Core Viewpoint - The grand opening of Changzhou Xingyao City Wuyue Plaza further solidifies New City Holdings' leading advantage in commercial scale, with the project expected to enhance regional economic vitality and create over 5,000 jobs [1] Group 1: Project Overview - Changzhou Xingyao City Wuyue Plaza is the seventh Wuyue Plaza in Changzhou, strategically located in the core area of the high-speed rail hub [1] - The project covers a total construction area of over 550,000 square meters and is a key municipal project with an investment exceeding 5 billion yuan [2] - The plaza integrates various functions, including retail, dining, and services, aiming to reshape urban consumption patterns and elevate regional value [1][2] Group 2: Innovative Features - The plaza features three major experiential labels: "Water-Land-Air Lively Space," "Visual Wonder Space," and "ESG Low-Carbon Living Space," enhancing its competitive edge [2][3] - It includes Changzhou's first aerial garden of over 15,000 square meters and a lakeside commercial area, providing diverse leisure experiences [3] - The "Visual Wonder Space" boasts Changzhou's first over 1,000 square meter naked-eye 3D screen and a 40-meter high iconic glass sphere, creating a recognizable urban landmark [3] Group 3: Brand and Consumer Experience - The plaza hosts over 200 premium brands, including 6 first stores in Jiangsu and 21 first stores in Changzhou, establishing a distinctive image during its opening [4] - Notable attractions include Jiangsu's first indoor skydiving brand and the first full-size American-style matrix slide in East China, enhancing the consumer experience [4] - The project focuses on high-quality lifestyle offerings, featuring a range of dining options and lifestyle brands, catering to diverse consumer needs [5]

Core Viewpoint - The article discusses the downfall of Qu Dejun, a former senior executive at Wanda Group, who was sentenced to seven years in prison for bribery during his tenure at the company, highlighting issues of corruption within the commercial real estate industry in China. Group 1: Background of Qu Dejun - Qu Dejun worked at Wanda Group for 17 years before moving to New城控股 (New Town Holdings) in 2021, where he was optimistic about the company's future [1][41] - He held various key positions at Wanda, including Vice President and Executive President, overseeing critical functions such as leasing and contract approval [50][58] - His career trajectory included a significant role in Wanda's expansion during a period of rapid growth in the commercial real estate sector [10][50] Group 2: Corruption Charges - Qu Dejun was found guilty of accepting bribes totaling 6.3 million yuan (approximately 0.9 million USD) from a Beijing entertainment company between 2011 and 2016 [5][48] - The court revealed that he provided preferential treatment to the company, including significant rent discounts and favorable leasing terms across 12 major cities [52][57] - Specific benefits included a 20% rent reduction over five years, waiving penalties for underperformance, and altering contractual obligations to lower costs for the company [52][54] Group 3: Legal Proceedings and Sentencing - The Beijing Third Intermediate Court sentenced Qu Dejun to seven years in prison and ordered the confiscation of 500,000 yuan (approximately 70,000 USD) in personal assets [7][49] - The court noted that his actions severely harmed Wanda's financial interests and disrupted fair competition in the commercial real estate market [57] - Qu Dejun's family has returned the full amount of bribes, which may have contributed to a lighter sentence [56] Group 4: Industry Implications - The case underscores the challenges of corruption within the commercial real estate sector in China, particularly during periods of rapid growth [10][57] - Wanda Group has a history of stringent internal audits and anti-corruption measures, yet even long-serving executives like Qu Dejun were not immune to legal repercussions [32][80] - The incident reflects broader issues in the industry, where management practices and oversight may need to be reevaluated to prevent similar occurrences in the future [37][82]

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Insights - In the first 11 months of 2025, the transaction area of residential land in 100 cities decreased by 15% year-on-year, while the average transaction floor price increased by 9% year-on-year [1][20] - The top three companies in terms of new land reserve value from January to November 2025 are China Overseas Land & Investment (COLI) with 96.2 billion yuan, China Resources Land with 75.7 billion yuan, and China Merchants Shekou with 75.4 billion yuan [2][89] - The core 30 cities saw a cumulative year-on-year decrease of 5% in residential land transaction area, but a 13% increase in average transaction price [2][3] Summary by Sections Land Supply and Demand - In the first 11 months of 2025, the total supply of land in 100 cities decreased by 11.9% year-on-year, with a total transaction area of 10.68 billion square meters [10] - The supply of residential land in 100 cities for January to November 2025 was 348 million square meters, down 16.5% year-on-year, while the transaction area was 221 million square meters, down 15.1% year-on-year [20][1] Land Transaction Prices - The average transaction floor price for residential land in 100 cities increased by 9.4% year-on-year, reaching 6,295 yuan per square meter [1][55] - In November 2025, the average transaction price for residential land in first-tier cities was 39,283 yuan per square meter, up 29.5% year-on-year [66] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a cumulative year-on-year increase of 22.1% in new land reserve value, totaling 861.8 billion yuan from January to November 2025 [81] - The top three companies in terms of new land reserve area were China Overseas Land & Investment (4.38 million square meters), Poly Developments (3.63 million square meters), and China Merchants Shekou (3.14 million square meters) [89] Core 30 Cities Land Transaction Situation - In November 2025, the core 30 cities recorded a total of 208 residential land transactions, with a total area of 1.529 million square meters, down 14.4% year-on-year [94] - The overall premium rate for land transactions in the core 30 cities was 2.2%, down 4.1 percentage points year-on-year [94] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales performance in core cities, recommending Poly Developments, China Merchants Shekou, and China Jinmao [4][117] - It also highlights the potential of companies with rich existing resources and operational brand competitiveness, recommending China Resources Land and Shanghai Lingang [4][117] - The report sees long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][117]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement [3][29]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [3][29]. - The report suggests that while the real estate market continues to stabilize, core cities are expected to recover sooner [3]. Industry Data Summary New Housing Transactions - In the week of December 13-19, 2025, 34 key cities recorded a total new housing transaction volume of 3.095 million square meters, a week-on-week increase of 26.3% [4][6]. - Year-to-date, the total transaction volume for December is 7.416 million square meters, representing a year-on-year decrease of 30% [6][7]. - The transaction volume for new homes in first and second-tier cities was 6.866 million square meters, down 29.4% year-on-year [6][7]. Second-Hand Housing Transactions - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.192 million square meters, a week-on-week increase of 6.4% [12]. - The cumulative transaction volume for December is 3.29 million square meters, reflecting a year-on-year decrease of 32.9% [12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new housing, with a transaction volume of 1.07 million square meters, resulting in a transaction-to-launch ratio of 0.83 [22]. - The total available residential area in these cities is 90.354 million square meters, with a month-on-month increase of 0.2% [22]. Policy and News Tracking - The report highlights the Ministry of Housing's commitment to promoting high-quality development in the real estate sector, with a focus on maintaining market balance and stability [29][30]. - The Central Financial Office has proposed three measures to stabilize the real estate market for 2026, including controlling supply and supporting the transformation of real estate companies [30][32]. - Local policies, such as Shenzhen's focus on risk management for key enterprises and Shandong's "old-for-new" housing policy, are also noted [30][32].

Group 1: Harbin Ice and Snow World - The 27th Harbin Ice and Snow World will officially open on December 17, 2025, with a theme of "Ice and Snow Fairy Tale" [1] - This year's event is the largest in scale, created by thousands of ice construction workers [1] - Ticket prices are set at a promotional price of 298 yuan per adult from December 17 to December 23, 2025, reverting to the original price of 328 yuan starting December 24, 2025 [1] Group 2: Overseas Chinese Town A (OCT A) - In November 2025, OCT A reported a total visitor count of 6.97 million for its cultural tourism enterprises, an 8% increase year-on-year [1] - For the period from January to November 2025, the total number of visitors was 73.98 million, a 1% decrease compared to the previous year [1] - In November 2025, the company achieved a contract sales area of 86,000 square meters, a 61% year-on-year decrease, and a contract sales amount of 1.2 billion yuan, down 65% year-on-year [1] Group 3: Beijing Haichang Ocean Park - The Beijing Haichang Ocean Park project has entered the construction phase, with a total building area of approximately 160,000 square meters [2] - The park will feature a combination of ecological, educational, interactive, performance, artistic, and hotel functions, expected to be completed and operational by 2027 [2] - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group [2] Group 4: Taiyuan Plaza and China Resources Mixc Life - Taiyuan Plaza and China Resources Mixc Life have signed a cooperation agreement for the first Mixc Tian Di in North China, located in Taiyuan City [2] - The commercial complex will cover an area of approximately 445,000 square meters, integrating a "block + box mall" innovative model [2] - The project will feature international luxury brands, high-end dining, and cultural art spaces [2] Group 5: New City Holdings - New City Holdings has officially launched two innovative commercial product lines: "New Yuehui" and "Yinxiang" [2] - "New Yuehui" is positioned as an "urban vitality life aggregation body," while "Yinxiang" focuses on "enjoying slow time in urban streets," aimed at creating a "slow life block" [2] Group 6: Guangdong Province - Guangdong Province has issued measures to promote the integration of agriculture, culture, and tourism, focusing on high-quality development [3] - The measures include 27 specific actions to enhance the integration of various tourism-related sectors [3] - The province aims to develop ecological health resorts and promote traditional Chinese medicine health tourism [3] Group 7: Beijing Tourism - In the first ten months of the year, Beijing received over 300 million visitors, with tourism spending exceeding 600 billion yuan, representing year-on-year growth of 5.4% and 7.2% respectively [4][5] - Cultural and tourism consumption has become a significant growth driver for the construction of an international consumption center city [5]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 18 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 中央经济工作会议明确化解风险，稳定楼市 投资评级： 看好（维持） ——房地产行业周报（25/12/6-25/12/12） 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 0.3%、深证成指上升 0.8%、创业板指上升 2.7%、 沪深 300 下跌 0.1%、房地产（申万）下跌 2.6%。个股方面，涨跌幅前五的分 别为：三湘印象(+12.1%)、南都物业(+7.6%)、京基智农(+5.1%)、苏州高新 (+4.2%)、世联行(+2.9%)，涨跌幅后五的分别为：海泰发展(-18.2%)、ST 中迪 (-15.5%)、*ST 阳光(-11.7%)、中天服务(-11.0%)、*ST 荣控(-11.0%)。 联系人 板块表现： 数据跟踪： ...

Core Viewpoint - New City Holdings announced that its controlling shareholder, Fuyou Development Group Co., Ltd., has pledged part of its shares, totaling 34,000,000 shares, as of December 16, 2025 [2] Group 1 - The pledged shares represent a significant portion of the company's equity held by the controlling shareholder [2] - The announcement was made on the evening of December 16, indicating a potential shift in shareholder dynamics [2] - The pledge of shares may impact investor sentiment and market perception of the company's stability [2]

新城控股集团股份有限公司 关于控股股东部分股权质押的公告 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： 截至公告披露日，新城控股集团股份有限公司（以下简称"本公司"、 "公司"）控股股东富域发展集团有限公司（以下简称"富域发展"）持有 本公司股份为1,378,000,000股，占公司总股本的61.09%，其中被质押的股 份累计312,055,500股，占其持有公司股本的22.65%。 一、上市公司股份质押 公司于2025年12月16日接到富域发展的通知，获悉其所持有本公司的部分股份 被质押，具体事项如下： 股东 名称 是否为 控股股 东 本次质押股 数 是否为 限售股 是否补 充质押 质押起始 日 质押到期 日 质权人 占其所 持股份 比例 （%） 占公司 总股本 比例 （%） 股份质 押用途 富域 发展 是 34,000,000 否 否 2025 年 12 月 15 日 2027 年 12 月 17 日（具体 以实际办 理日为 准） 渤海国际信 托股份有限 公司 2.47 1.51 为子公 司融资 提供担 ...

截至发稿，新城控股市值为317亿元。 每经AI快讯，新城控股（SH 601155，收盘价：14.06元）12月16日晚间发布公告称，公司于2025年12月 16日接到富域发展的通知，获悉其所持有本公司的部分股份被质押，本次质押股份数量为3400万股。截 至本公告日，富域发展累计质押股数约为3.12亿股，占其所持股份比例为22.65%。常州德润累计质押股 数为6000万股，占其所持股份比例为43.54%。 2025年1至6月份，新城控股的营业收入构成为：房地产开发销售占比68.63%，物业出租占比29.06%， 其他业务占比2.31%。 （记者 曾健辉） 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ ...