Core Insights - The report from CICC indicates that the second-hand housing market in September shows a mixed performance, with transaction volume declining month-on-month but increasing year-on-year, suggesting ongoing market weakness [1][2]. Transaction Volume and Price Trends - In September, the transaction volume index for second-hand residential properties in 80 cities decreased by 10% month-on-month but increased by 19% year-on-year (Q3 +19%, Q2 +17%) [1]. - The registered transaction area in 15 cities rose by 6% month-on-month and grew by 9% year-on-year (Q3 +3%, Q2 +11%) [1]. - The price index for homogeneous second-hand residential properties fell by 1.7% month-on-month (Q3 average -1.7%, Q2 average -1.4%) [1]. - The negotiation space for transactions increased by 25 basis points to 8.91% [1]. Listing Trends - The number of second-hand residential listings in 130 cities increased by 0.4% month-on-month, continuing a slight upward trend [2]. - The price index for homogeneous listings in key cities decreased by 1.5% month-on-month (Q3 average -1.3%, Q2 average -1.2%) [2]. - The average adjustment for listed properties was -5.24%, indicating a conservative price expectation among sellers [2]. Rental Market Insights - The rental index for homogeneous listings decreased by 0.8% month-on-month (August -0.5%) [3]. - The average rental period remained stable at 2.12 months [3]. - The rental-to-sale ratio increased by 2 basis points to 2.33% due to declining listing prices [3]. Investment Recommendations - The company suggests focusing on investment opportunities in the real estate and property management sectors, particularly in companies with solid fundamentals and profit quality such as China Resources Land, Jianfa International, and others [4]. - It also recommends considering undervalued stocks like Greentown China and New Town Holdings, given potential liquidity improvements [4]. - The report highlights the importance of identifying stocks with strong growth prospects or attractive dividend yields across various sectors [4].

Core Viewpoint - Morgan Stanley reports that CR Mixc, a shopping mall under China Resources Land (01109), recorded low single-digit same-store sales growth during the golden period, leading to an overall retail revenue increase of over 25% year-on-year [1] Group 1: Sales Performance - CR Mixc's same-store sales growth contributed to a retail revenue increase of over 25% year-on-year, with high-end malls experiencing same-store sales growth exceeding 20% [1] - Year-to-date, the same-store sales growth is recorded at low single digits year-on-year, while overall retail revenue for the first nine months has grown by 20% to 25% year-on-year [1] Group 2: Rental Income and Market Position - The company is expected to exceed management's original rental income forecast, achieving a 13% year-on-year growth [1] - The growth is attributed to the expanding market share of CR Mixc, which continues to outperform its peers [1] Group 3: Investment Recommendation - Morgan Stanley maintains a "Buy" rating on the stock, with a target price set at HKD 39.3 [1]

Core Viewpoint - Morgan Stanley's research report indicates that CR Mixc, a shopping mall under China Resources Land, recorded low single-digit same-store sales growth during the Golden Week, contributing to an overall retail sales increase of over 25% year-on-year for the mall [1] Group 1: Sales Performance - The same-store sales growth for high-end malls exceeded 20% year-on-year [1] - The growth is attributed partly to the overlap of the National Day and Mid-Autumn Festival holidays, but CR Mixc's performance outpaced its peers due to its expanding market share [1] - Year-to-date same-store sales growth is recorded at low single digits, while overall retail sales for the first nine months of the year increased by 20% to 25% year-on-year [1] Group 2: Revenue Expectations - The company is expected to exceed management's original forecast for annual rental income, projecting a year-on-year growth of 13% [1] - Morgan Stanley continues to list the stock as a preferred pick with a target price of HKD 39.3 and maintains an "Overweight" rating [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Viewpoints - The report highlights that the current real estate policies are under pressure from the fundamental market conditions, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections New Housing Transactions - In the week covering the National Day holiday, new housing transaction volume in 30 cities was 835,000 square meters, down 55.3% week-on-week and 53.4% year-on-year [11] - The decline in new housing transactions is attributed to a combination of last year's high base and the current market's sluggishness [11][12] - The report anticipates continued pressure on year-on-year data for the fourth quarter due to elevated bases from the previous year [11] Secondary Housing Transactions - In the same week, secondary housing transactions in 14 sample cities totaled 843,000 square meters, reflecting a 27.9% decrease week-on-week and a 47.9% decrease year-on-year [21] - Year-to-date, secondary housing transactions have reached 80.2 million square meters, showing a 16.1% increase compared to the previous year [21] Market Performance - The report notes that the Shenwan Real Estate Index decreased by 0.8%, underperforming the CSI 300 Index by 0.30 percentage points, ranking 23rd among 31 Shenwan primary industries [32] - The report identifies a total of 64 stocks that increased in value during the week, while 43 stocks decreased [32] Credit Bond Issuance - During the week, two credit bonds were issued by real estate companies, totaling 940 million yuan, a decrease of 11.28 billion yuan from the previous week [3]

潮新闻客户端 通讯员 陈敏 从"住有所居"到"住有宜居"，随着"推动建设安全、舒适、绿色、智慧的'好房子'"被首次写入政府工作报告，建造"好房子"的大幕，正在全国拉开。 这场住宅产品高质量发展的比拼，同样深刻改变着后限价时代杭州的市场格局。2025下半场，杭州正式进入地王争霸时代，各大板块纷纷迎来产品力与成交 价天花板的刷新，全新作品密集涌现。 作为城市投资开发运营商，入杭20年的华润置地，以"为杭州 划时代"为口号，率先做出了极具代表性的回复。 而在西安东轴线上，华润置地遵循"场馆建设+片区开发+产业引入"模式打造的西安三中心（西安国际会议中心、西安国际会展中心、西安奥体中心），则 以大型赛会为引擎，推动城市价值与生活价值的双重升级。 其中的国际会展中心，填补了西安无十万平以上室内展馆的空白；国际会议中心，填补了西北地区缺乏综合性大型会议场馆的空白；西安奥体中心，则是国 内首个实现5G全覆盖的智慧体育场馆。 从上半年亮相的沄璟文华轩、望云润玺院，到以区域地王之姿备受瞩目的元起观潮府，不难看出，坚持"好房子战略"，以中心作品引领人居革新，是华润置 地立身杭州市场的应变破局之道。 随着中心作品接连斩获市场与行业 ...

今年前三季度，中国房地产投资呈现新特征。1-9月，全国百强房企拿地总额实现同比36.7%的显著增长。但是，这场"拿地盛宴"的主角高度集中于头部央 国企，行业集中度提升，"马太效应"日益加剧。与此同时，通过收并购获取核心城市优质地块成为房企扩储的重要途径，市场整体的投资态度仍趋谨慎。 土地收并购刷新"天价"交易 | 8 | 滨江集团 | 580亿元 | | --- | --- | --- | | 9 | 越秀地产 | 521亿元 | | 10 | 方大地产集团 | 308亿元 | | 11 | 联发集团 | 269亿元 | | 12 | 中建智地 | 252亿元 | | 13 | 保利置业 | 251亿元 | | 14 | 邦泰集团 | 231亿元 | | 15 | 杭铁集团 | 230亿元 | | 16 | 中国中铁 | 228亿元 | | 17 | 象屿地产 | 227亿元 | | 18 | 中能建城市投资 | 213亿元 | | 19 | 石家庄城发投集团 | 210亿元 | 据中指研究院数据，1-9月，百强房企拿地总额达7278亿元，同比增长36.7%，增幅较1-8月扩大8.7个百分点。尤其是9月份，部 ...

| 排名 | 企业名称 | 销售额 (亿元) | 排名 | 销售面积 企业名称 (万m2) | | --- | --- | --- | --- | --- | | 1 | 交润量报 | 115.0 | 1 | 成都轨道城市 55.9 | | 2 | 中国铁建地产C | 111.4 | 2 | 龙湖集团 50.1 | | | 成都轨道城市 | 103.1 | ર | 华润置地 49.9 | | 4 | 保利发展 | 85.7 | | 中国铁建地产 49.3 | | 5 | 招商蛇口 | 69.2 | 5 | 保利发展 412 | | 6 | 龙湖集团 | 66.5 | 6 | 29.2 万科 | | 7 | 成都城投置地S | 60.9 | 7 | 天投开发 28.5 | | | 润达丰滨江 | 58.9 | 8 | 27.1 兴城人居 | | 9 | 华发股份 | 55 | | 成都城投置地 26.4 | | 10 | 建发房产 | 55.0 | 10 | 招商蛇口 23.6 | | 11 | 天投开发 | 50.1 | 11 | 20.6 建发房产 | | 12 | 兴城人居 FIS | 46.8 | 12 ...

Investment Rating - The report maintains a "Recommended" rating for the real estate sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The alpha of real estate stocks depends on the precision of land acquisition, with the current macroeconomic environment not supporting a general rise in housing prices, making it challenging for companies to ensure project profitability [6][7]. - The value of real estate stocks is derived from the discounted future residual earnings, which are based on the profitability of each project, ultimately reflecting on ROE and valuation [6][7]. - The report highlights that the market for new homes is contracting, and the effective market area for new homes is shrinking, complicating the identification of valuable land parcels [7][24]. - The report suggests that future sector opportunities will primarily arise from improved land acquisition comfort for real estate companies, transitioning from a contracting to an expanding market [24]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion and a circulating market value of 1,183.334 billion [2]. Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 7.6%, 16.6%, and 3.4% respectively, while the relative performance is 4.4%, -1.9%, and -12.1% [3]. Project Profitability and Market Dynamics - The profitability of real estate companies is increasingly dependent on project-level earnings, with past profits driven by rising property prices and a focus on debt leverage [6][7]. - The report notes that the supply of quality land has increased, leading to heightened competition among projects, and some older projects may face challenges in sales due to new building regulations [7][24]. Investment Recommendations - The report recommends focusing on companies that have demonstrated precise land acquisition over the past three years, such as Greentown China, China Resources Land, and Jianfa International Group, while also monitoring companies like China Overseas Grand Oceans and China Jinmao for improvements in land acquisition in the latter half of 2024 [24].

从房企排名看，保利发展、绿城中国、中海地产、华润置地、招商蛇口位居销售额前五名，前三季度全 口径销售额分别为2017亿元、1785亿元、1705亿元、1544亿元、1406.6亿元。 中指研究院认为，后续政策仍将维持宽松基调，预计将继续聚焦"止跌回稳"目标，推动已出台各项政策 加快落实。核心城市新房供应或迎来温和改善，对市场预计形成一定支撑，但更多城市新项目较为有 限，市场分化行情将延续。 值得一提的是，9月份单月百强房企销售总额环比增长11.9%，建发、滨江、金茂、保利置业等房企销 售表现较为强劲。 【深圳商报讯】（记者 陈燕青）9月份楼市销售有所回暖。中指研究院最新数据显示，今年前9个月， 百强房企销售总额为26065.9亿元，同比下降12.2%，降幅较前8个月收窄1.1个百分点。前三季度百强房 企权益销售额为18060.4亿元，权益销售面积为9274.0万平方米。 ...

Core Insights - The total land acquisition amount by the top 100 enterprises in the first three quarters reached 727.8 billion yuan, representing a year-on-year increase of 36.7%, with the growth rate expanding by 8.7 percentage points compared to the first eight months [1] Group 1: Land Acquisition Trends - In September, several real estate companies acquired large-scale land through acquisitions, leading to an increase in the year-on-year growth of land acquisition amounts [1] - Among the top 10 enterprises by land acquisition amount, 8 are state-owned enterprises [1] Group 2: New Value Addition - In terms of new value added, Greentown China, Poly Developments, and China Overseas Land & Investment ranked as the top three [1] - Greentown China topped the list with a new value of 117.5 billion yuan, followed by Poly Developments with 101 billion yuan, and China Overseas with 95.2 billion yuan [1] - The total new value added by the top 100 enterprises in the first three quarters amounted to 763.8 billion yuan, accounting for 42.5% of the total [1] Group 3: Key Players in Major Cities - State-owned enterprises and local state-owned assets remain the main players in land acquisition among the top 10 enterprises in key cities, while private enterprises are only supplementing land reserves in key areas [1]