本报记者 陈潇 "市场热度延续此前分化态势。"上海易居房地产研究院副院长严跃进对《证券日报》记者表示，当前房企拿地更注重地块 的综合开发难度与产品溢价空间，对核心区、交通便利、开发条件明确的地块更为青睐，而对非核心区或开发条件复杂地块则 持相对谨慎态度。 另一个值得关注的现象是，浙江本土企业在近期的土拍中表现活跃，伟星房产等地方房企抓住窗口期补仓；同时，不少外 地房企联合拿地，例如华润置地与本地企业组成联合体，依托本地企业的TOD（以公共交通为导向的发展模式）开发能力拿下 相应地块，反映出房企联动的拿地模式逐渐成为趋势。 中指研究院数据显示，7月份，杭州土拍市场累计揽金102亿元。高院生认为，杭州核心区优质地块仍受追捧，非核心区持 续低溢价成交；呈现出头部房企深耕核心区，中小房企转向非核心区甚至远郊的现状。 与此同时，杭州新房市场入局者众多，也使得项目产品力竞争显著加剧，倒逼房企在外立面设计、绿建标准、提高得房率 方面持续发力，以实现差异化突围。 整体来看，杭州土地市场已进入相对稳定的阶段，但分化格局愈发清晰。房企拿地逻辑正在从规模扩张转向价值精耕。 7月29日，杭州迎来本月土地出让收官战，共三宗涉宅地块出让 ...

Market Overview - The Hang Seng Index closed at 25,271.92, down by 252.53 points or 0.99% on July 29 [1] - The index reached a high of 25,554.41 and a low of 25,232.19 during the trading session, with a trading volume of 66.91 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 102.137, up by 1.33% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 550.482, down by 0.81% compared to the Hong Kong market close [2] ADR Performance Summary - Tencent Holdings: ADR price at HKD 550.482, down by HKD 4.518 or 0.81% [3] - Alibaba Group: ADR price at HKD 117.114, down by HKD 3.586 or 2.97% [3] - HSBC Holdings: ADR price at HKD 102.137, up by HKD 1.337 or 1.33% [3] - Xiaomi Group: ADR price at HKD 54.601, down by HKD 0.699 or 1.26% [3] - Meituan: ADR price at HKD 126.886, down by HKD 1.714 or 1.33% [3] - AIA Group: ADR price at HKD 74.746, down by HKD 0.054 or 0.07% [3] - Hong Kong Exchanges: ADR price at HKD 435.801, down by HKD 4.999 or 1.13% [3] - Industrial and Commercial Bank of China: ADR price at HKD 6.024, down by HKD 0.046 or 0.75% [3] - BYD Company: ADR price at HKD 126.396, down by HKD 1.904 or 1.48% [3] - Ping An Insurance: ADR price at HKD 56.163, down by HKD 0.237 or 0.42% [3]

Group 1 - The core index of the China Trading Service Real Estate Index (CESCPD) experienced a slight decline of 0.01%, closing at 1417.95 points with a trading volume of 2.491 billion [1] - Over the past month, the CESCPD index has increased by 8.47%, by 9.17% over the last three months, and has risen 16.00% year-to-date [1] - The CESCPD index tracks the overall performance of publicly listed companies in the mainland real estate development, services, management, and park industries within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted stocks in the CESCPD index include China Resources Land (10.41%), China Overseas Development (9.49%), Beike-W (8.86%), Longfor Group (8.68%), China Resources Mixc Lifestyle (7.62%), Country Garden Services (4.86%), Sunac China (4.67%), China Jinmao (4.12%), Wanwu Cloud (3.99%), and Poly Property (3.65%) [1] - The CESCPD index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The index's holdings are entirely focused on the real estate sector, with a 100% allocation to this industry [1]

智通财经APP讯，华润置地(01109)发布公告，于2025年7月29日，公司作为借款人，与一家银行作为贷 款人，就人⺠币20亿元(或等值港元)的定期贷款融资，订立一份贷款融资函件。该贷款融资期限为自接 纳融资函件之日起计三年。 ...

格隆汇7月29日丨华润置地(01109.HK)发布公告，2025年7月29日，公司作为借款人，与一家银行作为贷 款人，就人民币20亿元（或等值港元）的定期贷款融资订立一份贷款融资函件。该贷款融资期限为自接 纳融资函件之日起计三年。 ...

华润置地(01109)发布公告，于2025年7月29日，公司作为借款人，与一家银行作为贷款人，就人币20亿 元(或等值港元)的定期贷款融资，订立一份贷款融资函件。该贷款融资期限为自接纳融资函件之日起计 三年。 ...

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 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司 ) (股份代號 : 1109) 根據上市規則第13.18 條作出的公告 人⺠币2,000,000,000 定期貸款融資 於二零二五年七月二十九日，本公司作為借款人，與一家銀行作為貸款人(「貸款人｣ ），就人⺠幣 2,000,000,000 元（或等值港元）的定期貸款融資(「該貸款融資」)，訂 立一份貸款融資函件(「該融資函件｣）。該貸款融資期限為自接納融資函件之日起計 三年。 華潤(集團 )有限公司 (「華潤集團」 )的特定履約責任 根據該融資函件 ，如：(i)華潤集團不再為於本公司股本中實益擁有及控制 (直接或間接 )合共不少於35%的單一最大股東，或 (ii)華潤集團從實際⻆度而⾔並無或不再有能⼒控 制本公司股東委任董事加入本公司的董事會 ，將構成違約事件。 截至本公告日期，華潤集團為本公司的控股股東，且華潤集團持有本公司約59.55%的 已發行股本的實益權益。 本公 ...

Core Viewpoint - The recent land auction in Hangzhou generated a total revenue of 50.35 billion yuan from the sale of three plots, indicating strong demand in the real estate market despite economic fluctuations [1] Group 1: Auction Details - The land auction took place on July 29, featuring three plots located in Xihu District, Gongshu District, and Linping District, with a total area of 267 acres and a total construction area of 344,000 square meters [1] - The starting price for the auction was set at 46.1 billion yuan [1] Group 2: Winning Bids - The plot in Gongshu District (GS130201-56) was won by Hangzhou Weixing Xingchen Real Estate Co., Ltd. for a total price of 19.13 billion yuan, with a floor price of 19,600 yuan per square meter and a premium of 28.13% [1] - The plot in Xihu District (XH010101-14) was acquired by a consortium including China Resources, Hangzhou Investment, and Hangzhou Metro for 26.85 billion yuan [1] - The plot in Linping District (LP070103-2) was won by Hangzhou Guoda Real Estate for 4.37 billion yuan [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the real estate development sector, including Poly Developments, China Merchants Shekou, and Binjiang Group, while also giving a "Buy" rating to China Overseas Development, China Resources Land, and China Jinmao in the H-share sector [37][71]. Core Insights - The real estate sector has shown resilience, with the real estate (Shenwan) index rising by 7.8% from July 1 to July 25, 2025, outperforming the CSI 300 index by 2.93 percentage points [29][37]. - The report highlights a structural alpha opportunity in the real estate sector, particularly for leading companies with strong brand recognition and product reputation, despite a weak beta performance overall [4][65]. - The report emphasizes the importance of urban renewal and structural optimization in high-capacity core cities, which are expected to benefit from ongoing real estate policies [70][71]. Summary by Sections Real Estate Development Sector Valuation and Key Companies - As of July 25, 2025, the real estate (Shenwan) price-to-earnings (P/E) ratio is 42.93, with a historical percentile of 99.45% [11][20]. - The top-performing A-share real estate companies from July 1 to July 25, 2025, include New Town Holdings (+12.2%), China Merchants Shekou (+9.3%), and JinDi Group (+7.4%) [29][31]. Property Services Sector Valuation and Key Companies - The real estate services (Shenwan) P/E ratio is 46.73, with a historical percentile of 86.21% as of July 25, 2025 [2][40]. - The top-performing A-share property service companies during the same period are TeFa Service (+10.4%), World Union (+9.2%), and Ningbo Fuda (+5.9%) [51][55]. Public Fund Holdings in Real Estate Sector - As of the end of Q2 2025, public funds held a total market value of approximately 484.4 billion yuan in real estate stocks, representing a decrease from 548.4 billion yuan at the end of Q1 2025 [3][63]. Market Trends and Sales Performance - In the first half of 2025, the sales amount for commodity residential properties in major cities increased by 6.0%, while the overall sales amount for the top 100 real estate companies decreased by 11.4% [4][66]. - The report notes a significant increase in land transaction prices and areas in key cities, indicating a potential recovery in the real estate market [67][70]. Investment Recommendations - The report suggests focusing on three main lines for investment: stable leading companies with high product reputation, companies with rich existing resources, and the long-term growth potential of the property services sector [71][70].

Core Insights - The sixth batch of land auctions in Shanghai raised a total of 28.96 billion yuan, with an overall premium rate of 22.33% [1] - The auction saw 8 plots available, with 7 plots sold at a premium, indicating strong demand in the Shanghai land market [1][6] - The XH-02 (TPL) unit 051-11 plot in Xuhui District set a new national floor price record, sold for 1.225 billion yuan at a price of 200,300 yuan per square meter [2][6] Company Insights - Shanghai Qixiang Wangyu Real Estate Co., Ltd., a new player in the market, won the record-setting plot, indicating the entry of new developers into the competitive landscape [2][5] - The actual controller of Shanghai Qixiang is Ye Shuqing, who is linked to multiple enterprises across various sectors, including real estate and automotive [2][5] - Ye Huabiao, associated with Shanghai Qixiang, is known for his significant role in the automotive industry, particularly as a major supplier for leading car manufacturers [5] Industry Trends - Major real estate companies such as China Overseas Land & Investment, China Merchants Shekou, and Poly Real Estate actively participated in the bidding, reflecting the attractiveness of Shanghai's land market [1][6] - The auction results suggest that developers are focusing on prime urban areas, as these locations tend to maintain strong market performance [8] - The competitive bidding for core plots indicates a strategic move by leading firms to secure valuable land for future projects, ensuring a healthy cycle in the real estate market [8]