智通财经记者 | 王妤涵 珠海国资的新一轮改革仍在继续。 近日，华发股份发布公告称，公司董事局主席李光宁因工作调整辞去董事局主席、董事及在公司担任的 其他所有职务；原董事局副主席郭凌勇被选举为新任董事局主席，接棒李光宁。 据悉，李光宁目前已调任至珠海科技产业集团有限公司（以下简称 "珠海科技集团"）担任负责人，该 公司于今年5月28日揭牌成立，注册规模达到500亿元。 李光宁的告别不仅标志着华发股份一个时代的终结，更折射出珠海国资体系在深化改革的背景下，对房 企战略的重新布局。 关键十年 李光宁与华发的故事始于1998年，从基层岗位起步，他历任公司董事局秘书、董事、副主席、总裁等职 务，最终在2014年登上董事局主席之位。 新帅登场 继任者郭凌勇同李光宁一样，也是华发体系内培养出的资深干将。 郭凌勇出生于1973年，毕业于北京师范大学，而后于2007年加入华发，担任市场部经理一职。 郭凌勇在华发体系内的崛起，与其在城市运营领域的突出贡献密不可分。2009年，华发启动城市运营战 略，成立珠海十字门中央商务区建设控股公司，郭凌勇主导了十字门商务区从无到有的建设全过程。 在十字门项目成功后，他又带领团队打造了金湾航 ...

二、离任对公司的影响 本公司董事局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、提前离任的基本情况 珠海华发实业股份有限公司（以下简称"公司"）收到公司董事、执行副总 裁张延先生向公司董事局递交的书面辞职报告，因个人原因，张延先生申请辞去 其所担任的公司第十届董事局董事、执行副总裁及下属子公司所有职务。辞职后 张延先生不再担任公司及下属子公司任何职务，辞职报告自送达董事局之日起生 效。 | | | | | | | 是否继续在上 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | 离任原因 | 市公司及其控 股子公司任职 | 未履行完 毕的公开 | | | | | | | | | 承诺 | | 张延 | 董事、执行 | 2025 6 | 年 | 第十届董事 | 个人原因 | 否 | 否 | | | 副总裁等 | 月 6 | 日 | 局截止日 | | | | 证券代码：600325 证券简称：华发股份 公 ...

证券代码：600325 证券简称：华发股份 公告编号：2025-053 珠海华发实业股份有限公司 关于股份回购进展公告 本公司董事局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。 二、回购股份的进展情况 2025 年 5 月，公司通过集中竞价交易方式回购股份 1,915,000 股，回购股份占 公司总股本的比例约为 0.070%，回购成交的最高价为 4.92 元/股，最低价为 4.88 元/股，支付的总金额为 9,391,994.20 元（不含印花税、交易佣金等费用）。截至 2025 年 5 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公 司股份 940 万股，占公司目前总股本的比例为 0.342%，回购成交的最高价为 5.83 元/股，最低价为 4.88 元/股，成交总金额为人民币 49,333,623.20 元（不含印花税、 交易佣金等费用）。本次回购符合回购股份相关法律法规的规定及公司回购股份方 案。 重要内容提示： | 回购方案首次披露日 | | 2024/10/30 | | | | | | | --- ...

采写：南都·湾财社记者 王艳玲 5月降准降息落地，为市场注入信心，房地产市场整体延续止跌回稳态势。据中指研究院数据，今年前5 月，百强房企销售总额超1.44万亿元，同比下降10.8%；销售总额超百亿房企33家，较去年同期持平， 五十亿房企60多家，较去年同期减少6家。 从前三名来看，保利发展以1161亿元继续领跑，同时也成为今年首个销售额破千亿元的房企；绿城中国 以超960亿元紧随其后，中海地产以904亿元上升至第三位，与绿城中国的差距进一步缩小。华润置地和 招商蛇口分别位列第4、第5位，销售额分别为868.5亿元和671.3亿元。 在销售额TOP10房企中，万科、建发房产、越秀地产、滨江集团、华发股份分别位列第6-10位，销售额 分别为570.4亿元、561亿元、508亿元、433亿元和432亿元。仅有1家民营房企滨江集团上榜TOP10，与 此同时，滨江集团聚焦杭州，在杭州位列拿地金额第一。 5月楼市整体延续企稳走势，新房供给显著回落，但成交环比4月基本持平，累计同比保持正增长，项目 开盘去化率延续前期高位震荡，京沪深等热点恒热；二手房成交增长动能显著放缓，一线韧性相对较 强，二三线分化加剧。 中指研究院分 ...

Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Insights - The report emphasizes 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 [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to support investment in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first- and second-tier cities expected to benefit more [3]. Summary by Sections Market Review - The report notes that the Shenwan Real Estate Index increased by 0.9%, outperforming the CSI 300 Index by 2.03 percentage points, ranking 11th among 31 Shenwan primary industries [10]. - New housing transactions in 30 cities totaled 2.41 million square meters, a 11.2% increase month-on-month but a 11.9% decrease year-on-year [21]. - Second-hand housing transactions in 14 sample cities amounted to 2.18 million square meters, a 6.8% decrease month-on-month but an 8.9% increase year-on-year [30]. Key City New and Second-Hand Housing Transaction Tracking - In first-tier cities, new housing transaction area was 685,000 square meters, with a month-on-month increase of 23.7% and a year-on-year increase of 16.9% [21]. - In second-tier cities, new housing transaction area was 1.08 million square meters, with a month-on-month increase of 13.7% but a year-on-year decrease of 23.9% [21]. - In third-tier cities, new housing transaction area was 641,000 square meters, with a month-on-month decrease of 2.9% and a year-on-year decrease of 11.9% [21]. Key Company Credit Bond Situation - During the week of May 26 to June 1, five credit bonds were issued by real estate companies, totaling 5.31 billion yuan, a 15.11 billion yuan increase from the previous week [42]. - The net financing amount was -3.84 billion yuan, reflecting a 20.41 billion yuan increase in net financing compared to the previous week [42]. - The majority of the bonds issued were rated AAA (83.1%) and primarily consisted of general medium-term notes (81.0%) [42].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][33][7] Core Insights - The real estate market showed a lukewarm performance in May, with a slight month-on-month increase of 2% in sales for the top 100 real estate companies. Cumulative sales from January to May decreased by 7% year-on-year [1][12] - The report emphasizes that the current policies are expected to be more forceful than those in 2008 and 2014, indicating a significant shift in the market dynamics [4][33] - The competitive landscape in the industry is improving, with leading state-owned enterprises and a few mixed-ownership and private companies performing well in land acquisition and sales [4][33] Summary by Sections Sales Performance - In May, the top 100 real estate companies achieved a sales amount of 295.55 billion yuan, a year-on-year decrease of 7.8% but a month-on-month increase of 3.8%. Cumulative sales from January to May reached 1313.71 billion yuan, down 7% year-on-year [1][12][30] - The top 31-50 and top 21-30 tiers of companies showed positive year-on-year growth in sales, while the top 10 companies experienced a decline of 11.1% [2][16] Company Performance - Among the top 40 companies, 20 reported positive year-on-year growth in sales. Poly Developments led with sales of 106.81 billion yuan, followed by Greentown China and China Overseas Development [3][30][31] - Notable performers included Nengjian Chengfa with a year-on-year growth of 201.7%, and Hongrongyuan with 185.3% [3][30] Investment Recommendations - The report suggests focusing on real estate stocks due to the expected policy-driven market changes. Recommended stocks include Greentown China, China Overseas Development, and Poly Developments among others [4][33] - The report highlights the importance of monitoring supply-side policies and the performance of quality real estate companies in first and second-tier cities [4][33]

Group 1 - Zhuhai has initiated significant reforms in its state-owned enterprises and assets system, with key personnel changes emerging [2] - On May 30, Huafa Group announced that its chairman, Li Guangning, would be reassigned to lead Zhuhai Technology Industry Group, resigning from all positions at Huafa [2] - Huafa Group elected Guo Lingyong as the new chairman, with a term aligned with the current board's tenure [2] Group 2 - Li Guangning has been with Huafa Group since 1998, serving in various roles, including chairman since 2014, and has been instrumental in the company's growth and national expansion [3] - Under Li's leadership, Huafa Group has achieved over 100 billion in sales for five consecutive years since 2020, ranking among the top ten in the nation for 2024 [3] - Huafa Group has developed a strategic layout across major cities in China, establishing a robust business model focused on premium residential properties and diversified operations [3] Group 3 - The newly established Zhuhai Technology Industry Group, unveiled on May 28, is a key outcome of the recent state-owned enterprise reforms and aims to create a core platform for technological development in Zhuhai [4] - The group integrates resources from leading state-owned enterprises, Huafa and Gree, and serves as an innovative model for local state asset management [4] - Zhuhai Technology Group has invested in approximately 2,000 tech enterprises, with nearly 200 of them being listed or approved, establishing a strong investment network in the tech sector [4]

Core Insights - The sales performance of the top 100 real estate companies in China for the first five months of 2025 shows a total sales amount of 1,443.64 billion yuan, representing a year-on-year decline of 10.8% [1] - The average sales amount for the top 10 companies is 70.75 billion yuan, down 9.5% year-on-year, while the top 51-100 companies saw a more significant decline of 15.6% [1] - Despite the overall decline, some companies experienced month-on-month sales growth in May, with a total sales amount of 294.58 billion yuan, reflecting a 3.5% increase from April [2] Group 1: Sales Performance - The top 100 real estate companies had a total sales amount of 1,443.64 billion yuan from January to May, down 10.8% year-on-year [1] - Among the top 10 companies, Poly Developments maintained the highest sales at 116.1 billion yuan, followed by Greentown China at 96.44 billion yuan [1][2] - In May, 22 companies reported a month-on-month sales increase greater than 30%, including Greentown China and China Overseas Land & Investment [2] Group 2: Market Dynamics - The real estate market is experiencing a mixed performance, with some projects in key cities achieving rapid sales, while others face a lack of interest [3][4] - The "daylight" phenomenon, where properties sell out on the first day of opening, is prevalent in Shanghai, indicating strong demand for well-located and high-quality properties [3] - The market is expected to maintain a loose policy environment in June, with increased promotional efforts from real estate companies [4] Group 3: Future Outlook - The market is anticipated to stabilize in the long term, but short-term disparities between different cities and projects are likely to continue [4] - Companies are encouraged to refine their strategies and focus on building high-quality properties to navigate the current market challenges [4]