瑞银发表研究报告指，华润置地正处于转型关键期，目前股价较资产净值折让达50%，市盈率更是内房 股中最低之一，认为市场明显低估其价值，憧憬设立资金用途限制较少的私募房地产信托基金 (REITs)，将有助发展商加速资本循环。该行又指，若润地将股息政策改为固定每股股息(DPS)，将能提 高股息回报可见度，以及减少对开发业务的资本再投入，均将成为价值正面催化剂。 瑞银将华润置地目标价由37港元上调至42港元，维持"买入"评级，列为行业首选。 ...

消息面上，北京近期发布楼市新政策，明确符合条件家庭在北京市五环外不再限制购房套数，并从从住 房套数认定、可贷款额度、贷款提取等方面加大了住房公积金支持力度。东方证券指出，北京此轮楼市 新政在节奏上超出预期，信号意义明显，深圳、上海限购政策松绑预期提升。 智通财经APP获悉，内房股涨幅居前，截至发稿，建发国际集团(01908)涨4.22%，报18.53港元；华润置 地(01109)涨3.51%，报33.5港元；龙湖集团(00960)涨3.03%，报10.88港元；新城发展(01030)涨2.6%，报 2.76港元。 国信证券指出，考虑到当前地产基本面转弱，房价持续下跌，地产股很难有趋势性行情，但北京新政或 是新一轮放松的开始，意味着地产股的博弈窗口有望开启。整体上，房价走势基本决定了地产股中期超 额收益的变化。但2022年至今，地产股超额收益经历了8次较为明显的脉冲，大多来自政策面，且政策 说法越新颖，反应越大。4月和7月中央政治局会议淡化地产，但若房价保持跌幅，可以期待政策"新说 法"。 ...

Core Viewpoint - The article highlights the competitive landscape of the Shanghai real estate market, focusing on the launch of the Jinmao Puyuan project, which has set a new price benchmark in the Sichuan North Road area, with an average price of 166,000 yuan per square meter [1][4]. Group 1: Project Launch and Market Response - The Jinmao Puyuan project received its pre-sale license in early August, offering 99 units at an average price of 166,000 yuan per square meter, making it a focal point in the Shanghai real estate market [1]. - The project achieved a subscription rate of 151% on its first day and a final subscription rate of approximately 169% [3]. Group 2: Competitive Dynamics - The launch of Jinmao Puyuan has put pressure on a competing project, China Resources' Outer Bund Ruifu, which has not yet received its pre-sale license despite being acquired earlier at a higher price [4][9]. - Both Jinmao and China Resources have previously competed in the Baoshan South area, indicating a pattern of rivalry between these two state-owned enterprises [4][9]. Group 3: Market Trends and Insights - The Sichuan North Road area is emerging as a new high-end residential cluster, attracting attention from younger demographics, despite its distance from traditional luxury areas [7]. - The pricing strategies of both Jinmao Puyuan and China Resources' Outer Bund Ruifu are similar, with starting prices around 20 million yuan, blurring the lines between luxury and high-end residential offerings [12]. - The competitive environment in Shanghai's real estate market is intensifying, with rising land costs and a push for higher quality products, leading to a convergence of luxury and high-end residential categories [12].

Group 1 - Several Hong Kong real estate stocks showed significant movements, with Country Garden rising over 3%, Sunac China increasing by more than 4% at one point, and Longfor Group rebounding over 10% since August 4 [1] - In major cities like Wuhan, Hefei, Nanjing, and Beijing, the practice of hiding historical transaction prices for second-hand homes has been adopted, which is seen as having both advantages and disadvantages for market dynamics [1] Group 2 - Beijing's new real estate policy includes relaxing purchase restrictions outside the Fifth Ring Road and increasing support for public housing funds, which is viewed positively by analysts [2] - Analysts from Dongfang Securities believe that the relaxation of restrictions in Beijing is a positive signal, indicating a new bottoming phase for the real estate sector, with expectations for stock price recovery [2] - Guoxin Securities noted that while the industry is currently in a bottoming phase, the competitive landscape has stabilized, with four major state-owned enterprises dominating the top tier [2] Group 3 - Huatai Securities identified quality A-share real estate developers, including Chengdu Investment Holdings, Chengjian Development, and China Merchants Shekou [3]

数据统计显示，中证港股通地产指数近一个月上涨3.85%，近三个月上涨11.21%，年至今上涨18.11%。 金融界8月14日消息，上证指数高开低走，中证港股通地产指数 (港股通地产，931025)报1690.69点。 作者：行情君 从中证港股通地产指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通地产指数持仓样本的行业来看，房地产占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入相应的行业主题指数中。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 据了解，中证港股通地产投资指数从港股通范围合资格证券中选取符合地产主题的不超过50家香港市场 上市公 ...

格隆汇8月14日丨华润置地(01109.HK)公布，本公司订于2025年8月26日（星期二）举行董事会会议，藉 以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，及 考虑宣派中期股息（如有）。 ...

（於開曼群島註冊成立的有限公司） （股份代號：1109） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 於本公告日期，本公司執行董事為李欣先生、徐榮先生、張大為先生、郭世清先 生及陳偉先生；本公司非執行董事為黃挺先生、魏成林先生及王宇航先生；以及 本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先生及秦虹女 士。 華潤置地有限公司 公司秘書 魏偉峰 香港，二零二五年八月十四日 華 潤 置 地 有 限 公 司（「 本 公 司 」）謹 此 公 佈 ， 本 公 司 訂 於 二 零 二 五 年 八 月 二 十 六 日 （ 星期二 ）舉行董事（「董事」）會（「董事會」）會議，藉以（ 其中包括 ）考慮及批准本公 司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，及考 慮宣派中期股息（ 如有 ）。 承董事會命 ...

Core Insights - The competition in Shanghai's luxury housing market is intensifying, particularly in the Sichuan North Road area, highlighted by the launch of the Jinmao Puyuan project, which achieved a subscription rate of 169% on its first day [1][5][7] - Jinmao Puyuan's pricing strategy, with an average price of 166,000 yuan per square meter, sets a new benchmark for the area, putting pressure on competing projects like China Resources' Outlets Riverside [1][2][4] - The emergence of new high-end residential clusters in Shanghai, such as Sichuan North Road, is attracting younger demographics, despite these areas still being perceived as less prestigious compared to traditional luxury districts [3][7] Company Analysis - Jinmao's Puyuan project is positioned as a technology residential offering, with unit sizes ranging from 128 to 239 square meters and total prices between 18 million to 30 million yuan, appealing to younger buyers [4][6] - China Resources' Outlets Riverside, despite having a lower land acquisition cost, is lagging in market entry due to delays in obtaining pre-sale permits and complex planning requirements [5][6] - The competitive landscape is characterized by a blurring of lines between luxury and high-end improvement housing, as both Jinmao Puyuan and China Resources' projects are priced similarly but target different market segments [7] Market Dynamics - The Shanghai real estate market is experiencing heightened competition due to rising land costs and a scarcity of quality plots, leading to increased pressure on projects within the same area [7] - Analysts note that the ongoing urban renewal and development of new luxury areas will elevate the standards for residential products, necessitating higher quality offerings to meet market demands [7]

记者丨张敏 编辑丨张伟贤 在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明显。 保利暂列"销冠"。今年前7月，保利发展实现签约面积804.53万平方米，同比减少26.81%；签约金额 1631.85亿元，同比减少17.85%。此外，绿城、中海、华润、招商均迈入千亿阵营。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].