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 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [8]. Core Insights - The report highlights a divergence from market sentiment, suggesting that a reduction in industry risk assessment and increasing confidence in a medium to long-term recovery path are the main drivers for the recovery of real estate stocks. Despite a short-term acceleration in market decline, expectations for enhanced real estate policies in December and the first quarter of 2026 are strengthening the investment value of quality real estate stocks [2][4]. Summary by Sections Policy Expectations - Recent reports indicate that the Chinese decision-makers are considering a new round of real estate policies, including interest subsidies for new personal housing loans, increasing personal income tax deductions for mortgage payments, and further reducing housing transaction taxes. This has led to a rise in real estate stock prices. The effectiveness of such policies, particularly interest subsidies, is crucial for short-term market recovery, depending on the magnitude and duration of the subsidies [3][4]. Market Data - In October, the real estate market showed significant declines, with a 19% year-on-year drop in sales area (61.47 million square meters) and a 24% decrease in sales value (CNY 597.7 billion), marking the largest declines since the second half of 2024. New personal mortgage loans fell by 30% year-on-year to CNY 95 billion, and development investment decreased by 23% year-on-year. The market sentiment remains pessimistic, and the report emphasizes the need for substantial fiscal policies, such as interest subsidies, to restore market confidence [4][5]. Investment Recommendations - The report recommends specific stocks for investment: China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Binjiang Group (002244, Not Rated), and Jindi Group (600383, Accumulate) [5].

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Summary of Conference Call on Real Estate and Related Industries Industry Overview - The conference call primarily discusses the real estate industry and its related sectors, particularly focusing on the current economic pressures and the need for policy interventions to stabilize the market [1][5][4]. Key Points and Arguments 1. **Economic Downturn**: There is increasing downward pressure on the macro economy in Q4, with weak real estate data indicating a decline in both sales area and amount year-on-year and month-on-month. Housing prices are accelerating downward, necessitating intervention through stable real estate policies [1][3][4]. 2. **Policy Intervention**: The current timing is deemed appropriate for the introduction of new real estate policies to alleviate pressures on banks' net interest margins and mortgage delinquency rates. High-quality leading real estate companies are already showing upward momentum, suggesting a high credibility of policy rumors [1][5]. 3. **Investment Value**: The real estate and its industrial chain are considered to be at a long-term bottom with a favorable chip structure. In a declining risk appetite environment, these sectors possess investment value, particularly benefiting from demand-side policies like loan interest subsidies [1][6]. 4. **Building Materials Sector**: The building materials industry is not uniform; segments such as cement are showing profit improvements, while coatings have been recovering for nearly a year. Waterproof materials are also showing signs of improvement, indicating potential investment opportunities [1][8]. 5. **Government Policies**: Local governments are actively introducing policies for quality housing construction, raising standards for green building materials and waterproof materials. The waterproof materials price index has bottomed out, signaling an industry clearing phase where leading companies have begun to raise prices [1][9]. Additional Insights 1. **Market Sentiment**: Despite a generally low market sentiment, the real estate and building materials sectors are performing relatively well, driven by rumors of three key policy points: interest subsidies for new personal housing loans, increased personal income tax deductions for mortgage borrowers, and reduced housing transaction taxes [2]. 2. **Sales Data**: In October, sales area decreased by 19% year-on-year and 8% month-on-month, while sales amount fell by 24% year-on-year and 13% month-on-month. The average selling price has dropped by 6.9% this year, with a month-on-month decline of 5.4% in October [3][4]. 3. **Future Opportunities**: There are potential opportunities for mergers and acquisitions in the building materials and real estate sectors due to increased fiscal pressure on local governments, which may lead to higher government asset securitization ratios. Companies with state-owned backgrounds, such as Donghu Gaoxin and Gaoxin Development, are highlighted as potential beneficiaries [3][13]. Noteworthy Companies and Performance 1. **Oriental Yuhong**: The company reported a positive revenue growth in Q3, with improving gross margins and net profits. It has also reduced management costs through layoffs and is expanding into new business areas and overseas production [10]. 2. **North New Materials**: This company is noted for its low valuation (approximately 10 times earnings), a dividend yield of about 3%, and significant cash reserves for capital expenditures. Expected performance for the year is around 3.6 billion yuan, with revenue between 33-35 billion yuan [10]. 3. **Three Trees**: The coatings sector, represented by Three Trees, has shown continuous performance improvement, with stock prices doubling over the past year due to cost reductions enhancing gross margins [11]. Sector-Specific Trends 1. **Tile Industry**: Although currently less favorable, companies like Dongpeng Holdings are expected to benefit from market recovery due to pre-allocated channel expenses that could convert into profits when the market rebounds [12]. 2. **Investment Recommendations**: The focus should be on leading companies in waterproofing, coatings, and board materials, as these sectors are showing signs of recovery and potential growth [12].

分析师及联系人 丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 定向降低购房负担意味着什么？ ——房地产行业周度观点更新 报告要点 [Table_Summary] 深度降息在宏观和银行层面有较多约束，贴息或者抵税是定向降息的主要手段。怎么贴是关键， 持续性比幅度和范围更重要，如果只是补贴有限年份，本质与一次性优惠没有区别，稳价效果 可能相对有限。如果只补贴新房，初期政策成本较小，但后期将逐步累加，并且加大新房对存 量的替代；如果兼顾存量，政策成本则明显提高。关于房价，收入预期比利率本身更重要，贴 息可逐步解决回报率倒挂问题，但收入预期有赖于总需求扩张或分配改革。综合而言，定向降 低购房负担，对好房子的"小循环"有一定支撑，有助于"增量带动存量"逻辑的进一步演绎。 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 定向降低购房负担意味着什么？ 2] ——房地产行业周度观点更新 ...

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Insights - The real estate market 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 [2][31]. Industry Data Summary New Housing Transaction Volume - In the week of November 15-21, 2025, 34 key cities recorded a total new housing transaction volume of 2.54 million square meters, a week-on-week increase of 26.3%. The transaction volume for first and second-tier cities rose by 28.6%, while third and fourth-tier cities saw a decline of 5% [3][4]. - For November 2025, the total new housing transaction volume in 34 cities was 6.348 million square meters, a year-on-year decrease of 32.7% [4][6]. Second-hand Housing Transaction Volume - In the week of November 15-21, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.073 million square meters, a week-on-week decrease of 12.8%. The cumulative transaction volume for November was 3.412 million square meters, a year-on-year decrease of 13.8% [10][11]. Inventory and Market Dynamics - In the week of November 15-21, 2025, 15 key cities had a total of 890,000 square meters of new housing launched, with a corresponding transaction volume of 920,000 square meters, resulting in a transaction-to-launch ratio of 1.04. The average monthly inventory turnover period was 23.3 months, a decrease of 0.17 months from the previous period [20][22]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting on November 21, 2025, emphasizing the need for innovative approaches in planning, funding, operation, and governance [31][32]. - Guangzhou is actively promoting the acquisition of existing commercial housing for use as affordable housing, with specific policies being implemented in various cities to support housing supply [31][32]. Company Dynamics - Major real estate companies are actively engaged in financing, with several issuing bonds and short-term financing instruments. For instance, China Merchants Shekou issued bonds totaling 5.04 billion yuan [36][38]. - The real estate sector underperformed the broader market, with the SW Real Estate Index declining by 5.83% compared to a 3.77% drop in the CSI 300 Index [42][45].

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）更名公告 招商局蛇口工业区控股股份有限公司（以下简称"发行人"）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（第三期）（以下简称"本期债券"）发行规模为不超过 50.40 亿元（含 50.40 亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"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"变更为"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）"。 本期债券名称变更不改变原签订的与本期公司债券发行相关的法律文件效力，原 签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文件包括 但不限于《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 行公司债券受托管理协议》、《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持有人会议规则》等文件。 ...

牵头主承销商/簿记管理人 住所：深圳市福田区福田街道福华一路 111 号 联席主承销商 联席主承销商/受托管理人 联席主承销商 股票简称：招商蛇口 股票代码：001979.SZ 招商局蛇口工业区控股股份有限公司 （住所：广东省深圳市南山区蛇口太子路 1 号新时代广场） 2025 年面向专业投资者公开发行公司债券 （第三期）募集说明书 | 发行人： | 招商局蛇口工业区控股股份有限公司 | | --- | --- | | 牵头主承销商： | 招商证券股份有限公司 | | 联席主承销商： | 中信证券股份有限公司、中国国际金融股份有限公司、中 信建投证券股份有限公司 | | 受托管理人： | 中信证券股份有限公司 | | 本期债券发行金额： | 不超过人民币 亿元（含） 50.40 | | 增信措施情况： | 本期债券无担保 | | 信用评级结果： | 主体评级 AAA，本期债券无评级 | | 信用评级机构： | 联合资信评估股份有限公司 | 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员保证募集说明 书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏 ...

股票简称：招商蛇口 股票代码：001979 牵头主承销商/簿记管理人 住所：深圳市福田区福田街道福华一路 111 号 招商局蛇口工业区控股股份有限公司 （住所：广东省深圳市南山区蛇口太子路１号新时代广场） 2025 年面向专业投资者公开发行公司债券 （第三期）发行公告 住所：北京市朝阳区建国门外 大街 1 号国贸大厦 2 座 27 层及 28 层 联席主承销商 联席主承销商/受托管理人 联席主承销商 住所：广东省深圳市福田区中 心三路 8 号卓越时代广场（二 期）北座 住所：北京市朝阳区安立路 66 号 4 号楼 签署日期：2025 年 11 月 17 日 本公司及其全体董事、高级管理人员或履行同等职责的人员保证公告内容真 实、准确和完整。 !"#$%& 1、招商局蛇口工业区控股股份有限公司（以下简称"发行人"或"公司"） 已于 2025 年 6 月 12 日获得中国证券监督管理委员会"证监许可[2025]1210 号" 文注册公开发行面值不超过 129.30 亿元的公司债券（以下简称"本次债券"）。发 行人本次债券采取分期发行的方式。 2、本期债券品种一债券简称"25 蛇口 04"，债券代码 524555. ...