记者丨张敏 编辑丨张伟贤 在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明显。 保利暂列"销冠"。今年前7月，保利发展实现签约面积804.53万平方米，同比减少26.81%；签约金额 1631.85亿元，同比减少17.85%。此外，绿城、中海、华润、招商均迈入千亿阵营。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]

房地产市场形势不甚明朗，广州国企开始出招"稳楼市"。 近日，珠实地产宣布启动"保价"措施，覆盖广州区域7个在售楼盘，承诺"保价到年底，买贵补差价"。 具体保价措施是，承诺保价期限持续至2025年12月31日，买贵可申请差额补偿（最高20万元物管费）。 这是继越秀地产之后，广州又一家宣布"保价卖房"的国企。珠实地产在回应媒体时表示，此举是助力稳 市场、稳预期，也是响应广州市国资国企"拼经济"工作会议的指引，破解民生痛点，助力放心安家。 今年"小阳春"之后，广州楼市活跃度有所下降，市场存在观望情绪。 在全国房地产政策保持稳定的当下，如何提振购房者的信心是稳定楼市的关键因素之一。通过"保价卖 房"为购房者服下定心丸，是房企促进销售的招数。房地产市场仍在调整期，由当地国企带头承诺"保 价"，也彰显了国企的担当以及助力稳定楼市的决心。 今年6月，越秀地产广州区域再度发布相关的"保价卖房"措施。具体操作细则是，越秀地产位于天河和 海珠的越秀观樾、琶洲南TOD、琶洲樾华樾、越秀天河和樾府等4个楼盘，在6月25日至6月30日期间成 交的房源可"保价"到今年年底。在保价期间，如有材料证实"买贵"，客户将有机会获得差额补偿。 深 ...

2025年第一期公司债券将分为两个品种：(i)五年期固定票面利率的公司债券(品种一债券)，而发行人可选择于第三年末调整票面利率。此外，于 第三年末：发行人有权赎回品种一债券的全部未偿份额;及品种一债券持有人有权向发行人回售全部或部份品种一债券;(ii)十年期固定票面利率的 公司债券(品种二债券)。2025年第一期公司债券引入品种间回拨选择权，回拨比例不受限制，发行人和主承销商将根据发行申购情况，在总发行 规模内，协商一致决定是否行使品种间回拨选择权。 发行人将于簿记建档后厘定品种一债券及品种二债券的票面利率。发行2025年第一期公司债券的所得款项扣除发行费用后将用于偿还到期或行权 公司债券。 智通财经APP讯，越秀地产(00123)发布公告，公司拥有95%权益的间接中国附属公司广州市城市建设开发有限公司(发行人)拟发行第一期公司债券 (2025年第一期公司债券)，发行规模为不超过人民币14亿元。 （原标题：越秀地产(00123)附属拟发行不超14亿元公司债券） ...

Core Viewpoint - Yuexiu Property (00123) announced the issuance of its first phase corporate bonds for 2025, with a total issuance scale not exceeding RMB 1.4 billion [1] Group 1: Bond Issuance Details - The first phase corporate bonds will consist of two types: (i) a five-year fixed-rate corporate bond (Type 1 Bond) with an option for the issuer to adjust the interest rate at the end of the third year, and (ii) a ten-year fixed-rate corporate bond (Type 2 Bond) [1] - The issuer has the right to redeem all outstanding Type 1 Bonds at the end of the third year, and bondholders have the right to sell back all or part of the Type 1 Bonds to the issuer at that time [1] - The bond issuance will include an inter-type allocation option, allowing for flexible allocation between the two types of bonds based on subscription conditions, with no limit on the allocation ratio [1] Group 2: Use of Proceeds - The proceeds from the bond issuance, after deducting issuance costs, will be used to repay maturing or callable corporate bonds [1]

格隆汇8月13日丨越秀地产(00123.HK)公告，第一期公司债券的发行规模为不超过人民币14亿元。 ...

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的內容概不負責，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的任何損失承擔任 何責任。 自願性公告 附屬公司於中國公開發行擔保公司債券 本公告由越秀地產股份有限公司（「本公司」）自願作出。 茲提述本公司日期為二○二五年五月二十日、二○二五年七月四日及二○二五年七月二十九 日的公告（「該等公告」），內容有關本公司擁有95%權益的間接中國附屬公司廣州市城市建設 開發有限公司（「發行人」）向中國證券監督管理委員會及上海證券交易所（「上交所」）申請註冊 在中國面向專業投資者公開發行本金總額最高為人民幣9,600,000,000元的公司債券（「公司債 券」）額度並在上交所上市。除非文義另有所指，本公告所用詞彙與該等公告中所界定的詞彙 具有相同涵義。 董事會欣然宣佈，第一期公司債券（「二○二五年第一期公司債券」）的發行規模為不超過人民 幣1,400,000,000元。二○二五年第一期公司債券將分為兩個品種：(i)五年期固定票面利率的 公司債券（「品種一債券」），而發行人可選擇於第三年末調整票面利率。此 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

Group 1 - The actual controller and chairman of Yaguang Technology, Li Yuexian, has been placed under detention by the Xiah County Supervisory Committee, and the company is currently unaware of the progress and conclusion of this matter [1] - Yaguang Technology maintains a robust governance structure and internal control mechanisms, with daily operations managed by the senior management team, and all other board members and senior executives are performing their duties normally [1] - The company will continue to monitor the situation and will make appropriate arrangements while fulfilling its information disclosure obligations as required by laws and regulations [1] Group 2 - On June 27, Yaguang Technology announced that its controlling shareholder, Hunan Sunbird Holdings Co., Ltd., has changed its name to Hunan Haifei Holdings Co., Ltd., with the registration completed [2] - Li Yuexian holds nearly 80% of the shares in Sunbird Holdings, which, along with Li and other parties, owns 199 million shares of Yaguang Technology, accounting for 19.45% of the total share capital [2] - A significant portion of the shares held by Sunbird Holdings and Li Yuexian has been pledged, with 183 million shares pledged, representing 92.22% of their holdings and 17.94% of the total share capital [2] Group 3 - On June 23, Yaguang Technology announced a delay in the election of its board of directors and supervisory board, which are set to expire on June 23, 2025, to ensure continuity and stability in the company's operations [3] - The delay is in response to new regulations and the ongoing preparations for the election of the new board and supervisory board [3]