智通财经APP讯，绿地控股(600606.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净 利润-190亿元到-160亿元;预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润-189.5亿元到-159亿元。 预计2025年度公司仍将出现亏损，主要原因包括：第一，受资产价格持续下行、公司加大促销去化力 度、部分项目开发周期延长等多种因素的影响，基于谨慎性原则，公司对存在风险的存货拟计提减值准 备;第二，由于市场有效需求不足、社会预期偏弱，公司房地产业的结转规模、基建产业的营收规模同 比均有较大幅度的下降，公司房地产业结转毛利率也同比下降，导致业绩进一步承压;第三，房地产项 目利息资本化减少，计入当期财务费用的利息支出增加。 ...

Core Viewpoint - Greenland Holdings (600606.SH) reported significant growth in contract sales for the fourth quarter of 2025, indicating a strong performance in the real estate market [1] Group 1: Q4 2025 Performance - The company achieved a contract sales area of 2.598 million square meters in Q4 2025, an increase of 45.46% compared to the same period last year [1] - The contract sales amount for Q4 2025 reached 20.459 billion yuan, reflecting a year-on-year increase of 30.58% [1] Group 2: Full Year 2025 Performance - For the full year 2025, the company reported a total contract sales area of 7.972 million square meters, which is a 21.90% increase from the previous year [1] - The total contract sales amount for 2025 was 68.099 billion yuan, marking a 6.53% increase year-on-year [1]

Core Viewpoint - The company Dalian Wanda announced that as of January 9, the total guarantee balance for the company and its subsidiaries is approximately 14.761 billion yuan, which represents 139.31% of the audited net assets attributable to shareholders as of December 31, 2024 [1] Group 1: Guarantee Balances - The guarantee balance provided by the company for its subsidiaries is approximately 11.544 billion yuan, accounting for 108.95% of the audited net assets attributable to shareholders as of December 31, 2024 [1] - The company and its subsidiaries have provided guarantees to off-balance sheet entities totaling approximately 3.217 billion yuan, which represents 30.36% of the audited net assets attributable to shareholders as of December 31, 2024 [1] Group 2: Net Asset Ratios - The total guarantee balance represents 35.52% of the company's net assets as of December 31, 2024 [1] - The guarantee balance for subsidiaries accounts for 27.78% of the company's net assets as of December 31, 2024 [1] - The guarantees to off-balance sheet entities account for 7.74% of the company's net assets as of December 31, 2024 [1]

每经AI快讯，1月9日，绿地控股(600606.SH)公告称，预计2025年归属于母公司所有者的净利润为-190 亿元到-160亿元。上年同期为-155.52亿元。业绩预亏主要因资产价格下行，计提存货减值准备；房地产 结转规模及毛利率下降，基建营收下滑；利息资本化减少导致财务费用上升。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 每经AI快讯，1月9日，万科美元债创新低，每1美元面值跌2美分至15美分。 ...

绿地控股公告，预计2025年年度实现归属于母公司所有者的净利润为亏损190亿元到-160亿元，归属于 母公司所有者的扣除非经常性损益后的净利润为亏损189.5亿元到-159亿元。2025年，面对相对复杂的 外部环境，公司紧紧围绕"稳经营、促转型、防风险"的工作主线，全面落实"盘活存量、拓展增量、增 加流量、用好变量、提升质量、稳定总量"的基本方略，稳住了总体局面，保持了流动性状况相对稳 定，守住了安全有序运行的底线，为继续前进创造了基础和条件；同时，积极提升老赛道、培育新赛 道，存量资产盘活提升全面推进，转型发展取得一定进展，进一步积累了企稳向好的势能。 ...

头部房企尤其是央国企，在市场调整期逆势入场。去年拿地金额百强房企中，TOP10房企的拿地金额占 比达50.5%，TOP20房企拿地金额占比高达62.7%，相较上年分别提高9.1、7.8个百分点，"面粉"资源正 加速向少数房企聚集。 高总价、高单价地块频出 土拍市场经历了"提质缩量"、点状高温的一年。 据中指研究院报告显示，2025年，300城各类用地出让金3.3万亿元，同比下降11.4%。其中，300城住宅 用地共成交6.2亿平方米，同比下降13.5%，降幅较2024年收窄9.2个百分点；300城住宅用地出让金2.3万 亿元，同比下降10.6%。 虽然整体规模有所下滑，但为了平衡住宅市场供求，各地纷纷推介稀缺"好地块"。 一个显见的数据是，2025年，300城推出的容积率在2.0以下的宅地占比达42.3%，较2024年提升7.7个百 分点，是近10年来的最高水平。这一变化背后，是各地为了响应好房子建设，加大了低容积率优质地块 的推出力度。 2025年的土地市场，两大关键词是规模缩量与点状高温。 中指研究院最新数据显示，2025年300城住宅用地成交规划建筑面积为6.2亿平方米，同比下降13.5%， 出让金2. ...

Core Insights - Guangzhou is leading among first-tier cities in exploring housing vouchers for urban renewal, with recent updates on the progress of housing voucher allocations [1][2] Group 1: Housing Voucher Allocation Progress - As of December 31, 2025, Guangzhou has issued a total of 2,931 housing vouchers amounting to 4.053 billion yuan, with 1,741 vouchers utilized, resulting in the absorption of 1,351 existing residential units covering a total area of 131,600 square meters [1] - In 2025, Guangzhou issued 2,852 new housing vouchers worth 3.9 billion yuan, with 1,716 uses recorded, amounting to 2.133 billion yuan [1] - A record single housing voucher of 100 million yuan was issued in July 2025 for the Innovation Project in Tianhe District [1] Group 2: Policy and Implementation - Housing vouchers serve as a supplementary form of compensation for property acquisition, quantifying the compensation rights of displaced residents into a monetary form [2] - In 2024, the Guangzhou Planning and Natural Resources Bureau introduced the "Guangzhou Housing Voucher Implementation Plan" to address challenges in urban renewal through housing vouchers [2] - The policy has been expanded to include non-residential properties and encourages the use of housing vouchers for various types of property acquisitions, promoting cross-district and cross-purpose exchanges [2] Group 3: Market Impact and Trends - Over 130 cities have introduced and optimized housing voucher policies since 2024, which effectively reduce the difficulty of property acquisition, renovation cycles, and investment costs for urban renewal projects [3] - The simultaneous advancement of demolition, renovation, and property allocation helps to streamline urban renewal processes, alleviating financial pressures on implementation entities and accelerating property updates and functional upgrades [3]

Group 1 - The core viewpoint of the articles indicates that the land market in 2025 is characterized by a reduction in scale and localized high demand for premium land parcels [1][2][3] - The total planned residential land transaction area in 300 cities is projected to be 620 million square meters, a year-on-year decrease of 13.5%, with the total land transfer fees amounting to 2.3 trillion yuan, down 10.6% year-on-year [1][2] - Despite the overall decline in land transactions, major cities like Shanghai, Beijing, Hangzhou, and Chengdu are witnessing record high prices for land parcels, indicating a concentration of investment among leading real estate companies [1][3] Group 2 - In 2025, the proportion of residential land with a floor area ratio below 2.0 in 300 cities reached 42.3%, an increase of 7.7 percentage points from 2024, reflecting a push for higher quality land offerings [2] - The top 10 real estate companies accounted for 50.5% of the total land acquisition amount among the top 100 companies, while the top 20 companies accounted for 62.7%, indicating a significant concentration of land acquisition among leading firms [7][8] - The investment behavior of real estate companies is shifting, with state-owned enterprises dominating land acquisitions, while private companies are gradually increasing their participation [8][9] Group 3 - The average land acquisition amount for the top 100 real estate companies has increased, with a land-to-sales ratio of 0.29, up 0.12 from 2024, suggesting a return to investment levels seen in 2021 [8] - The total land acquisition amount for private real estate companies is expected to exceed 100 billion yuan, reflecting an 8% year-on-year growth, while the share of city investment platforms in land acquisition has decreased to 15% [8][9] - The market outlook suggests that after a period of adjustment, the real estate sector may stabilize, with major state-owned enterprises likely to continue their strategic investments during market fluctuations [9]

Q： 请问重阳投资，如何解读求是文章《改善和稳定房地产市场预期》？ A： 1月2日，求是网发布特约评论员文章《改善和稳定房地产市场预期》。该文章提纲挈领，数 据详实，充分反映了政策高层对地产的政策基调。 房地产依然是支撑国民经济的基础产业。 20多年来地产的高速发展，快速改善了城乡居民居 住条件。该文章指出，2024年，我国房地产业和建筑业增加值占国内生产总值的比重合计达 13%，直接带动就业人口超7000万人。国际经验来看，美英日德等发达国家房地产业增加值 占国内生产总值的比重平均都在10%以上，依然是经济保持稳定的重要支撑和社会财富的主要 形式。房地产产业链条长、关联度高，涉及钢铁、水泥、家电、家具等几十个上下游行业，对 投资、消费、就业等关键经济指标均有显著影响，仍然是支撑国民经济的基础产业。 目前房地产调整的核心背景是传统发展模式难以为继，而不是信心不足。 文章指出，经过二十 余年的发展，房地产市场住房总量从短缺转为基本平衡，房地产企业此前的高周转模式无法持 续，当前地产市场面临的是保障性住房不足以及好房子供给不足等结构性问题。从总量层面 看，我国仍有部分城镇家庭人均住宅建筑面积不足20平米，老旧小区 ...