Core Insights - The real estate market in July experienced a seasonal decline in supply and demand, reflected in the sales performance of real estate companies [2][4] - The total sales amount of the top 100 real estate companies from January to July was 20,730.1 billion yuan, a year-on-year decrease of 13.3% [4] - The sales performance of leading real estate companies remained stable, with the top 10 companies showing a sales threshold increase of 5% year-on-year [2][4] Sales Performance - In July, the sales amount of the top 100 real estate companies decreased by 18.2% year-on-year [2][6] - The top three companies by sales in the first seven months were Poly Developments (1,632 billion yuan), Greentown China (1,368 billion yuan), and China Overseas Land & Investment (1,319 billion yuan) [3][4] - The number of "billion-dollar" real estate companies increased to five this year, with an average sales amount of 1,320.1 billion yuan [11] Market Trends - The overall transaction volume of new homes in 30 key cities was 836 million square meters in July, down from 1,034 million square meters in June [14] - The cumulative transaction volume for the first seven months remained roughly flat compared to the previous year [14] - The market is expected to see a low-level fluctuation in new home transactions, with a projected year-on-year decline of less than 5% [14] Policy and Future Outlook - The Central Political Bureau meeting emphasized the need for stable and flexible macroeconomic policies to boost market confidence [15] - Various cities have introduced new policies to enhance supply quality and meet diverse housing needs, including optimizing public housing loan policies [15] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good houses" expected to emerge [15]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5][37] Core Viewpoints - The market heat has declined in July, with sales showing a significant year-on-year drop, reaching a six-year low for the same period [1][14] - The sales performance of top real estate companies varies, with some showing stability while others experience significant declines [4][33] - The report emphasizes the importance of policy-driven market dynamics and suggests that 2025 will be dominated by policy influences [5][37] Summary by Sections July Market Performance - In July, the top 100 real estate companies achieved a sales amount of 211.2 billion yuan, a year-on-year decrease of 24.3% and a month-on-month decrease of 37.7% [1][14] - From January to July, the top 100 companies recorded a total sales amount of 1.8639 trillion yuan, down 12.5% year-on-year [1][14] Sales by Company Tier - The sales decline is observed across all tiers, with the smallest drop in the TOP21-30 tier at 6.3% year-on-year, while the TOP10 tier saw a decline of 14.9% [2][16] - The sales threshold for the top 100 companies decreased significantly, with the threshold for the top 10 dropping from 52.65 billion yuan to 49.16 billion yuan, a decline of 6.6% [3][28] Performance of Leading Companies - Some leading state-owned and benchmark private enterprises showed stable sales, with Yuexiu Property achieving a year-on-year growth of 12.6% in July [4][33] - Among the top 40 companies, 11 reported positive year-on-year growth in July, with the best performer being Bangtai Group at 82.6% [4][33] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons, including the expectation of stronger policy support compared to previous years and the potential for quality companies to benefit from improved competitive dynamics [5][37] - Recommended stocks include Green Town China, China Overseas Development, and Poly Development among others [5][37]

导 读 | | 2025年1-7月 ·中国房地产企业 | | | --- | --- | --- | | | 新增货值TOP100 | | | 排名 | 企业名称 | 新增土地货值 | | | | (亿元) | | 1 | 中海地产 | 1315.5 | | 2 | 绿城中国 | 1116.0 | | 3 | 保利发展 | 943. 0 | | ব | 中国金茂 | 793.5 | | 5 | 花海量斯 | 736.9 | | 6 | 建发房产 | 714.6 | | 7 | 招商蛇口 | 649.0 | | 8 | 滨江集团 | 580. 1 | | | 越秀地产 | 522. 0 | | 10 | 中建智地 | 257. 1 | | 11 | 保利置业 | 240. 1 | | 12 | 象屿地产 | 232. 2 | | 13 | 联发集团 | 221. 4 | | 14 | 国贸地产 | 184.6 | | 15 | 北建城生 | 177 7 | | 16 | 中国铁建 | 168. 0 | | --- | --- | --- | | 17 | 邦泰集团 | 145. 2 | | 18 | 中建玖合 ...

从精心准备的入住欢迎仪式到实用贴心的"入住礼包"，从一瓶清凉的饮用水到贴心行李搬运服务，更有 专业管家团队现场详解生活指南，越秀星寓以"美好生活 五星服务"理念温暖每一位学子的穗城初体 验。这份用心不仅收获港澳台学子"很温暖，服务态度很好，效率很高，入住环境也很满意"的真挚评 价，更荣获广州市穗港澳青少年交流中心授予"公益助力湾区梦，暖心服务青年人"的致谢锦旗。 近日，由共青团广州市委员会、广州市工商业联合会指导，广州市青年联合会主办，越秀星寓支持 的"青春 同心合伙人"——2025年广州市"百企千人"港澳大学生实习计划（下简称"实习计划"）启动礼暨 荧光徒步活动在南天名苑举行。 越秀商管践行国企担当，积极发挥越秀住房租赁公司——广州市首批规模化、专业化、市场化的国有住 房租赁平台的作用，旗下青年长租公寓品牌越秀星寓、越秀星邻从2023年-2025年连续三年助力支持广 州市"百企千人"港澳大学生实习计划，为来穗实习的港澳大学生提供住宿保障并协助举办精彩多样的青 年交流实践活动，让港澳青年真正实现"住得好、留得下、融得进"，安心居住快乐实习。 据介绍，实习计划自2020年启动以来，市青联累计发动广州地区超205 ...

比亚迪股份-R(81211)、中国海洋石油-R(80883)、美团-WR(83690)上一交易日沽空比率位于前三位，分 别为96.88%、80.42%、75.34%。美团-W(03690)、阿里巴巴-SW(09988)、快手-W(01024)的沽空金额位 居前三，分别为34.76 亿元、25.06 亿元、13.74 亿元。万科企业(02202)、中国海洋石油-R(80883)、比亚 迪股份-R(81211)的偏离值位居前三，分别为36.01%、35.40%、26.18%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 比亚迪股份-R(81211) | 496.68 万元 | 96.88% | 26.18% | | 中国海洋石油-R(80883) | 57.37 万元 | 80.42% | 35.40% | | 美团-WR(83690) | 715.97 万元 | 75.34% | 15.02% | | 商汤-WR(80020) | 88.77 万元 | 66.55% | 13.10% | | 阿里巴巴-SWR(89988 ...

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

Group 1: Real Estate Development and Property Services Valuation - As of July 25, 2025, the real estate sector (Shenwan) has a price-to-book ratio (PB) of 0.78, ranking in the 90.45th percentile historically since 2024 [3] - The Hang Seng real estate and construction sector has a PB of 0.44, ranking in the 98.69th percentile historically since 2024 [3] - From July 1 to July 25, 2025, the real estate sector (Shenwan) increased by 7.8%, outperforming the CSI 300 index by 2.93 percentage points [3] - Key A-share real estate companies with the highest gains during this period include New Town Holdings (+12.2%), China Merchants Shekou (+9.3%), and Gemdale Corporation (+7.4%) [3] Group 2: Property Services Market Performance - From July 1 to July 25, 2025, the property services sector (Shenwan) rose by 3.7%, underperforming the CSI 300 index by 1.20 percentage points [4] - The Hang Seng property services and management index increased by 5.1%, also underperforming the Hang Seng index by 0.37 percentage points [4] - Key A-share property service companies with the highest gains include TeFa Service (+10.4%), World Union (+9.2%), and Ningbo Fuda (+5.9%) [4] Group 3: Public Fund Holdings in Real Estate - As of the end of Q2 2025, public funds held a total market value of approximately 48.4 billion yuan in real estate stocks, down from 54.8 billion yuan at the end of Q1 2025 [5] - This represents about 0.14% of net asset value and 0.67% of stock investment value, indicating a lower allocation compared to standard industry benchmarks by 0.56 percentage points [5] Group 4: Market Trends and Opportunities - In the first half of 2025, the sales amount of commodity residential properties in six major cities (excluding affordable housing) reached 913.3 billion yuan, reflecting a 6.0% increase [6] - The average transaction price of land in core cities increased by 22.8% to 12,009 yuan per square meter [6] - Notable real estate companies with strong sales performance include China Jinmao (36.8 billion yuan, +19.6% YoY) and Yuexiu Property (36.9 billion yuan, +10.8% YoY) [6]

据此，发行人将根据市场情况，确定首批公司债券推介和发行时间。 发行人已取得上交所就该申请的批准并于2025年7月29日收到中国证监会发出的同意文件[(证监许可 [2025]1504号)]，同意发行人在中国面向专业投资者公开发行公司债券的注册申请。公司债券将分期发 行。 越秀地产(00123)发布公告，有关本公司拥有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)中国证券监督管理委员会(中国证监会)及上海证券交易所(上交所)申请注册在中国面向专业投资 者公开发行本金总额最高为人民币96亿元的公司债券(公司债券)额度并在上交所上市(该申请)。 ...

智通财经APP讯，越秀地产(00123)发布公告，有关本公司拥有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)中国证券监督管理委员会(中国证监会)及上海证券交易所(上交所)申请注册在 中国面向专业投资者公开发行本金总额最高为人民币96亿元的公司债券(公司债券)额度并在上交所上市 (该申请)。 发行人已取得上交所就该申请的批准并于2025年7月29日收到中国证监会发出的同意文件[(证监许可 [2025] 1504号)]，同意发行人在中国面向专业投资者公开发行公司债券的注册申请。公司债券将分期发 行。 据此，发行人将根据市场情况，确定首批公司债券推介和发行时间。 ...

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。 上海證券交易所批准附屬公司申請註冊在中國面向 專業投資者公開發行公司債券 及 完成向中國證券監督管理委員會 註冊公司債券 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○二五年五月二十日及二○二五年七月四日的公告（「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」）中 國證券監督管理委員會（「中國證監會」）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（「該申請」）。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。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜訂立協議的邀 請，亦不得視作在香港或其他地區收購、購買或認購本公司及其附屬公司任何證券的要 ...