新城控股公告，公司控股股东富域发展质押3400万公司股份，占其所持股份比例为2.47%，占公司总股 本比例为1.51%。质押开始日为2025年12月15日，质押用途为为子公司融资提供担保。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Core Viewpoint - The company has approved the estimated amount for daily related transactions for the years 2026-2027, which will not affect its independence or operations [2][3]. Group 1: Approval Process - The matter was approved by the company's fourth board of directors' thirteenth meeting, requiring no submission to the shareholders' meeting [2]. - The independent directors recognized the transaction as necessary for daily operations, adhering to fair and reasonable pricing principles [3][4]. Group 2: Estimated Amount for Daily Related Transactions - The board approved the estimated amount for daily related transactions for each year in 2026-2027 during the meeting on December 15, 2025 [4]. - Specific details regarding the estimated amounts were provided in the announcement [4]. Group 3: Related Party Information - Shanghai Mita Cultural Development Co., Ltd. is identified as a related party, with a registered capital of RMB 50 million and established on November 17, 2025 [5]. - The company has various business activities, including cultural exchanges, advertising, and retail sales [5]. Group 4: Main Content and Pricing Policy of Related Transactions - The main content of the related transactions includes leasing office buildings and shopping center spaces, as well as providing commercial management services [6]. - The company will determine transaction prices based on market-oriented principles and fair market prices [6]. Group 5: Purpose and Impact of Related Transactions - The transactions align with the company's business characteristics and are necessary for daily operations [7]. - The pricing is fair and reasonable, ensuring no harm to shareholders, particularly minority shareholders, and will not adversely affect the company's ongoing operations [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國新零售供應鏈集團有限公司 China Next-Gen Commerce and Supply Chain Limited （股份代號：3928） （於開曼群島註冊成立的有限公司） 有關上海米塔集收購事項之自願公告 有關租賃服務框架協議年度上限之持續關連交易 上海米塔集收購事項 董事會欣然宣佈，於二零二五年十二月十五日（聯交所交易時段後），賣方與 買方訂立米塔集股權轉讓協議，據此，賣方同意根據米塔集股權轉讓協議之 條款出售及買方同意購買股權，代價為人民幣1.5百萬元。股權的付款已於米 塔集股權轉讓協議完成同日作出，惟有待進行慣例備案及註冊。 上市規則之涵義 於本公告日期，王先生（本公司董事兼控股股東王女士之父親）間接擁有賣方 約50%股權，而賣方則擁有上海米塔集的100%股權。王女士為賣方及上海米 塔集的法定代表。因此，賣方及上海米塔集為王女士的聯繫人並為本公司的 關連人士，根據上市規則第十四A章，米塔 ...

Core Insights - The article highlights the success of New City Holdings in the 2025 Feishu AI Efficiency Pioneer National Competition, showcasing their innovative case of integrating AI and BI for shopping center management [1] Group 1: Challenges Faced - New City Holdings operates over 170 shopping centers, facing significant management challenges due to high business complexity, fragmented data systems, and varying employee capabilities [3] - The disconnect between experienced personnel and data analysis skills has led to operational difficulties, where frontline operations struggle with a lack of data-driven insights [3] Group 2: AI + BI Empowerment - The company developed an AI + BI operational management system through the efforts of business personnel without IT backgrounds, utilizing the Feishu platform to connect various business systems [4] - The system employs a three-step strategy of Connect, Collect, and Convert to facilitate seamless data flow across different operational areas [4] Group 3: Implementation and Results - The implementation of the AI + BI system has resulted in significant efficiency gains, saving over 340 person-days monthly and achieving a quantifiable cost reduction of 880,000 yuan [6] - The system has also enabled the identification of sales potential, leading to an average monthly sales increase of over 6.4 million yuan, with total sales potential exceeding 70 million yuan [6] Group 4: Industry Impact - New City Holdings' AI + BI operational management solution has evolved into an industry benchmark, providing a valuable digital transformation reference for retail and chain service sectors [7] - The company's goal is to eliminate data silos and knowledge barriers, empowering every employee to become a key driver of business growth [7]

证券代码：601155 证券简称：新城控股 编号：2025-055 新城控股集团股份有限公司 关于新增 2026-2027 年度日常关联交易预计额度的公告 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。 重要内容提示： 本事项已经公司第四届董事会第十三次会议审议批准，无需提交股东大会审 议。 公司与关联人的日常关联交易是基于日常经营需要确定的，定价原则合理、 公允，不影响公司的经营及独立性，亦不会对关联方形成依赖。 一、新增日常关联交易基本情况 （一）新增日常关联交易额度履行的审议程序 公司于2025年12月15日召开了第四届董事会第五次独立董事专门会议，会议以 3票同意、0票反对、0票弃权审议通过了《关于新增公司2026-2027年度日常关联交 易预计额度的议案》。公司全体独立董事认可交易事项，认为：本次关联交易内容 符合公司业务特点，属于日常经营所需。交易符合商业惯例，遵循了公平、公正、 公开的原则，交易定价公允合理，不存在损害公司股东尤其是中小股东利益的情形， 不会对公司持续经营等产生不利影响。 公司于2025年12月1 ...

Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [1]. Core Insights - The real estate market is expected to stabilize, with core cities likely to see a recovery sooner. Two major opportunities are identified: the rise of "good housing" policies and the strong performance of quality commercial enterprises during a monetary easing cycle [1][26]. - The report highlights a significant decline in new and second-hand housing transactions, with new home sales in 34 key cities dropping by 12.3% week-on-week and 32% year-on-year in December [2][5]. - The report emphasizes the importance of policy measures from the Central Economic Work Conference aimed at stabilizing the real estate market, including city-specific strategies for inventory reduction and supply optimization [26][27]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 242.3 million square meters, down 12.3% week-on-week, with first and second-tier cities seeing a 12.9% decline [2][5]. - Year-on-year, December sales in 34 cities decreased by 32%, with first and second-tier cities also down by 32% [5][6]. - The inventory of unsold residential properties in 15 cities increased by 0.2% week-on-week, with a current available area of 90.05 million square meters [19][20]. Policy and News Tracking - The Central Economic Work Conference held on December 10-11 focused on stabilizing the real estate market through various measures, including encouraging the acquisition of existing properties for affordable housing [26][27]. - Qingdao introduced the first national "Good Housing" construction standard system, aiming to add at least 12,000 quality housing units by 2026 [29][30]. - New policies in Changsha regarding housing provident funds aim to ease home purchasing for families with two or more children and streamline processes for workers from other regions [29][30]. Company Dynamics - Major real estate companies reported significant declines in sales for November, with Poly Developments down 24.9% to 18.02 billion yuan and China Jinmao down 0.02% to 8 billion yuan [33][34]. - New City Holdings issued bonds worth 1.75 billion yuan with a 4% interest rate, while Yuexiu Property secured a 2 billion yuan loan [33][34]. - The report notes that the average price-to-earnings ratio for mainstream A/H listed real estate companies is projected at 21.2 for 2025 and 18.5 for 2026 [1].