Group 1 - The 2025 Huishan Investment Cooperation Conference successfully gathered key industry players, including central enterprise leaders, well-known private enterprise heads, foreign executives, and experts, to discuss development strategies and opportunities in Huishan [1][3] - Huishan is positioned as a development hub with rich cultural heritage, advanced industries, and a favorable business environment, aiming to attract investments and foster economic growth [3][4] - The conference highlighted Huishan's commitment to high-quality economic development through innovation and collaboration, aligning with national strategies and promoting a "technology-industry-finance" cycle [4][7] Group 2 - The event featured presentations on Huishan's industrial clusters and investment environment, showcasing the region's potential for new and traditional industries to thrive together [4][6] - Representatives from various companies shared their positive experiences and future plans for collaboration in Huishan, emphasizing the region's supportive investment climate and efficient service [6][7] - Huishan plans to establish its first AIC fund project and has signed cooperation agreements with several innovation centers to enhance resource integration and drive industrial innovation [7]

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][32]. Core Insights - The report highlights a continued downward trend in both new and second-hand housing transactions, with a significant decrease in new home sales in major cities [4][5]. - The central government emphasizes urban renewal as a key strategy to stabilize the real estate market, indicating a shift towards more robust policy support [4][32]. - The report suggests that while transaction volumes have stabilized, they have not yet entered a positive cycle, and further supportive measures are anticipated [4][32]. Industry Data Summary New Home Transactions - In the week of July 12-18, 2025, new home sales in 34 key cities totaled 1.591 million square meters, a week-on-week decrease of 20.1% [4][5]. - Year-to-date, new home sales are down 11% compared to the previous year, with first and second-tier cities experiencing a 17.3% year-on-year decline [6][32]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities totaled 1.031 million square meters, reflecting a week-on-week decrease of 5.4% [4][13]. - Cumulatively, second-hand home sales are down 11.4% year-on-year as of July [4][13]. Inventory and Market Dynamics - The report notes that 15 cities had a total of 730,000 square meters of new homes launched, with a sales-to-launch ratio of 0.87, indicating ongoing inventory challenges [4][23]. - The average months of inventory for new homes in these cities has increased to 19.8 months [4][23]. Policy and News Tracking - The central government has called for a focus on urban renewal, with various local governments implementing "old-for-new" subsidy policies to stimulate the market [4][32]. - Recent statistics show a 11.2% year-on-year decline in real estate development investment for the first half of 2025 [4][32]. Company Dynamics - Several real estate companies have reported their half-year performance, with notable declines in sales for major players like China Resources Land and Longfor Group [4][32]. - Companies such as Zhonghua Enterprises and Nanshan Holdings have reported significant profit increases, while others like Vanke and JinDi Group have faced substantial losses [4][32].

Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. Core Viewpoints of the Report - In the volatile market, credit bonds outperformed interest - rate bonds. Interest - rate bond yields slightly declined, while credit bond yields dropped more significantly. Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline [2][5]. - Urban investment bond spreads generally compressed slightly. Spreads of external ratings AAA, AA +, and AA platforms decreased by 1BP respectively. Spreads also declined when classified by administrative levels [2][9][15]. - Most industrial bond spreads decreased. Central and state - owned enterprise real - estate bond spreads declined, mixed - ownership real - estate bond spreads decreased, and private - enterprise real - estate bond spreads increased. Spreads of coal, steel, and chemical bonds also decreased [2][18]. - The yields of secondary and perpetual bonds followed the decline of certificates of deposit, with the short - to - medium - term performing relatively strongly [2][21]. - The excess spreads of 5Y industrial bonds and 3Y urban investment bonds slightly decreased [2][24]. Summary by Directory 1. Credit Bonds Outperformed Interest - Rate Bonds in the Volatile Market - Interest - rate bond yields slightly declined. The yields of 1Y, 5Y, and 7Y China Development Bank bonds decreased by 2BP, 1BP, and 1BP respectively, while the 3Y and 10Y remained flat [2][5]. - Credit bond yields dropped more significantly. The yields of 1Y, 3Y, 5Y, 7Y, and 10Y credit bonds decreased to varying degrees [2][5]. - Credit spreads mostly decreased slightly, with the 3Y variety showing a relatively larger decline. Rating spreads and term spreads showed obvious differentiation [5]. 2. Urban Investment Bond Spreads Slightly Compressed - By external ratings, the spreads of AAA, AA +, and AA platforms decreased by 1BP respectively, with different changes in different regions [9]. - By administrative levels, the spreads of provincial, municipal, and district - level platforms decreased by 2BP, 1BP, and 1BP respectively, with different changes in different regions [15]. 3. Most Industrial Bond Spreads Decreased - Real - estate bonds: Central and state - owned enterprise real - estate bond spreads decreased by 2 - 4BP, mixed - ownership real - estate bond spreads decreased by 1BP, and private - enterprise real - estate bond spreads increased by 7BP [2][18]. - Other industrial bonds: The spreads of AAA, AA +, and AA coal bonds decreased by 2BP, 2BP, and 1BP respectively; the spreads of AAA and AA + steel bonds decreased by 2BP and 4BP respectively; and the spreads of all levels of chemical bonds decreased by 3BP [2][18]. 4. The Yields of Secondary and Perpetual Bonds Followed the Decline of Certificates of Deposit, with the Short - to - Medium - Term Performing Relatively Strongly - 1Y secondary and perpetual bonds: Yields decreased by 2 - 3BP, and spreads compressed by 1 - 2BP [21]. - 3Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 2BP, and spreads decreased by 2 - 3BP; the yields of perpetual bonds decreased by 3 - 4BP, and spreads decreased by 3 - 4BP [21]. - 5Y secondary and perpetual bonds: The yields of secondary capital bonds decreased by 1 - 2BP, and spreads compressed by 0 - 1BP; the yields of AA + and above perpetual bonds decreased by 1BP, and spreads increased by 1BP, while the yields of AA perpetual bonds decreased by 4BP, and spreads decreased by 2BP [21]. 5. The Excess Spreads of 5Y Industrial Bonds and 3Y Urban Investment Bonds Slightly Decreased - AAA 3Y industrial perpetual bond excess spreads remained at 3.82BP, at the 1.32% quantile since 2015; 5Y industrial perpetual bond excess spreads decreased by 0.86BP to 7.65BP, at the 4.18% quantile since 2015 [24]. - Urban investment AAA 3Y perpetual bond excess spreads decreased by 0.65BP to 3.75BP, at the 0.29% quantile; urban investment AAA 5Y perpetual bond excess spreads increased by 0.09BP to 10.21BP, at the 10.93% quantile [24]. 6. Credit Spread Database Compilation Instructions - Market - wide credit spreads, commercial bank secondary and perpetual spreads, and industrial/urban investment perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. Historical quantiles are since the beginning of 2015 [28]. - Industrial and urban investment bond credit spreads are compiled and statistically analyzed by Cinda Securities R & D Center, with historical quantiles since the beginning of 2015 [28]. - Specific calculation methods and sample selection criteria are provided, including how to calculate spreads, which samples to select, and which samples to exclude [31].

（文/孙梅欣 编辑/张广凯） 当房地产行业发展的传统逻辑已被颠覆，全新的行业发展格局下，龙头房企纷纷努力探索新发展模式，构建起更平衡的业务组合。 经过过往的实践，龙湖在新模式上的探索已走在前列。在2024年，龙湖的经营性业务收入对集团整体收入贡献占比达到21%，已成为公司营收的重要来源和 利润的主要支撑点。 7月15日，龙湖集团发布了1-6月的业绩公告，今年上半年，龙湖由运营及服务业务组成的经营性收入约141.5亿元（含税），保持稳健增长，其中，由商业 投资、资产管理组成的运营业务亦持续向好，上半年实现收入约75亿元。 商业投资业务是龙湖最具标志性的业务之一。早在20余年前，龙湖集团就以前瞻性的视角，将商业地产作为重点发展的方向。截至今年上半年末，龙湖商业 已累计开业90座购物中心，期末整体出租率保持在96.6%的行业高位，1-6月的营业额同比实现了超20%的增长，日均客流同比增长超过9%，体量与质量均 位于行业头部。 如今，作为零售行业的重要载体，这份资产正发挥更大的意义。尤其是过去2年，在全社会"促消费、稳经济"的发展重心，以及人们对情绪消费的追求下， 消费零售需求攀升，线下商业体也迎来体量、运营、场景的 ...

Core Viewpoint - Longfor Group (00960) is navigating the real estate downturn by adopting a differentiated "long-termism" approach, focusing on high-quality development and steady growth across multiple business channels [1] Group 1: Business Performance - In the first half of 2025, Longfor Group's operating revenue was approximately 14.15 billion yuan (including tax), with operational business revenue around 7.5 billion yuan and service business revenue about 6.65 billion yuan, all showing varying levels of growth [1] - Longfor Group achieved a net profit of 10.401 billion yuan for shareholders in 2024, distinguishing itself as one of the few companies to report profitability amid significant losses in the industry [1] - The contribution of operational business to total revenue increased to 21% in 2024, becoming a major source of income and profit for Longfor [1] Group 2: Operational Strategy - Longfor's operational and service business segments are seen as the core of future growth, with management aiming to establish absolute competitive advantages in four key areas [3] - The commercial segment of Longfor's operational business has introduced a new tiered product system, showcasing differentiated project advantages through "city-level, regional-level, and community-level" classifications [3] Group 3: Marketing and Consumer Engagement - Longfor Commercial has successfully launched several high-traffic commercial cases, such as the Nanning Qingxiu Tianjie, which opened in May 2025 and attracted over 680,000 visitors in its first three days, generating 27.9 million yuan in revenue [5] - The "Tianjie Huansheng Festival" event during the Dragon Boat Festival saw cumulative revenue of 1.96 billion yuan over four days, with daily revenue and foot traffic increasing by 49.7% and 24.9% year-on-year, respectively [5] Group 4: Future Expansion Plans - Longfor plans to open around 10 new projects in major first- and second-tier cities such as Hangzhou, Shanghai, and Wuhan in the second half of 2025, while also continuing upgrades to existing projects [6] - As of the first half of 2025, Longfor Commercial maintained a high occupancy rate of 96.6%, with revenue and daily foot traffic both increasing by over 20% and 9% year-on-year, respectively [8] Group 5: Financial Health - Longfor Group has successfully repaid over 9 billion yuan in debts this year, demonstrating a commitment to maintaining healthy finances to support its business operations [8] - The company has achieved a balanced structure across its three main business segments—development, operation, and service—contributing to its resilience and stable profit margins [8]

Group 1: Housing Fund Policy - Beijing Housing Fund Management Center has announced an expansion of the pilot program for direct payment of housing rent using housing provident fund, aiming to better meet the rental housing consumption needs of contributors [1] - The number of pilot housing rental institutions has increased from 3 to 4, with the addition of Beijing Ziroom Housing Rental Co., Ltd. [1] - The pilot scope for two commercial housing rental partners has been expanded to the entire city, and the number of public rental housing pilot projects has increased to 3 [1] Group 2: Real Estate Market Trends - In June, new home prices in first-tier cities decreased by 1.4% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - Shanghai experienced a price increase of 6%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [2] - Second and third-tier cities also saw year-on-year price declines of 3% and 4.6%, with reductions narrowing by 0.5 and 0.3 percentage points respectively [2] Group 3: Company Sales Performance - China Resources Land reported a total contract sales amount of approximately 23.45 billion yuan in June, with a year-on-year decrease of 26.7% [3] - Longfor Group disclosed a total contract sales amount of 4.64 billion yuan in June, with a contract sales area of 394,000 square meters [4] Group 4: Debt Restructuring - CIFI Group's three domestic bond restructuring proposals have been approved, with a total outstanding scale of approximately 3.09 billion yuan [5] - The bondholder meetings for the restructuring were held online, with approval rates of 69.92%, 65.78%, and 85.73% for the respective bonds [5]

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].

Core Viewpoint - Longfor Group announced that by the end of June 2025, the total contracted sales amount reached RMB 35.01 billion, with a contracted sales area of 2.614 million square meters [1] Group Summary - As of June, the total contracted sales amount for the month was RMB 6.46 billion, with a contracted sales area of 519,000 square meters [1] - The contracted sales amount attributable to the company's shareholders for June was RMB 4.64 billion, with a sales area of 394,000 square meters [1]

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].