证券代码：524367 证券简称：25 蛇口 01 招商局蛇口工业区控股股份有限公司 2025 年面向专业投资者 公开发行公司债券（第一期）票面利率公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对 公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 招商局蛇口工业区控股股份有限公司（以下简称"发行人"）发行不超过人 民币 129.30 亿元公司债券已获得中国证券监督管理委员会证监许可[2025]1210 号文注册。招商局蛇口工业区控股股份有限公司 2025 年面向专业投资者公开发 行公司债券（第一期）（以下简称"本期债券"）发行规模不超过 8 亿元（含）。 本期债券为 3 年期固定利率债券，债券代码：524367；债券简称：25 蛇口 01。 2025 年 7 月 15 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.40%-2.40%。根据网下向专业机构投资者询价结果， 经发行人和簿记管理人协商一致，最终确定本期债券票面利率为 1.70%。 招商局蛇口工业区控股股份有限公司（公章） 年 月 日 （本页无正文，为《招商局蛇口工业区控股股份有限公司 ...

根据《招商局蛇口工业区控股股份有限公司 2025 年面向专业投资者公开发 行公司债券（第一期）发行公告》，发行人、簿记管理人将于 2025 年 7 月 15 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果在预设的利率区间内确定本期债券的最终票面利率。 关于延长招商局蛇口工业区控股股份有限公司 2025 年面向专业投 资者公开发行公司债券（第一期）簿记建档时间的公告 招商局蛇口工业区控股股份有限公司（以下简称"发行人"）面向专业投资者 公开发行面值不超过 129.30 亿元的公司债券已获得中国证券监督管理委员会证 监许可[2025] 1210 号文注册。 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限公司 2025 年面向 专业投资者公开发行公司债券（第一期）簿记建档时间的公告》之盖章页） 招商证券股份有限公司 年 月 日 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限公司 2025 年面向 专业投资者公开发行公司债券（第一期）簿记建档时间的公告》之盖章页） 中信证券股份有限公司 年 月 日 因部分投资者履行程序的原因，经发行人、簿记管理人及投资者 ...

特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二五年七月十六日 1 关于归还部分暂时补充流动资金的闲置募集资金的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"）于2024年10月30 日召开的第三届董事会第十三次会议和第三届监事会第十三次会议审议通过《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过15.00 亿元（含15.00亿元）闲置募集资金暂时补充流动资金，使用期限不超过12个月 （自公司董事会审议批准之日起计算）,具体内容详见公司于2024年10月31日披 露的《招商局蛇口工业区控股股份有限公司关于关于归还募集资金及继续使用部 分闲置募集资金暂时补充流动资金的公告》（公告编号：【CMSK】2024-109）。 根据资金安排，公司已于2025年7月15日提前归还人民币10,000万元至募集 资金专用账户，并将上述募集资金的归还情况通知了独立财务顾问中信证券股份 有限公司及主办人。剩余暂时补充流动资金的闲置募集资金将在到期前足额归还， 届时公司将及时履行信息披露义务。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

Core Viewpoint - The recent land auction in Shenzhen has set a new record for residential land prices, with a floor price of 84,180 yuan per square meter, marking it as the new price king in the city [1][2]. Group 1: Land Auction Details - The land parcel located in the Qianhai Shenzhen-Hong Kong Cooperation Zone attracted intense competition from 12 major real estate companies, ultimately being won by China Merchants Shekou for a total price of 2.155 billion yuan [1]. - The auction saw a total of 158 rounds of bidding, with a premium rate of 86.1% over the starting price of 1.158 billion yuan [1][2]. - The land has a total construction area of 25,600 square meters and does not have requirements for affordable housing or restrictions on maximum selling prices [1]. Group 2: Market Analysis - Analysts attribute the high bidding to the scarcity of residential land in the area, as there has been no land supply for four years, and the small size and low total price of the parcel align with developers' performance-oriented strategies [2][3]. - The flexible conditions of the land transfer, including the "land transfer equals certificate transfer" model, require construction to start within one year and completion within four years, making it attractive for developers [2][3]. Group 3: Future Market Outlook - The land is expected to be developed into low-density, high-end residential products, catering to the demand for premium housing in Shenzhen, which remains strong despite a lag in incentive policies compared to cities like Shanghai and Hangzhou [3]. - The overall real estate market in Shenzhen has shown stability, with a slight increase in new residential sales in June and significant year-on-year growth in transactions for the first half of 2025 [3][4]. - Upcoming land auctions are planned, with three more residential plots set to be released, indicating a steady supply in the market [4].

Group 1: Housing Policy in Qingdao - Qingdao has introduced a new housing policy to support "old-for-new" housing exchanges, allowing second-hand homes under 20 years old to be replaced with new homes of greater area or total price [1] - The policy includes independent evaluations of old home prices by three agencies, with a city-level financial subsidy of 30,000 yuan per unit for buyers [1] - This initiative aims to alleviate the "difficulties in selling old homes" for buyers and promote a healthy cycle in the real estate market, benefiting both the housing market and residents [1] Group 2: Land Acquisition by China Merchants Shekou - China Merchants Shekou won a residential land bid in Shenzhen for 2.155 billion yuan, setting new records for floor price and premium rate in the city [2] - The land acquisition is expected to enhance the company's regional presence and brand influence, reflecting the recognition of core location values by leading real estate firms [2] Group 3: China State Construction's ABS Plan - China State Construction's 30 billion yuan asset-backed securities (ABS) plan has been approved, aimed at optimizing its financing structure and accelerating capital turnover [3] - This approval is anticipated to boost confidence in the supply chain finance model and promote a healthy financial cycle within the industry [3] Group 4: Vanke's Bond Repayment - Vanke announced the repayment of its 30 billion yuan green medium-term notes, with a scheduled repayment date of July 21, 2025, and an interest rate of 3.0% [4] - Timely repayment reflects Vanke's financial stability and is expected to enhance market credibility, contributing positively to the overall real estate sector [4] Group 5: Greenland Hong Kong's Stock Performance - Greenland Hong Kong's stock has surged over 90% in six consecutive trading days, driven by the company's recent licensing updates for virtual asset-related businesses [5] - This surge indicates a market re-evaluation of the digital transformation value in the real estate sector, providing new debt resolution pathways for firms [5]

Core Viewpoint - The successful sale of a residential land plot in Shenzhen's Qianhai area for 2.155 billion yuan, with a premium rate of 86.1%, indicates strong market recognition for core area land, setting a new record for floor price in Shenzhen [2][4]. Summary by Relevant Sections Land Sale Details - The land plot was sold for a total price of 2.155 billion yuan, with a floor price of approximately 84,180 yuan per square meter, breaking the previous record for residential land in Shenzhen [2]. - The starting price for the land was 1.158 billion yuan, and the bidding attracted over ten real estate companies, demonstrating high demand for residential land in core areas of Shenzhen [2]. Market Context - The Qianhai area has not seen residential land supply for four years, leading to a scarcity of new homes available for sale, which enhances the attractiveness of this land plot [2]. - The land sale conditions, including "land transfer upon delivery of certificates" and requirements for construction to start within one year and complete within four years, provide developers with a manageable risk profile and align with current market preferences for predictable returns [2]. Developer Insights - The winning bidder, China Merchants Shekou Industrial Zone Holdings Co., has extensive experience in Qianhai development and aims to leverage this land for multi-dimensional development, including residential, commercial, and industrial projects [4]. - The flexibility in pricing for the residential units on this land, unlike other Qianhai plots with price caps, allows developers to adapt to market conditions, potentially establishing this site as a benchmark project in the area [3]. Market Trends - The high premium and floor price reflect ongoing strong demand for land in Shenzhen's core areas, with a noticeable divergence in the land market where core areas remain highly sought after while non-core areas show less activity [4]. - The successful transaction is expected to boost confidence in the Qianhai residential market and indicates a resurgence in the core residential land market in Shenzhen [4].

Core Viewpoint - The recent land auction in Shenzhen's Qianhai Guiwan area resulted in a record high premium of 86.1%, with the winning bid of 21.55 billion yuan for a small residential plot, indicating strong competition and optimism among developers in the region [1][2][3]. Group 1: Land Auction Details - The plot has a building area of 25,600 square meters and was sold at a floor price of approximately 84,000 yuan per square meter, surpassing previous records in Shenzhen [1]. - The auction attracted 12 competitors, including major developers like China Railway, Poly Real Estate, and China Overseas [1]. - The land is expected to be developed into a low-density residential community, differing from the typical dual-limit policies in the area, allowing for flexible pricing strategies for developers [1][3]. Group 2: Market Analysis - The overall land market in Shenzhen has shown a mixed performance, with a 40.9% decrease in transaction area but an 11.8% increase in transaction value in the first half of 2025 compared to the previous year [4]. - Despite a lack of large land supply, smaller plots are still attracting competitive bids, indicating a cautious optimism among developers [5][6]. - The current residential market in Shenzhen is characterized by low supply and inventory levels, with new housing supply down 28.6% year-on-year in the first half of 2025 [8]. Group 3: Sales Performance - In June 2025, the number of new residential sales in Shenzhen increased by 3.6% month-on-month, with a notable rise in existing home sales, reflecting changing buyer preferences [9]. - The market is currently in a cooling phase, with a predicted consolidation period following the release of pent-up demand from previous policy incentives [9].

Core Viewpoint - The high premium sale of the Qianhai Guiwan land in Shenzhen indicates a resurgence in the core residential land market, reflecting the strategic positioning of leading real estate companies in prime locations [2][6]. Group 1: Land Sale Details - On July 14, Shenzhen auctioned a residential land parcel in the Qianhai Guiwan area, which was won by China Merchants Shekou Industrial Zone Holdings Co., Ltd. for a total price of 2.155 billion yuan, resulting in a floor price of 84,180 yuan per square meter and a premium rate of 86.1%, setting a new record for residential land prices in Shenzhen [1][3]. - The land parcel has an area of 8,287.15 square meters and a planned construction area of 25,600 square meters, with a floor area ratio of 3.1 and no restrictions on housing prices, allowing developers flexibility in pricing [3][4]. Group 2: Market Analysis - The competitive bidding for the Qianhai Guiwan land reflects a high demand for core area land, with 12 bidders participating and intense competition leading to 158 rounds of bidding [3][6]. - The Qianhai area has seen no residential land supply for four years, contributing to a scarcity of new homes and a high safety margin for investments in this mature region [5][6]. Group 3: Implications for Developers - The small size and lower total price of the land parcel align with developers' focus on securing predictable performance through rapid development and sales, minimizing the impact of market fluctuations [6]. - The successful acquisition by China Merchants Shekou is expected to facilitate integrated development across industry, commerce, and urban planning, maximizing overall returns [6].

Core Insights - The Shenzhen land market witnessed a competitive bidding war for the T201-0232 plot, with China Merchants Shekou winning the bid at a total price of 2.155 billion yuan, reflecting a premium rate of 86.1% [2][3] - The floor price reached 84,180 yuan per square meter, setting a new historical record for residential land in Shenzhen during the current adjustment period of the real estate market [2][4] Summary by Sections - **Land Plot Details** - The T201-0232 plot is located in the core area of Qianhai Guiwan, covering an area of 8,287.15 square meters with a total construction area of 25,600 square meters [3] - The starting price was set at 1.158 billion yuan, with a starting floor price of 45,200 yuan per square meter [3] - **Bidding Process** - The auction involved 12 state-owned enterprises, including major players like China Resources, China Merchants, and Poly, showcasing a "national team" lineup [3] - The bidding process lasted over an hour, culminating in 158 rounds of intense competition, with the final price reaching 2.155 billion yuan [3] - **Market Implications** - The floor price of 84,180 yuan per square meter significantly exceeds the starting floor price of 60,300 yuan per square meter for the highly discussed Shen Chao total land plot, indicating a strong market sentiment [4] - The high premium transaction is expected to positively influence the mindset of existing homeowners in Qianhai and the future pricing of new homes in the Bao'an central area [4]