中经记者 陈婷 赵毅 深圳报道 T207-0068地块现状 图源：深圳公共资源交易中心 《中国经营报》记者获悉，12月8日，深圳市成功出让2宗住宅用地。其中，T207-0068地块以31.86亿元 成交，溢价率高达约43%，由中海地产旗下深圳市中海启明房地产开发有限公司竞得；A627-0268宗地 由深圳市恒龙盛祥投资发展有限公司（隶属于龙湖集团）以底价7.66亿元成交。 T207-0068地块备受瞩目。公告显示，该地块位于深圳市南山区深圳湾超级总部基地白石二道与深湾二 路的东南角，即业内惯称的"深超总"区域。开拍前，该地块已获得6家竞买人报价，最终经过95轮限时 竞价由中海收入囊中，综合楼面单价77360.14元/平方米。中指研究院提供的数据显示，该价格刷新了 深圳涉宅用地成交楼面价TOP3纪录。 记者注意到，T207-0068地块不远处即是中海旗下深湾玖序项目，该项目地块于2023年6月由中海以最高 限价125.32亿元及自持租赁面积5.85万平方米的条件摘下，成交楼面价60349元/平方米。就在竞得T207- 0068地块后，中海地产发布官宣海报，其中显示"玖序秉脉著新章，深湾自此仰双峰"。有业内人士分 ...

Core Viewpoint - The demand for housing is shifting from mere availability to quality, with "good houses" becoming a clear market signal and strong consumer preference [1][22]. Group 1: "Good House" Demonstration Projects - Several projects in the Liangjiang New Area, including Jinmao Puyin Jinkai and Longfor Yuhujing, have been selected as the first batch of "good house" demonstration projects in Chongqing [1][3]. - The "good house" projects are characterized by outstanding location value, innovative design, and a focus on human-centered details, reflecting the public's aspiration for a better life [3][26]. - Jinmao Puyin Jinkai achieved sales of 360 million yuan with a 90% sales rate, setting a new record for unit price in Chongqing at approximately 29,100 yuan per square meter [5][28]. Group 2: Market Trends and Consumer Preferences - Consumers are increasingly rational, prioritizing quality, service, and attention to detail in housing projects [19][42]. - The market is showing a preference for "good houses" that offer safety, comfort, and smart features, aligning with the public's expectations for quality living [5][21]. - The design and construction of "good houses" are guided by the newly introduced "Good House Technical Guidelines," which aim to enhance housing quality across the entire lifecycle [15][40]. Group 3: Policy Support and Industry Development - Chongqing has introduced ten measures to support the accelerated development of "good houses," including optimizing project design management and promoting green building materials [23][46]. - The city plans to establish at least one "good house" project in each district by 2025, aiming to transition from demonstration projects to widespread adoption [46][47]. - The successful implementation of these policies is expected to contribute to the stable and healthy development of the real estate market in Chongqing [21][45].

证券研究报告 | 2025年12月08日 数据背后的地产行业图景 优于大市 关注非热门城市的新房供需新格局 楼市持续筑底，高基数下同比承压。今年下半年以来，销售量价明显回落， 叠加上年高基数影响，四季度地产销售同比压力明显增大。2025 年 1-10 月， 全国商品房销售额同比-9.6%，销售面积同比-6.8%。10 月单月，商品房销售 额同比-24%，降幅较 9 月扩大了 13pct；商品房销售面积同比-19%，降幅较 9 月扩大了 8pct。从样本城市高频数据看，11 月单月，30 城新建商品房成 交面积同比-33%，降幅较 10 月扩大了 9pct；18 城二手住宅成交套数同比 -26%，降幅较 10 月扩大了 2pct。库存压力居高难下，开发投资加速下跌， 土拍热度冲高回落。百强销售较弱但拿地修复，头部国央企继续发力。 非热门城市人口流出，但本地居民改善置业需求仍在。2024 年末，全国一线、 二线、三四线城市的常住人口占比分别为 6%、21%、73%，较 2010 年末分别 变动+1、+4、-5pct。一二线楼市仍有新流入人口补充刚需购买力，三四线 楼市则以本地居民的改善置业需求为主，刚需客群流失对 ...

今日重点推荐 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3903 | 0.7 | -1.67 | 0.37 | | 深证综指 | 2469 | 1.24 | -1.16 | 0.61 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.81 | -0.84 | 18.64 | | 中盘指数 | 1.21 | -1.63 | 24.97 | | 小盘指数 | 1.23 | -1.45 | 20.17 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 保险Ⅱ | 5.78 | 5.97 | 13.66 | | 金属新材料 | 4.8 | -2.31 | 32.97 | | 航天装备Ⅱ | 3.62 | 13.13 | 43.78 | | 工业金属 | 3.42 | 9.72 | 71. ...

Group 1: Sales Performance - In November 2025, 30 key listed real estate companies achieved a total sales amount of 162.36 billion yuan, with a cumulative performance of 1,981.13 billion yuan from January to November 2025 [1] - Among the 30 companies, seven reported month-on-month sales growth in November, with China Resources Land showing the highest growth rate [1] - Cumulatively, China Jinmao and Greenland Holdings recorded sales growth from January to November 2025 [1] Group 2: Investment Trends - Real estate companies are adopting a cautious investment approach, focusing on existing project development and sales rather than acquiring new land [5] - In November, the total investment amount for the monitored 30 companies was approximately 23.4 billion yuan, with a land acquisition area of 1.31 million square meters [5] - 13 companies reported new land reserves, with major acquisitions by state-owned enterprises like China Overseas Land and Investment and Greenland China [5] Group 3: Financing Activities - In November 2025, the total financing amount for 65 typical real estate companies reached 43.279 billion yuan, a month-on-month increase of 24% [8] - The cumulative financing amount from January to November 2025 was 390.236 billion yuan, with domestic debt financing accounting for 26.126 billion yuan and foreign debt financing increasing significantly [8] - The average financing cost for new bond financing was 2.87%, showing a decrease compared to 2024 [8][10] Group 4: Organizational Adjustments - Many real estate companies are undergoing organizational restructuring to enhance efficiency, with Dragon Lake Group merging regional operations to form a new business structure [12] - New City Holdings is splitting its light asset business into two companies to capture the construction market, while also restructuring its real estate development division [13] - CIFI Group has implemented a significant organizational overhaul, consolidating multiple divisions into three major regional business units to focus on core markets [14]

Core Insights - Shanghai's real estate market experienced a surge in new project launches during the last week of November, with 14 projects totaling 188,800 square meters entering the market, representing a 345.08% increase month-over-month [1] - High-end residential properties priced above 100,000 yuan per square meter are gaining traction, with notable projects like Jinmao Puyuan achieving a subscription rate of 104% for its high-priced units [1][2] - The market is witnessing a trend of "daylight" sales, where several projects sold out quickly, indicating strong demand despite overall market fluctuations [2][4] Project Launches - A total of 14 projects were launched, with four high-end residential projects priced above 100,000 yuan per square meter [1] - Jinmao Puyuan, located in the inner ring of Shanghai, launched 57 units at an average price of 168,100 yuan per square meter, with a total price starting at 28 million yuan [1] - Other notable projects include the high-demand招商·林屿湖畔 and 澐启滨江, both of which sold out quickly upon launch [2][3] Market Trends - The overall transaction volume for new residential properties in Shanghai decreased slightly, with a total area of 80,600 square meters sold, down 5.24% week-over-week [4] - The market is characterized by a competitive environment, with developers expected to accelerate their sales efforts and marketing activities as the year-end approaches [6] - The upcoming supply of new properties includes six new listings totaling 513 units, with two high-end projects priced above 100,000 yuan per square meter [4][6]

Core Viewpoint - China Jinmao has mortgaged part of the Jin Mao Tower to secure a loan of up to 9.9 billion yuan, primarily for debt replacement rather than new financing [1][11]. Group 1: Loan Details - The loan agreement was signed with a syndicate led by China Construction Bank and includes seven state-owned banks [1]. - The mortgaged assets include floors 31-50, the 88th floor, and the underground parking lot, with the assessed value of these assets at 4.76 billion yuan [1][10]. - The actual loan amount is 2.08 times the assessed value, indicating strong premium capabilities of core assets in Shanghai [10]. Group 2: Purpose of the Loan - The funds from the loan will be used to replace three green asset-backed securities issued in 2023 and 2024, totaling 10 billion yuan [4][13]. - The three green bonds issued are "Jinmao Xinyue 2023-1" (3 billion yuan), "Jinmao Green 2023-1" (3.501 billion yuan), and "Jinmao Green 2024-3" (3.499 billion yuan) [4][12]. Group 3: Financial Implications - The debt replacement is expected to lower interest expenses, as the green bonds have a coupon rate between 3.2% and 3.6%, while the mortgage financing rate is likely below 3% [6][15]. - If the average financing cost for Jinmao is 2.7% in the first half of 2025, the company could save tens of millions in interest from this debt replacement [15]. - This strategy reflects a shift from market borrowing to bank borrowing, maximizing the financial attributes of the Jin Mao Tower [15]. Group 4: Historical Context and Market Conditions - This is not the first instance of such a strategy; earlier in March, Jinmao used the Beijing Kaicheng World Trade Center as collateral to secure 8.69 billion yuan for debt repayment [6][15]. - The current market environment, characterized by declining interest rates, makes such operations a normal practice for companies with valuable assets [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - On November 28, the liquidity was ample, the bond market recovered, and the main indices of the convertible bond market rose collectively, with most convertible bond issues rising. The yields of US Treasuries across all tenors generally increased, while the yields of 10-year government bonds in major European economies showed divergent trends [1]. 3. Summary by Directory I. Bond Market News - **Domestic News** - In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non-manufacturing business activity index was 49.5%, down 0.6 percentage points from the previous month. The PMI of medium-sized enterprises was 48.9%, up 0.2 percentage points from the previous month, and the PMI of small enterprises was 49.1%, up 2.0 percentage points from the previous month, reaching a six-month high [3]. - The central bank will continue to adhere to the prohibitive policy on virtual currency and continuously combat illegal financial activities related to virtual currency [3]. - The CSRC solicited public comments on the "Measures for the Implementation of Regulatory Measures in the Securities and Futures Markets (Draft for Comment)", clarifying the procedural regulations for regulatory measures and improving the standardization of supervision and the level of governing the market by law [4]. - The CSRC solicited public comments on the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds (Draft for Comment)", including product definition, fund registration and operation management requirements, and strengthening regulatory responsibilities [5]. - **International News** - Tokyo's core inflation data in November exceeded market expectations, pushing the Bank of Japan closer to a second interest rate hike. The 11-month Tokyo core CPI rose 2.8% year-on-year, slightly higher than the market expectation of 2.7%. Japan's industrial output in October increased by 1.4% month-on-month, exceeding market expectations [6]. - **Commodities** - On November 28, WTI January crude oil futures fell 0.17% to $58.55 per barrel, Brent February crude oil futures fell 0.8% to $62.38 per barrel, COMEX December gold futures rose 1.27% to $4,218.3 per ounce, and NYMEX natural gas prices rose 4.92% to $4.863 per ounce [7]. II. Liquidity - **Open Market Operations** - On November 28, the central bank conducted 301.3 billion yuan of 7-day reverse repurchase operations at a fixed interest rate, with an operating rate of 1.40%. There were 375 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 73.7 billion yuan [9]. - **Funding Rates** - On November 28, the liquidity was ample. DR001 decreased by 0.81bp to 1.303%, and DR007 increased by 2.04bp to 1.467% [10]. III. Bond Market Dynamics - **Interest Rate Bonds** - **Spot Bond Yield Trends** - On November 28, the bond market recovered. As of 20:00 Beijing time, the yield of the 10-year Treasury active bond 250016 decreased by 1.50bp to 1.8290%, and the yield of the 10-year CDB active bond 250215 decreased by 1.85bp to 1.8990% [13]. - **Bond Tendering** - The 3-year "25进出清发007 (Additional Issue 16)" was issued with a scale of 1.5 billion yuan, a winning yield of 1.6505%, a full - subscription multiple of 7.59, and a marginal multiple of 1.58 [15]. - **Credit Bonds** - **Secondary Market Transaction Anomalies** - On November 28, the transaction prices of 9 industrial bonds deviated by more than 10%. "22万科MTN004" fell by more than 72%, "23万科01" fell by more than 71%, and "21万科04" fell by more than 67%; "22万科06" rose by more than 58%, "22万科04" rose by more than 74%, and several other bonds also had significant price increases [15]. - **Credit Bond Events** - Vanke mortgaged 15.3211 million shares of Vanke Property Service to Shenzhen Metro [16]. - China Jinmao obtained a medium - and long - term loan quota of 9.9 billion yuan, secured by the property rights of Century Avenue 88 - story building and its corresponding land use rights [16]. - Far East Development's revenue in the six months ended September 30 was approximately HK$3.756 billion, a year - on - year decrease of 27.38%, and the attributable loss to shareholders was HK$988 million, a year - on - year increase of 28.38% [16]. - **Convertible Bonds** - **Equity and Convertible Bond Indices** - On November 28, the three major A - share indices closed higher. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.34%, 0.85%, and 0.70% respectively, with a total turnover of 1.6 trillion yuan. The main indices of the convertible bond market rose collectively, with a turnover of 65.18 billion yuan, an increase of 10.235 billion yuan from the previous trading day [17][19]. - **Convertible Bond Tracking** - On November 28, Lanfan Convertible Bond announced that the board of directors proposed to lower the conversion price; Changhong Convertible Bond and Lepu Convertible Bond 2 announced that they were about to trigger the conditions for lowering the conversion price. Zhongqi Convertible Bond announced an early redemption; Huamao Convertible Bond and Xinhua Convertible Bond announced that they were expected to trigger early redemption conditions [22]. - **Overseas Bond Markets** - **US Bond Market** - On November 28, the yields of US Treasuries across all tenors generally increased. The yield of the 2 - year US Treasury rose by 2bp to 3.47%, and the yield of the 10 - year US Treasury rose by 2bp to 4.02%. The 2/10 - year US Treasury yield spread remained unchanged at 55bp, and the 5/30 - year US Treasury yield spread remained unchanged at 108bp. The 10 - year US Treasury Inflation - Protected Securities (TIPS) breakeven inflation rate remained unchanged at 2.23% [21][23][24]. - **European Bond Market** - On November 28, the yields of 10 - year government bonds in major European economies showed divergent trends. The yield of the 10 - year German government bond rose by 1bp to 2.69%, while the yields of 10 - year government bonds in France, Italy, and Spain remained unchanged, and the yield of the 10 - year UK government bond fell by 1bp [25]. - **Daily Price Changes of Chinese - Issued US Dollar Bonds** - As of the close on November 28, bonds of companies such as Pinduoduo, Ctrip Group, and Lenovo Group had price increases, while bonds of companies such as Zhongjun Group Holdings, NIO, and Wanda Real Estate had price decreases [27].

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Core Insights - The report from the China Index Academy reveals that in the first 11 months of 2025, three real estate companies in Xi'an achieved sales exceeding 10 billion yuan, namely Poly Developments, China Railway Construction, and Greentown China [1][3] Group 1: Sales Performance - Poly Developments ranked first with a sales figure of 12.07 billion yuan, followed closely by China Railway Construction at 11.88 billion yuan, and Greentown China at 11.52 billion yuan [3] - Compared to the previous month, Poly Developments saw a 13.65% increase in sales, while year-on-year, it experienced a 12.8% decrease. China Railway Construction's sales increased by 13.79% month-on-month but decreased by 16.28% year-on-year. Greentown China had an 11.8% month-on-month increase but a significant year-on-year drop of 33.68% [3] - The number of companies achieving over 10 billion yuan in sales has decreased from five in the same period last year to three this year [3] Group 2: Market Stability - The rankings of the top three companies have remained stable over the past several months, indicating consistent performance despite varying sales strategies among different firms [3] - Other companies making it into the top ten include China Jinmao, China Merchants Shekou, Joy City Holdings, Longfor Group, China Resources Land, Vanke, and Longxiang Holdings [3] Group 3: Sales Area - In terms of sales area, Poly Developments led with 740,000 square meters sold, followed by Greentown China with 699,000 square meters, and China Railway Construction with 681,000 square meters [5] Group 4: Top Projects - The top-selling project was Jinmao Puyi Dongfang, generating sales of 3.33 billion yuan, maintaining its position as the best-selling project for four consecutive months [7] - Other notable projects include Jinmao Mansion with sales of 2.94 billion yuan and Huafa Jincheng with 1.09 billion yuan [7] - High-tech and premium residential projects are performing well, with several new projects in Xi'an's market showing strong sales due to their product quality and advantageous locations [11][13]