Investment Rating - The report rates the real estate industry as "Outperform" [6] Core Viewpoints - New home transaction area has seen a slight month-on-month increase of 0.5%, while the year-on-year decline has narrowed to 21.5% [6] - The transaction area for second-hand homes has turned negative month-on-month, with a year-on-year decline of 15.9%, although the decline has also narrowed compared to the previous week [6] - New home inventory area has decreased both month-on-month and year-on-year, with a de-stocking cycle of 16.2 months, which is a decrease of 1.6 months month-on-month but an increase of 4.3 months year-on-year [6] - The land market has seen a decrease in transaction volume but an increase in price, with a total land transaction area of 4,375 million square meters, down 15.4% month-on-month and 16.5% year-on-year, while the average floor price has increased by 1.6% month-on-month and 9.5% year-on-year [6] - The total issuance of domestic bonds in the real estate sector has decreased significantly, with a total issuance of 1.96 billion yuan, down 68.5% month-on-month and 20.2% year-on-year [6] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 281.9 million square meters, with a month-on-month increase of 0.5% and a year-on-year decrease of 21.5% [17][26] - The inventory of new homes in 12 cities is 11,398 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 7.0% [42][43] - The transaction area for second-hand homes in 18 cities is 126.2 million square meters, with a month-on-month decrease of 28.0% and a year-on-year decrease of 15.9% [49][57] 2. Land Market Tracking - Total land transaction area in 100 cities is 4,375 million square meters, down 15.4% month-on-month and 16.5% year-on-year [63][64] - The total land transaction price is 111.36 billion yuan, down 14.1% month-on-month and 8.5% year-on-year [68][89] - The average floor price of land is 2,545.5 yuan per square meter, up 1.6% month-on-month and 9.5% year-on-year [63][68] 3. Policy Overview - The Ministry of Finance has announced a new policy reducing the value-added tax rate on personal sales of housing from 5% to 3%, effective January 1, 2026 [2][97] - The central bank has indicated a focus on stabilizing the real estate market and improving financial conditions [97]

Group 1 - The core viewpoint of the news is that Dalian City has experienced a stock price increase of 2.13% this year, but has seen declines over the past five, twenty, and sixty trading days, indicating volatility in its stock performance [2] - As of January 5, Dalian City's stock price is reported at 2.88 yuan per share, with a total market capitalization of 12.345 billion yuan [1] - The company has a diverse revenue structure, with 75.64% from property sales and land development, 16.80% from investment properties and related services, and smaller contributions from hotel operations and management services [2] Group 2 - Dalian City reported a total revenue of 20.648 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 0.83%, while the net profit attributable to shareholders was -533 million yuan, showing a year-on-year increase of 9.17% [2] - The company has not distributed dividends in the last three years, with a cumulative payout of 2.054 billion yuan since its A-share listing [3] - As of September 30, 2025, the number of shareholders decreased by 7.16% to 89,700, while the average circulating shares per person increased by 15.33% to 47,810 shares [2]

对外捐赠管理办法 （2025 年 12 月 31 日第十一届董事会第二十四次会议修订） 第一章 总 则 大悦城控股集团股份有限公司对外捐赠管理办法 大悦城控股集团股份有限公司 第一条 为高标准履行企业社会责任，规范对外捐赠管理，依据《中华人民 共和国民法典》《中华人民共和国公益事业捐赠法》《中华人民共和国慈善法》 《深圳证券交易所股票上市规则》（以下简称"上市规则"）等相关规定，结合 大悦城控股集团股份有限公司（以下简称"公司"）实际情况，制订本规定。 第二条 本规定适用于公司及公司控股子公司。 以营利为目的自办或与他人共同举办的教育、文化、卫生、体育、科学、环 境保护等经营实体，不适用本规定。 第三条 本规定中对外捐赠是指公司及公司控股子公司自愿无偿将其有权处 分的合法财产（包括现金、库存商品和其他物资）赠送给合法的受赠人用于与生 产经营活动没有直接关系的公益事业的行为。 第四条 对外捐赠应遵循自愿无偿、权责清晰、量力而行、诚实守信的原则， 严禁各类虚假宣传或许诺行为。对于机构、团体或个人强令的赞助和摊派性捐赠， 公司及公司控股子公司应当合理拒绝。 第五条 公司及公司控股子公司生产经营需用的主要固定资产、持 ...

大悦城控股集团股份有限公司总经理工作细则 大悦城控股集团股份有限公司 总经理工作细则 （2025年12月31日公司第十一届董事会第二十四次会议修订） 第一章 总则 第一条 为完善公司治理结构，提高决策效率和科学决策水平，保证公司经 理层认真执行董事会决议，切实履行公司日常经营管理职责，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）《大悦城控股集团股份有限公司章程》（以下简称：公司章程）等相关规 定，特制定本细则。 第二条 公司总经理由董事会聘任，向董事会负责，负责公司的经营管理工 作，组织实施董事会决议，并向董事会报告工作。 第二章 经理层人员与职权 第三条 公司总经理及其他高级管理人员的资格与义务，遵照公司法、证券 法等有关法律法规及公司章程的规定。 第四条 公司设总经理1名，副总经理若干名，总会计师（财务负责人）、董 事会秘书、总法律顾问各1名。 第五条 总经理由董事长提名，董事会聘任或解聘。副总经理、总会计师（财 务负责人）、总法律顾问由总经理提名，董事会聘任或解聘；董事会秘书由董事 长提名，董事会聘任或解聘。 经理层人员每届任期三年，届满后连聘可以连任 ...

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：2025-069 大悦城控股集团股份有限公司 第十一届董事会第二十四次会议决议公告 一、关于审议《大悦城控股经理层成员 2025-2027 年任期业绩目标责任书》 的议案 议案表决情况：9 票同意、0 票弃权、0 票反对。 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。 大悦城控股集团股份有限公司（以下简称"公司"）第十一届董事会第二十 四次会议通知于 2025 年 12 月 28 日以当面送达及电子邮件送达的方式发出，会议 于 2025 年 12 月 31 日以电子通信会议的方式召开。本次会议应参加表决董事 9 人， 实际参加表决董事 9 人。会议由公司董事长姚长林先生主持，公司部分高级管理 人员列席了会议。会议的召集、召开符合《中华人民共和国公司法》和《公司章 程》的有关规定。本次会议审议通过以下议案： 本议案已经薪酬与考核委员会审议通过，全体委员同意提交董事会审议。 二、关于修订《大悦城控股集团股份有限公司总经理工作细则》的议案 议案表决情况：9 票同意、 ...

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their main businesses, continue innovation, and fulfill social responsibilities, thereby promoting capital to gather towards quality enterprises [3] - The evaluation covered over 8,000 companies in A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies awarded, reflecting a comprehensive assessment based on financial data and public information [3] Group 2 - The "Outstanding Investor Relations (IR) Team Award" focuses on professional communication and value transmission capabilities, emphasizing timely and accurate information disclosure, investor communication efficiency, market value management, compliance, risk control, and crisis response [3] - Duyuecheng is positioned as an "excellent urban operation and quality life service provider," driving multi-business interactions and covering various sectors such as commercial, residential, industrial real estate, hotels, office buildings, long-term rental apartments, and property services [3][4] - The Duyuecheng IR team utilizes scientific market value management to accurately convey the company's core value and growth potential, showcasing operational advantages in commercial real estate and effective capital operations [4]

Investment Rating - The report rates the real estate industry as "Outperform the Market" [5] Core Insights - New home transaction area has seen a narrowing month-on-month increase but an expanding year-on-year decline, while second-hand home transaction area has turned positive month-on-month with a narrowing year-on-year decline [5][14] - The inventory of new homes has increased month-on-month but decreased year-on-year, with the de-stocking cycle lengthening both month-on-month and year-on-year [5][14] - The land market has experienced a decrease in transaction volume and a rise in prices, with both volume and price declining year-on-year [5][54] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - In the week of December 20-26, 2025, new home transaction area in 40 cities was 2.74 million square meters, a month-on-month increase of 10.5% but a year-on-year decrease of 39.2% [15][20] - The inventory of new homes in 12 cities was 11,491 million square meters, with a month-on-month increase of 0.3% and a year-on-year decrease of 7.9% [32][33] - The de-stocking cycle for new homes in first, second, and third/fourth-tier cities was 19.8, 13.2, and 70.3 months respectively, with year-on-year increases across all tiers [25][35] 2. Land Market Tracking - Total land transaction area across 100 cities was 5,116.1 million square meters, a month-on-month decrease of 2.7% and a year-on-year decrease of 12.7% [54][58] - The total transaction price for land was 129.13 billion yuan, with a month-on-month increase of 10.0% but a year-on-year decrease of 15.9% [55][58] - The average floor price for land was 2,524.1 yuan per square meter, with a month-on-month increase of 13.0% but a year-on-year decrease of 3.7% [56][58] 3. Policy Overview - The central government emphasized the importance of the real estate sector in the upcoming "14th Five-Year Plan" period, indicating continued potential for growth and the need for policy adjustments to stabilize the market [90][91] - Local policies in Beijing have been adjusted to ease purchasing conditions for non-local households and support multi-child families, reflecting a trend towards more flexible housing policies [91][92] 4. Market Performance Review - The absolute return of the real estate sector was 1.9%, with a relative return of -0.04% compared to the CSI 300 index, indicating a slight improvement week-on-week [94][95] - The price-to-earnings ratio (PE) for the real estate sector was 24.68X, showing a week-on-week increase of 0.9X [98]

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】606 号 中证鹏元关于关注大悦城控股集团股份有限公司新增重大 资产抵质押事项的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对大 悦城控股集团股份有限公司（以下简称"大悦城"或"公司"，股票 代码：000031.SZ）及其发行的下述债券开展评级。除评级委托关系 外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行为独 立、客观、公正的关联关系。 | | | | 债券简称 | | | 上一次评级时间 | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 主体等级 | 债项等级 | 评级展望 | | 23 | 大悦 | 01 | | 2025 | 年 | 11 | 月 | 28 日 | AAA | AAA | 稳定 | | 22 | 大悦 | 02 | | 2025 | 年 | 11 | 月 | 28 日 | AAA | AAA | 稳定 | | 22 | 大悦 | 01 ...

债券代码：148174.SZ 债券简称：23 大悦 01 大悦城控股集团股份有限公司关于"23 大悦 01" 拟再次实施回售向投资者征求意见结果的公告 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。 重要提示： 根据《大悦城控股集团股份有限公司 2023 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，大悦城控股集团股份有限公司（以下简称 "公司"或"发行人"）作为"23 大悦 01"（债券代码：148174.SZ）的发行人， 分别于 2025 年 11 月 28 日、2025 年 12 月 1 日和 2025 年 12 月 2 日披露《大悦 城控股集团股份有限公司关于"23 大悦 01"票面利率调整及投资者回售实施办 法第一次提示性公告》、《大悦城控股集团股份有限公司关于"23 大悦 01"票面 利率调整及投资者回售实施办法第二次提示性公告》和《大悦城控股集团股份有 限公司关于"23 大悦 01"票面利率调整及投资者回售实施办法第三次提示性公 告》。本期债券投资者有权选择在投资者回售登记期内进行登记，将持有的本期 债券按面值全部或部分回售给发行 ...

债券代码：148174.SZ 债券简称：23 大悦 01 大悦城控股集团股份有限公司关于 "23 大悦 01"拟再次实施回售提示性公告 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。 重要提示： 根据《大悦城控股集团股份有限公司 2023 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，大悦城控股集团股份有限公司（以 下简称"公司"或"发行人"）作为"23 大悦 01"（债券代码：148174.SZ）的发 行人，分别于 2025 年 11 月 28 日、2025 年 12 月 1 日和 2025 年 12 月 2 日披 露《大悦城控股集团股份有限公司关于"23 大悦 01"票面利率调整及投资者回 售实施办法第一次提示性公告》、《大悦城控股集团股份有限公司关于"23 大悦 01"票面利率调整及投资者回售实施办法第二次提示性公告》和《大悦城控股 集团股份有限公司关于"23 大悦 01"票面利率调整及投资者回售实施办法第三 次提示性公告》。本期债券投资者有权选择在投资者回售登记期内进行登记， 将持有的本期债券按面值全部或部分回售给发行人，回售登记期为 ...