Group 1 - The core viewpoint of the article highlights that China Merchants Shekou (SZ 001979) reported significant sales figures for the period from January to November 2025, achieving a total contracted sales area of 6.184 million square meters and a total contracted sales amount of 170.165 billion yuan [1] - In November 2025 alone, the company achieved a contracted sales area of 538,300 square meters and a contracted sales amount of 14.094 billion yuan [1] - The revenue composition for the first half of 2025 indicates that the development business accounted for 77.54% of total revenue, city services for 15.75%, and asset operations for 6.71% [1] - As of the report date, the market capitalization of China Merchants Shekou stands at 79.7 billion yuan [1]

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 [1] Group 1: Monthly Performance - In November 2025, the company realized a signed sales area of 538,300 square meters [1] - The signed sales amount for November 2025 reached 14.094 billion yuan [1] Group 2: Year-to-Date Performance - From January to November 2025, the company accumulated a signed sales area of 6,184,000 square meters [1] - The cumulative signed sales amount for the period from January to November 2025 was 170.165 billion yuan [1]

人民财讯12月9日电，招商蛇口（001979）12月9日公告，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1701.65亿元。 ...

Group 1 - The company announced a signed sales area of 538,300 square meters and a sales amount of 14.094 billion yuan for November 2025 [1] - Cumulative signed sales area from January to November reached 6.184 million square meters, with a total sales amount of 170.165 billion yuan [1] - The sales data may differ from periodic reports [1] Group 2 - The company has recently added three residential projects located in Chenghua District of Chengdu, Qidong City of Nantong, and Dongshan Development Zone of Yichang [1] - The land areas for the new projects are 70,400 square meters, 51,100 square meters, and 114,700 square meters respectively [1] - The payment amounts for the land are 664.38 million yuan, 388.32 million yuan, and 330.28 million yuan, with equity ratios of 33%, 83%, and 51% respectively [1]

招商局蛇口工业区控股股份有限公司 2025 年 11 月销售及近期购得土地使用权情况简报 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。 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。鉴于销售过程中存在各种不确定性，上述销 售数据可能与公司定期报告披露的相关数据存在差异，以上统计数据仅供投资者 参考。 自2025年10月销售及购地情况简报披露以来，公司近期新增项目情况如下： 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-128 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二五年十二月十日 | 序 | | 项目 | 土地 | 土地面积 | 计容建筑 | 权益 | 公司需支 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 项目名称 | 区域 | 用途 | （万平米） | 面 ...

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [11]. Core Insights - The pressure on the existing market poses challenges for pricing by real estate companies, but it is not the most significant factor affecting alpha. The real constraint on alpha is the contraction of market activity, with a relative shortage of investable cities and quality land. Although the number of participating companies has decreased compared to previous years, competition remains intense. The difficulty in replenishing effective inventory and high premium rates are notable challenges. To break the further contraction of market activity, policy support is essential, which, despite its limited overall effect, is expected to provide support for quality properties and structural markets [2][8]. Market Performance - The Yangtze River Real Estate Index decreased by 1.97% this week, with an excess return of -3.24% relative to the CSI 300, ranking 31 out of 32 industries. Year-to-date, the real estate index has increased by 6.58%, with an excess return of -9.93% relative to the CSI 300, ranking 26 out of 32 [5][16]. Policy Developments - The central government emphasizes the implementation of urban renewal actions, integrating it with safety hazard elimination and stabilizing the real estate market. Local measures include home purchase subsidies in Nanning and support for quality housing development in Chongqing, which includes increasing the supply of quality land and promoting the construction of high-quality residential projects [6][18]. Sales Trends - The transaction volume of new homes in 37 sample cities showed a year-on-year decline of 44.0% over the past four weeks, while second-hand homes in 17 cities decreased by 24.6%. Year-to-date, new home sales in 37 cities are down 15.0%, while second-hand homes are up 5.6% [7][19]. Key Focus Areas - The long-term alpha in the new home market is expected to be driven by quality properties, with companies that have advantages in inventory age, location, and brand likely to continue outperforming. The pressure from old inventory is anticipated to ease marginally as the volume of old stock decreases over time [8].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Views - 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 rise of favorable 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 [3]. Industry Data - New home sales in 34 key cities totaled 2.762 million square meters for the week of November 29 to December 5, reflecting a 9% increase week-on-week. In December, new home sales are down 23.6% year-on-year [4][5]. - The inventory of unsold residential properties in 15 cities was 89.906 million square meters, with a slight week-on-week increase of 0.04%. The average months of inventory turnover decreased by 0.3 months to 23 months [20][21]. Policy and News Tracking - The China Securities Regulatory Commission (CSRC) emphasized the steady development of real estate investment trusts (REITs) and asset securitization. The National Development and Reform Commission (NDRC) expanded the asset scope for REITs to include urban renewal projects [30][31]. - Local governments are implementing various housing subsidies, such as a maximum subsidy of 200,000 yuan for low-income families in Changzhou and a new housing subsidy policy in Nanning for multi-child families [30][31]. Company Dynamics - Poly Developments completed a change in its controlling shareholder, while Vanke extended the maturity of its medium-term notes. Several real estate companies reported their November sales data, with notable declines in sales volume and value for companies like Greentown China and China Overseas Development [3][36]. - The average price-to-earnings (P/E) ratios for mainstream A-share real estate companies for 2025 and 2026 are 22.1 and 19.3 times, respectively, while property management companies have P/E ratios of 13.7 and 12.3 times [3].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

核心内容 合约销售 30家重点上市房企有7家单月销售环比增长 1、合约销售：30家重点上市房企有7家单月销售环比增长 2、企业拿地：头部央国企核心城市补仓，整体投资保持谨慎 3、企业融资：单月总量环比回升，成本持续走低 4、组织动态：龙湖华发等多家房企精简层级，提升效能 ◎ 文 / CRIC研究中心 0 1 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15. 0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润量瓶 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329.0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. ...

Group 1 - The core point of the article is that China Merchants Shekou (SZ 001979) held a temporary board meeting on December 5, 2025, to review the nomination of non-independent director candidates [1] - For the first half of 2025, the revenue composition of China Merchants Shekou was as follows: development business accounted for 77.54%, urban services accounted for 15.75%, and asset operation accounted for 6.71% [1] - As of the report date, the market capitalization of China Merchants Shekou was 83.3 billion yuan [1]