Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][46] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.5%, the Shenzhen Component Index by 2.6%, the ChiNext Index by 2.1%, and the CSI 300 by 1.4%, while the real estate sector (Shenwan) increased by 6.0% [6][9] - The top five stocks in terms of growth were Shoukai Co. (+57.0%), Suning Universal (+47.1%), Wolong New Energy (+28.1%), Xinda Zheng (+24.5%), and Heimu Dan (+20.9%) [6][9] Data Tracking New Housing Transactions - In the week of September 6-12, 2025, new housing transactions in 42 key cities totaled 1.54 million square meters, a decrease of 9.6% from the previous week [15] - For September up to the week of September 12, new housing transactions totaled 2.72 million square meters, an increase of 14.1% month-on-month but a decrease of 3.2% year-on-year [19] Second-Hand Housing Transactions - In the week of September 6-12, 2025, second-hand housing transactions in 21 key cities totaled 1.96 million square meters, an increase of 13.5% from the previous week [29] - For September up to the week of September 12, second-hand housing transactions totaled 3.38 million square meters, an increase of 15.6% month-on-month and 21.5% year-on-year [33] Industry News - The Ministry of Housing and Urban-Rural Development issued guidelines to improve the quality of administrative law enforcement in housing construction [46] - The State Council emphasized the importance of high-quality completion of the 14th Five-Year Plan, with measures to enhance the convenience of real estate registration [46] - The report highlights that Guangdong Province has designated Guangzhou and Shenzhen as pilot cities for modular construction, with a trial period until the end of 2028 [46] Company Announcements - In August, New Town Holdings reported a sales amount of 1.58 billion yuan (down 37% year-on-year), while China Jinmao reported 9.077 billion yuan (up 46.5% year-on-year) [50] - China Jinmao's revenue for the first half of 2025 was 25.11 billion yuan, an increase of 14% year-on-year, with a net profit of 1.09 billion yuan, up 8% year-on-year [50]

Group 1 - The Hong Kong real estate stocks continue to decline, with Country Garden down 8.7%, Jin Hui Holdings down 8%, and Zhongliang Holdings down 7% [1] - The National Bureau of Statistics reported that from January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [1] - The funding for real estate development enterprises decreased by 8% year-on-year, with personal mortgage loans dropping by 10.5% [1] Group 2 - Analysts indicate that the current real estate data shows a comprehensive weakening, with both development investment and personal mortgage loans declining, confirming that the market is still in a deep adjustment period [1] - Recently, several key cities have introduced favorable policies to promote the stable and healthy development of the real estate market, particularly in terms of easing purchase restrictions, with notable adjustments in Beijing, Shanghai, and Shenzhen [1]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

Core Insights - The high-end residential market in Shanghai remains strong, with significant sales recorded during the "Golden September" period, particularly at the Waibaidu Ruifu project, which sold 119 units for over 2.48 billion yuan on its opening day [1][3][5] Market Performance - The Waibaidu Ruifu project had an average price of 147,800 yuan per square meter, with a total of 200+ groups of clients participating in the selection process, leading to a subscription rate of approximately 168% [1][3] - Another project, Jinmao Puyuan, launched earlier with a higher average price of 166,000 yuan per square meter, selling out in just 26 minutes [3][4] Buyer Demographics - The buyer profile for Waibaidu Ruifu includes a significant portion of "new Shanghai residents," with only about 35% of buyers being local residents [4][5] - Non-local buyers from Jiangsu and Zhejiang provinces accounted for over 60% of the total buyers, indicating a broader market appeal [4][5] Competitive Landscape - The competitive environment is intensifying due to a concentration of supply in the inner ring of Shanghai, with multiple high-end projects set to launch soon [6][7] - Upcoming projects include Taikoo Land's Lujiazui Taikoo Source, which has already seen high subscription rates, and other notable developments in the Danning area [6][7] Pricing Trends - The market is experiencing upward pressure on prices, with expectations of price increases for upcoming launches due to sustained demand and limited supply [5][6] - The recent record-breaking pricing for new developments, such as Jinling Huating, which has a unit price of 326,800 yuan per square meter, reflects the premium nature of the current market [10][12] Market Outlook - Analysts suggest that the current market conditions, including favorable stock market performance and new housing policies, may lead to improved sales figures in the upcoming months [13]

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]

北京朝新标的地块及北京满茂标的地块均位于中国北京市朝阳区三间房乡，为居住用地，总占地面积约 68,996平方米，规划计容建筑面积约为172,936平方米。 中国金茂(00817)公布，于2025年9月16日，公司间接全资附属公司北京亦城与保利房地产及北京朝新签 订北京朝新增资协议，据此，北京亦城及保利房地产同意按相同的价格基准分别向北京朝新增资。其 中，北京亦城向北京朝新投入增资价款人民币3.5亿元，保利房地产向北京朝新投入增资价款人民币21.5 亿元。于增资一完成后，北京亦城及保利房地产所持北京朝新的股权比例分别为30%及70%。 此外，公司间接全资附属公司北京亦城与保利房地产及北京满茂签订北京满茂增资协议，据此，北京亦 城及保利房地产同意按相同的价格基准分别向北京满茂增资。其中，北京亦城向北京满茂投入增资价款 人民币21.5亿元，保利房地产向北京满茂投入增资价款人民币3.5亿元。于增资二完成后，北京亦城及保 利房地产所持北京满茂的股权比例分别为70%及30%。 于2025年2月11日，北京亦城及保利房地产以50%:50%的比例组成联合体，透过公开竞买程序以总价人 民币87.295亿元投得北京朝新标的地块及 ...

China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 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，概不對任何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責任。 須予披露交易 (1)視作出售北京朝新之股權； (2)增資收購北京滿茂之股權 董事會宣佈，於2025年9月16日，(1)本公司間接全資附屬公司北京亦城與保利 房地產及北京朝新簽訂北京朝新增資協議，據此，北京亦城及保利房地產同意 按相同的價格基準分別向北京朝新增資。其中，北京亦城向北京朝新投入增資 價款人民幣350百萬元，保利房地產向北京朝新投入增資價款人民幣2,150百萬 元。於增資一完成後，北京亦城及保利房地產所持北京朝新的股權比例分別為 30%及70%; (2)本公司間接全資附屬公司北京亦城與保利房地產及北京滿茂簽 訂北京滿茂增資協議，據此，北京亦城及保利房地產同意按相同的價格基準分 別向北京滿茂增資。其中，北京亦城向北京滿茂投入增資價款人民幣2 ...

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 Chinese government reiterates the goal of stabilizing the real estate market, emphasizing the need to release demand for improvement through various measures, with specific policies being implemented in cities like Suzhou [1] Group 1: Real Estate Performance in Jiangsu - In the first eight months of 2025, the top 20 real estate companies in Jiangsu had a sales threshold of 3.439 billion yuan and a sales area threshold of 14,220 square meters [2][5] - The top three companies by sales revenue were: 1. China Merchants Shekou with 8.825 billion yuan 2. Huafa Group with 8.214 billion yuan 3. Greentown China with 7.739 billion yuan [2][3] - In terms of sales area, the top three were: 1. China Merchants Shekou with 340,800 square meters 2. Poly Developments with 321,700 square meters 3. New Town Holdings with 290,700 square meters [2][3] Group 2: Local Real Estate Companies - Jiangsu's local real estate companies showed strong performance, with the top 20 local firms having a sales threshold of 1.770 billion yuan and a sales area threshold of 7,440 square meters [5] - Jinji Real Estate led in sales revenue with 5.266 billion yuan, while New Town Holdings topped in sales area with 290,700 square meters [5][6] Group 3: Land Market Overview - In the first eight months of 2025, Jiangsu launched 442 residential land plots, with a total planned construction area of 26.071 million square meters, and successfully sold 425 plots with a total area of 26.257 million square meters [7] - The average floor price across the province was 6,484 yuan per square meter, with August seeing an increase to 6,517 yuan per square meter [7][9] Group 4: Future Outlook - With the goal of stabilizing the market, new supportive policies are expected to be introduced, and the market is anticipated to become more active during the traditional peak sales season of September and October [13]