9月12日-15日，"活力深圳·宜居未来"2025深圳市商品房全国巡展活动先后在哈尔滨西城红场艺术港长 廊、沈阳万象城、长春远大购物广场举办。此次活动是在深圳市住房和建设局、盐田区人民政府指导 下，由深圳市不动产运营服务行业协会主办的。活动通过政企协同、文化赋能、跨界融合等创新方式， 全方位展示深圳宜居宜业的城市形象，助力跨区域住房消费提质扩容。 据统计，本次活动共吸引超万人到场参观咨询，累计3347人次留电登记，房地产项目现场登记意向客户 376组，抖音、视频号等平台相关话题热度持续攀升，有效扩大了深圳房地产市场的辐射范围，提升了 品牌影响力。 本次活动汇聚了华润置地、中海地产、招商蛇口、深铁置业等18家品牌房企，携58个深圳优质项目集中 展示，全面呈现了深圳作为大湾区核心城市的住宅品质与开发水准。参展项目类型丰富，涵盖高端住 宅、商务公寓、产业研发、山海度假物业等多种业态，可满足不同人群置业、投资与度假等差异化需 求。 各参展企业诚意满满，纷纷亮出"惠民大招"。华润、保利、特发等推出活动专属特价房源或活动专属价 格，其中，小梅沙觐海广场推出的特价房、光明云筑推出的活动专属价格凭借高性价比吸引购房人驻 足。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has shown a significant increase in average sales price while maintaining stable asset operations. The sales structure is focused on core cities, leading to a notable rise in sales price per square meter [2][3]. - The company achieved a contract sales amount of 136.8 billion yuan from January to August 2025, reflecting a year-on-year decline of 12.0%, with a sales area of 5.12 million square meters, down 23.3% year-on-year [1][4]. - The asset operation segment has demonstrated robust growth, contributing significantly to performance and stable cash flow. The revenue from the asset operation segment reached 12.11 billion yuan in the first half of 2025, a year-on-year increase of 5.5% [3]. Summary by Sections Sales Performance - For the first half of 2025, the company recorded a contracted sales amount of 110.3 billion yuan, a decrease of 11.5% year-on-year, with a sales area of 4.12 million square meters, down 20.9% year-on-year. The average sales price was 26,800 yuan per square meter, up 11.9% year-on-year [2][4]. Land Acquisition - The company adhered to a "quantity in, quantity out" principle in land acquisition, focusing on first and second-tier cities. In the first half of 2025, the company invested 32.28 billion yuan in land, adding 1.48 million square meters to its land reserves, which now total 48.95 million square meters [2][3]. Asset Operations - As of June 30, 2025, the total building area of shopping centers was 11.85 million square meters, with 94 centers in operation. The retail sales reached 110.15 billion yuan, a year-on-year increase of 20.2%, with an operating profit margin of 65.9%, setting a new historical high [3]. Financial Health - The company maintained a cash reserve of 120.24 billion yuan as of June 2025, with a net interest-bearing debt ratio of 39.2%. The weighted average financing cost decreased by 32 basis points from the end of 2024 to 2.79%, maintaining the lowest level in the industry [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down to 24.74 billion yuan, 25.27 billion yuan, and 25.53 billion yuan, respectively. The current stock price corresponds to a PE ratio of 8.5, 8.3, and 8.3 times for 2025-2027 [4][10].

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Investment Rating - The report maintains a "Positive" rating for the real estate sector [2][3][34] Core Viewpoints - The investment side remains weak, with a year-on-year decline of 12.9% in investment from January to August 2025, and a more significant drop of 19.5% in August alone [1][20] - The sales side is also experiencing a downturn, with a cumulative sales area decrease of 4.7% year-on-year from January to August 2025, and a sharper decline of 10.6% in August [21][34] - Funding sources are showing a narrowing decline, with total funding sources down 8.0% year-on-year from January to August 2025, but domestic loans have turned positive [35] Investment Analysis Summary Investment Side - From January to August 2025, total real estate development investment reached 603.09 billion yuan, down 12.9% year-on-year, with August alone seeing a 19.5% decline [3][20] - New construction area decreased by 19.5% year-on-year, while the completion area fell by 17.0% [20][21] - The report predicts a continued weak investment environment, with forecasts of a 11.0% decline in investment, 15.1% in new construction, and 20.0% in completions for 2025 [20] Sales Side - Cumulative sales area from January to August 2025 was 570 million square meters, down 4.7% year-on-year, with a 10.6% drop in August [21][34] - The total sales amount for the same period was 5.5 trillion yuan, reflecting a 7.3% decrease year-on-year, with August sales amounting to 544.9 billion yuan, down 14.0% [21][34] - The average selling price of commercial housing decreased by 2.6% year-on-year, with a slight increase in August compared to July [33][34] Funding Side - Total funding sources for real estate development enterprises amounted to 6.4 trillion yuan from January to August 2025, down 8.0% year-on-year [35] - Domestic loans showed a year-on-year increase of 0.2%, with August seeing a 1.1% rise [35] - The report indicates that while funding remains slightly tight, it is expected to improve gradually due to recent policy relaxations [35]

Group 1 - The core viewpoint of the report is that China Resources Land (01109) is expected to achieve net profits attributable to shareholders of 25.9 billion, 26.7 billion, and 28.2 billion yuan from 2025 to 2027, with corresponding PE ratios of 8.3, 8.1, and 7.7 times, respectively, and a "buy" rating is given for the first coverage [1] - In the first half of 2025, the company's revenue from development sales and recurring business (operating real estate + light asset management + ecosystem elements) is expected to have a ratio of 2:8, with core net profit accounting for 4:6 [1] - The company focuses on high-energy cities for development sales, optimizing the sales investment financing structure, achieving a sales revenue of 110.3 billion yuan in the first half of 2025, a year-on-year decrease of 12%, but outperforming the market [1] Group 2 - The company leads in the operating real estate industry, with steady growth in light asset management and accelerated transformation in ecosystem elements [2] - In the first half of 2025, the retail sales of shopping malls increased by 20.2% year-on-year, same-store sales rose by 9.4%, and the occupancy rate reached 97.3%, resulting in a year-on-year increase of 9.9% in rental income [2] - The company plans to open 22 new shopping malls from 2025 to 2028, with nearly 90% of its shopping mall retail sales ranking in the top three locally, maintaining strong commercial influence [2]

Core Viewpoint - The recent notice from the National Development and Reform Commission (NDRC) aims to promote the normalization of REITs issuance in China, which is expected to accelerate the public REITs issuance and asset injection process, positively impacting companies like China Resources Land that are applying for asset injection into public REITs [1] Group 1 - The NDRC will explore including new asset types such as rental housing and elderly care facilities in the REITs issuance scope [1] - Support will be provided for projects invested by non-state-owned enterprises to participate in REITs issuance [1] - The asset injection application process for REITs will be simplified, allowing submissions within six months after the initial public offering [1]

Major Events - China Power (02380) plans to acquire a 31% stake in Dazhou Energy [1] - Shun Teng International Holdings (00932) received a 20% discount from Chairman Zhang Shaohui for a full acquisition offer [1] - Huajian Medical (01931) established a joint venture to deepen the global blockchain financial ecosystem strategy through the "ETHK" core brand [1] - Derin Holdings (01709) signed a strategic cooperation and investment agreement with Winner Fashion (03709) [1] - Dongwu Cement (00695) major shareholder Goldview intends to sell a total of 204 million shares, making Hong Kong Aviation the single largest shareholder [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2066 tablets in China [1] - GAC Group (02238) plans to issue up to 15 billion yuan in corporate bonds and 15 billion yuan in medium-term notes [1] - Huatai Securities (06886) plans to issue up to 6 billion yuan in corporate bonds [1] - Ark Health (06086) stated that the H2H conference news is not insider information and is unaware of the reason for the stock price increase [1] Financial Data - China Resources Land (01109) reported a cumulative contract sales amount of 136.8 billion yuan for the first eight months, a year-on-year decrease of 12.0% [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 73.011 billion yuan for the first eight months, a year-on-year increase of approximately 3.7% [1] - Zhong An Online (06060) reported a total original insurance premium income of approximately 23.625 billion yuan for the first eight months, a year-on-year increase of 6.36% [1]

Group 1 - The core point of the article is that China Resources Land reported a decline in total contract sales for August 2025, with a total contract sales amount of approximately 13.2 billion yuan, representing a year-on-year decrease of 13.2% [1] - The total contract sales area for August 2025 was approximately 539,000 square meters, which reflects a year-on-year decrease of 26.7% [1] - Cumulatively, for the first eight months of 2025, the total contract sales amount reached approximately 136.8 billion yuan, showing a year-on-year decrease of 12.0% [1] - The cumulative total contract sales area for the same period was approximately 5.12 million square meters, indicating a year-on-year decrease of 23.3% [1]

Core Viewpoint - China Resources Land reported a total contract sales amount of approximately 13.2 billion yuan in August 2025, representing a year-on-year decrease of 13.2% [1] Group 1: Sales Performance - The total contract sales area for August 2025 was approximately 539,000 square meters, which is a year-on-year decrease of 26.7% [1] - Cumulative contract sales for the first eight months of 2025 reached approximately 136.8 billion yuan, reflecting a year-on-year decrease of 12.0% [1] - The total contract sales area for the first eight months of 2025 was approximately 5.12 million square meters, showing a year-on-year decrease of 23.3% [1]

Group 1 - The core point of the article is that China Resources Land reported a decline in total contract sales for the first eight months of 2025, with a total sales amount of approximately 132 billion yuan, representing a year-on-year decrease of 13.2% [1] - The total contracted sales area for the same period was about 539,000 square meters, which reflects a year-on-year decrease of 26.7% [1] - Cumulatively, for the first eight months of 2025, the total contract sales amount reached approximately 1,368 billion yuan, showing a year-on-year decline of 12.0% [1] - The total contracted sales area for the cumulative period was around 5.12 million square meters, indicating a year-on-year decrease of 23.3% [1]