Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The recent policy changes in Beijing, which relax restrictions on home purchases outside the Fifth Ring Road, are expected to aid in inventory reduction in suburban areas, although the overall impact may be limited [11][12]. - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4]. - The report emphasizes a focus on first-tier and select second-tier cities for investment opportunities, as this combination has shown better performance during market rebounds [4]. - Supply-side policies, including land management and disposal of idle land, are critical areas to monitor for future developments [4]. Summary by Sections 1. Policy Changes - Beijing's new policy allows residents with two years of social security contributions to purchase homes without quantity restrictions outside the Fifth Ring Road, differing from other cities that have fully lifted purchase limits [11][12]. 2. Market Review - The real estate index increased by 2.2% this week, outperforming the CSI 300 index by 0.93 percentage points, ranking 16th among 31 sectors [2][13]. - New home sales in 30 cities totaled 120.5 million square meters, down 35.0% month-on-month and 19.3% year-on-year [22]. - Second-hand home sales in 14 cities totaled 171.1 million square meters, down 7.2% month-on-month and 2.1% year-on-year [32]. 3. Credit Market - A total of 22 corporate bonds were issued this week, raising 228.70 billion yuan, with a net financing amount of 159.94 billion yuan [3]. 4. Investment Recommendations - The report suggests focusing on companies with strong fundamentals, including both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate market continues to experience low-level fluctuations, with significant city-level differentiation. New home sales in 35 cities from January to July 2025 totaled 76.01 million square meters, a year-on-year decline of 10.8%. The decline has expanded by 1.4 percentage points compared to the first half of the year, with July alone seeing a year-on-year drop of 19.6% [4][10] - The second-hand housing market shows a slight increase in transaction volume, with 15 cities recording a year-on-year growth of 8.3% in the same period, although the growth rate has narrowed compared to the previous month. The average price of second-hand homes in July fell by 7.32% year-on-year [11][23] - The land market shows stabilization in transaction volume and price, with the average floor price of land transactions rising by 30.7% year-on-year. Core cities are witnessing record-high land prices, indicating sustained interest in prime locations [12][36] Sales Sector - New home sales: In the first seven months of 2025, new home transactions in 35 cities totaled 76.01 million square meters, down 10.8% year-on-year. The monthly transaction volume in July was 9.21 million square meters, a decline of 19.6% year-on-year. The market is expected to continue low-level fluctuations, with potential signs of recovery in core city projects [17][18] - Second-hand home sales: In the same period, second-hand home transactions in 15 cities reached 56.81 million square meters, up 8.3% year-on-year. However, July saw a 5.6% year-on-year decline in transaction volume, indicating a market adjustment phase [23][25] - Price trends: New home prices are showing structural growth, while second-hand home prices are declining. The average transaction price for new homes in July was 16,877 yuan per square meter, up 2.64% year-on-year, while second-hand homes averaged 13,585 yuan per square meter, down 7.32% year-on-year [28][29] Land Sector - Transaction volume and price: From January to July 2025, land supply in 300 cities was 13,006 million square meters, down 7.2% year-on-year, while total transactions reached 11,210 million square meters, up 2.3% year-on-year. The average floor price was 7,821 yuan per square meter, reflecting a 30.7% increase year-on-year [36][39] - City-level performance: In the first seven months, first-tier cities saw a 14.8% increase in land transaction volume, while second-tier cities increased by 17.5%. The average floor price in first-tier cities was 37,688 yuan per square meter, up 29.4% year-on-year [44][48] - Leading cities: Hangzhou led the land market with the highest land transfer fees and premium rates, indicating strong competition for quality land [48][50] Investment Recommendations - The report recommends focusing on leading real estate companies that are actively acquiring land in core urban areas, such as China Overseas Development, Greentown China, and others. These companies are expected to benefit from the recovery of quality projects in core cities [13][50]

智通财经获悉，内房股午前涨幅扩大，截至发稿，建发国际集团(01908)涨5.24%，报17.26港元；中国金 茂(00817)涨4.17%，报1.5港元；越秀地产(00123)涨3.9%，报4.79港元；龙湖集团(00960)涨3.46%，报 10.16港元；万科企业(02202)涨2.02%，报5.06港元。 消息面上，7月以来，核心城市已经在继续优化房地产政策，如北京、广州、南京、大连等地从提高额 度、优化提取、延长还款期限等方面优化公积金贷款政策。7月30日，中央政治局召开会议。国盛证券 指出，根据本次会议内容，房地产领域后续的政策举措或将重点在于托底，帮助房地产市场企稳态势， 政策端包括增加"城市更新"、"城中村和危旧城改造"等潜在需求。 东方证券指出，市场部分投资者因期待短期内出台房地产刺激政策，但本次政治局会议并未直接提及房 地产政策，进而对行业前景悲观。我们认为，在行业风险下降的背景下，不强调短期刺激进而转向新发 展模式的探索，是符合当下行业逻辑的。我们对于地产股的看好，并不依赖于短期内政策刺激带来阶段 性脉冲，而在于行业整体处于筑底阶段的判断以及无风险利率的下降、地产行业风险评价回落，市场风 ...

Group 1 - The core viewpoint indicates that real estate stocks have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%), China Jinmao (up 4.17%), and others, driven by policy optimizations in major cities since July [1] - Key cities like Beijing, Guangzhou, Nanjing, and Dalian have improved housing fund loan policies, including increasing loan amounts, optimizing withdrawals, and extending repayment periods [1] - The Central Political Bureau meeting on July 30 suggested that future policies in the real estate sector will focus on stabilizing the market, with potential demands for urban renewal and the renovation of old urban villages [1] Group 2 - Eastern Securities noted that some investors are optimistic about short-term real estate stimulus policies, but the recent Political Bureau meeting did not directly address these policies, leading to a pessimistic outlook for the industry [2] - The industry is transitioning from short-term stimulus expectations to exploring new development models, which aligns with the current industry logic [2] - The overall assessment of the real estate sector is that it is in a bottoming phase, with decreasing risk-free interest rates and improved risk evaluations contributing to rising market risk appetite and stock price opportunities [2]

Group 1 - The core viewpoint indicates that real estate stocks in China have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%) and China Jinmao (up 4.17%) as of the latest report [1] - Key cities have been optimizing real estate policies since July, including adjustments to public housing loan policies in cities like Beijing, Guangzhou, Nanjing, and Dalian [1] - The Central Political Bureau meeting on July 30 suggested that future policy measures in the real estate sector will focus on stabilizing the market, with potential demand from urban renewal and renovation of old urban villages [1] Group 2 - Some market investors are optimistic about the potential for short-term real estate stimulus policies, although the recent Political Bureau meeting did not directly address these policies, leading to a more pessimistic outlook for the industry [2] - The industry is viewed as being in a bottoming phase, with a decrease in risk-free interest rates and a recovery in risk assessment for the real estate sector, which may lead to upward price movements in real estate stocks [2]

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共6460万股销售股份已 按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共6460万股认购股 份(相等于根据配售事项配售的配售股份数目)已由认购人按每股认购股份15.80港元的认购价认购。认购 股份相当于经配发及发行认购股份扩大后的本公司已发行股本约2.88%。 公司自认购事项收取所得款项净额合共约10.105亿港元。 建发国际集团(01908)发布公告，配售事项及认购事项完成已分别于2025年7月25日及2025年8月5日落 实。 ...

公司自认购事项收取所得款项净额合共约10.105亿港元。 配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共6460万股销售股份已 按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 智通财经APP讯，建发国际集团(01908)发布公告，配售事项及认购事项完成已分别于2025年7月25日及 2025年8月5日落实。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共6460万股认购股 份(相等于根据配售事项配售的配售股份数目)已由认购人按每股认购股份15.80港元的认购价认购。认购 股份相当于经配发及发行认购股份扩大后的本公司已发行股本约2.88%。 ...

格隆汇8月5日丨建发国际集团(01908.HK)公告，配售事项及认购事项完成已分别于2025年7月25日及8月 5日落实。 配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共64,600,000股销售股份 已按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 公司自认购事项收取所得款项净额合共约1,010.5百万港元。公司拟将所得款项净额用作以下用途：(i)约 80%或808.4百万港元将用作偿还贷款；及(ii)约20%或202.1百万港元将用作一般营运资金。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共64,600,000股认 购股份已由认购人按每股认购股份15.80港元的认购价认购。认购股份相当于经配发及发行认购股份扩 大后的公司已发行股本约2.88%。 ...