有利于公司拓宽融资渠道，有效盘活存量资产 公告显示，为进一步构筑公司不动产经营专业能力，优化资本结构，增强公司核心竞争力和可持续发展 能力，公司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")申报发行工作。 本次选取广州保利中心项目、佛山保利水城项目为标的资产发行商业不动产REITs。其中，广州保利中 心项目是广州市天河区珠江新城写字楼项目，由公司全资子公司广州市瑞咨企业管理有限公司持有；佛 山保利水城项目是佛山市金融CBD购物中心项目，由公司全资子公司佛山保城企业管理有限公司持 有。 保利发展表示，发行商业不动产REITs有利于公司拓宽融资渠道，有效盘活存量资产，并进一步推动资 产运营提质增效，增强可持续发展动能。 1月27日晚间，保利发展（600048）发布公告称，2026年第2次临时董事会会议审议通过了《关于开展商 业不动产REITs申报发行工作及相关授权事项的议案》。 ...

证券代码：600048 证券简称：保利发展 公告编号：2026-009 转债代码：110817 转债简称：保利定转 关于开展商业不动产 REITs 申报发行工作及 相关授权事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、商业不动产 REITs 基本情况 2026 年 1 月 27 日，保利发展控股集团股份有限公司（以下简称"公司"） 2026 年第 2 次临时董事会会议审议通过了《关于开展商业不动产 REITs 申报发 行工作及相关授权事项的议案》。 为响应《中国证监会关于推出商业不动产投资信托基金试点的公告》《关于 推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》等政策号 召，进一步构筑公司不动产经营专业能力，优化资本结构，增强公司核心竞争力 和可持续发展能力，公司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"）申报发行工作。 本次发行商业不动产 REITs 未构成关联交易，未构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 ...

证券代码：600048 证券简称：保利发展 公告编号：2026-008 转债代码：110817 转债简称：保利定转 2026 年第 2 次临时董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）2026 年第 2 次临时 董事会于 2026 年 1 月 27 日以通讯表决方式召开，会议召集人为公司董事长刘平 先生，会议应参加表决董事九名，实际参加表决董事九名。会议的召集和召开符 合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》的有关 规定，会议审议通过了以下议案： 一、 董事会以 9 票同意、0 票反对、0 票弃权通过《关于开展商业不动产 REITs 申报发行工作及相关授权事项的议案》。 保利发展控股集团股份有限公司 董事会 二〇二六年一月二十七日 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《保利 发展控股集团股份有限公司关于开展商业不动产 REITs 申报发行工作及相关授 权事项的公告》（公告编号 2026-009）。 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report highlights a continued adjustment in sales, with expectations for policy effectiveness and market stabilization [3] - The importance of the real estate industry has been reaffirmed due to a stronger supportive stance from policies, as indicated by multiple articles published in early 2026 [7] - The overall allocation of public funds to the A-share real estate sector has decreased to 0.43% as of Q4 2025, marking a decline of 0.19 percentage points from Q3 2025 [5][14] - The concentration of holdings in the top ten real estate stocks has increased to 80.0%, up by 7.9 percentage points from Q3 2025, indicating a focus on development-related stocks [6][20] Summary by Sections Public Fund Allocation - As of Q4 2025, public funds' allocation to the A-share real estate sector has dropped to 0.43%, with a standard allocation ratio of 1.10%, reflecting a decrease in market confidence [5][14] - The current holding ratio relative to the standard allocation is at 39%, the lowest since 2021 [5][14] Individual Stock Focus - The top ten real estate stocks held by public funds include Beike-W, China Resources Land, and China Overseas Development, with a focus on development-related stocks [6][20] - The concentration of these top holdings indicates a strategic shift towards fewer, more stable investments within the sector [6][20] Investment Recommendations - The report suggests investing in companies with strong credit ratings and good urban fundamentals, such as Greentown China and China Overseas Development [22] - It also recommends companies benefiting from both residential and commercial real estate recovery, like China Resources Land and Longfor Group [22] - Additionally, it highlights quality property management firms under the "Good House, Good Service" policy, such as China Resources Mixc Life and Greentown Service [22]

27 January 2026 | 6:56AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 4 Wrap - Transactions improved across markets but leading indicators showed slowing signs Key highlights for the week: Central level: the MNR and MOHURD jointly released new measures to further support urban renewal with enhanced execution flexibility. Key points include: 1) more flexible land transition policies, whereby the original 5-year fixed transition period, during which land use and planning conditions could not be altered ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The adjustment in the real estate market is likely nearing its end, with current price adjustments being relatively sufficient compared to historical averages [6] 2) There are structural opportunities for "good housing" as the market enters a phase of differentiation, with a focus on high-quality residential developments [6] 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [6] Market Performance - The Shanghai Composite Index rose by 0.8%, and the Shenzhen Component Index increased by 1.1% during the week, while the real estate sector (Shenwan) saw a rise of 5.2% [6][9] - In terms of individual stocks, the top five gainers included *ST Rongkong (+15.8%) and Shunfa Hengneng (+15.7%), while the bottom five included Chengjian Development (-6.0%) and Zhongzhou Holdings (-2.8%) [6][9] Data Tracking New Housing Transactions - For the week of January 17-23, new housing transactions in 42 key cities totaled 137 million square meters, a decrease of 6.0% from the previous week and a year-on-year decline of 41.0% [14] - Cumulatively, from January 1-23, new housing transactions reached 437 million square meters, reflecting a 37.4% decrease month-on-month and a 41.4% decrease year-on-year [18] Second-Hand Housing Transactions - During the same week, second-hand housing transactions in 21 key cities amounted to 224 million square meters, an increase of 3.6% from the previous week and a year-on-year increase of 11.9% [32] - For January 1-23, second-hand housing transactions totaled 654 million square meters, showing a 0.9% decrease month-on-month and a 10.9% decrease year-on-year [38] Industry News - The report notes that the Ministry of Housing and Urban-Rural Development is focusing on stabilizing the real estate market and supporting reasonable financing needs of real estate companies [50] - The National Bureau of Statistics reported a 17.2% year-on-year decline in real estate development investment for 2025, with new housing starts down 20.4% and completed projects down 18.1% [50] - The report also mentions that the minimum down payment ratio for commercial housing loans in Shenzhen and 20 cities in Guangdong is set at no less than 30% [50] Company Announcements - Poly Developments reported a revenue of 308.3 billion yuan for 2025, a year-on-year decrease of 1.1%, with a net profit of 1.03 billion yuan, down 79.5% [53] - China Resources Land plans to issue a bond of 2 billion yuan with a term of 3 years at an interest rate of 1.99% [53]

盈利预测与投资建议。整体来看，25 年公司业绩符合预期，四季度净利率同环比回升。投资端补货力 度上升2 成，资产质量不断优化。预计26-27 年归母净利润33、67 亿元。合理价值方面，按保利25Q3 归母净资产（扣永续债）0.6xPB 估计，对应合理价值9.67 元/股，维持公司"买入"评级。 风险提示。购房者信心不足，景气度或持续维持低位，公司销售表现不及预期；房价下行存在减值压 力；促销手段影响利润率。 销售均价提升，投资端积极进取。根据公司经营公告，销售层面，25年公司销售金额2530 亿元，同 比-22%，销售均价2.05 万元/平，同比+13.9%。拿地层面，25 年公司全口径拿地金额791 亿元，同比 +16%，拿地权益比88%维持不变。拿地金额/销售金额为31%，同比回升10pct，全口径拿地货值1537 亿 元，权益拿地货值1355 亿元，权益补货力度为68%，较24 年提升20pct。25 年公司共在25 个城市获取 52个项目，一线城市资源占比从24 年的74%降至25 年的48%，二线占比从24 年21%提升至43%，三四 线占比从24 年的4%提升至10%。 业绩符合预期。公司发布业 ...

1. 公开市场操作 （IMM） 右。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 央行 公告称， 1 月 26 日以固定利率、数量招标方式开展了 1505 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1505 亿元，中标量 1505 亿元。 Wind 数据显示，当日 1583 亿元 逆回购到期 ，据此计算，单日净回笼 78 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期基本结束，但银行间市场资金面紧平衡态势未见明显缓和， D R001 加权平均利率上行约 2bp 至 1.41% 附近。匿名点击（ X-repo ）系统上，隔夜报 价升至 1.48%-1.50% ，供给寥寥。非银机构以质押存单及信用债借入隔夜，最新报价在 1.53%-1.55% ，较上日变化不大，可跨月的七天期报价在 1.6% 左 海外方面，最新美国隔夜融资担保利率为 3.64% 。 全国和主要股份制银行一年期同业存单最新成交在 1.60% 附近，较上日上行 1bp 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1 ...

文/青岛日报李鹏飞 2021-2025年，中国房地产行业迎来深度调整的"阵痛期"，青岛楼市在这一轮周期中，完成了一场从"外来房企主导"到"本土房企领跑"的颠覆性变革。 数据显示，数年间，青岛头部房企阵营彻底洗牌，本土三强海信、君一、青特凭借精准的核心板块布局与稳健的经营策略实现逆势飙升，而外来房企则分化 加剧，仅有中海、金茂、保利等少数企业风采依旧，龙湖、绿城、越秀等老牌房企则面临在青业绩与拿地双收缩的压力。 这场变革的背后，是楼市从"规模竞赛"转向"价值深耕"的必然趋势，也为房企未来发展划定了清晰的生存法则。 本土开发商强势逆袭 改写市场话语权 四五年前，青岛楼市的主角还是保利、华润、龙湖等外来头部房企，本土房企虽有一席之地，但始终难以撼动外来房企的主导地位。谁也未曾想到，短短几 年间，本土房企竟以"黑马"姿态完成弯道超车，彻底改写市场格局。 作为本土房企的"领头羊"，海信地产的表现堪称惊艳。青岛锐理数据统计，2021年，海信以80亿元销售额位居头部房企前列，到2023年，其销售额突破百亿 大关，2025年更是飙升至139.81亿元，登顶青岛房企销售额榜首。这一成绩的背后，是海信对核心板块的极致深耕——张村 ...