证券代码：600708 证券简称：光明地产 编号：临 2026-011 光明房地产集团股份有限公司 2026 年度第一期中期票据发行结果的公告 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个别及连带责任。 一、2024 年公司申请注册发行人民币 43 亿元中期票据的审批情况 光明房地产集团股份有限公司（下称"本公司""公司"）发行中期票据 事项已经 2024 年 4 月 23 日召开的第九届董事会第十八次会议及 2024 年 5 月 23 日召开的 2023 年年度股东大会审议批准，并于 2024 年 7 月收到中国 银行间市场交易商协会（下称"交易商协会"）出具的《接受注册通知书》（中 市协注【2024】MTN596 号），接受公司中期票据注册金额为人民币 43 亿元， 注册额度自本通知书落款之日起 2 年内有效。具体内容分别详见 2024 年 4 月 25 日、2024 年 5 月 24 日、2024 年 7 月 2 日在《上海证券报》《证券时报》 及上海证券交易所网站 www.sse.com.cn 披露的（临 2024-016） ...

证券代码：600708 证券简称：光明地产 公告编号：临 2026-010 光明房地产集团股份有限公司 关于对下属公司提供担保的情况简报 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： | | 被担保人名称 | | 农工商房地产集团泰日（上海）置业有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 34670.70 万元 | | | 担保对 象之一 | 实际为其提供的担保余额 | 236550.60 | 万元 | | | 是否在前期预计额度内 | □否 ☑是 | □不适用：_________ | | | 本次担保是否有反担保 | □是 ☑否 | □不适用：_________ | | | 被担保人名称 | | 光明房地产集团上海金山卫置业有限公司 | | | 本次担保金额 | 410.00 万元 | | | 担保对 象之二 | 实际为其提供的担保余额 | 3177.50 万元 | | | | 是否在前期预计额度内 | ☑是 □否 | □不适用：_________ | | | ...

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]

Market Overview - The shipping sector has shown strong performance, with the real estate sector also experiencing notable gains [2][5] - Major indices opened higher, with the Shanghai Composite Index up by 0.5%, Shenzhen Component Index up by 0.49%, and the ChiNext Index up by 0.11% [2] Shipping Sector - The shipping sector has been robust, with companies like China Merchants Energy Shipping (601872) achieving a record high, and China Ocean Shipping (600026) and China Merchants South Oil (601975) hitting the daily limit [5] - The cost of chartering a Very Large Crude Carrier (VLCC) to transport oil from the Middle East to China has surged to over $170,000 per day, tripling since the beginning of the year, driven by geopolitical tensions and changes in global oil supply [7] Real Estate Sector - The real estate sector has seen significant upward movement, with companies like Huangting International (000056) and Chengdu Investment Holdings (600649) reaching their daily limits [8] - Promotions and discounts have been launched by over 140 real estate projects in Guangzhou, indicating a potential recovery in the housing market as demand from the holiday period is expected to be released [10] - Analysts predict a "small spring" recovery in core city real estate markets, with major institutions raising their forecasts for Hong Kong property prices significantly for 2026, with JPMorgan increasing its forecast from 5%-7% to 10%-15% [10]

Group 1 - The real estate index experienced a significant increase, with constituent stocks such as Chengdu Investment Holdings, Guangming Real Estate, and ST Zhongdi hitting the daily limit up, while Huangting International also reached the limit up, and I Love My Home rose by 8% [1]

Group 1: Market Overview - The A-share real estate sector is active, with the Wind Real Estate Index rising by 2.24%, and several companies experiencing significant stock price increases, including Chengdu Investment Holdings reaching the daily limit, and Guangming Real Estate rising over 9% [1][2] - The current market enthusiasm is driven by a rebound in the spring real estate market, supported by favorable policies from various regions, including home purchase subsidies and talent housing tickets, which are expected to stabilize and warm up the real estate industry [3][4] Group 2: Policy Impact - Multiple cities have introduced measures to stimulate the real estate market, such as Guangzhou offering promotional packages for over 140 properties and Jiangsu's Huai'an providing tiered subsidies of 2% to 6% on home purchases, along with increased loan limits for families with multiple children [4] - A two-month special action has been launched in Guangzhou to address issues in real estate self-media, aiming to purify the industry environment and reduce false advertising and malicious speculation [4] Group 3: Industry Segments - Real estate development companies are expected to benefit directly from the recovery in transactions and policy incentives, with a focus on core cities leading to faster sales and shorter de-stocking cycles [5] - The recovery in the real estate market will also boost demand in real estate services, including property management and intermediary services, as transaction volumes for new and second-hand homes increase [5] - The rebound in the real estate market is anticipated to positively impact the home furnishings and appliances sector, with rising demand for home customization and smart appliances as a result of improved purchasing conditions [5] Group 4: Key Companies - Guangming Real Estate, a well-established company in Shanghai, has seen a significant increase in visitor and transaction volumes due to multiple promotional activities during the spring [6] - Chengdu Investment Holdings benefits from its state-owned background, focusing on urban renewal and affordable housing projects, positioning itself well to take advantage of local policy benefits [6] - Wo Ai Wo Jia, a leading real estate intermediary, has experienced a substantial increase in store inquiries and contract signings due to the resurgence in the spring real estate market, indicating strong performance recovery expectations [6]

Core Viewpoint - The real estate ETF (512200) has shown a positive trend, with a 2.15% increase as of February 25, 2026, indicating a potential recovery in the real estate market following the Chinese New Year holiday [1]. Group 1: Market Performance - The real estate ETF (512200) recorded a trading volume of 69.0258 million yuan, with significant gains in constituent stocks such as Guangming Real Estate (up 10.07%), Chengdu Investment Holdings (up 9.96%), and I Love My Home (up 4.56%) [1]. - The market experienced a decline in overall trading volume during the previous week due to the Spring Festival holiday, but there was a rebound in market transactions compared to the same period in the previous year [1]. Group 2: Industry Outlook - Guotai Junan Securities suggests that the overall market transaction volume has shown signs of stabilization since the beginning of 2026, indicating a positive outlook for high-quality enterprises in the future [1]. - Huayuan Securities believes that the length and depth of the real estate adjustment in China have reached a relatively sufficient level, with current adjustments nearing historical averages in terms of both magnitude and duration [1]. - The central government's emphasis on "good housing" construction, accelerated REITs pilot programs, and expanded financial support for affordable housing are expected to contribute to the industry nearing the end of its adjustment phase [1]. Group 3: Investment Strategy - Bank of China Securities highlights the importance of early positioning for "policy turning points," while the "fundamental turning point" opportunities may last longer, requiring price stabilization for sustained recovery [2]. - The "policy turning point" may manifest through increased policy enthusiasm on both the supply and demand sides of the real estate market, while the "fundamental turning point" is indicated by a narrowing decline in second-hand housing prices [2]. - Some real estate companies have adequately accounted for impairments in 2025, which may reduce impairment pressure in 2026 and 2027, presenting potential for reversal [2]. - Companies holding commercial real estate have proactively adapted to new business models and consumption trends, positioning themselves to capitalize on opportunities in the new consumption era [2]. Group 4: ETF Composition - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes sample securities into various industry classifications, providing a comprehensive analysis tool for investors [2]. - The top ten weighted stocks in the index include Poly Developments, China Merchants Shekou, Vanke A, Zhangjiang Hi-Tech, Hainan Airport, Wantong Development, New City Holdings, Quzhou Development, Binhai Group, and Xianlead [2].

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]

Group 1 - The real estate sector experienced an initial surge, with Bright Realty hitting the daily limit up [1] - Other companies such as Urban Investment Holdings, I Love My Home, Shanghai Shimao Development, Te Fa Service, and Guangyu Group also saw increases [1]

Group 1 - The core point of the article is that Guangming Real Estate announced that the listed company has no overdue external guarantees [2] Group 2 - The announcement was made on February 12 [2] - The information was reported by Securities Daily [2]