2025年12月份及第四季度经营简报 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、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度及季度经营数据与定期报告数据可能存在差 异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年1-12月房地产出租情况 12月份公司实现商业运营总收入约12.38亿元，比上年同期增长6.44%；1-12月公司累计实现商业运营总 收入约140.90亿元，比上年同期增长10.00%。 1-12月份公司物业及租金收入分区域情况如下： 证券代码：601155 证券简称：新城控股 编号：2026-002 新城控股集团股份有限公司 3、2025年度公司商业运营总收入为140.90亿元（即含税租金收入），包含：商铺、办公楼及购物中心 的租金、管理费、停车场、多种经营及其他零星管理费收入；2024年度公司商业运营总收入为128.08亿 元（即含税租金收入）。 4、出租率为2025年12月31日当日商业物业出租情况。 二、公司2025年12月份经营情况 12月份公司实现合同销售金额约13.54亿元，比 ...

2025年 上海房地产 市场回顾 CBRE 科技与金融推动办公楼去化 户外运动与韩国潮牌积极拓展 仓储物流需求创新高 2025年上海经济运行平稳,三大先导产业快速增长,外贸和 消费持续回暖。办公楼TMT引领新增需求,全年净吸纳量同 比增长显韧性。零售市场户外运动和韩国潮牌表现活跃,礼品 文创和玩具品类成为持续增长的亮点。仓储物流全年净吸纳创 历史新高,空置率同比下降。商务园区办公楼新增供应集中释 放,科技与消费品行业推动市场去化近半。投资市场交易活跃 度稳步修复,机构投资者领跑市场。 CBRE世邦魏理仕中国区研究部资深董事 陆燕 2025年，上海办公楼市场共录得11个新项目交付，总体量达到79.2万平方米。在持续高供应与市场压 力的背景下，新项目整体平均预租率不足10%，导致全市空置率同比上升1.2个百分点至23.3%。尽管 需求复苏速度缓慢，但呈现逐季递增的趋势。下半年，随着企业搬迁和扩租活动的明显增多，全年净吸 纳量累计达到约39万平方米，同比增长76.6%。 从行业需求结构来看，TMT行业今年超越金融业位居首位，占比达20%。游戏、电商及人工智能企业 成为其主要增量来源，如字节跳动在五角场的新租成为年度 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate leasing industry Core Insights - The macroeconomic stability in 2025 supports the recovery of the real estate leasing industry, but cautious consumer expectations continue to pressure the operating environment [5][10] - The industry is experiencing a significant adjustment phase, with investment shrinking and sales showing initial signs of stabilization [5][10] - The competitive landscape is shifting towards a focus on asset management and property operation capabilities, with a low market concentration [5][46] - Revenue growth for the industry is expected to slow in 2026 due to macroeconomic factors and market supply-demand dynamics [5][50] - The credit status of the industry remains stable, with manageable debt repayment risks [5][61] Industry Fundamentals - The real estate leasing industry is closely tied to macroeconomic performance, population growth, urbanization, and social consumption capacity [7] - The industry has shown strong correlation with economic cycles, indicating significant cyclicality [7] Policy and Regulatory Environment - Recent policies aim to stabilize the rental market and promote sustainable development through operational and service-oriented models [11][12] - The introduction of the Housing Leasing Regulations and the pilot of commercial real estate REITs are expected to enhance market structure and provide exit channels for enterprises [11][13] Industry Operating Conditions Development Investment - In the first ten months of 2025, commercial property development investment decreased by 14.7%, with commercial and office building investments showing significant declines [14][50] - The commercial property development investment completed amounted to 5210.77 billion, down 11.20% year-on-year [14] Sales Performance - Sales of commercial properties reached 3947.68 billion, a decrease of 12.30%, while office building sales were 2233.71 billion, down 9.20% [18][19] - The overall sales decline is moderating as consumer recovery expectations strengthen [18] Supply and Demand Dynamics - The supply of new commercial properties is at a historical low, indicating a potential improvement in supply-demand relationships in the future [20] - The market is currently in a phase of inventory digestion, with significant pressure on supply and demand balance [20] Key City Performance Beijing - Retail properties show a slight increase in vacancy rates to 7.7%, with rents declining to 30.6 yuan/sqm/day [24] - Office vacancy rates have decreased to 19.7%, but rental prices continue to decline [24] Shanghai - Retail property vacancy rates remain stable at 8.8%, with rents at 31.7 yuan/sqm/day [28] - Office vacancy rates have risen to 22.4%, with ongoing downward pressure on rents [28] Guangzhou - Retail properties maintain a vacancy rate of 7.0%, with rents declining to 21.4 yuan/sqm/day [32] - Office vacancy rates have surged to 21.6%, the highest in nearly a decade [32] Shenzhen - Retail properties exhibit resilience with a low vacancy rate of 4.6%, but rents have adjusted to 18.0 yuan/sqm/day [37] - Office vacancy rates have increased to 23.1%, indicating significant operational challenges [37] Competitive Landscape - The industry is characterized by low concentration and intense competition, shifting towards multi-dimensional competition focused on asset management and operational capabilities [46][45] - The market is evolving with a focus on full lifecycle services and specialized operators in niche markets [46][45] Financial Performance Growth Metrics - Revenue and profit for the industry showed year-on-year growth in 2025, but growth is expected to slow in 2026 due to various economic pressures [50] - The industry has a cyclical nature, heavily influenced by macroeconomic conditions [50] Leverage Levels - The leverage levels in the industry are stable, but there are risks associated with declining asset valuations [56] - The industry is expected to maintain stable leverage levels in 2026 as investment strategies become more cautious [56] Debt Servicing Capability - The industry's debt servicing ability is showing significant divergence, with overall capacity expected to weaken slightly [60] - The rental levels and occupancy rates in key segments remain under pressure, impacting long-term debt servicing capabilities [60]

世邦魏理仕（CBRE）发布的《2026年日本房地产市场展望报告》显示，日本经济温和增长、金融环境宽松支撑房地产市场持续活跃，投资规模保持高位， 各细分业态供需格局分化，租金整体呈上涨态势。 宏观经济层面，日本经济将持续温和增长，2024年第二季度至2025年第二季度连续五个季度实现正增长，私人消费与企业资本投资成为主要支撑。货币政策 方面，日本央行预计在2025年底至2026年底再加息2-3次，长期利率将逐步上行，但金融机构对房地产 lending 仍保持宽松态度，2025年9月末房地产贷款余 额已达141万亿日元，为市场提供充足流动性。 投资市场表现强劲，2025年全年投资规模预计突破6万亿日元，创历史新高，2026年有望维持接近该水平的活跃度。海外投资者积极布局，2025年前三季度 收购额达1.87万亿日元，是2024年同期的2.4倍；国内投资者中，J-REITs通过资产组合调整优化配置，非REIT机构投资者与企业交易同样活跃。办公楼是投 资核心领域，东京Garden Terrace Kioicho（4000亿日元）等大额交易推动板块投资同比增长80%，住宅、物流、零售等业态也有不同程度增长。 细分业态中 ...

1—11月份，房地产开发企业房屋施工面积656066万平方米，同比下降9.6%。其中，住宅施工面积457551万平方米，下降10.0%。房屋新开工面积53457 万平方米，下降20.5%。其中，住宅新开工面积39189万平方米，下降19.9%。房屋竣工面积39454万平方米，下降18.0%。其中，住宅竣工面积28105万平方 米，下降20.1%。 二、新建商品房销售和待售情况 1—11月份，新建商品房销售面积78702万平方米，同比下降7.8%；其中住宅销售面积下降8.1%。新建商品房销售额75130亿元，下降11.1%；其中住宅 销售额下降11.2%。 全国新建商品房销 智通财经12月15日讯，国家统计局今日公告，1—11月份，全国房地产开发投资78591亿元，同比下降15.9%；其中，住宅投资60432亿元，下降15.0%。 一、房地产开发投资完成情况 1—11月份，全国房地产开发投资78591亿元，同比下降15.9%（按可比口径计算，详见附注6）；其中，住宅投资60432亿元，下降15.0%。 1—11月份，房地产开发企业到位资金85145亿元，同比下降11.9%。其中，国内贷款13149亿元，下降2. ...

在证券虚假陈述责任纠纷诉讼方面，公司近日收到成都市中级人民法院送达的（2024）川01民初250号 民事裁定书。根据裁定，原告朱瑛、瞿陈纯在案件审理期间提出的撤回起诉请求获法院准许；同时，耿 会云等67人提出的撤回对 厦门国际银行股份有限公司厦门分行 起诉的请求亦获法院准许。此外，公司 此前披露的 诺安资产管理有限公司 诉公司证券虚假陈述责任诉讼，一审法院已于2025年11月3日判决驳 回原告诉求。近日经与法院沟通确认，双方均未上诉，该一审判决已生效。 公告同时指出，截至本公告披露日，除已披露的诉讼、仲裁事项外，公司无应披露而未披露的其他重大 诉讼、仲裁事项。上述事项对公司利润的影响最终以会计师事务所的审计结果为准。公司将持续关注后 续进展，并通过指定信息披露媒体《中国证券报》及巨潮资讯网及时履行信息披露义务，敬请投资者注 意投资风险。 四川 升达林业 产业股份有限公司（证券简称： 升达林业 ，证券代码：002259）12月10日发布诉讼事项 进展公告，披露公司名下办公楼首次司法拍卖流拍，同时部分证券虚假陈述责任纠纷诉讼出现原告撤诉 及一审判决生效的情况。公告称，上述事项不会对公司生产经营产生重大影响，后续相 ...

Core Points - The company will hold its fifth extraordinary general meeting on December 4, 2025, to review the proposal for the sale of real estate by its wholly-owned subsidiary [1] - The subsidiary, Wuhan Building Materials Institute, plans to publicly transfer an office building located in Wuhan through a property trading center, with an estimated value of 54.2554 million yuan [1] - The initial listing price for the property will not be lower than the estimated value, which has a total building area of 10,338.17 square meters, with 16% of the area currently leased out [1]

Core Viewpoint - The company, Zhongcai Energy, announced that its wholly-owned subsidiary, Wuhan Building Materials Institute, plans to publicly transfer an office building located at Financial Port A12, Guanggu Avenue, East Lake New Technology Development Zone, Wuhan, through a property trading center, with an assessed price of 54.2554 million yuan [1] Group 1 - The transaction will require approval from the shareholders' meeting [1] - The initial listing price will not be lower than the assessed price [1] - The transaction's counterpart has not yet been determined, and it is uncertain whether this transaction constitutes a related party transaction or a major asset restructuring [1] Group 2 - This transaction is beneficial for the company to integrate resources and focus on its core business development [1]

Core Viewpoint - Daxiyucheng Real Estate has received approval for privatization, with plans to delist from the Hong Kong Stock Exchange effective November 27, 2023, due to market performance pressures and liquidity issues [1][4]. Group 1: Company Overview - Daxiyucheng Real Estate, a subsidiary of COFCO Group, focuses on the development, operation, sales, leasing, and management of mixed-use and commercial properties, including shopping centers, hotels, and office buildings. It was listed on the Hong Kong Stock Exchange in 2013 [4]. - As of mid-2025, Daxiyucheng Real Estate has established a presence in 24 cities across mainland China and Hong Kong, managing 32 commercial projects and developing residential and hotel projects [4]. Group 2: Financial Performance - In 2024, Daxiyucheng Real Estate reported revenue of 19.83 billion yuan, a year-on-year increase of 49.42%. However, it recorded a net loss of 290 million yuan, marking its first loss in many years [4]. Group 3: Privatization and Market Impact - The privatization plan involves a share buyback totaling approximately 2.932 billion Hong Kong dollars, aimed at enhancing the company's equity and improving overall operational efficiency and market competitiveness [4]. - As of November 18, 2023, Daxiyucheng Real Estate's stock price was 0.615 HKD per share, with a market capitalization of 8.8 billion HKD [5].

Core Viewpoint - The real estate market in Beijing is experiencing a significant divergence between residential and commercial properties, with overall new housing sales declining by 3.7% year-on-year, while certain segments of commercial real estate are seeing growth [1][9]. Group 1: Residential Market Challenges - The residential sales area reached 5.543 million square meters, marking a five-year low, with a year-on-year decline of 7.3%, indicating a deepening market adjustment [3]. - Contributing factors to the residential market's downturn include tightened credit policies, a surge in second-hand home listings, and adjustments to school district housing policies, collectively squeezing the new housing market [3]. - New residential construction area fell to 5.925 million square meters, down 8.4% year-on-year, as developers reduce construction scales in response to weak sales, potentially exacerbating future supply-demand imbalances [5]. Group 2: Commercial Real Estate Divergence - Despite the contraction in the residential market, commercial real estate is witnessing a peculiar split, with new office construction area increasing by 34.7% year-on-year to 267,000 square meters, while commercial property construction rose by 1.4% [5][7]. - This counterintuitive expansion in commercial real estate contrasts sharply with the declines in sales for office buildings (down 11.8%) and commercial properties (down 11.6%) [5]. - Analysts attribute this divergence to developers betting on the demand from emerging industries like digital economy and artificial intelligence, leading to a surge in customized office space development, despite a reduction in office space needs from small and medium enterprises [7]. Group 3: Policy Implications - The overall decline of 3.7% in the real estate market raises questions about potential policy responses, especially as the 7.3% drop in residential sales approaches regulatory thresholds [9]. - Historical data from 2019-2022 indicates that the fourth quarter is a sensitive period for policy adjustments, suggesting that measures such as easing purchase restrictions and optimizing housing standards may soon be implemented [9]. - Despite the sales pressure, the funding for real estate development reached 359.2 billion yuan, up 8.3% year-on-year, indicating that while sales are under strain, there is no systemic risk to the funding chain, which may explain the cautious approach of policymakers [9].