今日（8月22日），位于成都市锦江区狮子山街道的一宗宅地成功出让，面积约14.8亩，最终由龙湖以14200元/㎡的楼面价竞得，这是龙湖今年来首次在 成都公开拍卖拿地。 教育资源尤为密集，汇聚了四川师大附中外国语学校、成都锦江实验学校、大观小学、四川师大附中（高中部）、四川师大附属实验学校（小学部）、树 德中学（外国语校区）、锦江外国语小学、锦江区综合高级中学、成都大学附属中学及沙河堡小学等多所学校。 商业配套方面，地块周边3公里范围内涵盖凯德广场（魅力城店）、华宇广场、华熙LIVE·528、卓锦曼购中心、光环购物公园以及在建的成华和悦广场， 商圈成熟度高。 据克而瑞四川统计，2024年至今，成都东客站板块共出让4宗涉宅用地，成交楼面价介于19800-20700元/㎡；其中3宗地块已开发为绿城润百合、万景公园 道1號等项目，主要定位高端改善客群。 封面新闻记者 黄益辉 图据克而瑞四川 虽然近几年龙湖在成都土拍场的"出勤率"不高，但其在新房市场的"红盘率"却很高。 此前的御湖境、滨江云河颂、观萃、西宸御湖境，都是所在区域现象级畅销的楼盘。今年8月首次开盘的龙湖·泊萃，1小时热销超2.5亿。今年，龙湖的产 品在全国 ...

8月22日，龙湖底价摘得成都锦江区狮子山街道花果村7组地块，地块编号JJ06(070102):2025-034，楼面 价14200元/㎡，折合总价3.51亿元。该地块总用地面积9886.88㎡（合14.8303亩），规划建筑面积 24717.2㎡，容积率2.5。地块位于东中环内侧，北侧距离7号线大观站直线距离约400米，地块旁还有规 划中的地铁20号线，交通便捷，周边商圈繁荣，西侧攀成钢商圈，北侧东站商圈，南侧川师商圈。 龙湖2025年首次在成都土拍市场拿地。 ...

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) will focus on engineering consulting and construction services, with the theme "Technology Empowering 'Good Houses'" to showcase innovations in housing standards, design, smart construction, and green energy-efficient buildings [1] Group 1: Event Overview - The CIFTIS will take place from September 10 to 14 in Beijing, featuring a specialized exhibition on engineering consulting and construction services [1] - The exhibition will include 230 online exhibitors and 90 offline exhibitors, with 67 being Fortune 500 and industry-leading companies, accounting for 74% of the total [3] Group 2: Exhibition Highlights - The exhibition will present a quantifiable system for residential comfort, defining "good houses" through precise data on indoor microenvironments and space utilization [3] - A "good house" model room will be set up, allowing visitors to experience future living spaces and the industrial charm of constructing houses like cars [4] Group 3: Industry Collaboration - The event will showcase the collaborative efforts of various industry stakeholders, including design, consulting, and construction firms, as well as foreign enterprises [5] - The first national "Good House" design competition will be highlighted, demonstrating the practical outcomes of the "Good House" policy from pilot projects to large-scale implementation [6]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Core Viewpoint - Longfor Group (00960.HK) will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] Summary by Category - **Company Announcement** - Longfor Group is set to convene a board meeting on August 29, 2025 [1] - The meeting will focus on the approval of the interim results for the period ending June 30, 2025 [1] - The company may declare an interim dividend during this meeting, subject to approval [1]

董事會會議通告 龍湖集團控股有限公司（「本公司」）之董事會（「董事會」）謹此公佈，本公司董事會將於 二零二五年八月二十九日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至二零二五年六月三十日止六個月之中期業績並考慮派發中期股息（如有）。 承董事會命 龍湖集團控股有限公司 LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：960） 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，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 主席 陳序平 於本公告刊發日期，董事會包括九名成員：執行董事陳序平先生、趙軼先生、張旭忠先 生及沈鷹女士；非執行董事孫佳慧女士；獨立非執行董事 Frederick Peter Churchouse 先 生、陳志安先生、項兵先生及梁翔先生。 香港，二零二五年八月十九日 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China, indicating an expected return that is stronger than the market benchmark index by over 5% [3]. Core Insights - The report highlights that the optimization of existing housing storage policies is expected to gradually assist in inventory reduction. The People's Bank of China announced a 300 billion yuan re-loan for affordable housing, which supports local state-owned enterprises in acquiring existing residential properties for allocation as affordable housing. The report notes that the slow progress in storage is primarily due to pricing discrepancies between developers and local governments, and the responsibility for compliance and profitability lies with local governments [1][5]. - The report suggests that there is room for policy optimization, such as removing price caps to encourage developers to sell inventory, extending re-loan terms, and lowering interest rates to improve project profitability. These cumulative effects are expected to gradually aid in inventory reduction and enhance the recovery slope of real estate stock prices [1][5]. - The report emphasizes that the recovery of the real estate industry and stock prices does not solely depend on the timing of policy announcements. The decline in risk-free interest rates and the reduction in industry risk assessments are the main drivers for the recovery of real estate stocks. The report indicates that the real estate sector is entering a new bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (industry challenges), leading to a potential rebound in stock prices [5]. Summary by Sections Policy Evaluation - The report discusses the marginal optimization of existing housing storage policies, which is expected to facilitate inventory reduction. The People's Bank of China has set up a 300 billion yuan re-loan to support local state-owned enterprises in acquiring existing residential properties for affordable housing [1]. - The report identifies that the slow progress in storage is due to the pricing discrepancies between developers and local governments, with local governments bearing the ultimate responsibility for compliance and profitability [1][5]. Investment Recommendations - The report recommends focusing on specific stocks, including China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Accumulate) [6].

Group 1 - The Hong Kong real estate stocks saw an initial rise, with Midea Real Estate experiencing a notable increase of 15%, while other companies like Oceanwide Group, Sunac China, Longfor Group, Country Garden, and R&F Properties rose over 3% [1] - On August 18, Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and promote urban renewal, including the renovation of urban villages and dilapidated houses to release improvement demand [1] - Midea Real Estate announced a profit upgrade, expecting a profit attributable to shareholders from continuing operations to be between 250 million to 350 million yuan for the first half of 2025, compared to 140 million and 142 million yuan in the same period last year [1] Group 2 - Oceanwide Group's subsidiary, Beijing Oceanwide Holdings Group Co., Ltd., announced a domestic debt restructuring plan, with a creditor meeting scheduled from September 9 to September 12, involving 7 company bonds and 3 PPNs, totaling 18.05 billion yuan [1] - Country Garden announced that it is seeking strong support from creditors holding a significant amount of existing debt for its restructuring plan [1] - The stock performance of various real estate companies included Midea Real Estate at 5.120 yuan with an increase of 8.47%, Oceanwide Group at 0.121 yuan with a rise of 3.42%, and Longfor Group at 0.930 yuan with a gain of 3.33% [1]

Company News - Tongyi Technology plans to acquire 100% equity of Beijing Silingke Semiconductor Technology Co., Ltd. in cash, which is expected to constitute a major asset restructuring. The stock will not be suspended from trading [21] - Jiao Cheng Ultrasound reported a net profit attributable to shareholders of 58.04 million yuan for the first half of the year, a year-on-year increase of 1005.12% [16] - Aimei Ke reported a net profit attributable to shareholders of 789 million yuan for the first half of the year, a year-on-year decrease of 29.57%, and plans to distribute a cash dividend of 12 yuan per 10 shares [13] - Tubaobao achieved a net profit attributable to shareholders of 268 million yuan for the first half of the year, a year-on-year increase of 9.71%, and plans to distribute a cash dividend of 2.8 yuan per 10 shares [14] - Today International reported a net profit attributable to shareholders of 188 million yuan for the first half of the year, a year-on-year decrease of 22.53%, and plans to distribute a cash dividend of 2 yuan per 10 shares [14] - Xindong Link reported a net profit attributable to shareholders of 154 million yuan for the first half of the year, a year-on-year increase of 173.37%, and plans to distribute a cash dividend of 1.56 yuan per 10 shares [14] - Huayi Group reported a net profit attributable to shareholders of 216 million yuan for the first half of the year, a year-on-year increase of 593.65% [17] - Guosheng Jinkong reported a net profit attributable to shareholders of 209 million yuan for the first half of the year, a year-on-year increase of 369.91% [18] - Antong Holdings reported a net profit attributable to shareholders of 512 million yuan for the first half of the year, a year-on-year increase of 231.49% [19] - Jintian Co., Ltd. reported a net profit attributable to shareholders of 373 million yuan for the first half of the year, a year-on-year increase of 203.86% [20] - Ruixinwei reported a net profit attributable to shareholders of 531 million yuan for the first half of the year, a year-on-year increase of 190.61% [21] Industry News - The State Council held its ninth plenary meeting on August 18, emphasizing the need to strengthen the domestic circulation and stimulate consumption potential, while also promoting effective investment and stabilizing the real estate market [8] - The National Medical Insurance Administration held a mid-year meeting to summarize the work in the first half of 2025 and deploy key tasks for the next steps, focusing on empowering medical institutions and ensuring public health [8] - The A-share market saw a significant increase on August 18, with the Shanghai Composite Index reaching a peak of 3745.94 points, marking a nearly ten-year high [9] - The National Radio and Television Administration issued measures to enrich television content and improve the supply of quality audio-visual content [10]

Core Viewpoint - Tongye Technology plans to acquire 100% equity of Beijing Silin Semiconductor Technology Co., Ltd. for cash, which will make Silin a wholly-owned subsidiary if the transaction is successful [1][3]. Group 1: Acquisition Details - On August 18, Tongye Technology signed a "Share Acquisition Intent Agreement" with Silin and its shareholders [3]. - The acquisition is aimed at enhancing overall layout, expanding scale, and improving operational performance, with funding sourced from self-owned and raised funds [3]. - As of the signing date, the audit and asset evaluation of Silin have not been completed, and the transaction price is yet to be determined, with a preliminary valuation not exceeding 670 million yuan [3][4]. Group 2: Financial Performance and Commitments - Silin's projected revenues for 2023 and 2024 are 290 million yuan and 310 million yuan, respectively, with net profits of 29.5 million yuan and 30.89 million yuan [4]. - The parties involved have committed to a performance guarantee, ensuring that Silin achieves a cumulative net profit of no less than 160 million yuan from 2026 to 2028 [4]. Group 3: Share Transfer Agreement - In addition to the cash acquisition, Silin's shareholders will acquire a portion of Tongye Technology's shares, with a total of 14.444 million shares (10% of total equity) being transferred [5][6]. - After the transfer, the shareholders of Silin are expected to hold 10% of Tongye Technology [5]. Group 4: Strategic Implications - Silin specializes in power grid communication chips and modules, primarily serving large state-owned enterprises like the State Grid, indicating strong growth potential [6]. - Tongye Technology aims to leverage its advantages in the rail transit market to apply high-speed power line communication chip technology in rail transit power grid systems, significantly expanding its market [6]. - The acquisition is expected to enhance Tongye's technological edge in smart network control systems, thereby improving product competitiveness and establishing new growth drivers for the company's business development [6].