Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [4]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4]. - The report continues to favor investments in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

Core Insights - The real estate sector is experiencing significant pressure with high base growth rates leading to a decline in market performance [1] - The report maintains a "Buy" rating for the industry, indicating potential investment opportunities despite current challenges [2] Market Performance - In October 2025, the transaction volume of commodity residential properties in 46 cities decreased by 33.3% year-on-year, with a notable decline in first-tier cities at 39.1% [11][12] - The cumulative transaction volume from January to October 2025 shows a 10.9% year-on-year decrease [11] - The second-hand housing market also faced challenges, with transaction volumes in 11 cities down by 21.3% year-on-year [35] Market Sentiment - The second-hand housing prices fell by 1.7% month-on-month in October 2025, marking a total decline of 13.0% since the beginning of the year [5][35] - Inventory levels in the new housing market showed a slight decrease, with a 2.1% reduction in short-term inventory in 10 key cities [5] Policy Environment - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, shifting from suppression to encouragement of reasonable demand [5][29] - The government is gradually lifting restrictive measures, which may positively impact market sentiment in the long term [5] Land Market Dynamics - In October 2025, the land transfer revenue in 600 cities dropped by 27.8% year-on-year, indicating a cooling land market [5] - The average land premium rate fell to 3.3%, the lowest since 2025, reflecting cautious bidding behavior among developers [5] Company Performance - The top 100 real estate companies reported a sales amount of 276.6 billion yuan in October 2025, a 41% year-on-year decline [29] - State-owned enterprises showed a year-on-year sales decline of 37%, while private enterprises faced a more severe drop of 52% [30] Investment Outlook - The SW Real Estate Index fell by 2.37% in October 2025, underperforming the broader market by 2.4 percentage points [5] - The report suggests holding quality real estate development companies, as the market is expected to stabilize and recover gradually [5]

Core Viewpoint - The acquisition of a 60% stake in Guocheng Industrial by Guocheng Mining is a strategic move to enhance the company's resource portfolio and profitability through the integration of high-quality molybdenum resources [1][2]. Group 1: Acquisition Details - Guocheng Mining plans to acquire a 60% stake in Guocheng Industrial for a total of 3.168 billion yuan, constituting a significant asset restructuring [1]. - Following the acquisition, Guocheng Industrial will become a subsidiary of Guocheng Mining, allowing the company to diversify its product offerings by adding molybdenum concentrate to its existing zinc, lead, and copper products [1][2]. Group 2: Financial Impact - The acquisition is expected to significantly boost Guocheng Mining's financial performance, with projected revenues increasing from 19.18 billion yuan in 2024 to 41.03 billion yuan post-acquisition, representing a doubling of revenue [2]. - The net profit is forecasted to turn from a loss of 1.13 billion yuan in 2024 to a profit of 3.29 billion yuan, with further growth anticipated in the first half of 2025 [2][3]. Group 3: Resource and Production Capacity - Guocheng Industrial's core asset, the Dazhuji Molybdenum Mine, is one of the largest molybdenum mines in China, with proven reserves of 1.24 billion tons of ore and 144,800 tons of molybdenum [2]. - The company is in the process of expanding its mining rights and plans to increase its production capacity from 5 million tons per year to 8 million tons per year [2]. Group 4: Strategic Alignment and Market Context - The acquisition aligns with national policies encouraging mergers and acquisitions in the capital market, aimed at enhancing the quality of development in the mining sector [5]. - Molybdenum is identified as a strategic mineral with applications in key industries such as steel, defense, aerospace, and new energy, which aligns with national industrial policy directions [5].

Core Viewpoint - Guocheng Mining plans to acquire 60% equity of Guocheng Industrial for 3.168 billion yuan, marking a significant asset restructuring move [1] Summary by Relevant Sections Transaction Details - Guocheng Mining intends to purchase 60% of Guocheng Industrial's equity from its major shareholder, Guocheng Group, for 3.168 billion yuan [1] - The total valuation of the target asset's 100% equity is 5.28 billion yuan, with the agreed transaction price for 60% equity being 3.168 billion yuan [1] - The target company, Guocheng Industrial, has a registered capital of 1.05 billion yuan and primarily engages in non-ferrous metal mining [1] Financial Performance - Guocheng Industrial's projected revenue for 2024 is 2.185 billion yuan, with a net profit of 942 million yuan [1] - For the first half of 2025, the expected revenue is 1.074 billion yuan, with a net profit of 435 million yuan [1] Mining Capacity and Expansion - The current mining capacity of Guocheng Industrial is 5 million tons per year, with plans to expand to 8 million tons per year [1] - The company is in the process of changing its mining rights to accommodate the expanded production scale [1] Historical Context - In June 2023, Guocheng Group signed a contract to acquire 8% of Guocheng Industrial's equity from Wukuang Trust for 231 million yuan, indicating a previous valuation of 2.888 billion yuan for 100% equity [1] - A previous attempt to restructure in 2022 was terminated due to complexities related to guarantees for a 2.9 billion yuan loan [1] Strategic Implications - This acquisition will allow Guocheng Mining to gain control over Guocheng Industrial, enhancing its product portfolio by adding molybdenum concentrate to its existing offerings of zinc, lead, and copper concentrates [1] - The transaction is subject to post-review by the Shenzhen Stock Exchange, and the company will announce the timing of the shareholders' meeting based on the progress of related work [1]

Core Viewpoint - Guocheng Mining (000688) announced a major asset transaction on November 7, proposing to acquire 60% equity of Guocheng Industrial from its major shareholder for 3.168 billion yuan, which will make Guocheng Industrial a subsidiary of the listed company [1][3]. Group 1: Transaction Details - The transaction involves a cash payment for the acquisition of 60% equity in Guocheng Industrial, which is primarily engaged in non-ferrous metal mining [5]. - The total value of the target assets is 5.28 billion yuan, with the agreed transaction price for 60% equity set at 3.168 billion yuan [3][5]. - Guocheng Industrial, established in 2005, has a registered capital of 1.05 billion yuan and operates the Dazujiji Molybdenum Mine in Inner Mongolia, producing molybdenum concentrate as its main product [3][5]. Group 2: Financial Performance - For the year 2024, Guocheng Industrial is projected to have a revenue of 2.185 billion yuan and a net profit attributable to the parent company of 942 million yuan [3]. - In the first half of 2025, the company reported a revenue of 1.074 billion yuan and a net profit of 435 million yuan [3]. - The mining license held by Guocheng Industrial allows for a production scale of 5 million tons per year, with plans to expand this to 8 million tons per year [3]. Group 3: Historical Context - In June 2023, Guocheng Group signed a contract to acquire 8% equity of Guocheng Industrial from Wukuang Trust for 231 million yuan, indicating a previous valuation of 2.888 billion yuan for 100% equity [5]. - A previous attempt to restructure and acquire 100% equity of Guocheng Industrial in 2022 was terminated due to complexities involving guarantees for a loan [6]. Group 4: Strategic Implications - This acquisition will allow Guocheng Mining to gain control over Guocheng Industrial, thereby diversifying its product offerings to include molybdenum concentrate alongside its existing zinc, lead, and copper products [7]. - The transaction is classified as a major asset restructuring and will undergo post-review by the Shenzhen Stock Exchange [7].

11月6日，金地商置披露10月未经审核营运简报。简报显示，10月金地商置合同销售总额约为5.92亿 元，合同销售总面积约为4.3万平方米，销售均价约为1.38万元/平方米。 【4】融创中国10月合同销售额10.1亿元 11月6日，融创中国披露10月未经审核经营简报。简报显示，10月融创中国、附属公司连同合营公司及 联营公司实现合同销售金额约10.1亿元，合同销售面积约8.8万平方米，合同销售均价约1.15万元/平方 米。 【5】保利置业10月合同销售金额43亿元 【1】2026年起，广州出让的居住用地100%实施装配式建筑 11月6日，广州市智能建造与工业化建筑产业发展工作专班办公室印发《广州市大力发展智能建造与工 业化建筑加快推进建筑产业现代化的实施意见》。其中提出，到2030年，全市智能建造与工业化建筑产 业总产值突破5000亿元。2026年起，全市出让的居住用地100%实施装配式建筑，商业用地、工业用地 在技术可行的前提下应用尽用装配式建筑，新出让的商业用地中建筑公共区域应采用装配式装修。在政 府投资或参照政府投资管理的新建房建项目全面实施装配式建筑和装配式装修，智能家居应用尽用。 【2】中国海外发展1 ...

Group 1: Policy and Industry Development - Guangzhou will implement 100% prefabricated construction for residential land starting in 2026, with a goal to exceed 500 billion yuan in total output value for the smart construction and industrialized building industry by 2030 [1] Group 2: Sales Performance of Real Estate Companies - China Overseas Development reported a contract property sales amount of approximately 18.661 billion yuan in October, a year-on-year decrease of 55.1%, with a sales area of about 871,600 square meters, down 40% year-on-year [2] - Gindal Commercial reported a contract sales total of approximately 592 million yuan in October, with a sales area of about 43,000 square meters and an average sales price of approximately 13,800 yuan per square meter [3] - Sunac China disclosed a contract sales amount of approximately 1.01 billion yuan in October, with a sales area of about 88,000 square meters and an average sales price of approximately 11,500 yuan per square meter [4] - Poly Real Estate reported a contract sales amount of approximately 4.3 billion yuan in October, with a sales area of about 148,000 square meters and an average sales price of approximately 29,300 yuan per square meter [5]

来源：环球网 【环球网综合报道】11月6日，中国海外发展公布截至2025年10月31日止十个月的物业销售和新增土地 更新情况。 公告显示，2025年10月单月，中国海外发展合约物业销售金额约为186.61亿元人民币，同比下降 55.1%；销售面积约为87.16万平方米，同比下降40.0%。 1-10月，中国海外发展累计合约物业销售金额约为1891.65亿元人民币，同比下降21.3%；累计销售面积 约为845.4万平方米，同比下降6.9%。 中国海外发展在2025年10月单月新增三宗地块，分别位于广州、上海及石家庄，权益建筑面积约39.51 万平方米，权益地价约70.73亿元人民币。1-10月，累计新增土地权益建筑面积约402.88万平方米，累计 权益地价约837.07亿元人民币。 国海外发展公告 图源：中 ...

央广网北京11月7日消息（记者门庭婷）11月6日，中国海外发展发布截至2025年10月31日止十个月物业 销售和新增土地更新。 截至2025年10月31日，中国海外系列公司录得已认购物业销售约人民币29.26亿元，预期将于往后数月 内转化为合约物业销售。 2025年10月，中海连同其附属公司新增土地涵盖广州、上海及石家庄三幅地块，权益建筑面积约39.51 万平方米，权益地价约人民币70.73亿元。 2025年1—10月，集团新增土地累计权益建筑面积约402.88万平方米，累计权益地价约人民币837.07亿 元。 2025年10月，中国海外系列公司实现合约物业销售金额约人民币186.61亿元，按年下跌55.1%；相应的 销售面积约为87.16万平方米，按年下跌40.0%。 2025年1—10月，中国海外系列公司累计合约物业销售金额约人民币1891.65亿元；相应的累计销售面积 约845.4万平方米，分别按年下跌21.3%及6.9%。 ...

Core Viewpoint - In October, China Overseas Development reported a significant decline in property sales, indicating challenges in the real estate market [1] Sales Performance - The total contract property sales amount for October was approximately 18.661 billion yuan, representing a year-on-year decrease of 55.1% [1] - The corresponding sales area was about 871,600 square meters, which is a year-on-year decline of 40% [1]