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 - Gree Electric Appliances has established itself as a leader in the air conditioning industry, focusing on high-quality development and innovation to set new benchmarks in the real estate sector [1][26] - The company aims to continue its growth trajectory and enhance its collaboration with major real estate developers through strategic partnerships [1][26] Group 1: Partnerships with Major Real Estate Developers - China Overseas Land & Investment Limited (COLI) ranks in the top 3 of the real estate sector, with over 500 signed projects and a total cooperation amount exceeding 1.2 billion yuan since 2019 [3][29] - China Merchants Shekou Industrial Zone Holdings Co., Ltd. is ranked in the top 5, with strategic procurement agreements signed in 2024, covering major projects like Shenzhen New Era Plaza [5][31] - Huafa Group, ranked 9th, has collaborated with Gree since 2016, resulting in over 200 projects and a total cooperation amount exceeding 700 million yuan [6][33] - Yuexiu Property Company Limited, ranked 12th, has engaged in multi-unit air conditioning procurement since 2018, with over 50 signed projects and a cooperation amount exceeding 400 million yuan [11][36] - China Power Construction Real Estate Group is among the first 16 state-owned enterprises approved for real estate development, with over 20 projects supported by Gree since their partnership began in 2021 [14][40] - Wanda Group, established in 1988, has collaborated with Gree since 2015, resulting in over 400 contracts and a cooperation amount exceeding 1.6 billion yuan [16][42] - Fosun Health Technology Group, a subsidiary of Fosun Pharma, has partnered with Gree since 2025, focusing on healthcare projects like Shenzhen Hengsheng Hospital [18][44] - Chengdu Beite Construction and Installation Engineering Co., Ltd. has engaged in strategic procurement since 2022, covering key projects in the Chengdu area [20][47] - Hubei Lian Investment Group, a key state-owned enterprise, is currently collaborating on multiple real estate projects, including the Guangzhou Lian Investment Wenzhou Project [22][50] - Junjing Bay Group, a leading real estate company in the Pearl River Delta, is set to collaborate on key development projects over the next three years, focusing on residential and commercial properties [25][53] Group 2: Company Strategy and Vision - Gree emphasizes its commitment to craftsmanship and innovation, aiming to meet the evolving needs of the real estate market [1][26] - The company plans to leverage its strong R&D capabilities and professional service teams to foster growth in collaboration with real estate enterprises [1][26]

租赁物业：广州越秀实体向集团出租或将出租的越秀金融大厦若干空间及单位，包括办公室单位、直升 机停机坪、LED广告屏及停车场。 格隆汇12月29日丨越秀地产(00123.HK)宣布，于2025年12月29日，公司(作为承租人)与广州越秀(作为出 租人)订立租赁框架协议，据此，集团可能向广州越秀实体租赁租赁物业，惟受租赁框架协议条款及年 度上限规限。 ...

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，概不就因本公告全部 或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：00123） （在香港註冊成立的有限公司） 持續關連交易 租賃框架協議 租賃框架協議 董事會欣然宣佈，於二〇二五年十二月二十九日，本公司（ 作為承租人 ）與廣州 越秀（ 作為出租人 ）訂立租賃框架協議，據此，本集團可能向廣州越秀實體租賃 租賃物業，惟受租賃框架協議條款及年度上限規限。 上市規則涵義 租賃框架協議 董事會欣然宣佈，於二〇二五年十二月二十九日，本公司（ 作為承租人 ）與廣州越 秀（ 作為出租人 ）訂立租賃框架協議，據此，本集團可能向廣州越秀實體租賃租賃 物業，惟受租賃框架協議條款及年度上限規限。 本集團於日常業務過程中一直租賃位於越秀金融大廈的若干租賃物業。於二〇二 五年十月完成收購事項後，有關租賃物業的租賃安排構成本公司的關連交易。據 此，遵照上市規則項下的規定訂立租賃框架協議以規管及促進租賃交易的續訂。 租賃框 ...

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].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery, with new home sales in 34 key cities increasing by 17.3% week-on-week, and a notable policy shift in Beijing to relax purchase restrictions [4][31]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a revaluation of consumer-oriented commercial real estate assets [4][31]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 3.63 million square meters, up 17.3% week-on-week, with first and second-tier cities seeing a 19.9% increase, while third and fourth-tier cities experienced a 13.6% decline [5][7]. - Year-on-year, December sales in 34 cities dropped by 29%, with first and second-tier cities down 28.4% and third and fourth-tier cities down 35.7% [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 1.22 million square meters, a 2.4% increase week-on-week, but down 31.2% year-on-year [12][24]. Inventory and Market Dynamics - The inventory of unsold residential properties in 15 cities increased by 0.3% to 90.67 million square meters, with a month’s supply of 22.7 months, reflecting a slight increase [24][31]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development has emphasized city-specific policies to stabilize the real estate market, with measures to control supply and reduce inventory [31][34]. - Beijing has announced adjustments to purchase restrictions, including reduced social security or tax requirements for non-local families and optimized credit policies [31][34]. Company Developments - Poly Real Estate has received approval to issue 5 billion yuan in convertible bonds, while Vanke has extended the grace period for a 2 billion yuan medium-term note [39][40]. - China Jinmao successfully sold its 100% stake in the Ritz-Carlton Hotel in Sanya for 2.26 billion yuan [40].

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry. Core Insights - In November, the average price of new residential properties in 100 cities increased by 0.37% month-on-month and 2.68% year-on-year, reaching 17,036 CNY per square meter. In contrast, the average price of second-hand residential properties decreased by 0.94% month-on-month and 7.95% year-on-year, standing at 13,143 CNY per square meter [3][12]. - The rental market showed a decline, with the average rent in 50 cities falling by 0.60% month-on-month and 3.57% year-on-year, averaging 34.36 CNY per square meter per month [17][19]. Summary by Sections New Residential Prices - The average price of new residential properties in 100 cities was 17,036 CNY per square meter, with a month-on-month increase of 0.37% and a year-on-year increase of 2.68%. Among first-tier cities, prices rose by 0.75% month-on-month and 6.66% year-on-year [8][10]. - In November, 31 cities experienced a month-on-month price increase, while 64 cities saw a decrease. The cities with the highest month-on-month increases included Shanghai (1.39%), Chengdu (1.34%), and Hangzhou (1.27%) [9][11]. Second-hand Residential Prices - The average price of second-hand residential properties in 100 cities was 13,143 CNY per square meter, with a month-on-month decrease of 0.94% and a year-on-year decrease of 7.95%. First-tier cities saw a month-on-month decline of 1.15% and a year-on-year decline of 5.62% [12][14]. - All 100 cities reported a month-on-month decline in second-hand residential prices, with Nanjing experiencing the largest drop at 1.83% [13][15]. Rental Market - The average rent in 50 cities was 34.36 CNY per square meter per month, reflecting a month-on-month decline of 0.60% and a year-on-year decline of 3.57% [17][19]. - Only one city saw a month-on-month rent increase, while 49 cities experienced declines, with the largest drop in Xi'an at 1.32% [18][19].

港股一日游，集体小幅低开后全天震荡反弹，但始终被中轴压制，恒生科技低开低走跌幅居前，恒生内房地、恒生工商等紧随其后，恒生金融指 数和恒生内石油逆势收涨。 | 名称 | 现价 | 涨幅1 | 涨跌 | 开盤 | 昨收 | 最高 | 最低 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 恒生科技指数 | 3468.50 | -1.14% | -40.11 | 3451.18 | 3508.61 | 3474.96 | 3435.28 | 213.8亿 | | 恒指波幅指数 | 19.09 | -0.73% | -0.14 | 19.36 | 19.23 | 19.42 | 18.83 | 0 | | 恒生内地房地 | 1029.26 | -0.61% | -6.33 | 1030.93 | 1035.59 | 1031.90 | 1012.78 | 9.041亿 | | 恒生工商指数 | 9701.92 | -0.49% | -47.56 | 9664.10 | 9749.48 | 9716.73 | 9640.23 | 280. ...

当前，城市旧改正从房地产开发逻辑向产业运营逻辑转型。如何通过旧村改造构建可持续产业生态，带 动就业与经济发展，既是市场主体的思考重点，也是地方政府的探索方向。 多元化资本驱动城市"逆生长" 城市旧改是资金密集型工程，第一道难关就是资金问题。 地方政府披露的城中村更新改造实施方案显示，里仁洞村的城市更新改造成本为209.08亿元，而康鹭片 区更是高达304.65亿元，超出成本均由实施主体自行承担，政府不再追加融资面积。 今年，广州番禺里仁洞村1688套复建房的交付，让村民逐步实现从杂乱城中村到现代化社区的跨越；10 公里外的海珠康鹭片区，过往的散乱小作坊正逐步转向垂直化楼宇经济。这两座城中村的"逆生长"，背 后是广州旧改在资本模式、治理结构与产业逻辑上的全面革新。 以里仁洞村、康鹭片区为典型样本，广州旧改已跳出单一空间改造范畴，聚焦资本、产业、民生协同重 构，通过多元化资本破解资金难题，以四方共建理顺治理关系，靠产业运营激活内生动力，走出了一条 不搞"大拆大建"、兼顾民生与发展的城市更新之路。 广东省"三旧"改造协会监事长龚军伟律师表示，"资金来源方面，旧模式项目约90%的资金来自市场； 新模式则主要依靠政府资 ...