Investment Rating - The report maintains a "Buy" recommendation for the real estate sector [2] Core Insights - The real estate index increased by 0.7% in the 38th week, ranking 9th among 31 primary industry sectors [9][10] - New housing demand is declining, inventory issues remain unresolved, and land finance continues to negatively impact the economy, necessitating stronger policy measures to alleviate downward pressure on the real estate fundamentals [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market capitalization: 1,233.623 billion - Circulating market capitalization: 1,183.334 billion [3] Relative Index Performance - Absolute performance over 1 month: 4.7% - Absolute performance over 6 months: 12.2% - Absolute performance over 12 months: 31.4% - Relative performance over 1 month: 1.4% - Relative performance over 6 months: -3.4% - Relative performance over 12 months: -9.9% [4] Policy News - Various local governments are implementing measures to boost housing consumption and support affordable housing development, including adjustments to housing provident fund contributions and property tax policies [15][18] Sales Data - New housing transactions in 20 monitored cities increased by 32% year-on-year, with a total transaction area of 176 million square meters in the 38th week [21] - Second-hand housing transactions in 11 monitored cities increased by 71% year-on-year, with a total transaction area of 191 million square meters [25][29] Financing Data - Most bond issuances this week were by local state-owned enterprises, with the largest issuance being 1.98 billion by Jinqiao Group [30][32] Investment Strategy - Focus on companies with strong product differentiation and stable rental income from quality commercial real estate, as well as stock brokerage businesses in the existing housing market [34]

Core Insights - The transformation towards digital intelligence in the real estate industry is deemed essential for survival and improvement, moving from traditional construction to a new paradigm of "space operation + data empowerment" [1][3] Group 1: Industry Transformation - The real estate sector is undergoing a significant shift from an incremental to a stock-based era, driven by digital transformation [2] - From 2000 to 2010, new housing construction reached 115% of the initial stock, doubling growth; from 2010 to 2020, it achieved 80% growth on an already expanded stock; projections for 2020 to 2030 indicate new construction will decline to around 40% [2] - The focus of the industry is shifting from large-scale new construction to stock operation and quality enhancement, with future growth rates stabilizing at 20% to 25% [2] Group 2: Key Elements of Change - In the incremental era, core elements were land and capital; in the stock era, data and operational capability become central [3] - The redefinition of real estate to include data alongside physical rights and location is expected to fundamentally alter the industry's value recognition system [3] Group 3: Digital Transformation in Practice - The past two years have seen rapid digital transformation in the real estate sector, driven by the need to improve space, energy, organizational, and service efficiencies [3] - Companies like Longfor Group have reported significant efficiency improvements, with project design times reduced by 64% to 72% due to digitalization [3] - Over half of the companies have initiated digital transformation, anticipating disruptive impacts within five years, although challenges such as assessing economic benefits and data quality persist [3][4] Group 4: Recommendations for Companies - Companies are advised to maintain their core business while enhancing productivity through digital means, focusing on information, digitalization, and intelligent applications [4][5] - Exploring related or innovative business areas, including horizontal expansion and strategic emerging industries, is recommended to create comprehensive service solutions [5]

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].

Market Overview - In the week of September 15-21, 2025, Kunming's real estate market saw an increase in supply as developers prepared for the upcoming National Day and Mid-Autumn Festival, with a supply volume of approximately 171,900 square meters, a significant increase of 292% week-on-week [1] - Transaction volume reached about 63,500 square meters, with a slight increase of 3% week-on-week, and the average transaction price remained stable at approximately 11,047 yuan per square meter [1] Sales Performance - The "Zhu You Shuang He Wan" project achieved notable sales, ranking third and second in sales volume, with a weekly sales amount of about 29 million yuan, selling 36 units at an average price of approximately 6,592 yuan per square meter [3] - "Bang Tai" projects, including "Bang Tai · Guan Yun" and "Bang Tai Ying Yue," dominated the top sales positions, with sales amounts of approximately 46 million yuan and 30 million yuan, respectively, and average prices of 18,849 yuan per square meter and 8,638 yuan per square meter [3] - "Long Hu · Feng Cui," located in the resort area, recorded the highest average price at approximately 21,117 yuan per square meter, with a weekly sales amount of about 26 million yuan [3] Project Launches - No new projects were launched last week, but five projects were re-launched, totaling 585 units, with a subscription of 97 units, resulting in an overall absorption rate of approximately 17% [5] - "Bang Tai Chun Hua Xu" launched 34 units with a high absorption rate of 41%, selling at an average price of approximately 10,000-10,500 yuan per square meter [5] - "Vanke" projects saw varied absorption rates, with "Vanke · Gui Yu Dong Fang" achieving a 23% absorption rate and "Vanke · Gong Yuan Cheng Shi" only 7% [5] Land Supply - There was no land supply or transactions in Kunming's main urban area last week [4] Infrastructure Development - The Kunming West Railway Station comprehensive transportation hub phase one construction project is set to begin, with a total construction area of approximately 58,600 square meters and an estimated investment of 850 million yuan [7][8]

苏州姑苏古城智慧城服平台 这套系统改变了空间管理和物业服务的底层逻辑，之前"靠人"，增加单位面积的员工密度，增加巡检次数，让人去"找事"；现在，每个需要重点维护的点位 都装上智能传感器，靠工具和AI巡检，让"事找人"。尤其到了"具身"时代，"移动巡检机器人"的出现更进一步在夜间、节假日等人工覆盖薄弱的时段，彻底 解决了漏检与误报问题。在服务被装进"无形工厂"，变成了一套准工业化方案。解决问题跑到了感知问题的前面，每天的市民报事数量也下降到了个位数。 凭借自研并融合了AI的数字化系统技术，千丁数科成为了很多空间、企业的AI领路人，除了在龙湖自有的物业、商业、办公等空间应用，同样被推广到了 街区治理、城市图书馆、市政公园、康养园区等更多场景中。在这些场景里，从"人找事"到"事找人"只是关键的第一步，终极的目标，是通过数智化架设一 套"神经系统"，让建筑完成高效、睿智的进化。 寒山寺，因唐朝诗人张继的《枫桥夜泊》闻名中外，到了今天，每年会有超200万人慕名而来。 在面积14.2平方公里的苏州姑苏区古城，像寒山寺这样被列入文物保护单位的，有500多个，庞大的客流对街区的日常维护是一个高难度的挑战。仅在垃圾 桶满溢等" ...

9月19日，不动产数智化转型白皮书发布暨产业发展峰会于北京清华大学召开。 在圆桌论坛中，吴璟、李博等专家、学者、智库，也对企业数智化转型进行深度研讨。其中，基于千丁数科过往实践经验，李博认为，不动产企业在数智化 深水区，真正实现能力跃迁，不仅是数智化技术工具的导入，更要在组织能力、业务逻辑与生态关系完成系统性的重构，这样释放数智化穿越行业周期的长 期价值。"现在龙湖的管理层，每天都在通过驾驶舱实时了解全景经营的状况和健康度。" 龙湖集团副总裁及龙湖龙智造 CEO顾修铭作开幕致辞 圆桌论坛 活动现场 本届峰会以"数链未来 智塑新思"为主题，由清华大学土木水利学院、清华校友总会城乡建设专委会主办，清华大学房地产研究中心、龙湖龙智造千丁数科 协办。清华大学学术委员会主任聂建国院士、清华大学土木水利学院院长吴璟、龙湖集团副总裁及龙湖龙智造 CEO顾修铭、龙湖集团CIO及千丁数科CEO李 博等与会嘉宾发表致辞、主题发言，来自清华大学、中国工程院、龙湖集团、毕马威等高校、企业、机构的知名专家学者和媒体共同出席本次活动。 当前土地红利消失，数智化转型也不在是一句口号。从"粗放"走向"精细"，过去两年，数智化在不动产行业呈燎 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, but the volume and price have not yet entered a positive cycle. It predicts that the real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced [4][31]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create new products, pricing, and models that will improve the real estate market in core cities [4][31]. Industry Data Summary New Housing Transaction Volume - For the week of September 13-19, 2025, new housing transactions in 34 key cities totaled 2.083 million square meters, a week-on-week increase of 5.4%. The transaction volume for first and second-tier cities increased by 5.2%, while third and fourth-tier cities saw an increase of 8.1% [5][6]. - In September 2025, the cumulative transaction volume for new housing in 34 cities was 5.605 million square meters, a year-on-year increase of 17.6% [6][8]. Second-Hand Housing Transaction Volume - For the week of September 13-19, 2025, second-hand housing transactions in 13 key cities totaled 1.096 million square meters, a week-on-week decrease of 6.1%. However, the cumulative transaction volume for September showed a year-on-year increase of 31.3% [12][31]. New Housing Inventory - In the week of September 13-19, 2025, 15 key cities had a total of 1.07 million square meters of new housing launched, with a total available residential area of 89.666 million square meters, reflecting a week-on-week increase of 0.3% [21][31]. Policy and News Tracking Real Estate Industry - The State Council has officially implemented the "Housing Rental Regulations," encouraging multiple channels to increase rental housing supply. The National Bureau of Statistics reported that from January to August 2025, real estate investment totaled 603.09 billion yuan, down 12.9% year-on-year [31][32]. - Shanghai has optimized its property tax pilot policy, temporarily exempting eligible residents from property tax for their first home and second homes under certain conditions [31][32]. Property Management Industry - The "Housing Rental Regulations" emphasize the role of property management in coordinating supervision and promoting the transition of the property industry from traditional management to "rental + service" [35][36].

中国经济网北京9月20日讯（记者 李方） 9月19日，不动产数智化转型白皮书发布暨产业发展峰会于北 京清华大学召开。本届峰会以"数链未来 智塑新思"为主题，由清华大学土木水利学院、清华校友总会 城乡建设专委会主办，清华大学房地产研究中心、龙湖龙智造千丁数科协办。 自2014年，龙湖集团开始数智化的探索、实践，至今已超过十年，累计投入超百亿资金用于产品研发。 长时间的探索实践，龙湖集团在数智化转型的课题，也逐渐形成了一套值得行业参考借鉴的方法论并通 过千丁数科成功对外输出。 在圆桌论坛中，吴璟、李博等专家、学者、智库，也对企业数智化转型进行深度研讨。其中，基于千丁 数科过往实践经验，李博认为，不动产企业在数智化深水区，真正实现能力跃迁，不仅是数智化技术工 具的导入，更要在组织能力、业务逻辑与生态关系完成系统性的重构，这样释放数智化穿越行业周期的 长期价值。"现在龙湖的管理层，每天都在通过驾驶舱实时了解全景经营的状况和健康度。" 清华大学学术委员会主任聂建国院士、清华大学土木水利学院院长吴璟、龙湖集团副总裁及龙湖龙智造 CEO顾修铭、龙湖集团CIO（首席信息官）及千丁数科CEO李博等与会嘉宾发表致辞、主题发言，来 ...

Core Viewpoint - Traditional real estate companies are undergoing significant organizational adjustments to enhance control and reduce costs, with digital transformation being a crucial aspect of this process [3][5]. Group 1: Digital Transformation in Real Estate - Over half of the surveyed companies have established clear digital transformation strategies, and nearly 40% have set up dedicated digital departments [3]. - The primary focus areas for digital transformation include software and application systems, technical infrastructure, data acquisition, and data management and analysis [3]. - The main objectives driving digital transformation are cost reduction, quality improvement, new business opportunities, and competitive pressure [3]. Group 2: Industry Challenges and Shifts - The traditional real estate business model has been characterized by a focus on sales over operations, which is now facing challenges due to diminishing land profits and increasingly diverse user demands [5]. - The transition to a stock era necessitates a shift from being developers to operators, emphasizing long-term value over one-time sales [5]. - Companies like Longfor Group have been early adopters of digital initiatives, investing over 10 billion since 2014 and serving over 3,600 enterprises through their digital solutions [5][6]. Group 3: Digital Tools and Their Impact - Digital tools are being utilized to address challenges such as inventory clearance, allowing for real-time data integration and profit impact simulations during pricing adjustments [6]. - The digitalization efforts extend beyond traditional real estate development to include property management and commercial operations, facilitating a shift from merely selling space to creating operational value [6]. Group 4: Implementation Challenges - Despite the trend towards digital transformation, companies face challenges such as gaps between strategy and execution, mismatched investments, unclear strategic directions, and insufficient data quality [6][7]. - Successful digital transformation requires not only the adoption of technology but also a comprehensive restructuring of organizational capabilities, business logic, and ecosystem relationships [7].

在此次峰会上，由千丁数科主编的《不动产数智化转型白皮书》（以下简称"白皮书"）正式发布。据千 丁数科COO魏振华介绍，白皮书针对当前行业面临的转型难题，企业数字化能力建设以及数智化应 用，未来技术迭代方向等行业关心问题，给出了可借鉴使用的落地方案。 编辑 杨娟娟 据了解，龙湖集团从2014年开始数智化的探索、实践，至今已超过十年，累计投入超百亿资金用于产品 研发。经过长时间的探索实践，龙湖集团也逐渐形成了一套值得行业参考借鉴的方法论并通过千丁数科 对外输出。 新京报贝壳财经讯（记者徐倩）"数智化不是选择题，而是必答题。房企不进行数智化转型，就可能被 时代优化掉。"9月19日，龙湖集团副总裁及龙湖龙智造CEO顾修铭在北京清华大学召开的不动产数智化 转型白皮书发布暨产业发展峰会上如是表示。 目前，千丁数科已拥有超千人规模的产研团队，融合AI、BIM、IoT、数字孪生等前沿技术，覆盖了住 宅、商业、园区、康养等多个场景，形成了覆盖多行业的整体解决方案，助力"人工智能+"行动。 随着我国房地产行业从"粗放"走向"精细"，数智化转型迫在眉睫。过去两年，数智化在不动产行业呈燎 原之势快速铺开。以龙湖龙智造为例，顾修铭介绍 ...