股票代码：001979 股票简称：招商蛇口 公告编号：【CMSK】2025-124 债券简称:23 蛇口 05 债券代码:148525 招商局蛇口工业区控股股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期）（品种一） 2025 年付息公告 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。 特别提示 1、债券名称：招商局蛇口工业区控股股份有限公司 2023 年面向专业投资者公开发 行公司债券（第三期）（品种一）（债券简称："23 蛇口 05"，债券代码为 148525）； 2、债权登记日：2025 年 11 月 27 日； 3、债券付息日：2025 年 11 月 28 日； 4、本次付息对象为截至 2025 年 11 月 27 日下午深圳证券交易所收市后，在中国证 券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"）登记在册的 全体"23 蛇口 05"持有人。 公司在 2023 年 11 月 28 日发行的招商局蛇口工业区控股股份有限公司 2023 年面向 专业投资者公开发行公司债券（第三期）（品种一）将于 2025 年 11 月 28 日 ...

Core Viewpoint - The A-share market has seen a decline in real estate stocks, with several companies experiencing significant drops in their share prices [1] Group 1: Company Performance - Binjiang Group and China Wuyi both fell over 5% [1] - Caixin Development dropped nearly 5% [1] - I Love My Home, Sanxiang Impression, and Hefei Urban Construction all decreased by over 3% [1] - Huaxia Happiness, Jindi Group, Te Fa Service, China National Trade, China Merchants Shekou, New Town Holdings, and Vanke A all saw declines exceeding 2% [1]

Market Strategy - The recent market rebound aligns with previous predictions of a "layout window emerging," but the market has not shown a simultaneous increase in volume and price, indicating that the rebound does not change the overall oscillating pattern [6] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach to technology growth sectors, which are more sensitive to risk preferences [6] - The real estate market has been in a downward trend since the policy release last September, with recent price increases in the sector driven by changes in policy expectations and capital inflows, but further confirmation of policy effectiveness is needed to sustain this momentum [6] Sector Strategy - In the technology sector, a cautious approach is recommended due to the difficulty in further upward adjustments in expectations amid declining risk appetite [6] - The cyclical consumer manufacturing sector, characterized by medium risk, is expected to gain market consensus as conditions evolve [6] - The real estate sector requires significant fiscal policy measures, such as mortgage interest subsidies, to boost market confidence and reverse negative expectations [6] Defense Industry - Recent U.S. arms sales to Japan, totaling approximately $82 million, may accelerate China's equipment development in response to increasing uncertainties in the Asia-Pacific region [6] - The geopolitical climate, influenced by Japan's military expansion and U.S. support, is likely to drive growth in China's defense capabilities [6]

佳运置业曾是2022年上海土拍市场"黑马"。据《每日经济新闻》此前报道，佳运置业曾在1999年开发了 浦东川沙镇的佳运公寓项目，此后陆续在川沙、康桥、松江等地开发住宅项目，2022年斥资40亿元摘下 上海3宗地块。 据中指研究院计算，佳运置业摘得的地块综合楼面价为29913元/平方米，住宅用地楼面价为36927元/平 方米，稍低于附近华润观宸润府和陆家嘴锦绣云澜的楼面价。每经记者查阅第三方购房平台发现，目前 观宸润府均价为63457元/平方米，锦绣云澜均价为65333元/平方米，与之相比，未来该地块的定价仍具 有一定挑战性。 11月24日，上海2025年第九批次土拍9宗地块全部出让，总出让建筑面积55.26万平方米（含商办用地约 2.03万平方米），共计揽金约173.33亿元。 《每日经济新闻》记者（以下简称每经记者）注意到，本场土拍整体有所降温，热度最高的浦东川沙地 块溢价15.76%、青浦徐泾地块溢价率5.17%；其余7宗地块底价成交。9宗地块吸引了16家企业参拍，其 中有3家央企以及宝业集团、佳运置业、大华集团等民企。 中指研究院上海数据总经理张文静分析指出，本场土拍参拍主体多元，受出让地块位置以及年底 ...

Investment Rating - The report rates the real estate sector as "Outperform the Market" [7] Core Views - New home transaction area has seen a month-on-month increase of 6.5% but a year-on-year decrease of 31.5%, indicating a narrowing decline compared to the previous week [7] - The second-hand housing market also shows a month-on-month increase of 3.6% and a year-on-year decrease of 18.2%, with a similar trend of narrowing decline [7] - The report highlights the implementation of a housing inspection system in Zhengzhou, targeting residential properties aged 30 years and above [7] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities is 206.7 million square meters, with a month-on-month increase of 6.5% and a year-on-year decrease of 31.5% [18] - The inventory of new homes in 12 cities is 11,343 million square meters, showing a month-on-month increase of 0.04% and a year-on-year decrease of 11.2% [42] - The second-hand home transaction area in 18 cities is 169.1 million square meters, with a month-on-month increase of 3.6% and a year-on-year decrease of 18.2% [50] 2. Land Market Tracking - The total area of land transactions across 100 cities is 1,836.6 million square meters, with a month-on-month increase of 95.7% and a year-on-year decrease of 39.1% [67] - The total transaction price of land is 362.5 billion yuan, reflecting a month-on-month increase of 56.2% and a year-on-year decrease of 60.3% [67] - The average floor price of land is 1,973.6 yuan per square meter, with a month-on-month decrease of 20.2% and a year-on-year decrease of 34.8% [67] 3. Policy Overview - The report notes that the National Bureau of Statistics indicates a continuous decline in the inventory of unsold commercial housing, with a reduction of 3.22 million square meters from the previous month [106] - The report emphasizes the government's focus on controlling new supply and optimizing existing inventory to alleviate market pressure [106] 4. Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Merchants Shekou [7] - It also highlights smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [7] - Companies exploring new consumption scenarios and operational models in commercial real estate, like Joy City and China Resources, are also recommended [7]

Core Viewpoints - The current Chinese real estate market is undergoing the deepest and longest adjustment period in history, with multiple indicators reverting to levels seen over a decade ago [5][66][77] - The sustained large losses of real estate companies will accelerate industry reshuffling and optimize the competitive landscape [5][66][77] - Future policies may be further intensified, and with China's economic resilience, the economic growth rate is expected to remain within a reasonable range, which could help shorten the current adjustment cycle [5][66][77] Group 1: Market Overview - As of the end of Q3 2025, the cumulative sales area of commercial housing nationwide has decreased by 5.5% year-on-year, while the cumulative sales amount has dropped by 7.9% [19][20] - The real estate development investment completion amount has fallen from a peak of 14.76 trillion yuan in 2021 to 10.02 trillion yuan in 2024, with an expected further decline to approximately 9 trillion yuan in 2025, marking a nearly 40% drop from the peak [66][50] - The average net asset return rate for listed real estate companies as of the end of Q3 2025 is -4.74%, ranking last among 31 industry sectors [45][66] Group 2: Performance of Real Estate Companies - In the first three quarters of 2025, listed real estate companies reported a total operating revenue of 1.05 trillion yuan, a year-on-year decline of 11% [39][66] - The operating profit for the same period was -35.85 billion yuan, marking the first recorded loss since statistics began [39][66] - The net profit and attributable net profit were -58.52 billion yuan and -64.74 billion yuan, respectively, with losses significantly widening compared to the previous year [39][66] Group 3: Future Outlook - The report anticipates a continued "bottoming" period for the real estate market, with historical comparisons suggesting that while the downward trend may be nearing its end, the timeline for recovery could still be extended [66][70] - The real estate market is expected to experience a three-phase valuation recovery process, with the current phase being the second, which requires stabilization and recovery of the fundamental market conditions [77][78] - Investment targets include stable central state-owned enterprises and regional leaders focused on first- and second-tier cities, which are expected to gain market share during the downturn [77][80]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 11 月 25 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 住建部推进城市更新，广东构建房地产发展新模式 投资评级： 看好（维持） ——房地产行业周报（25/11/15-25/11/21） 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：本周上证指数下跌 3.9%、深证成指下跌 5.1%、创业板指下跌 6.2%、沪 深 300 下跌 3.8%、房地产（申万）下跌 5.8%。个股方面，涨跌幅前五的分别为： ST 中迪(+18.8%)、世联行(+12.5%)、财信发展(+12.3%)、*ST 荣控(+8.3%)、新城 控股(+4.6%)，涨跌幅后五的分别为：荣盛发展(-16.9%)、新华联(-15.2%)、上海临 港(-13.3%)、香江控股(-13.2%)、和展能源(-12.9%)。 联系人 板块表现： 数据 ...

Core Viewpoint - The stock price of China Merchants Shekou Industrial Zone Holdings Co., Ltd. has shown fluctuations, with a recent increase of 2.01% to 9.64 CNY per share, while the company has experienced a year-to-date decline of 4.05% [1] Financial Performance - For the period from January to September 2025, the company reported a revenue of 89.766 billion CNY, representing a year-on-year growth of 15.07%, while the net profit attributable to shareholders decreased by 3.99% to 2.497 billion CNY [2] - Cumulatively, the company has distributed dividends amounting to 38.997 billion CNY since its A-share listing, with 6.429 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 26.89% to 102,600, while the average number of circulating shares per person increased by 36.78% to 82,431 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 131 million shares, a decrease of 13.0182 million shares from the previous period [3]

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 2025 年 11 月 24 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，品种一利率询价区间为 1.50%-2.50%，品种二利率询价区间为 1.70%-2.70%。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，最终确定本期债券品种一票面利率为 1.77%，品种二未发行。 特此公告。 （本页以下无正文） （本页无正文，为《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）票面利率公告》之签章页） 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）票面利率公告 本公司及其董事、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。 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 ...

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（第三期）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。 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（第三期）发行公告》，发行人、簿记管理人将于 2025 年 11 月 24 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。 （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（第三期）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（第三期）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 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限 ...