房地产行业 2025 年 11 月楼市、地市、政策、房企全扫 描 20251222 摘要 2025 年 11 月，新房成交面积同比显著下降，其中三四线城市降幅最大。 二手房市场虽环比增长，但同比仍下滑。一线城市表现分化，深圳降幅 尤为明显，反映市场整体下行压力。 截至 2025 年 11 月底，重点城市新房库存同比减少，但去化周期略有 缩短至 18 个月。开盘去化率基本持平，但三四线城市大幅下滑，表明 不同能级城市间存在差异。 2025 年 11 月，全国土地交易建面同比减少，但价格上涨。一线城市土 地交易量显著下滑，但价格上涨明显，各能级城市溢价率普遍不高，土 地市场表现分化。 百强房企 2025 年 11 月销售额同比大幅下滑，但降幅收窄。拿地金额 及强度显著回落，但前十一个月累计投资金额保持正向增长，主要受益 于上半年优质地块推出。 2025 年 1 月至 10 月，主要房企拿地情况差异显著，中海、华润、招商 蛇口等企业拿地金额领先，拿地强度较高，反映出不同企业投资策略的 差异。 Q&A 2025 年 11 月房地产市场的整体表现如何？ 2025 年 11 月，房地产市场整体表现较为疲弱，市场信心依然不 ...

Market Outlook - The market outlook remains bullish despite some hesitation regarding equity accumulation as indices are near all-time highs [1] - The stock market is viewed as a platform for uncovering lucrative investment opportunities [1] Investment Strategy - The company specializes in identifying high-quality dividend stocks and assets that offer long-term growth potential [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds is proposed to enhance investment income while achieving total returns comparable to traditional index funds [1] - This approach aims to create a balance between growth and income, maintaining total returns on par with the S&P [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market continued to recover last week, with yields on various tenors generally declining. The bullish sentiment in the bond market has rebounded, but the space for further capital gains may be limited. A neutral and oscillatory mindset is advisable [3]. - The yields of money market funds have been continuously declining, and multiple money market funds have imposed purchase restrictions [4][13]. 3. Summary by Relevant Catalog 3.1. Pan-fixed-income Market Review and Observation 3.1.1. Bond Market Performance - Last week (December 15 - December 19, 2025), the 1-year, 10-year, and 30-year Treasury yields decreased by 3.32BP, 0.88BP, and 2.35BP to 1.35%, 1.83%, and 2.23% respectively. The bullish sentiment in the bond market has recovered [3]. - US Treasury yields declined across the board last week. The 1-year, 2-year, and 10-year US Treasury yields decreased by 3BP, 4BP, and 3BP to 3.51%, 3.48%, and 4.16% respectively [12]. 3.1.2. REITs Market Performance - Last week, the CSI REITs Total Return Index fell 2.85% to 999.19 points. The highway and rental housing sectors led the decline. In the primary market, 4 new public REITs made progress last week [12]. 3.2. Public Fund Market Dynamics - The yields of money market funds have been continuously declining. As of December 16, the median seven-day annualized yield of money market funds was 1.24%, and over a hundred funds had a yield of less than 1%. Multiple funds have announced short-term purchase restrictions [4][13]. 3.3. Pan-fixed-income Fund Index Performance Tracking 3.3.1. Overall Performance | Index Classification | Weekly Return | Cumulative Return Since Inception | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.43% | | Short-term Bond Fund Selection | 0.04% | 4.57% | | Medium- and Long-term Bond Fund Selection | 0.08% | 6.77% | | Low-volatility Fixed-income + Fund Selection | 0.22% | 4.49% | | Medium-volatility Fixed-income + Fund Selection | 0.12% | 6.25% | | High-volatility Fixed-income + Fund Selection | 0.13% | 8.00% | | Convertible Bond Fund Selection | 0.01% | 22.42% | | QDII Bond Fund Selection | 0.05% | 10.05% | | REITs Fund Selection | -2.22% | 29.35% | [6] 3.3.2. Index Positioning - **Money Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that outperforms money market funds. It mainly invests in money market funds and interbank certificate of deposit index funds. The performance benchmark is the CSI Money Market Fund Index [15]. - **Short-term Bond Fund Selection Index**: Focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It selects 5 funds with stable long-term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short-term Pure Bond Fund Index + 50% * General Money Market Fund Index [18]. - **Medium- and Long-term Bond Fund Selection Index**: Seeks stable returns by investing in medium- and long-term pure bond funds. It aims for excess returns relative to the medium- and long-term bond fund index and a steady upward net value curve. It adjusts the duration and the ratio of credit bond funds to interest rate bond funds according to market conditions [20]. - **Low-volatility Fixed-income + Selection Index**: The equity center is set at 10%. It selects 10 fixed-income + funds with an equity position of less than 15% in the past three years and recently. The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full Price Index [22]. - **Medium-volatility Fixed-income + Selection Index**: The equity center is set at 20%. It selects 5 fixed-income + funds with an equity position between 15% - 25% in the past three years and recently. The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full Price Index [26]. - **High-volatility Fixed-income + Selection Index**: The equity center is set at 30%. It selects 5 fixed-income + funds with an equity position between 25% - 35% in the past three years and recently. The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full Price Index [27]. - **Convertible Bond Fund Selection Index**: Selects 5 bond funds with a high proportion of convertible bond investments. It constructs an evaluation system from multiple dimensions to select the best funds [31]. - **QDII Bond Fund Selection Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control [34]. - **REITs Fund Selection Index**: The underlying assets are high-quality infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity [35].

Core Insights - The article discusses the challenges faced by long-term investors in selecting the best option ETFs amidst a surge of new fund launches [1] - It emphasizes the importance of a diversified investment strategy that includes classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds [1] Investment Strategy - The author advocates for a hybrid investment approach that balances growth and income, aiming to achieve total returns on par with the S&P 500 [1] - The strategy focuses on high-quality dividend stocks and other assets that provide potential for long-term growth and reliable income [1]

Core Viewpoint - The listing of Huaxia Anbo Warehousing and Logistics REIT on December 19, 2025, marks the 11th warehousing logistics REIT product in the market, highlighting the growing interest in this sector [1]. Group 1: Product Details - The underlying assets of the REIT consist of three warehousing logistics projects owned by Anbo China, located in the Guangdong-Hong Kong-Macau Greater Bay Area [1]. - The three projects include the Guangzhou Development Zone project, Dongguan Shipai project, and Dongguan Hongmei project, all situated in a region with high demand for warehousing logistics [1]. - This REIT is currently the only one in the market with all its assets located in the Greater Bay Area, emphasizing its unique positioning [1].

Core Viewpoint - Vanke A is actively advancing bulk asset transactions, having completed 19 projects with a signed amount of 6.86 billion yuan in the first three quarters of the year, covering various asset types such as commercial, office, hotel, and apartment [1] Group 1: Bulk Asset Transactions - The company has completed 19 bulk transactions this year, achieving a total signed amount of 6.86 billion yuan [1] - The transactions encompass a diverse range of assets, including commercial, office, hotel, and apartment properties [1] Group 2: Business Optimization and Exit Strategies - Business optimization and exit strategies are being implemented in an orderly manner, with the ice and snow business having signed an agreement with China Travel Group [1] - The company has established multiple exit channels for assets, including asset securitization [1] Group 3: REITs Development - The company’s established REIT, Zhongjin Yinli Consumer Infrastructure REIT, has performed well [1] - Additionally, the company has set up three PRE-REITs funds to further enhance its investment strategies [1]

Core Viewpoint - China Jinmao (00817) is rated "Recommended" by Founder Securities, benefiting from its parent company Sinochem's financing advantages and increasing project acquisitions in first-tier and core second-tier cities, which may enhance sales performance through its strong product offerings [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 25.113 billion yuan, a 14% year-on-year increase, driven by growth in property development and Jinmao services [2] - The land and property development segment generated 20.041 billion yuan in revenue, up 17% year-on-year, while Jinmao services contributed 1.783 billion yuan, reflecting a 20% increase [2] - The company reported a non-net profit attributable to shareholders of 1.123 billion yuan, a 2% year-on-year increase, primarily due to a reduction in marketing and management expenses by 15% and 5%, respectively [2] Group 2: Sales and Land Acquisition - From January to November 2025, China Jinmao achieved a total sales amount of 100.7 billion yuan, surpassing the full-year sales of 98.3 billion yuan in 2024, marking it as one of the few real estate companies with positive sales growth [2] - The company recorded a total equity land acquisition amount of 33.9 billion yuan from January to November 2025, compared to 18.7 billion yuan for the entire year of 2024, indicating increased confidence in its ability to manage quality residential projects [2] Group 3: REITs Market Expansion - On November 21, 2025, the company announced the listing of the Sanya Ritz-Carlton hotel with a base price of 2.265 billion yuan, aimed at asset securitization [3] - In December 2025, the National Development and Reform Commission released guidelines that included four-star and above hotel projects in the infrastructure REITs sector, allowing for the issuance of REITs in this area [3] - This listing is part of the company's strategy to "activate stock and optimize increment," potentially setting a precedent for asset securitization following the successful REITs listing of Changsha Meixi Lake [3]

Core Viewpoint - The company has approved a plan to issue 3 billion yuan in REITs backed by its power energy infrastructure assets, with the issuance to be registered on the Shanghai Stock Exchange [1][2]. Group 1 - The company’s board has confirmed that the announcement contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1]. - The company plans to issue the REITs in multiple phases, with a total issuance amount not exceeding 3 billion yuan for non-renewable asset-backed securities, and a total balance of 0 yuan for renewable asset-backed securities [2]. - The first issuance must be completed within 12 months from the date of the "No Objection Letter" issued by the Shanghai Stock Exchange [2]. Group 2 - The "No Objection Letter" is valid for 24 months from its issuance date, and the management must complete the issuance within this period according to the relevant documents submitted to the Shanghai Stock Exchange [2]. - The management is required to report any significant events that may affect the listing conditions, investment value, or decision-making regarding the asset-backed securities before each issuance [2]. - After each issuance, the management must promptly handle the listing procedures in accordance with the regulations of the Shanghai Stock Exchange [2].

Group 1: China Civil Aviation Information Network (00696) - The company is a leading GDS provider globally and the largest in China, with a global market share of approximately 28% and a domestic market share of about 95% [10] - The company's performance is highly correlated with the growth of the civil aviation industry, with expected flight bookings reaching 732 million in 2024, surpassing the 2019 peak [10] - The launch of the "official direct sales platform" in July 2025 positions the company to enter the trillion-yuan OTA market, aiming to reduce reliance on traditional OTAs [10] - The company is projected to achieve net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan from 2025 to 2027, with a maintained "buy" rating based on recovery in the civil aviation sector [10] Group 2: Xiangsheng Medical (688358) - Xiangsheng Medical has focused on ultrasound technology since its establishment in 1996, holding over 400 intellectual property rights and offering a comprehensive range of ultrasound products [11] - The company aims to leverage its "portable + intelligent" advantage, with products like SonoFamily series that include high-end and portable ultrasound devices, enhancing its competitive edge [11] - The company is expected to achieve revenues of 517 million, 620 million, and 744 million yuan from 2025 to 2027, with net profits projected at 146 million, 182 million, and 229 million yuan, respectively, maintaining a "buy" rating [13] Group 3: CIMC Enric (03899.HK) - CIMC Enric is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing, with a projected net profit CAGR of 17% from 2020 to 2024 [13] - The company has a robust order backlog of 30.8 billion yuan, with 27.3 billion yuan in clean energy equipment orders, benefiting from the LNG market's growth [14] - The company is expected to achieve net profits of 1.13 billion, 1.47 billion, and 1.76 billion yuan from 2025 to 2027, with a "buy" rating based on a 29% upside potential from its current valuation [15] Group 4: PVA Industry (皖维高新 600063) - The company has established a comprehensive PVA industrial chain, with a focus on cost advantages and long-term growth potential, aiming to expand into high-value new materials [23] - The company is positioned to benefit from a recovery in demand for PVA products, with a projected increase in production capacity and profitability in the coming years [23] - The company is expected to achieve revenues of 8.064 billion, 8.881 billion, and 9.768 billion yuan from 2025 to 2027, with net profits projected at 473 million, 622 million, and 862 million yuan, respectively, maintaining an "overweight" rating [25] Group 5: Social Services Industry - The introduction of spring and autumn holidays has stimulated tourism demand, with significant increases in travel and spending during these periods [26] - The winter "snow holiday" policy has also contributed to the recovery of the ice and snow tourism industry, with various incentives driving participation [26] - The overall service consumption is expected to benefit from government policies aimed at boosting demand, with a focus on tourism and related sectors [27]

智通财经APP讯，南山控股(002314.SZ)公告，公司控股子公司宝湾物流控股有限公司(简称"宝湾物流") 筹划开展华泰宝湾物流REIT新购入基础设施项目。 基础设施项目系指：(1)宝湾物流下属公司成都龙泉宝湾国际物流有限公司持有的位于四川省成都经济 技术开发区汽车城大道999号的成都龙泉宝湾国际物流中心，(2)宝湾物流下属公司西安宝湾国际物流有 限公司持有的位于陕西省西安市临潼区现代物流园区物阜路289号的西安宝湾国际物流中心项目，(3)宝 湾物流下属公司宁波宝湾国际物流有限公司持有的位于宁波市奉化区方桥街道恒发路188号的宁波宝湾 国际物流中心项目，(4)宝湾物流下属公司青岛胶州宝湾国际物流有限公司持有的位于青岛市胶州市物 流大道1号的青岛胶州宝湾国际物流中心项目。 ...