11月20日，万科举行2025年第一次临时股东会。郁亮出席会议并就房地产市场趋势问题回应称，随着政 策持续落实，合理住房需求逐步兑现，行业有望逐步走出调整周期，迈向稳健发展新阶段。郁亮认为， 《十五五规划建议》内容明确了房地产行业在保障和改善民生方面的重要作用，也再次强调了行业高质 量发展的目标，这对万科发展具有重要指导作用。 ...

在11月20日万科举行的2025年第一次临时股东会上，就外界关注的房地产市场趋势问题，万科管理层认 为，随着政策持续落实，合理住房需求逐步兑现，行业有望逐步走出调整周期，迈向稳健发展新阶段。 他指出，《十五五规划建议》内容明确了房地产行业在保障和改善民生方面的重要作用，也再次强调了 行业高质量发展的目标，这对万科发展具有重要指导作用。其认为，《建议》强调了"好房子、好服 务"的重要性，面向未来，为客户提供"好房子、好服务"将是行业竞争力的基础，也是落实行业保障和 改善民生这一使命的基础；同时，《建议》指出"优化保障性住房供给"、"因城施策增加改善性住房供 给"。未来行业将构建起多层次住房供应体系，创造更多的有效需求以及机会。《建议》还提出了"盘活 用好低效用地、闲置房产、存量基础设施"，这意味着行业过去积累的土地资源错配问题有望得到解 决，同时土地资源的高效利用能为新质生产力的发展提供空间。此外，《建议》中提到"坚持城市内涵 式发展，大力实施城市更新"，意味着将加速推动城市更新，助力历史文脉保护与城市空间新旧融合。 责任编辑：郭栩彤 ...

Core Viewpoint - The article emphasizes the significant decline in land transaction volumes and prices, highlighting the need for high-quality development in the real estate sector as outlined in the recent Fourth Plenary Session [2][4]. Supply and Demand - The supply of land in October 2025 was 82.94 million square meters, a 1% decrease month-on-month and a 34% decrease year-on-year [5][13]. - The total land transaction area was 60.57 million square meters, reflecting a 13% month-on-month decline and a 25% year-on-year decline [5][17]. Market Heat - The average premium rate for land transactions in October was 2.7%, marking a new low for the year, with only a few core cities maintaining transaction heat [6][23]. - The land auction success rate was 95%, remaining at a low level, with several parcels failing to sell due to insufficient future sales prospects [25]. Distribution - The transaction value in first-tier cities fell by 35% year-on-year, while second-tier cities saw a 42% decline, and third and fourth-tier cities experienced a 33% drop [7]. Future Outlook - The Fourth Plenary Session has set a clear direction for high-quality development in the real estate sector, focusing on improving housing quality and urban renewal [8][9]. - The land market is expected to maintain a low supply level while enhancing the quality of new residential land projects, driven by favorable policies and market adjustments [8][9].

Core Viewpoint - The real estate market has stabilized but faces ongoing challenges, with Poly Developments leveraging strategic management and market adaptability to maintain its leading position and achieve high-quality growth [1] Financial Performance - In the first half of 2025, Poly Developments reported total sales of 145.171 billion yuan, maintaining its industry leadership; revenue reached 116.9 billion yuan, and net profit attributable to shareholders was 2.711 billion yuan, demonstrating resilience during market adjustments [1][2] - The company achieved a gross profit margin of approximately 14.6%, slightly higher than the full-year level of 2024, with total profit reaching 9.9 billion yuan [2] - Cash flow from operating activities turned positive at 16.017 billion yuan, fully covering cash outflows from investment and financing activities, with cash holdings increasing by 3.3% to 138.562 billion yuan [3] Risk Management and Financial Stability - Poly Developments emphasizes risk prevention and financial stability, ensuring a robust financial position through various strategies, including sales initiatives and innovative financing [2] - The company reduced interest-bearing liabilities by 5.4 billion yuan, with a debt-to-asset ratio of 73.53% and a net debt ratio of 59.64%, indicating improved financial metrics [4] Market Position and Sales Strategy - The company achieved a sales area of 7.1354 million square meters, solidifying its top position in the industry [5] - Poly Developments adopted a strategy of optimizing products and enhancing competitiveness in response to market changes, achieving significant sales in both new and existing projects [6] - The company focused on core cities, with 92% of sales coming from 38 key cities, and maintained a strong market presence in major cities like Shanghai and Guangzhou [7][8] New Business Development - Poly Developments is exploring new growth avenues by enhancing its core real estate investment and development business while expanding into property management and comprehensive services [9] - The company reported a 13% increase in asset management revenue, with a focus on improving the efficiency of held assets [10][11] - The strategic vision aims for a diversified and balanced development model, positioning Poly Developments as a comprehensive real estate developer, operator, and service provider [12]

Group 1 - S&P has granted Yuexiu Property a stable investment-grade rating, making it the only local state-owned enterprise in the industry to receive such a rating [1] - The rating is supported by strong government backing, concentrated land reserves in high-energy cities, and diverse financing channels [1][2] - Yuexiu Property's recent performance includes a contract sales amount of 61.5 billion yuan in the first half of 2025, representing an 11% year-on-year increase, ranking second among the top 10 real estate companies [3] Group 2 - The company has successfully issued bonds at historically low rates, with a five-year interest rate of 1.95% and a ten-year rate of 2.50%, enhancing its investment capacity and operational stability [4] - The positive outlook from international rating agencies signals a recovery in the real estate market, potentially leading to lower international financing costs for the company [2][5] - Yuexiu Property's strategic focus on high-quality projects and expansion into key cities positions it well for sustainable growth in the evolving real estate landscape [3][5]