行 业 及 产 业 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 2025 年 07 月 13 日 楼市成交进入淡季，更大力度政策 值得期待 看好 ——地产及物管行业周报（2025/07/05-2025/07/11） 本期投资提示： 房地产 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 陈鹏 (8621)23297818× chenpeng@swsresearch.com 行业点评 1．行业数据 1.1 新房成交量 1.1.1 成交周环比：上周 34 城周成交环比下降 50%，一二线环比下 研 究 报 告 - ⚫ 地产行业数据：一二手房成交环比下降，新房成交推盘比下降。上周（25/7/5- 25/7/11）34 个重点城市新房合计成交 198.3 万平米，环比-50.1%；其中，一二线环 比-51%、三四线环比-28.3%；7 月一手房月成交同比-16.0%，较 6 月-4.3p ...

2025年上半年，广州新房市场交出亮眼"成绩单"。据阳光家缘数据，新房网签32861套，同比上涨 16.97%；网签面积3644019平方米，同比上涨17.31%。整体行情保持向上，政策后劲显著。 值得关注的是，上半年超21个"使用率超100%"的全新盘面市，"好房子"吸引力强劲，有效拉动销量。 同时，"高质价比"产品受青睐，房企通过谨慎定价与创新促销策略，比如升佣、加码赠送、让利等，推 动项目成交。 ●南方日报记者 柴亚娟 周中雨 统筹：冯善书 改善型需求强势崛起 "好房子"成市场宠儿 "125平方米的峯璟户型，一线江景、空间尺度和纯粹圈层都符合我们的置换目标。"龙湖亚伦·央璟颂业 主张先生的选择颇具代表性。二胎之家陈太太则看中139平方米央璟户型的双主卧设计、百变空间和60 平方米超感方厅，能满足多代同堂需求。 这个位于广州番禺区洛溪岛的项目，开盘即热销，首批房源几近售罄。4月其成交套数在全市高居第 二，打破了市场对非热门区域项目的预期。 当房子回归居住属性，置业者更看重"好房子"本质。叠加新规带来的高使用率和先进设计，不少新盘成 销售"宠儿"。 整体来看，上半年楼市"量升价跌"，以价换量特征更明显。 一 ...

港股内房股午后爆发，龙光集团(03380.HK)涨超50%，融创中国(01918.HK)涨超9%，新城发展 (01030.HK)、世茂集团(00813.HK)、越秀地产(00123.HK)等个股跟涨。 ...

证券研究报告 住建部调研强调好房子，多地放宽公积金 房地产 行业定期报告 hyzqdatemark 2025 年 07 月 08 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 投资评级： 看好（维持） ——房地产行业周报（25/06/28-25/07/04） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 联系人 板块行情：本周上证指数上升 1.4%、深证成指上升 1.3%、创业板指上升 1.5%、沪 深 300 上升 1.5%、房地产（申万）上升 0.3%。个股方面，涨跌幅前五的分别为： *ST 南置(+14.6%)、南山控股(+11.0%)、珠江股份(+6.5%)、皇庭国际(+6.1%)、财信发 展(+5.8%)，涨跌幅后五的分别为：ST 数源(-6.9%)、深振业 A(-6.1%)、*ST 荣控 (-5.1%)、衢州发展(-5.0%)、合肥城建(-4.7%)。 数据跟踪：新房：本周 ...

Core Insights - The article discusses the competitive land auction in Shenzhen, highlighting the successful bid by China Overseas Land & Investment Limited for a residential land parcel in Longhua District, which sold for 2.37 billion yuan, reflecting a floor price of 27,566 yuan per square meter [7] - Shenzhen is set to auction five quality residential land parcels over the next month, indicating a strategic approach to balance market demand for commercial housing and the need for affordable housing [7][9] Group 1: Upcoming Land Auctions - The T201-0232 land parcel in Qianhai Cooperation Zone will be auctioned on July 14, with a starting price of 1.158 billion yuan and a building area of 25,600 square meters [8] - The A815-0036 land parcel in Longhua District will be auctioned on July 30, with a starting price of 1.906 billion yuan and a building area of 67,950 square meters [8] - The A319-1225 land parcel in Bao'an District will be auctioned on August 4, with a starting price of 1.09 billion yuan and a building area of 59,665 square meters [8] - The A815-0037 land parcel in Longhua District will be auctioned on August 8, with a starting price of 1.554 billion yuan and a building area of 51,070 square meters [8] Group 2: Land Auction Conditions - The five residential land parcels have optimized auction conditions, allowing for ordinary commercial housing without requirements for affordable housing or specific unit types [9] - The auction process will follow a "highest bidder wins" principle, with services such as "land transfer upon certificate issuance" and "housing transfer upon certificate issuance" [9] - The parcels are characterized by favorable locations, good amenities, beautiful landscapes, low plot ratios, and reasonable prices, aligning with Shenzhen's standards for quality housing [9][10]

2025年07月07日 证券研究报告 | 房地产行业2025年中期策略 审慎观察，积极博弈 行业研究 · 行业投资策略 房地产·房地产开发 投资评级：优于大市（维持） 证券分析师：任鹤 010-88005315 renhe@guosen.com.cn S0980520040006 证券分析师：王粤雷 0755-81981019 wangyuelei@guosen.com.cn S0980520030001 证券分析师：王静 021-60893314 wangjing20@guosen.com.cn S0980522100002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 • 上半年回顾 当前"924"热度渐散，市场重回下行趋势，景气度回到了"924"之前。我们预计若无增量政策出现，短期内市场销售 端无自发修复的可能。 • 下半年展望 当前库存供需关系未明显好转，如回收存量土地计划全部落地，当前能消化约14%的超量闲置土地。如果不考虑增量政策， 我们预计2025全年销售额-5.8%，销售面积-3.6%，投资-9.3%，新开工-2%，竣工-26%。 请务必阅读正文之后的免责声明及其项下所有内容 目录 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联系人 曹曼 (8621)23297818× caoman@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 06 日 住建部要求多管齐下稳定预期，更大力度 推动房地产止跌回稳 看好 ——地产及物管行业周报（2025/06/28-2025/07/04） 本期投资提示： ⚫ 地产行业数据：一二手房成交环比下降，新房成交推盘比上升。上周（25/6/28-25/7/4） 34 个重点城市新房合计成交 396 万平米，环比-0.3%；其中，一二线环比+2%、三四线 环比-38%；7 月截至上周末一手房月成交同比-25%，较 6 月-13pct；其中，一二线同比- 25%、三四线同比-23%，分别较 6 月-18pct 和+25pct。上周 13 个重点城市二手房成交 112 万平米，环比-14 ...

房地产 证券研究报告/行业定期报告 2025 年 07 月 05 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 8.07 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 8.0 | 19.2 | 17.5 | 15.8 | 14.9 | 买入 | | Email：youzp@zts.com.cn | | 招商蛇口 | 8.70 | 0.65 | 0.37 | 0.48 | 0 ...

Core Viewpoint - The number of billion-dollar real estate companies in China is sharply declining, with only a few remaining amidst a cooling new housing market [1][2]. Group 1: Sales Performance of Real Estate Companies - In the first half of 2025, only three companies—Poly Developments, Greentown China, and China Overseas—achieved sales exceeding 100 billion yuan, with sales figures of 133.61 billion yuan, 122.11 billion yuan, and 114.12 billion yuan respectively [1]. - The overall sales performance indicates that by the end of 2025, it is estimated that only seven companies may reach the billion-dollar sales mark [2]. Group 2: New Housing Market Trends - The new housing market is experiencing a downturn, with a 2.9% year-on-year decrease in the sales area of newly built commercial housing from January to May 2025, and a 3.8% decline in sales revenue [3]. - The sales of pre-sold properties fell by 10.0%, while the sales of existing homes increased by 13.2% during the same period, indicating a preference for existing homes over new constructions [3]. Group 3: Market Segmentation and Pricing - The demand for homes in the 90-120 square meter range remains dominant, but there is an increasing interest in larger units (120-140 square meters and 180-220 square meters), reflecting a shift towards both first-time buyers and those seeking improved living conditions [6]. - In major cities, such as Shanghai, high-end projects are seeing strong demand, with some properties selling out quickly, while peripheral areas face significant challenges with low buyer interest [5]. Group 4: Land Market Dynamics - The residential land market is showing signs of recovery, with a nearly 30% year-on-year increase in land transfer fees across 300 cities, and an average premium rate of 10.2% [7]. - Core cities like Beijing, Shanghai, and Hangzhou are experiencing high demand for quality land parcels, with significant premium rates achieved during land auctions [8][9].

Group 1 - The issuer, Guangzhou Urban Construction Development Co., Ltd., has applied to the China Securities Regulatory Commission and the Shanghai Stock Exchange for the registration of a public bond issuance and listing on the Shanghai Stock Exchange [1] - As of March 31, 2025, the issuer's unaudited financial data includes cash and cash equivalents of 33.694 billion yuan, accounts receivable of 0.586 billion yuan, and inventory of 191.838 billion yuan [1]