Core Insights - The real estate market is showing signs of stabilization, with an increase in the number of cities experiencing rising new home prices, indicating a warming market [1][2] - The industry is undergoing a deep adjustment, requiring a shift from a developer-centric model to a customer-centric approach, focusing on high-quality housing supply and innovative operational models [2][12] - The demand for "good houses" is strong, driven by genuine improvement needs, but supply has not kept pace, leading to market differentiation [5][6] Market Trends - In August 2025, the number of cities with rising new home prices increased to 9, up from 6 in July, while first-tier cities saw a slight price decline of 0.1% [1] - Second-tier cities experienced a 0.3% decline, and third-tier cities saw a 0.4% decline, indicating varying levels of market pressure across different city tiers [1] - The adjustment period for real estate has lasted four years, with some structural positive changes emerging in specific regions and housing types [1][2] Demand and Supply Dynamics - The concept of "market stabilization" involves both phase-based and structural recovery, with quality properties in prime locations showing positive growth [3][4] - The reasonable range for the price-to-income ratio internationally is 2-6 times, while first-tier cities in China have seen ratios as high as 40 times, indicating significant room for adjustment [4] - The demand for quality housing is evident, with a notable portion of buyers looking to upgrade their living conditions, particularly in desirable areas [6][12] Future Outlook - The future of the real estate market will depend on macroeconomic improvements and the return of key indicators to reasonable ranges, with opportunities concentrated in high-quality housing and innovative operational models [2][12] - The integration of AI and remote working trends will reshape housing needs, requiring developers to adapt designs and community features to accommodate new living and working arrangements [8][9] - The long-term transformation of the industry is expected to lead to healthier market conditions, with a focus on high-quality development and reduced reliance on traditional growth models [15][16] Company Strategies - Real estate companies must pivot from high turnover to meticulous product development, emphasizing consumer needs and preferences [12][17] - Successful companies in the future will likely be those that maintain financial stability, focus on core competencies, and adapt to emerging trends such as AI and remote work [13][15] - The shift towards non-traditional real estate businesses can be successful if companies remain focused and innovative, creating unique offerings that are difficult to replicate [18]

Investment Rating - The report maintains a "Recommended" rating for the real estate sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The alpha of real estate stocks depends on the precision of land acquisition, with the current macroeconomic environment not supporting a general rise in housing prices, making it challenging for companies to ensure project profitability [6][7]. - The value of real estate stocks is derived from the discounted future residual earnings, which are based on the profitability of each project, ultimately reflecting on ROE and valuation [6][7]. - The report highlights that the market for new homes is contracting, and the effective market area for new homes is shrinking, complicating the identification of valuable land parcels [7][24]. - The report suggests that future sector opportunities will primarily arise from improved land acquisition comfort for real estate companies, transitioning from a contracting to an expanding market [24]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion and a circulating market value of 1,183.334 billion [2]. Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 7.6%, 16.6%, and 3.4% respectively, while the relative performance is 4.4%, -1.9%, and -12.1% [3]. Project Profitability and Market Dynamics - The profitability of real estate companies is increasingly dependent on project-level earnings, with past profits driven by rising property prices and a focus on debt leverage [6][7]. - The report notes that the supply of quality land has increased, leading to heightened competition among projects, and some older projects may face challenges in sales due to new building regulations [7][24]. Investment Recommendations - The report recommends focusing on companies that have demonstrated precise land acquisition over the past three years, such as Greentown China, China Resources Land, and Jianfa International Group, while also monitoring companies like China Overseas Grand Oceans and China Jinmao for improvements in land acquisition in the latter half of 2024 [24].

Core Insights - China Overseas Macro Yang Group (00081) reported a contract sales amount of RMB 2.804 billion and a contract sales area of 251,700 square meters in September 2025, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amount reached RMB 23.587 billion and the cumulative contract sales area was 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million with a subscribed but unsigned area of 46,800 square meters [1] Project Development - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company accumulated a total new floor area of 1,847,569 square meters, with a total land cost of RMB 8.00927 billion, and an equity floor area of 1,651,124.94 square meters with an equity land cost of RMB 7.02929 billion [1]

Core Viewpoint - China Overseas Hongyang Group reported a decline in contract sales and sales area for September 2025, indicating ongoing challenges in the real estate market [1] Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2,116,000 square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] Uncontracted Sales - As of the end of September 2025, the cumulative amount of uncontracted sales stood at RMB 546 million, with an uncontracted sales area of 46,800 square meters [1] New Projects - In September 2025, the company added two new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion, and an equity floor area of 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年九月三十日止九個月 物業銷售和新增土地更新 二零二五年九月，本公司（連同其附屬公司（統稱「本集團」））新增土地涵蓋上海、 青島和瀋陽四幅地塊（包括將透過已簽約股權交易所獲得的土地），權益建築面積約 554,410.45 平方米，權益地價約人民幣 21,626.86 百萬元。二零二五年一月至九月，本集 團新增土地累計權益建築面積約 3,633,709.14 平方米，累計權益地價約人民幣 76,633.83 百萬元。 中國海外發展有限公司（「本公司」）欣然宣佈本公司連同其附屬公司、合營公司及聯 營公司（統稱「中國海外系列公司」）截至二零二五年九月三十日止九個月的若干經營 數據（「物業銷售和新增土地更新」）。本公告亦可於本公司網站（www.coli.com.hk） 閱覽。 一、物業銷售更新 於二零二五年九月，中國海外系列公司的合約物業銷售金額約 ...

Core Viewpoint - China Overseas Macro Yang Group reported a decline in contract sales and sales area for September 2025, indicating a challenging market environment [1] Group 1: Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million, with a subscribed but unsigned area of 46,800 square meters [1] Group 2: New Projects - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion [1] - The equity floor area during the same period was 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （在香港註冊成立之有限公司） （股份代號：81） 二零二五年九月份的未經審核營運數據 中國海外宏洋集團有限公司（「本公司」）董事局（「董事局」）欣然宣佈本公司及其附屬 公司（「本集團」）及本集團之聯營公司和合營公司（統稱「中海宏洋系列公司」）若干未 經審核營運數據如下： 在2025年9月份，中海宏洋系列公司實現合約銷售額人民幣2,804,000,000元及合約銷售面積 251,700平方米，分別按年下跌11.0%及4.0%。在2025年1至9月份，累計合約銷售額人民幣 23,587,000,000元及合約銷售面積2,116,000平方米，分別按年下跌10.7%及9.1%。截至2025年 9月底，累計認購未簽約額人民幣546,000,000元及認購未簽約面積46,800平方米。 在2025年9月份，本集團於河北省唐山市路北區新增項目2個，總樓面面積182,942平方米， 總土地成本人民幣909,240,0 ...

Group 1 - The core viewpoint of the article indicates a recovery in the real estate market sales in September, with a total sales amount of 26,065.9 billion yuan for the top 100 real estate companies in the first nine months, reflecting a year-on-year decline of 12.2%, but the decline rate has narrowed by 1.1 percentage points compared to the first eight months [1] - In September, the monthly sales of the top 100 real estate companies increased by 11.9% month-on-month, with companies like CIFI, Binjiang, Jinmao, and Poly Real Estate showing strong sales performance [1] - The top five companies by sales amount in the first three quarters are Poly Development, Greentown China, China Overseas Property, China Resources Land, and China Merchants Shekou, with total sales amounts of 201.7 billion yuan, 178.5 billion yuan, 170.5 billion yuan, 154.4 billion yuan, and 140.66 billion yuan respectively [1] Group 2 - The China Index Academy believes that future policies will maintain a loose tone, focusing on the goal of "stopping the decline and stabilizing" and accelerating the implementation of various policies already introduced [1] - It is expected that the supply of new homes in core cities may see a mild improvement, providing some support to the market, although new projects in more cities are limited, indicating that market differentiation will continue [1]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]

Core Viewpoint - The performance of Chinese property stocks continues to decline, with major companies experiencing significant drops in share prices amid ongoing market adjustments and policy changes [1] Group 1: Company Performance - New World Development (01030) shares fell by 5.04%, trading at HKD 2.45 [1] - China Overseas Land & Investment (00081) shares decreased by 4.15%, trading at HKD 2.31 [1] - Sunac China (01918) shares dropped by 1.82%, trading at HKD 1.62 [1] Group 2: Market Data - From January to September, the total sales of the top 100 property companies reached CNY 26,065.9 billion, representing a year-on-year decline of 12.2%, although the decline rate narrowed by 1.1 percentage points compared to January to August [1] - In September alone, the sales of the top 100 property companies increased by 11.9% month-on-month [1] Group 3: Market Outlook - Core cities are continuing to optimize demand-side policies, but overall market performance remains subdued outside these areas, indicating ongoing adjustment pressures [1] - According to Guotai Junan Securities, the fourth quarter will enter a high base period, and the need for stability remains evident amid policy logic [1] - Everbright Securities predicts that by 2025, with the implementation of previous real estate policies, local governments will gain more autonomy in market regulation, leading to further regional and urban differentiation, with some high-capacity core cities likely benefiting from urban renewal [1]