证券日报网讯 1月5日，万科A在互动平台回答投资者提问时表示，深圳地铁为公司的第一大股东，其长 期以来一直支持万科。深圳地铁的投资决策由其自身决定，公司无法代为回答。 （文章来源：证券日报） ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"） 13.25B 条关于披露股份发行人的证券变动月报表的要求，及《深圳证券交易所股 票上市规则》11.2.1 条关于境内外同步披露的要求，特披露万科企业股份有限公 司在香港联合交易所有限公司披露易网站（www.hkexnews.hk）刊登的《万科企 业股份有限公司截至 2025 年 12 月 31 日的月报表》，供参阅。 万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 12 月证券变动月报表的公 告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-170 特此公告。 万科企业股份有限公司 董事会 二〇二六年一月五日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 呈交日期: 2026年1月5日 第 1 頁 共 10 頁 v 1.1.1 F ...

证券之星消息，1月5日房地产开发板块较上一交易日上涨1.48%，城建发展领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。房地产开发板块个股涨跌见下表： 从资金流向上来看，当日房地产开发板块主力资金净流出3.11亿元，游资资金净流入1.31亿元，散户资金 净流入1.79亿元。房地产开发板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600048 保利发展 | | 2.88 亿 | 18.26% | -1.41 Z | -8.95% | -1.47 Z | -9.32% | | 600748 | 上实发展 | 9696.07万 | 18.62% | 1599.40万 | 3.07% | -1.13 Z | -21.69% | | 000002 万科A | | 9098.00万 | 9.92% | -2972.82万 | -3.24% | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02202 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,206,512,938 | RMB | | 1 | RMB | | 2,206,512,938 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,206,512,938 | RMB | | 1 | RMB | | 2,206,512,938 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | ...

来源：万小刀 万能的网友发现，最近田朴珺社交媒体清空了和王石的合影，两人共同持股的公司也从5家减至1家，这 硕果仅存的共同持股公司还是某基金，两人各持股5%…… 之前是逮住一切机会秀恩爱，如今是悄悄删合照。之前是携手上节目，商业紧紧捆绑，可如今各自纷 飞，田小姐也终成"独立女性"了…… 除了这些引发网友猜想外，田朴珺在过往访谈节目中对老王的态度，也让观众对两人关系生变深信不 疑。 节目里，田朴珺在王石面前显得强势，一上来就颐指气使地安排王石坐哪儿。开口就批他问自己几点回 家让人很烦，还批他"自私"。王石数次被拷问后，竟然软弱地承认了"自私"，并像个真心悔过的孩子一 样，表示"这十年我已经在逐步收敛我的自私"，显得唯唯诺诺。 就连田朴珺元旦发的微博，都让网友搞出了新解读，认为田朴珺这是暗示自己要甩掉老王单飞了…… 一、 "婚变"？ 2026年给王石和田朴珺的第一个剧本竟然是这个。 而74岁的王石，台前幕后，都越来越软，不仅乐享"软饭"，甚至还主动以"软弱"形象示人，被娃贴了一 脸贴纸也不反抗，带着这个"大花脸"见田朴珺，果然遭到她嫌弃。 其实，在遇到田朴珺之前，老王一直都很硬。 1977年，26岁的王石从兰州交 ...

Group 1 - The real estate sector saw significant capital inflow on the first trading day of 2026, with the only ETF tracking the CSI 800 Real Estate Index (159707) rising by 1% and experiencing a net subscription of 200 million shares, indicating a surge in trading activity [1][5] - Leading real estate companies such as Poly Developments, New Town Holdings, and China Merchants Shekou all saw their stock prices increase by over 3% [1][5] - A commentary article published in the January issue of "Qiushi" magazine emphasized the need to improve and stabilize expectations in the real estate market, signaling the central government's heightened focus on managing market expectations [2][7] Group 2 - Starting January 1, the interest rates for existing housing provident fund loans and commercial loans will be lowered, with a specific reduction of 0.25 percentage points for loans issued before May 8, 2025 [2][7] - Analysts from Ping An Securities believe that the policy environment in 2026 remains promising, with a focus on mortgage rate adjustments and urban renewal progress, suggesting a new product iteration cycle is underway [2][7] - Huatai Securities recommends prioritizing investments in real estate stocks that possess "good credit, good cities, and good products," and emphasizes the importance of companies that can manage cash flow effectively during market adjustments [8] Group 3 - The real estate ETF (159707) is noted for its concentration on top-tier companies, with over 90% of its top ten constituent stocks, indicating a strong focus on central state-owned enterprises [3][8] - The ETF is designed to passively track the CSI 800 Real Estate Index, which was established on December 31, 2004, and published on December 21, 2012, reflecting a significant historical performance [3][9] - In the context of industry consolidation, leading real estate firms are expected to exhibit greater resilience and potential for growth [3][8]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry in the upcoming year [3][23]. Core Insights - The year 2026 marks the beginning of the "14th Five-Year Plan," with expectations for high-quality development in the real estate sector. The current new housing market, valued at 8 trillion yuan, shows potential for absorption, particularly as fiscal policies are expected to strengthen and a competitive landscape among blue-chip companies emerges [2][23]. - In December 2025, the top 100 real estate companies achieved a sales amount of 3,246.5 billion yuan, reflecting a month-on-month increase of 39.3% but a year-on-year decrease of 26.1%. The equity sales amount reached 2,615.3 billion yuan, with a month-on-month increase of 42.0% and a year-on-year decrease of 28.7% [4][7]. Summary by Sections Sales Performance - In December 2025, the top 100 real estate companies recorded a total sales amount of 31,344.8 billion yuan, down 19.0% year-on-year, with a narrowing decline compared to November 2025. The equity sales amount was 24,645.1 billion yuan, down 20.1% year-on-year [7][11]. - The top 50 companies had a sales amount of 27,341.2 billion yuan, down 18.6% year-on-year, while the equity sales amount was 21,143.8 billion yuan, down 18.8% year-on-year [11][17]. Company Recommendations - The report recommends several companies for investment: 1. Development companies: Vanke A, Poly Developments, China Overseas Development, and others [23]. 2. Commercial and residential: China Resources Land, Longfor Group [23]. 3. Property management: Wanwu Cloud, China Overseas Property, Poly Property, and others [23]. 4. Cultural tourism: Overseas Chinese Town A [23]. Monthly Sales Trends - In December 2025, the majority of the top 100 companies experienced negative year-on-year sales growth. Notably, China Overseas Development led with a monthly sales figure of 380 billion yuan, followed by China Resources Land at 369 billion yuan [19][23]. - Among the top 50 companies, nine achieved positive year-on-year growth, with China State Construction East achieving the highest growth rate of 213.2% [19][23].

Policy News - The Ministry of Housing and Urban-Rural Development issued opinions on improving housing quality, aiming for significant progress by 2030 in housing standards, design, materials, construction, and operation levels [1] - The policy emphasizes the construction of quality affordable housing and the transformation of old houses into "good houses" [1] Tax Policy - Starting January 1, 2026, individuals selling homes purchased for less than two years will be subject to a 3% value-added tax, while those selling homes purchased for two years or more will be exempt from this tax [2] Financial Stability - The People's Bank of China plans to enhance the foundational system for real estate credit, focusing on the implementation of financial policies to support the stable development of the real estate market [3] Real Estate Investment Trusts (REITs) - The China Securities Regulatory Commission announced the pilot program for commercial real estate REITs, which will focus on generating stable cash flows through asset-backed securities [4] Regional Development - Shenzhen's "14th Five-Year Plan" emphasizes high-quality real estate development, targeting affordable housing and improved commodity housing to address housing issues for new citizens, youth, and migrant workers [5] Market Trends - In 2025, land sales revenue in Beijing, Shanghai, and Hangzhou is projected to exceed 100 billion yuan, with Beijing's land sales amounting to approximately 142.7 billion yuan, a decrease of about 8% from the previous year [6] - Four major real estate companies, including Poly Developments and China Overseas, are expected to achieve sales exceeding 200 billion yuan in 2025 [7] Company News - Vanke plans to hold a meeting to discuss the extension of a domestic bond repayment, proposing to delay the principal repayment date by one year [9] - Country Garden has set December 30, 2025, as the effective date for its debt restructuring plan, which has been approved by the Hong Kong High Court [10] - CIFI Holdings announced the successful completion of its overseas debt restructuring, reducing its debt by approximately 38 billion yuan [11] - Longfor Group reported significant progress in its domestic debt restructuring, with over 62% of its remaining bonds being addressed through various options [12]

2026年翩然而至。回顾2025年，房企销售哪家强？ 岁末年初，中指研究院、克而瑞深度咨询·普睿数智研究中心、亿翰智库三大机构分别发布销售额排行榜榜单， 2025年，保利发展蝉联销冠，与中海地产、华润置地、招商蛇口、绿城中国位居前五位，而万科跌出前五。 虽然2025年房企整体业绩延续筑底态势，但可喜的是，部分企业业绩呈现出回暖。据克而瑞深度咨询·普睿数智研 究中心统计，2025年累计业绩同比增长的房企占比为24%，其中同比增幅大于30%的企业数量占到12家。 保利发展蝉联销冠，金茂晋位、万科跌出前五 根据中指研究院和亿翰智库发布的百强房企销售榜单（全口径销售额）显示，保利发展、绿城中国的销售额为 2530亿元和2519亿元，分别位居冠军和亚军。中海地产销售额为2512亿元，华润置地销售额为2336亿元，分别位 居第三位和第四位，招商蛇口以1960亿元的销售额位居第五名。 | 排名 | ग्रह के बाद में बाद में बाद में बाद में बाद में बाद में बाद में बाद में बाद में बाद में कि में बाद में कि को में ब ...

Core Viewpoint - Vanke is facing a severe liquidity crisis, highlighted by multiple instances of debt defaults and significant financial strain, which reflects broader challenges in the Chinese real estate sector [1][4][6] Financial Situation - As of September 2025, Vanke's total interest-bearing debt reached 362.9 billion RMB, the highest in its history, with 42.7% maturing within one year [2] - The company's cash reserves stood at 65.68 billion RMB, resulting in a cash-to-short-term debt ratio of only 0.48, indicating a critical liquidity mismatch [2] - In 2025 Q3, Vanke reported a revenue of 56.065 billion RMB, a year-on-year decline of 27.3%, and a net loss of 16.069 billion RMB for the quarter, with total losses for the first three quarters amounting to 28.016 billion RMB [2] Debt Defaults and Credit Ratings - Vanke's two medium-term notes totaling 5.7 billion RMB faced substantial default due to a failure to reach consensus on extension proposals, leading to downgrades by S&P and Fitch to selective and restricted default ratings, respectively [1][4] - The company is currently in a grace period for these notes, but the overall repayment situation remains highly uncertain [4] Shareholder Support and Financing - Shenzhen Metro Group, Vanke's largest shareholder, has provided significant financial support, agreeing to a loan framework of up to 22 billion RMB to help repay debts [3] - As of November 20, 2025, Vanke had drawn 21.376 billion RMB from this loan agreement [3] Asset Management and Operational Challenges - Vanke is actively disposing of non-core assets to generate cash, including the completion of a deal with China Travel Group and the expansion of its rental business [5] - Despite these efforts, the cash flow generated from these operations is insufficient to cover the substantial debt obligations [5] Industry Context - Vanke's struggles exemplify the broader challenges faced by the Chinese real estate industry, characterized by high leverage and tightening financing conditions amid declining sales [6] - The company's ability to navigate this crisis through asset sales, debt restructuring, or strategic investments will be critical not only for its survival but also for setting a precedent for the industry [6]