Group 1: Housing Fund Loan in Nanning - Nanning Housing Provident Fund Management Center issued its first allocation-type housing provident fund loan, benefiting a buyer of a 117 square meter two-bedroom affordable housing unit with a total price of 557,000 yuan [1] - The buyer paid a down payment of 87,000 yuan and secured a provident fund loan of 470,000 yuan for a term of 20 years, using an equal principal repayment method [1] - The monthly payment is less than 3,000 yuan, saving approximately 19,000 yuan in interest compared to the same amount of commercial loans [1] Group 2: Sales Performance of Real Estate Companies - China Merchants Shekou reported a signed sales amount of 15.365 billion yuan in October, with a sales area of 559,000 square meters [2] - Poly Developments disclosed a signed sales amount of 21.116 billion yuan in October, with a signed area of 1,093,800 square meters, representing a year-on-year decrease of 50.86% in area and 50.12% in amount [3] - Shoukai Co., Ltd. achieved a signed sales amount of 999.7 million yuan in October, with a total signed area of 84,400 square meters [4] - Longfor Group reported a total contract sales amount of 5 billion yuan in October, with a contract sales area of 446,000 square meters [5]

Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is experiencing significant pressure with new home sales declining sharply due to high base effects from the previous year. The report highlights a 45% week-on-week drop in new home transactions across 34 key cities [3][4]. - Policy initiatives are being implemented to support the industry, including measures for digital transformation and localized policies to stimulate housing demand [3][29]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate, suggesting a shift in business models for real estate companies [3]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 158.6 million square meters, reflecting a 45% decrease week-on-week and a 47% year-on-year decline for November [3][4]. - The inventory of unsold residential properties in 15 cities increased slightly by 0.2%, with a current available area of 89.5 million square meters [3][20]. Policy and News Tracking - The National Development and Reform Commission has launched a digital transformation action plan aimed at promoting smart city initiatives and property digitalization [3][29]. - Localized policies include Fuzhou linking real estate company credit ratings to pre-sale fund supervision, and Suzhou offering tax rebates for home purchases [3][29]. Company Announcements - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments at 211.2 billion yuan (-50.1%) and China Overseas Development at 186.6 billion yuan (-55.1%) [3][36]. - Financing activities include China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and a reduction in bond interest rates by Joy City [3][36].

Core Insights - Longfor Group released its unaudited operational data for October 2025, indicating a total contract sales amount of RMB 55.75 billion for the first ten months of the year [1] - In October alone, the company achieved total contract sales of RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders for October was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1] Summary by Category Total Contract Sales - Cumulative total contract sales from January to October reached RMB 55.75 billion, covering an area of 4.389 million square meters [1] Monthly Performance - For October, the total contract sales amounted to RMB 5 billion, with a sales area of 446,000 square meters [1] - The contract sales attributable to shareholders for October were RMB 3.54 billion, with a sales area of 326,000 square meters [1]

Core Insights - In October 2025, the top 100 real estate companies achieved a sales turnover of 253 billion yuan, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9%. Cumulatively, the sales turnover from January to October 2025 reached 25,766.6 billion yuan, reflecting a year-on-year decline of 16%, with the decline rate widening by 4.2 percentage points compared to the first nine months of the year [2][3]. Group 1: Contract Sales - The top 100 real estate companies achieved a sales turnover of 253 billion yuan in October [3]. - The sales threshold for each tier of companies has further decreased compared to the same period last year, with the top 10 companies' sales threshold dropping by 9.4% to 67.89 billion yuan [6]. Group 2: Land Acquisition - In October, the investment amount for land acquisition decreased by nearly 30% compared to the average monthly amount in the first three quarters, with over half of the companies not acquiring any land [10][12]. - The average land price in October fell to 19,809 yuan per square meter, a significant decrease of 54% month-on-month [12]. Group 3: Financing - In October 2025, the total financing amount for 65 typical real estate companies was 34.907 billion yuan, a month-on-month decrease of 9.6% but a year-on-year increase of 4.8% [17]. - The financing cost for newly issued bonds by 65 typical real estate companies averaged 2.92%, a slight decrease from the previous year [19][21]. Group 4: Organizational Dynamics - In October 2025, there was a significant turnover in key positions within the real estate industry, including changes in leadership at major companies such as Vanke and Kincor [23][24]. - Vanke's chairman position changed hands from Xin Jie to Huang Liping, reflecting a strategic continuity amid risk management [24]. - Kincor completed a board restructuring, forming a new management team aimed at stabilizing operations and facilitating strategic transformation [25].

Core Points - Longfor Group announced that by the end of October 2025, the total contract sales amount is expected to reach RMB 55.75 billion, with a contract sales area of 4.389 million square meters [1] - In October, the company achieved total contract sales of RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with an area of 326,000 square meters [1]

Core Viewpoint - Longfor Group announced a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] Group 1: Sales Performance - In October, the total contract sales amount reached RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with an area of 326,000 square meters [1]

Core Viewpoint - Longfor Group announced a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] Group 1: Sales Performance - In October, the total contract sales amount reached RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1]

Core Insights - Longfor Group announced a total contract sales amount of RMB 55.75 billion by the end of October 2025, with a total sales area of 4.389 million square meters [1] - In October alone, the company achieved a total contract sales amount of RMB 5 billion and a sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1]

Core Insights - Longfor Group (00960.HK) reported a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] - In October alone, the company achieved total contract sales of RMB 5 billion and a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders in October was RMB 3.54 billion, with a corresponding area of 326,000 square meters [1] Financial Performance - By the end of October 2025, the company achieved operating revenue of approximately RMB 22.16 billion (tax-inclusive amount approximately RMB 23.62 billion) [1] - The operating revenue was approximately RMB 11.74 billion (tax-inclusive amount approximately RMB 12.57 billion) [1] - Service revenue amounted to approximately RMB 10.42 billion (tax-inclusive amount approximately RMB 11.05 billion) [1]