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 ...

Group 1 - The core viewpoint of the news is that Poly Real Estate Group Co., Ltd. has received an "AAA" rating for its bond issuance, reflecting strong support from its parent company, China Poly Group, and its extensive experience in real estate development [1] - China Chengxin International recognizes the robust comprehensive strength of Poly Group, which can provide various forms of support to the company [1] - The company has a rich experience in real estate development and a wide brand influence, which positively impacts its business development and credit level [1] Group 2 - The company was established in May 2001 and became a major real estate investment and operation entity for Poly Real Estate (Hong Kong) in mainland China after the acquisition by Poly Development Holdings Group in June 2018 [2] - In 2024, the company achieved a total operating revenue of 34.145 billion yuan [2]

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

内容概要：房屋租赁指由房屋的所有者或经营者将其所有或经营的房屋交给房屋的消费者使用，房屋消 费者通过定期交付一定数额的租金，取得房屋的占有和使用权利的行为。随着我国经济的持续增长，居 民收入水平不断提高，这在一定程度上增强了人们的租房能力。人们为了工作、学习或生活便利，经常 需要在不同城市或地区之间迁移，这为房屋租赁市场提供了广阔的发展空间。2024年，我国房屋租赁规 模31481亿元，房屋租赁面积113.31亿平方米；预计2025年，我国房屋租赁规模将达31967亿元，房屋租 赁面积将达117.49亿平方米。随着政策支持、市场需求变化和技术进步，房屋租赁服务行业发展迅速， 并呈现出多个明显趋势。房屋租赁行业正从野蛮生长进入规范化、品质化发展阶段，具备资金、品牌和 运营能力的企业将占据优势。 上市企业：我爱我家(000560)、龙湖集团(00960)、万科（0002）、贝壳-W(02423)、保利置业集团 (00119)、朗诗地产(00106)、ST安居(839798) 相关企业：我爱我家、贝壳、万科泊寓、龙湖冠寓、美寓、瓴寓国际、魔方生活服务集团、百瑞纪集 团、乐乎集团、城家、华润有巢、自如寓、朗诗寓、招商 ...

Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].

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]

Core Viewpoint - The recent land auction in Shanghai showed a slight cooling compared to previous rounds, with a total of 4 plots sold for approximately 9.71 billion yuan, indicating a more cautious approach from developers [1][2][17]. Group 1: Auction Details - Four plots were auctioned in Shanghai on May 9, located in Hongkou, Yangpu, Songjiang, and Qingpu districts, with a starting total price of about 8.41 billion yuan [1][2]. - All four plots were successfully sold, generating a total revenue of 9.71 billion yuan [2]. - The Yangpu plot was acquired by Poly Real Estate with a premium rate of 26.3%, while the Songjiang plot was won by China Railway Construction with a premium rate of 20.4% [2][5][7]. Group 2: Developer Participation and Competition - The Yangpu plot attracted five developers, including China Overseas Land & Investment and Poly Real Estate, with intense competition leading to 72 rounds of bidding [8]. - The Songjiang plot also saw participation from multiple developers, ultimately secured by China Railway Construction [9]. - The plots in Hongkou and Qingpu had less competition, with the former being a commercial and cultural site and the latter located in a less desirable area [9]. Group 3: Market Analysis and Future Outlook - The premium rates for the recent land sales did not exceed 30%, indicating a more cautious stance from developers compared to previous auctions [2][17]. - Analysts remain optimistic about the Shanghai real estate market, citing the combination of central and suburban land supply as a positive factor for future stability [17].