房地产板块盘中再度拉升，大悦城封涨停，此前城投控股涨停，招商蛇口、滨江集团、保利发展、中华 企业均涨超5%。 ...

证券代码：000031.SZ 证券简称：大悦城 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2023年面向专业投资者公开 发行公司债券（第一期）2026年付息及回售部分债券兑付 公告 债权登记日：2026 年 1 月 16 日 债券付息日：2026 年 1 月 19 日 债券除息日：2026 年 1 月 19 日 凡在 2026 年 1 月 16 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；2026 年 1 月 16 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：2026 年 1 月 19 日 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）将于 2026 年 1 月 19 日开始支付自 2025 年 1 月 19 日至 2026 年 1 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 2023 年面向专业投资者 本公司及董事会全体成员保证信息披露的真 ...

证券代码：000031.SZ 证券简称：大悦城 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"23大悦01"回售部分债券的本金及利息已于2026年1月15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2026年1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，"23大悦01"的债券持有人在回售登记 期内（2025年12月4日至2025年12月8日、2025年12月26日）选择将其所持有的 "23大悦01"全部或部分回售给大悦城控股集团股份有限公司（以下简称"公 司"或"发行人"），回售价格为100元/张（不含利息），回售资金兑付日为 2026年1月19日，本次回售资金已足额划转至中国证券登记结算有限责任公司深 圳分公司。 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，"23大悦 01"的回售数量为20,000,000张，回售金额为2,000,000,000.00元（不包含利 息）；本次有效回售后剩余未回售数 ...

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：2026 年 1 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 2023 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。 股票简称：大悦城 股票代码：000031.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 中信证券股份有限公司关于"23 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 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 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诺 ...

1月15日，大悦城盘中上涨2.04%，截至09:35，报3.00元/股，成交1362.47万元，换手率0.11%，总市值 128.59亿元。 资金流向方面，主力资金净流入235.06万元，大单买入298.25万元，占比21.89%，卖出63.19万元，占比 4.64%。 大悦城今年以来股价涨6.38%，近5个交易日涨2.39%，近20日涨5.26%，近60日跌11.24%。 机构持仓方面，截止2025年9月30日，大悦城十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股5319.14万股，相比上期增加2859.41万股。工银价值精选混合A（019085）位居第六大流通 股东，持股2290.73万股，为新进股东。南方中证房地产ETF发起联接A（004642）位居第九大流通股 东，持股1623.98万股，相比上期减少17.04万股。 责任编辑：小浪快报 大悦城所属申万行业为：房地产-房地产开发-商业地产。所属概念板块包括：中粮集团、首发经济、新 型城镇化、低价、参股新三板等。 截至9月30日，大悦城股东户数8.97万，较上期减少7.16%；人均流通股47810股，较上期增加15.33%。 2025年1 ...

Core Viewpoint - The "2025 China Real Estate Product Power TOP100 Release Conference" highlighted the importance of product innovation and quality in the real estate industry, emphasizing a comprehensive approach to building "good houses" that meet customer needs and local adaptations [1][24]. Group 1: Industry Trends and Insights - The real estate industry is entering a critical phase focused on quality enhancement, where each company has its own understanding of what constitutes a "good house" [5]. - The conference featured discussions on the new connotations of good housing and the collaborative efforts required to enhance product vitality in the industry [3][5]. Group 2: Key Standards and Frameworks - China Electric Power Construction Group has established a comprehensive "Good House" brand standard that includes six dimensions: safety, health, green, wisdom, craftsmanship, and aesthetics, with 165 quality control parameters [6][7]. - The standard emphasizes a systematic approach to product development, integrating customer insights and local adaptations to ensure quality and efficiency [8][13]. Group 3: Customer Insights and Needs - Companies are increasingly focusing on deep customer insights to inform product standards, moving from basic needs to more complex emotional and cultural requirements [12][20]. - The core customer demands have evolved to include not only basic functionality but also quality of life and emotional fulfillment, indicating a shift in how housing is perceived [12][20]. Group 4: Challenges and Solutions - The industry faces challenges such as irrational competition and the need for better collaboration across the supply chain to meet quality standards [18][20]. - Companies are adopting a long-term perspective to navigate these challenges, emphasizing the importance of aligning product offerings with genuine customer needs and organizational capabilities [21].

Core Insights - The real estate industry is currently facing significant challenges, with a decline in GDP contribution from the real estate and construction sectors, dropping from 15% in 2019 to 12% in the first three quarters of 2025 [7] - The shift in housing demand from "having a house" to "having a good house" indicates a structural change in the market, with a projected annual housing demand of over 860 million square meters until 2035, primarily driven by improvement needs [7] - The report emphasizes the need for policy adjustments to address the ongoing market downturn, with potential policy directions including administrative, public fund, fiscal, urban renewal, and stock activation measures [7][9] Macro Perspective - The economy is undergoing a transformation, with a noticeable decline in the contribution of the real estate sector to GDP [7] - The population peaked in 2021 and has been declining, affecting housing demand dynamics, particularly among potential first-time buyers [7] - Employment and income expectations remain weak, impacting consumer willingness to purchase homes [7] Mid-Macro Perspective - Market transaction volumes and prices are continuously declining, with new home transactions in 100 cities down 15% year-on-year from January to November 2025 [7] - The frequency and effectiveness of local policy interventions have decreased, leading to rising inventory levels and prolonged de-stocking periods [7] - Real estate companies are experiencing significant financial strain, with funding levels dropping from 20.1 trillion yuan in 2021 to 10.8 trillion yuan in 2024 [7] Micro Perspective - Home prices in first-tier cities have seen significant declines, with second-hand home prices dropping over 35% from their peak [7] - The expectation of falling home prices is growing among residents, with 23.5% anticipating further declines as of Q3 2025 [7] - The market is witnessing a shift towards improvement-type housing, with larger units (over 120 square meters) gaining market share [7] Policy Space - Future policy adjustments are expected to focus on loosening purchase restrictions in major cities and enhancing public fund policies [9] - Fiscal measures may include subsidies for home loans and adjustments to tax policies related to property transactions [9] - Urban renewal initiatives are anticipated to expand, particularly in transforming urban villages [9] Opportunities in the Real Estate Sector - The commercial real estate sector is poised for growth by adapting to new consumer demands and creating innovative shopping experiences [9] - Residential developers focusing on core cities and high-demand housing types are likely to benefit from market shifts [9] - The report highlights the potential for real estate investment trusts (REITs) to expand, particularly in commercial properties, as the market matures [9] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in core cities, such as China Resources Land and China Merchants Shekou [9] - Smaller, agile firms that have made significant sales and land acquisition strides since 2024 are also recommended for consideration [9] - Companies innovating in the commercial real estate space, such as China Resources Vientiane Life and Swire Properties, are highlighted as potential investment opportunities [9]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Views - The current market is under pressure with declining transaction volumes and prices, but there is potential for policy adjustments in the first quarter of the year to stabilize the market [9] - The report suggests focusing on companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [9] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area decreased by 45.7% month-on-month and 35.6% year-on-year, with a notable increase in the decline rate [20][28] - Second-hand housing transaction area increased by 35.5% month-on-month but decreased by 21.6% year-on-year [51] - New housing inventory area increased by 0.2% month-on-month and decreased by 8.6% year-on-year, with an average de-stocking cycle of 16.3 months [44][45] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,744.7 million square meters, down 60.3% month-on-month and 2.2% year-on-year [67] - Total land transaction value was 32.19 billion, down 71.2% month-on-month and 63.3% year-on-year, with an average floor price of 1,844.7 yuan per square meter [67][73] - The land premium rate was 0.6%, down 7.9 percentage points month-on-month and 4.6 percentage points year-on-year [67][69] 3. Policy Overview - Various cities are optimizing housing fund policies, such as extending the mutual assistance policy for housing fund withdrawals in Chengdu until the end of 2026 [5][104] - In Shenyang, five housing fund loan policies were optimized starting January 2026, including extending the minimum down payment ratio of 15% [5][104] 4. Sector Performance Review - The real estate sector's absolute return was 5.1%, up 5.8 percentage points from the previous week, and the relative return compared to the CSI 300 was 2.3%, up 2.4 percentage points [106][107] - The sector's price-to-earnings ratio was 25.66X, an increase of 1.02X from the previous week [110] 5. Key Company Announcements - New City Holdings reported a shareholding change with its controlling shareholder holding 1.4 billion shares, representing 6.11% of the total [118]

Investment Rating - The report maintains a rating of "Buy" for several commercial real estate companies, including Longfor Group, China Overseas Development, Link REIT, and others [10][5]. Core Insights - The C-REIT market is entering a comprehensive development era, with significant potential for commercial real estate REITs, driven by abundant stock, high adaptability for securitization, and strong market recognition [1][12]. - The report emphasizes that commercial real estate REITs can enhance asset liquidity and facilitate value reassessment for related enterprises, particularly benefiting those deeply engaged in commercial real estate and management services [1][12]. - The potential market size for domestic commercial real estate REITs could reach trillions, with a current market value of only 40.8 billion, indicating substantial growth opportunities [3][12]. Summary by Sections International Comparison - In the U.S. and Japan, commercial real estate constitutes a significant portion of REITs, with respective shares of 43% and 55% as of November 2025 [2][16]. - The report highlights that income volatility affects risk premiums and valuation differences, with hotel REITs showing the highest dividend yields and office REITs the lowest due to their sensitivity to economic fluctuations [2][16]. Domestic Outlook - The report forecasts a substantial expansion potential for C-REITs, particularly in the retail sector, as domestic demand mirrors that of the U.S. market [3][56]. - Factors driving the growth of commercial real estate REITs include the emergence of projects with management premiums and location advantages, as well as a significant stock of quality assets [3][12]. Market Style - The report suggests that the C-REIT market may adopt a fixed-income plus investment mindset, similar to Japan's market style, with stable assets likely to present valuation premiums [14][56]. - It notes that the domestic REITs market is expected to benefit from the recent regulatory changes that broaden the asset base to include office buildings and hotels [3][56]. Investment Recommendations - The report recommends investing in established commercial real estate operators and property management companies with management premiums and strategic advantages, including Longfor Group, China Resources Land, and others [5][15].

Shareholding Change - The major shareholder, Taiping Life Insurance Co., Ltd., reduced its stake in the company by 26,629,800 shares, representing 0.62% of the total share capital, from 6.61% to 5.99% [1][2] Guarantee Situation - Chongqing Zeyue Industrial Co., Ltd., a subsidiary of the company, applied for a loan of 570 million yuan from Postal Savings Bank, with a term of 15 years, to replace existing project development loans [5] - The company’s subsidiary, Deyue City Real Estate Co., Ltd., provided a joint liability guarantee for the loan, covering 100% of the equity [5][8] Financial Overview of Chongqing Zeyue - As of December 31, 2024, Chongqing Zeyue had total assets of approximately 8.43 billion yuan and total liabilities of about 7.87 billion yuan, resulting in a net asset of approximately 552.67 million yuan [7] - For the year 2024, the company reported a total revenue of approximately 40.28 million yuan, with a net loss of about 352.63 million yuan [7] Guarantee Agreement Details - The guarantee provided by Deyue City Real Estate is for a maximum amount of 570 million yuan, with a guarantee period of three years after the loan contract's debt performance period expires [8] Company’s Opinion on Guarantee - The company believes that the guarantee for its wholly-owned subsidiary is necessary for project operations and business development, asserting that the financial risks are controllable and that the guarantee complies with relevant laws and regulations [9]