Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [5]. Core Insights - The recent policy adjustments in Beijing and Shanghai signal a shift away from pessimistic expectations in the real estate market, with a focus on stabilizing prices and promoting recovery [5]. - The Shanghai policy changes are more significant than those in Beijing, aimed at improving the housing market structure and facilitating the housing replacement chain [5]. - The report anticipates further policy relaxations in other cities like Shenzhen, following the trend set by Beijing and Shanghai [5]. Summary by Sections Policy Changes - On August 25, 2025, Shanghai announced the relaxation of housing purchase limits, allowing families to buy unlimited properties outside the outer ring, and increasing the maximum housing provident fund loan amount to 2.16 million yuan from 1.92 million yuan [5][6]. - The new policies also include a reduction in commercial loan interest rates for second homes and the removal of the interest rate floor [5][6]. Market Analysis - The report notes a "dumbbell" structure in the Shanghai housing market, with improving prices for new homes and a rebound in second-hand homes priced below 3 million yuan [5]. - It predicts that the core cities' real estate markets are at a bottoming point and will lead the recovery [5]. Investment Recommendations - The report recommends investing in companies with strong product capabilities such as China Resources Land, Longfor Group, and China Jinmao, as well as undervalued firms like New Town Holdings and China Overseas Development [5][7]. - It also highlights opportunities in the second-hand housing brokerage sector and property management companies [5][8].

上海跟进放松，地产投资机会怎么看？20250825 摘要 上海楼市新政出台后，地产板块处于牛市背景下，预计会有补涨或跟涨的趋势。 政策落地、半年报披露期内企业积极变化等催化剂将推动地产板块持续上涨。 推荐关注存量地产的三个方向：商业地产、物业管理和二手房中介。重点推荐 标的包括新城控股（预计有接近 3 倍的空间）、华润置地、我爱我家、中国金 贸、万物云和绿城服务。 上海楼市新政与北京政策在限购放松和公积金政策方面相似，但上海作 为房产税试点城市，政策力度和时间节点超预期，预计新房成交量首周 可能翻倍，三四季度保持良好成交量。 北京 2025 年 8 月 8 日出台的房地产政策效果低于去年 9 月 24 日的政 策，主要原因是去年政策是包括限购、契税减免、增值税减免以及房贷 利率下降等多方面措施的组合拳。 上海在本轮房地产周期中表现领先，通过放宽户口限制和引进新兴产业， 在同样力度的房地产政策下，预期效果弹性更大，新房成交量可能环比 翻倍，二手房成交量可能环比提升 30%至 40%。 预计上海此次房地产政策将具有较强的持续性，参考北京经验，政策效 果至少能维持一个季度左右，即整个金九银十期间，并且到 11 月份 ...

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The real estate sector has underperformed the market due to multiple factors, with a weekly increase of 0.5%, lagging behind the CSI 300's 4.18% rise. Key influences include a preference for more elastic sectors, a lack of stability in the housing market, and pressure on some real estate companies' interim performance [2][3] - Despite concerns, there are positive factors such as potential policy support and the ongoing demand for quality properties, which may sustain market interest [2][3] Summary by Sections Market Performance - As of August 22, the real estate sector has only increased by 3.4% year-to-date, significantly underperforming the CSI 300's 11.3% [2] - Recent comments from Premier Li Qiang emphasize the need for strong measures to stabilize the real estate market, indicating potential policy support [2][7] Market Monitoring - New home transactions in 50 key cities reached 15,000 units, a 17.4% increase week-on-week, while second-hand home transactions in 20 key cities reached 18,000 units, up 7.8% [2][9] - Inventory levels slightly increased, with a total of 9,149 million square meters and a depletion cycle of 20.1 months as of August 22 [2][12] Capital Market Monitoring - The real estate sector's PE ratio (TTM) stands at 45.69, significantly higher than the CSI 300's 13.97, indicating a valuation at the 99.84 percentile over the past five years [2][21] - This week, the issuance of domestic real estate bonds totaled 11.16 billion yuan, reflecting a rise in issuance volume [2][18] Key Company Recommendations - Recommended companies include: - China Resources Land, benefiting from stable dividends and a recovery in quality property sales [4] - Beike-W, a high-elasticity stock with significant market share in second-hand and new homes [4] - Jianfa International Group, known for its strong product quality and high dividends [4] - China Overseas Land, a leading state-owned enterprise with low valuation [4] - Greentown China, recognized for its quality and strong land acquisition capabilities [4]

7月25日-7月27日，新城控股集团乌鲁木齐米东吾悦广场以"超酷两周年·卡皮巴拉夏日派对"为主题的2周 年庆典圆满收官。这场为期3天的商业盛会，通过20余项文化娱乐、互动体验及超值购物活动，成功打 造市民夏日"欢乐地标"。庆典不仅迎来全业态近15万客流，更顺势启幕暑期系列活动，为区域消费与生 活场景注入持续活力。 卡皮巴拉领衔，全时段场景引爆参与热情 依托"卡皮巴拉"核心IP，米东吾悦广场构建"日间体验+夜间狂欢"的全时段场景矩阵，以萌趣互动与多 元内容深度绑定客群，实现从流量吸引到情感认同的转化。 此次两周年活动打造娱乐消费中心，精准锁定年轻消费引擎，《冰雪奇缘》舞台剧、"恋与深空"主题互 动及篮球、摔跤、滑板等赛事覆盖多元兴趣并带动业态人气，新疆本土亲子乐队弹唱、气球雨、十米蛋 糕免费分享、疯抢零食屋、满载"鹅"归等活动，让大量消费者沉浸换了氛围。 新城控股集团米东吾悦广场"超酷两周年·卡皮巴拉夏日派对"的成功举办，不仅深化了与核心客群的情 感链接，更在客流、销售及品牌影响力等多个维度实现了显著提升。 以卡皮巴拉IP为核心的亲子主题活动，叠加全业态促销福利，在3天活动期内带动各业态客流大幅上 涨。服饰、餐 ...

Investment Rating - The industry investment rating is "Leading the Market - A" [7] Core Viewpoints - The report emphasizes the need for strong measures to stabilize the real estate market and release improvement demand through urban renewal and the renovation of old housing [1] - It anticipates a new round of policy easing in the real estate sector due to increased downward pressure on housing prices in core cities and a dovish shift in the Federal Reserve's stance [1] - The report suggests focusing on companies that are reversing their difficulties, such as China Vanke and New Town Holdings, as well as leading firms maintaining land acquisition intensity [1] Sales Review (8.16-8.22) - The total number of transactions in 32 monitored cities reached 14,498 units, a week-on-week increase of 20.4%; cumulative transactions for 2025 are 521,000 units, down 6.7% year-on-year [2][14] - In first-tier cities, transactions totaled 3,626 units, up 7.7% week-on-week, with a cumulative total of 148,000 units for 2025, down 0.5% year-on-year [2][15] - Second-tier cities saw transactions of 9,303 units, a week-on-week increase of 29.5%, with a cumulative total of 312,000 units for 2025, down 9.4% year-on-year [2][15] - Third-tier cities recorded 1,569 transactions, up 5.1% week-on-week, with a cumulative total of 61,000 units for 2025, down 6.7% year-on-year [2][15] Land Supply (8.11-8.17) - The planned construction area for residential land supply in 100 cities is 7.45 million square meters, with a cumulative supply of 14.368 million square meters for 2025, down 15.6% year-on-year [3][39] - The average floor price for land supply in 100 cities is 3,519 yuan per square meter, with a recent four-week average of 4,165 yuan per square meter, down 12.4% month-on-month and 15.6% year-on-year [3][41] Land Transactions (8.11-8.17) - The planned construction area for residential land transactions in 100 cities is 3.92 million square meters, with a cumulative total of 12.213 million square meters for 2025, up 4.2% year-on-year [4][64] - The average transaction floor price for residential land in 100 cities is 5,465 yuan per square meter, up 15.2% month-on-month and 18.6% year-on-year, with an overall premium rate of 11.7% [4][66]

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 投资者可于2025年8月25日（星期一）至8月29日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱（xckg@xincheng.com）进行提问。公司将在说明会上就投资者普 遍关注的问题进行回答。 1、投资者可于2025年9月1日（星期一）上午9:00-10:00，通过互联网登录上证路演中心 （https://roadshow.sseinfo.com/），在线参与本次业绩说明会，公司将及时回答投资者的提问。 2、投资者可于2025年8月25日（星期一）至8月29日（星期五）16:00前登录上证路演中心网站首页，点 击"提问预征集"栏目（https://roadshow.sseinfo.com/questionCollection.do），根据活动时间，选中本次活 ● 会议召开时间：2025年9月1日（星期一）9:00-10:00 ● 会议召开地点：上海证券交易所上证路演中心 ...

Index Performance - The CSI A500 Index increased by 4.27% this week, closing at 5198.91 points as of August 22 [5] - The average daily trading volume for the week was 8003.97 billion yuan, with a week-on-week increase of 32.60% [5] Component Stocks Performance - The top ten gainers this week included: 1. Cambrian (688256.SH) with a rise of 34.59% 2. Sinopec Capital (000617.SZ) up by 34.38% 3. ZTE Corporation (000063.SZ) increasing by 32.21% 4. Kunlun Wanwei (300418.SZ) up by 23.48% 5. Northern Rare Earth (600111.SH) rising by 22.95% [2] - The top ten losers included: 1. Quzhou Development (600208.SH) down by 11.68% 2. Giant Star Technology (002444.SZ) decreasing by 6.90% 3. Weilan Lithium Core (002245.SZ) down by 6.82% 4. Xuan Tai Medical (688617.SH) down by 5.66% 5. Tiger Med (300347.SZ) decreasing by 4.92% [2] Fund Performance - All 39 CSI A500 funds closed with a gain of 2% or more this week, with the leading fund being Huatai-PineBridge's A500 Index Fund (512370) which rose by 4.62% [5] - The total scale of CSI A500 funds reached 1810.70 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale are: 1. Huatai-PineBridge with 203.31 billion yuan 2. Guotai Fund with 183.57 billion yuan 3. E Fund with 183.57 billion yuan [5] Market Outlook - Shenyin Wanguo Securities reported a continued bullish market atmosphere, expecting strong performance to persist until early September, with limited corrections thereafter [5] - Guotai Junan Securities emphasized a cautious optimism regarding the market's upward potential, suggesting that a transition from liquidity-driven growth to fundamental-driven growth is necessary for sustained upward movement [5]

证券代码：601155 证券简称：新城控股 编号：2025-042 新城控股集团股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 1 日（星期一）9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 一、说明会类型 本次投资者说明会以网络形式召开，公司将针对 2025 年半年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、召开时间：2025 年 9 月 1 日上午 9:00-10:00 2、召开地点：上证路演中心 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 ...

另一方面商圈内头部购物中心具有马太效应，往往是热门品牌落地首选，形成"客流—品牌"正循环，强 者恒强的概率非常高。即使面对经济下行，头部购物中心可以通过虹吸尾部玩家客流、引入需求增长的 品牌、营销活动和会员活动具有规模优势保障自身客流和零售额实现增长。此外，租金波动较零售额波 动更小。 当前重奢购物中心如何保持稳定或实现增长？ 处于竞争格局相对稳定城市且有α的重奢购物中心零售额和租金仍有望保持增长。重奢购物中心门槛 高，经营周期长，但易受经济波动影响。当前奢侈品牌在国内零售额下降，购物中心间分化尤其明显， 奢侈品牌一边关闭在尾部商场的低坪效门店，一边出于为重客提供奢华体验的战略方向保留甚至扩大重 点购物中心门店的面积。 因此部分处于竞争格局较稳定城市的头部玩家可以通过以下几种方式保持零售额稳定甚至实现增长：引 入需求快速增长的品牌，如老铺黄金、始祖鸟、昂跑，miumiu等；承接商圈内闭店购物中心客流；提 档升级；扩建及增加铺位，具体案例包括北京三里屯太古里、沈阳万象城等。 为什么对于单个购物中心，竞争壁垒并非地段或运营能力等单一因素，而是可逛性？ 智通财经APP获悉，华创证券发布研报称，与市场认为购物中心易受 ...