2025年1-8月，安徽土地市场总计吸金超350亿元，合肥以绝对优势领跑全省。 房企端，国企、央企背景的开发商在拿地与销售双榜单中占据主导，市场资源进一步向头部企业集中。这些变化不仅反映短期市场波动，更预示着安徽楼 市未来的发展路径。 NO.1|壹 2025年8月合肥区域商品住宅销售金额榜：包河区一骑绝尘 | 排行 | 区域 | 成交金额 | 成交面积 | 成交套数 | 成交均价 | | --- | --- | --- | --- | --- | --- | | | | (亿元) | (万m) | (套) | (元/㎡) | | | 包河区 | 16.07 | 5.96 | 429 | 26977 | | | 滨湖区 | 6.36 | 1.90 | 110 | 33397 | | (3) | 经开区 | 4.64 | 1.82 | 140 | 25511 | | 4 | 瑞海区 | 4.42 | 2.39 | 207 | 18446 | | 5 | 蜀山区 | 3.05 | 1.32 | 102 | 23005 | | --- | --- | --- | --- | --- | --- | | 6 | 高新区 ...

资料显示，吴秉琪，1971年出生，毕业于同济大学工业与民用建筑工程专业学士学位，也算是房地产专 业出身，之后他又获得了澳大利亚南澳大学工商管理硕士学位。 而吴秉琪领导的华北大区，2022年在华润置地全部大区中，销售业绩位居第二。 或许也是看到了吴秉琪的管理才能，在2022年7月26日，华润置地发布了一则高管人事变动公告： 李欣辞任公司总裁，吴秉琪获委任为华润置地总裁，可以说是成为了华润置地的二把手。 1993年，吴秉琪就就加盟了华润（集团）有限公司，曾任职于华润物业有限公司。 吴秉琪和华润置地的缘分，开始于2007年，当时他加入华润置地，在华润置地也是进行了职业生涯的持 续进阶。 2013年10月，吴秉琪获委任为华润置地高级副总裁；2019年2月，他又升任为华润置地执行董事； 近日，市场消息， 前华润置地总裁吴秉琪，或加盟华侨城担任总经理。 图：吴秉琪 2021年1月，吴秉琪获委任为华润置地首席人力资源官和华北大区董事长（非执行）。在就任后，华润 置地在北京土地市场拿地也比较积极，2022年，华润置地还成为了北京房企销售排行榜TOP3。 2023年9月调任中建集团。其职业生涯横跨地产开发与工程建设两大领域，兼 ...

8月28日，恒生指数公司发布 2025 年上市公司可持续发展评级。华润置地凭借在ESG（环境、社会及治理）的管理与成效，评级由A上调至A+，再度入选 恒生可持续发展企业基准指数及恒生ESG50指数，是ESG表现最优的50家香港上市公司之一。随着ESG理念深度融入资本市场，ESG在房企的业绩披露中 的权重也在持续攀升。 ESG报告被誉为企业的"第二张财报"，ESG指标与传统财务指标相辅相成，共同描绘企业的完整形象，都属于各大投资者和机构较为关注的维度。可以 说，这次华润置地可持续发展评级的上调，从另一个角度印证了其中期业绩的韧性和潜力。 在财务指标方面，今年上半年，华润置地综合营业额达949.2亿元，同比增长19.9%；股东应占溢利118.8亿元，同比增长16.2%，盈利结构持续优化。 而在ESG 领域，今年上半年华润置地"双碳"目标再度升级，承诺2030年经营性不动产项目面积碳排强度下降幅度目标再提高10个百分点，全部持有重奢 购物中心实现100%零碳电力运营。 同时，华润置地通过构建规范、高效的绿色资金运作体系，积极拓展绿色金融，已开始通过ESG战略给企业提供资金保障。上半年华润置地新增ESG贷款 7.2亿 ...

Core Viewpoint - Morgan Stanley indicates that Chinese property developers' performance in the first half of the year was as expected, but they maintain a generally positive outlook for the second half and beyond, particularly regarding the recovery of development profit margins and rental growth [1] Industry Summary - Major developers experienced an average core profit decline of 17% year-on-year in the first half, while dividend payout ratios remained stable [1] - Liquidity risks in the industry appear to have been largely mitigated, although differentiation among companies persists; state-owned enterprises continue to perform well with improvements in profit margins and balance sheets [1] - The fourth quarter is expected to see accelerated real estate sales, driven by state-owned enterprises having ample sellable resources in high-tier cities; however, the average sales for the remaining year are still projected to decline by 2% year-on-year [1] - Company management anticipates a decrease in development gross margins by 1-2 percentage points this year, with a potential recovery starting in 2026; destocking remains a primary task for the coming years [1] Company Recommendations - Morgan Stanley continues to recommend focusing on high-quality state-owned enterprises with good prospects, such as China Resources Land (01109) and China Resources Mixc Lifestyle (01209), as well as high-dividend stocks like Jianfa International Group (01908) [1]

大摩预期，第四季房地产销售可能加速，得益于国企在高线城市拥有丰富的可售资源；但今年剩余时间 的平均销售额同比料下跌2%。大摩称，企业管理层总体预期今年开发毛利率将下降1至2个百分点， 2026年起可能有所回升；去库存仍是未来几年的首要任务。 大摩报告表示，主要开发商上半年核心利润平均同比减少17%，但派息率保持稳定；行业流动性风险似 已基本消除，但分化仍然存在；国企继续表现优异，利润率和资产负债表改善；继续建议关注具有良好 前景的优质国企，如属于消费受益股的华润置地(1109.HK)和华润万象生活(1209.HK)，以及属于高股息 股票的建发国际集团(1908.HK)。 格隆汇9月3日｜摩根士丹利指出，中国地产商上半年业绩如预期疲弱，但他们对下半年及以后的业绩指 引总体正面，尤其看好开发利润率回升和租金增长。大摩对内房维持谨慎立场，建议继续持有具有良好 前景的优质国企股。 ...

Core Viewpoint - The real estate market in 2025 is still undergoing deep adjustments, with many industry players feeling confused about the ongoing decline despite government efforts to stabilize the market [1] Market Trends - The real estate sector is experiencing "three changes and three constants": policy direction has shifted from deleveraging to risk prevention, demand has diversified, and competition has moved from scale expansion to quality comparison, while urbanization and the pursuit of a better life remain unchanged [4][5] - The market has shown signs of weakness again in April and May, indicating ongoing uncertainty in the industry [3] Investment Strategies - Major real estate companies are adopting cautious land acquisition strategies, focusing on first and second-tier cities to ensure certainty in investments [8] - Green City has actively acquired land with a total value exceeding 90 billion, with 88% in first and second-tier cities, but plans to slow down in the second half of the year [9] - Yuexiu emphasizes a strategy of selecting small plots for quick turnover and low risk, with 92% of investments concentrated in core areas [10] - Longhu has prioritized debt safety and project delivery over new investments, acquiring only four plots in key cities this year [10] Product Development - The emphasis on product quality has become crucial for navigating market cycles, with companies recognizing that strong product capabilities are essential [11] - The concept of "product equality" is emerging, where high-quality features previously exclusive to luxury projects are now becoming standard across various market segments [11][12] Profitability Trends - Many real estate companies are facing profit declines, with over 60% of listed firms expecting losses, primarily due to reduced sales and asset impairment losses [16][17] - Some companies, like China Overseas and China Resources Land, are still reporting strong profits due to strategic investments in core urban areas and effective cost management [18][19] - China Overseas reported a net profit of 9.53 billion, maintaining a high profit margin despite a slight year-on-year decline [20]

Investment Rating - The report maintains a "Recommended" rating for China Resources Land (01109.HK) with a target price of HKD 38.8 [2][8] Core Insights - In the first half of 2025, the company achieved revenue of HKD 949.2 billion, a year-on-year increase of 19.9%, and a net profit attributable to shareholders of HKD 118.8 billion, up 16.2% year-on-year [2][8] - The core net profit contribution from recurring business is 60.2%, with a gross margin recovery in the development and sales business [8] - The company actively acquired land, maintaining a strong investment intensity, ranking among the top three in the industry [8] Financial Performance Summary - Total revenue for 2024 is projected at HKD 278.8 billion, with a year-on-year growth rate of 10.6%. However, a slight decline is expected in 2025 with a revenue forecast of HKD 277.8 billion, reflecting a decrease of 0.4% [4] - The net profit attributable to shareholders is expected to decrease to HKD 24.4 billion in 2025, down 4.7% from 2024 [4] - Earnings per share (EPS) for 2025 is projected at HKD 3.42, with a price-to-earnings (P/E) ratio of 8.4 [4][8] Business Segment Analysis - The development and sales business accounted for 78% of total revenue, with a settlement income of HKD 743.6 billion, up 25.8% year-on-year, and a gross margin of 15.6%, an increase of 3.2 percentage points [8] - The recurring business generated revenue of HKD 205.6 billion, a 2.5% increase year-on-year, contributing 60.2% to the core net profit [8] - The shopping center segment showed stable growth, with retail sales reaching HKD 1,101.5 billion, a 20.2% increase year-on-year, and an operating profit margin of 65.9% [8] Investment Strategy - The company focuses on high-energy cities for land acquisition, with a projected increase in shopping center rental income to HKD 270 billion by 2028 [8] - The report adjusts the EPS forecast for 2025-2027 to HKD 3.42, HKD 3.72, and HKD 3.89 respectively, reflecting a cautious outlook on commercial operations [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 公司名稱: 華潤置地有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01109 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 本月底法定/註冊股本總額： HKD 800,000,000 FF301 第 1 頁 共 10 ...

TOP10城市贡献70%，全口径规模稳居行业第三位。第二曲线已经打造的相对完善，为长期跨周期发展打下坚实基础，是集团未来发展的重要方向。 ◎ 作者 / 房玲 、洪宇桁 核 心 观 点 【TOP10城市贡献70%，全口径规模稳居行业第三位】 2025上半年华润置地实现签约销售金额1103亿元，签约销售面积412万平方米，同比分别减少 11.5%和20.9%，全口径销售金额排名稳居行业第三位。得益于聚焦高能级城市的布局策略，2025上半年一线城市（含香港）销售占比为46%，同比提升8 个百分点；TOP10城市签约贡献占比达70%，集中度同比提升5个百分点。 【聚焦一二线城市，权益拿地销售金额比回升至0.44】 2025上半年华润置地新获取项目18个，新增土地投资权益地价322.8亿元，总计容建筑面积148万平 方米，权益建面128万平方米，权益拿地销售金额比回升至0.44（2024年：0.29），新增投资均在一二线城市。截至2025年中期，华润置地总土地储备建 筑面积为4895万平方米，整体看来土地储备仍较为充裕、布局结构相对健康。 【核心净利润超过百亿，经常性业务贡献占比达60%】 2025上半年华润置地实现营 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][32] Core Viewpoints - The real estate market continues to adjust, with a month-on-month decline in sales for the top 100 real estate companies, although the year-on-year decline has widened [1][11] - The report emphasizes that the current policy environment is expected to be more forceful than in previous years, driven by fundamental market pressures [4][32] - The competitive landscape is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4][32] Summary by Sections Monthly Sales Performance - In August, the top 100 real estate companies achieved a sales amount of 206.95 billion yuan, a year-on-year decrease of 17.6% and a month-on-month decrease of 2.0% [1][11] - Cumulative sales from January to August for the top 100 companies reached 2,070.86 billion yuan, down 13.1% year-on-year [1][11] Tiered Company Performance - Among different tiers, the top 21-30 companies experienced the smallest decline in sales at 8.7%, while the top 51-100 companies saw the largest decline at 17.6% [2][15] - The sales threshold for the top 10 companies decreased from 58.55 billion yuan to 56.06 billion yuan, a decline of 4.3% year-on-year [2][26] Leading Companies - In August, 8 out of the top 10 companies reported month-on-month sales growth, with notable performances from China Overseas Property, Greentown China, and China Merchants Shekou [3][28] - Cumulative sales for the top companies from January to August showed that Poly Developments led with 166.7 billion yuan, followed by Greentown China and China Overseas Property [29][30] Investment Recommendations - The report suggests focusing on real estate stocks due to the expected policy-driven market recovery, particularly in first-tier and select second-tier cities [4][32] - Recommended stocks include Greentown China, China Merchants Shekou, and Poly Developments among others [4][32]