首付的 还有余值的。她是口头上跟我说的，等于说是证据什么的都没有的。之前的话早的时候有，有人已经都 拿到了，我是听说了，我朋友的朋友。 陈师傅说 房子首付款要51万多 他们可以享受将近18万的二胎补贴 所以首付款只用付33万元 记者查到 2025年 绍兴多地发布"多孩家庭购房补贴通知" 二孩家庭每平方米补贴1500元 最高不超过20万元 来源：绍兴滨海新区管理委员会官网 说回陈师傅买房的事情 2025年7月28号 他付了首付 同年8月4号 168万元的银行贷款下来了 他最开始想的是 价值72万元的黄金 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]

Core Insights - The report emphasizes the importance of stabilizing expectations in the real estate market, highlighting the need for proactive measures to shorten adjustment periods and smooth market fluctuations [5][14][17] - The article from "Qiushi" magazine outlines the critical role of real estate in the national economy and stresses the necessity of maintaining policy strength to align with market expectations [5][14][16] Section Summaries 1. Policy Environment During New Year - The article in "Qiushi" magazine discusses the current phase of the real estate market, indicating a shift from housing shortages to a balance in supply, with a focus on quality over quantity in housing demand [13][15] - It highlights the financial asset nature of real estate, emphasizing its significance in stabilizing the economy and the need for effective expectation management [14][15] 2. Transaction Performance: New and Second-Hand Housing - New housing transactions during the New Year period saw a significant decline, with a daily average of 15.66 million square meters sold across 32 cities, down 44.8% year-on-year [19][21] - In contrast, second-hand housing transactions showed relative stability, with an average of 2,676 units sold daily across 80 cities, a slight decrease of 1.1% year-on-year [26][28] 3. Market Trends and Insights - The real estate sector's performance was weak, with the SW real estate index down 0.7%, underperforming the CSI 300 index by 0.1 percentage points [5][19] - The report notes that the PB valuation for major developers is at 0.45x, indicating low market expectations for price recovery [5][19] 4. Company Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the real estate sector, indicating a "Buy" rating for several firms based on their projected earnings and valuation metrics [6][19] - Companies like Vanke A and China Overseas Development are highlighted for their potential upside based on current market conditions and valuations [6][19] 5. Future Outlook - The report suggests that despite current challenges, there remains significant potential for growth in housing services, second-hand transactions, and real estate asset management, with estimates indicating a need for 10 to 14.9 million new homes annually [16][18] - It emphasizes the importance of maintaining policy strength and aligning it with market expectations to foster recovery in the real estate sector [16][18]

2026 年 01 月 04 日 《房地产行业 2026 年投资策略： 潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 《求是》明确房地产金融属性,强调经济重要 地位及居民最大资产，建议政策要一次性给足 —— 地产及物管行业周报（2025/12/27-2026/1/2） 本期投资后示: 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 地产行业数据：新房成交环比回升、二手房成交环比回落，库存周环比下降。 上周(12.27- 0 1.2)34 个重点城市新房合计成交 406.7 万平米，环比+10.8%，其中，一二线环比+12 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the recovery of core cities and the potential for value reassessment in shopping centers [2][30]. Core Insights - The report emphasizes the importance of the real estate sector as a significant contributor to the national economy and household wealth, advocating for robust policy measures to stabilize market expectations [30]. - It identifies two major opportunities: the rise of favorable policies for "good housing" and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a revaluation of consumer-oriented commercial real estate assets [2][30]. Industry Data Summary New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 34 key cities totaled 4.067 million square meters, reflecting a week-on-week increase of 10.8% [2][3]. - Year-on-year, December transactions in these cities decreased by 26%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 30.6% [2][6]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.1 million square meters, a decrease of 10.4% from the previous week [11]. - Cumulatively, December transactions were down 26.8% year-on-year, with a notable decline in third and fourth-tier cities [11][7]. Inventory and Market Dynamics - The report notes a decrease in available housing inventory, with a total of 89.401 million square meters available in 15 cities, down 1.4% week-on-week [23]. - The average months of inventory turnover for the last three months is reported at 21.8 months, indicating a slight improvement in market absorption [23]. Policy and News Tracking Macro Policies - Recent policy changes include a reduction in the value-added tax rate for personal housing sales, aimed at stimulating market activity [30][31]. - The report highlights the need for policies that align with market expectations to avoid creating a tug-of-war between market forces and regulatory measures [30]. Company Developments - Notable company activities include the establishment of a Pre-REITs fund by China Resources Land, aimed at investing in quality commercial real estate projects [36][38]. - CIFI Holdings has completed its debt restructuring, marking a significant milestone in its financial recovery efforts [36].

第十一届董事会第一次会议决议公告 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。 珠海华发实业股份有限公司（以下简称"公司"）第十一届董事会第一次会议 通知于 2025 年 12 月 26 日以电子邮件方式发出。会议于 2025 年 12 月 31 日在公 司 8 楼大会议室以现场会议方式召开。本次会议应到董事 9 人，实到 9 人。全体 董事一致推举董事郭凌勇先生主持本次会议。会议符合《公司法》和《公司章程》 的有关规定。经与会董事现场表决，形成如下决议： 一、以九票赞成、零票反对、零票弃权，审议通过了《关于选举公司董事长、 副董事长的议案》。 选举郭凌勇先生为公司第十一届董事会董事长，刘颖喆先生为公司第十一届 董事会副董事长。任期与公司第十一届董事会任期一致。 二、以九票赞成、零票反对、零票弃权，审议通过了《关于选举董事会各专 门委员会成员的议案》。选举下列人员为董事会各专门委员会成员： （一）战略委员会（7 人） 召集人：郭凌勇 股票代码：600325 股票简称：华发股份 公告编号：2026-002 珠海华发实业股份有限 ...