Investment Rating - The industry rating is optimistic, with expectations that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a downturn, with the Shanghai Composite Index and Shenzhen Composite Index down by 0.70% and 1.41% respectively, and the Shenwan Real Estate Index down by 3.06% on December 11, 2025 [3][4]. - Recent land sales in Wuxi and Taishan indicate active market transactions, with Wuxi's three residential land parcels sold at a total price of 3.225 billion yuan, and Taishan's two residential plots sold for a total of 306 million yuan [5][6]. Summary by Sections Market Performance - On December 11, 2025, the equity market saw most sectors decline, with significant drops in major indices [3]. - The real estate sector's individual stock performance showed notable gains for companies like Nandu Property and Jingtou Development, while others like China Wuyi and Huangting International faced significant losses [4]. Industry News - Wuxi's three residential land parcels were sold at the base price, totaling 3.225 billion yuan, with the highest floor price reaching 15,075 yuan per square meter [5]. - In Taishan, two residential plots were sold at a total of 306 million yuan, with specific requirements for commercial space and green area ratios [6][7]. Company Announcements - China Communications Construction Company announced a reduction in the interest rate for its MTN bond to 2.1% [8]. - Zhuhai Huafa Industrial Company disclosed plans for a short-term financing bond issuance of 1 billion yuan, aimed at refinancing existing debt [8].

市场行情： 2025 年12 月10 日，今日权益市场各板块变化不一，上证综指下跌0.23% ， 深证综指上涨0.26% ， 沪深 300 下跌0.14%，中证500 上涨0.49%。申万房地产指数上涨2.53%。 个股表现： 房地产板块个股涨幅较大的前五名为世联行、万科A、南都物业、海南高速、财信发展， 涨幅分别为 10.07%/10.06%/10.02%/9.97%/9.94%； 个股跌幅较大的为荣丰控股、阳光股份、新华联、陆家B 股、中天服务，跌幅分别 为-3.78%/-3.46%/-1.69%/-1.48%/-1.30%。 报告摘要 公司公告： 【新城控股】12 月10 日，新城控股集团股份有限公司宣布2025年度第三期中期票据发行情况。此次发 行的债券简称为"25 新城控股MTN003"，债券代码为102501764.IB，期限为5 年，起息日和兑付日分别 为2025 年12 月10 日和2030 年12 月10 日。计划发行总额与实际发行总额均为17.5 亿元，发行利率为 4.00%，发行价为100.00 元/百元面值。 【重庆龙湖企业拓展】12 月10 日，重庆龙湖企业拓展有限公司发布公告，披露 ...

Market Performance - The equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.87% and 1.42% respectively, while the CSI 300 and CSI 500 rose by 0.95% and 1.25% [1] Stock Performance - The top five gainers in the real estate sector were Xinhua Lian (10.17%), China Wuyi (10.15%), Wantong Development (6.76%), Sanxiang Impression (6.37%), and Rongfeng Holdings (5.00%) [2] - The largest decliners included Shilianhang (-10.13%), Jingji Zhino (-10.03%), Caixin Development (-5.00%), Huaxia Happiness (-1.57%), and China National Trade (-1.15%) [2] Industry News - Maoyuan won a residential land parcel in Beijing's Chaoyang District for 5.024 billion yuan, with a premium of 18.21%, while Beijing Urban Construction acquired a site in Guangyang City for 1.471 billion yuan at the base price [3][4] - In Wuhan, 12 land parcels were sold for approximately 3.97 billion yuan, with Vanke winning a residential plot in Donghu High-tech Zone for 390 million yuan, translating to a floor price of 6399.52 yuan/㎡ [5] - In Chengdu, a residential land parcel in Pidu District was sold with a premium of 39.53%, with the winning bid at a floor price of 6000 yuan/㎡ [6] Company Announcements - Greentown Real Estate Group announced plans to issue the eighth phase of medium-term notes for 2025, with a base issuance size of 0 billion yuan and a maximum amount of 1.5 billion yuan, intended for debt refinancing [7][8] - Huafa Group's subsidiary acquired a 51% stake in Shenzhen Ronghua Real Estate, and received a notice from Rongchuang Cultural Tourism regarding the conditional repurchase of the Shenzhen Ice and Snow City project [8]

Investment Rating - The industry rating is optimistic, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [10]. Core Viewpoints - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.53% and 0.40% respectively, and the Shenwan Real Estate Index increasing by 1.06% on November 10, 2025 [3][4]. - Recent adjustments in housing provident fund loans in Luoyang, allowing for a 10% increase in the maximum loan amount, are expected to stimulate the housing market [5]. - The successful land auction in Guangzhou, with a transaction value of 805 million yuan, indicates ongoing demand for residential land [5]. - Qingte Real Estate's acquisition of two low-density plots in Qingdao for a total of 159 million yuan reflects a strategic focus on core urban areas [6][7]. Summary by Sections Market Performance - On November 10, 2025, the equity market saw most sectors rise, with the Shenwan Real Estate Index up by 1.06% [3]. Individual Stock Performance - The top five performing stocks in the real estate sector included Xinhua Lian, Haitai Development, Hefei Urban Construction, Overseas Chinese Town A, and China Wuyi, with increases of 10.13%, 10.02%, 10.00%, 9.92%, and 7.10% respectively [4]. Industry News - Luoyang's housing provident fund loan limit has been raised, with single and dual-income families now eligible for maximum loans of 770,000 yuan and 935,000 yuan respectively [5]. - A land parcel in Guangzhou's Zengcheng district was sold for 805 million yuan, with a floor price of 7,130 yuan per square meter [5]. - Qingte Real Estate has made significant investments in Qingdao, acquiring two plots for a total of 159 million yuan, indicating a strong commitment to the area [6][7]. Company Announcements - Poly Property Group announced changes in its board of directors, including the appointment of a new non-executive director [8].

Market Performance - On October 15, 2025, the equity markets saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 1.22% and 1.56% respectively, while the CSI 300 and CSI 500 rose by 1.48% and 1.38% respectively [1] Individual Stock Performance - The top five gainers in the real estate sector were Xiangjiang Holdings, Shangshi Development, Quzhou Development, Nanguo Real Estate, and Yatong Co., with increases of 10.10%, 10.06%, 5.97%, 5.16%, and 3.89% respectively [2] - The largest decliners included Shen Zhen Yi A, Shen Wu Yi A, Hefei Urban Construction, Huangting B, and Binjiang Group, with declines of -10.01%, -3.78%, -3.59%, -2.78%, and -2.01% respectively [2] Industry News - Chengdu's new housing provident fund policy eliminates the "local contribution" restriction, allowing eligible non-local contributors to apply for "commercial to provident" loan services starting October 15, 2025, for a duration of five years [3] - The number of banks cooperating with Chengdu's provident fund center for "commercial to provident" loans has increased beyond the original 15 banks [3] Land Auction Results - On October 15, 2025, a residential land parcel in Hangzhou's Binjiang District was sold for 1.264 billion yuan, with a premium rate of 19.93% after 22 rounds of bidding, resulting in a floor price of 25,317 yuan per square meter [4] - In Suzhou, two residential land parcels were sold for a total of 662 million yuan, with one parcel sold at a floor price of 7,500 yuan per square meter and the other at 7,000 yuan per square meter, both with a premium rate of 0% [5] Company Announcements - Beijing Shouke Development Co., Ltd. reported a total signed area of 91,500 square meters and a signed amount of 853 million yuan for September 2025, with a total of 943,800 square meters and 14.005 billion yuan for the first nine months of 2025 [6]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The report highlights the recent policy changes in Chengdu regarding housing provident funds, which now allow individuals who have contributed from other cities to apply for conversion loans [5]. - The real estate market showed positive momentum with the Shanghai Composite Index and Shenzhen Composite Index rising by 1.22% and 1.56% respectively on October 15, 2025 [3]. - The report notes significant individual stock performances, with top gainers in the real estate sector including Xiangjiang Holdings and Shangshi Development, which rose by 10.10% and 10.06% respectively [4]. Market Trends - The report indicates a general upward trend in the equity market, with the Shenwan Real Estate Index increasing by 0.11% [3]. - Chengdu's new policy eliminates the "local contribution" restriction, expanding eligibility for housing loans [5]. - A notable land auction in Hangzhou resulted in a successful bid of 1.264 billion yuan with a premium rate of 19.93% [6]. Company Performance - Beijing Shoukai Development Co., Ltd. reported a total signed area of 91,500 square meters and a signed amount of 853 million yuan for September 2025 [9]. - The company achieved a total signed area of 943,800 square meters and a signed amount of 14 billion yuan from January to September 2025 [9].

Market Performance - On September 24, 2025, the equity markets saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.83% and 1.56% respectively, while the CSI 300 and CSI 500 rose by 1.02% and 1.99% respectively [1] Stock Performance - The top five gainers in the real estate sector were Yunnan Chengtou, Yuhua Development, Shanghai Lingang, Zhangjiang Hi-Tech, and Shibei Gaoxin, with increases of 10.16%, 10.02%, 10.01%, 10.01%, and 9.98% respectively - The largest decliners included Xiangjiang Holdings, Shoukai Shares, Shahe Shares, Nanguo Real Estate, and China National Trade, with declines of -9.47%, -7.31%, -4.22%, -3.10%, and -1.75% respectively [2] Industry News - In Nanjing, a total of 44.45 billion yuan was raised from the sale of 7 residential land plots, with a total area of 306,700 square meters and a total planned construction area of 505,800 square meters. The plots were sold at their starting prices, with the largest plot in Yuhua District sold to China State Construction International for 720 million yuan, resulting in a floor price of 12,097 yuan per square meter and a premium rate of 0% [3] - In Chengdu, a total of 22.78 billion yuan was raised from the sale of 3 residential land plots, with a total area of 101,300 square meters and a planned construction area of 183,600 square meters. Two plots in Tianfu New District were sold at a premium of 16.43%, with the winning bid by a consortium led by China Railway Construction at a floor price of 16,300 yuan per square meter [4] Company Announcements - Vanke announced the redemption of all "20 Vanke 08" bonds, with a redemption date set for November 13, 2025, at a price of 104.11 yuan per bond, including interest. The total bond balance is 1.6 billion yuan, with a coupon rate of 4.11% and a maturity date of November 13, 2027 [5] - China Resources Land announced the issuance of corporate bonds for professional investors, with a total issuance scale of up to 2 billion yuan. The bonds consist of two types, with maturities of 3 years and 5 years respectively [5]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.34% and 1.42% respectively on August 11, 2025. The Shenwan Real Estate Index increased by 1.24% [3]. - Specific developments include the planning adjustments in Shenzhen's Guangming District, which involve four residential land plots with varying land areas and floor area ratios [5]. - Guangzhou's state-owned enterprise, Zhujiang Real Estate, has initiated a price guarantee action for seven projects, promising to compensate buyers for price differences until the end of the year [6]. Market Performance - The top five performing stocks in the real estate sector include Shen Property A, Wantong Development, Tianbao Construction, Fuxing Shares, and Jintou City Development, with respective increases of 10.01%, 9.96%, 6.65%, 6.41%, and 6.01%. Conversely, the largest declines were seen in Rongfeng Holdings, Yatong Shares, Huali Family, Guangming Real Estate, and Shangshi Development, with decreases of -4.81%, -2.92%, -1.70%, -1.11%, and -1.04% [4]. Company Announcements - Huazhong City Holdings announced a suspension of trading due to a court-ordered liquidation [9]. - Zhuhai Huafa Industrial Co., Ltd. adjusted the coupon rate of its corporate bonds from 3.90% to 2.30%, with a total issuance of 2 billion yuan and a maturity of five years [9]. Industry News - The Shenzhen Intermediate People's Court announced the auction of the Shenzhen Huangting Plaza, with an estimated value of 4.361 billion yuan and a starting price of approximately 3.053 billion yuan [8].

Market Performance - The equity market saw most sectors rise on July 11, 2025, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.01% and 0.47% respectively, while the CSI 300 and CSI 500 rose by 0.12% and 0.74% respectively [1] Stock Performance - The top five gainers in the real estate sector were Shibei Gaoxin, Tianbao Infrastructure, Greenland Holdings, Everbright Jiabao, and Wolong Real Estate, with increases of 10.08%, 10.07%, 10.05%, 9.97%, and 9.94% respectively [2] - The largest decliners included Nanguo Real Estate, Nanshan Holdings, Tefa Services, Shen Shen Fang A, and Caixin Development, with declines of -5.16%, -4.78%, -4.38%, -3.99%, and -3.15% respectively [2] Industry News - Wuhan Guanggu successfully sold four plots of land for a total of 1.387 billion yuan, with Guanggu Real Estate acquiring the Donghu High-tech plot [3] - New City Holdings updated its 6 billion yuan bond issuance project to "feedback received" status as of July 11, 2025, with the project being accepted on June 16, 2025 [3] - Dalian implemented a housing provident fund loan support policy for high-level talents, allowing loan amounts to be increased to 2 to 5 times the current maximum limit based on talent classification [4] Company Announcements - Zhuhai Huafa Industrial announced a reduction in the coupon rate of "22 Huafa Industrial MTN002A" from 4.85% to 2.68% [5] - Yuexiu Property signed a financing agreement for a revolving loan of 1 billion yuan, with specific conditions regarding its major shareholder's equity stake [5] - China Communications Real Estate Group successfully issued its third phase of medium-term notes, with two varieties totaling 1 billion yuan and interest rates of 2.45% and 2.88% respectively [6][7]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11] Core Insights - The report highlights the upgrade of the "old-for-new" housing policy in Qingdao, aiming to stabilize the real estate market and benefit residents. The new policy framework includes government guidance, policy support, and market operations, with over 4,400 applications received from citizens [8] - The Shenzhen land auction resulted in a new record for land price, with a floor price of 84,180 CNY per square meter and a premium rate of 86.1%, indicating strong market demand [5] - In Guangzhou, eight urban village reconstruction projects have commenced, expected to provide 6,000 housing units upon completion in 2027, marking a significant step in urban development [6] Market Performance - On July 14, 2025, the equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.27% and 0.15%, respectively. However, the Shenwan Real Estate Index fell by 1.29% [3] - The top five performing stocks in the real estate sector included Greenland Holdings and Wolong Real Estate, with increases of 10.10% and 10.06%, respectively. Conversely, stocks like Yuhua Development and Guangda Jiabao experienced declines of -10.03% and -9.89% [4]