Core Viewpoint - New City Development (01030) reported its operational performance for New City Holdings (601155) in December 2025, highlighting both revenue growth and significant declines in contract sales [1] Financial Performance - In December, the total commercial operating revenue reached approximately 1.238 billion yuan, representing a year-on-year increase of 6.44% [1] - For the entire year of 2025, the cumulative commercial operating revenue was about 14.09 billion yuan, reflecting a year-on-year growth of 10.00% [1] Contract Sales - In December, the contract sales amount was approximately 1.354 billion yuan, showing a year-on-year decline of 57.80% [1] - The sales area for December was about 184,300 square meters, which is a decrease of 51.34% compared to the same period last year [1] - For the full year, the cumulative contract sales amount was around 19.27 billion yuan, down 52.03% year-on-year [1] - The total contract sales area for the year was approximately 2.5358 million square meters, marking a decline of 52.94% compared to the previous year [1]

每经头条（nbdtoutiao）——20余省份机制电价揭晓！上海比山东高84%，浙江比辽宁高31%⋯⋯专家： 企业用电成本仍有下降空间 每经AI快讯，保利发展1月9日晚间发布公告称，2025年12月，公司实现签约面积69.71万平方米，同比 减少19.33%；签约金额121.64亿元，同比减少18.94%。2025年1-12月，公司实现签约面积1235.34万平方 米，同比减少31.24%；签约金额2530.3亿元，同比减少21.67%。 （记者 王晓波） ...

Core Viewpoint - New City Development (01030) reported a contract sales amount of approximately RMB 1.354 billion in December 2025, with a total contract sales amount of approximately RMB 19.270 billion for the entire year [1] Group 1: Rental and Operational Income - The company has a total of 179 rental properties with a total construction area of approximately 16.524 million square meters as of December 2025 [1] - Rental income for December 2025 is approximately RMB 1.155 billion, while commercial operational income is approximately RMB 1.238 billion (including tax rental income) [1] - Cumulative rental income from January to December 2025 is approximately RMB 13.146 billion, and cumulative commercial operational income is approximately RMB 14.090 billion (including tax rental income) [1] Group 2: Contract Sales Performance - The contract sales area for December 2025 is approximately 184,300 square meters [1] - Cumulative contract sales area from January to December 2025 is approximately 2.5358 million square meters [1]

Core Viewpoint - New City Development (01030) reported its operational results for New City Holdings Group Co., Ltd. (601155.SH) for December 2025 and the fourth quarter, showing mixed performance in revenue and contract sales [1] Revenue Performance - In December, the total commercial operating revenue reached approximately 1.238 billion yuan, representing a year-on-year increase of 6.44% [1] - For the entire year of 2025, the cumulative commercial operating revenue was about 14.09 billion yuan, reflecting a year-on-year growth of 10.00% [1] Contract Sales Performance - In December, the contract sales amount was approximately 1.354 billion yuan, which is a significant year-on-year decline of 57.80% [1] - The sales area for December was about 184,300 square meters, down 51.34% compared to the same period last year [1] - For the full year, the cumulative contract sales amount was around 19.27 billion yuan, marking a year-on-year decrease of 52.03% [1] - The total contract sales area for the year was approximately 2.5358 million square meters, which is a decline of 52.94% year-on-year [1]

招商蛇口（001979）(001979.SZ)公告，2025年12月，公司实现签约销售面积97.72万平方米，实现签约 销售金额258.44亿元。2025年1-12月，公司累计实现签约销售面积716.12万平方米，累计实现签约销售 金额1960.09亿元。 ...

Core Viewpoint - The company reported significant rental and commercial operating income for the year 2025, indicating strong performance in its real estate operations [1] Group 1: Rental and Commercial Income - As of December 2025, the company has a total of 179 rental properties with a total gross floor area of approximately 16.524 million square meters [1] - The rental income for December 2025 is approximately RMB 1.155 billion, while the commercial operating income is about RMB 1.238 billion (including tax rental income) [1] - Cumulatively, from January to December 2025, the total rental income is approximately RMB 13.146 billion, and the total commercial operating income is around RMB 14.090 billion (including tax rental income) [1] Group 2: Contract Sales - In December 2025, the company achieved a contract sales amount of approximately RMB 1.354 billion, with a contract sales area of about 184,300 square meters [1] - For the entire year of 2025, the cumulative contract sales amount is approximately RMB 19.270 billion, with a total sales area of around 2.5358 million square meters [1]

Group 1 - The core point of the article is that Heimu Dan (600510.SH) reported a significant decline in both signed area and signed amount for the fourth quarter of 2025 compared to the previous year [1] Group 2 - The signed area achieved was 32,400 square meters, representing a year-on-year decrease of 82.17% [1] - The equity signed area was 25,000 square meters, showing a year-on-year decrease of 77.11% [1] - The signed amount reached RMB 418 million, which is a year-on-year decrease of 71.05% [1] - The equity signed amount was RMB 327 million, reflecting a year-on-year decrease of 61.13% [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2026, "Two Major" projects and "Two New" funds are being gradually allocated, with the scale of the first batch of "Two New" funds narrowing compared to 2025, and the government is promoting economic development through various policies [1][12]. - Fiscal policy maintains an active stance in 2026, ensuring necessary expenditure intensity and increasing the issuance scale of key - term treasury bonds [2]. - Monetary policy aims to achieve an "integrated effect" of incremental and existing policies, with the central bank net - buying treasury bonds and focusing on expanding domestic demand and technological innovation in 2026 [3]. - Financial regulatory authorities have issued formal regulations on fees, relaxed bank EVE indicators, and are exploring innovative financial products [4]. - Real estate policies aim to stabilize the market, with measures such as reducing VAT on second - hand housing transactions and optimizing purchase restrictions in Beijing [5]. 3. Summary by Directory 3.1 Macro - economic Tone - The dates for the 2026 National Two Sessions have been announced. The Fourth Session of the 14th National People's Congress will be held on March 5, 2026, and the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held on March 4, 2026 [11]. - The first batch of 62.5 billion yuan in ultra - long - term special treasury bonds to support consumer goods replacement has been pre - allocated to local areas in 2026, with a smaller scale than in 2025. The policy focuses on optimizing fund allocation and advancing ahead of schedule [12]. - The National Development and Reform Commission has allocated a 295 - billion - yuan pre - approved project list for 2026, including about 220 billion yuan for "Two Major" construction projects and over 75 billion yuan for central budgetary investment [13]. 3.2 Fiscal Policy - In 2026, fiscal policy remains actively oriented, aiming to expand fiscal expenditure, optimize the combination of government bond tools, enhance transfer payment efficiency, and strengthen fiscal - financial coordination [17]. - Seven provinces have repaid 3.342 billion yuan of illegally added government implicit debts, nine regions' state - owned enterprises have returned 1.848 billion yuan of misappropriated agricultural loans, and two provinces and two regions have substantially resolved 170 million yuan of government debts [18]. - In January 2026, the issuance scale of key - term treasury bonds increased compared to the same period last year, with front - loaded policy implementation [19]. 3.3 Monetary Policy - The fourth - quarter monetary policy meeting proposed to achieve an "integrated effect" of incremental and existing policies, and the central bank will continue to deepen interest rate liberalization reform [22]. - The National Foreign Exchange Administration will deepen foreign exchange facilitation reforms and support financial institutions in developing simple and useful exchange - rate hedging products [23]. - In December 2025, the central bank net - bought 50 billion yuan of treasury bonds. Since October 2025, the central bank has restarted bond - buying operations, with purchase amounts of 20 billion yuan, 50 billion yuan, and 50 billion yuan in October, November, and December respectively [3]. - In 2026, monetary policy will focus on expanding domestic demand, technological innovation, and other fields, and its growth rate is expected to exceed that of the total social financing scale [25]. 3.4 Financial Supervision - The formal regulations on fund fees have been issued, and regulators are researching and exploring innovative products such as REITs ETFs [28]. - Regulatory authorities have revised the interest - rate shock amplitude parameters for banks [29]. - Regulators have consulted wealth - management companies on obstacles to A - share investment and policy expectations, and many banks have reduced wealth - management management fees to 0% [29]. - The regulatory authority has issued a notice on bond transaction record - keeping to strengthen supervision [30]. 3.5 Real Estate Policy - The government aims to stabilize the real estate market, control increments, reduce inventories, optimize supply, improve housing quality, and reduce VAT on second - hand housing transactions [33]. - Beijing has further optimized purchase - restriction policies, including relaxing requirements for non - Beijing households and supporting multi - child families [34]. - Vanke's proposal to extend the grace period for a 3.7 - billion - yuan bond was passed, but other extension proposals were not approved [34]. - An article in Qiushi magazine holds a positive view on future real estate policy space [35].

Group 1 - The core viewpoint of the article indicates that Heimu Dan (600510.SH) has reported a significant decline in both contracted area and contracted amount for the fourth quarter of 2025 compared to the previous year [1] Group 2 - The contracted area achieved is 32,400 square meters, representing a year-on-year decrease of 82.17%, with the equity contracted area at 25,000 square meters, down 77.11% [1] - The contracted amount reached RMB 418 million, which is a year-on-year decrease of 71.05%, while the equity contracted amount is RMB 327 million, reflecting a decline of 61.13% [1]

2025年12月单月，集团合约销售(包括合营企业及联营公司的合约销售)金额约为人民币8.5亿元，同比减 少42.95%，合约销售面积约为8.6万平方米，合约销售均价约为人民币9800元╱平方米。 中梁控股(02772)发布公告，2025年1月至12月，集团累计合约销售(包括合营企业及联营公司的合约销 售)金额约为人民币120.7亿元，同比减少32.68%，累计合约销售面积约为115.9万平方米，合约销售均价 约为人民币1.04万元╱平方米。 ...