Investment Rating - The report does not explicitly provide an investment rating for the real estate industry but indicates a cautious outlook due to ongoing adjustments in the market [3]. Core Insights - The Chinese real estate market is still in a state of adjustment as of 2025, with 53 companies consistently ranking in the TOP100 for five consecutive years, showcasing strong operational capabilities and sustainable development potential [3][15]. - The report highlights that 30 companies have ranked in both sales and land acquisition TOP100 over the past two years, indicating their active role in the market [3][21]. - The report emphasizes the importance of companies with strong governance, financing, and investment capabilities, particularly those focusing on local markets and adapting to policy changes [3][18]. Summary by Sections Sales Performance - The report lists the top 10 companies by sales revenue for 2025, with Poly Developments leading at 253 billion, followed closely by Greentown China and China Overseas Land & Investment [4][10]. - The top 10 companies by sales area are also detailed, with Poly Developments again at the forefront, indicating a strong market presence [4][10]. Company Categories - Companies are categorized based on their sales performance and operational stability, with a distinction made between those exceeding 100 billion in sales and those below, highlighting the resilience of certain firms during market adjustments [15][18]. - The report identifies a group of state-owned enterprises and mixed-ownership companies that have maintained stable sales and investment levels, showcasing their adaptability in the current market [15][22]. Market Trends - The report anticipates that the average annual sales area for new residential properties will remain between 700-800 million square meters, with increasing urban differentiation [23]. - It suggests that the market is expected to stabilize after significant price corrections and supply-demand adjustments, with a gradual recovery anticipated in the latter half of the "14th Five-Year Plan" period [23]. Future Outlook - The report concludes that the real estate sector is likely to see a shift towards high-quality development, with companies demonstrating operational resilience becoming key players in supporting the industry's stability [23].

（文章来源：证券日报） 证券日报网讯 1月9日，保利发展在互动平台回答投资者提问时表示，公司严格按照监管要求履行信息 披露义务，关于2025年度业绩的披露安排，请以公司后续官方披露公告为准。 ...

证券日报网讯1月9日，保利发展（600048）在互动平台回答投资者提问时表示，关于管理层薪酬，公司 实行严格的绩效评价体系，薪酬详细情况请参阅公司年度报告。 ...

证券日报网讯1月9日，保利发展（600048）在互动平台回答投资者提问时表示，管理层始终以维护全体 股东利益、提升公司价值为核心责任。面对行业与市场的波动，公司聚焦于全力保障公司经营安全、加 速提升资产质量与结构优化，以期夯实公司长期发展的基础。 ...

保利发展（600048）(600048.SH)发布公告，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2530.30亿元，同比减少21.67%。 ...

智通财经APP讯，保利发展(600048.SH)发布公告，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2530.30亿元，同比减少21.67%。 ...

北京商报讯（记者 李晗）2026年1月9日，保利发展披露2025年12月销售简报。简报显示，2025年12月 保利发展实现签约面积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%。 ...

Core Insights - Chengdu's new housing market demonstrated strong resilience in 2025, with total transactions reaching 91,858 units and an average unit size of approximately 131.27 square meters, likely leading the nation in new home sales for the third consecutive year [1] - The market's performance is attributed to continuous product iteration and improvements in residential design, driven by macro policy optimization and a focus on product value [1] - Buyers are increasingly seeking refined living experiences, with features like independent elevator access and multifunctional community spaces becoming standard in high-quality projects [1] Market Dynamics - In 2025, five companies in Chengdu's real estate sector achieved sales exceeding 10 billion yuan, indicating a reduction in the number of top-tier firms and an increase in industry concentration [3] - China Resources Land maintained its leading position with a sales amount of 12.268 billion yuan, supported by projects like Huachengfu and Tiancheng Shangyuan, which emphasize differentiated living environments [3][5] - Chengdu Rail City topped the sales area chart with approximately 510,000 square meters, leveraging a comprehensive TOD development model [5] High-End Market Trends - The introduction of premium product lines by major developers, such as Jianfa's "Haiyao" and Beike's "Beicheng S1," reflects the market's vitality and residential value [7] - Jianfa's Haiyao achieved a record average price of 84,952.16 yuan per square meter, setting a benchmark for high-end living in Chengdu [7][8] - The high-end market saw a historic peak in the supply and sales of properties priced over 10 million yuan, with over 140 transactions for homes priced above 20 million yuan [10] Unique Project Highlights - Projects like Chengdu Jiabai Road and LACADIERE Tianlan have distinguished themselves through unique product offerings and resource advantages, attracting significant market interest [11][13] - Jiabai Road's new club at 200 meters high and LACADIERE Tianlan's panoramic views and international design have set them apart in the competitive landscape [11][13] - The ecological development of Mulu Lake Ecological City, with its community-driven cultural events, has contributed to its nearly 10 billion yuan sales performance in 2025 [16] Structural Market Shift - Chengdu's real estate market is transitioning from a scale-driven approach to a product-driven one, with buyers increasingly valuing community ecology and long-term value [16] - The competition is shifting towards product strength and community operation capabilities, which are essential for companies to navigate market cycles effectively [16]

保利发展1月9日公告，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2530.30亿元，同比减少21.67%。由于销售过程中存在各种不确定性，上述销售数据可能与定 期报告披露的数据存在差异，相关数据以公司定期报告为准。 ...

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） ...