Core Viewpoint - As of December 18, a total of 97 stocks in the Shanghai and Shenzhen markets have experienced net buying from main funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is China National Materials, which has seen net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Xinhua Medical, *ST Taihe, Sichuan Shuangma, Libang Co., Chongqing Water, Harbin Pharmaceutical, Weiteng Electric, and Huicheng Environmental Protection [1]

Financing Overview - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, marking a year-on-year increase of 28.5% [1][2][7] - The financing structure included 26.22 billion yuan from credit bonds (down 1.6% year-on-year, accounting for 42.3%), 6.42 billion yuan from overseas bonds (10.3%), and 29.4 billion yuan from ABS (up 36% year-on-year, accounting for 47.4%) [2][8] - From January to November 2025, total bond financing for real estate companies was 550.28 billion yuan, a 10.5% increase year-on-year [2][8] Credit Bond Issuance - Credit bond issuance saw a slight year-on-year decline, primarily from state-owned enterprises, with major issuers including China Merchants Shekou and Poly Developments, each issuing over 3 billion yuan [3][9] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3][9] ABS Issuance - ABS issuance totaled 29.4 billion yuan, showing significant growth, with class REITs being the largest category at 51.7% of the total [4][10] - Recent successful ABS projects include the "Huatai-Shanghai Zhongjian Plaza" and "CITIC Securities-Yuexiu Commercial" plans, which support the development of operational business models for real estate companies [4][10] Financing Costs - The average bond financing interest rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but an increase of 0.1 percentage points from the previous month [5][11] - The average interest rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97% [5][11] Corporate Financing Dynamics - China Merchants Shekou had the highest issuance amount at 5.04 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6][12] - Key companies such as China Jinmao, China Resources, and Poly Developments reported new financing activities, while Sunac and Times China had their overseas debt restructuring plans approved [6][12]

Core Viewpoint - The real estate industry in China is experiencing a significant increase in bond financing, with a total of 620.4 billion yuan in November 2025, marking a year-on-year growth of 28.5% [1] Financing Overview - From January to November 2025, the total bond financing for real estate companies reached 550.28 billion yuan, reflecting a year-on-year increase of 10.5% [3] - The structure of financing shows that credit bond financing amounted to 320.2 billion yuan, a slight increase of 2.9% year-on-year, accounting for 58.2% of the total [3] - Overseas bond financing surged to 161.5 billion yuan, up 141% year-on-year, representing 2.9% of the total [3] - Asset-backed securities (ABS) financing reached 213.93 billion yuan, with a year-on-year growth of 19%, making up 38.9% of the total [3] Credit Bond Issuance - In November, credit bond issuance saw a slight decline, primarily from state-owned enterprises, with major issuances from companies like China Merchants Shekou and Poly Development exceeding 3 billion yuan [3] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3] Overseas Bond Issuance - China Resources Land successfully issued overseas bonds in November, contributing to an increase in overseas bond issuance [3] - On November 13, China Resources Land issued 4.3 billion yuan and 300 million USD in dual-currency green bonds, with a 3-year USD bond at a coupon rate of 4.125% and a 5-year yuan bond at 2.40% [3] ABS Market Dynamics - The ABS issuance scale reached 294 billion yuan, showing significant growth, with REITs being the largest category at 51.7% [4] - Other categories included CMBS/CMBN at 24.5%, supply chain ABS at 12.7%, and affordable housing ABS at 11.1% [4] Financing Costs - The average bond financing rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but a 0.1 percentage point increase compared to the previous month [6] - The average rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97%, decreasing by 0.33 percentage points month-on-month [6] Notable Company Activities - China Merchants Shekou had the highest issuance amount in November at 50.4 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6]

根据中交地产股份有限公司（以下简称"公司"）《章程》等相 关法律法规，为充分调动公司董事、高级管理人员的积极性和创造性， 提高公司治理及经营管理水平，促进公司稳健、持续健康发展，按照 风险、责任与利益相协调的原则，结合公司实际经营情况并参照行业 薪酬激励方式和水平，制定公司第十届董事会董事、高级管理人员薪 酬绩效方案。 中交地产股份有限公司 关于第十届董事会董事及高级管理人员薪酬绩效方案 的公告 公司于 2025 年 12 月 11 日召开第十届董事会薪酬与考核委员会 第一次会议、2025 年 12 月 12 日第十届董事会第十二次会议，审议 通过了《关于第十届董事会董事及高级管理人员薪酬绩效方案的议 案》。根据相关规定，本议案尚需提交公司股东会审议。现将具体情 况公告如下： 一、本方案适用对象 在公司领取薪酬绩效的董事和高级管理人员。 证券代码：000736 证券简称：*ST 中地 公告编号：2025-122 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）独立董事津贴 公司独立董事津贴标准为人民币 12 万元/年/人（税前）。独立 董事为公司事项所发 ...

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。 证券代码：000736 证券简称：*ST 中地 公告编号：2025-123 中交地产股份有限公司 关于召开 2025 年第九次临时股东会的通知 一、召开会议的基本情况 （一）股东会届次：2025 年第九次临时股东会。 （二）召集人：经公司第十届董事会第十二次会议审议通过，由 公司董事会召集本次股东会。 （三）本次股东会会议召开符合公司《章程》及有关法律、行政 法规等的规定。 1、现场会议召开时间：2025 年 12 月 31 日 14：50。 2、网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 12 月 31 日 9：15-9：25,9：30-11：30 和 13：00-15：00。 （2）通过深圳证券交易所互联网投票系统投票的具体时间为： 2025 年 12 月 31 日 9：15 至 15：00 期间的任意时间。 1 （五）会议召开方式 1、现场方式：股东本人出席现场会议或者通过授权委托书委托 他人出席现场会议进行表决。 2、网络投票方式：公司将通过深圳证券交易所交易系统和 ...

本项议案详细情况于 2025 年 12 月 16 日在《中国证券报》、《证 券时报》、《上海证券报》、《证券日报》和巨潮资讯网上披露，公 告编号 2025-122。 证券代码：000736 证券简称：*ST 中地 公告编号：2025-121 中交地产股份有限公司 第十届董事会第十二次会议决议公告 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。 中交地产股份有限公司（以下简称"公司"）于 2025 年 12 月 7 日以书面方式发出了召开第十届董事会第十二次会议的通知，2025 年 12 月 12 日，公司第十届董事会第十二次会议以现场结合通讯方式 召开，会议应到董事 7 人，实到董事 7 人。本次会议由董事长王尧先 生主持。会议符合《公司法》和公司《章程》的有关规定。经与会全 体董事审议，形成了如下决议： 一、以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关 于 2025 年度考核指标及目标值的议案》。 二、以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关 于第十届董事会董事及高级管理人员薪酬绩效方案的议案》。 2 本议案尚需提交公司股 ...

Core Viewpoint - The company has approved a significant asset sale and related party transaction, transferring real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd. [2] Group 1: Transaction Details - The fifth extraordinary general meeting of shareholders was held on August 11, 2025, where the proposal for the major asset sale was approved [2] - The asset transfer was confirmed with the signing of the Asset Delivery Confirmation on August 31, 2025, marking the completion of the asset handover [2] - All rights and risks associated with the transferred assets and liabilities are now borne by the real estate group [2] Group 2: Financial Impact - Ernst & Young Huaming has completed the audit of the transitional period profits and losses related to the transaction [3] - The transitional period for the transaction is defined from January 1, 2025, to August 31, 2025, with the audit benchmark date set as August 31, 2025 [4] - The net loss attributable to the parent company's shareholders during the transitional period is reported as RMB -1,819,131,035.45, which will be borne by the real estate group without compensation required from the company [5]

Group 1 - Wanda Commercial Management seeks to extend the maturity of a $400 million bond from February 2026 to February 2028, maintaining the original interest rate of 11% and payment arrangements, while also lowering the minimum total share capital requirement in Hong Kong [1] - The bondholders' meeting is scheduled for January 5, 2026, and Wanda is preparing funds for the repayment of another $700 million bond due in early 2026, indicating a structured approach to debt management [1] Group 2 - Shenzhen's land auction resulted in the sale of two residential plots for a total of 3.952 billion yuan, with the Nanshan plot sold for 3.186 billion yuan at a floor price of 77,400 yuan per square meter, reflecting a 42.49% premium [2] - The auction results show a clear differentiation in market demand, with high premiums for core assets while non-core areas exhibit cautious bidding behavior [2] Group 3 - China Communications Construction Company reported a loss of 1.8191 billion yuan during the transitional period of asset transfer to its controlling shareholder, which will bear the loss as per the agreement [3] - This arrangement highlights the resource synergy advantages of state-owned enterprises, alleviating financial pressure on the listed company and ensuring smooth asset restructuring [3] Group 4 - Greenland Holdings disclosed an increase of 1,595 lawsuits involving a total of 6.163 billion yuan, with the majority being construction and real estate disputes [4] - The surge in litigation reflects the operational pressures faced by the company amid industry adjustments, potentially impacting cash flow and operational efficiency [4] Group 5 - Lujiazui Group announced the cancellation of its supervisory board, revising its articles of association in compliance with the new Company Law of the People's Republic of China [5] - This change is aimed at optimizing governance structure and enhancing efficiency, aligning with the reform trends in A-share companies by shifting supervisory functions to the board's audit committee [5]

Market Overview - The overall market trend remains upward, with most sectors finding support at the 60-day moving average and initiating a rebound [7] - The "spring躁动" (spring excitement) may start earlier in mid to late December, with balanced allocation in growth and cyclical sectors being recommended [7] - A potential "double bottom" formation could provide a good opportunity for accumulation if the market revisits the November 21 position [7] Stock Performance - Major U.S. stock indices closed lower, with the Dow Jones down 0.45%, Nasdaq down 0.14%, and S&P 500 down 0.35% [3] - Notable tech stocks showed mixed performance: Nvidia up 1.7%, Oracle up 1.3%, while Apple down 0.3%, Meta down 1.0%, Amazon down 1.1%, and Google down 2.1% [3] - The Nasdaq Golden Dragon China Index rose 0.08%, with Baidu up 3.5% and JD.com up 0.1%, while Alibaba down 0.1% and NetEase down 2.1% [3] Commodity Prices - International oil prices faced downward pressure, with WTI crude oil down 2.00% at $58.88 per barrel and Brent crude oil down 1.98% at $62.49 per barrel [3] - International gold prices also declined, with COMEX gold futures for December delivery down 0.61% at $4187.20 per ounce [3] Regulatory Developments - The State Administration for Market Regulation in China is establishing a "dual loss control" risk prevention technical system for the electric vehicle industry, aimed at accurately identifying accident causes and improving investigation standards [5] - The system includes national standards for analyzing fire defects in electric vehicles, filling a gap in standardized analysis methods [5] Corporate Actions - China Minmetals plans to sell assets worth approximately 60.68 billion yuan to Minmetals Development and China Minmetals [6] - Midea Group has completed a share repurchase plan worth 10 billion yuan, intending to cancel 1.24% of the company's total share capital [6] - Agricultural Bank of China plans to distribute approximately 38.15 billion yuan in cash dividends for the first half of 2025 [7]

Core Viewpoint - The company has approved a significant asset sale and related party transaction, transferring real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd. [2] Group 1: Transaction Details - The fifth extraordinary general meeting of shareholders was held on August 11, 2025, where the proposal for the major asset sale was approved [2] - The asset transfer was confirmed with the signing of the Asset Delivery Confirmation on August 31, 2025, marking the completion of the asset handover [2] - The rights and risks associated with the transferred assets and liabilities are now borne by the real estate group [2] Group 2: Financial Impact - Ernst & Young Huaming has completed the audit of the transitional period profits and losses related to the transaction [3] - The transitional period for the transaction is defined from January 1, 2025, to August 31, 2025, with the audit benchmark date set for August 31, 2025 [4] - During the transitional period, the net loss attributable to the parent company's shareholders was reported as RMB 1,819,131,035.45, which will be borne by the real estate group without any compensation required from the company [5]