证券代码：601155 证券简称：新城控股 编号：2026-015 新城控股集团股份有限公司 2025 年度利润分配方案公告 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： 基于当前宏观经济形势、行业整体环境、公司战略规划以及未来资金需求等 综合因素考虑，为了保障公司的经营能力和偿债能力，降低财务风险，公司 2025 年度拟不派发现金红利，不送红股，不以公积金转增股本。 本次利润分配方案已经公司第四届董事会第十四次会议审议通过，尚需提交 公司股东会审议。 公司未触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八）项 规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经致同会计师事务所（特殊普通合伙）审计，截至 2025 年 12 月 31 日，新城 控股集团股份有限公司（以下简称"公司"、"新城控股"）母公司报表期末未分配 利润为人民币 14,577,709,383 元。综合考虑当前宏观经济形势、行业整体环境、公 司战略规划以及未来资金需求等因素，为了保障公 ...

证券代码：601155 证券简称：新城控股 编号：2026-014 新城控股集团股份有限公司 关于续聘会计师事务所的公告 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： 拟续聘的会计师事务所名称：致同会计师事务所（特殊普通合伙） 新城控股集团股份有限公司（以下简称"公司"、"新城控股"）于 2026 年 3 月 26 日召开第四届董事会第十四次会议，审议通过了《关于续聘公司 2026 年度审 计机构的议案》。公司拟续聘致同会计师事务所（特殊普通合伙）（以下简称"致 同"）为公司 2026 年度财务审计机构和内部控制审计机构，并提请股东会授权公 司管理层决定其 2026 年度审计报酬、办理并签署相关服务协议等事项。现将相关 事宜公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 工商登记：2011 年 12 月 22 日 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 执业证书颁发单位及序号：北京市财政局 N ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [7] Core Insights - The current real estate market is showing signs of stabilization, with a notable increase in second-hand housing transactions, indicating a potential bottoming out of the market [5][6] - The "small spring" phenomenon in the second-hand housing market is the strongest seen in three years, with significant demand and a stable mindset among sellers [1][2] - Policy-driven cities, particularly Shanghai, are experiencing remarkable growth in transaction volumes, with small units becoming the main focus of sales [4][65] Summary by Sections Market Performance - New housing transaction volume has decreased by 8.8% year-on-year, while second-hand housing transactions have reached a new high since 2023, with a 22% increase in transaction volume across 26 cities [2][28] - The price index for second-hand housing has stabilized, with minor fluctuations observed in March, while first-tier cities remain relatively strong [2][49] Forward Indicators - The number of listings has increased seasonally but at a slower pace compared to last year, indicating a stable mindset among homeowners [3][52] - Viewing activity has shown a decline, which may impact future transaction volumes [3][59] - The bargaining rate has widened, reflecting a significant difference in price expectations between buyers and sellers [3][61] Characteristics of the "Small Spring" - Cities with effective policy measures, such as Shanghai, have shown impressive performance, with a 17.4% year-on-year increase in transaction volume [4][65] - Small units are becoming the primary focus of transactions, driven by affordability and supportive policies [4][74] Investment Recommendations - The report recommends focusing on high-quality real estate companies and service providers that are well-positioned for long-term growth, particularly those with strong credit ratings and operational capabilities [5][79] - Specific companies highlighted for investment include China Overseas Development, China Resources Land, and Longfor Group, among others [10][81]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite current challenges [1]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand housing transactions, particularly in key cities, suggesting a potential "small spring" in the market [2][13]. - The report highlights a divergence in the performance of new and second-hand housing markets, with second-hand housing transactions outperforming new housing sales [5][17]. - The overall sentiment in the real estate market remains cautious, with expectations for further policy support to boost market confidence [2][19]. Summary by Sections Market Overview - As of mid-March 2026, second-hand housing transactions in 20 cities reached 46,018 units, a year-on-year increase of 22.5% during the lunar new year period [13]. - The cumulative second-hand housing transactions for the year until March 15, 2026, were 121,412 units, reflecting a 5.7% year-on-year increase [14]. New Housing Market - New housing sales in 24 key cities saw a significant decline, with a year-on-year decrease of 20% in transaction volume for the first half of March 2026 [16]. - The performance of new housing is notably weaker in first and second-tier cities, while third and fourth-tier cities are experiencing a recovery [17]. Credit Market - The issuance of real estate credit bonds totaled 83.35 billion yuan this week, with a net financing amount of -95.36 billion yuan, indicating ongoing challenges in the credit market [19][39]. - Cumulative issuance of real estate credit bonds reached 831.20 billion yuan, with a net financing amount of -249.01 billion yuan year-to-date [19]. REITs Market - The REITs index showed a slight increase of 0.08%, with the property-type REITs index declining by 0.26% and the operating rights REITs index increasing by 0.50% [40][52]. - The total transaction volume for REITs this week was 8.37 billion yuan, with property-type REITs accounting for 3.83 billion yuan and operating rights REITs for 4.54 billion yuan [54].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three key trends expected in 2026: 1) The adjustment in the real estate market is likely nearing its end, with current price adjustments being relatively sufficient; 2) There are structural opportunities for "good housing" as the market enters a phase of differentiation; 3) The recovery of the Hong Kong property market is expected to continue, driven by multiple favorable factors [6][50]. Market Performance - The Shanghai Composite Index fell by 3.4%, the Shenzhen Component Index decreased by 2.9%, while the ChiNext Index rose by 1.3%. The real estate sector (Shenwan) dropped by 4.2% during the week [9]. - Notable stock performances included: Jingtou Development (+24.0%), Shibei High-tech (+10.0%), and Shilianhang (+8.7%) among the top gainers; while Tibet City Investment (-11.4%) and Zhongtian Service (-10.8%) were among the biggest losers [9]. Data Tracking New Housing Transactions - For the week of March 14-20, new housing transactions in 42 key cities totaled 2.1 million square meters, a week-on-week increase of 11.1% but a year-on-year decrease of 27.1% [16]. - Cumulatively, from March 1-20, new housing transactions reached 5.12 million square meters, up 81.1% from the previous month but down 22.1% year-on-year [19]. Second-hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.49 million square meters, reflecting a week-on-week increase of 13.3% and a year-on-year decrease of 4.6% [31]. - Cumulatively, from March 1-20, second-hand housing transactions reached 6.25 million square meters, up 77.3% from the previous month but down 12.0% year-on-year [35]. Industry News - The Ministry of Finance released a report emphasizing the implementation of special bonds to support the acquisition of existing residential properties for affordable housing [47]. - The National Financial Regulatory Administration held a meeting to enhance the "guarantee delivery" whitelist system and accelerate the establishment of a financing system compatible with new real estate development models [47]. - Nanjing introduced six policies to stabilize the real estate market, including differentiated housing supply and encouraging housing consumption through "old-for-new" programs [47]. Company Announcements - In 2025, China Merchants Shekou achieved revenue of 154.73 billion yuan, a year-on-year decrease of 13.5%, with a net profit of 1.02 billion yuan, down 74.7% year-on-year [50]. - Tianjian Group plans to issue a perpetual corporate bond with a scale not exceeding 700 million yuan, aimed at repaying maturing corporate bond principal [50].

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [39]. Core Insights - The real estate sector has shown signs of stabilization, with expectations for continued release of accommodative policies [39]. - The report highlights a significant rebound in both new and second-hand property transactions, with a notable decrease in year-on-year declines [6][11]. - The report emphasizes the importance of monitoring the performance of specific companies within the sector, recommending several for investment consideration [39]. Summary by Sections Market Review - During the week of March 16-20, the Shenwan real estate sector declined by 4.2%, underperforming the CSI 300 index by 2 percentage points [11]. - The trading volume was 91.41 billion yuan, reflecting a week-on-week decrease of 2.7% [11]. - Notable individual stock performances included significant gains for companies like Jingtou Development and City North High-tech, while companies like Tibet Urban Investment and Zhongtian Service faced substantial declines [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,129.53 billion yuan, with a circulating market value of about 1,096.91 billion yuan [4]. - The industry’s price-to-earnings (P/E) ratio stands at 68.0, compared to the CSI 300's P/E ratio of 14.0 [4]. Industry and Company Dynamics - New housing transaction area in 43 cities decreased by 10.7% year-on-year but increased by 57.5% month-on-month [16]. - The second-hand housing transaction area in 14 cities saw a year-on-year decline of 17.6% but a month-on-month increase of 61% [19]. - Inventory levels in 17 key cities showed a slight decrease of 0.1% week-on-week, with a depletion cycle of 180.5 weeks [22]. - Land supply in 100 major cities decreased by 11% year-on-year, with transaction area down by 26.3% [26]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including: 1. Development: China Resources Land, Longfor Group 2. Commercial: China International Trade, New City Holdings, China Resources Mixc Life 3. Property Management: Poly Property, China Overseas Property, Wanwu Cloud, Xinda Zheng 4. Brokerage: Beike-W [39]. Company Dynamics - Nanjing High-Tech issued a short-term financing bond totaling 200 million yuan at an interest rate of 1.70% [35]. - Electronic City issued medium-term notes totaling 220 million yuan at an interest rate of 2.04% [35]. - Yunnan City Investment reported significant progress in asset restructuring, recovering approximately 5.202 billion yuan from various asset sales [36].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the national new housing transaction area and second-hand housing transaction area have both declined year-on-year for six consecutive weeks, reflecting a slight shortfall in the "small spring" recovery. However, with the central bank's continued implementation of a moderately loose monetary policy and the introduction of various real estate optimization policies in cities like Nanjing and Zhengzhou, it is expected that the real estate market will see improvements in supply and demand, leading to price stabilization [3][5][51]. Summary by Sections Policy Insights - The National Bureau of Statistics reported that the sales area of new commercial housing in January-February was 92.93 million square meters, a year-on-year decrease of 13.5%, with the decline rate widening by 4.8 percentage points compared to the entire year of 2025. The sales amount for new commercial housing was 818.6 billion yuan, down 20.2% [4][12]. - The central bank continues to implement a moderately loose monetary policy, emphasizing the importance of stabilizing economic growth and ensuring reasonable price recovery [4][14]. Sales Data - In the 12th week of 2026, the new housing transaction area in 30 cities was 2.216 million square meters, a year-on-year decrease of 12.4%. Cumulatively, the new housing transaction area in 32 cities was 17.912 million square meters, down 19.8% year-on-year [20][29]. - The second-hand housing transaction area in 15 cities was 1.7075 million square meters, a year-on-year decrease of 8.5% [29][30]. Investment Data - In the 12th week of 2026, the land transaction area in 100 major cities was 19.618 million square meters, a year-on-year increase of 35%. Cumulatively, the land transaction area in these cities was 276.286 million square meters, down 7% year-on-year [37][39]. - The average land transaction price was 1,082 yuan per square meter, up 9% year-on-year, with a total land transaction value of 23.11 billion yuan, an increase of 48% [39][40]. Price Trends - The Iceberg 100 Index for the 12th week of 2026 was 9,994, with a week-on-week decrease of 0.1% and a year-on-year decrease of 12.5%. Major cities like Beijing, Shanghai, Shenzhen, and Guangzhou saw year-on-year declines of 14.9%, 11.1%, 10.1%, and 12.8% respectively [47][49]. Investment Recommendations - The report maintains a "Positive" rating for the industry, recommending companies with strong credit and good urban fundamentals, such as Greentown China, China Overseas Development, and China Resources Land. It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms [3][51].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12] Core Insights - The policy goal of stabilizing prices has significantly boosted market expectations, but since April last year, marginal downward pressure has increased, indicating that the strategic significance of improving and stabilizing market expectations is rising [5][9] - The rapid decline phase in industry volume and price may have passed, with structural highlights in core areas and quality properties [5] - Current stock valuations are relatively low, providing room for recovery, emphasizing the importance of quality real estate companies with low inventory, good locations, and strong product capabilities, as well as stable cash flow from leading brokerage firms and commercial real estate [5][9] Market Performance - The Yangtze River Real Estate Index decreased by 4.40% this week, with an excess return of -2.21% relative to the CSI 300, ranking 20th out of 32 industries [6][16] - Year-to-date, the Yangtze River Real Estate Index is down 3.71%, with an excess return of -2.35% relative to the CSI 300, ranking 25th out of 32 industries [6][16] Policy Updates - Shanghai has adjusted the minimum down payment for commercial properties to 30% starting from March 16, 2026 [7][20] - Nanjing has proposed a series of measures to stabilize the real estate market, including differentiated supply strategies and financial incentives for homebuyers [7][20] Sales Data - This week, new home registrations in sample cities showed a year-on-year decline of 10%, while second-hand homes continue to show an upward trend [8][21] - Cumulatively, from February 16 to March 20, 2026, new home registrations in 37 sample cities totaled 607 million square meters, with a year-on-year decrease of 10% [8][21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the national real estate market is experiencing a slight downturn in transaction volumes, with new home sales in 30 cities and second-hand home sales in 15 cities showing a continuous decline for six weeks year-on-year. However, the implementation of various policies aimed at stabilizing the market is expected to lead to improvements in supply and demand, as well as price stabilization [3][51] - The report recommends several companies for investment based on their strong fundamentals and ability to meet the needs of improvement-oriented customers, including Greentown China, Jianfa International Group, and China Overseas Development [3][51] Summary by Sections Policy Insights - The National Bureau of Statistics reported that the sales area of new commercial housing in January-February was 92.93 million square meters, a year-on-year decrease of 13.5%, with a significant drop in residential sales area [12] - The central bank continues to implement a moderately loose monetary policy, emphasizing the importance of stabilizing economic growth and ensuring reasonable price recovery [4][12] - Cities like Shanghai and Nanjing have introduced policies to optimize the real estate market, including adjustments to down payment ratios for commercial housing loans [4][16] Market Performance - In the 12th week of 2026, the new home transaction area in 30 cities was 2.216 million square meters, a year-on-year decrease of 12.4%, while the cumulative transaction area for new homes in 32 cities was 17.912 million square meters, down 19.8% [20][29] - The transaction area for second-hand homes in 15 cities was 1.7075 million square meters, a year-on-year decrease of 8.5% [29][30] - The land transaction area in 100 major cities increased by 35% year-on-year, with a total land transaction area of 27.6286 million square meters in the first 12 weeks of 2026, showing a cumulative decrease of 7% [37][39] Price Trends - The Iceberg 100 Index for the 12th week of 2026 was 9994, reflecting a week-on-week decrease of 0.1% and a year-on-year decrease of 12.5% [47][49] - The report notes that the average land transaction price was 1082 yuan per square meter, with a year-on-year increase of 9% [39][40] Investment Recommendations - The report maintains a "Positive" rating for the industry, suggesting that the market will see improvements in supply and demand and price stabilization due to recent policy implementations [51] - Recommended companies include those with strong fundamentals and those benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group [3][51]

Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The overall market is experiencing a significant pullback, but strong fundamental expectations are anticipated to gradually form over the next month [5] Policy Overview - The central bank has maintained the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, such as increasing withdrawal limits and introducing home purchase subsidies in cities like Shenyang and Shenzhen [5][16] - Local policies include adjustments to housing fund management, with Inner Mongolia raising the rental withdrawal limit to a maximum of 21,000 yuan and Shenzhen allowing flexible employment individuals to participate in the housing fund [17][19] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, showing a week-on-week increase of 20.2%, but a year-on-year decline of 14.1% [21][22] - The second-hand housing market also saw a week-on-week increase in transaction volume, with a notable rise in the number of transactions in 78 cities [5][21] Market Sentiment - The new home supply decreased by 22% week-on-week, while the transaction volume exceeded the new supply, indicating a potential improvement in market conditions [5] - The average price of second-hand homes remained stable at 10,176 yuan per square meter, suggesting a strong price trend in the near term [5] Land Market Performance - Land supply increased, with a total of 215 billion yuan in land sales across 300 cities, reflecting a month-on-month increase of 2.0% but a year-on-year decline of 35% [5][21] - The land supply area reached 7.2 million square meters, with a transaction conversion rate of 64% [5] Company Valuation and Financial Analysis - Major companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [6] - The report highlights the financial metrics of various companies, including EPS, PE ratios, and ROE, indicating a diverse range of valuations across the sector [6]