Core Insights - The company emphasizes a focus on core capabilities and a return to fundamentals in response to external uncertainties for the year 2026 [2][3] - The company aims to align with national economic strategies, focusing on high-quality development and enhancing consumer engagement through innovative commercial spaces [3] Achievements in 2025 - In 2025, the company became the first private real estate enterprise in three years to successfully issue pure credit offshore bonds and launched the first consumer real estate ABS in the country [2] - The company delivered nearly 40,000 residential units and five Wuyue Plazas, increasing the total number of operational Wuyue Plazas to 178 [2] - The green building coverage rate for ongoing projects reached 100%, with 106 Wuyue Plazas receiving provincial-level or higher green shopping mall certifications [2] Strategic Focus for 2026 - The company plans to leverage its dual-driven strategy of commercial management and real estate development to navigate economic cycles [3] - There will be a continued emphasis on financial stability and transforming credit advantages into developmental momentum [3] - The company aims to implement a "big asset management" strategy and enhance light asset management output [3] Technological Integration - The company intends to scale the application of AI and digital technologies in development, commercial management, and organizational collaboration [3] - There is a focus on transforming technological capabilities into core competitive advantages and fostering a more agile and efficient innovative organization [3] Commitment to ESG - The company plans to deepen the integration of ESG principles into its business operations and ensure that green development is embedded in daily practices [3]

证券代码：601155 证券简称：新城控股 编号：2026-001 新城控股集团股份有限公司 公司于2025年12月31日接到常州德润的通知，常州德润与中信证券股份有限公 司（以下简称"中信证券"）协商一致，同意将质押给中信证券部分股权的质押期限 延长一年。相关手续已办理完毕，具体事项如下： 一、上市公司股份质押情况 公司分别于2022年12月14日、2023年12月14日及2024年12月19日披露了常州德 润将其持有的30,000,000股公司股份质押给中信证券的公告，具体请见公司于上海 证券交易所网站（www.sse.com.cn）及指定披露媒体披露的公告（公告编号： 2022-081、2023-070及2024-052）。 截至公告披露日，公司控股股东富域发展集团有限公司（以下简称"富域 发展"）的一致行动人常州德润咨询管理有限公司（以下简称"常州德润"） 持有本公司股份为137,800,000股，占公司总股本6.11%，其中被质押的股 份累计60,000,000股，占其持有公司股份的43.54%，占公司总股本的2.66%。 截至公告披露日，公司控股股东富域发展及其一致行动人常州德润累计持 有本公司股 ...

新城控股公告称，公司于2025年12月31日接到股东常州德润通知，其与中信证券协商一致，将质押的 3000万股公司股权质押期限延长一年，从2025年12月12日延至2026年12月12日，该股份占其持股的 21.77%，占公司总股本的1.33%，资金用于偿还前期债务。截至公告披露日，控股股东富域发展及其一 致行动人常州德润累计持股占总股本67.20%，累计质押股份占其持股的24.55%，占总股本的16.49%。 若出现平仓风险，常州德润将采取相应措施应对。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [7]. Core Insights - The new housing value-added tax policy, effective from January 1, 2026, aims to lower transaction costs by reducing the tax rate from 5% to 3% for properties held for less than two years, which is expected to enhance the efficiency of second-hand housing transactions and stabilize the real estate market [1][2][3]. - The policy reflects the central government's commitment to stabilizing the real estate market and is anticipated to create opportunities for capable real estate companies by improving the demand-side replacement chain and optimizing supply-side quality [1][4]. Summary by Sections Tax Rate and Policy Adjustments - The new policy significantly reduces the short-term holding tax rate from 5% to 3%, representing a 40% decrease in transaction costs. For a property priced at 1 million (excluding tax), the tax burden decreases from 53,000 to 31,000 [2]. - The policy eliminates regional differences in tax exemptions, standardizing the exemption period to two years nationwide [2]. Market Dynamics and Demand - The adjustment primarily targets properties held for less than two years, which currently have low transaction willingness due to self-use demand. However, the policy is seen as a signal to stabilize demand and relax restrictions on short-term transactions [3]. - The report notes a shift in the market from new housing to second-hand housing, with a 5% year-on-year increase in second-hand housing transactions, while new housing transactions have decreased by 4% [4]. Investment Recommendations - The report recommends several real estate companies based on their creditworthiness, product quality, and operational capabilities. Key recommendations include: - Companies with strong credit and product quality such as China Overseas Development, China Resources Land, and Longfor Group [5][9]. - Companies with robust cash flow management during market adjustments like New City Holdings and Longfor Group [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties and Link REIT [5]. - Property management companies with stable cash flow and dividend advantages like Greentown Service and China Resources Vientiane Life [5].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [4]. Core Insights - The recent policy change on the value-added tax (VAT) for personal housing sales, reducing the rate from 5% to 3% for properties sold within two years, aims to lower seller transaction costs and help restore the transaction chain [2][4]. - The real estate industry has undergone significant adjustments since 2021, with front-end indicators (sales, land acquisition, and construction) declining by 50-70%, and back-end indicators (completion and investment) dropping by 30-40% [4]. - The cumulative decline in second-hand housing prices from July 2021 to September 2025 is 37%, surpassing the average decline of 34% across 42 countries [4]. - The report emphasizes the need for policies to support demand-side recovery to stabilize the market, particularly in core cities [4]. Summary by Sections Policy Changes - The new VAT policy effective from January 1, 2026, will exempt individuals from paying VAT on properties sold after two years of purchase, while those selling within two years will pay a reduced rate of 3% [5]. Market Analysis - The report highlights the critical need for repairing household balance sheets to address the ongoing challenges in the real estate market, with expectations for further supportive policies to stabilize the market [4]. - Anticipated policy measures include reductions in mortgage rates, optimization of purchase restrictions and taxes in first-tier cities, accelerated land acquisition, and support for real estate financing [4]. Investment Opportunities - The report identifies two key investment opportunities: the revaluation of quality commercial real estate and the emergence of strong product capabilities in core cities [4]. - Recommended companies for investment include: 1. Commercial real estate: China Resources Land, New World Development, Kerry Properties, Hang Lung Properties, Longfor Group, with a focus on Swire Properties and New World Development. 2. Quality housing companies: Jianfa International, Binjiang Group, Greentown China, and China Jinmao. 3. Undervalued recovery companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments. 4. Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property. 5. Second-hand housing intermediaries: Beike-W [4].

Core Viewpoint - Yonghui Supermarket is accelerating its retail network upgrade in Nanchang, responding to market demand and enhancing quality retail transformation with the opening of the new "Fat Yonghui" store, marking a new phase in its strategic layout in the region [1][19]. Product Structure Optimization - The store has undergone significant product restructuring, adding over 3,400 new items, achieving 80% of the product structure of the "Fat Donglai" model, with imported goods accounting for 12% [3][10]. - Fresh produce remains a traditional strength, with the introduction of differentiated selections and seasonal popular items like Chilean cherries and Dandong strawberries, while maintaining a commitment to quality and affordability [7][10]. In-Store Experience Enhancements - The store has increased the proportion of fresh food and bakery items from 5% to approximately 20%, introducing new ready-to-eat products and seasonal themed items [9][12]. - Customer experience improvements include a more flexible shopping layout, additional checkout counters, and lower shelf heights for better visibility and accessibility [12][13]. Service and Employee Welfare - The store has expanded its service offerings, including customer rest areas and various conveniences like medical supplies and pet storage [13][15]. - Employee numbers have increased from 85 to 150, with improved average salaries and benefits, including paid leave and enhanced working conditions [15][17]. Commitment to Quality and Local Needs - Yonghui aims to meet consumer demand for high-quality, cost-effective products by introducing a dedicated area for its private label and local specialties [10][19]. - The company emphasizes local characteristics and quality upgrades in its product offerings, aiming to create a community shopping space that is welcoming and trustworthy for Nanchang residents [19].

Core Viewpoint - The grand opening of Changzhou Xingyao City Wuyue Plaza further solidifies New City Holdings' leading advantage in commercial scale, with the project expected to enhance regional economic vitality and create over 5,000 jobs [1] Group 1: Project Overview - Changzhou Xingyao City Wuyue Plaza is the seventh Wuyue Plaza in Changzhou, strategically located in the core area of the high-speed rail hub [1] - The project covers a total construction area of over 550,000 square meters and is a key municipal project with an investment exceeding 5 billion yuan [2] - The plaza integrates various functions, including retail, dining, and services, aiming to reshape urban consumption patterns and elevate regional value [1][2] Group 2: Innovative Features - The plaza features three major experiential labels: "Water-Land-Air Lively Space," "Visual Wonder Space," and "ESG Low-Carbon Living Space," enhancing its competitive edge [2][3] - It includes Changzhou's first aerial garden of over 15,000 square meters and a lakeside commercial area, providing diverse leisure experiences [3] - The "Visual Wonder Space" boasts Changzhou's first over 1,000 square meter naked-eye 3D screen and a 40-meter high iconic glass sphere, creating a recognizable urban landmark [3] Group 3: Brand and Consumer Experience - The plaza hosts over 200 premium brands, including 6 first stores in Jiangsu and 21 first stores in Changzhou, establishing a distinctive image during its opening [4] - Notable attractions include Jiangsu's first indoor skydiving brand and the first full-size American-style matrix slide in East China, enhancing the consumer experience [4] - The project focuses on high-quality lifestyle offerings, featuring a range of dining options and lifestyle brands, catering to diverse consumer needs [5]

Core Viewpoint - The article discusses the downfall of Qu Dejun, a former senior executive at Wanda Group, who was sentenced to seven years in prison for bribery during his tenure at the company, highlighting issues of corruption within the commercial real estate industry in China. Group 1: Background of Qu Dejun - Qu Dejun worked at Wanda Group for 17 years before moving to New城控股 (New Town Holdings) in 2021, where he was optimistic about the company's future [1][41] - He held various key positions at Wanda, including Vice President and Executive President, overseeing critical functions such as leasing and contract approval [50][58] - His career trajectory included a significant role in Wanda's expansion during a period of rapid growth in the commercial real estate sector [10][50] Group 2: Corruption Charges - Qu Dejun was found guilty of accepting bribes totaling 6.3 million yuan (approximately 0.9 million USD) from a Beijing entertainment company between 2011 and 2016 [5][48] - The court revealed that he provided preferential treatment to the company, including significant rent discounts and favorable leasing terms across 12 major cities [52][57] - Specific benefits included a 20% rent reduction over five years, waiving penalties for underperformance, and altering contractual obligations to lower costs for the company [52][54] Group 3: Legal Proceedings and Sentencing - The Beijing Third Intermediate Court sentenced Qu Dejun to seven years in prison and ordered the confiscation of 500,000 yuan (approximately 70,000 USD) in personal assets [7][49] - The court noted that his actions severely harmed Wanda's financial interests and disrupted fair competition in the commercial real estate market [57] - Qu Dejun's family has returned the full amount of bribes, which may have contributed to a lighter sentence [56] Group 4: Industry Implications - The case underscores the challenges of corruption within the commercial real estate sector in China, particularly during periods of rapid growth [10][57] - Wanda Group has a history of stringent internal audits and anti-corruption measures, yet even long-serving executives like Qu Dejun were not immune to legal repercussions [32][80] - The incident reflects broader issues in the industry, where management practices and oversight may need to be reevaluated to prevent similar occurrences in the future [37][82]

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Insights - In the first 11 months of 2025, the transaction area of residential land in 100 cities decreased by 15% year-on-year, while the average transaction floor price increased by 9% year-on-year [1][20] - The top three companies in terms of new land reserve value from January to November 2025 are China Overseas Land & Investment (COLI) with 96.2 billion yuan, China Resources Land with 75.7 billion yuan, and China Merchants Shekou with 75.4 billion yuan [2][89] - The core 30 cities saw a cumulative year-on-year decrease of 5% in residential land transaction area, but a 13% increase in average transaction price [2][3] Summary by Sections Land Supply and Demand - In the first 11 months of 2025, the total supply of land in 100 cities decreased by 11.9% year-on-year, with a total transaction area of 10.68 billion square meters [10] - The supply of residential land in 100 cities for January to November 2025 was 348 million square meters, down 16.5% year-on-year, while the transaction area was 221 million square meters, down 15.1% year-on-year [20][1] Land Transaction Prices - The average transaction floor price for residential land in 100 cities increased by 9.4% year-on-year, reaching 6,295 yuan per square meter [1][55] - In November 2025, the average transaction price for residential land in first-tier cities was 39,283 yuan per square meter, up 29.5% year-on-year [66] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a cumulative year-on-year increase of 22.1% in new land reserve value, totaling 861.8 billion yuan from January to November 2025 [81] - The top three companies in terms of new land reserve area were China Overseas Land & Investment (4.38 million square meters), Poly Developments (3.63 million square meters), and China Merchants Shekou (3.14 million square meters) [89] Core 30 Cities Land Transaction Situation - In November 2025, the core 30 cities recorded a total of 208 residential land transactions, with a total area of 1.529 million square meters, down 14.4% year-on-year [94] - The overall premium rate for land transactions in the core 30 cities was 2.2%, down 4.1 percentage points year-on-year [94] Investment Recommendations - The report suggests focusing on companies with strong brand reputation and sales performance in core cities, recommending Poly Developments, China Merchants Shekou, and China Jinmao [4][117] - It also highlights the potential of companies with rich existing resources and operational brand competitiveness, recommending China Resources Land and Shanghai Lingang [4][117] - The report sees long-term growth potential in property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][117]