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） 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（第一期）（以下简称"本期债券"） 债券代码：148102.SZ 债券简称：22 大悦 01 债权登记日：2025 年 10 月 24 日 1、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（第一期） 2、债券简称：22 大悦 01 3、债券代码：148102.SZ 债券付息日：2025 年 10 月 27 日 债券除息日：2025 年 10 月 27 日 凡在 2025 年 10 月 24 日（含）前买入并持有本期债券的投资者享有本次派 发的利息；2025 年 10 月 24 日（含）卖出本期债券的投资者不享有本次派发的 利息 回售资金发放日：2025 年 10 月 ...

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 大悦城控股集团股份有限公司 关于"22 大悦 01"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01"回售部分债券的本金及利息已于2025年10月23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10月27日划付至投资者资金账户。 1 售符合相关规定、约定以及承诺的要求，转售完成后将注销剩余未转售债券。 本次"22大悦01"债券的转售，发行人和转售受让方承诺将通过深交所交 易系统"回售转售"栏目完成债券转售申报业务。发行人承诺将确保转售受让 方符合《深圳证券交易所债券市场投资者适当性管理办法（2023年修订）》的 有关规定。通过深交所交易系统实施转售的转售受让方可于转售完成后根据深 交所债券交易转让有关规定进行交易转让。债券转售业务完成后，对于未能实 施转售的债券份额，发行人将及时向中国证券登记结算有限责任公司深圳分公 司申请注销。 转售受让方参与债券转售业务， ...

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 股票简称：大悦城 股票代码：000031.SZ 债券简称：22 大悦 01 债券代码：148102.SZ 中信证券股份有限公司关于"22 大悦 01"回售结果 及转售事项的临时受托管理事务报告 发行人 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 10 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。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承 ...

Core Insights - Chengdu's public resource trading service center has announced the auction of four land parcels in the Qingyang Caijiao area, including two residential and two commercial service land plots, scheduled for auction on November 19, 2025 [1][2] Group 1: Land Auction Details - The residential land parcels (1 and 2) have areas of approximately 41.8 acres and 55.69 acres, with floor area ratios of about 2.3 and 2, respectively, starting at a price of 17,000 yuan per square meter [2][3] - The commercial land parcels (3 and 4) have areas of approximately 46.97 acres and 57 acres, with a starting price of only 1,780 yuan per square meter [2][3] Group 2: Potential Development - Industry insiders speculate that these four land parcels may become part of the long-rumored "Qingyang Joy City" project, which was mentioned during a conference on high-quality development of the commerce and trade industry in Qingyang District [5][7] - The Qingyang District's land supply plan for 2024 includes a commercial land parcel of approximately 104 acres, which is believed to correspond to the recently announced commercial plots [5][7] Group 3: Market Impact - If the Qingyang Joy City project is realized, it would significantly enhance the commercial landscape of the Caijiao area and the entire Qingyang District, complementing existing developments like Chengdu Joy City and Tianfu Joy City, which have shown steady revenue growth [9]

Core Viewpoint - Dalian City experienced a stock price decline of 2.05% on October 23, 2023, with a current price of 3.35 CNY per share and a total market capitalization of 14.359 billion CNY [1] Financial Performance - For the first half of 2025, Dalian City reported a revenue of 15.231 billion CNY, a year-on-year decrease of 5.29%, while the net profit attributable to shareholders increased by 129.87% to 109 million CNY [2] - Cumulative cash dividends since the A-share listing amount to 2.054 billion CNY, with no dividends distributed in the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 2.60% to 96,600, with an average of 41,454 circulating shares per shareholder, an increase of 2.67% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 24.5973 million shares, a decrease of 2.9276 million shares from the previous period [3] - The sixth largest circulating shareholder is Southern CSI Real Estate ETF, holding 16.4102 million shares, an increase of 333,400 shares from the previous period [3] Stock Performance - Year-to-date, Dalian City's stock price has increased by 10.20%, with a 2.76% rise over the last five trading days, a 2.62% decline over the last 20 days, and a 6.01% increase over the last 60 days [1]

Core Insights - The real estate development sector experienced a significant increase of 2.12% on October 21, with Shanghai Shanshui Development leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Shanghai Shanshui Development (600748) saw a closing price of 7.34, with a rise of 10.04% and a trading volume of 1.6369 million shares, totaling a transaction value of 1.13 billion [1] - Guangming Real Estate (600708) closed at 4.07, up 10.00%, with a trading volume of 879,600 shares and a transaction value of 349 million [1] - Yingxin Development (000620) closed at 1.98, also up 10.00%, with a trading volume of 2.9013 million shares and a transaction value of 564 million [1] - Hefei Urban Construction (002208) closed at 14.31, up 9.99%, with a trading volume of 1.1404 million shares and a transaction value of 1.578 billion [1] - Other notable performers include Shenzhen Zhenye A (000006) with a closing price of 13.22, up 9.98%, and a transaction value of 1.208 billion [1] Group 2: Capital Flow - The real estate development sector saw a net inflow of 854 million from main funds, while speculative funds experienced a net outflow of 907 million [3] - Retail investors contributed a net inflow of 53.01 million [3]

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Core Viewpoint - The real estate sector experienced a significant upward movement, with several stocks reaching their daily limit, following the release of housing price data by the National Bureau of Statistics [1] Group 1: Market Performance - The real estate sector saw stocks such as Xiangjiang Holdings, Guangming Real Estate, Yingxin Development, and Caixin Development hit the daily limit [1] - Other companies like Shimao Development, Joy City, New City Holdings, and Zhujiang Holdings also experienced gains [1] Group 2: Housing Price Data - On October 20, the National Bureau of Statistics released data indicating that in September, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline [1] - The year-on-year decline in housing prices continued to narrow, suggesting a potential stabilization in the market [1]

Core Viewpoint - Dalian Wanda's stock price has shown fluctuations, with a recent increase of 2.18%, and the company has experienced a year-to-date stock price increase of 7.89% [1] Group 1: Stock Performance - As of October 21, Dalian Wanda's stock price reached 3.28 CNY per share, with a trading volume of 13.67 million CNY and a market capitalization of 14.06 billion CNY [1] - The stock has increased by 2.50% over the last five trading days, decreased by 3.53% over the last 20 days, and increased by 8.97% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Dalian Wanda reported a revenue of 15.23 billion CNY, a year-on-year decrease of 5.29%, while the net profit attributable to shareholders was 109 million CNY, reflecting a year-on-year increase of 129.87% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of Dalian Wanda shareholders was 96,600, a decrease of 2.60% from the previous period, with an average of 41,454 circulating shares per shareholder, an increase of 2.67% [2] - The company has cumulatively distributed 2.05 billion CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 24.60 million shares, a decrease of 2.93 million shares from the previous period [3]

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [12]. Core Insights - Although a cycle reversal requires time and conditions, the new housing market presents structural opportunities under the dual logic of price recovery and product iteration, providing alpha for certain quality real estate companies [3][10]. - Historical experiences indicate that quality real estate stocks tend to bottom out much earlier than the overall cycle, with trend-based increases dependent on a cycle reversal [10]. - Despite ongoing pressure on overall housing prices, the cumulative decline has limits, and the pre-loss of old inventory for real estate companies is not entirely unpredictable, especially for firms in higher-tier cities [10]. - In a structural market, the de-stocking and profitability of newly acquired land reserves by real estate companies in recent years are relatively secure, indicating reliable value creation capabilities [10]. - Some quality real estate companies are not solely focused on development but also have stable cash flow businesses such as property management and self-holding, which provide operational resilience [10]. Market Performance - The Yangtze River Real Estate Index decreased by 2.69% this week, with an excess return of -0.47% relative to the CSI 300, ranking 18th out of 32 industries [7][15]. - Year-to-date, the Yangtze River Real Estate Index has increased by 12.92%, with an excess return of -1.80% compared to the CSI 300, ranking 17th out of 32 [7][15]. Policy Updates - Hefei has extended its home purchase subsidy for one year, allowing buyers to apply for a 2% subsidy on the total price of newly purchased homes [8][17]. - Hainan has released a draft for the management of affordable housing, setting sales prices based on the previous year's housing price-to-income ratio [8][17]. Sales Data - In the past week, new home transaction volumes in 37 cities showed a rolling year-on-year decline of 28.5%, while second-hand home transactions in 17 cities decreased by 9.5% [9][18]. - As of October 17, new home transaction volumes in 37 cities for the month showed a year-on-year decline of 31.7%, and second-hand home transactions decreased by 18.4% [9][18].