Core Viewpoint - Yuexiu Property announced a decline in contract sales for September 2025, with a total of approximately RMB 6.801 billion, representing a year-on-year decrease of about 5.7% [1] Summary by Categories Contract Sales Performance - In September 2025, the company achieved contract sales (including joint ventures and associates) amounting to approximately RMB 6.801 billion, down about 5.7% year-on-year [1] - The contract sales area for the same month was approximately 242,700 square meters, reflecting a year-on-year decrease of about 3.1% [1] Year-to-Date Performance - From January to September 2025, the cumulative contract sales (including joint ventures and associates) reached approximately RMB 79.812 billion, which is an increase of about 2.8% year-on-year [1] - The cumulative contract sales area during this period was approximately 2,048,400 square meters, showing a significant year-on-year decline of about 22.1% [1] Sales Target Achievement - The cumulative contract sales amount for the first nine months of 2025 accounted for approximately 66.2% of the company's contract sales target of RMB 120.5 billion for the year [1]

越秀地产(00123)发布公告，2025年9月，公司实现合同销售(连同合营企业及联营公司项目的合同销售) 金额约为人民币68.01亿元，同比下降约5.7%，实现合同销售面积约为24.27万平方米，同比下降约 3.1%。 2025年1月至9月，公司累计合同销售(连同合营企业及联营公司项目的合同销售)金额约为人民币798.12 亿元，同比上升约2.8%，累计合同销售面积约为204.84万平方米，同比下降约22.1%。累计合同销售金 额约占2025年合同销售目标人民币1205亿元的66.2%。 2025年9月，公司实际拥有95.00%权益的附属公司通过公开挂牌方式取得杭州市一幅地块。该地块位于 杭州市拱墅区运河新城中部，总可建筑面积合共约98001平方米，规划用途为住宅用地。代表公司实际 权益的土地价款约为人民币12.64亿元。 ...

智通财经APP讯，越秀地产(00123)发布公告，2025年9月，公司实现合同销售(连同合营企业及联营公司 项目的合同销售)金额约为人民币68.01亿元，同比下降约5.7%，实现合同销售面积约为24.27万平方米， 同比下降约 3.1%。 2025年1月至9月，公司累计合同销售(连同合营企业及联营公司项目的合同销售)金额约为人民币798.12 亿元，同比上升约2.8%，累计合同销售面积约为204.84万平方米，同比下降约22.1%。累计合同销售金 额约占2025年合同销售目标人民币1205亿元的66.2%。 2025年9月，公司实际拥有95.00%权益的附属公司通过公开挂牌方式取得杭州市一幅地块。该地块位于 杭州市拱墅区运河新城中部，总可建筑面积合共约98001平方米，规划用途为住宅用地。代表公司实际 权益的土地价款约为人民币12.64亿元。 ...

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，概不就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之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） – 1 – 公 告 截至二○二五年九月三十日未經審計銷售資料及 九月份土地收購資料 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此公佈截至二○二五年九月三十日的 未經審計銷售統計資料及九月份新購土地資料如下： 本月銷售 二○二五年九月，本公司實現合同銷售（連同合營企業及聯營公司項目的合同銷售）金額約為 人民幣68.01億元，同比下降約5.7%，實現合同銷售面積約為24.27萬平方米，同比下降約 3.1%。 二○二五年一月至九月，本公司累計合同銷售（連同合營企業及聯營公司項目的合同銷售） （「累計合同銷售」）金額約為人民幣798.12億元，同比上升約2.8%，累計合同銷售面積約為 204.84萬平方米，同比下降約22.1%。累計合同銷售金額約佔二○二五年合同銷售目標人民幣 1,205億元的66.2%。 本月土地收購 二○二五年九月，本公司 ...

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].

Summary of Key Points from Conference Call Industry Overview - The conference call covers updates on the financial, materials, real estate, and aviation industries, highlighting a slowdown in manufacturing loan growth and a rationalization of investments, with a general decline in industrial enterprise investment growth. Approximately 40% of industries have seen improvements in net profit or profit growth, indicating ongoing economic structural adjustments [1][2]. Financial Industry Insights - The financial sector is stabilizing demand through targeted investments rather than large-scale stimulus, exemplified by a 500 billion yuan local government capital supplement plan and structural financial support tools. This aims to achieve supply-demand balance while maintaining a relatively low total debt growth rate [1][3]. - High-risk manufacturing credit accounts for only 8%-10% of total credit, a decrease from previous cycles, with limited impact on the financial system and credit costs [1][4][5]. - Expectations for the financial sector over the next 12-18 months include a potential rebound in manufacturing investment growth, which could help mitigate risks. The financial sector's revenue is projected to rebound to positive growth by 2026, supported by increased insurance savings deposits and bank wealth management sales [1][6]. Real Estate Market Analysis - The second-hand housing market continues to face challenges, with rising listings and steadily declining prices. A year-on-year decrease in transaction prices and volumes is expected in the fourth quarter, with a low probability of nationwide stimulus policies being introduced [1][8]. - Recommendations include focusing on high-quality state-owned enterprises like China Resources Land and Jianfa International, as well as companies with significant sales potential such as China Overseas, Kori, Jinmao, and Yuexiu. Caution is advised regarding private developers due to reduced land reserves and ongoing price declines [1][10][11]. Commodity Market Outlook - The commodity market is benefiting from a weaker dollar and global liquidity easing, with supply shortages in copper and gold exacerbated by the Grasberg mine disaster. The outlook for the gold market remains positive, while the aluminum market is experiencing tight supply-demand dynamics [1][18][19][21][22]. - The demand for copper in the second half of the year is expected to be stable, with the storage industry showing strong performance, although overall manufacturing does not exhibit significant improvement [1][20]. Aviation Industry Performance - During the recent holiday period, total passenger traffic increased by approximately 5.2%, aligning with expectations and reflecting structural growth dynamics [1][12]. - The aviation sector is anticipated to see a recovery in business demand in the fourth quarter, which could enhance overall demand structure and capacity utilization. The industry is viewed positively for the future, with expectations of moving from losses to profitability [1][17]. Investment Recommendations - Investors are advised to focus on quality state-owned enterprises in the real estate sector, as the fourth quarter has already priced in challenges, potentially leading to stock price corrections. Companies like Jianfa International and China Overseas are highlighted for their strong performance and stable dividends [1][10][11]. - The outlook for copper-related stocks is favorable due to rising global copper prices and increased interest from overseas investors, particularly in light of supply issues faced by overseas companies [1][25][26][27]. Conclusion - The overall sentiment from the conference call indicates cautious optimism across various sectors, with specific recommendations for investment in state-owned enterprises and commodities like gold and copper, while maintaining a cautious stance on private real estate developers due to ongoing market challenges [1][10][11][21].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4]. Core Insights - The "Good House" policy is expected to create new pathways for recovery in core cities, leading to a resurgence in leading companies and opening new development avenues [4]. - The report highlights the ongoing monetary easing cycle, which favors commercial real estate, indicating that the revaluation of quality commercial properties has begun [4]. Industry Data Summary - **New Housing Transaction Volume**: In the week of September 27 to October 3, 2025, 34 key cities saw a total new housing transaction of 2.472 million square meters, a week-on-week decrease of 0.6%. The transaction volume for first and second-tier cities increased by 3.2%, while third and fourth-tier cities saw a decline of 46.3% [4][5]. - **Monthly Year-on-Year Change**: In October, the transaction volume in 34 cities is expected to decrease by 28% year-on-year, with first and second-tier cities down by 23% and third and fourth-tier cities down by 58.5% [4][7]. - **Inventory Levels**: As of October 3, 2025, the total available residential area in 15 cities was 90.434 million square meters, with a week-on-week increase of 0.1%. The average monthly depleting months for the last three months was 25.9 months, an increase of 1.1 months [4][28]. Policy and News Tracking - **Policy Initiatives**: Various cities have introduced supportive real estate policies, including the establishment of a land supply heat map mechanism in Hefei and enhanced housing subsidy policies in Yunnan [4][38]. - **Land Market Transactions**: In Nanjing, six residential land plots were sold for approximately 4.21 billion yuan, while a plot in Beijing's Sun Palace area was sold for about 4.31 billion yuan [4][38]. Company Dynamics - **Financing Activities**: China Merchants Shekou plans to issue up to 82 million preferred shares to fund project delivery, while Yuexiu Property secured a 3 billion HKD revolving loan [4][44]. - **Sales Performance**: Jianfa International reported a cumulative sales amount of 71.03 billion yuan for the first nine months of 2025, a year-on-year increase of 7.5%, despite a decrease in sales area by 15.8% [4][44]. Sector Performance Review - **Market Performance**: The SW Real Estate Index rose by 3.01%, outperforming the CSI 300 Index, which increased by 1.99%. The real estate sector ranked 4th among 31 sectors [4][48].

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Beijing for the period of January to August 2025 Core Insights - The new policies introduced on August 8, 2025, aimed at optimizing the real estate market in Beijing, have led to a slight increase in market activity, particularly in new housing visits and second-hand property viewings, although overall market fluctuations remain minimal [3][11] - The total sales revenue of the top 20 real estate companies in Beijing reached 210.66 billion yuan, with a total sales area of 4.119 million square meters during the same period [5][7] - The top three companies by sales revenue are China Overseas Land & Investment (312.2 billion yuan), China Resources Land (226.1 billion yuan), and Yuexiu Property (201.0 billion yuan) [5][7] Summary by Sections Sales Performance - The top 20 real estate companies in Beijing achieved a total sales revenue of 210.66 billion yuan and a total sales area of 4.119 million square meters from January to August 2025 [5][7] - The threshold values for sales revenue and area for the top 20 companies were 3.65 billion yuan and 0.086 million square meters, respectively [5][7] Equity Sales Performance - The total equity sales revenue for the top 20 companies was 149.57 billion yuan, with a total equity sales area of 2.829 million square meters [7] - The top three companies in equity sales revenue were China Overseas Land & Investment (291.5 billion yuan), China Resources Land (155.6 billion yuan), and China State Construction Engineering Corporation (125.3 billion yuan) [7] Policy Changes - The new policies allow eligible households to purchase homes outside the Fifth Ring Road without restrictions on the number of properties [8][9] - The policies also include adjustments to the public housing fund loan standards, increasing the maximum loan amount for second homes from 600,000 yuan to 1 million yuan [9]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The performance of leading real estate companies declined year-on-year in August 2025, with land acquisition costs amounting to 13.55 billion yuan [6] - The average transaction area for new residential properties in first-tier cities decreased by 21.16% year-on-year, while second-tier cities saw a decline of 4.51% [10] - The total bond financing in the real estate sector was 55.31 billion yuan in August 2025, reflecting a year-on-year decrease of 4.3% [7] Summary by Sections 1. Overall Industry Performance in August 2025 - **Market Demand**: The average transaction area for new residential properties in first-tier cities was 470,300 m², down 21.16% year-on-year; second-tier cities recorded 313,800 m², down 4.51%; and third-tier cities saw 128,900 m², down 10.76% [10] - **Sales Situation**: The sales revenue of monitored brand real estate companies decreased by 2.6% year-on-year, with a month-on-month increase of 15.0%. Among the 10 monitored companies, five experienced a year-on-year decline, with the largest drop being 58.9% for Jindi Group [5] - **Land Acquisition**: The total land acquisition cost for monitored brand real estate companies was 13.55 billion yuan, with a total land area of 273,000 m² acquired [6] - **Financing Situation**: The total bond financing in the real estate sector was 55.31 billion yuan, down 4.3% year-on-year, with credit bond financing at 30.78 billion yuan, down 18.4% [7] 2. Key Companies' Performance - **Vanke**: In August, Vanke acquired land with a total cost of 156 million yuan and reported a sales revenue of 9 billion yuan, a year-on-year decrease of 47.7% [43][45] - **China Overseas Property**: This company recorded the highest month-on-month sales increase of 54.9% among the monitored companies [5] - **China Resources Land**: Acquired land with a total area of 19,100 m² and a planning area of 65,300 m² [38] 3. Policy Insights - The report highlights the government's focus on stabilizing the real estate market and promoting urban renewal, with policies aimed at enhancing housing supply and improving living conditions [12][19] - The emphasis on "good housing" construction and urban renewal is expected to drive future policy support for the real estate sector [24][25]

Core Viewpoint - The current real estate market in China is stabilizing, with high-end purchasing power shifting towards a more selective "value migration" despite general market caution [1][5][32] Group 1: Market Trends - In the first eight months of this year, cities like Beijing, Shanghai, Chengdu, and Hangzhou saw an increase in the number and proportion of new homes sold for over 10 million yuan [1] - During the National Day holiday, high-end projects by Yuexiu Property in Guangzhou showed strong sales, indicating a shift in high-net-worth individuals' purchasing logic from "having a home" to "selecting quality living" [1][5] - The global interest rate decline is leading to a rotation of funds between stocks and real estate, with a focus on high-end residential markets in core cities [5][27] Group 2: Product Transformation - The high-end improvement market is transitioning from standardized production to personalized customization, with a focus on unique product offerings [1][14][32] - Yuexiu Property has invested 14.3 billion yuan in acquiring land in the World Grand View area, aiming to create low-density, interconnected developments that redefine high-end living in Guangzhou [14][15] - The introduction of innovative design concepts, such as "vertical zoning," enhances privacy and exclusivity in residential projects [19][21] Group 3: Value Proposition - The value of high-end properties is increasingly tied to their location and product uniqueness, with a focus on "scarcity" as a key investment criterion [11][14] - Properties located in prime areas, such as those near the Pazhou Digital Economy Pilot Zone, are establishing a solid value foundation due to their unique geographical advantages [11] - The competitive landscape for high-end products is shifting towards creating unique experiences and services that differentiate them from standardized offerings [14][25] Group 4: Community and Lifestyle - High-end properties are fostering social networks among residents, enhancing the perceived value of the asset through community engagement and shared experiences [25][26] - Yuexiu Property's projects are designed to cater to affluent lifestyles, incorporating high-quality amenities and community spaces that promote social interaction [26][30] - The focus on privacy and personalized living experiences is becoming a standard in high-end residential design, reflecting the evolving needs of high-net-worth individuals [17][21][23]