Core Viewpoint - The company continues to provide guarantees for its subsidiary, Meishan Jiayue, in relation to loans taken for the development of the Meishan California Smart City project, reflecting ongoing financial support and commitment to project development [1][2][3]. Group 1: Guarantee and Loan Details - Meishan Jiayue applied for a loan of 37.6 million yuan from Agricultural Bank of China in 2022, with the company providing a joint liability guarantee based on a 36.4% indirect shareholding [1]. - Recently, a loan extension agreement was signed for the remaining principal of 25.308 million yuan, with the company continuing to provide the guarantee [1]. - In 2020, Meishan Jiayue also secured a loan of 37 million yuan, with a loan extension agreement signed in 2024 for 17.5 million yuan, and the company provided a guarantee for this as well [2]. - A loan of 40 million yuan was taken in 2021, with a subsequent extension for 23.613 million yuan in 2025, and the company maintained its guarantee obligations [3]. Group 2: Financial Status of Meishan Jiayue - As of December 31, 2024, Meishan Jiayue reported total assets of approximately 2.26 billion yuan and total liabilities of about 1.69 billion yuan, resulting in a net asset value of approximately 571.68 million yuan [5]. - For the year 2024, the company recorded an operating income of approximately 58 million yuan, but reported a net loss of about 26.88 million yuan [5]. - By November 30, 2025, the total assets were approximately 2.13 billion yuan, with total liabilities of about 1.74 billion yuan, and a net asset value of approximately 392.34 million yuan [5]. Group 3: Guarantee Usage and Company Opinion - The company has a total guarantee balance of approximately 15.26 billion yuan, which is 144.03% of the net assets as of December 31, 2024 [7]. - The company believes that the guarantees provided are in compliance with relevant laws and do not harm the interests of the company or its shareholders [6]. - There are no overdue guarantees or guarantees involved in litigation as of the latest report [8].

Investment Rating - The report rates the real estate industry as "Outperform" [2] Core Insights - The report highlights that the transaction volume of new homes has shown signs of recovery, with a month-on-month increase and a narrowing year-on-year decline. The transaction area for new homes increased by 18.3% month-on-month, although it still reflects a 36.8% year-on-year decrease [6][18] - Policy changes at both central and local levels are aimed at stabilizing the real estate market, with a focus on high-quality development and improved access to housing funds [2][7] - The report anticipates that the first quarter of the following year may see appropriate policy adjustments, indicating a potential new cycle for the real estate industry in 2026 [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities reached 246.8 million square meters, with a month-on-month increase of 18.3% and a year-on-year decline of 36.8% [6][18] - The inventory of new homes in 12 cities was 11,460 million square meters, showing a month-on-month increase of 0.3% and a year-on-year decrease of 9.0% [43][44] - The second-hand home transaction area in 18 cities was 159.9 million square meters, reflecting a month-on-month decrease of 1.7% and a year-on-year decrease of 34.4% [49][57] 2. Land Market Tracking - The total area of land transactions across 100 cities was 5,259.9 million square meters, with a month-on-month increase of 70.3% and a year-on-year increase of 1.4% [63][67] - The total price of land transactions reached 1174.5 billion, marking a month-on-month increase of 77.4% and a year-on-year increase of 4.8% [66][67] - The average floor price of land was 2,232.8 yuan per square meter, with a month-on-month increase of 4.1% and a year-on-year increase of 3.4% [64][66] 3. Policy Overview - The report discusses the central government's commitment to stabilizing the real estate market and enhancing institutional frameworks to support high-quality development [2][7] - Local policies, such as the new regulations in Shenzhen regarding housing fund withdrawals, aim to facilitate home purchases and renovations [2][7] 4. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [7] - It also highlights smaller firms that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [7] - Companies exploring new consumption scenarios and operational models in commercial real estate, like China Resources and Swire Properties, are also recommended [7]

大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-068 大悦城控股集团股份有限公司 关于为控股子公司眉山加悦置业有限公司提供担保及担保进展 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、担保及担保进展情况概述 1、大悦城控股集团股份有限公司（以下简称"公司"）控股子公司眉山加 悦置业有限公司（以下简称"眉山加悦"）已于 2022 年向中国农业银行股份有 限公司成都成华支行（以下简称"农业银行"）申请 37,600 万元贷款，期限 3 年，用于眉山加州智慧城项目的开发建设。公司与农业银行签订了保证合同，按 间接持股 36.4%的股权比例为眉山加悦在借款合同项下的贷款提供连带责任保 证担保，眉山加悦其他股东按照各自股权比例提供同等条件连带责任保证担保。 详见公司于 2022 年 12 月 15 日发布的《关于为控股子公司眉山加悦置业有限公 司提供担保的公告》。 近日，公司、眉山加悦与农业银行签订了借款展期协议，对原借款合同项下 借款本金余额 25,308 万元申请展期，期限 1 年 6 个 ...

Core Insights - The subscription for COFCO North Bund No. 1 has ended with a notable subscription rate of nearly 90% [1] - The actual subscription rate calculated from the public lottery list is 85%, while the initial sales announcement indicated a take-up rate of approximately 60% [2] - The project has sold around 50 units, indicating a cautious approach from the operators despite the seemingly high subscription interest [3] Project Overview - The project was approved at the end of November and launched 90 units of large flats with areas ranging from 185 to 228 square meters, with a registered average price of 143,868 yuan per square meter [4] - The pricing strategy shows restraint, with the minimum entry price set at approximately 117,500 yuan per square meter [5] - The project includes promotional incentives, such as offering a parking space valued at around 500,000 yuan to the first 168 subscribing customers who successfully select their units on the opening day [5] Pricing Details - The price variation across different floors is significant, with the maximum price difference reaching 14,000 yuan per square meter for specific units [6] - Units on higher floors, particularly those above the 20th floor, command the highest prices due to better views, with prices peaking at 166,600 yuan per square meter [6] - The overall pricing strategy appears to maintain a controlled premium, with total prices for units ranging from approximately 21.88 million to 37.93 million yuan [5][6]

Core Viewpoint - The 2025 National Top Ten Works selection process has commenced, with public voting starting from December 19 to December 25, 2023, following expert evaluations held on December 18-19, 2023 [1][3]. Group 1: Voting Process and Categories - The public voting phase allows participants to select their preferred high-end, light luxury, and quality residential products, with each individual allowed to vote once per category and select up to ten projects [12]. - The final results will be based on the cumulative valid votes from all participants, and the winners will be announced in early January 2026 [11]. Group 2: Evaluation and Selection - The evaluation process includes expert reviews, public voting, and assessment models, which will determine the final rankings for the "National Top Ten High-end/Light Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Awards" [11]. - The "Product Power 100" research initiative has been ongoing since 2018, focusing on enhancing product quality and addressing housing pain points in the real estate sector [11]. Group 3: Featured Projects - Various projects have been highlighted, including: - Nanning Bangtai·Lan Jing, a modern high-rise residential development by Bangtai Group [15]. - Shanghai Haishang Yuanshu, featuring modern oriental architecture by Guomao Real Estate and Songjiang Investment [17]. - Zhuhai Huafa Tianxi, a modern residential project by China Resources Land [19]. - Beijing Jingyue Chang'an, showcasing a modern aesthetic by Houtai Group and Jindi Group [26]. - These projects represent a diverse range of architectural styles and residential offerings, emphasizing quality and modern living [15][17][19][26].

Core Insights - Beijing is intensifying efforts to develop into an international consumption center city, showcasing diverse consumption scenarios and significant achievements in various sectors [1][8] Group 1: Economic Performance - Since 2019, Beijing has attracted over 5,000 first stores, establishing 12 global launch centers, with Chaoyang District leading by introducing nearly 2,800 first stores [2] - The "first store economy" has become a key driver of consumption in Beijing, with notable contributions from local brands like Pop Mart and Xiao Xian Stewed [2] Group 2: Tourism and Cultural Consumption - From January to October this year, Beijing received over 300 million tourists, generating over 600 billion yuan in tourism spending, marking year-on-year increases of 5.4% and 7.2% respectively [3] - The city has recognized over 100 new performance spaces and hosted over 50,000 commercial performances, attracting more than 12 million viewers and generating ticket sales of 4.5 billion yuan [3] Group 3: Community Convenience - By November 2025, Beijing aims to establish 850 community convenience circles, achieving 100% coverage, with Chaoyang District leading in the number of circles [4] - The city’s overall index for building an international consumption center is projected to reach 109.9 in 2024, reflecting a 19.6 increase since the end of 2020 [4] Group 4: Business Environment - Beijing has implemented reforms to enhance the business environment, including a streamlined registration process for foreign enterprises and the introduction of a bilingual registration guide [5][6] - The city has also upgraded its enterprise credit information system and launched initiatives to restore good credit for over 270,000 businesses [5] Group 5: Policy Support for Cultural and Tourism Consumption - The city has introduced reward measures for new cultural and tourism consumption projects, distributing over 62 million yuan in rewards and stimulating nearly 1 billion yuan in related consumption [7] - The "Beijing Gift" brand has expanded to include 141 quality enterprises and 932 unique products, becoming a significant cultural and tourism consumption hotspot [7] Group 6: Future Development Plans - Beijing plans to focus on service quality, product innovation, and ecological optimization to further enhance its international consumption center status [8][9] - The city will support the development of new consumption scenarios and improve the international consumption environment, including enhancing payment services and tax refund processes for foreign visitors [9][10]

Financing Overview - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, marking a year-on-year increase of 28.5% [1][2][7] - The financing structure included 26.22 billion yuan from credit bonds (down 1.6% year-on-year, accounting for 42.3%), 6.42 billion yuan from overseas bonds (10.3%), and 29.4 billion yuan from ABS (up 36% year-on-year, accounting for 47.4%) [2][8] - From January to November 2025, total bond financing for real estate companies was 550.28 billion yuan, a 10.5% increase year-on-year [2][8] Credit Bond Issuance - Credit bond issuance saw a slight year-on-year decline, primarily from state-owned enterprises, with major issuers including China Merchants Shekou and Poly Developments, each issuing over 3 billion yuan [3][9] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3][9] ABS Issuance - ABS issuance totaled 29.4 billion yuan, showing significant growth, with class REITs being the largest category at 51.7% of the total [4][10] - Recent successful ABS projects include the "Huatai-Shanghai Zhongjian Plaza" and "CITIC Securities-Yuexiu Commercial" plans, which support the development of operational business models for real estate companies [4][10] Financing Costs - The average bond financing interest rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but an increase of 0.1 percentage points from the previous month [5][11] - The average interest rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97% [5][11] Corporate Financing Dynamics - China Merchants Shekou had the highest issuance amount at 5.04 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6][12] - Key companies such as China Jinmao, China Resources, and Poly Developments reported new financing activities, while Sunac and Times China had their overseas debt restructuring plans approved [6][12]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 大悦城控股集团股份有限公司2022年面向专业投资者 公开发行公司债券（第二期）（品种一） 2025年付息及回售部分债券兑付公告 本公司及董事会全体成员保证信息披露的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 债券名称：大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行 公司债券（第二期）（品种一）（以下简称"本期债券"） 债券代码：148141.SZ 债券简称：22 大悦 02 债权登记日：2025 年 12 月 18 日 债券付息日：2025 年 12 月 19 日 大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公司债券 （第二期）（品种一）将于 2025 年 12 月 19 日开始支付自 2024 年 12 月 19 日至 2025 年 12 月 18 日期间（以下简称"本年度"）的利息和回售部分债券的兑付资 金。为保证本次付息和回售部分债券兑付工作的顺利进行，方便投资者及时领取 1 利息和回售部分债券兑付资金，根据《大悦城控股集团股份有限公司 ...

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 发行人决定于2025年12月22日至2026年1月20日按照相关规定对本次回售债 券进行转售，本期债券回售转售将通过深交所交易终端"回售转售"栏目完成 债券转售业务申报，拟转售债券数量不超过10,300,000张。发行人承诺本次转售 1 符合相关规定、约定以及承诺的要求，转售完成后将注销剩余未转售债券。 大悦城控股集团股份有限公司 关于"22 大悦 02"回售结果的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 本次"22大悦02"回售部分债券的本金及利息已于2025年12月17日足额支 付至中国证券登记结算有限责任公司深圳分公司指定银行账户，并将于回售资 金到账日2025年12月19日划付至投资者资金账户。 根据《大悦城控股集团股份有限公司2022年面向专业投资者公开发行公司 债券（第二期）募集说明书》的约定，"22大悦02"的债券持有人在回售登记 期内（2025年11月7日至2025年11月11日）选择将其所持有的"22大悦02"全部 ...

股票简称：大悦城 股票代码：000031.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 中信证券股份有限公司关于"22 大悦 02"回售结果 及转售事项的临时受托管理事务报告 发行人 深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 101 室 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 12 月 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公司债 券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发 行公司债券债券持有人会议规则》及其它相关公开信息披露文件以及大悦城控股 集团股份有限公司（以下简称"大悦城控股"或"发行人"）出具的相关公告、 说明文件等，由大悦城控股集团股份有限公司发行公司债券的受托管理人中信证 券股份有限公司（以下简称"中信证券"）编制。 （一）本期债券回售实施办法 1、债券代码：148141。 2、债券简称：22 大悦 02。 3、回售登记期：2025 年 11 月 7 ...