声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年1月29日，大悦城（sz000031）触及涨停，涨停价3.73元，涨幅10.03%，总市值159.88亿元，流通 市值159.88亿元，截止发稿，总成交额2.79亿元。 根据喜娜AI异动分析，大悦城涨停原因可能如下，公司治理优化+融资渠道畅通+中粮集团支持： 1、公 司对公司章程、独立董事制度和内部审计制度进行修订，提升了治理水平。同时，能够获得银行大额授 信，成功发行新债券，并且主体和债券信用等级保持AAA最高评级，多次按时兑付债券本息，这些都 体现了公司在治理和融资方面的优势，显示出金融机构对其认可，基本面较为稳定。 2、大悦城作为中 粮集团核心地产平台，获得了母公司 ...

Core Viewpoint - The real estate sector experienced a volatile rebound on January 29, with several companies, including Dayue City and Sanxiang Impression, hitting the daily limit for stock price increases. Other companies such as New Town Holdings, Binjiang Group, Jingtou Development, and Huaxia Happiness also saw significant gains. [1] Group 1 - The regulatory requirement for companies to report the "three red lines" indicators on a monthly basis has been lifted for many firms, indicating a potential easing of regulatory pressure in the real estate sector. [1] - Some distressed real estate companies are still required to regularly report their asset-liability ratios and other financial indicators to specialized teams in their respective headquarters cities. [1]

Group 1 - The real estate sector is experiencing a volatile rebound, with major companies like Dayue City and Sanxiang Impression hitting the daily limit up [1] - Other companies such as New Town Holdings, Binjiang Group, Jingtou Development, and Huaxia Happiness are also seeing significant gains [1]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Investment Rating - The report rates the real estate industry as "Outperform" [3] Core Insights - New home transaction area has turned negative on a month-on-month basis, with a year-on-year decline expanding [3][13] - Second-hand home transaction area has increased month-on-month and turned positive year-on-year [3][13] - New home inventory area has decreased both month-on-month and year-on-year, while the de-stocking cycle has increased [3][13] Summary by Sections 1. New Home Market Tracking - In the week of January 17-23, 2026, new home transaction volume in 40 cities was 16,000 units, down 16.2% month-on-month and down 32.2% year-on-year [14][20] - The new home transaction area was 151.5 million square meters, down 9.7% month-on-month and down 39.6% year-on-year [22][39] - Transaction volume and area for first, second, third, and fourth-tier cities showed varying declines [14][19] 2. Second-Hand Home Market Tracking - In 18 cities, second-hand home transaction volume was 20,000 units, up 2.9% month-on-month and up 9.1% year-on-year [49][51] - The transaction area was 188.2 million square meters, up 4.4% month-on-month and up 18.1% year-on-year [51][52] - First, second, third, and fourth-tier cities exhibited different growth rates in transaction volume and area [45][49] 3. Inventory Situation - New home inventory in 12 cities was 1.373 million units, with a month-on-month decrease of 0.1% and a year-on-year decrease of 9.6% [35][38] - The de-stocking cycle for new home inventory was 17.7 months, increasing month-on-month and year-on-year [27][38] - Inventory levels and de-stocking cycles varied across city tiers [26][27] 4. Land Market Tracking - Total land transaction area in 100 cities was 1,044.9 million square meters, down 3.1% month-on-month but up 0.4% year-on-year [59][60] - Total land transaction value was 16.33 billion yuan, down 1.5% month-on-month and down 15.5% year-on-year [10][65] - The average land price per square meter was 1,562.8 yuan, up 1.7% month-on-month but down 15.8% year-on-year [10][61] 5. Policy Insights - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to support urban renewal [3] - Emphasis on stabilizing housing prices and improving market confidence through various policy measures [3][11]

Core Insights - The real estate market continues to face downward pressure, with all 70 cities experiencing a decline in second-hand housing prices for four consecutive months, indicating a "catch-up" phenomenon in first-tier cities [9][19] - The average year-on-year decline in new housing prices across 70 cities in 2025 was 3.8%, which is less than the 4.5% decline in 2024, marking three consecutive years of decline [4][12] - The average year-on-year decline in second-hand housing prices was 6.3% in 2025, also less than the 7.4% decline in 2024, indicating a persistent downward trend for four years [4][12] Real Estate Market Performance - In December 2025, new home prices in 70 major cities fell by 0.4% month-on-month, while second-hand home prices decreased by 0.7%, maintaining the same rate of decline as in November [4][12] - The total sales area in December was 93.99 million square meters, with a year-on-year decline of 15.6%, showing a slight improvement from the previous month's decline of 17.3% [12][13] - The total investment in real estate development in December was 419.7 billion yuan, with a year-on-year decline of 35.8%, marking the largest single-month decline since 2000 [16][19] Housing Price Trends - In first-tier cities, new home prices fell by 0.3% month-on-month in December, with Shanghai showing a slight increase of 0.2%, while Beijing, Shenzhen, and Guangzhou experienced varying declines [5][9] - The average year-on-year decline in new home prices in first-tier cities was 1.8% in 2025, a reduction of 1.4 percentage points compared to 2024 [5][9] - Second-hand home prices in first-tier cities fell by 0.9% month-on-month in December, with an average year-on-year decline of 4.2% [5][9] Investment Recommendations - The report suggests focusing on three main lines: stable companies with high sales and land reserve ratios in core cities, smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, and commercial real estate companies exploring new consumption scenarios [10][20] - Companies such as China Resources Land, Binjiang Group, and China Merchants Shekou are highlighted for their strong market positions [10][20] - The report anticipates potential policy adjustments by the end of Q1 2026, which could help stabilize the market [9][19]

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 02" 在回售登记期内回售数量 10,300,000 张，回售金额 1,030,000,000.00 元。 根据《回售结果公告》，发行人于 2025 年 12 月 22 日至 2026 年 1 月 20 日对 回售债券实施转售，拟转售债券数量 10,300,000 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 2,700,000 张，转售平均价格为 100.00 元/张，本公司已向中国结算深圳分公司申 请对于未转售的债券份额 7,600,000 张进行注销，注销完成后，"22 大悦 02"剩 余托管数量为 7,400,000 张。 1 ( 本页无正文, 为《"22 大悦 02"债券转售实施结果公告》之盖章页 ) 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 "22大悦02"债券转售实施结果公告 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）（品种一）募集说明书》的约定，"22 大悦 02 ...

Group 1 - The real estate development sector increased by 0.75% on January 22, with Hualian Holdings leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Hualian Holdings saw a significant rise of 10.05%, closing at 6.79, with a trading volume of 615,200 shares and a transaction value of 413 million yuan [1] Group 2 - The real estate development sector experienced a net outflow of 1.287 billion yuan from institutional investors, while retail investors saw a net inflow of 952 million yuan [2] - The trading data indicates that Hualian Holdings had a net inflow of 78.6472 million yuan from institutional investors, but a net outflow from retail investors [3] - Other notable stocks included Diyi City with a 4.29% increase and Zhutu Group with a 4.23% increase, reflecting positive market sentiment in the sector [1]

Group 1 - Dalian City Holdings has seen a stock price increase of 5.21% on January 22, reaching 3.43 CNY per share, with a trading volume of 163 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 14.702 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 11.64% during this period [1] - The company, established on October 8, 1993, is primarily engaged in residential property development and sales, property leasing, and commercial real estate, with the main revenue sources being residential property sales (75.64%), investment properties and related services (16.80%), and hotel operations (3.06%) [1] Group 2 - Among the top ten circulating shareholders of Dalian City, a fund under Southern Fund ranks as a significant stakeholder, having reduced its holdings by 170,400 shares in the third quarter, now holding 16.2398 million shares, which is 0.38% of the circulating shares [2] - The Southern CSI Real Estate ETF Fund has generated a floating profit of approximately 2.7608 million CNY today, with a total floating profit of 5.5215 million CNY during the three-day stock increase [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 279 days, with the fund's total asset size at 170.608 billion CNY, achieving a best return of 185.08% and a worst return of -47.6% during his management period [2]

Summary of Key Points from Conference Call Records Industry Overview - The records pertain to the real estate industry in China, specifically focusing on policies and market dynamics affecting urban development and housing. Core Insights and Arguments - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to support urban renewal, allowing the use of existing land and property resources for state-supported industries with a transitional policy period not exceeding 5 years [2] - The 2026 National Housing and Urban-Rural Development Work Conference identified "high-quality urban renewal" as a key annual focus, emphasizing the implementation of various livelihood, development, and safety projects [2] - A sustainable model for urban renewal is proposed, involving government guidance, market operations, and public participation, with an emphasis on community engagement and the revitalization of idle assets [2] - The Guangzhou Housing and Urban-Rural Development Bureau plans to promote real estate market stability through strategies focused on "controlling growth, reducing inventory, and optimizing supply" [3] - In 2026, Guangzhou aims to complete fixed asset investments of 120 billion yuan in urban village renovations, with a focus on 52 new model projects to ensure the availability of resettlement housing [3] - The Beijing Planning and Natural Resources Committee has set a land supply plan for 2026, aiming for 65% of land supply to come from existing construction, with a specific focus on urban renewal [3] Additional Important Content - The records highlight the importance of legislative efforts for updating old housing and urban areas, including dilapidated buildings and historical districts, to enhance urban quality [3] - The emphasis on community involvement and the establishment of a legal framework for urban renewal indicates a shift towards more participatory governance in urban development [2][3]