Core Insights - The luxury real estate market in first-tier cities, particularly in Shenzhen and Guangzhou, has shown remarkable resilience in 2025, with significant sales figures reported in the fourth quarter [1][2]. Shenzhen Market Performance - Three major luxury projects in Shenzhen collectively achieved nearly 300 billion yuan in sales, with the opening of China Merchants Xinyue Bay generating over 100 billion yuan in just two hours [2][5]. - The average transaction price for units in Xinyue Bay reached 84.36 million yuan, with the highest unit price setting a new record for non-villa residential properties in first-tier cities at 38,000 yuan per square meter [2][5]. - The successful sales of these luxury projects have revitalized the second-hand luxury housing market in the Shenzhen Bay area, which had previously seen stagnant transactions [5][6]. Guangzhou Market Performance - Guangzhou's luxury market also performed strongly, with over 6,000 "ten-million-level" luxury homes signed from January to October, marking a year-on-year increase of approximately 42% [7][9]. - The Poly Yuexi Bay project in Tianhe District achieved a sales amount of 11.089 billion yuan, making it the top-selling project in Guangzhou for the year [8][9]. - The market is shifting from a "demand-driven" to an "improvement-driven" model, with high-net-worth individuals viewing premium properties in core locations as essential assets [9][10]. Future Outlook - The luxury market in Shenzhen is expected to see continued supply growth, with six new luxury projects set to launch in core areas, totaling over 1,500 residential units [6]. - In Guangzhou, nearly ten high-end projects are anticipated to enter the market, further enriching the luxury property landscape [9][10]. - The influx of new supply is expected to stimulate the luxury market, attracting both local and external high-net-worth individuals [10].

Core Insights - The land supply attitude in domestic cities has shifted, moving away from a "booming" land auction market to a more cautious approach, influenced by various factors including government policies promoting real estate supply-side reforms [1][6][12] - A significant decline in land supply metrics has been observed, with a total of 300 cities releasing land, and a 15.8% year-on-year decrease in planned construction area [7][8] Land Supply Trends - The total planned construction area for land transactions from January to November 2025 is 420 million square meters, down 15.8% year-on-year, with residential land transfer revenue at 1.8 trillion yuan, a decrease of 6.0% [7][8] - The decline in land supply is more pronounced in first-tier cities (down 24.6%) compared to second-tier cities (down 4.8%) and third/fourth-tier cities (down 21.6%), leading to an overall decrease of 18.1% across 300 cities [8][9] Auction Dynamics - Despite the overall decline in land supply, there remains strong bidding interest for core quality land parcels in first and second-tier cities, particularly in cities like Hangzhou, Chengdu, and Xi'an [9][10] - The average premium rate for land auctions is low at 3.1%, with a 19% year-on-year decrease in land transfer revenue, indicating weaker bidding in lower-tier cities [9][10] Corporate Land Acquisition Behavior - Real estate companies are exhibiting more cautious land acquisition strategies, with state-owned enterprises and local state-owned enterprises being more active in the market [10][11] - Among the top 100 land-acquiring companies, 80 are state-owned or local state-owned enterprises, with the top 20 companies accounting for 66.7% of total land acquisition, an increase of 11.8 percentage points from the end of 2024 [10][11] Market Outlook - The new housing market is expected to face reduced pressure, but competition in core urban areas may intensify due to concentrated land auction timings [11][12] - The land market is anticipated to continue with a "reduced quantity and improved quality" strategy, with a focus on stabilizing the real estate market and controlling supply based on local conditions [12]

——房地产 2025 中期策略 [Table_Title] 证券研究报告/行业动态报告 房地产行业有何可预见趋势 降门槛、拓空间，北京打响新轮松绑第一枪 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W52 房地产周报 报告摘要： 近 [Table_Summary] 本周观点：降门槛、拓空间，北京打响新轮松绑第一枪 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 修复 ①当前北京首套商贷利率为 3.05%，五环内二套房商贷利率为 3.45%， 五环外二套房贷为 3.25%，新政后首套二套房贷利率将保持一致；②本 次北京将首付比例降至 25%，仍高于其他一线城市，未来北京的公积金 政策在降低首付比例、扩大公积金使用范围、优化公积金提取次数等方 面仍具备进一步优化空间；③新政后，区级备案预计审批周期会明显缩 短，房企可更快启动规划建设，有效匹配新政释放的需求，房企也将更 有动力推进"好房子"类产品设计开发，契合住房高质量发展的导向。 本周地产：A 股与港股均跑输大盘 投资建议：整体看来，2024 年 924 ...

1 （一） 以董事會成員多元化為基本政策，至少每年檢討董事會的架構、人數及 組成；協助董事會編製董事會技能表；以客觀條件（包括技能、知識、 經驗、性別、年齡等因素）考慮人選，並就任何為配合公司策略而擬對 董事會做出的變動提出建議； （二） 物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事或 就此向董事會提供意見； （三） 研究董事、高級管理人員的選擇標準和程序，並向董事會提出建議； （四） 對董事候選人和高級管理人員人選進行審查並提出建議； （五） 評核獨立非執行董事的獨立性； （六） 就董事委任或重新委任以及董事（尤其是主席及總裁）繼任計劃的有關事 宜向董事會提出建議； （七） 為公司定期評估董事會表現提供支持； （八） 就董事及高級管理人員的全體薪酬政策及架構，及就設立正規而具透明 度的程序制訂此等薪酬政策，向董事會提出建議； （九） 獲董事會轉授責任釐定每位執行董事及高級管理人員的薪酬待遇，包括 金錢利益、非金錢利益、退休金權利及賠償金額（包括喪失或終止職務 或委任的賠償）；就其他執行董事的薪酬建議諮詢主席及 ╱ 或總裁，如 有需要，可尋求獨立專業意見；及就非執行董事的薪酬待遇向董事會提 出 ...

薪酬及提名委員會職權範圍 中國金茂控股集團有限公司 （於香港註冊成立之有限公司） 2 薪酬及提名委員會職權範圍如下： （十一） 應考慮同類公司支付的薪酬、履行職責須付出的時間以及本公司及其附 屬公司其他職位的僱用條件等因素； （十二） 釐定評估執行董事及高級管理人員表現的準則，評核執行董事及高級管 理人員的表現，如有需要，可尋求專業協助及意見； （十三） 檢討及批准向執行董事及高級管理人員就其喪失或終止職務或委任而須 支付的賠償，以確保該等賠償與合約條款一致；若未能與合約條款一 致，賠償亦須公平合理，不致過多； （十四） 檢討及批准因董事行為失當而解僱或罷免有關董事所涉及的賠償安排， 以確保該等安排與合約條款一致；若未能與合約條款一致，有關賠償亦 須合理適當； （十五） 確保任何董事或其任何聯繫人不得參與釐定其自身薪酬； （十六） 根據董事會授權，審閱、檢討及╱或批准股票期權計劃下具體授予之條 款及條件； （十七） 董事會授權的其他事宜。 1 （一） 以董事會成員多元化為基本政策，至少每年檢討董事會的架構、人數及 組成；協助董事會編製董事會技能表；以客觀條件（包括技能、知識、 經驗、性別、年齡等因素）考慮人選 ...

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，概不對任何就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 董事會謹此宣佈，於2025年12月29日，鷹茂地產與全海及平嘉投資訂立新框架協 議，據此，鷹茂地產將在新框架協議之期限內繼續向全海及平嘉投資（或其各自 指定的實體）提供借款。新框架協議將自2025年12月30日起生效，並取代原框架 協議，其有效期至2026年12月31日止。 公告 持續關連交易 提供借款 茲提述本公司日期為2024年12月27日的公告，內容有關本公司間接非全資附屬 公司鷹茂地產與其股東全海及平嘉投資訂立的原框架協議，據此，鷹茂地產同 意按照全海及平嘉投資所持鷹茂地產的股權比例，並根據相同的條款與條件向 全海及平嘉投資（或其各自指定的實體）提供借款。原框架協議將於2025年12月 31日屆滿。 董事會謹此宣佈，於2025年12月29日 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 29 日 证券分析师 住建部部署 26 年工作任务，北京发布楼市新政 投资评级： 看好（维持） ——房地产行业周报（25/12/20-25/12/26） 投资要点： 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 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：本周上证指数上升 1.9%、深证成指上升 3.5%、创业板指上升 3.9%、沪 深 300 上升 1.9%、房地产（申万）上升 1.9%。个股方面，涨跌幅前五的分别为： 华联控股(+42.3%)、首开股份(+23.6%)、海南机场(+16.1%)、苏州高新(+13.4%)、 京基智农(+12.0%)，涨跌幅后五的分别为：中天服务(-15.4%)、世联行(-14.6%)、 ST 中迪(-10.3%)、财 ...

Core Insights - The article highlights the success of Dongcheng Jinmao Xiaotang in the Chengdu real estate market, achieving remarkable sales figures despite a challenging market environment in 2025 [1][2][40]. Sales Performance - Dongcheng Jinmao Xiaotang achieved 14 successful sales events within 7 months, selling over 1,700 units and generating approximately 5 billion yuan in sales [1][4]. - The project maintained a 100% sales rate during its initial launch, with over 2,200 visitors and 800 units sold on the first day [6][9]. Market Context - The Chengdu new housing market has seen a decrease in both supply and transaction volume, with a trend towards higher-priced projects, creating a "cold and hot" market dynamic [2][12]. - Despite a slowdown in overall market transactions, Dongcheng Jinmao Xiaotang continued to perform strongly, with its second phase also selling out quickly [6][9]. Unique Selling Propositions - The project features a "high aesthetic" design that appeals to younger demographics, with a focus on community aesthetics and high-quality living standards [12][13]. - It offers a "full-age friendly community" concept, catering to the needs of various age groups, including children, youth, and seniors [17][22]. Strategic Initiatives - The project includes a commercial street, "Yili Prosperity," designed to enhance regional value and address local commercial shortcomings [12][15]. - Innovative marketing strategies, such as online engagement and community activities, have attracted significant attention and participation [29][36]. Collaborative Model - Dongcheng Jinmao Xiaotang operates under a collaborative model involving government and enterprise partnerships, which provides both policy support and market vitality [40]. - The project has benefited from strategic urban planning and infrastructure improvements in the surrounding area, enhancing its appeal [42][45]. Investment Strategy - The company has demonstrated a commitment to the region by acquiring multiple plots and maintaining a strong investment rhythm, which supports its market leadership [45][52]. - The focus on delivering high-quality, affordable housing has positioned Dongcheng Jinmao Xiaotang as a market leader, addressing the demand for lower-priced, quality homes [49][52].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that policy adjustments are being driven by fundamental pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, indicating ongoing developments in the sector [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, thus making it a strategic investment choice [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with expectations that first- and second-tier cities will benefit more from these changes [4] Summary by Sections New Housing Transactions - In the week, new housing transaction area across 30 cities was 241.0 million square meters, a month-on-month increase of 15.5% but a year-on-year decrease of 41.5% [2][25] - First-tier cities recorded a new housing transaction area of 53.9 million square meters, down 0.4% month-on-month and down 41.3% year-on-year [2][25] - Second-tier cities saw a transaction area of 146.8 million square meters, up 21.7% month-on-month but down 40.6% year-on-year [2][25] - Third-tier cities had a transaction area of 40.4 million square meters, up 18.7% month-on-month but down 45.1% year-on-year [2][25] Secondary Housing Transactions - The total area of secondary housing transactions in 14 sample cities was 208.0 million square meters, a month-on-month increase of 3.8% but a year-on-year decrease of 22.9% [32] - First-tier cities accounted for 89.3 million square meters, up 2.2% month-on-month [32] - Second-tier cities had 83.7 million square meters, down 1.8% month-on-month [32] - Third-tier cities recorded 35.0 million square meters, up 25.9% month-on-month [32] Credit Bonds - During the week (December 22-28), six credit bonds were issued by real estate companies, totaling 4.732 billion yuan, an increase of 0.402 billion yuan from the previous week [3][40] - The total repayment amount was 6.517 billion yuan, a decrease of 0.964 billion yuan, resulting in a net financing amount of -1.785 billion yuan, which is an increase of 1.366 billion yuan from the previous week [3][40]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is showing signs of stabilization, particularly in core cities, with policies aimed at boosting demand and optimizing supply [3][28]. - Two significant opportunities are identified: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle [3]. - The report recommends several companies across different categories, including commercial real estate, quality housing companies, undervalued firms, property management, and second-hand housing intermediaries [3]. Industry Data Summary New Housing Transaction Volume - In the week of December 20-26, 2025, 34 key cities recorded a total new housing transaction volume of 3.63 million square meters, a week-on-week increase of 17.3% [4]. - Year-on-year, December's transaction volume in these cities decreased by 29%, with first and second-tier cities down by 28.4% and third and fourth-tier cities down by 35.7% [6][7]. Second-Hand Housing Transaction Volume - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.22 million square meters, a week-on-week increase of 2.4% [11]. - Year-to-date, the total transaction volume is down by 3.1% compared to the previous year [11]. New Housing Inventory - In the week of December 20-26, 2025, 15 key cities had a total of 1.29 million square meters of new housing launched, with a sales-to-launch ratio of 0.79 [22]. - The total available residential area in these cities was 90.67 million square meters, reflecting a week-on-week increase of 0.3% [22]. Policy and News Tracking Real Estate Industry - The Ministry of Housing and Urban-Rural Development has emphasized city-specific policies to stabilize the real estate market, with measures including inventory reduction and support for reasonable demand [28]. - Recent policy adjustments in Beijing include relaxing purchase restrictions and optimizing credit conditions for homebuyers [28][29]. Company Dynamics - Poly Developments has received approval for a convertible bond issuance of up to 5 billion yuan [35]. - China Jinmao successfully sold its 100% stake in the Ritz-Carlton Hotel in Sanya for 2.26 billion yuan [36]. Sector Performance Review - The SW Real Estate Index rose by 1.91%, underperforming the Shanghai and Shenzhen 300 Index, which increased by 1.95% [42]. - The report highlights the performance of individual stocks within the real estate sector, noting both top gainers and laggards [42].