【2】融信中国6月合约销售额2.51亿元 7月7日，融信中国披露6月未经审核经营简报。简报显示，6月融信中国连同其附属公司及其联合营公司 总合约销售额约为2.51亿元；合约建筑面积约为2.76万平方米；平均合约售价约为9066元/平方米。 【3】雅居乐6月预售金额合计9.3亿元 【1】深房中协：二手房周录得1436套，环比增长4.2% 7月7日，根据深房中协统计，2025年第27周全市二手房（含自助）录得1436套，环比增长4.2%。二手 房录得量两连涨，整体维持在一个相对高位水平运行。 此外，据深圳市房地产信息平台数据，2025年第27周全市新房（预售+现售）成交量下降明显。根据公 开在售二手房源量数据统计，截至2025年7月7日，全市共有75169套有效二手房源在售，较上周增加 1311套。 【5】保利置业6月合同销售金额48亿元 7月7日，保利置业披露6月未经审核销售简报。简报显示，6月保利置业实现合同销售金额约48亿元，合 同销售面积约16.5万平方米，合同销售均价约2.92万元/平方米。 北京商报记者 王寅浩 李晗 7月7日，雅居乐披露6月未经审核的经营简报。简报显示，6月雅居乐及其附属公司连同集团 ...

保利置业集团(00119.HK)：6月，公司实现合同销售金额约人民币48亿元，合同销售面积约16.5万平方 米，合同销售均价约人民币29,157元/平方米。 ...

Core Insights - The real estate market in China is witnessing a significant increase in land acquisition by top developers, particularly in first and second-tier cities, with a year-on-year increase of over 30% in land acquisition amounts for the top 100 developers [3][10]. Group 1: Land Acquisition Trends - In the first half of the year, the total land acquisition amount for the top 100 developers reached 506.55 billion yuan, marking a 33.3% increase compared to the previous year [3]. - Ten developers exceeded 10 billion yuan in land acquisition, with Poly Developments leading at 41.4 billion yuan, followed by China Overseas and Greentown China at 39.3 billion yuan and 38.5 billion yuan, respectively [4][5]. - Central state-owned enterprises remain the dominant players in land acquisition, accounting for 58% of the total land acquisition amount in 22 cities, while the share of local state-owned enterprises has decreased [6][8]. Group 2: Market Dynamics - The land market is showing a clear trend of "controlling quantity and improving quality," with a significant increase in land transfer amounts in first and second-tier cities, which grew by 47.3% and 36.5%, respectively [11][12]. - The top 20 cities accounted for approximately 66% of the total land transfer amount nationwide, a notable increase from 51% in the previous year [12]. - The average premium rate for land transactions has exceeded 10%, indicating strong competition for high-quality land [11]. Group 3: Developer Strategies - Developers are increasingly focusing on the safety and profitability of projects, with core areas in cities like Beijing, Shanghai, and Hangzhou expected to see high premium transactions due to their scarcity [17]. - The return of private developers to the land market suggests a gradual recovery of confidence in the real estate market, with many actively seeking to replenish their land reserves [8][6]. - In major cities like Hangzhou and Shanghai, land auctions have seen record-breaking prices and premium rates, reflecting the high demand for residential land [15][16].

上半年，拿地排名TOP100房企在土拍市场共耗资5065.5亿元，同比增长33.3%，自2022年以来出现罕见的正增长。 但金额的同比增长，是靠各城上架了大量城市核心区优质地块换来的。如果以住宅用地成交面积计算，中指研究院统计的300城住宅用地成交面积仍在继 续缩量。 同时，房企也在进一步向重点一二线城市聚焦，尤其是北上广深、杭州、成都等几个热门城市。 未来，楼市的基本盘在头部20-30个城市。上半年，TOP20城市出让金在全国的占比已经超过65%，其它所有城市之和才占到1/3。 对于房企，楼市"战场"空间变小了，在这些城市的土地市场上正面交锋、硬碰硬不可避免。 一方面，头部房企之间的竞争加剧，是频频推高优质地块的溢价率高企的主要原因，后果是：企业做项目的成本越来越高； 另一方面，"资金+操盘"实力稍弱，会很快被挤出第一梯队。能让房企跑赢的已经不是某一年的爆发力，而是持续的资金续航和产品升级能力。 值得注意的是，TOP100房企权益拿地金额的中位数只有约20亿元，TOP1的权益拿地金额，已经达到了第30位的14.8倍。现在及未来，还有能力在多个城 市群全面深耕的房企也就20家左右，在全国热门城市多点开花已经和 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 2025年1-5月，百城宅地成交建面同比-3.4%，成交楼面均价同比+26.2% 2025年1-5月，百城住宅类用地成交建面为6,991万平，累计同比-3.4%；成交楼面均价为7,466元/平方米， 累计同比+26.2%。分能级城市来看，1-5月， 一线城市：供应住宅类用地建面为464万平，累计同比+5.3%；成交建面为305万平，累计同比-12.6%；成 交楼面均价为42,605元/平方米，累计同比+50.6%。 二线城市：供应住宅类用地建面为4,105万平，累计同比-2.9%；成交建面为3,197万平，累计同比+7.1%； 成交楼面均价为8,735元/平方米，累计同比+19.1%。 三线城市：供应住宅类用地建面为3,89 ...

2025年5月29日，中诚信国际公布评级报告，保利置业集团有限公司2025年面向专业投资者公开发行公 司债券(第三期)(品种二)获"AAA"评级。 中诚信国际肯定了保利置业集团有限公司（以下简称"保利置业"或"公司"）实际控制方中国保利集团有 限公司（以下简称"保利集团"）综合实力雄厚并可为公司提供多方面支持、公司丰富的房地产开发经验 及广泛的品牌影响力以及主力销售城市货值可对公司短期业绩形成一定支撑等正面因素对公司业务发展 及信用水平具有的良好支撑作用。同时，中诚信国际关注到房地产行业风险、部分区域市场表现承压， 相关项目存在去化压力等因素可能对其经营及整体信用状况造成的影响。 资料显示，保利置业集团有限公司（以下简称"保利置业"或"公司"）成立于2001年5月。2018年6月20日 保利发展控股集团股份有限公司（以下简称"保利发展"）完成收购保利置业集团有限公司（以下简 称"保利置业（香港）"，股票代码00119.HK）母公司保利（香港）控股有限公司（以下简称"保利香港 控股"）50%的股权，保利集团和保利发展各持有保利香港控股50%股权1，保利香港控股持有保利置业 （香港）40.70%股份。公司作为保利 ...

没有限价，不设7090限制，不设初始无偿移交、自持住房，前侧宗地调规，市场深度调整，深圳西部热土上的网红盘，还能再热吗？ 加紧入市 保利在广州已建了一个保利瑧誉后，在深圳又复刻了一个高端誉系项目——保利瑧誉府。 不过相比广州荔湾的保利瑧誉，深圳的保利瑧誉府的完成进度要慢得多。 据项目实地考察，才出地面三四层，且在紧锣密鼓地施工中。 据了解，保利瑧誉府预计7月入市，展厅已经开放。 虽然价格还未确定，但市场吹风9万+/平，带精装交付。 （来源:互联网平台） 项目的体量不大，占地面积不到1万平方米，但规划了2栋住宅，容积率达到了6.22。 | 主要经济技术指标表 | | | | | --- | --- | --- | --- | | 一、项目概况 | | | | | 项目名称 環誉府 | | 用地单位 | 深圳市保金房地产开发有限公司 | | 宗地号 A001-0219 | | 用地位置 | 宝安中心区 | | 二、主要经济技术指标 | | | | | 建设用地面积(m2) | 9997.8 | 总建筑面积(m2) | 80530 | | 道路用地面积 | S | 计容积率建筑面积(m2) | 62274. 15 ...

Core Viewpoint - Poly Real Estate serves as an important platform for Poly Group's real estate business and capital markets, with Poly Group holding a total of 48.09% of the company's shares, providing strong financing support and quality asset injection for rapid development [1] Sales Performance - In 2024, the company achieved a sales amount of 54.2 billion yuan, a year-on-year increase of 1.1%, ranking 17th in the industry and entering the TOP20 for the first time, with 85% of sales coming from first- and second-tier cities [2] - The sales target for 2025 is set at 50 billion yuan [2] Land Acquisition - From 2010 to present, the company has established a presence in 31 cities, acquiring a total of 165 projects, with a land acquisition amount of 19.95 billion yuan in 2024, a decrease of 39.3% year-on-year [2] - The average land price increased to 20,700 yuan per square meter, up 14.7% year-on-year, with all acquired land in 2024 and early 2025 located in first- and second-tier cities [2] Land Reserves - By the end of 2024, the company had a total land reserve of 13.16 million square meters, with an equity ratio of 70% and an average land cost of 11,000 yuan per square meter [2] Property Management - Poly Property Management Group operates various types of properties, managing 288 projects with a total area of 52.74 million square meters, a year-on-year increase of 3.9% [3] - The property management segment generated revenue of 1.206 billion yuan in 2024, remaining flat year-on-year [3] Financial Performance - In 2024, total revenue was 40.21 billion yuan, a decrease of 1.9%, with a net profit attributable to shareholders of 180 million yuan, down 87.3% year-on-year [4] - The company’s gross profit margin fell to 16.4%, a decrease of 4 percentage points year-on-year [4] - By the end of 2024, the company had interest-bearing liabilities of 70.5 billion yuan, a decrease of 4.7% year-on-year, with a net debt ratio of 77.2% [4] Investment Outlook - The company is recognized for its strong shareholder backing, operational resilience, and strategic focus on high-quality projects in key markets, particularly in the Yangtze River Delta and Shanghai [5] - Future revenue projections for 2025-2027 are 39 billion, 40.4 billion, and 40.9 billion yuan, with net profits of 180 million, 190 million, and 200 million yuan respectively [5]

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of HKD 1.47 and a sector rating of "Outperform" [2]. Core Insights - The company demonstrates resilience during the current deep adjustment cycle in the real estate industry, with significant improvements in its debt structure and a balanced approach to stability and growth [5]. - The company has achieved notable breakthroughs in sales and land acquisition, becoming one of the few firms to maintain positive sales growth in 2024, entering the industry’s top 20 for the first time [5][8]. - The management team has extensive experience in real estate, with a focus on strategic planning and operational management, which is expected to lead the company towards steady growth [5][8]. Summary by Sections Company Overview - Poly Real Estate Group is a significant platform for the real estate main business and capital market of Poly Group, with a strong backing from its parent company [8][25]. - The company has a robust shareholder structure, with Poly (Hong Kong) Holdings Limited holding 41.45% of the shares, and the ultimate controller being the State-owned Assets Supervision and Administration Commission [25][27]. Real Estate Development Business - Despite the industry's downturn, the company has maintained a good development momentum, achieving a sales amount of HKD 542 billion in 2024, a year-on-year increase of 1.1%, and ranking 17th in the industry [5][8]. - The company has focused on high-quality land acquisitions in first- and second-tier cities, with a total land reserve of 13.16 million square meters and an average land cost of HKD 11,000 per square meter [5][8]. - The company’s sales performance in key markets like Shanghai and Jinan has been strong, with a significant portion of sales coming from first- and second-tier cities [5][8]. Financial Analysis - The company’s revenue for 2024 is projected at RMB 40.21 billion, with a year-on-year decrease of 1.9%, while the net profit attributable to shareholders is expected to be RMB 182.87 million, down 87.3% [7][15]. - The debt structure has improved, with total interest-bearing liabilities at RMB 70.5 billion, a decrease of 4.7% year-on-year, and a net debt ratio of 77.2% [7][15]. - The company has a solid cash flow position, with cash and cash equivalents of RMB 34.5 billion, reflecting a year-on-year increase of 9.1% [7][15]. Diversified Business - The company has developed a diversified business model, including property management, investment properties, and hotel management, with a total managed area of 52.74 million square meters [20][21]. - The property management segment has seen steady growth, with 288 managed projects as of the end of 2024 [20][21]. - The hotel management division has established a presence in eight cities, operating nine hotels in collaboration with international hotel management groups [21].

Group 1 - The core viewpoint of the articles highlights the trend of "differentiated land supply" in Shanghai's real estate market, reflecting an upgrade in the logic of land supply to meet urban development and market demand changes [1][2][4] - The recent auction of four residential land parcels in Shanghai totaled 9.709 billion yuan, with two parcels sold at the base price and two exceeding a premium rate of 20% [1][2] - The Yangpu parcel achieved a floor price of 80,200 yuan per square meter, setting a new high for the Dinghai area, while the Songjiang parcel was acquired at a floor price of 25,300 yuan per square meter with a premium rate of 20.42% [2][6] Group 2 - The emergence of new industrial areas is expected to attract high-end talent and create strong demand for high-quality housing, supported by the ongoing implementation of the "One River, One River" plan and the development of five new towns [2][5] - The "bundled land transfer" model used for the Hongkou Sichuan North Road parcel aims to integrate commercial and residential developments, promoting regional planning and sustainable development rather than solely focusing on economic benefits [4][5] - The performance of real estate companies in this land auction, primarily dominated by state-owned enterprises, reflects a strong confidence in the market, bolstered by positive data from new and second-hand housing transactions [5][6]