本次申报发行商业不动产REITs的标的资产选定了粤港澳大湾区的两大核心城市项目，分别是广州保利 中心项目和佛山保利水城项目。 另一项标的资产则是佛山保利水城项目，该项目位于佛山市金融CBD，是一座成熟的购物中心项目 。 该资产目前由保利发展全资子公司佛山保城企业管理有限公司持有。 从现实经验来看，这类资产符合市场的偏好。证监会相关负责人表示，"从全球成熟市场发展经验来 看，商业综合体、商业零售、写字楼、酒店等商业不动产是REITs产品重要的底层资产。我国商业不动 产存量规模庞大，具有通过REITs进行盘活并拓宽权益融资渠道的内在需求。" 对于此次发行计划，保利发展也有着清晰的战略考量。 保利发展（600048）终于搭上REITs申请的班车。 1月27日晚间，保利发展发布公告，拟以持有的商业不动产项目作为底层资产，开展商业不动产投资信 托基金（以下简称"商业不动产REITs"）的申报发行工作。 保利发展在公告中表示，这标志着保利发展正式启动将旗下商业不动产资产通过发行不动产投资信托基 金（REITs）进行证券化的进程，旨在盘活存量资产、拓宽融资渠道。董事会同时授权管理层办理与本 次REITs申报发行相关的具体事 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000609 | ST中迪 | 7.54 | -5.04% | 16.65万 | 1.29亿 | | 600340 | 化夏幸福 | 1.63 | -4.68% | 184.47万 | 3.05亿 | | 000608 | *ST阳光 | 3.23 | -4.15% | 25.04万 | 8322.59万 | | 600246 | 万通发展 | 13.05 | -3.48% | 75.98万 | 10.04亿 | | 600638 | 新黄浦 | 7.24 | -3.34% | 15.56万 | 1.14亿 | | 000036 | 保联控股 | 6.05 | -3.04% | 77.73万 | 4.72亿 | | 600736 | 苏州高新 | 7.32 | -2.79% | 75.97万 | 5.67亿 | | 002305 | *ST南置 | 2.24 | -2.61% | 27.90万 | 6305.90万 | | 600376 | 首开股 ...

记者丨 吴抒颖 编辑丨张伟贤 1月28日，香港恒生指数收涨2.58%，恒生科技指数涨2.53%，地产股午后持续走高，多股尾盘爆发。 截至收盘，A股房企中盈新发展涨超10%，万科报收4.86元/股，上涨2.32%；保利发展报6.8元/股，上涨3.03%；招商蛇口收于10.07元/ 股，上涨2.44%。港股市场方面，GBA集团飙升超22%，星星集团涨近17%，合景泰富涨近14%，中国金茂涨近12%，绿城中国涨 9%，华润置地、融创中国、万科企业、中国海外发展、碧桂园涨幅超3%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000620 | 盈新发展 | 3.72 c | 0.34 | 10.06% | | 000573 | 粤宏远 A | 4.85 c | 0.44 | 9.98% | | 000031 | 大悦城 | 3.39 c | 0.19 | 5.94% | | 000042 | 中洲控股 | 8.44 c | 0.40 | 4.98% | | 600791 | 京能置业 | 6.51 c | 0.27 | 4.33% | | ...

Market Overview - In the week of January 19-25, 2026, Kunming's real estate market saw both transaction volume and prices increase, with significant sales from projects like Bangtai Guanyun and Poly Tianjun Phase II [1] - According to CRIC, approximately 92,500 square meters were supplied to the market, a 103% increase week-on-week, while transactions reached about 50,300 square meters, up 20% [1] - The average transaction price was approximately 12,201 yuan per square meter, reflecting a 3% increase [1] Project Highlights - The JianTou XuanYing School project received its first pre-sale permit, offering about 3,500 square meters and 24 units, with sizes ranging from 143 to 168 square meters [1] - This project is notable for its low density, with a plot ratio of only 1.6, making it a rare offering in Kunming's second ring [1][3] - The project will consist of five buildings with a total of 166 units, featuring high-quality design elements such as 270° panoramic balconies and a high usable area ratio of up to 141% [3] Sales Performance - Bangtai Guanyun and Poly Tianjun Phase II dominated the sales rankings, with sales of approximately 67 million yuan and 37 million yuan respectively, achieving average prices of 19,981 yuan and 17,605 yuan per square meter [4] - The high-end villa project, Dianchi ONE, recorded a sales amount of about 26 million yuan, with the highest average price of 28,595 yuan per square meter [4] - Other projects like Yinghu Banshan and Dihua Jinxiu Lucheng also performed well, securing top sales positions in terms of units sold [4] New Developments - Longhu Tianjing launched 81 new residential units, achieving a sales rate of 16% with an average price of 14,800 yuan per square meter [5] - Vanke's partnership with Kunming Bangsheng Plaza will introduce 474 new LOFT units, expected to start leasing in May 2026 [5] - The Kunming Public Resources Trading Platform announced three bidding notices for the KCXS2022-1 land parcel, with a total bidding amount of approximately 1.4 million yuan, 2.9 million yuan, and 103 million yuan [5] Land Acquisition - In December 2025, a subsidiary of Yunnan Construction Investment acquired a land parcel for 1.429 billion yuan, marking it as the "total price king" of Kunming for the year [6] - The land has a floor price of approximately 7,297 yuan per square meter and is set for development alongside a neighboring parcel acquired at a 10% premium [6][8] - The rapid progress of the project, including the launch of bidding activities, indicates that it is entering a substantive development phase, with expectations for market entry in the first half of this year [8]

第一，参与房企非常有看头，足足有39家。 临近年底，空气中弥漫着浓浓的"年后再说"的味道。 但白云不一样！它是马上就做，而且是猛猛干！ 就在刚刚，白云土发中心召开土地年度推介会，房产君也有幸受邀参加，不得不说，这次的推介会规格很高。 以前是小会议室，今年到了设计之都设计殿堂的大型会议厅，这应该是这几年我参加的土地推介会，规模最大的。 这次推介会，看点十足： 不仅有保利、越秀、中海、城投、华润、国贸等国央企，也有绿城、贝好家、龙湖等民企熟面孔。 还有好几家很久没在广州土拍市场露面的房企，像是和记黄埔、时代等，还有东亚新华、远东宏信等新面孔。 | | | | | | 白云区2026年土地推介会一 | 一中建中轴"三生"融合主题分享用企否则表 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 参会代表1 | | 色合代表2(姓名、电话) | | | 参会代表3(姓名。雕语) | | | 序号 | ग्रहरू | | 姓名 | | 电话 | 姓名 | 电话 | 姓名 | | 电话 | | l ...

Market Overview - The central bank conducted a reverse repurchase operation of 402 billion yuan for 7-day terms at a fixed rate of 1.40%, resulting in a net injection of 78 billion yuan after accounting for 324 billion yuan maturing that day [1][3] - The interbank market saw an improvement in liquidity, with the weighted average rate of DR001 declining by approximately 5 basis points to around 1.36% [3] - The latest overnight financing rate in the U.S. stands at 3.65% [3] Financial Indicators - The one-year interbank certificates of deposit (CD) for major banks are trading at around 1.60%, unchanged from the previous day [5] - The yields on major interbank bonds showed stability, with the 30-year futures contract down by 0.33% while the 10-year, 5-year, and 2-year contracts remained flat [9] Economic Data - The National Bureau of Statistics reported that profits of industrial enterprises above designated size reached 73,982 billion yuan in 2025, a year-on-year increase of 0.6%, with manufacturing profits growing by 5% [10] - The real estate loan balance in RMB was 51.95 trillion yuan at the end of Q4 2025, a year-on-year decrease of 1.6% [11] Policy Developments - The Ministry of Finance plans to issue 45 billion yuan of 182-day discount treasury bonds through competitive bidding [11] - The Hubei Provincial Government is focusing on integrating financial resources to support innovation and technology enterprises in accessing capital markets [10] Global Economic Context - The Federal Reserve is expected to maintain the current benchmark interest rate, with no new economic or policy forecasts anticipated during the upcoming meeting [12] - South Korea is closely monitoring the U.S. decision to potentially raise tariffs on Korean products, which could impact trade relations [12] Bond Market Events - The city of Foshan is supporting qualified enterprises in issuing technology innovation bonds to enhance industry chain integration [13] - Six domestic debt restructuring plans for Baolong Real Estate have been approved, with a hearing for overseas debt restructuring scheduled for March [14]

Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., has approved the proposal to initiate the application and issuance of commercial real estate REITs to enhance its capital structure and core competitiveness in response to regulatory policies [2][11]. Group 1: Basic Information on Commercial Real Estate REITs - The company plans to use its commercial real estate projects as underlying assets for the issuance of commercial real estate REITs, aligning with the regulatory push for the development of the REITs market [2]. - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. Group 2: REITs Issuance Process - The company will act as the original rights holder and submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission for the establishment of the commercial real estate REITs [3]. - The company intends to participate in the strategic placement of at least 20% of the REITs issuance [4]. - An asset-backed special plan will be established to issue commercial real estate asset-backed securities, with the REITs fully subscribing to these securities [6]. Group 3: Management and Operational Arrangements - The company will oversee the operational management of the REITs, with specific subsidiaries designated for implementation [8]. - The company will transfer 100% equity of the project companies holding the underlying assets to the special plan [7]. Group 4: Authorization Matters - The board of directors has authorized key executives to handle all matters related to the REITs application and issuance, including signing legal documents and making necessary adjustments based on market conditions [10]. Group 5: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to optimize resource allocation and enhance sustainable development capabilities [11].

Group 1: Industry Overview - The Guangdong-Hong Kong-Macao Greater Bay Area is experiencing a profound demographic transformation, with the elderly population in Guangdong exceeding 18 million and over 23% of Hong Kong's population aged 65 and above, leading to a growing demand for high-quality elder care services [1][2] - The region is leveraging its international medical resources, policy advantages, and economic strength to turn the challenges of aging into strategic opportunities for developing the "silver economy" [1][2] Group 2: Policy and Integration - The release of the policy document "Opinions on Deepening the Reform and Development of Elderly Care Services" emphasizes the establishment of a supply mechanism for elderly care services and promotes integration across major regions, including the Greater Bay Area [2] - The integration of services in the Greater Bay Area is characterized by differentiated development among cities, with Guangzhou focusing on high-end medical care, Shenzhen on technology-driven elder care, and other cities developing unique cultural and tourism-based elder care models [2][3] Group 3: Innovative Practices - The "9073" model proposed by the National Health Commission indicates that about 90% of elderly individuals prefer home care, prompting diverse social entities, including insurance companies and real estate firms, to explore new elder care models [5][6] - Companies like Qianhai Life Insurance are investing in elder care facilities, such as the Qianhai Life Shenzhen Happiness Home, which integrates insurance with elder care services [6][7] Group 4: Market Dynamics - The market for elder care in the Greater Bay Area is evolving, with various stakeholders, including real estate and insurance companies, recognizing the long-term potential and actively developing products and business models [7][8] - The integration of medical services within elder care facilities is becoming more common, with local institutions embedding medical functions or establishing partnerships with hospitals to streamline care [3][4] Group 5: Challenges and Solutions - Despite clear demand, the elder care industry in the Greater Bay Area faces challenges such as land supply constraints, long operational cycles, and an uneven payment system, which hinder high-quality development [8][9] - Innovative approaches are being explored, such as market-oriented operations in facilities like the Shenzhen Elderly Care Institute, which aims to meet diverse community needs while alleviating operational pressures [10]

Core Viewpoint - Poly Developments plans to initiate the issuance of commercial real estate REITs to optimize its capital structure and enhance its core competitiveness and sustainable development capabilities [1][10]. Group 1: REITs Basic Information - The company held a board meeting on January 27, 2026, where it approved the proposal to start the application and issuance of commercial real estate REITs [1]. - The initiative aligns with regulatory calls from the China Securities Regulatory Commission to promote the high-quality development of the REITs market [1]. Group 2: REITs Scheme - The selected assets for the REITs include the Guangzhou Poly Center project and the Foshan Poly Water City project, both held by the company's wholly-owned subsidiaries [3]. - The company will act as the original rights holder and will submit applications to the Shanghai Stock Exchange and the China Securities Regulatory Commission [3]. - The company plans to participate in a strategic allocation of at least 20% of the REITs issuance [4]. Group 3: Authorization Matters - The board has authorized the chairman, general manager, CFO, and board secretary to handle all matters related to the REITs application and issuance [9]. - This authorization is valid for 24 months from the date of board approval [9]. Group 4: Impact of REITs Issuance - The issuance of commercial real estate REITs is seen as a significant step for the company to leverage innovative financing tools, optimize resource allocation, and support a new model of real estate development [10].

在深圳南山的深圳市养老护理院，一批科技感满满的智能设备正在工作：艾灸机器人不知疲倦地帮助老 人做康复项目，下棋机器人正在与长者对弈，这些智能设备成为最佳"养老搭子"；在远洋椿萱茂(广州 兴业)老年公寓内，罗阿姨悠然地散步，与记者分享经过这一年的调养和治疗，身体转好的欣喜。这些 画面，正是粤港澳大湾区养老产业蓬勃发展的生动注脚。 作为我国开放程度最高、经济活力最强的区域之一，粤港澳大湾区正经历深刻的人口结构转型。据最新 数据，广东省户籍老年人口已突破1800万，香港65岁以上人口占比超过23%，澳门老龄化率亦超过 14%。"银发浪潮"催生了多层次、高品质的康养服务需求。与此同时，大湾区依托其国际化医疗资源、 互联互通的政策优势、雄厚的经济实力、活跃的创新基因，正将应对老龄化的挑战，转化为发展"银发 经济"的战略机遇。 大湾区养老服务有何特色？面对差异化养老需求，相关参与主体有哪些创新实践？当前，还有什么共性 挑战亟待破解？带着这些问题，《证券日报》记者深入走访大湾区多家养老机构，与行业专家、企业代 表及接受服务的老人展开深度对话，记录这片热土上养老产业创新融合的新图景。 "融合"特色鲜明 老有所养是家事，也是国 ...