Core Viewpoint - The company, Bailian Co., Ltd. (600827), has stated that its current operational situation is normal, with all business activities proceeding in an orderly manner, and there have been no significant changes in its main business [1] Group 1 - The management expresses confidence in the company's future development [1] - The company will continue to diligently fulfill its responsibilities and solidly operate [1] - There is a focus on enhancing the company's core competitiveness [1]

证券日报网讯1月19日，百联股份（600827）在互动平台回答投资者提问时表示，公司高度重视投资者 回报与信任，自2016年度至今连续九年实施稳健的分红政策，持续以现金分红回报广大投资者。公司上 市以来经历多轮吸收合并，不同的第三方交易软件对于融资金额的计算口径不同。未来如有股份回购计 划，将会依据相关法律法规及时履行信息披露义务。 ...

Core Viewpoint - The company emphasizes its commitment to comply with relevant laws and regulations while focusing on the preservation and appreciation of state-owned assets [1] Group 1: Compliance and Internal Control - The company has established a comprehensive internal control system and compliance management mechanism [1] - Internal controls are audited annually by an accounting firm, which issues an "Internal Control Audit Report" [1]

（文章来源：证券日报） 证券日报网讯 1月19日，百联股份在互动平台回答投资者提问时表示，公司始终高度重视国有资产保值 增值及股东利益保护，以提高上市公司质量为目标，不断提升公司核心竞争力，力争为投资者创造更好 的回报。 ...

Group 1 - The company emphasizes its commitment to legal and compliant operations [2] - The management team is dedicated and responsible during their tenure [2] - The company aims to continuously enhance its intrinsic value and core competitiveness for stable development [2]

证券日报网讯 1月19日，百联股份在互动平台回答投资者提问时表示，公司重视投资者的反馈和意见， 微信公众号系公司对外宣传的平台。目前，公司通过投资者热线、IR邮箱、业绩说明会、上证E互动平 台等多元渠道与投资者保持沟通与交流。 （文章来源：证券日报） ...

Core Viewpoint - Bailing Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Group 1: Stock Performance - On January 19, Bailing's stock price increased by 2.10%, reaching 9.24 CNY per share, with a trading volume of 62.56 million CNY and a turnover rate of 0.43%, resulting in a total market capitalization of 16.49 billion CNY [1]. - Year-to-date, Bailing's stock price has risen by 2.78%, but it has seen a decline of 1.49% over the last five trading days and 1.60% over the last twenty days, while it has increased by 0.65% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Bailing reported a revenue of 19.05 billion CNY, reflecting a year-on-year decrease of 11.86%, and a net profit attributable to shareholders of 295 million CNY, down 81.78% compared to the previous year [2]. - Since its A-share listing, Bailing has distributed a total of 4.93 billion CNY in dividends, with 901 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Bailing had 78,000 shareholders, a decrease of 6.17% from the previous period, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.39 million shares, a decrease of 10.50 million shares from the previous period [3].

Core Insights - The real estate industry is currently facing significant challenges, with a decline in GDP contribution from the real estate and construction sectors, dropping from 15% in 2019 to 12% in the first three quarters of 2025 [7] - The shift in housing demand from "having a house" to "having a good house" indicates a structural change in the market, with a projected annual housing demand of over 860 million square meters until 2035, primarily driven by improvement needs [7] - The report emphasizes the need for policy adjustments to address the ongoing market downturn, with potential policy directions including administrative, public fund, fiscal, urban renewal, and stock activation measures [7][9] Macro Perspective - The economy is undergoing a transformation, with a noticeable decline in the contribution of the real estate sector to GDP [7] - The population peaked in 2021 and has been declining, affecting housing demand dynamics, particularly among potential first-time buyers [7] - Employment and income expectations remain weak, impacting consumer willingness to purchase homes [7] Mid-Macro Perspective - Market transaction volumes and prices are continuously declining, with new home transactions in 100 cities down 15% year-on-year from January to November 2025 [7] - The frequency and effectiveness of local policy interventions have decreased, leading to rising inventory levels and prolonged de-stocking periods [7] - Real estate companies are experiencing significant financial strain, with funding levels dropping from 20.1 trillion yuan in 2021 to 10.8 trillion yuan in 2024 [7] Micro Perspective - Home prices in first-tier cities have seen significant declines, with second-hand home prices dropping over 35% from their peak [7] - The expectation of falling home prices is growing among residents, with 23.5% anticipating further declines as of Q3 2025 [7] - The market is witnessing a shift towards improvement-type housing, with larger units (over 120 square meters) gaining market share [7] Policy Space - Future policy adjustments are expected to focus on loosening purchase restrictions in major cities and enhancing public fund policies [9] - Fiscal measures may include subsidies for home loans and adjustments to tax policies related to property transactions [9] - Urban renewal initiatives are anticipated to expand, particularly in transforming urban villages [9] Opportunities in the Real Estate Sector - The commercial real estate sector is poised for growth by adapting to new consumer demands and creating innovative shopping experiences [9] - Residential developers focusing on core cities and high-demand housing types are likely to benefit from market shifts [9] - The report highlights the potential for real estate investment trusts (REITs) to expand, particularly in commercial properties, as the market matures [9] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in core cities, such as China Resources Land and China Merchants Shekou [9] - Smaller, agile firms that have made significant sales and land acquisition strides since 2024 are also recommended for consideration [9] - Companies innovating in the commercial real estate space, such as China Resources Vientiane Life and Swire Properties, are highlighted as potential investment opportunities [9]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Views - The current market is under pressure with declining transaction volumes and prices, but there is potential for policy adjustments in the first quarter of the year to stabilize the market [9] - The report suggests focusing on companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [9] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area decreased by 45.7% month-on-month and 35.6% year-on-year, with a notable increase in the decline rate [20][28] - Second-hand housing transaction area increased by 35.5% month-on-month but decreased by 21.6% year-on-year [51] - New housing inventory area increased by 0.2% month-on-month and decreased by 8.6% year-on-year, with an average de-stocking cycle of 16.3 months [44][45] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,744.7 million square meters, down 60.3% month-on-month and 2.2% year-on-year [67] - Total land transaction value was 32.19 billion, down 71.2% month-on-month and 63.3% year-on-year, with an average floor price of 1,844.7 yuan per square meter [67][73] - The land premium rate was 0.6%, down 7.9 percentage points month-on-month and 4.6 percentage points year-on-year [67][69] 3. Policy Overview - Various cities are optimizing housing fund policies, such as extending the mutual assistance policy for housing fund withdrawals in Chengdu until the end of 2026 [5][104] - In Shenyang, five housing fund loan policies were optimized starting January 2026, including extending the minimum down payment ratio of 15% [5][104] 4. Sector Performance Review - The real estate sector's absolute return was 5.1%, up 5.8 percentage points from the previous week, and the relative return compared to the CSI 300 was 2.3%, up 2.4 percentage points [106][107] - The sector's price-to-earnings ratio was 25.66X, an increase of 1.02X from the previous week [110] 5. Key Company Announcements - New City Holdings reported a shareholding change with its controlling shareholder holding 1.4 billion shares, representing 6.11% of the total [118]

证券日报网讯1月9日，百联股份（600827）在互动平台回答投资者提问时表示，联华超市作为独立上市 公司，拥有独立完整的业务和自主经营能力。未来将通过数字化转型、业态调整、内部效率的改善，助 力业绩的逐步改善。 ...