这是世界看向纽约的第一眼。 曼哈顿57街——纽约中央公园塔， 这座470米的建筑， 以单套2.5亿美元的最高总价， 创造全球最高最贵的纪录， 至今仍是世界级人物竞逐的终极资产。 这是世界看向广州的第一眼。 这个珠江江畔圆弧形的建筑群， 是当下广州名副其实的顶豪之王——广州·鹏瑞1号。 286米（最高建筑），广州最骄傲的天际线都在脚下。 在2025年中国顶级资产成交榜单上， 它以绝对优势持续领跑， 成为「最贵却最好卖」的现象级存在。 今年300余位「中国大人物」， 共同出现在深湾会十周年的致敬与晚会名单上。 也揭开了中国顶级买家罕见的共识： 中国新的财富坐标——广州·鹏瑞1号。 一个城市「超级符号」的诞生， 是讲究机缘的。 无论是纽约曼哈顿五十七街， 还是伦敦海德公园， 都在印证一件事， 城市长期势能决定资产的价值。 在全球经济的波动的当下， 当所有人开始重新审视资产安全的底线之时。 广州亮出的"底牌"异常扎实。 在最新的GaWC世界城市体系排名中， 首先鹏瑞1号的选址， 本身就是传奇。 在纽约， 迈克尔·戴尔、詹姆斯·戴森、蔡崇信、马云...... 这些影响世界的巨头几乎都住在同一个地方： 曼哈顿五十七街。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Insights - The company's Q3 performance shows improvement in wind conditions year-on-year, with a rich pipeline of projects driving growth [7] - For the first three quarters of 2025, the company achieved total revenue of 10,035 million yuan, a year-on-year decrease of 4.29%, while net profit attributable to the parent company was 1,989 million yuan, a year-on-year increase of 12.17%, aligning with expectations [7] - The company has a strong project pipeline, including multiple ongoing projects that are expected to enhance growth potential [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 14,428 million yuan, with a year-on-year growth rate of -0.9% [3] - Net profit attributable to the parent company is forecasted at 3,047 million yuan for 2025, reflecting a year-on-year growth rate of 9.1% [3] - Earnings per share (EPS) is expected to be 1.10 yuan in 2025, with a projected price-to-earnings (PE) ratio of 9 [3] - The company’s gross margin is projected to be 29.6% in 2025, with a return on equity (ROE) of 11.1% [3] Operational Highlights - Wind power generation for the first three quarters reached 39.22 billion kWh, a year-on-year increase of 7.09%, with Q3 wind power generation at 10.55 billion kWh, up 3.76% year-on-year [7] - The company’s thermal power generation decreased by 5.50% year-on-year to 131.53 billion kWh in the first three quarters, but lower coal prices have improved profitability [7] - The company is actively investing in new projects, including a 656 MW offshore wind project and a 1.2 million kW pumped storage power station, which will enhance its clean energy portfolio [7]

Core Viewpoint - The Chinese real estate market has entered a downward trend since the second half of 2021, affecting cities from lower-tier to major cities like Beijing and Shanghai, with significant price adjustments observed [1][9]. Real Estate Market Trends - The real estate market in China has seen a notable decline, with prices in first-tier cities like Shanghai dropping from over 100,000 yuan per square meter to around 70,000 yuan [1]. - Lower-tier cities are facing severe challenges due to population outflow and economic structure issues, leading to potential oversupply and value depreciation in the next decade [9]. Bank Deposit Rates - Bank deposit rates have been on a continuous decline since 2021, with three-year deposit rates dropping from over 4% to below 3% in 2023, reaching historical lows [3]. - The decreasing deposit rates raise concerns about the relative value of real estate versus bank deposits over a ten-year horizon [5]. Investment Considerations - Investing 1 million yuan in first-tier cities may only cover a down payment, leading to long-term loan burdens and risks of significant asset depreciation due to potential market corrections [8]. - In contrast, holding 1 million yuan in bank deposits offers more security, as the principal and interest are less likely to suffer losses compared to high-priced real estate [11]. Liquidity Comparison - The liquidity of bank deposits is significantly higher than that of real estate, as evidenced by the surge in second-hand housing listings in major cities, indicating investor caution and a desire to liquidate assets [11]. - The ability to quickly convert real estate into cash is limited, especially in a declining market, making bank deposits a more favorable option for liquidity [11].