编辑：王媛媛 新华财经北京12月4日电（罗浩）新华500指数（989001）12月4日收盘上涨15.67点，涨幅0.31%，报5005.03点。 走势上看，新华500指数（989001）4日早间小幅高开，指数盘初冲高回落，10时20分完成"二次下探"后出现较大幅度反弹，10时56分一度涨0.56%，此后有 所回落，午后呈窄幅整理态势，收盘时小幅上涨。 指数盘中最高触及5017.25点，最低触及4968.70点，成分股全天总成交额报4664亿元，较上一交易日小幅缩量。 成分股方面，中国卫星收于10%涨停，三花智控、长川科技、景嘉微、航天电器、中微公司等涨幅靠前；东山精密、华侨城A、中公教育、华阳股份、泸州 老窖等跌幅靠前。 新华500指数由国家金融信息平台•新华财经发布，新华指数（北京）有限公司运营维护，指数度量A股主要大中市值股票价格水平。关于新华500指数的详 细信息，请参见新华财经客户端。 转自：新华财经 ...

Group 1 - The A-share market saw a collective decline in tourism stocks, with significant drops in companies such as Xiangyuan Cultural Tourism, Haikan Co., and Emei Mountain A [1] - Xiangyuan Cultural Tourism experienced a drop of over 6.71%, while Haikan Co. fell by over 5.47% [2] - Other notable declines included Emei Mountain A at -4.14%, and Caesar Travel at -3.88% [2] Group 2 - The total market capitalization of Xiangyuan Cultural Tourism is 7.329 billion, while Haikan Co. stands at 10.7 billion [2] - Year-to-date performance shows Xiangyuan Cultural Tourism with a gain of 0.87%, while Haikan Co. has increased by 4.70% [2] - Other companies like Nanjing Commercial Travel and Xian Tourism also reported declines of -3.73% and -3.56% respectively [2]

Core Insights - The total revenue of 51 listed cultural tourism companies reached 83.993 billion yuan in Q3 2025, highlighting significant leadership from top companies and notable internal differentiation [1] Revenue Breakdown - Two companies exceeded 10 billion yuan in quarterly revenue: Trip.com Group-S (18.3 billion yuan) and China Duty Free Group (11.711 billion yuan), showcasing a strong leading advantage [1] - Four companies reported revenues between 5 billion and 10 billion yuan: Yuyuan Inc. (9.287 billion yuan), Huazhu Group-S (7 billion yuan), Overseas Chinese Town A (5.708 billion yuan), and Tongcheng Travel (5.509 billion yuan) [2] - Six companies fell within the 2 billion to 5 billion yuan range, including Jin Jiang Hotels (3.715 billion yuan) and China Youth Travel Service (3.161 billion yuan), with hotel companies making up half of this group [2] - The majority of companies (31 out of 51) reported revenues below 1 billion yuan, indicating a concentration of smaller firms in the industry [2] Profitability Analysis - The net profit of the 51 listed cultural tourism companies totaled approximately 22.6 billion yuan, with 33 companies profitable and 18 companies reporting losses, indicating a predominance of profitability (about 65%) [2] - Trip.com Group-S reported a net profit of 19.9 billion yuan, significantly contributing to the overall profit of the listed companies, accounting for 88% of the total [3] - Other notable profitable companies include Huazhu Group-S with a net profit of 1.5 billion yuan and Tongcheng Travel with a net profit of 976 million yuan, benefiting from the ongoing recovery in tourism consumption [3] - Among the 18 companies reporting losses, significant losses were noted for Overseas Chinese Town A (-1.499 billion yuan) and Yuyuan Inc. (-551 million yuan), attributed to factors such as weak real estate sales and operational challenges [3]

1. 利率调整：根据《深圳华侨城股份有限公司2021年面 向合格投资者公开发行公司债券（第二期）》（以下简称"《募 集说明书》"）的约定，公司作为"21侨城04"（债券代码： 149354.SZ）的发行人，有权决定在存续期的第5年末调整本 期债券存续期后2年的票面利率。根据当前的市场行情，公 司决定下调本期债券票面利率100个基点，即"21侨城04" 债券存续期后2年的票面利率为2.89%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择回售等同于以人民币100元/张（不含利息）卖出持有的"21 侨城04"。投资者选择回售可能会带来损失，敬请投资者注 意风险。 5. 回售登记期：2025年12月4日至2025年12月10日（仅 1 深圳华侨城股份有限公司 关于"21 侨城 04"票面利率 ...

深圳华侨城股份有限公司 关于"21 侨城 04"票面利率调整和回售实施办法 第二次提示性公告 重要提示： 1. 利率调整：根据《深圳华侨城股份有限公司2021年面 向合格投资者公开发行公司债券（第二期）》（以下简称"《募 集说明书》"）的约定，公司作为"21侨城04"（债券代码： 149354.SZ）的发行人，有权决定在存续期的第5年末调整本 期债券存续期后2年的票面利率。根据当前的市场行情，公 司决定下调本期债券票面利率100个基点，即"21侨城04" 债券存续期后2年的票面利率为2.89%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择回售等同于以人民币100元/张（不含利息）卖出持有的"21 侨城04"。投资者选择回售可能会带来损失，敬请投资者注 意风险。 5. 回售登记期：20 ...

深圳华侨城股份有限公司 关于"21 侨城 04"票面利率调整和回售实施办法 第一次提示性公告 重要提示： 1. 利率调整：根据《深圳华侨城股份有限公司2021年面 向合格投资者公开发行公司债券（第二期）》（以下简称"《募 集说明书》"）的约定，公司作为"21侨城04"（债券代码： 149354.SZ）的发行人，有权决定在存续期的第5年末调整本 期债券存续期后2年的票面利率。根据当前的市场行情，公 司决定下调本期债券票面利率100个基点，即"21侨城04" 债券存续期后2年的票面利率为2.89%。 2. 投资者回售选择权：根据《募集说明书》中设定的投 资者回售选择权，投资者有权选择在投资者回售登记期内进 行登记，将持有的本期债券按面值全部或部分回售给发行人， 或选择继续持有本期债券。 3. 投资者选择将持有的本期债券全部或部分回售给发 行人的，须于回售登记期内登记；若投资者未作登记，则视 为继续持有债券。 4. 回售价格：人民币100元/张（不含利息）。投资者选 择回售等同于以人民币100元/张（不含利息）卖出持有的"21 侨城04"。投资者选择回售可能会带来损失，敬请投资者注 意风险。 限交易日）。 6. 回 ...

Core Viewpoint - The concept of "good houses" has emerged as a slogan in the real estate market, prompting an examination of its relevance and impact on ordinary people, both in the short and long term [1] Group 1: Market Analysis - The article analyzes the transaction data of second-hand houses around ten years old, focusing on properties delivered between 2013 and 2017, to identify which have the highest transaction prices [1] - Notable high transaction prices include the following properties: Huachao City Suhe Bay at 215,951 yuan/m², and Cuihu Tiandi Phase IV at 209,008 yuan/m² [2][8] - The presence of multiple properties from the same developer indicates that maintaining quality leads to positive market feedback [2] Group 2: Property Features - Properties like Huachao City Suhe Bay and Danning Jinmao Mansion have maintained high prices due to their quality and community features, with Danning Jinmao Mansion's prices exceeding surrounding averages by over 50% [7] - The design and construction quality of these properties, such as the use of high-quality materials and thoughtful community layouts, contribute significantly to their market appeal [10][19] Group 3: Community and Lifestyle - The article emphasizes the importance of community services and amenities, highlighting that properties with long-term residents tend to foster a strong community atmosphere [20] - Huachao City Suhe Bay is noted for its vibrant community life, supported by urban development and surrounding amenities, enhancing its attractiveness [25][26] Group 4: Interior Quality - The interior design of these ten-year-old properties has proven to be timeless, with many featuring high ceilings and thoughtful design elements that remain appealing today [28][31] - Properties like Baohua Xijiao Ziwai Garden have incorporated advanced design features, such as private elevator halls and aesthetically pleasing common areas, which enhance the living experience [29][32] Group 5: Conclusion - The article concludes that the principles of quality and thoughtful design in real estate have been established for years, and properties that embody these values have gained market trust and reputation over time [32]

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 好房子的关键在于定价 [Table_Summary] 最顶端的豪宅市场，从典型样本跟周边次新的比价去看，定价已趋于合理区间，但市场容量相 对有限，核心矛盾在于潜在供应量较大；中高端改善市场，大多数产品定价已不低，且周边二 手竞品仍面临较大的补跌压力，好房子去化逐步承压，但部分定价具备性价比的项目，去化依 然相对较好，定价是项目去化的关键。综合而言，好房子是中长期阿尔法，只要定价合理，去 化不是问题，今年部分高地价项目的兑现有不确定性，短期盈利改善进程有一定波折；但近期 土地市场逐步降温，这对后续拿地构成利好，房企中期盈利结构性改善的置信度在提高。 分析师及联系人 [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 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 好房子的关键在于定价 2] ——房地产行业周度观点更新 [Table_Summ ...

Core Viewpoint - The company, Shenzhen Overseas Chinese Town Holdings Co., Ltd. (华侨城A), is experiencing fluctuations in its stock performance and has significant involvement in the tourism and real estate sectors, with a focus on cultural tourism and themed projects [1][7]. Company Overview - Shenzhen Overseas Chinese Town Holdings Co., Ltd. was established on September 2, 1997, and listed on September 10, 1997. The company primarily operates in tourism, real estate, and paper packaging, with tourism contributing 72.15% and real estate 27.18% to its revenue [7]. - As of November 20, 2023, the company had 108,200 shareholders, an increase of 5.43% from the previous period, with an average of 63,740 circulating shares per person, a decrease of 5.15% [8]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 17.025 billion yuan, a year-on-year decrease of 41.95%, and a net profit attributable to shareholders of -4.367 billion yuan, down 85.76% year-on-year [8]. - The company has distributed a total of 16.503 billion yuan in dividends since its listing, but has not issued any dividends in the past three years [9]. Business Segments - The company manages 316 property projects with a total management area of 46.8 million square meters across 56 cities in China as of the end of 2022 [2]. - The main products include theme parks, hotels, cultural and commercial tourism complexes, natural and cultural scenic spots, travel services, and various community developments [3][7]. Recent Developments - The company has integrated indoor ice and snow venues into some of its theme parks, such as the "Alpine Snow World" at Shenzhen Window of the World, which was upgraded in 2020 [3][4]. - The company holds a 60% stake in Huachao City Zhuozhou Cultural Tourism Development Co., Ltd., which focuses on cultural tourism and themed town projects [2].

以下为原文： 中国经济网北京11月27日讯深圳市市场监督管理局25日发布行政处罚决定书(深市监龙处罚〔2025〕龙城207号)。 华侨城物业(集团)有限公司商旅分公司特种设备未按规定建立健全日管控、周排查、月调度工作制度和机制案显示，华侨城物业 (集团)有限公司商旅分公司存在特种设备违法行为。根据《特种设备使用单位落实使用安全主体责任监督管理规定》第六章"电 梯"第八十四条第一款的规定，深圳市市场监督管理局龙岗监管局对其处以通报批评。 华侨城A(000069.SZ)年报显示，华侨城物业(集团)有限公司(简称"华侨城物业")为华侨城A间接持股100%的全资子公司。 ...