Group 1 - The core viewpoint of the article highlights that China Merchants Shekou (SZ 001979) reported significant sales figures for the period from January to November 2025, achieving a total contracted sales area of 6.184 million square meters and a total contracted sales amount of 170.165 billion yuan [1] - In November 2025 alone, the company achieved a contracted sales area of 538,300 square meters and a contracted sales amount of 14.094 billion yuan [1] - The revenue composition for the first half of 2025 indicates that the development business accounted for 77.54% of total revenue, city services for 15.75%, and asset operations for 6.71% [1] - As of the report date, the market capitalization of China Merchants Shekou stands at 79.7 billion yuan [1]

Core Viewpoint - In November 2025, the company achieved a signed sales area of 538,300 square meters and a signed sales amount of 14.094 billion yuan [1] Group 1: Monthly Performance - In November 2025, the company realized a signed sales area of 538,300 square meters [1] - The signed sales amount for November 2025 reached 14.094 billion yuan [1] Group 2: Year-to-Date Performance - From January to November 2025, the company accumulated a signed sales area of 6,184,000 square meters [1] - The cumulative signed sales amount for the period from January to November 2025 was 170.165 billion yuan [1]

人民财讯12月9日电，招商蛇口（001979）12月9日公告，2025年11月，公司实现签约销售面积53.83万 平方米，实现签约销售金额140.94亿元。2025年1—11月，公司累计实现签约销售面积618.40万平方米， 累计实现签约销售金额1701.65亿元。 ...

Group 1 - The company announced a signed sales area of 538,300 square meters and a sales amount of 14.094 billion yuan for November 2025 [1] - Cumulative signed sales area from January to November reached 6.184 million square meters, with a total sales amount of 170.165 billion yuan [1] - The sales data may differ from periodic reports [1] Group 2 - The company has recently added three residential projects located in Chenghua District of Chengdu, Qidong City of Nantong, and Dongshan Development Zone of Yichang [1] - The land areas for the new projects are 70,400 square meters, 51,100 square meters, and 114,700 square meters respectively [1] - The payment amounts for the land are 664.38 million yuan, 388.32 million yuan, and 330.28 million yuan, with equity ratios of 33%, 83%, and 51% respectively [1]

招商局蛇口工业区控股股份有限公司 2025 年 11 月销售及近期购得土地使用权情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 2025 年 11 月，公司实现签约销售面积 53.83 万平方米，实现签约销售金额 140.94 亿元。2025 年 1-11 月，公司累计实现签约销售面积 618.40 万平方米，累 计实现签约销售金额 1,701.65 亿元。鉴于销售过程中存在各种不确定性，上述销 售数据可能与公司定期报告披露的相关数据存在差异，以上统计数据仅供投资者 参考。 自2025年10月销售及购地情况简报披露以来，公司近期新增项目情况如下： 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-128 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二五年十二月十日 | 序 | | 项目 | 土地 | 土地面积 | 计容建筑 | 权益 | 公司需支 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 项目名称 | 区域 | 用途 | （万平米） | 面 ...

Core Viewpoint - The "2025 China Real Estate Product Evaluation" has entered the project display phase, with the initial shortlisted projects announced on December 3rd, 2023. The evaluation will combine expert reviews and online voting to determine the final awards for high-end, light luxury, and quality products, as well as the "Best Houses" category [1][14]. Group 1: High-End Projects - The high-end shortlisted project "Daitian Qingyue Li" in Hangzhou features a blend of urban and natural elements, developed by China Merchants Shekou, and is categorized as a stacked villa with an Eastern luxury architectural style [2]. - "Xiang" in Chengdu, also developed by China Merchants Shekou, is another high-end project [3]. - "Zhuoyue Manyue" in Shenzhen is a modern high-rise residential project developed by Zhuoyue Group [4]. - "Sanya Zhonglv · Futang Mansion" is a modern super high-rise residential and commercial project developed by Zhonglv Investment [5]. Group 2: Light Luxury Projects - "Poly Tianyi" in Shanghai, developed by Poly Development, is a high-rise residential project that combines vacation aesthetics with a relaxed philosophy [8]. - "Tianchen Shangyuan" in Chengdu is another light luxury project [8]. - "He Yuan - Xi" in Nantong, developed by China Resources Land, offers a new generation of urban villa living with modern architectural style [9]. - "Natural Above, Balanced and Peaceful" is a poetic lakeside residence developed by China Merchants Shekou [10]. Group 3: Evaluation Process and Future Plans - The evaluation work for the 2025 China Real Estate Product Evaluation is ongoing, with the final award list for the top ten works and best houses expected to be announced in early January 2026 [14]. - Since 2018, the evaluation has focused on changes in industry product strength, evolving from "product strength" to "product system" and "product," emphasizing delivery and value retention [12][14].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese real estate market**, highlighting recent trends in property sales and market activities during week 49 of 2025. Core Insights and Arguments 1. **Policy Support**: The State Council continues to support urban renewal initiatives, aiming to stabilize the property market and promote high-quality housing construction and development [1][2] 2. **Market Activity Decline**: Overall market activities have slowed, with primary sales volume down **16% week-over-week (wow)** and secondary sales down **5% wow**. Subscription-based secondary sales also fell by **5% wow** [2][5] 3. **Price Adjustments**: The pressure on secondary prices has eased slightly, with listings that experienced price cuts decreasing by **18% wow**, resulting in a ratio of listings with price cuts to those with price increases at **15.5X** compared to **17.3X** in November [2][5] 4. **Sales Performance**: New home sales volume averaged **-16% wow** and **-44% year-over-year (yoy)**, with tier-3 cities and the Yangtze River Delta (YRD) outperforming other tiers. Secondary transactions were down **5% wow** and **-49% yoy** [5][27] 5. **Year-to-Date (YTD) Performance**: Primary Gross Floor Area (GFA) sold was down **14% yoy**, with tier-3 cities and Central & Western regions outperforming. Secondary GFA sold was up **2% yoy** [5][23] 6. **Inventory Levels**: Inventory increased by **0.1% wow** but decreased by **3.6% from the end of 2024**, with inventory months at **27.5** compared to an average of **26.7** in November [37][39] 7. **Valuation Trends**: Offshore developers saw an average share price decline of **2% wow**, while onshore developers averaged **-3% wow**. Offshore coverage trades at a **41% discount** to end-2025 estimated net asset value (NAV) [49][50] Additional Important Insights 1. **Completion Rates**: The GSPC tracker indicates a high single-digit percentage decline in completions for November 2025, with expectations of a **30%-40% yoy decline** in new starts [15][42] 2. **Home Appliance Sales**: Anticipated to decline yoy in November 2025 based on secondary sales trends in approximately 20 cities [15] 3. **Market Sentiment**: The average Centraline Salesman Index (CSI) was down **2.7 percentage points (pp) wow** and **8.2 pp yoy**, indicating a negative sentiment among agents regarding property prices [31][33] 4. **Seller Expectations**: The average Centraline Seller Asking Index (CAI) increased by **0.3 pp wow** but decreased by **10.9 pp yoy**, reflecting mixed expectations among sellers [34][36] This summary encapsulates the key points from the conference call, providing insights into the current state of the Chinese real estate market, including sales performance, inventory levels, and market sentiment.

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 recent land auction in Shenzhen demonstrates intense competition for residential land, with significant price increases and high premium rates, indicating strong confidence from leading real estate companies in core urban assets despite market adjustments [1][4]. Group 1: Land Auction Details - On December 8, two residential plots were successfully auctioned in Shenzhen, with a total revenue of 39.52 billion yuan, including a competitive bid of 31.86 billion yuan for the Shenzhen Bay Super Headquarters Base plot [1][2]. - The Shenzhen Bay Super Headquarters Base T207-0068 plot saw a total of 101 rounds of bidding, resulting in a floor price of approximately 77,360 yuan/m² and a premium rate of 42.49%, setting a new high for premium rates in the area [1][3]. - The total area of the T207-0068 plot is about 11,833.61 m², with a total construction area of approximately 41,184 m², including residential and commercial spaces [2]. Group 2: Market Trends and Company Strategies - China Overseas Land & Investment has acquired three residential plots in Shenzhen this year, totaling 8.62 billion yuan, with an average premium rate of 51.87%, reinforcing its leading position in the high-end market [4][6]. - The competitive bidding for the Shenzhen Bay plot reflects the resilience of the luxury housing market, as top-tier assets continue to attract strong interest from major developers [4][8]. - The overall land supply in Shenzhen has been optimized, with 11 residential plots successfully auctioned this year, generating over 28 billion yuan in total revenue [6][8].

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 ...