随后，招商蛇口在今年6月发布公告，宣布全面撤销区域公司，一次性将华东区域、华南区 域、华西区域、华北区域和江南区域五个区域公司取消，由公司总部直接管理下属城市公司。 记者丨 吴抒颖 编辑丨张伟贤 在房企南征北战时立下汗马功劳的区域公司，正在批量地消失。 今年以来， 多家国央企对区域公司"动刀"，弱化区域公司的职能 ，改组为"两级"管控的模 式，由总部直接管理城市公司 。今年年初，金茂率先行动，将五大区域公司改为十四个地区 公司，招商蛇口则在上月取消华东区域、华南区域、华西区域、华北区域和江南区域五个区域 公司。 华润置地也在近期对管理架构进行调整，弱化大区职能，强化总部与城市公司的直管模式。与 住宅开发相关的职能例如营销、投资、设计等收归总部，大区仅保留商业综合体开发、供应 链、人力、党建、审计法务等职能。 区域公司在房地产市场好的光景时能够帮助房企快速地打开局面。这其中， 万科的模式十分 典型 ：万科的总部是"大脑"的作用，负责战略制定和发展规模，开发业务则对区域充分授 权，区域总经理握有投资大权，能够在区域内跑马圈地，以此助推规模的增长。 随着房企不再"唯规模论"，投资拓展也更聚焦于高能级城市，投资决策权 ...

21世纪经济报道记者 吴抒颖 在房企南征北战时立下汗马功劳的区域公司，正在批量地消失。 今年以来，多家国央企对区域公司"动刀"，弱化区域公司的职能，改组为"两级"管控的模式，由总部直 接管理城市公司。今年年初，金茂率先行动，将五大区域公司改为十四个地区公司，招商蛇口则在上月 取消华东区域、华南区域、华西区域、华北区域和江南区域五个区域公司。 华润置地也在近期对管理架构进行调整，弱化大区职能，强化总部与城市公司的直管模式。与住宅开发 相关的职能例如营销、投资、设计等收归总部，大区仅保留商业综合体开发、供应链、人力、党建、审 计法务等职能。 区域公司在房地产市场好的光景时能够帮助房企快速地打开局面。这其中，万科的模式十分典型：万科 的总部是"大脑"的作用，负责战略制定和发展规模，开发业务则对区域充分授权，区域总经理握有投资 大权，能够在区域内跑马圈地，以此助推规模的增长。 随着房企不再"唯规模论"，投资拓展也更聚焦于高能级城市，投资决策权也基本由总部把控。在这种背 景下，区域公司的职能就成了"累赘"，它不再是房企业绩的推进器，反而影响了效率。房企也随行就 市，及时调整组织架构，缩减管理层级。 区域缩编 今年这一轮 ...

2025 年 7 月 23 日 行业研究 2025 上半年核心 30 城宅地成交建面及均价同比均上涨 23% ——土地市场月度跟踪报告（2025 年 6 月） 要点 2025 年 1-6 月，百城宅地成交建面同比+2%，成交楼面均价同比+24%。 2025 年 1-6 月，百城成交住宅类用地建面为 9,337 万平，累计同比+2.2%；成 交楼面均价为 7,479 元/平方米，累计同比+24.2%。分能级城市来看，1-6 月， 一线城市：供应住宅类用地建面为 499 万平，累计同比-2.2%；成交建面为 454 万平，累计同比+1.7%；成交楼面均价为 38,817 元/平方米，累计同比+35.5%。 二线城市：供应住宅类用地建面为5,233万平，累计同比-0.4%；成交建面为4,468 万平，累计同比+13.0%；成交楼面均价为 8,465 元/平方米，累计同比+19.7%。 三线城市：供应住宅类用地建面为 4,837 万平，累计同比-27.5%；成交建面为 4,416 万平，累计同比-6.7%；成交楼面均价为 3,264 元/平方米，累计同比+8.4%。 2025 年 1-6 月，TOP50 房企新增土储 ...

丨证券研究报告丨 行业研究丨专题报告丨房地产 [Table_Title] 核心地块供应继续放缓，中型房企拿地表现更好 ——2025 年 6 月房企拿地质量报告 报告要点 [Table_Summary] 6 月整体供地量环比有所提升，但核心地块供应节奏仍放缓；整体成交量环比提升，溢价率延 续 3 月以来的回落趋势，流拍率仍在低位。6 月建发、中海、保利等在土地市场积极发力，1~6 月金茂、建发、滨江、绿城等拿地强度较高，且金茂、建发销售表现更好；6 月样本房企获取 的重点项目中，绿城、金茂、建发的整体拿地质量更优。结构上重视具备区域优势、产品力和 轻库存的龙头房企，以及拥有稳定现金流的龙头经纪、商业地产和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Title 核心地块供应继续放缓，中型房企拿地表现更好 2] ——2025 年 6 月房企拿地质量报告 [Table_Summary2] 供应：6 月整体供地量环比提升，但核 ...

Core Viewpoint - The real estate industry in China is transitioning from a "guarantee delivery" phase to a new stage of development, with delivery pressures easing as the peak delivery period has passed [1][2]. Group 1: Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, showing a significant decline compared to the same period last year [1]. - The top five companies accounted for approximately 230,000 units delivered, with Poly Developments leading at 65,000 units, followed by Vanke with 45,000 units, and China Overseas Land & Investment with 42,100 units [1]. - Overall, one company delivered over 50,000 units, and 15 companies delivered over 10,000 units, indicating a general decline in delivery numbers compared to the previous year [2]. Group 2: Strategic Shifts - Many companies are now focusing on completing their delivery obligations, with some like Sunac China aiming to deliver over 50,000 units by the end of 2025, having already delivered over 668,000 units from 2022 to 2024 [2]. - Country Garden has also committed to a tailored approach for remaining construction projects, actively communicating with stakeholders to align with current market conditions and financial situations [2]. - Companies that successfully complete their delivery obligations are expected to regain sustainable operational development, rebuild credit, restore financing capabilities, and enhance market share [2].

Investment Rating - The report indicates a cautious investment outlook for the real estate sector, suggesting a low allocation to real estate stocks while highlighting potential recovery opportunities in the third quarter [6]. Core Insights - The real estate market is experiencing a downturn, with A-share real estate stocks down by 2.2% and Hong Kong real estate stocks down by 0.4% during the week of July 12-18 [2]. - The land market shows a rising premium rate, with an average premium rate of 11% for residential land in 300 cities, despite a significant year-on-year decline in transaction volume [2][41]. - Sales of new homes in 47 cities totaled 253 million square meters, reflecting a 6% decrease week-on-week and a 9% decrease year-on-year, indicating a seasonal low [3][46]. - The report notes that some real estate companies are beginning to show signs of profit recovery, with 27 out of 73 companies forecasting positive net profits for the first half of 2025 [5][23]. Summary by Sections Market Performance - The A-share real estate sector ranked 30th among all sectors with a decline of 2.2%, while the Hong Kong real estate sector ranked 12th with a decline of 0.4% [2][27]. - The property service index in Hong Kong also saw a decline of 0.4%, underperforming compared to the Hang Seng China Enterprises Index, which increased by 3.4% [2][33]. Land Market - In the week of July 12-18, the total area of residential land sold in 300 cities was 450 million square meters, down 20% week-on-week and 49% year-on-year, with a cumulative area of 19,610 million square meters for the year, reflecting a 5% year-on-year decrease [2][41]. Sales Data - New home sales in June showed a slight month-on-month price decline of 0.3% and a year-on-year decline of 3.7%, indicating a stabilizing market despite ongoing price pressures [3][4]. - The second-hand housing market also reflected similar trends, with a 1% increase week-on-week but a 3% decrease year-on-year in transaction volume [3]. Company Performance - Among the 73 real estate companies that released performance forecasts, 27 expect positive net profits, while 46 anticipate losses. Notably, 6 companies are expected to report profit increases, including prominent firms like Binhai Group and Poly Development [5][23]. Investment Recommendations - The report suggests that the third quarter will be crucial for policy adjustments that could impact the real estate market's performance in the latter half of the year. It recommends investing in companies with strong product capabilities and those likely to benefit from favorable policies [6].

而就何谓"精工+"来说，随着讲解的深入，能够了解到，体系并非简单的标签口号，而是实实在在地渗透到了楼盘建设的多项重点环节。 最近，栋察楼市受邀参与了一场别开生面的媒体观摩交流会。本以为是常规的参观活动，没想到却见证了一次即将刷新沈阳市场认知的"建造革命"！ "秩序感"迎面而来 "精工+"建造体系领先行业趋势 随着这次辽宁中海 "精工 +" 精益建造媒体观摩交流会的深入展开，在对大连地区中海·十里潮颂、中海·寰宇未来、中海·爱贤里三大辽宁中海"精工+"精益 建造示范项目实地参观学习后，我们再一次对辽宁中海的"工科思维"以及当下房地产行业的变革，有了全新的认知。 事实上，几乎每一家媒体在交流会正式开启前，都怀揣着对辽宁中海"精工+"的不同猜测和理解：在"好房子"为引领的时代命题下，几乎每一家房企都在 打磨自己的"独门绝技"，中海的"精工+"究竟有何与众不同之处？ 然而，辽宁中海"精工+"的最大不同，恰恰是与宏观层面"好房子"标准正式提出的时间维度上的差异。因为早在"好房子"被写入政府工作报告，在全国市 场铺开前，辽宁中海就已经将领先行业标准的"精工+"精益建造体系在大连地区进行了落地，在部分房企尚以概念勾勒图景之 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

伴随华润置地、万科、中海、招商等头部房企在各区域多个纯新盘入市，成为2025年沈阳楼市强势复苏的生动注脚。第四代住宅理念带着高得房率颠覆性 革新，为沈城楼市注入一剂强心针。 市场激活 供需两端打破沉寂 2025年，高得房率好房子在沈阳楼市场掀起热潮。 2025上半年，沈阳东西南北多个新盘入市，润启·和平里、润澜庭、润熙墅、润熙府、万科·雲樾、中海·盛京玖章、招商·璀璨映澜、晋建投·云樾府等纯新 盘争相亮相，全域格局豁然开朗。 不仅全新项目密集入市，存量热盘亦争分夺秒推新。悦景新世界、嘉里雅颂阁、美的·君兰江山、中寰悦府等高端改善项目加速上新步伐，供应端呈现久 违的活跃态势。 市场的热度在需求端得到了最直观的印证。招商·璀璨映澜凭借其精准的"轻改善"定位和高性价比，开盘热销1.6亿，认筹客户数量超过首开房源数量；华 润中寰悦府以其高得房率的颠覆性设计，蓄客期就吸引了大量改善型买家的目光，入市9个月，连续霸榜沈阳楼市单盘销冠；悦景新世界两栋新品加推，5 月获得全沈销售金额排行榜首。 当前市场的热销是品质、产品稀缺性的兑现，众多新项目、新品通过产品革新激活了改善需求。前所未有的房地产市场大变革在多年的洗牌变化中，似 ...