| | 绿地控股集团股份有限公司2025 年半年度报告摘要 | | | --- | --- | --- | | 公司代码：600606 | 公司简称：绿地控股 | | | | 绿地控股集团股份有限公司 | | | | 年半年度报告摘要 | | | | 第一节 重要提示 | | | 展规划，投资者应当到 | http://www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | 无 | | | | | 第二节 公司基本情况 | | | | 公司股票简况 | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 变更 | | 前股票简称 | | | | A股 | 上海证券交易所 绿地控股 | 600606 无 | | 联系人和联系方式 | | | | 姓名 | 王晓东 吴学桥 | | | 号 | | | | | 本报告期末 上年度末 | | | | | 增减(%) | | 总资产 | 1,052,018,111,238.21 1,099,908,116,815.35 | -4.35 | | 东的净资产 | | | ...

关于公司及控股子公司 2022 年至 2025 年上半年涉及诉讼的补充 公告 证券代码：600606 证券简称：绿地控股 编号：临 2025-032 绿地控股集团股份有限公司 重要内容提示： ●绿地控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日收 到中国证券监督管理委员会上海监管局（以下简称"上海证监局"）出具的行政 监管措施决定书（沪证监决[2025]79 号）。根据行政监管措施决定书责令整改 的要求，现将公司及控股子公司 2022 年至 2025 年上半年涉及诉讼事项情况进行 公告。 ●公司所处的房地产及基建行业进入深度调整期，公司及控股子公司所涉及 的相关诉讼事项出现一定程度上升。对此，公司始终高度重视，并把诉讼化解工 作摆在重要位置，采取组建工作专班、实施领导包案、强化督办考核、完善重大 诉讼化解机制等措施，全力予以推进。经过公司妥善处理，过往的诉讼事项，大 部分处于已决状态。对于未决诉讼事项，公司也将持续加大工作力度，予以妥善 处理，进一步减小对公司经营活动的影响，依法保护公司及广大投资者的合法权 益。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ...

Core Points - Shanghai's new real estate policy aims to stimulate housing demand and improve market circulation by relaxing purchase restrictions and optimizing loan mechanisms [1][2][5] Group 1: Policy Adjustments - The new policy allows eligible non-local residents with at least one year of social insurance to purchase unlimited properties outside the outer ring of Shanghai [7] - For those with three years of social insurance, one property can be purchased within the outer ring [7] - Single adults are treated as families for purchasing purposes [7] Group 2: Financial Support Measures - The policy increases the maximum housing provident fund loan limits, with first-time buyers now eligible for up to 1.84 million yuan, an increase from 1.6 million yuan [8] - The second home loan limit rises from 1.3 million yuan to 1.495 million yuan [8] - The policy allows for the extraction of housing provident funds for down payments without affecting loan limits [8] Group 3: Loan Rate Adjustments - The new policy eliminates the distinction between first and second home loan interest rates, allowing banks to set rates based on market conditions [10] Group 4: Property Tax Revisions - Non-local residents purchasing their first home will be exempt from property tax, while subsequent purchases will have a tax exemption for 60 square meters per person [12]

Group 1: Industrial Production - Industrial production has shown signs of recovery, with the blast furnace operating rate increasing by 1.1 percentage points year-on-year to 5.9% [2][5] - Midstream production shows a mixed outlook, with PTA and automotive production performing poorly, down 6.6% and 5.9% year-on-year respectively, while soda ash and polyester filament production improved, up 5.8% and 3.1% year-on-year [2][17] - Cement production continues to improve, with a slight decrease in grinding operating rate by 1.5 percentage points year-on-year to -5.6%, while cement shipment rates are still low, up 0.8% year-on-year to -2.9% [2][29] Group 2: Construction Industry - The construction industry is experiencing continued improvement, with asphalt operating rates rising by 0.5 percentage points year-on-year to 8.6% [2][41] - Cement inventory has slightly decreased, with the cement inventory ratio down by 2.0 percentage points year-on-year to -2.5% [2][37] Group 3: Downstream Demand - Passenger traffic remains high, with port cargo throughput showing resilience, increasing by 7.1% year-on-year to 9.7% [2][62] - Daily average transaction area of new homes is weak, up 2.9 percentage points year-on-year to -6.3%, with first-tier cities seeing a marginal recovery [2][53] Group 4: Price Trends - Agricultural product prices are mixed, with pork and fruit prices decreasing by 0.1% and 0.8% respectively, while egg and vegetable prices increased by 1.7% and 2.5% [3][102] - Industrial product prices have generally declined, with the Nanhua Industrial Price Index down 1.4% [3][114]

Core Viewpoint - The Shanghai real estate market is showing signs of distress, with a significant increase in available listings and a decline in prices, indicating a shift in market sentiment and potential risks for the broader housing market [3][6][10] Market Activity - In July, the transaction volume for second-hand homes in Shanghai was 16,900 units, which, while lower than previous highs, did not fall below the psychological threshold of 15,000 units, suggesting that there are still buyers in the market [4] - However, the number of second-hand homes listed for sale reached 223,000 units, creating substantial selling pressure [5] Price Trends - The average price of second-hand homes in Shanghai has been declining, with a month-on-month decrease of 0.7% in May and June, followed by a more significant drop of 1.82% in July, marking three consecutive months of price declines [5][6] Market Sentiment - There is a prevailing "wait and see" attitude among potential buyers, with many holding off on purchases in hopes of further price reductions, which is contributing to a lack of confidence in the market [3][8] - The sentiment is exacerbated by a high supply of listings, leading to increased competition among sellers, who are forced to lower prices to attract buyers [5][7] Broader Implications - The challenges faced by the Shanghai market are reflective of broader trends in the national real estate market, where supply is outpacing demand due to factors such as population stagnation and oversupply in certain areas [6][9] - The stability of the Shanghai market is crucial, as it serves as a benchmark for the national housing market; if Shanghai cannot stabilize, it could lead to widespread negative impacts on other cities [9][10] Government Response - The government has been implementing various measures to support the market, including lowering down payments and interest rates, aiming to prevent a more severe downturn [6][7]

Group 1 - The core point of the announcement is that Sunac China reported a mid-2025 revenue of approximately RMB 19.99 billion, representing a decrease of about 41.7% compared to the same period last year [1] - The company reported a loss attributable to owners of approximately RMB 12.81 billion, which is a reduction of about 14.4% compared to the same period last year [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - A-shares showed an independent market trend, with Monday's sharp rise driven more by sentiment. The view of a long-term slow bull market remains unchanged. In the short term, if the market fails to break through 3900 points, it may adjust, with an expected adjustment range of 3700 - 3750. It is advisable to avoid micro-cap stocks in late August, and focus on core blue-chip dividends such as dual innovation leaders and securities firms [2][11]. Summary by Directory 1. Market Views 1.1 Overseas Overnight - The annualized total of new home sales in the US in July was 652,000 units, higher than the expected 630,000 but lower than the previous value of 656,000, indicating the resilience of the US real estate market. Market expectations for a Fed rate cut have declined, with the probability of a 25BP rate cut in September dropping from 92% after Powell's speech to 82%. The decline in rate cut expectations affected the overnight capital market, with the US dollar index rising and other assets falling. The Nasdaq Golden Dragon China Index rose, and the offshore RMB exchange rate appreciated [1][5]. 1.2 Domestic Market Review - On Monday, the broader market rose 1.51%, the Shenzhen Component Index rose 2.26%, and the ChiNext Index rose 3%, with market trading volume exceeding 3 trillion. The rise of Cambricon drove the chip sector, and technology was the main market theme. Communication, non-ferrous metals, real estate, and steel led the gains, while beauty care, textile and apparel, petroleum and petrochemicals, and light manufacturing led the losses. There were 3349 rising stocks and 1896 falling stocks in the entire market. Shanghai's new real estate policies significantly boosted the sentiment of the real estate sector and brought structural opportunities [2][6]. 1.3 Important News - Trump plans to cut drug prices by 1400% - 1500% and impose tariffs on drugs; he hopes to meet with Kim Jong-un this year; Intel believes that government shareholding poses a risk to its business, and the government shareholding may increase to 15%, while Trump will continue to make similar deals. The Fed's Logan said there is still room to reduce bank system reserves, and the standing repo facility may be reopened in September. The National Development and Reform Commission will improve policies to expand domestic demand, and the CPC Central Committee and the State Council issued opinions on promoting green - low - carbon transformation and strengthening the national carbon market. Shanghai optimized real estate policies and mortgage rate pricing mechanisms [7][9][10]. 1.4 Today's Strategy - The Fed's rate cut expectations affect the overnight capital market, while A - shares have an independent trend. Currently, A - shares are driven by policies and liquidity. In the short term, if the market fails to break through 3900 points, it may adjust, with an expected adjustment range of 3700 - 3750. Avoid micro - cap stocks in late August and focus on core blue - chip dividends [11]. 2. Futures Market Tracking - Data on the performance, trading volume, and positions of various futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are presented, including closing prices, settlement prices, price changes, trading volumes, and open interest [13][14]. 3. Spot Market Tracking - Information on the performance of the spot market, including the current points, daily, weekly, monthly, and annual price changes, and trading volumes of major indices such as the Wind All - A, Shanghai Composite Index, and Shenzhen Component Index, as well as various sectors, is provided. The impact of market styles on major indices and the valuation of important indices and Shenwan sectors are also analyzed [32][33][34]. 4. Liquidity Tracking - Data on the central bank's open market operations and SHIBOR interest rates are presented to reflect market liquidity [46][47][48].

Core Viewpoint - The article discusses the current trends in foreign investment in the U.S. stock market, highlighting a significant outflow of capital from regions like China, Hong Kong, and Singapore, amidst concerns over economic conditions and Federal Reserve policies [3][5][7]. Group 1: Foreign Investment Trends - In Q2 2025, foreign investors had a net sell-off of approximately $80 billion in the U.S. stock market, indicating a clear trend of capital outflow from regions such as China, Hong Kong, and Singapore [3]. - China's net outward foreign direct investment was about $170 billion in 2024, while foreign direct investment inflows were steadily recovering, suggesting that global capital flows are not completely collapsing but external risks are accumulating [7]. Group 2: Economic Indicators and Federal Reserve Policies - The Federal Reserve's dot plot from June 2025 indicates that there is still a strong likelihood of at least one or two more interest rate hikes, which may deter foreign capital from returning to the U.S. market [5]. - In June 2025, the UK's CPI annual rate reached 7.9%, and Germany's industrial output fell by 0.5% year-on-year, reflecting broader economic challenges in Europe [5]. Group 3: Market Valuations and Risks - The price-to-earnings ratio for the S&P 500 technology sector has surged to nearly 28 times, raising concerns about overvaluation [9]. - In June 2025, new housing starts in the U.S. decreased by 12% year-on-year, and mortgage applications continued to decline, indicating weakness in the real estate market [9]. Group 4: Investment Sentiment and Future Outlook - The article suggests that any potential capital inflow from foreign investors may be cautious and gradual, rather than a full-scale recovery, as indicated by Singapore's sovereign wealth fund's slight increase in U.S. equity allocation, which has not yet returned to pre-pandemic levels [11]. - The inverted yield curve in the U.S. bond market persists, with short-term yields remaining high, signaling that risk appetite among investors is still contracting [11].

Core Insights - The U.S. housing market is experiencing a slowdown in price growth, with the S&P CoreLogic Case-Shiller index showing a year-over-year increase of 1.9% in June, the lowest growth rate since summer 2023, down from 2.3% in May [1] - The data reflects the weakest spring home-buying season in 13 years, driven by high home prices and mortgage rates that have suppressed demand, forcing sellers in many areas to offer discounts and incentives to attract buyers [1] - Nicholas Goldke, head of commodities at S&P Dow Jones Indices, noted that the June data continues to indicate a decisive turning point in the real estate market [1] Price Trends - Despite the seemingly modest 1.9% annual growth rate, home prices had previously declined in the first half of the year, with a recent 2.5% rebound over the last six months offsetting earlier losses, suggesting a potential market turning point in early 2025 [1] - New York leads the 20-city index with a 7% year-over-year increase, followed by Chicago at 6.1% and Cleveland at 4.5% [1] - In contrast, cities that were popular during the pandemic, such as Phoenix, Tampa, and Dallas, are facing continued pressure on home prices, with Tampa experiencing the largest decline at 2.4% year-over-year [1] Market Dynamics - The backlog of housing inventory in certain regions has compelled sellers to use discounts and incentives to attract buyers, which has contributed to the nationwide slowdown in price growth [1] - Competitive conditions remain intense in hotspot areas like New York, despite the overall national trend of declining price growth [1]

Economic Concerns - Economic growth in the first half of 2025 was strong at 5.3% YoY, driven by exports and the "two new" sectors, but recent months show signs of weakness[3] - Retail sales growth fell to 3.7% in July, influenced by e-commerce promotions and a gap in national subsidies[3] - Real estate continues to drag on the economy, with credit financing for property companies dropping 13.5 percentage points to -15.8%, the lowest in two years[3][20] Inflation and Price Transmission - July's inflation was below market expectations, with PPI at -3.6% due to poor price transmission from upstream to downstream sectors[4][24] - Capacity utilization in midstream (74%) and downstream (74.7%) is significantly lower than upstream (76.7%), hindering price transmission[4][24] Service Sector Resilience - While manufacturing sector sentiment is declining, the service sector shows strong resilience, with a service production index at 5.8%[5][32] - Service retail sales for January to July saw a slight decline of 0.1 percentage points to 5.2%, but certain service categories like tourism and leisure are experiencing double-digit growth[5][35] Export Performance - Exports grew by 7.2% YoY in July, with only 30% attributed to "panic buying" and 70% due to improved external demand and market share[7][44] - The contribution of "panic buying" to July's exports was approximately 2 percentage points, primarily affecting trade with ASEAN and Hong Kong[7][44] Future Outlook - Emerging economies are increasing investment, which, combined with China's growing import share in the Middle East and Africa, may boost exports to these regions[8][59] - Risks include potential short-term constraints from economic transformation and the effectiveness of policy implementation[8]