每经AI快讯，7月31日，港股三大指数午盘涨跌不一，恒生科技指数午间收涨0.34%，恒生指数、国企 指数分别下跌1.07%及1.03%，恒指跌破25000点关口。盘面上，大型科技股盘中部分由跌转涨，快手大 涨近9%，腾讯转涨至1.46%，网易、阿里巴巴飘红，美团下跌近4%，京东、小米跌超2%。黄金股跌幅 明显，潼关黄金跌8.6%，录得6连跌行情；内房股全线下跌，碧桂园、新城发展跌幅居前；家电股、汽 车股、光伏股、煤炭股、建材水泥股、石油股、中资券商股、内险股纷纷走低。 ...

美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不稳，将2027年行业盈利预测下调3%，行业平均目标价相应下调约3%。 本文源自：智通财经网 智通财经获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展(01030) 跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报0.91港 元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0 ...

Group 1 - The real estate stocks have seen significant declines, with Sunac China down 6.06% to HKD 1.55, New World Development down 5.64% to HKD 2.51, and others following suit [1] - The Central Political Bureau meeting on July 30 emphasized the need to implement the spirit of the Central Urban Work Conference, focusing on high-quality urban renewal, with limited mention of the real estate sector [1] - Real estate sales area continued to decline year-on-year in June, with cumulative investment in real estate down 11.2%, a 0.5 percentage point increase in the decline compared to the previous month [1] Group 2 - Bank of America Securities predicts a 25% year-on-year decline in industry profits for the first half of the year, but expects the annual decline to narrow to 13% due to reduced inventory impairment [2] - The average development profit margin is expected to decrease by 1 percentage point to 11%, with a 5% downward adjustment in contract sales forecasts for developers, indicating a 16% year-on-year decline in the second half [2] - The firm anticipates a recovery in the real estate industry's profits by fiscal year 2027, but has lowered the profit forecast by 3% due to unstable contract sales recovery, resulting in a corresponding 3% decrease in average target prices [2]

智通财经APP获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展 (01030)跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报 0.91港元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0.5个百分 点。根据本次会议内容，房地产领域后续的政策举措或将重点在于托底，帮助房地产市场企稳态势，政 策端包括增加"城市更新"、"城中村和危旧城改造"等潜在需求。 美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润 ...

Group 1 - The stock price of New City Development (01030) fell by 5.26% on July 31, reaching HKD 2.52 per share with a trading volume of HKD 27.54 million [1] - New City Development Holdings Limited is a global industrial investment and operation group, focusing on residential development, commercial development, commercial operation management, community retail, new energy, and related equity investment and asset management [1] - The company operates in regions including Hong Kong, California, and Texas, aiming to provide a variety of life service solutions throughout the entire lifecycle for users [1] Group 2 - As of the 2024 annual report, New City Development reported total revenue of RMB 89.227 billion and a net profit of RMB 0.491 billion [2]

Core Viewpoint - The newly opened Dazhuangguan Road in Xuanwu District enhances the transportation network and integrates various urban functions, contributing to regional development [1][2]. Group 1: Infrastructure Development - Dazhuangguan Road spans approximately 1,600 meters, connecting key landmarks such as Jiangsu Center and Xuanwu Commercial Garden City [1]. - The road features a 45-meter wide central green axis, covering an area of 63,172 square meters, linking water parks, commercial areas, and the Hongshan Forest Zoo [1][2]. Group 2: Environmental and Ecological Features - The project employs a shallow-layer water-retaining permeable pavement technology for sidewalks, effectively managing rainwater and improving urban water quality [1]. - The central green axis includes an "ecological science corridor" with interactive displays and AR technology to educate the public on local flora and fauna [2]. Group 3: Community and Lifestyle Enhancement - The design of Dazhuangguan Road aims to create a vibrant living environment, promoting a "downstairs enjoyment" lifestyle for residents [2]. - The green axis is divided into segments for cultural display and commercial activities, enhancing community engagement and leisure opportunities [2].

Group 1 - Hong Kong property stocks experienced a significant surge in the afternoon session, with Longfor Group (03380.HK) rising over 50% [1] - Sunac China (01918.HK) saw an increase of more than 9%, indicating strong market interest [1] - Other stocks such as New World Development (01030.HK), Shimao Group (00813.HK), and Yuexiu Property (00123.HK) also followed the upward trend [1]

Group 1: Financing Trends - The financing scale for real estate companies in the first half of the year was 184.4 billion yuan, a year-on-year decrease of 30% [1] - In Q2, financing reached 100.4 billion yuan, a quarter-on-quarter increase of 19% but a year-on-year decrease of 25% [1] - Despite marginal improvements in financing support policies, the financing situation remains severe, particularly for private real estate companies [1][3] Group 2: Domestic and International Debt - The cost of domestic bond financing decreased to 2.71% in the first half of the year, down 0.2 percentage points from the previous year [4][7] - In contrast, the cost of overseas debt financing remains high, with rates around 8.60% for the first half of 2025 [3][4] - The average financing cost for real estate companies has increased, with New City Development's overseas bond issued at an 11.88% interest rate [3] Group 3: Debt Maturity and Repayment Pressure - The total bond maturity for real estate companies in 2024 is projected to be 482.9 billion yuan, while the issuance scale is only 220.9 billion yuan [13] - The debt pressure is expected to increase in 2025, with maturing debts reaching 532.7 billion yuan [13][16] - The third quarter of this year is anticipated to be a peak period for debt repayment, with approximately 160 billion yuan due [13] Group 4: Alternative Financing Strategies - Real estate companies are exploring various liquidity-boosting strategies, including asset sales and debt restructuring [16][18] - For instance, Aoyuan Group sold a stake in a subsidiary for 191 million yuan to repay debts [16] - The industry is also seeing significant progress in debt restructuring, with several companies completing judicial reorganization [18] Group 5: Policy and Market Outlook - The urban real estate financing coordination mechanism has been accelerated, with over 670 billion yuan approved for loans [17] - The government plans to issue 440 billion yuan in special bonds to support real estate development and debt repayment [17] - The industry is encouraged to explore new sustainable development models, with urban renewal being a key focus area [18][19]

Group 1 - Hong Kong property stocks experienced a rise in early trading, with China Overseas Land & Investment (03377.HK) increasing by over 13% [1] - Country Garden (02007.HK) and New World Development (01030.HK) both saw gains of over 5% [1] - Other stocks such as Sunac China (01918.HK), R&F Properties (02777.HK), and Shimao Group (00813.HK) also followed the upward trend [1] Group 2 - According to CRIC Property Management statistics, the top 50 property service companies in China added a contract area of approximately 84.47 million square meters in June [1]

Core Insights - The company reported a contract sales amount of approximately RMB 1.493 billion in June 2025, with a total contract sales area of about 196,400 square meters [1] - For the first half of 2025, the cumulative contract sales amount reached approximately RMB 10.33 billion, with a total sales area of around 1.335 million square meters [1] - As of June 2025, the company had a total of 175 rental properties, with a total construction area of approximately 16.1052 million square meters [1] - Rental income for June 2025 was approximately RMB 1.105 billion, while commercial operating income was about RMB 1.183 billion [1] - Cumulative rental income for the first half of 2025 was approximately RMB 6.479 billion, with cumulative commercial operating income of around RMB 6.944 billion [1]