Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement [3][29]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [3][29]. - The report suggests that while the real estate market continues to stabilize, core cities are expected to recover sooner [3]. Industry Data Summary New Housing Transactions - In the week of December 13-19, 2025, 34 key cities recorded a total new housing transaction volume of 3.095 million square meters, a week-on-week increase of 26.3% [4][6]. - Year-to-date, the total transaction volume for December is 7.416 million square meters, representing a year-on-year decrease of 30% [6][7]. - The transaction volume for new homes in first and second-tier cities was 6.866 million square meters, down 29.4% year-on-year [6][7]. Second-Hand Housing Transactions - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.192 million square meters, a week-on-week increase of 6.4% [12]. - The cumulative transaction volume for December is 3.29 million square meters, reflecting a year-on-year decrease of 32.9% [12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new housing, with a transaction volume of 1.07 million square meters, resulting in a transaction-to-launch ratio of 0.83 [22]. - The total available residential area in these cities is 90.354 million square meters, with a month-on-month increase of 0.2% [22]. Policy and News Tracking - The report highlights the Ministry of Housing's commitment to promoting high-quality development in the real estate sector, with a focus on maintaining market balance and stability [29][30]. - The Central Financial Office has proposed three measures to stabilize the real estate market for 2026, including controlling supply and supporting the transformation of real estate companies [30][32]. - Local policies, such as Shenzhen's focus on risk management for key enterprises and Shandong's "old-for-new" housing policy, are also noted [30][32].

Group 1: Harbin Ice and Snow World - The 27th Harbin Ice and Snow World will officially open on December 17, 2025, with a theme of "Ice and Snow Fairy Tale" [1] - This year's event is the largest in scale, created by thousands of ice construction workers [1] - Ticket prices are set at a promotional price of 298 yuan per adult from December 17 to December 23, 2025, reverting to the original price of 328 yuan starting December 24, 2025 [1] Group 2: Overseas Chinese Town A (OCT A) - In November 2025, OCT A reported a total visitor count of 6.97 million for its cultural tourism enterprises, an 8% increase year-on-year [1] - For the period from January to November 2025, the total number of visitors was 73.98 million, a 1% decrease compared to the previous year [1] - In November 2025, the company achieved a contract sales area of 86,000 square meters, a 61% year-on-year decrease, and a contract sales amount of 1.2 billion yuan, down 65% year-on-year [1] Group 3: Beijing Haichang Ocean Park - The Beijing Haichang Ocean Park project has entered the construction phase, with a total building area of approximately 160,000 square meters [2] - The park will feature a combination of ecological, educational, interactive, performance, artistic, and hotel functions, expected to be completed and operational by 2027 [2] - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group [2] Group 4: Taiyuan Plaza and China Resources Mixc Life - Taiyuan Plaza and China Resources Mixc Life have signed a cooperation agreement for the first Mixc Tian Di in North China, located in Taiyuan City [2] - The commercial complex will cover an area of approximately 445,000 square meters, integrating a "block + box mall" innovative model [2] - The project will feature international luxury brands, high-end dining, and cultural art spaces [2] Group 5: New City Holdings - New City Holdings has officially launched two innovative commercial product lines: "New Yuehui" and "Yinxiang" [2] - "New Yuehui" is positioned as an "urban vitality life aggregation body," while "Yinxiang" focuses on "enjoying slow time in urban streets," aimed at creating a "slow life block" [2] Group 6: Guangdong Province - Guangdong Province has issued measures to promote the integration of agriculture, culture, and tourism, focusing on high-quality development [3] - The measures include 27 specific actions to enhance the integration of various tourism-related sectors [3] - The province aims to develop ecological health resorts and promote traditional Chinese medicine health tourism [3] Group 7: Beijing Tourism - In the first ten months of the year, Beijing received over 300 million visitors, with tourism spending exceeding 600 billion yuan, representing year-on-year growth of 5.4% and 7.2% respectively [4][5] - Cultural and tourism consumption has become a significant growth driver for the construction of an international consumption center city [5]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 中央经济工作会议明确化解风险，稳定楼市 投资评级： 看好（维持） ——房地产行业周报（25/12/6-25/12/12） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.3%、深证成指上升 0.8%、创业板指上升 2.7%、 沪深 300 下跌 0.1%、房地产（申万）下跌 2.6%。个股方面，涨跌幅前五的分 别为：三湘印象(+12.1%)、南都物业(+7.6%)、京基智农(+5.1%)、苏州高新 (+4.2%)、世联行(+2.9%)，涨跌幅后五的分别为：海泰发展(-18.2%)、ST 中迪 (-15.5%)、*ST 阳光(-11.7%)、中天服务(-11.0%)、*ST 荣控(-11.0%)。 联系人 板块表现： 数据跟踪： ...

Core Viewpoint - New City Holdings announced that its controlling shareholder, Fuyou Development Group Co., Ltd., has pledged part of its shares, totaling 34,000,000 shares, as of December 16, 2025 [2] Group 1 - The pledged shares represent a significant portion of the company's equity held by the controlling shareholder [2] - The announcement was made on the evening of December 16, indicating a potential shift in shareholder dynamics [2] - The pledge of shares may impact investor sentiment and market perception of the company's stability [2]

新城控股集团股份有限公司 关于控股股东部分股权质押的公告 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。 重要内容提示： 截至公告披露日，新城控股集团股份有限公司（以下简称"本公司"、 "公司"）控股股东富域发展集团有限公司（以下简称"富域发展"）持有 本公司股份为1,378,000,000股，占公司总股本的61.09%，其中被质押的股 份累计312,055,500股，占其持有公司股本的22.65%。 一、上市公司股份质押 公司于2025年12月16日接到富域发展的通知，获悉其所持有本公司的部分股份 被质押，具体事项如下： 股东 名称 是否为 控股股 东 本次质押股 数 是否为 限售股 是否补 充质押 质押起始 日 质押到期 日 质权人 占其所 持股份 比例 （%） 占公司 总股本 比例 （%） 股份质 押用途 富域 发展 是 34,000,000 否 否 2025 年 12 月 15 日 2027 年 12 月 17 日（具体 以实际办 理日为 准） 渤海国际信 托股份有限 公司 2.47 1.51 为子公 司融资 提供担 ...

截至发稿，新城控股市值为317亿元。 每经AI快讯，新城控股（SH 601155，收盘价：14.06元）12月16日晚间发布公告称，公司于2025年12月 16日接到富域发展的通知，获悉其所持有本公司的部分股份被质押，本次质押股份数量为3400万股。截 至本公告日，富域发展累计质押股数约为3.12亿股，占其所持股份比例为22.65%。常州德润累计质押股 数为6000万股，占其所持股份比例为43.54%。 2025年1至6月份，新城控股的营业收入构成为：房地产开发销售占比68.63%，物业出租占比29.06%， 其他业务占比2.31%。 （记者 曾健辉） 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ ...

新城控股公告，公司控股股东富域发展质押3400万公司股份，占其所持股份比例为2.47%，占公司总股 本比例为1.51%。质押开始日为2025年12月15日，质押用途为为子公司融资提供担保。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]