Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4] Core Insights - The industry continues to face downward pressure, but there is a reduction in expenditure pressure, which is expected to persist and provide a favorable financial environment for the macro economy [2] - The overall industry operation is still under downward pressure, with significant declines in development investment and sales figures [53] - The report anticipates that the real estate sector will not contribute to systemic financial risks in 2026, maintaining a favorable environment [53] Summary by Sections Investment Highlights - The report highlights that the real estate investment for January to November 2025 has decreased by 15.9% compared to the same period in 2024, with a notable decline in sales and new construction areas [7][11] - The anticipated trends for 2026 include continued financial risk reduction and persistent economic pressure, with a focus on financial risks in the real estate sector [53] Industry Data - For January to November 2025, the cumulative development investment reached 78,591 billion, with a year-on-year decrease of 15.9% [10] - The sales area of commercial housing for the same period was 787 million square meters, reflecting a year-on-year decline of 7.8% [23] - The report notes that the total funds available for real estate development decreased by 11.9% year-on-year, indicating a tightening financial environment [39] Recommendations - The report recommends several companies for investment, including: 1. Development: Vanke A, Poly Developments, China Overseas Development 2. Commercial and Residential: Longfor Group 3. Property Management: Wanwu Cloud, China Resources Mixc Life 4. Cultural Tourism: Overseas Chinese Town A [53]

【3】华侨城11月合同销售额12亿元 12月15日，华侨城披露11月经营简报。简报显示，11月华侨城实现合同销售金额12亿元，同比减少 65%，环比减少8%；合同销售面积8.6万平方米，同比减少61%，环比减少5%。 【4】合生创展11月总合约销售额11.05亿元 12月15日，合生创展披露11月未经审核经营简报。简报显示，11月合生创展连同其附属公司及其合营公 司及联营公司的总合约销售金额约为11.05亿元。其中，物业合约销售约10.66亿元；装修合约销售约 0.39亿元。 【1】国家统计局：11月份70个大中城市商品住宅销售价格环比总体下降 12月15日，国家统计局城市司首席统计师王中华解读2025年11月份商品住宅销售价格变动情况统计数据 时表示，2025年11月份，70个大中城市商品住宅销售价格环比总体下降、同比降幅扩大。 其中，一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分点；新建商品住宅销 售价格同比下降1.2%，降幅比上月扩大0.4个百分点；二手住宅销售价格环比下降1.1%，降幅比上月扩 大0.2个百分点；二手住宅销售价格同比下降5.8%，降幅比上月扩大1.4个百分点。 ...

北京商报讯（记者 王寅浩 李晗）12月15日，华侨城披露11月经营简报。简报显示，11月华侨城实现合 同销售金额12亿元，同比减少65%，环比减少8%；合同销售面积8.6万平方米，同比减少61%，环比减 少5%。 ...

证券日报网讯 12月15日，华侨城A在互动平台回答投资者提问时表示，截至12月10日，公司股东总户数 为105359户。 （文章来源：证券日报） ...

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3867.92 points, slightly down by 0.55%, while the total trading volume reached 1.794 trillion yuan, indicating active market participation [1]. Group 1: Market Performance - The Shanghai Composite Index closed above the annual line, reflecting a stable market condition despite a minor decline [1]. - A total of 101 A-shares have surpassed the annual line, indicating a positive trend for these stocks [1]. Group 2: Notable Stocks - The stocks with the largest deviation from the annual line include: - Junyao Health (均瑶健康) with a deviation rate of 8.59% and a daily increase of 10.04% [1]. - Aerospace Information (航天信息) with a deviation rate of 7.93% and a daily increase of 10.00% [1]. - Guangbai Co. (广百股份) with a deviation rate of 7.58% and a daily increase of 9.96% [1]. - Stocks with smaller deviations that have just crossed the annual line include: - Shunbo Alloy (顺博合金) and Shenzhen Airport (深圳机场), indicating a cautious upward movement [1]. Group 3: Trading Data - The total trading volume for A-shares today was 1.794 trillion yuan, reflecting significant market activity [1]. - The trading turnover rates for notable stocks varied, with Junyao Health at 3.60% and Aerospace Information at 4.93%, indicating investor interest [1].

Core Viewpoint - In November 2025, the company reported a significant decline in contract sales and area, indicating challenges in its real estate business, while its tourism segment showed slight growth in visitor numbers [1] Group 1: Contract Sales Performance - In November 2025, the company achieved a contract sales area of 86,000 square meters, representing a year-on-year decrease of 61% and a month-on-month decrease of 5% [1] - The contract sales amount for November 2025 was 1.2 billion yuan, down 65% year-on-year and down 8% compared to October [1] - From January to November 2025, the cumulative contract sales area reached 1.071 million square meters, a year-on-year decrease of 31%, while the total contract sales amount was 15.75 billion yuan, down 33% year-on-year [1] Group 2: Tourism Segment Performance - In November 2025, the company's tourism enterprises received a total of 6.97 million visitors, marking an 8% increase year-on-year [1] - From January to November 2025, the total number of visitors to the company's tourism enterprises was 73.98 million, which represents a 1% decrease compared to the previous year [1]

Investment Rating - The investment rating for the real estate industry is "Outperform" with a focus on quality companies [26][30]. Core Insights - The primary goal of the industry is to stabilize the real estate market, with a clear policy direction to maintain stability and prevent fluctuations in fundamentals [31][34]. - Supply-side issues and housing security are emphasized, with a shift towards utilizing existing housing for security purposes rather than new construction [32][33]. - Demand-side support focuses on reforming the housing provident fund system and promoting quality housing construction, with an aim to stabilize prices and expectations [33][34]. - The development model is shifting from exploration to deepening, indicating a collaborative breakthrough in supply optimization, inventory reduction, and demand stabilization [34][11]. Summary by Sections Investment Recommendations - Preferred companies include: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Gemdale; H-Shares - China Overseas Land & Investment 2) Residential and Commercial: Longfor Group 3) Property Management: Onewo, China Resources Mixc, China Overseas Property, Poly Property, China Merchants Property, ChongQing New DaZheng 4) Cultural Tourism: Shenzhen Overseas Chinese Town [26][30]. Market Stability - The focus on stabilizing the real estate market has been consistent since September 2024, with policies aimed at preventing fluctuations in the market fundamentals [31][8]. - The meeting emphasized city-specific policies to control new supply, reduce inventory, and optimize supply, aligning with previous approaches [32][9]. Supply-Side Focus - The meeting highlighted the importance of controlling new supply and reducing inventory, with an emphasis on converting existing housing for social welfare purposes [32][9]. - Future policies may continue to revolve around government acquisition of existing properties to balance supply and demand [9][11]. Demand-Side Support - The reform of the housing provident fund system is expected to expand its scope and functionality, providing sustainable financial support for housing [33][10]. - Quality housing construction is set to be a key topic in the Fifteenth Five-Year Plan, aiming to stabilize market prices and expectations [33][10]. Development Model - The emphasis on accelerating the new real estate development model indicates a transition from exploration to a more structured approach, focusing on optimizing supply and stabilizing demand [34][11].

Core Viewpoint - The company reported a significant contract sales performance for November 2025, with a total sales area of 86,000 square meters and a sales amount of 1.2 billion yuan [1] Group 1: Sales Performance - In November, the company achieved a contract sales area of 86,000 square meters and a contract sales amount of 1.2 billion yuan [1] - From January to November, the cumulative contract sales area reached 1.071 million square meters, with a total contract sales amount of 15.75 billion yuan [1] Group 2: Tourism Business - In November, the company's tourism enterprises received a total of 6.97 million visitors, representing an 8% year-on-year increase [1] - From January to November, the total number of visitors to the company's tourism enterprises was 73.98 million, which is a 1% decrease compared to the previous year [1]

Core Viewpoint - The company reported a significant decline in both contract sales area and amount for November 2025, indicating ongoing challenges in the real estate market [1] Group 1: Sales Performance - In November 2025, the company achieved a contract sales area of 86,000 square meters, representing a year-on-year decrease of 61% and a month-on-month decrease of 5% [1] - The contract sales amount for the same month was 1.2 billion yuan, which is a year-on-year decrease of 65% and a month-on-month decrease of 8% [1] Group 2: Cumulative Sales Data - From January to November 2025, the company accumulated a total contract sales area of 1.071 million square meters, reflecting a year-on-year decrease of 31% [1] - The cumulative contract sales amount during this period reached 15.75 billion yuan, showing a year-on-year decrease of 33% [1]

证券代码：000069 证券简称：华侨城 A 公告编号：2025-56 深圳华侨城股份有限公司 2025 年 11 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2025 年 11 月房地产销售情况 2025 年 11 月，公司实现合同销售面积 8.6 万平方米，同比减少 61%，环比 10 月减少 5%；合同销售金额 12.0 亿元，同比减少 65%， 环比 10 月减少 8%。 2025 年 1-11 月，公司累计实现合同销售面积 107.1 万平方米， 同比减少 31%；合同销售金额 157.5 亿元，同比减少 33%。 三、2025 年 11 月旅游综合业务情况 2025 年 11 月，公司旗下文旅企业合计接待游客 697 万人次，同 比增长 8%。 2025 年 1-11 月，公司旗下文旅企业合计接待游客 7398 万人次， 同比上年下降 1%。 公司紧密围绕十五运热点，整合资源打造多元消费场景。十五运 开幕以来，公司同步推出专项优惠，促进消费体验与赛事欢乐深度融 合。 1 注：月度经营数据为阶段性信息，可能与后续定期报告数 ...