（文章来源：证券时报网） 租售同权概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000002 | 万科A | -3.43 | 5.62 | -44618.28 | | 600895 | 张江高科 | -2.79 | 2.38 | -16441.70 | | 600048 | 保利发展 | -3.89 | 1.58 | -8322.72 | | 000560 | 我爱我家 | -3.92 | 7.39 | -6326.49 | | 000838 | 财信发展 | -3.77 | 12.78 | -4969.11 | | 002285 | 世联行 | 0.63 | 13.78 | -4545.18 | | 002208 | 合肥城建 | -4.55 | 7.60 | -4121.39 | | 600376 | 首开股份 | -4.33 | 4.26 | -4088.95 | | 000558 | 天府文旅 | -3.70 | 4.74 | -3307.02 | | 600604 | ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 联系人 唐志玮 tangzhiwei@huayuanstock.com 发改委支持 REITs 底层资产扩围，成交继续边际走弱 投资评级： 看好（维持） ——房地产行业周报（25/11/29-25/12/5） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 0.4%、深证成指上升 1.3%、创业板指上升 1.9%、沪深 300 上升 1.3%、房地产（申万）下跌 2.2%。个股方面，涨跌幅 前五的分别为：中国武夷(+10.2%)、华联控股(+7.4%)、华夏幸福(+7.1%)、 宁波富达(+5.7%)、财信发展(+5.6%)，涨跌幅后五的分别为：三湘印象 (-12.9%)、ST 中迪(-11.5%)、沙河股份(-8.7%)、深振业 A(-8.4%)、新华 联(-8.3%)。 板块表现： 数据跟 ...

Group 1 - The core point of the article is that China Merchants Shekou Industrial Zone Holdings Co., Ltd. reported its sales performance for November 2025 and recent land acquisitions [1] Group 2 - In November 2025, China Merchants Shekou achieved a signed sales area of 538,300 square meters and a signed sales amount of 14.094 billion yuan [2] - From January to November, the company accumulated a signed sales area of 6.184 million square meters and a signed sales amount of 170.1665 billion yuan [3] Group 3 - In November, the company acquired three residential projects located in Chengdu, Nantong, and Yichang, with a total land area of 236,200 square meters and a total payment of 1.383 billion yuan [3] - The details of the new projects include: 1. Chengdu project: Land area of 70,400 square meters, corresponding building area of 140,800 square meters, equity ratio of 33%, and payment of 664.38 million yuan [5] 2. Nantong project: Land area of 51,100 square meters, corresponding building area of 76,700 square meters, equity ratio of 83%, and payment of 388.32 million yuan [5] 3. Yichang project: Land area of 114,700 square meters, corresponding building area of 229,400 square meters, equity ratio of 51%, and payment of 330.28 million yuan [5]

Core Viewpoint - In November 2025, the company achieved a signed sales area of 538,300 square meters and a signed sales amount of 14.094 billion yuan, contributing to a cumulative signed sales area of 6.184 million square meters and a cumulative signed sales amount of 170.165 billion yuan from January to November 2025 [1] Group 1 - In November 2025, the company reported a signed sales area of 538,300 square meters [1] - The signed sales amount for November 2025 was 14.094 billion yuan [1] - From January to November 2025, the cumulative signed sales area reached 6.184 million square meters [1] Group 2 - The cumulative signed sales amount from January to November 2025 was 170.165 billion yuan [1] - The company noted that sales data may differ from periodic reports due to uncertainties in the sales process [1] - Recent new project situations were disclosed, including all real estate projects the company is involved in [1]

Group 1 - Rhein Biotech and Jia Mei Packaging's controlling shareholders are planning changes in company control, with trading suspension starting from December 10, 2025, for Rhein Biotech expected to last no more than 10 trading days and for Jia Mei Packaging no more than 2 trading days [1][2] - Rhein Biotech intends to acquire at least 80% of Beijing Jinkangpu Food Technology Co., Ltd. through a combination of issuing shares and cash payment, which will make Beijing Jinkangpu a subsidiary included in the consolidated financial statements [1] - Jia Mei Packaging's controlling shareholder is also in discussions regarding a potential change in control, with specific transaction details still under negotiation [2] Group 2 - Haiguang Information has terminated its plan to merge with Zhongke Shuguang through a share exchange, as approved in a board meeting on December 9, 2025 [3] - Huatai Medical plans to repurchase shares with a total amount not less than RMB 200 million and not exceeding RMB 250 million, with a repurchase price cap of RMB 315 per share [4] - Songcheng Performing Arts and Jingu Co., Ltd. also announced share repurchase plans, with Songcheng aiming for a total of RMB 100 million to RMB 200 million and Jingu targeting RMB 30 million to RMB 60 million [4] Group 3 - Xiamen Airport is planning to acquire 100% of the shares of Zhaoxiang Technology, a wholly-owned subsidiary of its controlling shareholder, Xiamen Xiangye Group [5] - Borui Communication intends to acquire 51% of Meijing Technology from related parties for a total price of RMB 66.49 million [6] - Gu Ao Technology's actual controller is planning a change in control, with trading suspension starting from December 8, 2025, and expected to last no more than 3 trading days [6] Group 4 - ST Kevin's application to revoke the risk warning on its stock has been approved, with trading suspension for one day on December 10, 2025, and resuming trading on December 11, 2025 [6] - Huailun Crystal's stock will be suspended for one day starting December 10, 2025, due to false disclosures in its annual reports for 2021 and 2022 [7] - The stock of Jia Ao Environmental Protection will also be suspended for one day on December 10, 2025, due to an administrative penalty notice received from the regulatory authority [12] Group 5 - The company Yongmota plans to invest approximately RMB 400 million in a new project for magnesium-aluminum alloy components for the automotive and robotics industries [20] - ST Ningke is executing a capital reserve transfer plan to increase its share capital, with a total share increase from 684.88 million to 1.62 billion shares [21] - Yingpais plans to increase its shareholding through a combination of bank loans and self-funding, with a total investment of no less than RMB 60 million and no more than RMB 120 million [22]

Group 1 - Longi Green Energy has decided to terminate its plan for issuing global depositary receipts overseas and listing on the Swiss Stock Exchange, citing stable production and operations as reasons for this cautious decision [1] - Borui Communication plans to acquire a 51% stake in Meijing Technology for 66.49 million yuan to enhance its focus on modern media and digital transformation [2] - Tianyuan Dike's chairman has been placed under detention by the local supervisory authority, but the company assures that its operations remain normal and unaffected [3] Group 2 - Rhine Biotech is planning a change in control and asset acquisition, leading to a suspension of its stock trading starting December 10 [4] - Fosun Pharma's subsidiary has signed a licensing agreement with Pfizer, which includes an upfront payment of 15 million USD and potential milestone payments up to 35 million USD for the development of a GLP-1R agonist [5] - Yongmaotai intends to invest approximately 400 million yuan in a new intelligent manufacturing project for magnesium-aluminum alloy components [6] Group 3 - Huayi Group's subsidiary has been ordered to suspend operations for environmental remediation, which is expected to impact production [7][8] - Boyuan Chemical's subsidiary has commenced trial production of a 1 million tons/year soda ash production line, enhancing its market position [9] - Tiandi Technology plans to invest 3.545 billion yuan in a research center for intelligent mining equipment in Xi'an [10] Group 4 - Daye Co. has a minor stake in Jiangbei Company, which focuses on aerospace products, but its financial impact is limited due to the small shareholding [11] - Xiamen Airport is planning to acquire 100% of its controlling shareholder's subsidiary to adapt to the upcoming changes in airport operations [12] - Zhaoyi Innovation has received approval from the CSRC for its overseas listing of H-shares, planning to issue up to 51.8 million shares [13] Group 5 - Yangfan New Materials' controlling shareholder has been released from detention, allowing normal operations to resume [14] - Tangrenshen reported a decline in pig sales revenue for November, with a 24.05% decrease month-on-month [15][16] - China Merchants Shekou achieved a sales amount of 14.094 billion yuan in November, with cumulative sales reaching 170.166 billion yuan for the year [17] Group 6 - Zhengbang Technology reported a slight increase in pig sales revenue for November, with a 8.55% rise month-on-month [18] - Luoniushan's pig sales revenue increased by 13.57% year-on-year in November, despite a slight decline in monthly sales [19] - Tiankang Bio reported a 1.2% increase in pig sales revenue for November, with a year-to-date decline in total revenue [20] Group 7 - Huitai Medical plans to repurchase shares worth 200 million to 250 million yuan for employee stock ownership plans [21] - Financial Street's major shareholder increased its stake by 703,840 shares, raising its ownership to nearly 15% [22] - Shenzhou Information's major shareholder plans to reduce its stake by up to 3% [23] Group 8 - Yingpais plans to increase its stake in the company by 60 million to 120 million yuan within six months [24] - Jingu Co. intends to repurchase shares worth 30 million to 60 million yuan for employee stock ownership plans [25] - Songcheng Performing Arts plans to repurchase shares worth 100 million to 200 million yuan for capital reduction [26] Group 9 - Bai'ao Intelligent has pre-won contracts for projects totaling 27.5 million yuan, which is expected to positively impact future performance [27] - Heshun Electric has been awarded a procurement project from the State Grid worth 107 million yuan, representing nearly 25% of its projected revenue [28] - Jinggong Technology signed a sales contract worth 729 million yuan, accounting for 42.16% of its expected annual revenue [29] Group 10 - Zhongchao Holdings' subsidiary received an order for high-temperature alloy precision castings worth 51.56 million yuan [30] - Wanma Technology has pre-won multiple projects from the State Grid totaling 59.94 million yuan [31] - ST Weihai, in partnership with a construction institute, won a contract for a smart agriculture project worth 652 million yuan [32] - Chongqing Construction's subsidiary has secured a construction project worth 1.714 billion yuan [33]

Core Viewpoint - The company, China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商蛇口), reported significant sales figures for November 2025, indicating strong performance in the real estate market [1] Group 1: Sales Performance - In November 2025, the company achieved a signed sales area of 538,300 square meters and a signed sales amount of 14.094 billion yuan [1] - From January to November 2025, the cumulative signed sales area reached 6,184,000 square meters, with a total signed sales amount of 170.165 billion yuan [1]

招商蛇口（001979）(001979.SZ)公告，公司2025年11月实现签约销售面积53.83万平方米，实现签约销 售金额140.94亿元。2025年1-11月，公司累计实现签约销售面积618.40万平方米，累计实现签约销售金 额1701.65亿元。 ...

北京商报讯（记者 王寅浩 李晗）12月9日，招商蛇口披露11月销售简报。简报显示，11月招商蛇口实现 签约销售面积53.83万平方米，实现签约销售金额140.94亿元。 ...

格隆汇12月9日丨招商蛇口(001979.SZ)公布，2025年11月，公司实现签约销售面积53.83万平方米，实现 签约销售金额140.94亿元。2025年1-11月，公司累计实现签约销售面积618.40万平方米，累计实现签约 销售金额1,701.65亿元。 ...