Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5]. Core Viewpoints - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [5]. Industry Data Summary - **New Housing Transactions**: In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction of 2.52 million square meters, a decrease of 1.7% week-on-week. Year-on-year, new housing transactions in November dropped by 35% [6][9]. - **Second-Hand Housing Transactions**: In the same week, 13 cities recorded a total of 1.16 million square meters in second-hand housing transactions, an increase of 4.2% week-on-week. Year-to-date, second-hand housing transactions have increased by 0.7% [14]. - **Inventory Levels**: As of November 28, 2025, the total available residential area in 15 cities was 89.846 million square meters, with a week-on-week increase of 0.4%. The average months of inventory depletion was 23.3 months, a slight decrease [25]. Policy and News Tracking - **REITs Development**: The National Development and Reform Commission is promoting the expansion of public REITs to include hotels and commercial offices. The China Securities Regulatory Commission has initiated a pilot for commercial real estate REITs [34][36]. - **Local Housing Policies**: Qingdao has introduced housing subsidies for talent, offering up to 300,000 yuan for doctoral graduates. Fuzhou plans to provide subsidies for families with multiple children, while Beijing's "14th Five-Year Plan" emphasizes improving the housing supply system [34][35]. - **Land Market Activity**: In Shanghai, nine land parcels were sold for a total of 17.33 billion yuan, while Wuhan's land sales totaled approximately 3.97 billion yuan [34][39]. Company Dynamics - **New City Holdings**: Successfully issued private REITs with a scale of 616 million yuan, backed by the Wuyue Plaza asset [5]. - **Vanke**: Engaged in discussions regarding the extension of a bond due on December 15, 2025, with a remaining balance of 2 billion yuan [5][41]. - **China Jinmao**: Announced plans to sell 100% equity in Jinmao (Sanya) Tourism Co., Ltd. for 2.27 billion yuan [5][43].

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

（文章来源：北京商报） 北京商报讯11月28日，中指研究院发布数据显示，2025年1—11月，TOP100企业拿地总额8478亿元，同 比增长14.1%。从新增货值来看，中海地产以1963亿元新增货值位列第一，招商蛇口新增货值规模为 1833亿元，位列第二，绿城中国新增货值规模为1293亿元，位列第三。 ...

智通财经APP获悉，中指研究院发文称，2025年1-11月，TOP100房地产企业拿地总额8478亿元，同比增长14.1%，虽继续延续增长态势，但增幅较1-10月大 幅收窄，临近年底，企业拿地积极性有所减弱，拿地较为审慎。拿地企业仍以央国企为主，拿地金额前十企业中8家为央国企。11月，民营房企拿地较为活 跃，部分企业联合国企拿地，部分企业聚焦优势区域独立拿地深耕。民企拿地主要集中在热点一二线核心城市，如懋源地产在北京拿地，大华集团、佳运 置业在上海拿地，滨江集团在杭州拿地。 图：2022年1月-2025年11月TOP100房企累计拿地总额及同比 数据来源：中指数据 数据范围：包含招拍挂权益土地及收并购土地 从新增货值来看，中海地产、招商蛇口和绿城中国位列前三。2025年1-11月，中海地产以1963亿元新增货值位列第一，招商蛇口(001979.SZ)新增货值规模 为1833亿元，位列第二，两家企业均通过获取上海城市更新项目，货值大幅提升。绿城中国(03900)新增货值规模为1293亿元，位列第三。TOP10企业2025 年1-11月新增货值总额11446亿元，占TOP100企业的47.1%，新增货值门槛跃升至 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、募集资金基本情况 招商局蛇口工业区控股股份有限公司（以下简称"公司"）于2023年6月16日收到中国证券监督管理委员 会出具的《关于同意招商局蛇口工业区控股股份有限公司发行股份购买资产并募集配套资金注册的批 复》（证监许可〔2023〕1280号），同意公司发行股份募集配套资金不超过85亿元。2023年9月22日， 德勤华永会计师事务所（特殊普通合伙）出具了《招商局蛇口工业区控股股份有限公司验资报告》（德 师报（验）字（23）第00239号）。根据该报告，截至2023年9月20日止，公司以每股人民币11.81元的 发行价格向包含招商局投资发展在内的十三名符合条件的特定对象发行A股股票719,729,043股，募集资 金总额为人民币8,499,999,997.83元，扣减发行费用（不含增值税）计人民币71,809,947.67元后，公司本 次实际募集资金净额人民币8,428,190,050.16元。其中，计入股本人民币719,729,043.00元，计入资本公 积人民币7 ...

招商局蛇口工业区控股股份有限公司 关于开设募集资金专项账户并签订三方监管协议的公告 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。 一、募集资金基本情况 招商局蛇口工业区控股股份有限公司（以下简称"公司"）于2023年6月16 日收到中国证券监督管理委员会出具的《关于同意招商局蛇口工业区控股股份有 限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1280 号），同意公司发行股份募集配套资金不超过85亿元。2023年9月22日，德勤华永 会计师事务所（特殊普通合伙）出具了《招商局蛇口工业区控股股份有限公司验 资报告》（德师报（验）字（23）第00239号）。根据该报告，截至2023年9月20 日止，公司以每股人民币11.81元的发行价格向包含招商局投资发展在内的十三 名符合条件的特定对象发行A股股票719,729,043股，募集资金总额为人民币 8,499,999,997.83元，扣减发行费用（不含增值税）计人民币71,809,947.67元 后，公司本次实际募集资金净额人民币8,428,190,050.16元。其中，计入股本人 民币719,72 ...

招商蛇口公告称，2023年公司以11.81元/股向13名对象发行7.20亿股，募集资金85.00亿元，净额84.28亿 元。2025年10月29日，公司通过议案，同意用不超10.00亿元闲置募集资金暂时补充流动资金，使用期 限不超12个月。为规范管理，公司在交通银行深圳华强支行开设专户，存放10.00亿元。近日，公司与 交通银行深圳分行、独立财务顾问中信证券签署《募集资金专户存储三方监管协议》，明确各方权利义 务。 ...

Core Viewpoint - The article emphasizes the shift in the real estate industry from a focus on quantity to quality, marking the beginning of a "quality era" where companies with solid fundamentals will be selected through the "Good House" standards [2][4]. Group 1: Industry Transformation - The "Good House" standard signifies a transformation in the supply side of the real estate market, moving towards a quality-first approach [2]. - Major real estate companies have begun to establish their own "Good House" standards and systems, reflecting their operational capabilities and technical characteristics [2][4]. Group 2: Company Standards and Frameworks - Various companies have introduced their own "Good House" systems, such as: - Greentown China with its "Good House Product Standard 2025," which includes 231 clauses that exceed national and industry standards [4]. - China Power Construction's "Good House Product Standard," which focuses on six dimensions including safety and health [15][16]. - China State Construction's "Good House" construction system, emphasizing safety, comfort, and sustainability [26][28]. - The "Good House" frameworks from companies like China Merchants Shekou and CITIC Pacific focus on creating quality living environments through comprehensive standards and innovative technologies [21][22]. Group 3: Implementation and Innovation - Companies are actively implementing their "Good House" standards in projects, showcasing innovation and a commitment to quality [36][38]. - For instance, China Resources Land's product system emphasizes community, product, and service quality, integrating various innovative living scenarios [36]. - The establishment of "Good House" laboratories and experimental projects by companies like China National Cereals, Oils and Foodstuffs Corporation demonstrates a hands-on approach to applying these standards [40]. Group 4: Future Directions and Evaluations - The 2025 product evaluation work for Chinese real estate companies has commenced, focusing on overall corporate performance and specific project assessments [43][46]. - The evaluation will include awards for comprehensive and individual project categories, with results expected to be announced in early 2026 [46][48].

证券代码：524555 证券简称：25 蛇口 04 证券代码：524556 证券简称：25 蛇口 05 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（第三期） 发行结果公告 发行人及其董事、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。 3、本期债券的主承销商招商证券股份有限公司及其关联方参与认购，最终 合计获配 11.70 亿元；主承销商中信证券股份有限公司及其关联方参与认购，最 终合计获配 3.20 亿元；主承销商中信建投证券股份有限公司及其关联方参与认 购，最终合计获配 3.30 亿元；主承销商中国国际金融股份有限公司及其关联方 参与认购，最终合计获配 0.10 亿元；报价公允，程序合规。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》、《深圳证券 交易所公司债券上市规则（2023 年修订）》，《深圳证券交易所债券市场投资者适 当性管理办法（2023 年修订）》及《关于进一步规范债券发行业务有关事项的通 知》等各项有关要求。 特此公告。 （本页以下无正文） 招商局蛇口工业区控股股份有限公司（以下简称"发行人"） ...