Group 1 - The company announced significant infrastructure projects recently [2] - The board of directors guarantees the accuracy and completeness of the announcement [1][3] - The company provided a summary of its infrastructure business performance for Q4 2025 [3] Group 2 - New project details for Q4 2025 were outlined, but specific data on business and regional segments were not disclosed [4] - Cumulative new project data for the entire year of 2025 was also mentioned, with similar lack of detailed disclosure [4] - The company cautioned that the operational data may differ from periodic report disclosures due to uncertainties [4]

扬子晚报网1月30日讯（记者 姜天圣）1月30日，公开资料显示，镇江市五洲山路以南、站前路以西（绿地中央广场项目8-7地块1#商办楼）的459套不动 产即的拍卖因无人出价，已经流拍。 公告 整幢房屋总建面约75855.48m ，本次评估房屋总建面约68950.77m ，估价对象具备供水、供电、供气等设备。并且本次拍卖的68950.77m 资产，尚未完成 竣工验收。此次起拍价约2.16亿，评估价达到了约3.09亿！拍卖时间为1月29日。 此前，记者在现场探访过，这栋建筑周边长满了杂草，显然已经长时间无人打理，入口处贴着查封公告及警示牌，提醒注意高空坠物。 据悉，绿地商业中心是169米超高层办公商业综合体，楼体高度169米，超高层总高40层，地上38层，地下2层，1-3层国际名品商业，4-38层办公楼，地下 1-2层：停车场。镇江绿地中央广场是由绿地集团开发的综合性城市项目，位于主城区西南，南徐新城中心区的核心位置。北依白龙潭公园、体育会展中 心，南接京沪高铁（601816）镇江南站，西望十里长山。 项目总投资额超过 140亿元 ，总建筑面积约 200万平方米 ，定位为高铁枢纽型城市综合体，紧 邻镇江高铁南站，交 ...

证券代码：600606 证券简称：绿地控股 编号：临 2026-005 绿地控股集团股份有限公司 2025 年第四季度基建业务经营情况简报 | 项目地区 | 境内 | 境外 | 总计 | | --- | --- | --- | --- | | 项目数（个） | 557 | 15 | 572 | | 总金额（万元） | 3,764,508 | 135,698 | 3,900,206 | | 总金额同比增减（%） | 38.07 | 255.37 | 41.07 | （二）本年累计 2025 年 1-12 月，公司基建业务新增项目情况如下: 1、业务分部 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。 新增项目情况 （一）第四季度 2025 年 10-12 月，公司基建业务新增项目情况如下: 1、业务分部 | 细分行业 | 房屋建设 | 基建工程 | 其他 | 总计 | | --- | --- | --- | --- | --- | | 项目数（个） | 296 | 124 | 152 | 572 | | 总金额（万元） | 2, ...

近期，公司获得基建产业重大项目如下： | 序号 | 项目名称 | 项目金额 （亿元） | | --- | --- | --- | | 一 | 房屋建设 | | | 1 | 四川绵阳花城本草·乡村振兴产业示范园建设项目（二期） | 25.58 | | 2 | 成都新津牧云天峰项目 | 15 | | 3 | 四川德昌县新能源与储能产业园及配套基础设施建设 | 6.16 | | 4 | 江苏新凤鸣碳纤维有限公司高性能碳纤维新材料项目 | 10 | | 5 | 漳州市化工与生物医药科技创新中试基地一期 | 5.76 | | 6 | 安徽莱卡织造智能产业基地一期项目 | 4.98 | | 7 | 内蒙古保信生态科技有限公司林木繁育项目 | 4.61 | | 二 | 基建工程 | | | 1 | 酒泉 G312 酒嘉城区过境段改建一级公路项目 | 47.98 | | 2 | 淮安京杭运河淮安四线船闸工程船闸水工结构及桥梁工程 | 5.71 | | 3 | 山西吕梁柳林县留誉镇张家圪台村低风速风力发电项目 | 5.28 | | 4 | 肯尼亚巴林戈 98km 道路升级项目 | 2.71 | | 5 | 库尔勒市东数西算绿色 ...

Group 1 - The company has recently secured significant infrastructure projects, including housing construction and infrastructure engineering [1] - Specific housing projects include the Sichuan Mianyang Huacheng Bencao Rural Revitalization Industry Demonstration Park Construction Project (Phase II) among seven others [1] - Infrastructure engineering projects include the Jiuquan G312 Jiuja City Bypass Reconstruction Primary Road Project among five others [1] Group 2 - The total project amount is 13.623 billion yuan, accounting for 5.66% of the audited operating income for the year 2024 [1]

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The real estate industry in China is transitioning towards high-quality development, with delivery being a key indicator of competitiveness and an essential aspect of operations [3] - In 2025, the top three companies in terms of delivery volume are Country Garden with 170,000 units, China Overseas with 133,200 units, and Poly Developments with 130,000 units [4][9] - The total delivery volume for the top 10 companies in 2025 is projected to be 996,800 units, a decrease of 36% compared to 2024 [9] - The industry is moving away from high turnover models, with delivery capability becoming a core metric for companies to navigate through cycles [10] - Companies are focusing on enhancing the quality of delivery, with an emphasis on customer experience and service [10][20] Delivery Scale - In 2025, five companies are expected to deliver over 100,000 units, and ten companies over 50,000 units, with 34 companies delivering more than 10,000 units [9] - The report highlights that the delivery scale is expected to continue declining due to the completion of delivery tasks and a decrease in sales volume [9] Notable Delivery Projects - The report lists several exemplary delivery projects, including "Times City" by China Resources and Huafa, and "Wenzhou Tianyuexi" by Poly Developments and China Merchants Shekou [7] - Projects like "D10 Tianyuan" by New Hope Real Estate achieved early delivery, showcasing effective execution and customer service [11] - The report emphasizes the importance of community facilities and overall living experience in enhancing customer satisfaction and reducing post-delivery disputes [19] Product Implementation and Service Optimization - The report indicates that delivery capability is becoming a critical link connecting product design innovation, green construction standards, and comprehensive service experiences [16] - Companies are focusing on upgrading their service offerings throughout the entire lifecycle of the product, moving from timely delivery to quality and value delivery [16] Community and Service Enhancements - Community infrastructure is highlighted as a key aspect of product delivery, enhancing customer belonging and satisfaction [19] - The report notes that personalized services and immersive experiences are crucial for building brand trust and improving customer satisfaction [20]

Group 1 - A significant number of A-share companies are reporting losses, with over 500 companies expected to post losses for 2025, reflecting a shift in the market where loss-making companies are disclosing their financials earlier than usual [1][3][22] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [4][24] - The overall performance of A-share companies is under pressure, with 709 out of 1165 companies reporting declining performance, which is approximately 60% [1][22] Group 2 - The trend of loss-making companies disclosing their financials is seen as a sign of market rationalization, with companies aiming to manage expectations and release financial pressures [2][21] - The solar energy sector is facing significant challenges, with leading companies like Tongwei Co. and Longi Green Energy expected to report substantial losses due to overcapacity and price competition [6][24] - The real estate sector is also experiencing widespread losses, with over 30 A-share real estate companies reporting poor performance, and only a few showing positive results [7][25] Group 3 - Companies like Zhichun Technology and Siyuanjie are facing severe stock price declines following their loss announcements, indicating investor reactions to poor financial forecasts [12][30] - The overall market sentiment is expected to be negatively impacted in the short term due to the concentration of negative financial disclosures, but this could lead to improved market pricing efficiency in the long run [15][32] - The performance of A-share companies is anticipated to show a "total pressure, structural brilliance" pattern, with traditional industries like real estate and solar energy under significant strain [16][33][34]

2026.01. 28 本文字数：2709，阅读时长大约4.5分钟 作者 | 第一财经 周楠 当前正值上市公司年报预告披露期，不同于以往的绩优股抢先发布业绩，今年财报季里，一批亏损公司正在 密集"交卷"。 1 月 26 日 晚 间 ， 百 余 家 A 股 公 司 披 露 了 2025 年 业 绩 预 告 ， 多 家 亏 损 公 司 在 列 。 其 中 ， 大 禹 生 物 （920970.BJ）、ST英飞拓（002528.SZ）等续亏；二六三（002467.SZ）、恒基达鑫（002492.SZ）等首 亏。 另据Wind统计，截至1月26日，共计1165家A股公司已披露2025年业绩预告，业绩下滑的有709家，占比约 六成，当期预计亏损的有500多家。从行业来看，预亏幅度较大的企业扎堆房地产、建筑行业，涉及华夏幸 福（600340.SH）、绿地控股（600606.SH）等。华夏幸福预计去年亏损160亿元至240亿元，暂时成为"亏 损王"。 一些业绩"滑坡"的公司，遭遇投资者"用脚投票"。至纯科技（603690.SH）预计去年亏损3亿元至4.5亿元， 或出现上市以来的首次归母净利润亏损，消息披露后公司股票一度跌停。 ...

Group 1 - A significant number of loss-making companies are disclosing their performance forecasts during the annual report season, contrasting with previous years where profitable companies led the announcements [1][2] - As of January 26, 1165 A-share companies have disclosed their performance forecasts, with approximately 60% (709 companies) reporting a decline in performance, and over 500 companies expected to incur losses [1][3] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [1][5] Group 2 - The trend of loss-making companies proactively disclosing their forecasts reflects a transformation in the A-share market, indicating a more rational market behavior [2][15] - The majority of companies facing performance declines are concentrated in the real estate, construction, and pharmaceutical sectors, with 53 companies expected to report losses exceeding 1 billion yuan [4][6] - The solar energy sector is also experiencing significant losses, with leading companies like Tongwei Co. and Longi Green Energy projecting substantial net profit losses [7][18] Group 3 - Following the disclosure of poor performance forecasts, stock prices of several companies have dropped significantly, with Yanghe Co. and Zhichun Technology experiencing notable declines [10][11] - The termination of acquisitions and restructuring efforts has further compounded the challenges for some companies, leading to sharp declines in their stock prices [14] - Investors are urged to adjust their stock selection logic, focusing on the quality of earnings and cash flow, as well as aligning investments with high-growth sectors [16][17]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]