Group 1: 康农种业 - 康农种业 has achieved a breakthrough in the Huang-Huai-Hai market with its representative variety 康农玉 8009, which is expected to continue growing in this region and is making progress in exporting corn seeds [2][3][4] - The company is projected to have EPS of 0.78, 1.15, and 1.5 yuan for the years 2025, 2026, and 2027 respectively, with a target price of 40.25 yuan based on a 35x valuation for 2026 [3][4] - The corn seed supply-demand inflection point is emerging, with national seed corn area and production reaching a ten-year high in 2023, and a supply-demand ratio of 167%, indicating a favorable environment for quality seed sales [3][4] Group 2: 万润新能 - 万润新能 is positioned at a critical point of performance confirmation and product technology upgrade, with expectations of simultaneous growth in volume and profit due to surging demand for energy storage and power batteries [2][6][9] - The company is projected to have a net profit of -446 million yuan, 963 million yuan, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, with an EPS of -3.54 yuan, 7.63 yuan, and 10.87 yuan [6][9] - The company is a leading supplier of lithium iron phosphate cathode materials for lithium batteries, with a projected sales growth of approximately 64.33% in 2025, ranking second in domestic shipments [8][9] Group 3: 爱柯迪 - 爱柯迪 is recognized as a lightweight champion in the automotive sector, actively expanding into the fields of intelligent robotics and magnesium alloy products, with a projected net profit of 1.14 billion, 1.41 billion, and 1.74 billion yuan for 2025, 2026, and 2027 respectively [2][11][12] - The company is expected to benefit from the growing trend of automotive lightweighting and aims to become a primary supplier in the field of embodied intelligence [11][12] - The acquisition of 卓尔博 is anticipated to enhance 爱柯迪's revenue by over 1 billion yuan in 2026, as it enters the micro and special motor sector [12][11] Group 4: 华新建材 - 华新建材 is focusing on strong profitability and pricing in African markets, with adjusted net profit projections of 2.8 billion, 3.61 billion, and 4.19 billion yuan for 2025, 2026, and 2027 respectively [26][27] - The company has reported strong performance from its Nigerian subsidiary, with a net profit of approximately 1.28 billion yuan in 2025, exceeding expectations [27] - The pricing for cement in key African countries has shown significant increases, indicating a robust market environment for 华新建材 [27][26] Group 5: 新城控股 - 新城控股 is optimizing its debt structure through multiple financing channels, with a projected EPS of 0.37, 0.51, and 0.61 yuan for 2025, 2026, and 2027 respectively [29][30] - The company has successfully applied for a public REITs project, expected to raise 1.625 billion yuan, which will enhance its cash flow stability [29][30] - The company is actively working on diversifying its financing methods, including issuing REITs and optimizing its debt structure [30][31] Group 6: 行动教育 - 行动教育 is expected to achieve net profits of 303 million, 366 million, and 427 million yuan for 2025, 2026, and 2027 respectively, with a target price of 67.54 yuan [32][33] - The company is advancing its "百校计划" to expand its presence and enhance its service capabilities, while also integrating AI strategies to improve operational efficiency [32][33] - The company has reported a high net profit margin of 37.97% in Q3 2025, indicating strong profitability [32][33]

Market Strategy - Market risk appetite has rebounded significantly, with a notable rebound in the technology innovation sector [5][8] - The overall A-share market saw a rise, with the Wind All A Index increasing by 1.58% to 6832.57 points, while the Shanghai Composite Index rose by 0.65% to 4123.14 points [8][9] - The technology innovation sector, represented by the STAR 50 Index, increased by 2.16%, indicating strong performance in growth-oriented stocks [8][9] Economic Indicators - In January-February, China's exports increased by 21.8% year-on-year, with a trade surplus of 213.6 billion USD [17][18] - The People's Bank of China conducted a 395 billion CNY reverse repurchase operation with a fixed interest rate of 1.40% [19][20] Industry Dynamics - China's rare earth exports reached 10,468.3 tons in January-February, a year-on-year increase of 23.0% [30][31] - The import volume of copper ore and its concentrates totaled 4.934 million tons in January-February, reflecting a year-on-year growth of 4.9% [32][33] - The total sales of two-wheeled electric vehicles in 2025 reached 63.7 million units, representing a year-on-year increase of 29.47% [44] Company Tracking - New城控股 issued 355 million USD in offshore bonds with an interest rate of 11.8%, aimed at repaying maturing debts [52][53] - 天赐材料 reported a net profit of 1.362 billion CNY for 2025, a year-on-year increase of 181.43%, driven by strong sales of lithium battery materials [55] - 益生股份 saw a 1.15% year-on-year increase in the sales of white feather broiler chicks in February, while the sales of breeding pigs declined by 12.44% [57] - 大北农 reported a 39.38% year-on-year increase in pig sales in February, with sales revenue reaching 475 million CNY [59] - 巨星农牧's pig sales in February increased by 24.06% year-on-year, generating sales revenue of 425 million CNY [61]

本次要约回购部分境外美元债券符合公司偿债计划及发展战略，不会对公司经 营情况和财务状况产生不利影响，不会损害公司及全体股东的利益。 特此公告。 新城控股集团股份有限公司 董 事 会 新城控股集团股份有限公司 关于要约回购部分境外美元债券的公告 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。 新城控股集团股份有限公司（以下简称"公司"）的境外子公司 New Metro Global Limited（新城環球有限公司，以下简称"新城環球"）分别于2021年2月2 日及2025年9月30日在境外发行了本金总额为4.04亿美元及1.6亿美元，票面年息为 4.5%及11.88%的无抵押固定利率债券（以下分别简称"4.04亿美元债券"及"1.6 亿美元债券"），详见公司公告编号：2021-007《公司关于境外子公司发行境外美 元债券的公告》及公告编号：2025-046《公司关于境外子公司发行境外美元债券的 公告》。其中，4.04亿美元债券将于2026年5月2日到期，1.6亿美元债券将于2027年 9月30日到期。 为统筹优化整体融资结构， ...

证券代码：601155 证券简称：新城控股 编号：2026-007 2、担保方式：公司间接控股股东新城发展控股有限公司提供无条件的不可撤 销的连带责任保证担保，担保范围包括本次境外债券的本金和利息等； 3、发行规模：3.55亿美元； 4、债券期限：3年； 5、债券利率：票面年息为11.8%，每半年支付一次； 1 新城控股集团股份有限公司 关于境外子公司发行境外美元债券的公告 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。 2025年5月26日，新城控股集团股份有限公司（以下简称"公司"）召开公司 2024年年度股东大会，审议通过了《关于公司开展直接融资工作的议案》，授权公 司（含控股子公司）在不超过人民币200亿元（含境外等值外币）的规模下在境内 外开展直接融资工作，并根据《股票上市规则》、《公司章程》等的相关规定为子 公司提供相应担保，详见《公司2024年年度股东大会决议公告》（编号：2025- 033）。公司控股股东富域发展集团有限公司已于2026年2月6日收到国家发展和改 革委员会出具的《企业借用外债审核登记证明》（编号 ...

融资通道多点突破，债务结构不断优化 新城控股(601155) ——公司信息点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 曾佳敏(分析师) | 021-23185689 | zengjiamin@gtht.com | S0880525040125 | 本报告导读： 2026 年 3 月 6 日，上交所官网显示广发新城吾悦封闭式商业 REIT 已获受理。考虑 企业此前私募 REITs 和美元债发行，公司已实现多层次融资突破。 投资要点： | 风险提示。1）行业规模具有缩量风险；2）市场修复不及预期。 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- ...

2026 年 3 月 6 日，上交所官网显示广发新城吾悦封闭式商业 REIT 已获受理。考虑 企业此前私募 REITs 和美元债发行，公司已实现多层次融资突破。 投资要点： | 风险提示。1）行业规模具有缩量风险；2）市场修复不及预期。 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 119,174 | 88,999 | 58,475 | 53,687 | 54,549 | | (+/-)% | 3.2% | -25.3% | -34.3% | -8.2% | 1.6% | | 净利润(归母) | 737 | 752 | 838 | 1,152 | 1,377 | | (+/-)% | -47.1% | 2.1% | 11.4% | 37.4% | 19.5% | | 每股净收益(元) | 0.33 | 0.33 | 0.37 | 0.51 | 0.61 | | 净资产收益率(%) | 1.2% | 1. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Insights - The company is expanding its equity financing channels by applying for commercial real estate REITs, aiming to raise 1.625 billion yuan, which will help create a positive cycle of investment, financing, management, and exit [4]. - The underlying assets for the REIT include two commercial properties with stable operational performance and good asset quality, with expected distribution rates of 5.5% and 5.59% for 2025 and 2026, respectively [4]. - The company has shown a significant increase in its commercial revenue and gross profit contribution, with commercial revenue accounting for 29% and gross profit for 77% in the first half of 2025, compared to 14% and 48% in 2024 [6]. - The company successfully issued a $355 million credit bond, indicating improved creditworthiness and financing capabilities, which will alleviate debt pressure [6]. - The sales performance has shown a decline, with a 52% year-on-year drop in sales amount for 2025, but the average selling price has started to recover, suggesting a potential stabilization in value [6]. Financial Data and Profit Forecast - Total revenue is projected to decline from 88,999 million yuan in 2024 to 47,421 million yuan in 2026, with a year-on-year decrease of 25.3% and 20.7% respectively [5]. - The net profit attributable to the parent company is expected to increase from 945 million yuan in 2025 to 1,113 million yuan in 2026, reflecting a growth rate of 17.8% [5]. - The company's gross margin is anticipated to improve from 24.9% in 2025 to 30.0% in 2026, indicating better cost management and operational efficiency [5]. - The return on equity (ROE) is projected to rise from 1.5% in 2025 to 1.6% in 2026, and further to 2.4% in 2027, suggesting enhanced profitability [5].

新城發展控股有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 公 佈，為 響 應 中華人民共和國（「中 國」）相 關 部 門 發 佈 的 利 好 政 策，進 一 步 提 升 本 公 司 子 公 司 新城控股集團股份有限公司（「新城控股」）（其A股於上海證券交易所（「上交所」） 上 市，證 券 代 碼：601155）的 不 動 產 經 營 專 業 能 力、優 化 其 資 本 結 構 以 及 增 強 其 核 心 競 爭 力 及 可 持 續 發 展 能 力，新 城 控 股 於2026年3月6日 宣 佈，已 啟 動 以 其 商 業不動產項目作為底層資產的商業不動產投資信託基金（「商業不動產REITs」） 申報公開發行工作（「新城控股公告」）。 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的內容概不 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 ...

Core Insights - The report emphasizes the government's focus on stabilizing the real estate market, with a shift from risk prevention to supporting people's livelihoods, particularly for newly married and newborn families [5][16][17] - The "small spring" recovery trend in the real estate market continues, with significant increases in new and second-hand housing transactions across various cities [5][9] - The report indicates a notable improvement in new housing supply, although the overall supply levels have not yet returned to normal [5][9] Policy Overview - The central government has reiterated its commitment to stabilizing the real estate market, with a target economic growth rate adjusted to 4.5%-5% for 2026 and a budget deficit maintained at 4% [16][18] - The government aims to enhance fiscal efficiency by allocating 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds [16][18] - There is a clear intention to support the housing needs of new citizens and young families, with policies expected to strengthen throughout the year [17][19] Market Performance - New housing transactions in 50 cities increased by 183% week-on-week, with a year-on-year growth of 20.7% [5][9] - Second-hand housing transactions also saw a significant rise, with an increase of 189% week-on-week in 11 cities and a year-on-year growth of 13% [5][9] - The report notes that the transaction volume for second-hand homes has maintained a positive trend, with a cumulative year-on-year increase of 36.1% since the beginning of the "small spring" [5][9] Supply and Demand Dynamics - New housing launches improved significantly, with a week-on-week increase of 557%, although the supply remains below normal levels [5][9] - The report highlights a slight increase in second-hand housing listings, with a 0.2% week-on-week rise in 140 cities, indicating a slow recovery in the market [5][9] - The land supply has increased, but transaction performance has been poor, with a total land sale revenue of 6.95 billion yuan, down 73.2% week-on-week [5][9] Capital Market Insights - The real estate sector underperformed in the capital market, with a decline of 4.1% compared to the Shanghai and Shenzhen 300 index [5][9] - Major real estate companies experienced varying degrees of decline, with some companies like China Overseas Land and Investment showing smaller declines compared to others [5][9] - The report notes that the C-REITs sector continues to develop, with 14 applications currently under review, indicating a proactive approach to commercial real estate investment trusts [5][9]

2026年03月08日 《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 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 着力稳痘房地产市场，增加居民财产 灵活高效运用降准降息 —— 地产及物管行业周报（2026/2/28-2026/3/6） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 地产行业数据：新房、二手房成交环比均回升，新房成交推盘比小幅回落。上周(2.28- 0 3.6)34 个重点城市新房合计成交 181.3 万平米,环比+69%,其中,一 二线环比 +78.2%，三四线环比-3%。3 月(3.1-3. ...