尽管行业艰难，但2025年还是有4家房企迈入2000亿元阵营，TOP10门槛守住"千亿"。 12月31日，中指研究院、克而瑞、亿翰智库等机构发布2025年房地产企业业绩。据中指研究院，保利发展、绿城中国、中海地产、华润置地4家房企全 年销售额均超2000亿元。其中，保利发展2530亿元、绿城中国2519亿元、中海地产2512亿元、华润置地2336亿元。 | 排名 | 企业名称 | 销售额 (亿元) | 排名 | | 企业名称 | | --- | --- | --- | --- | --- | --- | | 1 | PHITE FILL Les I | 2530.0 | 1 | 保利发展 | | | 2 | 绿城中国 | 2519.0 | 2 | 绿城中国 | | | 3 | 中海地产 | 2512.0 | 3 | 中海地产 | | | 4 | 束润量抑 | 2336.0 | 4 | 万科 | | | 5 | 招商蛇口 | 1960.2 | 5 | 束润置极 | | | 6 | Company of the program and the comments of the control of the cont ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨张敏 编辑丨张伟贤 12月23日晚间，融创中国（01918.HK）发布公告，宣布境外债务重组计划正式生效，约96亿美元的债 务获得全面解除或免除。 至此，融创已完成境内债和境外债的二次重组，成为第一家完成境内外债务全面重组的大型房企。随着 总额近600亿元的债务被削减，上市公司层面的债务风险得到彻底化解。 融创在公告中指出，"全面境外债务重组的完成彻底化解了本公司的债务风险，实现了可持续的资本结 构，并通过股权结构稳定计划和团队稳定计划进一步巩固了各方对本集团的信心，有助于未来更好的推 动境内地产项目债务风险化解和资产盘活等各项工作，支持本集团地产开发板块长期的信用和经营逐步 恢复。" 此前的12月11日，融创中国董事长孙宏斌现身重庆湾项目开工现场，并释放出积极信号。这也是他今年 第二次出现在公共场合。 今年以来，地产化债进程不断加速。根据中指研究院的统计，截至目前，已有21家出险房企完成债务重 组或重整，化债总规模约1.2万亿元。该机构指出，出险房企债务重组及重整获批，将加速整体房地产 风险出清进程，预计2026年将成为企业风险 ...

12月23日晚间，融创中国（01918.HK）发布公告， 宣布境外债务重组计划正式生效，约96亿 美元的债务获得全面解除或免除 。 至此，融创已完成境内债和境外债的二次重组，成为第一家完成境内外债务全面重组的大型 房企。 随着总额近600亿元的债务被削减，上市公司层面的债务风险得到彻底化解 。 融创在公告中指出，"全面境外债务重组的完成彻底化解了本公司的债务风险，实现了可持续 的资本结构，并通过股权结构稳定计划和团队稳定计划进一步巩固了各方对本集团的信心， 有助于未来更好的推动境内地产项目债务风险化解和资产盘活等各项工作，支持本集团地产 开发板块长期的信用和经营逐步恢复。" 此前的12月11日，融创中国董事长孙宏斌现身重庆湾项目开工现场，并释放出积极信号。这 也是他今年第二次出现在公共场合。 今年以来，地产化债进程不断加速。根据中指研究院的统计， 截至目前，已有21家出险房企 完成债务重组或重整，化债总规模约1.2万亿元。该机构指出，出险房企债务重组及重整获 批，将加速整体房地产风险出清进程，预计2026年将成为企业风险出清的关键年。 孙宏斌两度现身 融创的现金流危机于2021年浮现，2022年上半年出现公开 ...

明年将成房地产风险出清关键年。 融创在公告中指出，"全面境外债务重组的完成彻底化解了本公司的债务风险，实现了可持续的资本结 构，并通过股权结构稳定计划和团队稳定计划进一步巩固了各方对本集团的信心，有助于未来更好的推 动境内地产项目债务风险化解和资产盘活等各项工作，支持本集团地产开发板块长期的信用和经营逐步 恢复。" 此前的12月11日，融创中国董事长孙宏斌现身重庆湾项目开工现场，并释放出积极信号。这也是他今年 第二次出现在公共场合。 今年以来，地产化债进程不断加速。根据中指研究院的统计，截至目前，已有21家出险房企完成债务重 组或重整，化债总规模约1.2万亿元。该机构指出，出险房企债务重组及重整获批，将加速整体房地产 风险出清进程，预计2026年将成为企业风险出清的关键年。 孙宏斌两度现身 融创的现金流危机于2021年浮现，2022年上半年出现公开债务违约。此后，公司便投入债务重组的工作 中。 2023年1月，融创完成了160亿元境内债的展期。当年11月，融创通过"债转股+发新票"的方式，完成百 亿美元境外债务重组。 但此后，由于业绩恢复不及预期，加之遭遇债权人的清盘呈请，融创不得不对债务进行二次重组。其 中 ...

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Industry**: Banking and Financial Services Key Points Financial Performance - **ROA and Profitability**: China Merchants Bank has a significantly higher Return on Assets (ROA) compared to peers, showcasing stronger profitability driven by net interest income and fee-based income, particularly in low-cost funding and wealth management [2][4][5] - **Wealth Management Recovery**: In Q1 2025, wealth management income turned positive with a growth of 10%, ending a three-year decline, indicating potential for future growth [2][8] - **Credit Quality Improvement**: The bank's asset quality is improving, with a notable decrease in non-performing loans (NPLs) and generation rates, particularly in real estate-related corporate loans [2][13][14] Competitive Advantages - **Interest Income and Fee Income**: The bank's core advantages lie in its net interest income and fee income, benefiting from low funding costs rather than high loan yields [5][10] - **Deposit and Settlement Strength**: China Merchants Bank has a strong position in corporate deposits and settlement deposits, supported by a robust product system that attracts numerous corporate clients [11][12] - **Wealth Management Leadership**: The bank's extensive retail customer base and steady growth in client numbers enhance its competitive edge in wealth management [8][9] Market Position and Valuation - **Valuation Recovery**: A clear trend of valuation recovery is expected from H2 2024 to early 2025, with the bank positioned as a core asset due to its high dividend yield [3][20] - **Dividend Potential**: The bank's dividend yield is approximately 4.4%-4.6%, with potential to increase the payout ratio to 40%-45% in the coming years, enhancing its attractiveness to long-term investors [17][18] Risk Management - **Real Estate Risk Mitigation**: The bank has effectively managed real estate risks, with the NPL ratio for real estate corporate loans reduced to around 0.96% and a high provision coverage ratio exceeding 400% [14][15] - **Credit Risk Trends**: Improvement in credit quality is noted, particularly in retail loans, with a decrease in overdue rates for credit cards since 2023 [13] Strategic Outlook - **Investment Logic**: The investment logic is based on strong capital, low funding costs leading to high interest margins, and competitive wealth management capabilities, with stable profit growth expected despite macroeconomic pressures [16][22] - **Dividend Strategy**: In 2025, the bank initiated a mid-term dividend strategy, splitting dividends into two parts, which stabilizes shareholder returns and enhances investment appeal [21] Future Growth Drivers - **Economic Recovery Potential**: In a better-than-expected economic scenario, growth may arise from increased retail loan demand, improved wealth management, and better asset quality [19] Changes in Investment Strategy - **Evolution of Investment Logic**: Over the past decade, the bank has maintained a strong governance structure and aligned with cyclical trends, transitioning into a dividend era from 2024, focusing on net interest margin valuation [20][22]