智通财经APP讯，新城控股(601155.SH)发布公告，11月份公司实现商业运营总收入约11.55亿元，比上 年同期增长8.96%;1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 ...

新城控股集团股份有限公司 2025 年 11 月份经营简报 证券代码：601155 证券简称：新城控股 编号：2025-054 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年11月份房地产出租情况 11月份公司实现商业运营总收入约11.55亿元，比上年同期增长8.96%；1-11月 公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 3、2025年11月公司商业运营总收入为11.55亿元（即含税租金收入），包含：商铺、办公 楼及购物中心的租金、管理费、停车场、多种经营及其他零星管理费收入。 二、公司 2025 年 11 月份销售情况 | 11月份公司物业及租金收入分区域情况如下： | | --- | | 省份 | 物业数量 | 总建筑面积 11 | 月份租金收 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | ...

11月份公司实现合同销售金额约14.48亿元，销售面积约20.09万平方米。1-11月公司累计实现合同销售 金额约179.17亿元，累计合同销售面积约235.16万平方米。 格隆汇12月9日丨新城控股(601155.SH)公布，11月份公司实现商业运营总收入约11.55亿元，比上年同期 增长8.96%；1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 ...

格隆汇12月9日丨新城控股(601155.SH)公布，11月份公司实现商业运营总收入约11.55亿元，比上年同期 增长8.96%；1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 11月份公司实现合同销售金额约14.48亿元，销售面积约20.09万平方米。1-11月公司累计实现合同销售 金额约179.17亿元，累计合同销售面积约235.16万平方米。 ...

核心内容 合约销售 30家重点上市房企有7家单月销售环比增长 1、合约销售：30家重点上市房企有7家单月销售环比增长 2、企业拿地：头部央国企核心城市补仓，整体投资保持谨慎 3、企业融资：单月总量环比回升，成本持续走低 4、组织动态：龙湖华发等多家房企精简层级，提升效能 ◎ 文 / CRIC研究中心 0 1 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15. 0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润量瓶 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329.0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].

5股今日获机构给予买入评级 今日（12月4日）A股三大指数涨跌不一。市场全天成交额1.56万亿元，较前一交易日缩量超1200亿元；收盘上涨个股超1400只，其中收盘股价涨停的有40 只。 盘面上，电机概念领涨，板块内三协电机涨超17%。减速器、国家大基金持股、航空发动机等概念跟涨。海南、旅游及酒店、乳业等概念跌幅居前。 据数据宝统计，今日机构研报共发布5条买入型评级记录，包括振德医疗、新城控股、山西汾酒等。 市场表现方面，机构买入型评级个股今日平均下跌1.37%，表现弱于沪指。跌幅较大的个股有山西汾酒、振德医疗、新城控股，跌幅分别为3.42%、 2.50%、1.42%。 | 代码 | 首桥 | 今日收盘价 | 今日涨跌幅 | 机构净买入 | | --- | --- | --- | --- | --- | | | | (元) | (%) | (万元) | | 002402 | 和而泰 | 53.42 | 10.01 | 32987.34 | | 300250 | 初灵信息 | 31.86 | 20.00 | 8261.61 | | 600343 | 航天动力 | 25.65 | -0.19 | 5852.45 ...

Transaction home prices posted faster decline in November, falling 1.7% m-m (- 13.3% y-y) in the 85 sample cities we track vs. -1.2% in October and -1.3% in September. All sample cities recorded m-m decreases, while >90% recorded faster declines (vs. ~35% in October). In particular, tier 1 cities recorded a deeper and faster drop of -1.8% m-m (vs. -1.3% in October), consistent with our October AlphaWise survey that residents in tier 1 cities are more bearish on home prices. December 3, 2025 09:00 PM GMT Chi ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]

December 1, 2025 04:43 PM GMT China Property | Asia Pacific M Idea Developers' November Sales Stayed Weak CRIC preliminary sales data show that contracted sales of 25 major developers we track continued to record a deep decline of 42% y-y on average in November. We believe their sluggish sales may prolong into 1Q26 owing to weak buyer sentiment, reactive policy rollout and a high base. Developers recorded deep sales decline in November as expected: The top 50 and top 100 developers' attributable sales recor ...