保利四川：以好房筑信，与成都共赴高质量发展之约

Core Viewpoint - In 2025, the Chinese real estate market is entering a critical recovery phase characterized by stabilization and quality improvement, supported by a systematic support framework from policies that enhance demand, supply, and security [1] Policy and Market Dynamics - Demand-side policies have seen significant adjustments, including the relaxation of purchase restrictions in major cities and the complete lifting of restrictions in second-tier and lower cities, with some cities offering "zero-threshold home buying" [1] - Credit costs have reached a ten-year low, with the down payment ratio for first-time home loans as low as 15% and interest rates dropping below 3% [1] - The supply side is bolstered by measures such as widespread adoption of "mortgage transfer," automatic reduction of existing mortgage rates, and subsidies for "old-for-new" exchanges, while "guaranteeing delivery" has shifted from emergency measures to regular prevention [1][2] Market Supply and Demand - The land market remains in a deep adjustment phase, with residential land supply down 18.2% year-on-year and transaction volume down 22.5%, leading to a continued contraction in effective supply in the new housing market [2] - Despite a reasonable inventory turnover period in key cities, the proportion of high-quality improvement housing is less than 30%, indicating a future scarcity of "good houses" [2] - From January to November 2025, the national sales of new commercial housing reached 75,130 billion yuan, indicating a transition from a risk exposure phase to a recovery phase [2] Company Performance - Poly Developments (600048) achieved a contract amount of 240.87 billion yuan in the first eleven months of 2025, maintaining its position as the industry leader for three consecutive years, demonstrating strong risk resistance and operational resilience [3] - In Chengdu, Poly Sichuan's sales exceeded 10 billion yuan in 2025, showcasing the core support role of state-owned enterprises in market recovery [3] Quality and Trust Building - The real estate industry is transitioning from "scale expansion" to "quality competition," with product quality becoming a core barrier for companies to navigate through cycles [4] - Poly Sichuan has established a quality assurance system that is "visual, verifiable, and traceable," addressing buyer concerns about construction quality and building a trust moat centered on products [4] - The company has implemented innovative delivery models and a detailed acceptance checklist covering 182 indicators, achieving high delivery rates and customer satisfaction [4][5] Community Engagement and Service - Poly Sichuan has adopted a "service first" philosophy, preemptively opening community facilities for residents to experience before project completion, enhancing trust and community engagement [5] - The company has developed a comprehensive service system that includes a rapid maintenance response mechanism and digital platforms for repair requests, achieving a 96% satisfaction rate in maintenance services [6] Market Strategy and Social Responsibility - Poly Sichuan's strategy focuses on providing high-quality housing for ordinary families, with main unit types covering 139-200 square meters to meet both first-time and second-time improvement needs [11] - The company integrates cultural elements into community development, hosting various cultural activities and contributing to the cultural construction of the city, thus enhancing its role beyond that of a mere developer [11][12] Future Outlook - With a comprehensive product layout, full-cycle service system, and forward-looking land acquisition strategy, Poly Sichuan is expected to continue consolidating its regional market advantage and contribute to sustainable growth in the real estate sector [12]