股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2026-008 B 股：900932 陆家 B 股 上海陆家嘴金融贸易区开发股份有限公司 关于中期票据获准注册的公告 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。 上海陆家嘴金融贸易区开发股份有限公司（以下简称"公司"）分别于 2025 年 4 月 22 日、2025 年 5 月 20 日召开了第十届董事会第四次会议及 2024 年年度 股东大会，审议通过了《2025 年度融资方案》（详见公告临 2025-008、临 2025-020）， 同意公司 2025 年度（2024 年年度股东大会表决通过之日起至 2025 年年度股东 大会召开前日）申请注册发行各类债券产品总规模不超过 100 亿元，债券品种包 括但不限于中期票据、短期融资券、超短期融资券、资产证券化等。同时，为保 证申请注册发行各类债券产品工作顺利进行，公司 2024 年年度股东大会授权董 事会，并同意董事会进一步授权公司经营管理层全权负责申请注册发行各类债券 产品工作的具体事宜。 二〇二六年三月二十日 ...

股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2026-007 B 股：900932 陆家 B 股 上海陆家嘴金融贸易区开发股份有限公司 关于控股子公司涉及诉讼的进展公告 案件所处的诉讼阶段：终结本次执行程序 上市公司控股子公司或控制的主体所处的当事人地位：申请执行人 涉案金额：本金人民币 1,830,600,000 元及利息、违约金、律师费、保全费、 诉讼费等 对上市公司的影响：前期，申请执行人已对该诉讼所涉及的抵押资产采取保 全措施，本次执行结果预计不会对公司本期利润或期后利润产生重大影响。终结本 次执行程序后，申请执行人发现被执行人有可供执行财产的，可以再次申请执行。 一、本次诉讼的基本情况 上海陆家嘴金融贸易区开发股份有限公司（以下简称"公司"）控股子公司陆 家嘴国际信托有限公司（以下简称"陆家嘴国际信托"）与南京世荣置业有限公司、 南京世茂房地产开发有限公司、芜湖世茂新发展置业有限公司、南京世茂新发展置 业有限公司、上海世茂建设有限公司因债券交易产生债务纠纷，陆家嘴国际信托于 前期已向上海金融法院提起诉讼以及财产保全。 2023 年 2 月 3 日，陆家嘴国际信托收到上海金融法院出具的 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 03 月 17 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 38 号文要求新增用地与存量盘活挂钩，上海二手房成交活跃 投资评级： 看好（维持） ——房地产行业周报（26/3/7-26/3/13） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.7%、深证成指上升 0.8%、创业板指上升 2.5%、沪深 300 上 升 0.2%、房地产（申万）下跌 0.5%。个股方面，涨跌幅前五的分别为：京投发展(+25.0%)、 西藏城投(+13.4%)、*ST 阳光(+9.3%)、首开股份(+9.2%)、沙河股份(+9.0%)，涨跌幅后五的 分别为：财信发展(-8.6%)、*ST 荣控(-8.2%)、特发服务(-6.5%)、新黄浦(-5.7%)、深深房 A(-5.3%)。 联系人 数据跟 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery and growth in quality real estate companies and commercial properties [2][27]. Core Insights - The report indicates that the real estate sector is approaching a bottom after significant adjustments, with recent government policies aimed at stabilizing the market and enhancing financial support for the sector [2][27]. - It emphasizes the importance of quality real estate companies, suggesting that their profitability will recover sooner and with more elasticity due to improved industry dynamics [2][27]. - The report also notes that the current valuation levels for some quality firms are at historical lows, making the sector attractive for investment [2][27]. Industry Data Summary New Home Transactions - In the week of March 7-13, 2026, new home transactions in 34 key cities totaled 2.175 million square meters, representing a 20% increase week-on-week. First and second-tier cities saw a 21.6% increase, while third and fourth-tier cities experienced a 3.9% decline [3][11]. - Year-on-year, new home transactions in March 2026 decreased by 16.6%, with first and second-tier cities down 13.5% and third and fourth-tier cities down 48.3% [6][7]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.11 million square meters, up 9% week-on-week. However, March's cumulative transactions were down 26.9% year-on-year [11][12]. Inventory and Supply - In the week of March 7-13, 2026, 15 cities launched 750,000 square meters of new supply, with total sales of 830,000 square meters, resulting in a sales-to-supply ratio of 1.12. The average months of inventory for these cities increased slightly to 27.9 months [19][20]. Policy and News Tracking - The "14th Five-Year Plan" emphasizes the need for a new model of real estate development, focusing on high-quality growth and a balanced housing supply system [27][28]. - Recent policies include the establishment of a mechanism linking new land supply to the revitalization of existing land, prioritizing major projects and public welfare developments [27][28]. - Various cities are implementing measures to enhance housing affordability, such as increasing housing provident fund loan limits and optimizing loan policies [27][28]. Company Performance - Several real estate companies have reported their 2025 annual performance, with notable figures including: - Lujiazui: Revenue of approximately 18.17 billion yuan (+24%), net profit of 1.22 billion yuan (-19%) [38]. - Pudong Jinqiao: Revenue of approximately 5.97 billion yuan (+118.9%), net profit of 1.07 billion yuan (+7.1%) [38]. - Poly Development: Revenue of approximately 10.13 billion yuan (-36.7%) [38]. - Sales data for February 2026 showed significant declines for several companies, with China Jinmao reporting a 20.6% increase in sales amounting to 5.33 billion yuan [38].

业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 《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 2026 年 03 月 14 日 38 号文不是土地断供而是转向，挂钩存量盘活 或将加速城市更新 看好 —— 地产及物管行业周报（2026/3/7-2026/3/13） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 顾铮 A0230525120002 guzheng@swsresearch.com 行 相关研究 ⚫ 地产行业数据：新房 ...

股票代码：A股 600663 证券简称：陆家嘴 编号：临2026-006 B股 900932 陆家B股 上海陆家嘴金融贸易区开发股份有限公司 关于 2025 年度计提资产减值准备的公告 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。 一、计提减值准备概述 根据《企业会计准则》及上海陆家嘴金融贸易区开发股份有限公司（以下简称 "公司"）会计政策的相关规定，公司对截至 2025 年 12 月 31 日相关资产进行了减 值测试。根据减值测试结果，2025 年度公司计提资产减值准备 128,593 万元（币种： 人民币，下同），其中：计提信用减值损失 30,835 万元，计提存货跌价准备 97,758 万元。 二、计提资产减值准备情况 1、信用减值损失 1 2025 年度，公司按照计提信用减值损失的会计政策，计提信用减值损失 30,835 万元。 2、存货跌价准备 资产负债表日，公司按成本与可变现净值孰低计量存货，当存货成本高于其可 变现净值，计提存货跌价准备。 2025 年度，公司对房地产项目计提存货跌价准备 97,758 万元。 ...

股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2026-005 一、2025 年度主要财务数据和指标 | | | | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 1,816,536.32 | 1,465,097.85 | 23.99 | | 营业利润 | 230,941.77 | 252,469.59 | -8.53 | | 利润总额 | 230,231.78 | 250,301.99 | -8.02 | | 归属于上市公司股 | 122,339.30 | 150,847.50 | -18.90 | | 东的净利润 | | | | | 归属于上市公司股 | | | | | 东的扣除非经常性 | 120,962.93 | 148,101.74 | -18.32 | | 损益的净利润 | | | | | 基本每股收益（元） | 0.2430 | 0.3063 | -20.67 | | 加权平均净资产收 | 4.89 | 6.36 | 减少1.47 个百分点 | | 益率（%） | | | | | | 本报告期末 ...

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Core Viewpoint - The A-share real estate sector is experiencing a significant rebound, driven by government policies and promotional activities aimed at stimulating housing demand [1][2] Policy Support - The central government has continued to implement supportive measures for the real estate market, including tax rebates for housing exchanges and maintaining low mortgage rates [1] - Local governments are actively canceling purchase restrictions, lowering down payments, providing home purchase subsidies, and promoting trade-in programs, creating a robust support framework for market recovery [1] Market Performance - Core cities are seeing a rebound in second-hand home transactions, with new home promotions leading to increased visits and sales, indicating a reduction in market hesitation [1] - The real estate market is shifting from a downward trend to a stabilization phase, with structural recovery observed, particularly in first-tier and strong second-tier cities, while third and fourth-tier cities focus on inventory reduction [1] Real Estate Stocks - The recent rise in real estate stocks is attributed to a combination of policy expectations and valuation recovery, with industry risks gradually easing and signs of improvement in sales [1] - The undervalued real estate sector is regaining investor attention as the market shows signs of recovery [1]

Core Viewpoint - The real estate sector is experiencing significant upward movement, with several companies seeing stock price increases due to promotional activities launched by local real estate firms in Guangzhou [1] Group 1: Market Activity - The real estate sector has shown notable gains, with companies such as Chengdu Investment Holdings and Guangming Real Estate hitting their daily price limits [1] - Other companies like Huaxia Happiness, Greenland Holdings, Lujiazui, and Jindi Group also experienced stock price increases [1] Group 2: Promotional Activities - According to the Guangzhou Real Estate Industry Association, nearly 50 real estate companies have launched promotional activities, offering over 140 properties with New Year discount packages from before the Spring Festival until March 31 [1]