Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1] Core Viewpoints - The real estate industry is experiencing pressure on sales, with a significant decline in investment [1][4] - The central economic work conference in December 2025 emphasized the need to stabilize the real estate market, suggesting that policy tools may be implemented on a city-by-city basis [4][6] Sales Summary - National commodity housing sales area for the first 11 months of 2025 was 790 million square meters, a year-on-year decline of 7.8%, with the decline expanding by 1.0 percentage points compared to the first 10 months of 2025 [4][6] - In November 2025, the monthly sales area was 67.2 million square meters, a month-on-month increase of 9.32% but a year-on-year decrease of 17.30% [4][6] - The total sales amount for the first 11 months of 2025 was 751.3 billion yuan, down 11.10% year-on-year, with the decline expanding by 1.5 percentage points compared to the previous month [4][6] - The average sales price for the first 11 months was 9,546 yuan per square meter, a month-on-month decrease of 0.44% and a year-on-year decrease of 3.58% [4][6] Investment Summary - Real estate development investment for the first 11 months of 2025 was 785.91 billion yuan, a year-on-year decline of 15.90%, with the decline expanding by 1.2 percentage points compared to the previous month [4][14] - New construction area for the first 11 months was 53.457 million square meters, down 20.50% year-on-year, with the decline expanding by 0.7 percentage points compared to the previous month [4][17] - The completion area for the first 11 months was 39.454 million square meters, down 18.00% year-on-year, with the decline expanding by 1.1 percentage points compared to the previous month [4][20] Funding Summary - Funds received by real estate companies for the first 11 months totaled 851.45 billion yuan, a year-on-year decline of 11.9%, with the decline expanding by 2.2 percentage points compared to the previous month [4][22] - Domestic loans amounted to 131.49 billion yuan, down 2.5% year-on-year, with the decline further expanding [4][22] Investment Recommendations - The report highlights several companies with strong operational management capabilities and financial advantages, including: - Recommended: China Merchants Shekou, Poly Developments, Binjiang Group, New Town Holdings, Longfor Group [4][38] - Attention: Quality developers such as Greentown China, China Resources Land, and China Overseas Development [4][38]

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 002285 | 世联行 | 来 | 10.10 | 67.36亿 | 30.50 | | 002177 | 御银股份 | 1 | 6.16 | 53.82 Z | 57.11 | | 603506 | 南都物业 | 1 | 4.95 | 23.87亿 | 49.35 | | 000656 | *ST受科 | 1 | 4.73 | 165亿 | -10.40 | | 000609 | ST中油 | 1 | 4.35 | 29.45亿 | 292.03 | | 600340 | 华夏幸福 | 1 | 3.88 | 94.32亿 | -10.41 | | 600094 | 大名城 | 奉 | 3.73 | 96.95亿 | 14.56 | | 000863 | 三湘印象 | | 3.54 | 62.22亿 | 35.82 | | 000002 | 万 科A | - | 2.46 | 595亿 | ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - In November, the sales area and sales amount decreased by 18.6% and 27.6% year-on-year, respectively, with the decline in sales amount widening while the decline in sales area narrowed [1][2] - The average residential sales price in November was 9,594 yuan per square meter, reflecting a year-on-year decline of 11.1%, indicating significant market pressure [1][2] - The central economic work conference emphasized stability in real estate policies for the coming year, focusing on using existing stock for affordable housing, but did not mention strong expectations for mortgage subsidies [3] Summary by Sections Sales Performance - November's residential sales area decreased by 18.6% year-on-year, with a slight improvement in the decline compared to the previous month [1] - The cumulative sales area from January to November showed a decline of 8.1%, which is a worsening of 1.1 percentage points from the previous month [1] - The sales amount in November fell by 27.6% year-on-year, with the decline expanding by 3.03 percentage points from the previous month [1][2] Investment and Construction - The industry development investment in November decreased by 30.3% year-on-year, with the decline widening by 7.3 percentage points from the previous month [2] - New construction area in November was down by 27.6% year-on-year, but the decline was less severe than the previous month [2] - The completion area also saw a significant decline of 25.5% year-on-year, with the decline worsening by 25.4 percentage points from the previous month [2] Funding Sources - The funds received in November decreased by 32.5% year-on-year, with the decline expanding by 10.6 percentage points from the previous month [2] - Personal mortgage loans fell by 35.4% year-on-year, indicating a tightening in funding availability [2] Recommendations - The report suggests focusing on second-hand housing transaction leaders such as Beike, regional leaders like Binjiang Group, quality state-owned enterprises like Yuexiu Property, and private enterprises with valuation recovery potential like New Town Holdings [3] - It also recommends paying attention to industry leaders among central state-owned enterprises such as China Resources Land, China Overseas Development, and Greentown China [3]

Summary of China Property Industry Conference Call Industry Overview - **Industry**: China Property - **Date**: December 15, 2025 - **Key Findings**: The property market in China is experiencing significant challenges, with home sales and construction activity declining faster than anticipated. The outlook for 2026 remains bleak, with expectations of prolonged downtrends in the physical market. Key Points Home Sales and Market Sentiment - Home sales in November saw a year-on-year decline of **-25%** in value and **-17%** in volume, worsening from October's declines of **-24%** and **-19%** respectively, leading to an **11M25** decline of **-11.1%** in value and **-7.8%** in volume [2][3] - The National Bureau of Statistics (NBS) reported a further drop in home prices, with primary markets down **0.4%** month-on-month and secondary markets down **0.7%** in November [2] Construction Activity - Construction completions fell by **26%** year-on-year in November, slightly improving from a **28%** decline in October, with an **11M25** decline of **-18.0%** [3] - New construction starts decreased by **28%** year-on-year in November, compared to a **30%** decline in October, leading to an **11M25** decline of **-21%** [3] - Real estate investment (REI) saw a significant decline of **-30%** year-on-year in November, worsening from **-23%** in October, with an **11M25** decline of **-15.9%** [3] Market Outlook - The physical market is expected to take longer to stabilize, with predictions of a high single-digit percentage decline in primary sales volume and mid-teens percentage declines in new starts, completions, and REI in 2026 [4] - Inventory levels remain high, and the analysis suggests that home prices in tier-1 and major tier-2 cities may stabilize in the second half of 2027 if the macroeconomic environment remains stable [4] Investment Opportunities - The report suggests focusing on quality companies with credible self-help stories, such as **CR Land** and **Seazen A**, which are expected to generate positive alpha despite the negative industry beta in 2026 [5] - **C&D** and **COLI** are highlighted as consolidators in the residential market, with optimized land banks supporting margin and earnings recovery [5] Data Summary - **Total sales value** in November was **Rmb 611 billion**, down **25.1%** year-on-year [6] - **Residential sales value** was **Rmb 532 billion**, down **17.3%** year-on-year [6] - **Total RE investment** was **Rmb 503 billion**, down **30.3%** year-on-year [6] - **Total GFA started** was **44 million sqm**, down **27.6%** year-on-year [6] - **Total GFA completion** was **46 million sqm**, down **25.5%** year-on-year [6] Conclusion The China property market is facing significant headwinds, with declining sales, construction activity, and investment. The outlook for 2026 remains challenging, but there are potential investment opportunities in quality companies that can navigate the current environment effectively.

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

核心观点 政策 本周中央经济工作会议召开，关于房地产的表述有两部分。一部分在坚持内需主 导，建设强大国内市场中提到高质量发展城市更新。另一部分在坚持守牢底线， 积极稳妥化解重点领域风险中提到着力稳定房地产市场，因城施策控增量、去库 存、优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度 改革，有序推动"好房子"建设。加快构建房地产发展新模式。 房地产行业 | 证券研究报告 — 行业周报 2025 年 12 月 16 日 房地产行业第 50 周周报（2025 年 12 月 6 日-2025 年 12 月 12 日） 新房二手房成交同比降幅收窄；中央经济工作会议提出"因城 施策去库存" 新房成交面积同环比降幅均收窄；二手房成交面积环比由负转正，同比降幅收窄；新 房库存面积环比上升、同比下降；去化周期环比下降、同比上升。 投资建议 风险提示： 政策出台不及预期；销售与房价持续下行；市场信心修复不及预期。 相关研究报告 《地产后增量时代的机遇》（2025/08/10） 《单月销售与投资降幅扩大；开竣工降幅虽收窄， 但仍处于历史低位》（2025/07/17） 《70 城房价环比跌幅持续扩大；一线城市二手 ...

Core Viewpoint - The company has approved the estimated amount for daily related transactions for the years 2026-2027, which will not affect its independence or operations [2][3]. Group 1: Approval Process - The matter was approved by the company's fourth board of directors' thirteenth meeting, requiring no submission to the shareholders' meeting [2]. - The independent directors recognized the transaction as necessary for daily operations, adhering to fair and reasonable pricing principles [3][4]. Group 2: Estimated Amount for Daily Related Transactions - The board approved the estimated amount for daily related transactions for each year in 2026-2027 during the meeting on December 15, 2025 [4]. - Specific details regarding the estimated amounts were provided in the announcement [4]. Group 3: Related Party Information - Shanghai Mita Cultural Development Co., Ltd. is identified as a related party, with a registered capital of RMB 50 million and established on November 17, 2025 [5]. - The company has various business activities, including cultural exchanges, advertising, and retail sales [5]. Group 4: Main Content and Pricing Policy of Related Transactions - The main content of the related transactions includes leasing office buildings and shopping center spaces, as well as providing commercial management services [6]. - The company will determine transaction prices based on market-oriented principles and fair market prices [6]. Group 5: Purpose and Impact of Related Transactions - The transactions align with the company's business characteristics and are necessary for daily operations [7]. - The pricing is fair and reasonable, ensuring no harm to shareholders, particularly minority shareholders, and will not adversely affect the company's ongoing operations [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國新零售供應鏈集團有限公司 China Next-Gen Commerce and Supply Chain Limited （股份代號：3928） （於開曼群島註冊成立的有限公司） 有關上海米塔集收購事項之自願公告 有關租賃服務框架協議年度上限之持續關連交易 上海米塔集收購事項 董事會欣然宣佈，於二零二五年十二月十五日（聯交所交易時段後），賣方與 買方訂立米塔集股權轉讓協議，據此，賣方同意根據米塔集股權轉讓協議之 條款出售及買方同意購買股權，代價為人民幣1.5百萬元。股權的付款已於米 塔集股權轉讓協議完成同日作出，惟有待進行慣例備案及註冊。 上市規則之涵義 於本公告日期，王先生（本公司董事兼控股股東王女士之父親）間接擁有賣方 約50%股權，而賣方則擁有上海米塔集的100%股權。王女士為賣方及上海米 塔集的法定代表。因此，賣方及上海米塔集為王女士的聯繫人並為本公司的 關連人士，根據上市規則第十四A章，米塔 ...