Investment Rating - The report rates the real estate sector as "Outperform the Market" [7] Core Views - New home transaction area has seen a month-on-month increase of 6.5% but a year-on-year decrease of 31.5%, indicating a narrowing decline compared to the previous week [7] - The second-hand housing market also shows a month-on-month increase of 3.6% and a year-on-year decrease of 18.2%, with a similar trend of narrowing decline [7] - The report highlights the implementation of a housing inspection system in Zhengzhou, targeting residential properties aged 30 years and above [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 206.7 million square meters, with a month-on-month increase of 6.5% and a year-on-year decrease of 31.5% [18] - The inventory of new homes in 12 cities is 11,343 million square meters, showing a month-on-month increase of 0.04% and a year-on-year decrease of 11.2% [42] - The second-hand home transaction area in 18 cities is 169.1 million square meters, with a month-on-month increase of 3.6% and a year-on-year decrease of 18.2% [50] 2. Land Market Tracking - The total area of land transactions across 100 cities is 1,836.6 million square meters, with a month-on-month increase of 95.7% and a year-on-year decrease of 39.1% [67] - The total transaction price of land is 362.5 billion yuan, reflecting a month-on-month increase of 56.2% and a year-on-year decrease of 60.3% [67] - The average floor price of land is 1,973.6 yuan per square meter, with a month-on-month decrease of 20.2% and a year-on-year decrease of 34.8% [67] 3. Policy Overview - The report notes that the National Bureau of Statistics indicates a continuous decline in the inventory of unsold commercial housing, with a reduction of 3.22 million square meters from the previous month [106] - The report emphasizes the government's focus on controlling new supply and optimizing existing inventory to alleviate market pressure [106] 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 companies 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 Joy City and China Resources, are also recommended [7]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148102.SZ 债券简称：22 大悦 01 大悦城控股集[ 1 ( 本页无正文，为《"22 大悦 01 "债券转售实施结果公告》之盖章页 ) 根据中国证券登记结算有限责任公司深圳分公司提供的数据，"22 大悦 01" 在回售登记期内回售数量 10,900,000 张，回售金额 1,090,000,000.00 元。 "22大悦01"债券转售实施结果公告 根据《回售结果公告》，发行人于 2025 年 10 月 28 日至 2025 年 11 月 24 日 对回售债券实施转售，拟转售债券数量 10,900,000 张。本期债券回售转售通过深 交所交易终端"回售转售"栏目完成债券转售业务申报，本期债券完成转售数量 为 10,900,000 张，转售平均价格为 100 元/张，"22 大悦 01"剩余托管数量为 15,000,000 张。 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（第一期）募集说明书》的约定，"22 大悦 01"的债券持有人在回售登记期 内（2025 年 9 月 5 日至 2025 年 9 月 9 日） ...

Core Viewpoint - Dalian Wanda Commercial Properties will end its 12-year listing journey, with the delisting plan approved by the court and set to take effect on November 27, 2023 [1] Group 1: Delisting Plan - The delisting plan involves a share buyback at a price of HKD 0.62 per share, with a total scale of approximately HKD 29.32 billion [1] - After delisting, the controlling shareholder, Dalian Wanda (000031.SH), will increase its shareholding from 64.18% to 96.13% [1] - The rationale for delisting includes streamlining governance and corporate structure to enhance management efficiency [1][2] Group 2: Financial Performance - Dalian Wanda Commercial Properties reported a net profit of -CNY 294 million for 2024, marking its first loss since listing [4] - The company has not faced debt issues but has experienced a consistently low stock price, remaining below HKD 1 since May 2019 [1] - In the first half of the year, the company reported revenue of CNY 8.124 billion, a year-on-year decline of 5.78%, and a net profit of CNY 105 million, down 26.60% [5] Group 3: Rental Income and Business Operations - Rental income from Dalian Wanda shopping centers has shown steady growth, with revenues of CNY 2.998 billion in 2023 and CNY 3.023 billion in 2024 [4] - Despite growth in rental income, the gross margin for residential sales has declined due to the downturn in the real estate sector, with a gross margin of approximately 28.4% in 2024, down 14 percentage points year-on-year [4] Group 4: Impact on Parent Company - The delisting is expected to enhance the profitability of the parent company, Dalian Wanda, by concentrating profits and assets in its financial statements [6][7] - Dalian Wanda has faced significant losses in recent years, with cumulative losses of CNY 73.25 billion from 2022 to 2024 [6] - The delisting will simplify the corporate structure and potentially improve financing capabilities for Dalian Wanda [2][7]

Core Points - The company held its 23rd meeting of the 11th Board of Directors on November 24, 2025, where several resolutions were passed, including amendments to the company's articles of association and the independent director system [1][3][5] - The company plans to allocate a budget of 16.9171 million yuan for external donations in 2026, with the board authorizing management to make decisions within this budget [6] - The board approved the nomination of two candidates for director positions, which will be submitted for shareholder approval at the upcoming extraordinary general meeting [12][19] Group 1 - The company convened the 23rd meeting of the 11th Board of Directors on November 24, 2025, with all 7 directors present, and the meeting complied with relevant laws and regulations [1][2] - The board approved the amendment of the company's articles of association with unanimous support [1] - The board also approved the revision of the independent director system, which will be submitted for shareholder review [3][4] Group 2 - The board approved the establishment of a temporary management system for information disclosure, which will also be submitted for shareholder review [5] - The company plans to hold its first extraordinary general meeting of 2025 on December 10, 2025, to discuss the approved resolutions [10][21] - The meeting will allow for both on-site and online voting, with specific timeframes for each [24][37] Group 3 - The resignation of director Zhang Hongfei was accepted, and the board nominated Dong Baoyun and Wang Guoxin as candidates for the board, pending shareholder approval [12][19] - The candidates have relevant experience and meet the qualifications required by law and regulations [18][20] - The company will ensure that the number of directors who are also senior management does not exceed half of the total board members [14]

Group 1: Shanghai Land Auction - Shanghai successfully sold 9 land parcels for a total of 173.33 billion yuan, with a total land area of 289,200 square meters and a planned construction area of 552,600 square meters [2] - The auction attracted major developers such as China Overseas Land & Investment, China Jinmao, and others, indicating strong competition among private enterprises for quality land [2] - The results reflect a shift towards "precise investment and value prioritization" in the land market, signaling a more rational investment approach by real estate companies [2] Group 2: Joy City Property Privatization - Joy City Property announced its application to delist from the Hong Kong Stock Exchange, aiming for a strategic transformation during the industry's deep adjustment period [3] - The company plans to repurchase shares and sacrifice some market liquidity for more flexible decision-making and efficient resource allocation [3] Group 3: Oceanwide Holdings Debt Issues - Oceanwide Holdings announced a delay in the repayment of two USD bonds totaling 3.56 billion yuan, reflecting the ongoing debt crisis faced by the company [4] - The company plans to extend the repayment deadline to May 23, 2026, but the fundamental issues remain unresolved, leading to high uncertainty in its future development [4] Group 4: China Green Development Asset Transfer - China Green Development is offering a 99% stake in Hangzhou Green Development Center for a base price of 3.58 billion yuan, as part of its strategic asset restructuring [5] - The project, originally acquired for 6.35 billion yuan, has undergone significant adjustments, including a reduction in the height of its main tower [5] - This move is indicative of state-owned enterprises accelerating strategic transformation and optimizing asset structures amid industry adjustments [5] Group 5: Guangzhou Hanjian Holdings Regulatory Warning - Guangzhou Hanjian Holdings received a warning from the Guangdong Securities Regulatory Commission for failing to disclose significant information regarding overdue debts and being listed as a dishonest executor [7] - The company and its executives have committed to adhering to disclosure requirements and improving governance and risk management practices [7] - This incident highlights the regulatory body's strict stance on information disclosure violations, particularly concerning matters that could significantly impact investor decisions [7]

Group 1: Company Listings and Developments - Innovation Industries officially listed on the Hong Kong Stock Exchange on November 24, closing at HKD 14.59 per share, a rise of 32.76%, focusing on upstream aluminum industry with plans to use funds for overseas capacity expansion and green energy projects [1] - Sany Heavy Industry and Cambridge Technology have been added to the Hong Kong Stock Connect, enhancing cross-border investment opportunities for mainland investors [2] - Joy City Property announced plans to withdraw its listing status on the Hong Kong Stock Exchange, aiming to streamline operations and improve decision-making efficiency in response to industry challenges [3] - JD Industrial has passed the listing hearing on the Hong Kong Stock Exchange, potentially becoming the sixth company under JD Group to go public, which could enhance its financing channels and support the digitalization of the industrial supply chain [4] Group 2: Market Performance - The Hang Seng Index closed at 25,716.50, with a gain of 1.97% on November 24 [5] - The Hang Seng Tech Index reached 5,545.56, increasing by 2.78% [5] - The National Enterprises Index stood at 9,079.42, up by 1.79% [5]

Group 1 - The core point of the article is that Dalian City (SZ 000031) announced the convening of its 11th Board of Directors meeting on November 24, 2025, to discuss the budget for external donations for 2026 [1] - For the first half of 2025, Dalian City's revenue composition was as follows: 75.64% from residential property sales and primary land development, 16.8% from investment properties and related services, 3.34% from property and other services, 3.06% from hotel operations, and 0.85% from management output [1] - As of the report date, Dalian City's market capitalization was 13.5 billion yuan [1] Group 2 - The article also mentions that Dapeng Industrial's strategic placement benefited its insiders, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, resulting in a floating profit of 24.92 million yuan for the actual controller and his brother [1]

Core Viewpoint - The company, Dayuecheng, announced the nomination of two candidates, Dong Baoyun and Wang Guoxin, for the board of directors [1] Group 1 - The board of directors has approved the nomination of Dong Baoyun as a candidate [1] - The board of directors has approved the nomination of Wang Guoxin as a candidate [1]

大悦城控股集团股份有限公司章程 大悦城控股集团股份有限公司 章 程 （2025 年拟修订） | | | | | | 大悦城控股集团股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《深圳市经济特区股份有限公司条例》和其他有关规定成立 的股份有限公司（以下简称"公司"）。 公司经《深圳市人民政府"深府办复[1993]761 号"文》批准，以募集方式设 立，在深圳市工商行政管理局注册登记，取得营业执照，统一社会信用代码为 914403001922471899。 第三条 公司于 1993 年 7 月 26 日经深圳市证券管理办公室批准，首次向社会公 众发行人民币普通股 20,000 万股，1993 年 10 月 8 日在深圳证券交易所上市。 第四条 公司注册名称：大悦城控股集团股份有限公司 GRANDJOY HOLDINGS GROUP CO.,LTD. 第五条 公司住所：深圳市宝安区新安街道 3 区龙井二 ...

大悦城控股集团股份有限公司董事会议事规则 大悦城控股集团股份有限公司 董事会议事规则 （2025年拟修订） 第一章 总则 第一条 为明确大悦城控股集团股份有限公司（以下简称"公司"）董事会的 职责权限，进一步规范董事会的议事方式和决策程序，促使董事和董事会有效地履 行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司治理准则》《深圳证券交易所股票上市规则》 （以下简称"上市规则"）、《大悦城控股集团股份有限公司章程》（以下简称"公 司章程"）等有关规定，制定董事会的议事规则。 第二条 本规则为相关法律、法规、规范性文件和公司章程的补充规定，公司 召开董事会除应遵守本规则的规定外，还应符合相关法律、法规、规范性文件和公 司章程的规定。 第二章 董事会的组成和职权 第三条 公司设董事会，对股东会负责。 董事会由9名董事组成，其中3名为独立董事；设董事长1人，根据需要可设立副 董事长。董事长和副董事长由董事会以全体董事的过半数选举产生。 公司设1名职工代表担任的董事，职工代表董事由公司职工通过职工代表大会、 职工大会或者其他形式民主选举产生，无需提交股东会审议 ...