近期，浙江土地市场延续活跃态势。9月上旬，杭州、义乌、永康等多地土拍竞拍激烈，优质地块受追 捧，高溢价成交频现，彰显房企对核心板块及潜力市场的信心。 具体来看，9月16日，杭州土地市场成功出让两宗住宅用地，分别为拱墅区康桥单元地块和钱塘区元成 单元地块。其中，康桥单元地块起始价10.6亿元，起始楼面价16331元/平方米，由越秀地产股份有限公 司(以下简称"越秀地产")以总价13.30亿元溢价25.47%竞得。元成单元地块则由杭州本土房企杭州兴耀控 股集团有限公司以总价7.93亿元溢价1.28%摘得。 9月9日，永康出让一宗地块，该地块经过109轮竞价成交，由本地民企金华市听涧置业有限公司以总价 2.60亿元斩获地块，成交楼面价25231元/平方米，溢价率72.19%。 "房企不盲目聚焦一二线城市，而是更加关注核心区位与具备人口、产业支撑的潜力城市。这不仅有利 于后续项目去化，也有助于企业控制投资风险。"上海易居房地产研究院副院长严跃进对《证券日报》 记者表示，浙江全省范围内土地市场亮点频现，特别是高溢价率成交的出现，说明房企拿地逻辑加快 向"优质化、精细化"转变。 严跃进表示，高溢价率成交释放了积极信号，表 ...

Major Events - Health 160 (02656) received a subscription rate of 751.77 times for its public offering in Hong Kong, with listing scheduled for September 17 [1] - Huajian Medical (01931) and Renhe International have reached a significant strategic cooperation to establish the world's first vertical RWA exchange focused on the OTC sector [1] - Giant Legend (06683) strategically invested in the operation company of the Bird's Nest to enhance IP and landmark synergy [1] - Yuexiu Property (00123) successfully acquired the Kangqiao land in Hangzhou's Gongshu District for 1.33 billion [1] - China Jinmao (00817) plans to increase capital by 350 million to Beijing Chaoyang and 2.15 billion to Beijing Manmao [1] - Sichuan Energy Investment Development (01713) signed a construction contract with Degge Gesaer Power for development [1] - Qianxun Technology (01640) signed a memorandum of understanding for the proposed acquisition of 100% equity in Punk Code Technology [1] - GCL-Poly Energy (03800) clarified that the profit statement for August-September is not an annual forecast, but based on the trend of polysilicon prices and disclosed data [1] Operating Performance - China Shenhua (01088) reported a coal production of 28.6 million tons in August, a year-on-year decrease of 0.3% [1] - Nanshun (Hong Kong) (00411) announced annual results with a net profit of 303 million HKD, representing a year-on-year increase of 51% [1]

格隆汇9月16日｜越秀地产(0123.HK)公告，杭州市拱墅区康桥地块位于运河新城中部，邻近余杭北部新 城，距离京杭大运河约750米，与拱墅区政府直线距离4.5公里，与市政府直线距离14.1公里。该地块周 边配套完善，距离约550米到达地铁4号线、15号线(在建)平安桥站，南侧约600米为杭州市育才大城北 学校，3公里范围内分布有浙江大学医学院附属邵逸夫医院大运河分院、商业中心及医疗中心等各类优 质配套。 ...

Group 1 - Company announced the successful acquisition of a land parcel in Hangzhou for RMB 1.33 billion on September 16, 2025, through its subsidiary, Hangzhou Yuelong Real Estate Development Co., Ltd. [1] - The acquired land in Gongshu District covers approximately 34,165 square meters with a total buildable area of about 98,001 square meters, of which the planned residential area is approximately 64,914 square meters [1][2] - The residential properties built on the land are intended for sale, and the development will include community facilities such as a childcare center, children's growth center, and community canteen, which will be handed over to the government upon completion [1] Group 2 - The land is strategically located in the central part of the Canal New City, close to the northern part of Yuhang New City, approximately 750 meters from the Grand Canal and 4.5 kilometers from the Gongshu District government [2] - The area is positioned as a northern urban sub-center, integrating residential living, business offices, trade logistics, tourism, cultural creativity, and headquarters economy [2] - The proximity to public transport, educational institutions, and healthcare facilities enhances the attractiveness of the location, with the nearest subway station about 550 meters away and various amenities within a 3-kilometer radius [2]

格隆汇9月16日丨越秀地产(00123.HK)宣布，于2025年9月16日，透过杭州越珑房地产开发有限公司(公 司实际拥有95%权益的附属公司)，通过公开挂牌方式以人民币13.3亿元成功竞得杭州市拱墅区康桥单元 GS120103-09地块。 ...

Core Viewpoint - The company successfully acquired a residential land parcel in Hangzhou for RMB 1.33 billion, enhancing its land reserves and strategic position in the region [1][2]. Group 1: Acquisition Details - The company, through its subsidiary Hangzhou Yuelong, won the bid for the Kangqiao land parcel in Gongshu District, Hangzhou, on September 16, 2025, for RMB 1.33 billion [1]. - The land covers approximately 34,165 square meters with a total buildable area of about 98,001 square meters, of which the planned residential area is around 64,914 square meters [1]. Group 2: Land Use and Development - The Kangqiao land is designated for residential use, with the intention to sell the developed properties [1]. - The development plan includes mandatory community facilities such as a childcare center (minimum 400 square meters), a children's growth center (minimum 400 square meters), and a community canteen (minimum 350 square meters), which will be handed over to government authorities upon completion [1]. Group 3: Strategic Implications - The board believes that acquiring the Kangqiao land at a reasonable cost will enhance the company's quality land reserves and further solidify its strategic position in Hangzhou [2]. - The location is strategically positioned near key infrastructure, including metro lines and educational institutions, which supports the potential for residential development [2].

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。 （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二五年九月十六日， 透過杭州越瓏房地產開發有限公司（本公司實際擁有 95%權益的附屬公司）（「杭州越瓏」），通 過公開掛牌方式以人民幣1,330,070,000元成功競得杭州市拱墅區康橋單元GS120103-09地塊 （「杭州市拱墅區康橋地塊」）。 （在香港註冊成立的有限公司） 杭州市拱墅區康橋地塊 本公司透過杭州越瓏，通過公開掛牌方式以人民幣1,330,070,000元成功競得杭州市拱墅區康 橋地塊。 杭州市拱墅區康橋地塊佔地面積約34,165平方米，總可建築面積約98,001平方米，其中計容 建築面積約64,914平方米。杭州市拱墅區康橋地塊擬為住宅用地。杭州市拱墅區康橋地塊所 建住宅物業擬用於出售。 根據規劃限制條件，杭州市拱墅區康橋地塊內配建托育機構建築面積不少於400平方米、社區 ...

Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]

Investment Rating - The report maintains a "Recommended" rating for the real estate industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [36]. Core Insights - The real estate sector saw a 6.0% increase in the week of September 8-12, 2025, ranking second among 31 primary industry sectors [8][10]. - New housing transactions in 20 cities increased by 5% week-on-week, while second-hand housing transactions rose by 19% [21][26]. - The report highlights effective policy measures, including increased housing purchase subsidies and optimized housing provident fund policies, aimed at stabilizing the real estate market [13][16]. Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 1,233.62 billion yuan, with a circulating market value of about 1,183.33 billion yuan [2]. Sales Performance - New housing transaction volume in 20 cities decreased by 1% year-on-year, while second-hand housing transaction volume increased by 8% year-on-year [21][22]. - The average daily transaction area for new homes was 23.7 million square meters, with total transactions reaching 166 million square meters for the week [20][21]. Policy News - Local governments, such as Shenzhen and Henan, have implemented measures to support housing consumption, including subsidies for first and second home purchases and increased loan limits for housing provident funds [13][16]. Company Dynamics - Notable companies reported varying sales figures, with CIFI Holdings achieving approximately 9.6 billion yuan in contract sales for August 2025, while China Jinmao reported 9.08 billion yuan [17][18]. - The report emphasizes the importance of companies with strong product moats and stable rental income from quality commercial real estate [28].

Core Viewpoint - The article discusses the recent land sales in Hangzhou, highlighting the competitive bidding and the implications for the real estate market in the region, particularly in the low-density residential sector [2][5][12]. Group 1: Land Sales Overview - On September 16, two low-density residential plots were sold in Hangzhou, with the Gongshu District plot sold for 1.33 billion yuan, won by Yuexiu Property at a 25.5% premium [2][5]. - The Qiantang District plot was sold for 790 million yuan, with a 1.28% premium, won by Xingyao Property [2][5]. Group 2: Detailed Land Information - The Gongshu District plot has an area of 34,165 m² and a planned building area of 64,913.5 m², with a starting price of 1.06 billion yuan and a final price of 1.33 billion yuan, resulting in a floor price of 20,490 yuan/m² [5][6]. - The Qiantang District plot covers 38,629 m² with a planned building area of 81,120.9 m², starting at 780 million yuan and selling for 790 million yuan, leading to a floor price of 9,773 yuan/m² [5][6]. Group 3: Market Dynamics - The Gongshu District plot is located in a prime area with good transportation links and strong educational and medical facilities, contributing to its high demand and rapid sales [5][10]. - The surrounding new housing market has shown strong performance, with recent projects achieving 100% sales on the day of launch, indicating a robust demand in the area [10][14]. Group 4: Price Trends - In August, Hangzhou's new home prices saw a month-on-month increase of 0.4%, ranking first nationally, while the second-hand home price index was at 99.9, second only to Changchun [12][14]. - The article notes that over the past year, the new home absorption cycle in the area has remained around one month, with all projects selling out within the launch month [14][15].