Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

本期中期票据发行情况的相关文件详见中国货币网 （ www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （www.shclearing.com）。 特此公告。 根据公司资金计划安排和银行间市场情况，公司于 2025 年 7 月 7 日发行了 2025 年度第二期中期票据。发行情况如下表： | 债券名称 | 深圳市天健（集团）股份有限公司 2025 | | | | 年度第二期中期票据 | | | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 天健集 MTN002 | | | | | | | 债券代码 | 期限 102582758 | | | 年 5 | | | | 起息日 | 2025 年 7 月 8 | 日 | 兑付日 | 2030 年 | 7 月 | 8 日 | | 计划发行总额 | 6.5 亿元 实际发行总额 | | | 6.5 亿元 | | | | 发行价 | 100 元/百元面值 | | 发行利率 | 2.33% | | | | 主承销商 | 广发银行股份有限公司、招商银行股份有限公司、宁波银行股份 | | | | ...

Core Insights - The article discusses the competitive land auction in Shenzhen, highlighting the successful bid by China Overseas Land & Investment Limited for a residential land parcel in Longhua District, which sold for 2.37 billion yuan, reflecting a floor price of 27,566 yuan per square meter [7] - Shenzhen is set to auction five quality residential land parcels over the next month, indicating a strategic approach to balance market demand for commercial housing and the need for affordable housing [7][9] Group 1: Upcoming Land Auctions - The T201-0232 land parcel in Qianhai Cooperation Zone will be auctioned on July 14, with a starting price of 1.158 billion yuan and a building area of 25,600 square meters [8] - The A815-0036 land parcel in Longhua District will be auctioned on July 30, with a starting price of 1.906 billion yuan and a building area of 67,950 square meters [8] - The A319-1225 land parcel in Bao'an District will be auctioned on August 4, with a starting price of 1.09 billion yuan and a building area of 59,665 square meters [8] - The A815-0037 land parcel in Longhua District will be auctioned on August 8, with a starting price of 1.554 billion yuan and a building area of 51,070 square meters [8] Group 2: Land Auction Conditions - The five residential land parcels have optimized auction conditions, allowing for ordinary commercial housing without requirements for affordable housing or specific unit types [9] - The auction process will follow a "highest bidder wins" principle, with services such as "land transfer upon certificate issuance" and "housing transfer upon certificate issuance" [9] - The parcels are characterized by favorable locations, good amenities, beautiful landscapes, low plot ratios, and reasonable prices, aligning with Shenzhen's standards for quality housing [9][10]

Group 1 - The company held its 32nd meeting of the 9th Board of Directors on July 4, 2025, via communication methods, with all 8 directors participating in the vote [1][2] - The Board approved the adjustment of the members of the specialized committees, with specific roles assigned to various members [1] - The Board agreed to provide financial assistance to its controlling real estate subsidiary [2] - The Board also approved financial assistance to its wholly-owned subsidiary [2]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市天健（集团）股份有限公司（以下简称"公司""天健集 团"）第九届董事会第三十二次会议于 2025 年 7 月 4 日以通讯方 式召开，会议通知于 2025 年 6 月 26 日以书面送达或电子邮件方 式发出。会议应参加表决的董事 8 人，实际参加表决的董事 8 人。 会议召开符合《公司法》及《公司章程》等有关规定。会议以通 讯表决方式审议通过了如下议案并形成决议。 二、董事会会议审议情况 （一）审议通过了《关于调整公司董事会专门委员会委员 的议案》 董事会同意调整公司董事会专门委员会委员，调整后的各委 员会成员如下： 1.战略与预算委员会 深圳市天健（集团）股份有限公司关于公司 第九届董事会第三十二次会议的决议公告 证券代码：000090 证券简称：天健集团 公告编号：2025-50 委员：李希元、刘恒 主任委员：郑晓生 1 委员：何云武、徐腊平、向德伟、李希元、刘恒 2.薪酬与考核委员会 主任委员：李希元 委员：向德伟、刘恒 3.提名委员会 主任委员：向德伟 委员：郑晓生、魏晓东、 ...

深圳市天健（集团）股份有限公司 2024 年度权益分派实施公告 证券代码：000090 证券简称：天健集团 公告编号：2025-51 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市天健（集团）股份有限公司（以下简称"公司"） 2024 年度权益分派方案已经 2025 年 6 月 20 日召开的 2024 年度 股东大会审议通过，现将权益分派事宜公告如下： （二）自本次权益分派方案披露至实施期间，公司股本总 额未发生变化。 （三）本次权益分派方案内容与公司 2024 年度股东大会审 1 议通过的分配方案一致。若在分配方案实施前公司总股本由于 可转债转股、股份回购、股权激励行权、再融资新增股份上市 等原因而发生变化时，按照分配比例不变的原则对分配总额进 行相应调整。 （四）2024 年度公司不送红股，不进行资本公积金转增股 本。 （五）本次权益分派方案实施时间距离公司 2024 年度股东 大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2024 年度权益分派方案为：以公司现有总股本 1,868,545,434 股为基数，向全体股东每 ...

股票简称：天健集团 股票代码：000090.SZ 债券简称：24 天健 Y1 债券代码：524086.SZ 深圳市天健(集团)股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 （深圳市福田区莲花街道紫荆社区红荔路 7019 号天健商务大厦 19 楼） 债券受托管理人 （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） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来 源于深圳市天健(集团)股份有限公司（以下简称"天健集团"、"发行人"或"公司"） 对外披露的《深圳市天健(集团)股份有限公司 2024 年年度报告》等相关公开信息 披露文件、发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中 的"报告期"是指 2024 年 12 月 24 日至 2024 年 12 月 31 日。 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 或声明。 1 目录 | 第一节 | 公司债券概况···························· ...

Core Viewpoint - Shenzhen Tianjian (Group) Co., Ltd. has issued two bonds, 21 Tianjian Y1 and 23 Tianjian Y1, with a total issuance scale of RMB 32 billion, aimed at repaying maturing debts and improving financial stability [2][4][9]. Group 1: Bond Overview - The 21 Tianjian Y1 bond has an issuance scale of RMB 25 billion with an interest rate of 4.15%, and it is guaranteed by Shenzhen Special Zone Construction Group Co., Ltd. [3][4] - The 23 Tianjian Y1 bond has an issuance scale of RMB 7 billion with an interest rate of 3.98%, also guaranteed by Shenzhen Special Zone Construction Group Co., Ltd. [4][5] Group 2: Financial Performance - For the year 2024, the company's total assets are projected to be RMB 6,390.29 million, a decrease of 8.02% from 2023 [7][8] - The company's total liabilities are expected to be RMB 4,887.82 million, down 10.10% from the previous year [8] - The net profit attributable to the parent company's shareholders is forecasted to be RMB 62.06 million, reflecting a significant decline of 59.09% compared to 2023 [8] Group 3: Revenue Breakdown - The construction business is expected to generate RMB 1,152.49 million, accounting for 48.51% of total revenue [7] - The real estate sector is projected to contribute RMB 1,030.97 million, representing 43.40% of total revenue [7] - Other urban services are anticipated to generate RMB 146.39 million, making up 6.16% of total revenue [7] Group 4: Debt Repayment and Management - The company has successfully utilized the funds from both bond issuances to repay maturing debts, with no remaining balance in the bond accounts as of December 31, 2024 [10][11] - The company has established special accounts at China Merchants Bank for the management of bond proceeds and debt repayment [11] Group 5: Creditworthiness and Debt Servicing - The company maintains a strong credit profile, with a loan repayment rate and interest coverage ratio both at 100% [12] - The current ratio is projected to be 1.44, indicating strong short-term debt servicing capability [12] - The debt-to-asset ratio stands at 76.49%, reflecting a reasonable level of long-term debt sustainability [12]

债券简称：21 天健 Y1 债券代码：149739.SZ 债券简称：23 天健 Y1 债券代码：148245.SZ 深圳市天健（集团）股份有限公司 2024 年公司债券定期受托管理事务报告 发行人 深圳市天健（集团）股份有限公司 根据《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》、 《深圳市天健（集团）股份有限公司 2021 年面向专业投资者公开发行可续期公 司债券之受托管理协议》、《深圳市天健（集团）股份有限公司 2021 年面向专业 投资者公开发行可续期公司债券（第一期）募集说明书》、《深圳市天健（集团） 股份有限公司 2023 年面向专业投资者公开发行可续期公司债券（第一期）募集 说明书》等相关规定和约定，国信证券股份有限公司（以下简称"国信证券"）作 为受托管理人，以公开信息披露文件、发行人出具的相关说明文件以及第三方中 介机构出具的专业意见等为信息来源，编制本定期受托管理事务报告。 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 事宜作出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的承诺 或声明。 2 | | 重点声明 2 | | --- | -- ...

Core Viewpoint - Tianjian Group's wholly-owned subsidiary successfully acquired land use rights in Shenzhen for 1.994 billion yuan [1] Group 1 - On June 27, Tianjian Group announced that its wholly-owned subsidiary, Shenzhen Qianhai Tianjian Real Estate Development Co., Ltd., jointly with Shen Zhen Yi A and Shenzhen Jianchen Investment Development Co., Ltd., won the bidding for the land use rights of the A509-0074 plot in Guangming District, Shenzhen [1]