Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In May, the price decline of second-hand houses in various cities expanded on a month-on-month basis, while the year-on-year decline narrowed [1][2] - The new residential sales price index for 70 major cities showed a month-on-month decrease of 0.2% in May, compared to a previous value of -0.1% [1] - The investment suggestion indicates that short-term policy support is expected to stabilize prices and improve valuations, while long-term focus should be on leading companies with quality product resources and real estate operation capabilities [3] Summary by Sections Month-on-Month Data - In May, the month-on-month price index for new residential properties in first-tier cities decreased by 0.2%, with specific cities like Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.4%, 0.7%, -0.4%, and -0.8% respectively [1] - The month-on-month price index for second-hand residential properties in first-tier cities decreased by 0.7%, with Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.8%, -0.7%, -0.5%, and -0.8% respectively [1] Year-on-Year Data - The year-on-year price index for new residential properties in 70 major cities decreased by 4.1% in May, an improvement from the previous decline of 4.5% [2] - The year-on-year price index for second-hand residential properties in 70 major cities decreased by 6.3%, also an improvement from the previous decline of 6.8% [2] Investment Recommendations - The report recommends focusing on leading companies such as Poly Developments and New Town Holdings in the short term, while also considering China Resources Land and Longfor Group as potential beneficiaries [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

Core Viewpoint - The "2025 Mid-Year China Real Estate Product Evaluation" has officially entered the project display phase, with the initial shortlisted projects announced on June 3rd, following a vigorous selection process involving industry experts and enterprises [1]. Group 1: Evaluation Process - The evaluation will combine expert reviews and online voting to determine the final awards, including "Top Ten High-End/Light Luxury/Quality Works" and "National Good House Comprehensive Award" [1]. - The evaluation work is currently progressing in an orderly manner, with shortlisted projects being showcased [1]. Group 2: Shortlisted Projects - High-end shortlisted projects include: - Fuzhou Poly Tianzan, a luxury waterfront residence [1]. - Guangzhou Poly Tianyi, characterized by modern high-rise residential design [2]. - Shanghai Chaoming Dongfang, a significant work celebrating Greentown China's 30th anniversary [3]. - Yuyiao Zhenyuan, showcasing a modern architectural style [4]. - Quality shortlisted projects include: - Chongqing Longhu·Guancui, representing high-end living in South Chongqing [7]. - Beijing Chang'an Huaxi Mansion, noted for its five highlights contributing to its exceptional product strength [10]. - Taizhou Jiangying Yundian, located in a core area with lake view aesthetics [10]. Group 3: Industry Focus - Since 2018, the industry has focused on changes in product strength, evolving from "product strength" to "product system" and "customer demand" research, emphasizing the importance of delivery capability [14]. - The 2025 China Real Estate Product Strength Evaluation has been fully launched, with awards for the top works and good houses to be announced at the end of June [14].

3. 中国恒大(03333.HK)附属公司委任清盘人，股份自2024年1月29日星期一上午10时18分起暂停买卖， 并将继续停牌，直至另行通知。 4. 市场传闻称泡泡玛特(09992.HK)要进军AI玩具，泡泡玛特相关人士回应称："没听说过"。 5. 一脉阳光(02522.HK)：附属公司湖南一脉拟收购众雅诊断100%股权。 6. 亿纬锂能：拟发行 H 股股票并在香港联合交易所有限公司主板挂牌上市。 7. 龙湖集团(00960.HK)在港交所公告，5月实现总合同销售金额人民币64.7亿元，合同销售面积49.2万平 方米。 金十数据整理：每日港股市场要闻速递（6月10日 周二） 个股新闻： 1. 四环医药(00460.HK)吡洛西利片新增适应症的新药上市申请获受理。 2. 石四药集团(02005.HK)：取得0.3ml马来酸噻吗洛尔滴眼液药品生产注册批件。 ...

智通财经6月9日电，龙湖集团5月合约销售额64.7亿元，上年同期86.9亿元。 ...

龙湖集团5月合约销售额64.7亿元人民币，1-5月累计合约销售额285.5亿元人民币。 ...

Core Viewpoint - The current macro policy has increased support for the real estate market, leading to a recovery in core city markets, with a rise in the number and amount of land acquired by private enterprises, although state-owned enterprises remain dominant in land acquisition [1][2][13]. Group 1: Land Acquisition Trends - In the first five months of 2025, the number of private enterprises acquiring land increased, with 24 private companies in the top 100 land acquirers, accounting for approximately 16.8% of the total land acquisition amount, an increase of 13 companies and 8.3 percentage points from the previous year [2]. - The land acquisition by private enterprises had sharply decreased from 2022 to 2024, with only about ten private companies in the top 100, and their share of land acquisition amount dropping to around 10% [2]. - The introduction of a package of financial policies in early May 2025, including reductions in housing provident fund loan rates and LPR, has effectively lowered the cost of home ownership, supporting housing demand [2]. Group 2: Market Dynamics - The supply of quality land has increased, with local governments launching numerous plots in core urban areas, which has led to a competitive environment for private enterprises that previously had limited land acquisition [2][5]. - The current land acquisition activity is primarily driven by two types of private enterprises: stable large and medium-sized brands with a need for inventory replenishment, and regional small and medium-sized enterprises seizing market opportunities [5][6]. - The majority of active private enterprises are based in regions like Zhejiang and Sichuan, with a notable concentration in Zhejiang, where the local economy is robust and the real estate market shows resilience [5][6]. Group 3: Sales Performance - Despite the increase in land acquisition, the sales performance of real estate companies remains under pressure, with total sales for the top 100 real estate companies in May 2025 down 10.8% year-on-year, and a 17.3% decline in sales for May alone compared to the previous year [13]. - The sales pressure is expected to continue affecting investment decisions, indicating that a substantial recovery in private enterprises' confidence will depend on an improvement in sales [13].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Asia Pacific Equity Research 04 June 2025 Property Data Monitor Mainland China: data is softening; HK: mixed sell- through rates Mainland China Hong Kong SAR See page 16 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this re ...

Core Insights - The 2024 China Shopping Center Enterprise TOP100 list has been released, highlighting the leading companies in the industry [1][2] - The industry is transitioning from a development-driven model to an operation-driven model, with over 400 new shopping centers expected to open nationwide in 2024 [2] Group 1: Industry Overview - The top ten companies in the 2024 China Shopping Center Enterprise TOP100 include Zhuhai Wanda Commercial Management Group, Injoy Group, New Town Wuyue Commercial Management Group, China Resources Vientiane Life, and others [1] - As of December 31, 2024, the TOP100 companies operate 3,067 shopping centers, covering a total construction area of approximately 33.906 million square meters, with an average project size of 105,000 square meters [1] Group 2: Market Dynamics - The concentration of leading shopping center enterprises is increasing, with the top four companies each operating over 100 shopping centers, collectively accounting for 33.4% of the total projects in the TOP100 [2] - The top five groups for new shopping center openings in 2024 are Zhuhai Wanda (25 centers), China Resources Vientiane Life (21 centers), New Town Wuyue (15 centers), Longfor Group (10 centers), and China Merchants Commercial Management (10 centers) [2] - For 2025, the companies with the highest planned openings include Zhuhai Wanda (30 centers), Aegean Group (13 centers), Longfor Group (12 centers), China Merchants Commercial Management (10 centers), and Injoy Group (9 centers) [2]

Core Insights - The recent land auctions in May have seen a significant increase in participation from private real estate companies, indicating a recovery in market confidence [2][11][17] - Notable acquisitions include Agile Group's purchase of four residential plots in Guangzhou for a total of 3.32 billion yuan and Haicheng Group's acquisition of key plots in Chongqing for 1.43 billion yuan [1][4][10] - The trend of private companies returning to the land market suggests improved expectations for future market conditions, which may enhance local governments' land finance outlook [2][12][17] Group 1: Private Companies' Land Acquisitions - Agile Group's recent land acquisition marks its first public market purchase since 2021, reflecting a rare large-scale land acquisition by private firms in Guangzhou [7][10] - Haicheng Group has successfully secured six plots in the Chongqing Auto Expo Center, furthering its strategic development in the region [4][10] - In the first five months of this year, nearly 30% of the land acquisition amount by the top 100 real estate companies came from private firms, with several entering the top 40 in terms of land acquisition value [1][10] Group 2: Market Dynamics and Future Outlook - The return of private firms to the land auction market is influenced by the sustained activity in core city real estate markets, with new home prices in first and second-tier cities showing month-on-month increases [10][11] - The trend indicates a shift in market dynamics, with private firms actively seeking quality assets in core urban areas, contrasting with the strategies of state-owned enterprises [11][17] - Analysts suggest that the recovery in market confidence and improved expectations for future sales will support the restoration of land market expectations and local government finances [2][12][17]