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之內容概不負責，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份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江国雄、賀玉平、陳靜及劉艷 融資協議規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發行 之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是本公司單一最大實 益股東的地位，或倘越秀企業不再對本公司行使有效之管理控制權，即構成違約事件。若發生 有關違約事件，則貸款人可宣佈融資協議項下所有債項已立即到期應付。截至本公告日期，越 秀企業實益擁有本公司已發行股份合共約44%。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年十二月八日 本公告乃根據上市規則第13.18條之規定而作出。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而 ...

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 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Core Insights - The article focuses on the evaluation of brand communication strength among real estate companies in China, highlighting the importance of brand management and practical case studies [2][3]. Brand Communication Strength Rankings - The top-ranked companies for brand communication strength in November 2025 include: 1. Greentown China: 98.35 2. Huafa Group: 97.67 3. Poly Developments: 96.06 4. China Merchants Shekou: 92.25 5. Yuexiu Property: 92.16 [4][5]. Monthly Focus - In November, real estate companies concentrated on three core areas: social responsibility, innovative marketing models, and enhanced service experiences. This demonstrated the industry's adaptability and deep humanistic care in a complex development environment [9]. - Following a major fire in Hong Kong, several companies quickly responded with donations and support, showcasing their commitment to social responsibility [12][13]. Emergency Response and Social Responsibility - Companies like China Merchants Group and Beijing Urban Construction Group provided significant financial and material support for disaster relief, highlighting their corporate social responsibility [12][14]. - The response included rapid action, substantial donations, and collaborative efforts between state-owned and private enterprises, enhancing the industry's collective positive image [12][16]. Double Eleven Marketing Activities - The real estate market showed signs of recovery in November, with companies leveraging Double Eleven marketing events to boost sales. This included diverse promotional strategies and live-streaming events to enhance brand visibility [18][20]. - Companies like China Electric Power Real Estate and Binjiang Group implemented various promotional activities, including significant discounts and unique incentives [19][21]. Warm Service Initiatives - As winter approached, many real estate companies launched initiatives to address the needs of elderly residents, focusing on creating a warm living environment [24][25]. - Companies like Xuhui Group and Poly Developments emphasized comprehensive care services, including health management and community support, to enhance the quality of life for residents [24][26].

Core Insights - The residential land market continues to adjust, with second-tier cities facing challenges, while third-tier cities show short-term localized recovery but still face long-term pressure [2][6] - In key cities like Shanghai, real estate companies are adopting a more cautious bidding strategy, focusing on core locations, low density, and mature supporting facilities [2][13] Market Performance - During the reporting period, 539 residential land transactions occurred across first, second, and third-tier cities, with a total planned building area of 34.37 million square meters, reflecting a month-on-month decrease of 6.61% and a year-on-year decrease of 27.19% [3] - The total transaction value was 148.76 billion yuan, down 13.42% month-on-month and 32.86% year-on-year, with an average floor price of 4,329.11 yuan per square meter, showing a month-on-month decline of 7.29% and a year-on-year decline of 4.55% [3] Second-tier Cities - The planned building area for residential land transactions in second-tier cities was 8.11 million square meters, with a month-on-month decrease of 30.84% and a year-on-year decrease of 16.83% [4] - The total transaction value was 38.98 billion yuan, down 41.56% month-on-month and 28.52% year-on-year, with an average floor price of 4,809.94 yuan per square meter, reflecting a month-on-month decline of 15.48% and a year-on-year decline of 14.25% [4] Third-tier Cities - The planned building area for residential land transactions in third-tier cities was 25.60 million square meters, showing a month-on-month increase of 4.10% but a year-on-year decrease of 32.63% [6] - The total transaction value was 84.87 billion yuan, up 6.52% month-on-month but down 35.47% year-on-year, with an average floor price of 3,313.53 yuan per square meter, reflecting a month-on-month increase of 2.29% and a year-on-year decrease of 4.25% [6] Key City Land Supply - From October 18 to November 16, 2025, 150 plots were listed for sale in six key cities, with a starting price of 36.60 billion yuan and a total area of 995.99 thousand square meters, indicating a month-on-month increase of 128.73% in the area offered [8] - Beijing had 11 plots listed, with 6 residential plots and 5 industrial plots, while Guangzhou led with 49 plots, including 13 residential plots, contributing significantly to the total area and value [9][10] Market Trends - The land supply is shifting from "scale expansion" to "quality enhancement," with core areas focusing on current housing sales and spatial integration design to strengthen value [11] - The market is characterized by a significant differentiation between core quality plots and non-core areas, reflecting a rational decision-making process by real estate companies under policy and financial constraints [13]

Core Insights - Shenzhen Bay Yunxi set a new record for single project sales in China, achieving a sales amount of 13 billion yuan on its opening day, with a sales rate of approximately 70% [1][2] Group 1: Project Details - Shenzhen Bay Yunxi launched 348 units ranging from 209 to 1150 square meters, with an average price of 168,800 yuan per square meter, and an average total price exceeding 50 million yuan per unit [1] - The project is built on a "land king" site, acquired for 18.512 billion yuan with a premium rate of 46.31%, making it the highest total price land in Shenzhen [2] Group 2: Market Dynamics - The project benefits from its prime location in Nanshan District, surrounded by major tech companies and high-end talent, contributing to strong purchasing power [2][3] - There is a significant price gap between new and second-hand properties in the area, with the average price of second-hand homes in the vicinity reaching 193,200 yuan per square meter, indicating a structural market trend favoring new luxury properties [3] Group 3: Luxury Market Trends - The trend of luxury properties selling well is not limited to Shenzhen; other cities like Guangzhou and Shanghai have also seen high sales figures for luxury projects, indicating a broader trend in first-tier cities [4][6] - In Guangzhou, the Poly Yuexi Bay project achieved over 10.6 billion yuan in sales on its opening day, while in Shanghai, several luxury projects have also reported significant sales figures, reinforcing the demand for high-end real estate [5][6] Group 4: Factors Driving Demand - The luxury market's appeal is attributed to clear capital flow towards assets that offer value preservation and risk defense, alongside strong demand for improved housing in prime locations [7]

克而瑞提供的数据显示，随着南泰路地块成交，2025年1月1日—12月5日，广州市海珠区涉宅用地成交3 宗，成交总建面23.12万平方米，成交金额52.99亿元。中经记者 陈婷 赵毅 深圳报道 记者注意到，南泰路地块周边目前多为保利发展、越秀地产项目，2家企业均深耕该片区。 【激战76轮 保利发展35亿元竞得广州南泰路地块】《中国经营报》记者获悉，12月5日，广州市海珠区 南泰路AH0124032地块（以下简称"南泰路地块"）成功出让，成交价为35亿元，由保利发展 （600048.SH）旗下广州市邦杰置业有限公司竞得，溢价率约27%，成交楼面价约24389元/平方米。 据好地大数据统计，2023年开始，保利发展在广州的权益拿地金额反超越秀地产，2024年差额持续扩 大，两年权益拿地金额差达191亿元。2024年，保利发展在广州的销售额超过越秀地产，成为"广州一 哥"，2025年销售额差距继续扩大。据中指研究院统计，2025年前11个月，保利发展在广州的权益销售 额为431.5亿元。 公告显示，南泰路地块为二类居住用地兼容商业用地、中小学用地，宗地面积约6.48万平方米，其中出 让宗地面积约4.22万平方米，计容 ...

Group 1 - The South Tai Road land parcel in Haizhu District, Guangzhou, was successfully sold for 3.5 billion yuan, with a premium rate of approximately 27% and a floor price of about 24,389 yuan per square meter [2] - The land is classified as a second-class residential area compatible with commercial and educational uses, covering an area of approximately 64,800 square meters, with a transferable area of about 42,200 square meters and a maximum construction area of 143,507 square meters [2] - Two companies participated in the bidding, with Poly Developments winning after 76 rounds over three hours, while the starting price was set at 2.75 billion yuan [2] Group 2 - Poly Developments has outperformed Yuexiu Property in land acquisition amounts in Guangzhou since 2023, with a difference of 19.1 billion yuan expected to continue expanding into 2024 [3] - In 2024, Poly Developments is projected to surpass Yuexiu Property in sales in Guangzhou, becoming the leading company in the region, with the sales gap expected to widen further in 2025 [3] - As of December 5, 2025, the total area of residential land transactions in Haizhu District amounted to 231,200 square meters, with a total transaction value of 5.299 billion yuan [3]

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 Viewpoint - The bidding for the AH0124032 land parcel in Haizhu District lasted over three hours, with Poly winning the bid at a total price of 3.5 billion yuan, reflecting a premium rate of 27.27% and a floor price of 24,389.05 yuan per square meter [1]. Group 1: Land Parcel Details - The land parcel is classified as a second-class residential land compatible with commercial and educational uses, covering an area of 42,208 square meters, with a calculated floor area of 143,507 square meters and a floor area ratio of 3.4 [2]. - The initial auction price was set at 2.75 billion yuan, with a starting floor price of 19,162.8 yuan per square meter [2]. Group 2: Regulatory Changes - The floor area ratio was reduced from 4.5 to 3.4, and the total building area decreased from 190,000 square meters to 143,507 square meters, enhancing residential comfort [4]. - The maximum building height for residential units is capped at 100 meters, allowing for a maximum of 33 floors based on a minimum floor height of 3 meters [4]. Group 3: Educational and Commercial Developments - The area designated for educational use increased to 20,200 square meters from the previous 17,000 square meters, retaining the existing Haifu Primary School and potentially introducing a new campus for Changgang Middle School [6]. - The commercial land area is set at 27,800 square meters with a floor area ratio of 7.2, allowing for the development of a large commercial complex of 200,000 square meters, which could significantly reshape the commercial landscape in Haizhu West [6]. Group 4: Community Features - The regulatory changes also include adjustments to green spaces and public areas, with a total of approximately 16,800 square meters allocated for parks and green spaces, enhancing community amenities for residents [6]. - The AH0124032 land parcel is characterized as a "fully-equipped" land parcel in Haizhu West, distinguishing it from smaller developments in the area [6][9].