格隆汇1月9日丨首开股份(600376.SH)公布，2025年，北京首都开发股份有限公司主动作为、积极妥善 应对风险挑战，牢牢守住现金流安全底线，平稳有序降低有息负债规模和融资成本，确保到期债务兑 付；坚决贯彻落实"管理创效"要求，强化成本费用管控；积极推动转型发展，物业经营、长租公寓等业 务平稳运行，代建业务取得新进展。但是，在转型发展过程中，2025年公司面临较大的经营压力和挑 战。截至2025年三季度末，公司归属于上市公司股东的净利润为-31.05亿元。根据公司初步测算，公司 2025年全年业绩将出现亏损情况，但公司本报告期内亏损规模较去年同期收窄。 ...

智通财经APP获悉，1月7日，中指研究院发布2025年中国住房租赁企业规模排行榜。2025年末，TOP30企业开业规模榜合计开业房源量达142.5万间，较 2024年末增长16.8万间；管理规模榜合计管理房源量达203.4万间，较2024年末增长21.3万间。2025年12月，住房租赁行业处于传统淡季，50城住宅平均租 金为34.16元/平方米/月，环比下跌0.60%，同比下跌3.62%。 12月，中央层面导向主要聚焦"优化保障性住房供给"、"强化金融支持"与"提升住房品质"三大维度。地方层面，在规范住房租赁行业监管、以盘活存量为 核心多渠道筹集房源之外，继续给予青年人才、多子女家庭等群体专项支持，其中深圳、湖南为符合条件的青年人提供从短期免费住宿到中长期租房补贴 的全链条支持。 根据中指院监测，12月共有26个省（区、市）发布《"十五五"规划建议》。在各地《建议》中，"推动房地产高质量发展"这一目标贯穿始终，响应全 国"十五五"目标导向。同时，多地普遍在健全住房租赁制度、优化保障性住房供给、建设"好房子"等主要方向上有类似提法。 企业格局 1.规模排行 | | 2025年12月中国住房租赁企业 | | | ...

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]

本文来自微信公众号"空间秘探"，作者：ABNData，36氪经授权发布。 希腊方面， 希腊租房市场将迎来一次具有里程碑意义的制度重塑：从2026年起，租客支付房租的方式将全面改 变，现金付款将正式退出历史舞台。这一改革旨在遏制长期存在的"黑租金"乱象，但在实施细则尚未完全公布的 情况下，已在市场与会计机构间引发广泛关注与大量咨询。按照新规，继续以现金方式支付房租将对双方都带来 直接经济后果。对房东而言，若租客未通过银行账户支付房租，房东将失去法律允许的5%房租税务减免，该优惠 用于抵扣房产损耗与折旧。对租客而言，若未通过银行方式支付房租，将失去每年11月发放的 全年房租补贴，并 将无法领取未来所有由国家提供的与租赁相关的津贴和补助。随着改革进入倒计时，希腊房产业主联合会 （POMIDA）发布通告，列出改革后必须遵守的关键事项：所有新签与延期租约都必须明确写明通过银行支付房 租，并标注房东IBAN。自2026年1月1日起，房租只能打入出租人名下的银行账户，不得再打给第三方账户。房东 必须通过AADE系统在线申报其收租账户。若使用联名账户，房东须为首位账户持有人，以便税务比对。多位房 东共持房产时，每人必须申报各 ...

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、 上市公司、媒体等数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，大悦城荣获"杰出投资者关系（IR）团队奖"。 大悦城定位"卓越的城市运营与美好生活服务商"，持续驱动多业态立体联动，服务城市发展与美好生活。其业务覆盖商业、住宅、产业地产、酒店、 写字楼、长租公寓、物业服务等领域，构建起了业态类型丰富、城市布局完善、资产结构均衡、集人民美好生活场景于一体的"大悦"生态圈。 大悦城IR 团队以科学市值管理为抓手，精准传递企业核心价值与成长潜力。聚焦 "城市运营与美好生活服务商" 定位，团队深度解读商业地产"强运 营"优势、REITs 资产盘活成效以及大悦城资本运作动作等核心亮点，成为同类项目标杆。通过联动品牌资源与公益实践，既展现了实业贡献，又凸显 了长期投资价值。同时，团队严格落实央企市值管理要求，统筹短期业绩与长期发展，有效引导资本向优质资产集聚，构建了企业与资本市场的良性 互动生态。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编 ...

Core Viewpoint - Vanke, a representative of Chinese real estate companies, is facing severe financial challenges with a significant debt burden and declining revenues, raising concerns about its survival [1][3]. Debt Crisis and Market Challenges - As of the end of Q3 2025, Vanke's interest-bearing debt reached 3629.3 billion yuan, with 1513.9 billion yuan due within a year, while cash reserves stood at only 656.8 billion yuan, resulting in a cash shortfall exceeding 850 billion yuan [3][4]. - The cash-to-short-term-debt ratio has dropped to a critical level of 0.43, indicating that for every 1 yuan of debt due, there is less than 0.5 yuan available in cash [3][4]. - Vanke's revenue for the first three quarters of 2025 was 1613.9 billion yuan, a year-on-year decrease of 26.61%, with a net loss exceeding 280 billion yuan, including a loss of 160.7 billion yuan in Q3 alone [3]. Market Reaction - The bond market reacted strongly to Vanke's financial situation, with several bonds experiencing significant declines, including a drop of over 20% for "21 Vanke 04" and "22 Vanke 02," leading to temporary suspensions [4][5]. - Vanke's A-shares fell over 7%, reaching a new low since August 2015, while H-shares also dropped over 7%, hitting a record low since its listing [5]. Self-Rescue Actions and External Support - In response to its financial difficulties, Vanke initiated drastic self-rescue measures, including accelerating asset sales and restructuring its organizational framework from a three-tier to a flatter two-tier system [7]. - The largest shareholder, Shenzhen Metro Group, has provided crucial support, lending a total of 291.3 billion yuan to Vanke by Q3 2025 [8]. Leadership Changes - On January 27, 2025, Vanke announced a leadership change, with the chairman of Shenzhen Metro Group, Xin Jie, taking over as chairman of Vanke's board, while former chairman Yu Liang transitioned to the role of executive vice president [9]. Founder’s Return - Vanke's founder, Wang Shi, has re-emerged during this challenging period, expressing his commitment to support the company and its stakeholders [10][12]. - Wang Shi's potential return is viewed positively in the industry, as he possesses extensive experience and connections that could benefit Vanke [14]. Industry Background and Policy Direction - Vanke's struggles reflect broader challenges in the Chinese real estate market, which has seen a 15.9% year-on-year decline in development investment from January to November 2025 [16]. - The market is shifting from a supply-demand imbalance to a more balanced state, with a notable increase in second-hand housing transactions [16]. Strategic Adjustments and Business Transformation - Despite the challenges, Vanke's diversified business segments showed resilience, with revenue from asset management and property services increasing by 21.3% year-on-year in the first half of 2025 [17]. - Vanke is focusing on enhancing its service offerings and adapting to market demands for higher quality housing, moving away from previous expansion strategies based on land price competition [22].

2025年12月11日，由北京中指信息技术研究院主办，中国房地产指数系统、中国物业服务指数系统承办 的"2025中国房地产大数据年会暨2026中国房地产市场趋势报告会"在北京隆重召开。 2025年12月11日，由北京中指信息技术研究院主办，中国房地产指数系统、中国物业服务指数系统承办 的"2025中国房地产大数据年会暨2026中国房地产市场趋势报告会"在北京隆重召开。 会上，中指研究院发布《中国房地产市场2025总结&2026展望》、《2024年中国住房租赁市场总结与展 望》、《2025中国物业管理行业市场总结&2026趋势展望》等多份报告。 根据《中国房地产市场2025总结&2026展望》报告显示：2025年，全国房地产市场整体延续调整态势。 二季度以来新房销售边际转弱，二手房市场持续"以价换量"，市场整体仍处于"止跌回稳"过程中。 市场方面，2025年1-11月，重点城市改善性需求仍是市场重要支撑，在优质项目入市下，百城新房价格 累计上涨2.29%，涨幅较2024年同期持平。二手房市场延续"以价换量"，1-11月，百城二手房价格累计 下跌7.46%，价格仍面临调整压力。成交端来看，今年以来，核心城市在优质 ...

新引擎，新航道 人人人人人人人人人 人人人人人人人人人人 专题报告 世邦魏理仕 中国区研究部 投资及资本市场部 2025 年12 月 Market Outlook lockup fixed. Please do not alter. Report Theme (16pt) Report Themes: – Intelligent Investment – Future Cities – Adaptive Spaces – Evolving Workforce – Creating Resilience Change Market name as needed. Cover photography: Urban cityscape / thriving spaces 执行摘要 险资近五年前四大配置资产类型 13% 59% 工业物流 1,370+亿元 ⚫ 人To -C人 人人人人人人人 险资C端资产配置占比变化 40+笔数 写字楼 730+亿元 19+笔数 零售商业 730+亿元 10+笔数 综合体 420+亿元 5+笔数 增值型 （Value -Add ） 机会型 （Opportunistic ） 改造 证券化 ...

Core Viewpoint - The real estate industry is undergoing a significant transformation as companies like China Communications Real Estate and others are transferring their real estate development assets and liabilities to their controlling shareholders to reduce debt and shift towards a light-asset model [1][2][7] Group 1: Asset Transfer and Debt Reduction - China Communications Real Estate announced the transfer of its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group, with a net loss of RMB -1.8191 billion during the transition period, which will be borne by the group [1] - Other companies, such as Huayuan Real Estate, have also engaged in similar asset transfers to alleviate debt burdens, with Huayuan transferring all related assets and liabilities for a total of RMB 468 million [3] - ST Nanzhi transferred 17 real estate development assets and liabilities for a nominal price of RMB 1, involving debts of approximately RMB 13.3 billion to avoid delisting risks [4] Group 2: Shift to Light-Asset Operations - Following debt reduction, companies are focusing on light-asset operations, with Huayuan Real Estate establishing four main sectors: hotels, property management, long-term rental apartments, and construction management, generating stable cash flow [5] - Tianjin Investment City Development is concentrating on property management and affordable rental housing, achieving a turnaround with a projected net profit of RMB 1.576 million for the first half of 2025 [6] - Midea Real Estate has developed four light-asset sectors, retaining revenue of RMB 3.726 billion in 2024, a 33% increase year-on-year, with a gross margin of 35.7% and a net profit of RMB 504 million, up 25% [6] Group 3: Industry Trends and Support - The shift towards debt reduction and light-asset transformation is driven by the real estate industry's downturn, with high-debt companies needing to "lighten their load" for survival [7] - State-owned enterprises have unique advantages in this transition, as they can leverage internal resources for debt isolation and risk clearance, supported by policies encouraging optimization of structures [7] - The combination of "debt cutting and light-asset transformation" has become a mainstream strategy for state-owned real estate companies, particularly those with strong parent company support, aiming for sustainable development [7]

"住着住着家要换了。"这个冬天，长租公寓租客周洲（化名）感觉有点冷。 对于周洲来说，这或许是少数的好消息。她决定周末在周边看看房子，尽早决定换租还是退租。她也在考虑别的退路——政府保租房。 租金下降1200元，房东也在随行就市 和买卖市场的走势相仿，深圳租赁市场进入淡季后整体降温，但局部板块仍保持活跃，分化趋势明显。 "也要看缘分，在坂田有钱也不一定能找到合适的房子。"龙岗坂田链家经纪人王伟杰如此形容当前区域租赁市场的特殊性。 坂田作为深圳较早开发的工业园区，在本世纪初开始建设，周边城中村较多，老旧小区占据主导。对于租客来说，选择性有限，即便支付能力强，也不一 定能租到合适的房源。 周洲租住在某大型长租公寓品牌位于龙岗坂田某城中村的房源。几天前，管家突然通知称她，出于业主"重新规划资产"，原房东将收回房源自行运营。摆 在周洲面前的只有两个选择：换到品牌旗下其他门店，或者领违约金退租。无论哪个选项，她都得在月底前从已经熟悉的生活抽身。 同样收到清退通知的还有住在宝安福永的曾斐（化名）。管家给出的理由是：合同到期，整栋物业将交还业主经营，"预计在12月31日正式与大家告别"。 所幸经过协商，业主愿意降租400元并 ...