香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GREENTOWN CHINA HOLDINGS LIMITED * 僅供識別 ** 當月銷售金額包括當月新增合同及當月已簽認購協議未轉銷售合同 – 1 – 上 述 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，鑒 於 收 集 該 等 銷 售 資 料 過 程 中 存 在 各 種 不 確 定 因 素，該 等 數 據 與 本 公 司 按 年 度 或 半 年 度 刊 發 的 經 審 核 或 未 經 審 核 綜 合 財 務 報 表 中 披 露 的 數 字 可 能 存 在 差 異，因 此 上 述 數 據 為 初 步 性 質 及 僅 供 投 資 者 參 考。投 資 者 買 賣 本 公 司 證 券 時 務 須 謹 慎 行 事，避 免 不 恰 當 地 依 賴 該 等 數 據。如 有 任 何 疑 問，投 資 者 應 尋 求 專 業 ...

Core Viewpoint - The 2025 China Real Estate Product Power TOP 100 Conference will be held on January 8, 2026, in Shanghai, focusing on product power evaluation and research results in the real estate industry [6][25]. Group 1: Event Details - The conference will feature keynote speeches, roundtable discussions, and the release of the "2025 China Real Estate Product Power Development Report" [6][28]. - The event will take place at the Shanghai Grand Theatre from 13:30 to 17:45 [24]. - Registration for offline participation is now open [30]. Group 2: Agenda Highlights - The agenda includes a welcome speech by Ding Zuyu, Co-Chairman of CRIC, and a report release by Zhang Yan, CEO of CRIC [28]. - Notable presentations will cover topics such as "Three Good Twelve Excellent Practices of Good Houses" by Wu Bin from China Resources Land and "Defining New Era Good Houses from a Global Perspective" by Huang Fengbin from Huafa [28]. - A roundtable forum will discuss the new connotations of good houses, featuring industry leaders from various companies [28].

"丁祖昱评楼市2026年度发布会"高清PPT全公开！ 原创 编辑部 丁祖昱评楼市 2026年1月7日 17:13 上海 核心观点： 诚如"长期主义——丁祖昱评楼市2026年度发布会"的结语，"把握确定性，奔赴新征程"。"长期主义"不是坚持什么长期不变，而是判断什么 是"确定的"。 十年坚守 生生不息 长期主义 一转眼，"丁祖昱评楼市年度发布会"已经举办了十届。 1、中国房地产仍是中国经济的支柱产业。 2、好房子是中国房地产未来十年，二十年，最该关注的政策。 3、行业规模回到了2010年以前，但压力已基本释放完。 4、整体市场仍"L"型运行，还在止跌回稳的过程中。 5、 二手房成交占比越来越多 ，二手房是整体市场活跃度晴雨表 。 6、 企业规模增长时代已经结束 。 7、民企信心开始修复。 8、2026年行业底部确认，需要四个确定性。 9、一线城市重新划分：上海、北京、杭州、成都、广州5个一线城市。 10、现房销售将倒逼企业开发模式转变。 在房地产市场供求关系已经改变的当下，未来不再是速度与规模的狂欢，而是价值与时间的重构。 2026年，房地产行业一定会出现新的转机。 以下我们将为您呈现最全、最新的"长期主义—— ...

Core Viewpoint - In 2025, the Chinese real estate industry is entering a new phase of value competition amid deep adjustments, shifting its core competitiveness from scale and speed to product quality, operational service, and sustainable professional capabilities. Brand communication has transformed into a multi-dimensional value output focused on "hardcore product strength," "warm community strength," and "entrusted professionalism" [1]. Group 1: Brand Development - The year 2025 marks a significant transformation in the industry, with the "Good House" standard becoming a key driver for brand development and product quality, as it is integrated into government work reports and residential regulations [8]. - Many companies are releasing updated "Good House" standards, with Green City China updating its standards to include 270 core guidelines, while Jianfa Real Estate has introduced a four-dimensional framework for its "Good House" system [9]. - The launch of innovative community projects under the "Good House" framework, such as Darwin Camp and zero-carbon community projects, has garnered high attention and engagement [10]. Group 2: Community Brand - The real estate industry is evolving from "space construction" to "relationship cultivation," focusing on community warmth, neighborly relations, and growth experiences [16]. - Leading companies are creating community ecosystems that foster recognition, participation, and continuity, with community operations becoming a key aspect of post-delivery services [21]. - Initiatives like the "Children-Friendly" program by China Railway Real Estate and various health and wellness activities by companies like China Railway and Fuyue Property highlight the industry's focus on enhancing living experiences for residents [17][18]. Group 3: Construction Brand - In 2025, brand communication in real estate construction is characterized by a focus on "stronger companies, technology-driven, and value deepening," with an emphasis on comprehensive strength and differentiated value [22]. - The integration of AI technology in construction processes, such as the AI cooling station control system developed by Longfor, showcases the industry's commitment to innovation and efficiency [22]. - The establishment of industry standards, such as the "Comprehensive Capability Evaluation Standard for Construction Enterprises," enhances brand credibility and positions companies as authoritative figures in the market [23]. Group 4: Future Outlook - The brand communication landscape in the real estate sector is becoming increasingly structured, with product brands focusing on the "Good House" concept, community brands emphasizing human connections, and construction brands building on professionalism and technological capabilities [26]. - Future brand strategies will likely integrate product innovation, community engagement, and digital capabilities, allowing companies to create perceivable and trustworthy brand assets that provide a competitive edge in the evolving market [26].

过去这一年，浙江人也对居住在绿城园区更满意了——在《2025年中国城市居民居住满意度调查报告》 中，绿城在浙江所有的调查城市中均名列前茅，在其中9座城市获满意度调研第一、7座城市获忠诚度调 研第一，实现市场地位、品牌溢价与客户信任的三重提升。 统计数据显示，2025年浙江销售金额TOP30房企榜中洗牌率已超40%，不少曾经的规模企业都出现了不 同程度的下滑。唯有绿城，不仅连续9年蝉联浙江房企流量榜TOP1，还在持续扩大优势。 行业分化加剧，浙江人对绿城的偏爱却更加明显了。 过去这一年，浙江人更爱买绿城的房子——在克而瑞的统计口径中，绿城在2025全年销售额近864亿 元，问鼎浙江房企权益、流量、全口径三榜第一；在中指院的数据中，以719.5亿元权益销售金额位居 浙江榜首，比第二、第三名加起来还多。 数据来 源：克而瑞浙江区域 深挖背后逻辑，绿城从未止步的创新探索与始终在线的品质呈现，已然给出答案。在市场不确定性加剧 的当下，绿城以头部房企的使命担当，将"产品创新、工程透明、品质交付"熔铸为坚实的"确定三角"， 为行业长效发展探寻出一条兼具温度与韧性的前行之路。 产品力进化：全维产品系与在地化创新的深度融合 义 ...

Group 1: North Exchange Market Insights - In 2025, a total of 26 companies completed their IPOs on the North Exchange, raising 7.5 billion yuan, significantly surpassing 2024's fundraising [2][7] - The average first-day increase for IPOs in 2025 reached 368%, a notable rise from 2024, with December's new listings averaging a 463% increase [2][7] - The average online subscription funds in 2025 reached 662.4 billion yuan, with December hitting a record high of 781.2 billion yuan, indicating heightened interest in new listings [2][8] Group 2: Consumer Services Sector Analysis - The consumer services sector on the North Exchange saw a median market cap increase of 30.92% in 2025, with several companies experiencing over 50% and 100% increases [11] - The sector includes various industries such as food and beverage, cultural IP, pet food, cosmetics, and agriculture, indicating a diverse investment landscape [11] - The average price-to-earnings ratio (PETTM) for consumer services companies was 46.3x, suggesting relatively low valuations and potential investment opportunities in 2026 [11] Group 3: Real Estate Market Overview - The real estate sector experienced a decline of 0.7% in the week ending January 6, 2026, with significant fluctuations in individual stock performances [15][17] - New housing transactions in 42 key cities totaled 256 million square meters, reflecting a 2.0% decrease week-on-week, while year-to-date transactions showed an 18.1% decline [16][17] - The government emphasized the importance of the real estate market for economic stability, with new policies aimed at improving market expectations and housing quality [17][18] Group 4: Shenzhen International Company Insights - Shenzhen International's logistics park transformation project is progressing, with expected incremental revenue from land use rights and a stable dividend policy [19][20] - The company has maintained a dividend payout ratio of around 50% from 2017 to 2024, with projected dividend yields of approximately 8.7% for 2025-2027 [21][22] - The anticipated net profits for Shenzhen International from 2025 to 2027 are estimated at 3.64 billion, 3.65 billion, and 2.8 billion HKD, respectively, indicating a strong financial outlook [22]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Views - The report emphasizes the importance of stabilizing real estate market expectations and highlights the sector's significant role in the national economy and as a source of household wealth [3][50] - The report suggests that the real estate market's healthy development is crucial for overall economic stability and calls for decisive policy measures rather than piecemeal approaches [50] Market Performance - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.6%, and the real estate sector (Shenwan) declined by 0.7% during the week [5][8] - Notable stock performances included Chengjian Development (+13.2%) and Sanzhong Impression (+10.7%), while Hualian Holdings (-15.5%) and Yatong Shares (-6.8%) saw significant declines [5][8] Data Tracking New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 42 key cities totaled 2.56 million square meters, a 2.0% decrease from the previous week [16] - For December, new housing transactions reached 10.63 million square meters, a 35.7% increase month-on-month but a 40.5% decrease year-on-year [21] Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 1.64 million square meters, a 21.5% decrease from the previous week [34] - For December, second-hand housing transactions amounted to 9.22 million square meters, an 11.1% increase month-on-month but a 27.9% decrease year-on-year [37] Industry News - The Ministry of Housing and Urban-Rural Development aims for significant progress in housing quality improvement by 2030, focusing on standards, design, materials, and construction [50] - New tax policies were introduced, reducing the value-added tax rate for second-hand housing transactions to 3% for properties held for less than two years, while properties held for two years or more are exempt from VAT [50] - The China Securities Regulatory Commission announced the launch of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality market development [50] Company Announcements - China Resources Land secured a sustainable development-linked loan of 2 billion yuan with a term of 36 months [54] - Huafa Group elected Guo Lingyong as the chairman of its board and Liu Yingzhe as vice chairman [54]

2025 年 是公认的 "豪宅大年"。 这一年， 住宅新规 落地、 各地计容规则松绑、 房企产品体系迭新 ， 住宅产品迎来了一场激烈的品质竞赛。 尤其是豪宅，相信大家都注意到，如今的豪宅早已不是地段和面积段的概念，而是全方位高品质生活方式的比拼。 当我们热议当前的好房子，探讨住宅进化趋势时，一定不能绕过对豪宅的研究。因为，作为品质产品的典型代表、当前最热门的产品赛道，豪宅的迭代更 新速度走在全品类的最前面。 看懂2025年的豪宅，也就看懂了住宅的升级方向。 1 空中院墅 从去年底以来，各地纷纷优化计容规则，露台、飘窗等空间不计容或半计容，这为户型创新打开了空间。 其中，以"平层墅院化"为特征的第四代住宅在各地兴起，大平层融合了别墅特有的庭院、露台等功能空间，既拥有大平层的尺度及视野，又同时享受别墅 般"有天有地"的庭院生活。 带大露台，是四大宅最主要的特点。 露台作为室内空间的延伸，可以延展生活场景，营造半户外的生活体验。目前，最受欢迎的露台布局，是与客厅连 通，形成LDKBG一体化布局，引入自然和更丰富的生活场景。 亲自然设计，是最近两年住宅产品一大热门方向。 今年的豪宅设计，普遍强调通过弱化户内外边界，实 ...

Group 1: Market Overview - The international oil market is experiencing volatility due to uncertainty surrounding Venezuela's oil reserves, with WTI crude oil rising by 1.64% to $58.15 per barrel and Brent crude oil increasing by 1.61% to $61.71 per barrel [4] - Major European stock indices closed higher, with the UK FTSE 100 up by 0.54%, Germany's DAX up by 1.34%, and the Euro Stoxx 50 up by 1.25% [4] - US stock indices also saw gains, with the Dow Jones rising by 1.23% to a new high, the S&P 500 up by 0.64%, and the Nasdaq up by 0.69% [4] Group 2: Commodity Performance - Spot gold increased by 2.74% to $4,449.04 per ounce, while spot silver rose by 5.42% to $76.6 per ounce [7] - LME copper prices surged to $13,000 for the first time [3] - The performance of precious metals is attributed to increased safe-haven demand amid the situation in Venezuela [3] Group 3: Specific Company Movements - Chevron (CVX.N) shares rose by 5.2%, nearing a new high, while Tesla (TSLA.O) increased by 3% [4] - In the Hong Kong market, Kuaishou (01024.HK) surged over 11%, and Bilibili (09626.HK) rose over 5% [5] - In the A-share market, insurance stocks performed strongly, with New China Life Insurance rising over 8% to reach a historical high [6]

Group 1 - The core point of the article is that in 2025, there are 10 real estate companies with sales exceeding 100 billion yuan, indicating resilience in the sales scale of leading enterprises [1] - The main support for sales comes from projects in core cities, highlighting the continued advantage of leading real estate companies [1] - Companies such as Poly Developments and Holdings Group, Greentown China Holdings, and China Merchants Shekou Industrial Zone Holdings have all reported sales exceeding 100 billion yuan [1]