8月24日，华润置地联合华润万象生活、华润文体发起的"润BA2025全国业主篮球联赛"（以下简称"润BA2025"）在成都东安湖体育公园圆满落 幕。赛事以"政府引导、企业搭台、业主共创、多业态协同"的创新模式，推动全民健身进入社区，响应"健康中国2030"与"体育强国"战略，成为 华润置地"好房子、好社区、好服务"理念的生动实践。 赛事落幕：14支球队竞逐，成都队摘得总冠军 伴随终场哨响，润BA2025圆满闭幕。来自全国14座城市的冠军球队经过激烈角逐，最终成都·凤凰城太阳队夺得总冠军。 本届赛事获得了参赛球员和观众的广泛好评。来自东北的长春万象府欢乐兄弟队队员坦言："这次全国总决赛让我们收获很多，感谢华润置地提供 这么好的平台，让我们能与全国高手切磋，也让我们球队在比赛中不断成长和凝聚。这不仅仅是一场比赛，更是一次难得的社区交流和情感连接 的宝贵机会。"厦门橡树湾队员表示："回忆满满的三天转眼就结束了，体验拉满，意义非凡。球场上的酣畅淋漓，球场下的欢声笑语，每一滴汗 水，每一份陪伴，都是我们并肩奋斗的痕迹。"海南时光里队队员特别感谢了华润置地随队团队的支持："从赛前的战术梳理到赛场边的呐喊鼓 劲，是你们的付 ...

Group 1 - The core viewpoint of the article highlights a general increase in Hong Kong real estate stocks, driven by the relaxation of housing purchase restrictions in Beijing and Shanghai, which are the strictest cities in terms of these policies [1][1][1] - Major real estate companies such as China Jinmao, New World Development, and Sunac China saw significant stock price increases, with China Jinmao rising over 4% [1][1][1] - Analysts suggest that if the real estate market continues to show weakness, cities like Beijing and Shanghai are likely to further ease purchase restrictions, indicating a potential shift in national housing policy [1][1][1] Group 2 - The China Index Academy anticipates that September will be a period of intensive real estate policy announcements, with new supportive measures expected to accelerate under the goal of stabilizing the market [1][1][1] - As the market anticipates a potential interest rate cut by the Federal Reserve in September, there is an expectation for increased domestic monetary policy flexibility, which could further benefit the real estate sector [1][1][1] - The real estate market is entering the "Golden September and Silver October" sales season, with expectations that property companies will accelerate their sales efforts in core cities, leading to a potential short-term increase in market activity [1][1][1]

Core Viewpoint - The Shanghai real estate market is experiencing a temporary sales decline due to insufficient new supply, but recent policy adjustments are expected to boost market expectations and stabilize sales [1][13]. Market Performance - From January to August 2025, the top 20 real estate companies in Shanghai achieved a total sales revenue of 277.79 billion yuan and a sales area of 3.879 million square meters [2][3]. - The top three companies by sales revenue were Poly Developments (31.07 billion yuan), China Merchants Shekou (29.87 billion yuan), and China Resources Land (26.17 billion yuan) [2][3]. - The top 20 companies in terms of equity sales revenue totaled 178.81 billion yuan, with Poly Developments leading at 21.34 billion yuan [4][5]. Project Sales - The top 10 residential projects in Shanghai generated a total sales amount of 82.36 billion yuan, with Shanghai One No. 1 leading at 18.42 billion yuan [6][7]. - The total sales area for the top 10 projects was 726,000 square meters, with Shanghai One No. 1 also leading in this category [7][8]. Transaction Data - In the first eight months of 2025, the total transaction area for residential properties (excluding affordable housing) in Shanghai was 3.6875 million square meters, with 30,082 units sold [11]. - In August 2025 alone, the transaction area was 213,500 square meters, with 1,748 units sold [11]. Land Market - In the first eight months of 2025, Shanghai launched a total of 8.8861 million square meters of land for various uses, with 8.4369 million square meters successfully transacted [12]. - No residential land was launched or transacted in August 2025 [12]. Market Outlook - The recent policy adjustments in Shanghai are expected to significantly alleviate sales pressure in the outer ring market, benefiting companies operating in that area [13].

中银国际发表研究报告指，华润置地上半年收入按年增长19.9%至949亿元，符合预期。毛利率上升1.8 个百分点至24%，开发项目毛利率上升3.2个百分点至15.6%，投资物业毛利率上升1.4个百分点至 72.9%。该行表示，看好华润置地强劲的经常性收入、强劲的合同销售表现以及稳健的财务状况，将其 目标价上调4.9%至33.86港元，维持"买入"评级。 ...

Core Viewpoint - The sales performance of the top 100 real estate companies in China for the first eight months of 2025 shows a significant decline, with total sales amounting to 23,270.5 billion yuan, a year-on-year decrease of 13.3% [3][5]. Group 1: Sales Performance - The total sales of the top 100 real estate companies from January to August 2025 reached 23,270.5 billion yuan, with a year-on-year decline of 13.3% [3]. - The equity sales amount for the top 100 companies was 16,275.2 billion yuan, with an equity sales area of 83.828 million square meters [3]. - The top five companies by sales in the first eight months were Poly Development (181.2 billion yuan), Greentown China (156.3 billion yuan), China Overseas Property (150.3 billion yuan), China Resources Land (142.5 billion yuan), and China Merchants Shekou (124.05 billion yuan) [3][4]. Group 2: Market Dynamics - August is typically a slow sales month for the real estate market, with a reported 30% decrease in supply and a 12% month-on-month decline in transaction volume across 30 monitored cities [4][5]. - In August, the top 100 real estate companies achieved sales of 207.04 billion yuan, reflecting a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. - Despite the overall decline, 33% of the top 100 companies reported month-on-month sales growth in August, with 21 companies experiencing growth exceeding 30% [5]. Group 3: Future Outlook - The industry anticipates a potential recovery in September, driven by policy adjustments such as "recognizing houses but not loans" and lowering down payment ratios in major cities [6]. - The traditional peak sales season in September is expected to boost new home transaction volumes, with a gradual recovery in market confidence [6].

文字原创丨美筑家居 以后房地产市场会怎么走，房价到底是涨还是跌，不管是不是行内人，估计都在关注这个问题。 不少专家和大佬都曾经发表过自己的预测，但要说谁看得最准，可能还是那些真正在行业里深耕多年的人。 最近，万科创始人王石又谈了他对楼市的判断。 可现在回头看，这些提醒都一一应验。 要知道，早在2016年他就提出"房住不炒"，当时很多人不以为然； 2018年他又喊出"活下去"，也被不少人当作危言耸听。 所以这回他发声，行业内格外关注，如果不出意外，这回大概率又是对的。 王石预言了这几个观点： ①房地产的调整不是短时间能完成的，得花上好几年的时间才能恢复。 目前房价相比高点已经跌了不少，有些地方甚至接近腰斩。 但是如果大家的收入没起来、就业不稳定，对未来的预期还是不乐观，那楼市回暖就还早。 他建议普通人别急着抄底，再观望观望更稳妥。 | 排名 | 企业简称 | (亿元) | 排名 | 企业简称 | (万平方米) | | --- | --- | --- | --- | --- | --- | | 1 | 保利发展 | 1807. 2 | 1 | 保利发展 | 994.9 | | 2 | 中海地产 | 1535. 2 ...

8月31日，中指研究院发布《2025年1-8月中国房地产企业销售业绩排行榜》。数据显示，前8个月， TOP100房企（以全口径销售额排名）销售额（全口径销售额，下同）为23270.5亿元，同比下降 13.3%，降幅与前7个月基本持平。 中指研究院企业研究总监刘水向《证券日报》记者表示，8月份京沪相继出台"认房不认贷"、下调首付 比例等楼市组合拳，政策力度和时点均符合市场预期。随着"金九"到来，房企推盘节奏与优化力度预计 均将提升，市场或实现温和复苏。 销售榜单显示，今年前8个月，保利发展控股集团股份有限公司（以下简称"保利发展"）以1812亿元的 销售额位居榜首；绿城中国紧随其后，销售额为1563亿元；中海企业发展集团有限公司（以下简称"中 海地产"）排名第三，销售额为1503亿元。华润置地有限公司、招商局蛇口工业区控股股份有限公司 （以下简称"招商蛇口"）分列第四位、第五位，销售额分别为1425亿元、1240.5亿元。前五家房企销售 额均突破千亿元。 从规模来看，前8个月，销售额超1000亿元的房企有5家，销售额均值为1508.7亿元。销售额在500亿元 至1000亿元的有6家，销售额均值750.3亿元。销 ...

百强房企前8月销售业绩出炉。 一般而言，八月是楼市销售淡季，房企供销节奏会有所放缓。 克而瑞也表示，今年八月份，楼市供求因天气高热的影响延续降势，皆重回年内次低，供应同环比下跌 约3成，成交重回年内次低，8月30个监测城市成交规模为753万平方米，环比下降12%，同比下降 17%。 在上述市场环境下，八月百强房企实现销售操盘金额2070.4亿元，环比降低1.9%，同比降低17.6%，同 比降幅较7月收窄6.7个百分点，但仍是较低水平。 据中指研究院最新发布数据，2025年1～8月，TOP100房企销售总额为23270.5亿元，同比下降13.3%， 降幅与1-7月持平。TOP100房企权益销售额为16275.2亿元，权益销售面积为8382.8万平方米。 与前七月相比，头部房企的排名变化不大，保利发展、绿城中国、中海地产、华润置地、招商蛇口稳居 前五位，前八月销售额分别为1812亿元、1563亿元、1503亿元、1425亿元、1240.5亿元，系今年销售过 千亿的5家企业。 万科、建发房产、越秀地产、中国金茂、滨江集团继续占据TOP5~TOP10的位置，前八月销售额分别为 911.1亿元、850.8亿元、730亿 ...

丨证券研究报告丨 港股研究丨公司点评丨华润置地（1109.HK） [Table_Title] 业绩平稳兑现，质量与韧性兼具 ——华润置地 2025 中报点评 报告要点 [Table_Summary] 公司是国内稀缺的多元地产商，业务模式优势明显。开发维度，禀赋、财务、运营、品牌等能 力行业领先，土储充裕且结构优良，保障后期销售规模；减值压力释放相对充分，新拿地利润 率可观，业绩扎实度与兑现度较高。作为商业龙头，优势体现在布局、招商、运营、租金、效 率、重奢等各维度，商业 REITs 打通资产退出通道，优质自持资产提供稳定现金流助力穿越周 期，亦能提升公司派息与估值潜力。 分析师及联系人 [Table_Title 业绩平稳兑现，质量与韧性兼具 2] ——华润置地 2025 中报点评 [Table_Summary2] 事件描述 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华润置地（1109.HK） cjzqdt11111 ...

发展趋势 大资管业务蓝图逐步清晰。公司业绩会提出未来3-5 年计划发行REITs300-500 亿元，节奏上平均每年处 置50-100 亿元、对应租金影响6-7 亿元，完善资管平台发展亦兼顾报表租金稳定性。华夏华润商业REIT 于2025 年3 月和7 月公告两次扩募计划（前者底层资产为昆山万象汇，后者为杭州萧山、沈阳长白、淄 博万象汇），我们认为后续扩募落地有望在增厚公司报表利润的同时夯实现金流与资产负债表韧性、提 升资产周转效率。 料开发业务延续发展势头。公司1H25 以447 亿元拿地成本（同比+75%，拿地强度41%）获取18 幅土 地，新增土储面积148 万平米，其中一二线城市占比100%、公建货值仅占3%；往前看，我们预计公司 将延续量入为出原则，拿地聚焦核心城市、核心地段。利润率方面，我们预计随销售毛利率探底及存货 减值压力出清，未来2-3 年公司开发毛利率有望触底回升。 盈利预测与估值 机构：中金公司 研究员：张宇/孙元祺/李佳璠 华润置地1H25 业绩符合市场预期 公司公布1H25 业绩：收入同比增长19.9%至949.2 亿元，毛利率同比提升1.8ppt 至24.0%，归母核心净利 润同比 ...