Core Viewpoint - 23 key cities plan to auction 112 plots of land, with a total starting price of 67.2 billion yuan [1] Group 1: Land Auction Plans - The cities planning to auction land this month include Shanghai, Wuxi, Guangzhou, and others, with Shanghai having a starting price exceeding 10 billion yuan [2][6] - Shanghai and Wuxi are set to auction land with amounts exceeding 5 billion yuan in a single day, scheduled for October 20 and October 11 respectively [3] Group 2: Detailed Auction Information - Shanghai has a total of 7 plots with a starting price of 18.49 billion yuan, covering a building area of 414,000 square meters and a land area of 200,900 square meters [6] - Wuxi plans to auction 3 plots with a starting price of 6.15 billion yuan, covering a building area of 482,600 square meters and a land area of 331,000 square meters [6] - Other cities like Guangzhou, Beijing, Chengdu, and Suzhou also have significant plots scheduled for auction, with starting prices ranging from 4.16 billion yuan to 28.09 billion yuan [6][7]

Core Viewpoint - The concentration of new land value among the top 100 real estate companies remains high, with the top 10 companies accounting for 68% of the new land value, indicating a significant market dominance by leading firms [1][16]. Group 1: Land Market Overview - As of September 25, the total area of commercially traded land reached 6,592 million square meters, reflecting a 50% month-on-month increase and a 2% year-on-year increase. The total transaction amount was 184.9 billion yuan, with an 86% month-on-month increase and a 2% year-on-year increase [19]. - The average premium rate for land transactions fell to 3.2%, the lowest this year, due to a higher proportion of non-hotspot land transactions [15][19]. - The threshold for the top 100 companies in terms of new land value increased by 2% year-on-year, reaching 3.86 billion yuan, while the thresholds for total price and building area also saw increases of 8% [21][22]. Group 2: Investment Trends - The total new land value, total price, and building area for the top 100 companies increased by 33.2%, 53.3%, and 5.4% year-on-year, respectively, with significant contributions from major projects like the redevelopment in Shanghai's Xuhui District [23]. - By the end of September, nearly 50% of the top sales companies had not acquired new land, with only 16 companies surpassing 10 billion yuan in land acquisition [29]. - Central state-owned enterprises accounted for 67% of the total land acquisition amount, indicating a preference for core quality land [28]. Group 3: Sales and Investment Dynamics - The sales-to-land acquisition ratio for the top 100 companies was 0.31, with the top 10 companies achieving a ratio of 0.44, indicating a strong correlation between sales performance and land acquisition among leading firms [24]. - Despite a slight recovery in sales in September, the impact on investment remains weak and delayed, as many companies are cautious and rational in their investment decisions [33]. - The market shows a mixed response to land auctions, with heightened competition for quality plots but reduced interest in ordinary land offerings [33].

中央部委加快推进盘活存量闲置用地，将带来更多强确定性的投资机会 ◎ 文 / 马千里 2025年9月，土地成交规模迎来季节性环比回升，同比也实现止跌。据月末快报数据，9月土地成交建筑 面积和金额分别环比上升50%和86%，同比来看成交建面、金额均同比微增2%。供地节奏也有所加快， 截至25日本月供应土地建筑面积8363万平方米，环比上月增加27%。在土地供求规模环比增加的同时， 而土拍热度仍集中在上海、杭州、成都的少数优质板块，因此溢价率进一步回落。月内国务院批复了部 分地区要素市场化配置的试点方案，鼓励采取市场化方式盘活存量闲置土地，自然资源部也审议通过了 新的行业标准文件，填补存量空间规划编制技术标准空白，进一步推进城市存量空间盘活优化。预计年 内启动的闲置土地收储工作将在四季度进一步加快落实，并为房地产行业带来更多优质土地供应，兼顾 行业库存结构调整和稳定需求规模。 核心要点 供求：环比季节性回升，成交同比止跌。 本月供应建筑面积8363万平方米，环比增加27%，同比 下降8.5%。成交6592万平方米，环比增加50%，同比增加2%。 热度：年内新低。 9月平均溢价率为3.2%，环比回落1.5个百分点。这 ...

2025年第39周 Weekly 2025年9月22日-2025年9月28日，第39周土地供应规模大幅上升，成交规模延续高位，土拍热度低位持平。 本周重点城市监测供应土地建筑面积为695万平方米，环比上升89%，成交建筑面积为648万平方米，环比下 降7%，依旧延续年内高位。本周厦门出让了4宗高总价宅地，合计成交总价81.25亿元，但均由本地国企底 价竞得，土拍热度低位持平，周度平均溢价率1.5%。 供应： 本周供应建筑面积为695万平方米，环比上升89%。 一线城市中北京挂牌2宗宅地，均位于昌平区，合计出 让底价54.1亿元。广州番禺区挂牌1宗宅地，出让底价11亿元。重点城市本周供应宅地72宗，平均容积率1.95。 重点供应地块方面，北京昌平区天通苑歇甲庄村挂牌一宗低密度高总价地块，地块容积率1.65，起拍总价26亿元， 起拍楼板价2.5万元/平方米。地块距离17号线天通苑东站约2公里，未来可换乘13A线，连接望京、西三旗、上地乃 至中关村软件园等重要就业区域。教育和商业主要依赖歇甲庄村规划新建。周边有清河、温榆河公园等生态资源， 生态配套较佳。不过地块周边城市界面较为老旧，且临近拆迁安置房片区。该地块歇甲 ...

导 读 ☉ 文／CRIC研究中心 | | | | 2025年1-9月 ·中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | | | HIOP100 | | | 排名 | 企业简称 | 操盘金额 (亿元) | 排名 | 企业简称 | 操盘面积 (万平方米) | | 1 | 保利发展 | 1856. 0 | 1 | 保利发展 | 920. 1 | | 2 | 绿城中国 | 1785.0 | 2 | 绿城中国 | 842.0 | | 3 | 中海地产 | 1623. 6 | 3 | 中海地产 | 720. 2 | | 4 | 中海量地 | 1388.7 | 4 | 万科地产 | 719. 1 | | 5 | 招商蛇口 | 1330.0 | ર | 招商蛇口 | 560. 0 | | 6 | 建发房产 | 943.5 | 6 | 中海星城 | 554. 0 | | 7 | 万科地产 | 936.0 | 7 | 龙湖集团 | 458.9 | | 8 | 中国金茂 | 712.6 | 8 | 绿地控股 | 447. 4 | | 9 | 华发股份 | 626. ...

研究中心专题卡介绍 研究专题卡是克而瑞研究中心推出的一套系统化的房地产企业情报定制方案，旨在用专业的行业知识与精湛的 行业预判为房企预测走势、预警风险、提供借鉴。 每年为企业提供『宏观研究、市场研究、企业管控、项目借鉴、营销案例、产品案例、运营模式、企业深度、 企业融资及盈利模式』十大类、五十个专题的选择。 产品类型 服务形式 企业可根据自身需求从专题列表中选择适合专题打包组成定制专题卡，但全年累积不得超过会员自身等级规定数量。 2025年新增专题 点击 红色标题 阅读缩略版 ※2025年三季度中国房地产行业总结与展望 总结与展望 | 2 0 2 5年三季度中国房地产行业总结与展望（上） 总结与展望 | 2 0 2 5年三季度中国房地产行业总结与展望（中） 总结与展望 | 2 0 2 5年三季度中国房地产行业总结与展望（下） 专题 | 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间 2025年中期5 0家典型上市房企的现金持有量为11867亿元，较期初减少了9. 4 9%。 专题 | 2025年上半年房企盈利能力报告——毛利率修复至10.87%，净利润维持亏损 期内确认存货跌价损失4 ...

l 15年 VIEW POINT HD 09. VIEW POINT HSNOT SNIA NANZ ONIO 过去一两年很多"日光盘"都是在上海、成都这类热点恒热的城市出现，市场热度也靠这些核心 城市支撑。 各地高得房率四代宅、新规项目入市，对市场热度起到了很好的"托举"作用。 特别是在中央推动建设安全、舒适、绿色、智慧的"好房子"的号召下， 产品力较强的优质改 善盘成为各地楼市"宠儿" ，同片区内去化率往往优于传统项目。 以武汉为例 ，8月全市共计8次推盘，共计推出1528套，综合首日去化率为35%。其中新规项 目推盘7次，推盘套数占比90%，首日去化率38%；老规范项目推盘1次，推盘套数占比10%， 首日去化率仅为3%。 不过最近，其他二线城市也陆续出现了"日光盘"，比如 海口、重庆和南京。 海口最为典型，就在前两天推出的 中海·南海叁号院 ，168套洋房开盘即售罄，单日收金10亿 元。 还有一些市场低迷的城市，比如 广州、郑州 等城市，销售端也出现越来越多的亮点，部分项 目逆势飘红。 积极的信号不断传来。 2025年三季度以来，虽然新房供求季节性回落，延续低位徘徊，不过 从短期市场热端来看，却延续高位 ...

Core Viewpoint - In the context of a deep adjustment in the real estate industry, Poly Real Estate has achieved a counter-cyclical rise through a steady operational strategy, with its sales ranking significantly improving from 60th in 2021 to 15th by mid-2025, demonstrating strong resilience in development [2]. Group 1: Sales Performance - In the first half of 2025, Poly Real Estate achieved a total contract sales amount of 26.7 billion yuan, a year-on-year decrease of 6%, which is better than the average decline of 11.4% among the top 100 real estate companies [4]. - The average contract sales price reached 27,763 yuan per square meter, an increase of 8.7% compared to 2024, marking a new high in recent years [5]. - High-quality projects have supported steady performance, with notable sales records in Shanghai and Shenzhen, contributing to the company's sustained sales scale above 50 billion yuan for five consecutive years [4][5]. Group 2: Land Acquisition Strategy - Poly Real Estate has maintained a strong land acquisition capability, focusing on core cities, with 41% of new land reserves in first-tier cities in 2023 and 93% in first and second-tier cities combined [6][9]. - The company has continuously increased its land reserves in the Yangtze River Delta, with a significant portion of new land acquisitions located in Shanghai, Hangzhou, and Guangzhou [9]. Group 3: Financial Structure - The company has shown strong financing capabilities, completing three bond issuances totaling 4 billion yuan in the first half of 2025, with interest rates below 2.7% [10]. - By mid-2025, Poly Real Estate's cash holdings reached 28.5 billion yuan, maintaining a cash-to-total assets ratio of over 15% since 2021, indicating a solid liquidity position [10]. - The company's financial indicators have improved, with all three red lines turning green for the first time, reflecting a continuous optimization of its financial situation [10]. Group 4: Diversification and Shareholder Returns - Poly Real Estate has made progress in diversified operations, with investment property income growing from 779 million yuan in 2021 to 865 million yuan in 2024, providing stable cash flow [15]. - The property management business has also seen steady growth, with revenue increasing from 1.021 billion yuan in 2021 to 1.206 billion yuan in 2024 [15]. - The company has committed to a dividend policy guaranteeing a payout ratio of no less than 40% of net profit attributable to shareholders over the next three years, doubling the historical average [17].

业绩： 整体继续筑底，三成百强房企业绩同比增长 业绩、融资 融资： 前三季度融资同比下降30%，多家房企债务重组成功 ◎ 文 / 克而瑞研究中心 业绩篇 陆 整体继续筑底，三成百强房企业绩同比增长 2025年前三季度房企整体业绩延续筑底态势，部分企业业绩大幅回暖。 1-8月百强房企中累计业绩同比增长的企 业占比为31%，其中同比增幅大于20%的企业数量占到23家。整体来看，楼市的止跌回稳已经初现端倪。但是由 于购房者的信心和预期仍在修复过程中，叠加房企库存压力的持续增长，企业销售整体仍面临着较为严峻的挑 战，房企仍需积极应对。 总结 0 1 企业销售整体继续筑底 但短期复苏动能不足 2025年前三季度房地产市场延续筑底态势，房企销售整体保持低位运行。 1-8月行业百强房企累计销售操盘金额 20708.8亿元，同比减少13.1%；全口径金额22287.6亿元，同比减少13.8%。 整体来看， 虽然年初两会政府工作报告将"稳住楼市"首次写入总体要求，房地产政策面持续优化、释放利好， 但是房企推盘积极性整体仍相对较低，供应端供给约束依旧较为明显，同时客户观望情绪依然浓厚，短期复苏 动能不足。 TOP100中民营房企 ...

2025年第38周， "好房子"成为了本周政策的关键词。住建部在中央巡视整改通报中提出，要系统推进好房子、好小区、好社 区、好城区建设，持续巩固房地产市场稳定态势，工信部、自然资源部、住建部等六部门发布建材行业新规，开展"好材料支 撑好房子"行动。地方层面，河北、北京、上海等五省市发布"好房子"新规，推动房地产市场健康平稳发展。而随着国庆中秋 双节的到来，为抓住营销窗口期，各地公积金优化、税费减免和补贴类政策发布频次也有所提升。 01 周度中央： 六部门开展"好材料支撑好房子"行动，央行表态将加大存量商品房和土地盘活力度 9月24日，工业和信息化部、自然资源部、生态环境部、住房城乡建设部、水利部、农业农村部联合发布《建材行业稳增 长工作方案（2025—2026年）》，其中提出开展"好材料支撑好房子"行动，加强生产和应用标准衔接，支持打造一批好房 子样板和好材料应用试点。此项规定虽没有通过规划调整增加住房的赠送面积，但在行业顶层设计上进一步提升房屋质 量，有助于切实提升高品质住房客群的获得感，在技术层面为房地产"好房子"发展提供更多保障。 9月22日，住建部发布关于中央第三轮巡视整改进展情况的通报，在下一步工作 ...