Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with further policies expected to be introduced to support this trend [3][29]. - The report highlights that the performance of quality companies in the real estate sector remains resilient despite overall industry pressure, with some companies showing significant growth in profits [3][29]. - The report emphasizes the potential for new development tracks in the housing market, driven by policies aimed at improving housing quality and affordability, particularly in core cities [3][29]. Industry Data Summary New Housing Transaction Volume - In the week of August 16-22, 2025, new housing transactions in 34 key cities totaled 1.834 million square meters, a week-on-week increase of 11.7%. However, this is a decline of 37.1% compared to the average weekly transaction volume in 2024 [4][6]. - Year-on-year, new housing transactions in August 2025 decreased by 20.9% compared to August 2024, with first and second-tier cities seeing a decline of 19.9% and third and fourth-tier cities experiencing a decline of 32.7% [6][7]. Second-Hand Housing Transaction Volume - In the same week, second-hand housing transactions in 13 key cities totaled 1.081 million square meters, reflecting a week-on-week increase of 7.2%. Cumulatively, second-hand housing transactions in August 2025 showed a year-on-year decrease of 0.1% [11][12]. Inventory and Market Dynamics - In the week of August 16-22, 2025, 15 key cities launched 1 million square meters of new housing, with total sales of 810,000 square meters, resulting in a sales-to-launch ratio of 0.81. The average monthly inventory clearance period increased to 22 months [19][20]. - The report notes that the overall financing scale for real estate companies continues to grow, with July 2025 seeing bond financing of 71.39 billion yuan, marking a significant increase compared to previous months [29][31]. Policy and News Tracking - The report discusses the emphasis on stabilizing the real estate market through effective macro policies, including the issuance of special bonds for land acquisition and urban renewal projects [29][31]. - It highlights various local government initiatives aimed at improving housing accessibility and affordability, such as the introduction of "housing vouchers" in Guangzhou and adjustments to housing fund policies in Beijing and Kunming [29][31]. Company Dynamics - The report tracks the performance of key real estate companies, noting that while some companies like Vanke and Greentown China faced profit declines, others like Jianfa International and Greentown Services reported profit growth [3][29]. - It also mentions the successful issuance of bonds by several companies, indicating a positive trend in financing activities within the sector [3][29].

行业点评 本周 A 股地产、港股物业均上涨，港股地产下跌。本周（8.16-8.22）本周申万 A 股房地产板块涨跌幅为+0.5%， 在各板块中位列第 31；恒生港股房地产板块涨跌幅为-0.6%，在各板块中位列第 9。本周恒生物业服务及管理指数涨 跌幅为+1.1%，恒生中国企业指数涨跌幅为+0.5%，沪深 300 指数涨跌幅为+4.2%；物业指数对恒生中国企业指数和沪 深 300 的相对收益分别为+0.7%和-3.1%。 土地市场溢价率有所回落。本周（8.16-8.22）全国 300 城宅地成交建面 553 万㎡，单周环比-14%，单周同比-52%， 平均溢价率 5%。2025 年初至今，全国 300 城累计宅地成交建面 23666 万㎡，累计同比-5.4%；年初至今，绿城中国、 中海地产、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(8.16-8.22)47 个城市商品房销售 285 万方，成交量环比+8%，同比-11%，整体维持季节性低位；7 月新房售 价环比-0.3%，环比跌幅持平，同比-3.4%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看：一线 城市周环比+5%，周同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company has demonstrated strong performance with a revenue increase of 4.3% year-on-year in H1 2025, achieving a total revenue of 34.16 billion yuan [7] - The company's asset quality is excellent, with a significant increase in sales and land acquisition, indicating a robust market position [7] - The financial health remains strong, with all three red lines maintained in the green zone, and a decreasing financing cost [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 134.43 billion yuan - 2024: 142.99 billion yuan - 2025E: 149.85 billion yuan - 2026E: 157.19 billion yuan - 2027E: 172.28 billion yuan - Year-on-year growth rates for revenue are projected at 34.9% for 2023, 6.4% for 2024, and gradually decreasing thereafter [6][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5.035 billion yuan - 2024: 4.804 billion yuan - 2025E: 5.064 billion yuan - 2026E: 5.327 billion yuan - 2027E: 5.882 billion yuan [6][8] - Earnings per share (EPS) is projected to be 2.36 yuan in 2023, decreasing to 2.10 yuan in 2025E, and then increasing to 2.44 yuan by 2027E [6][8] Sales and Investment Highlights - The company achieved a total sales amount of 70.7 billion yuan in H1 2025, a year-on-year increase of 7% [7] - The average selling price increased by 25% year-on-year to 26,500 yuan per square meter [7] - The company acquired 26 new land parcels with a total investment of 49.5 billion yuan, reflecting an 18% increase year-on-year [7] Financial Health - The company's asset-liability ratio stands at 58.9%, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 3.9 times [7] - The weighted average financing cost has decreased to 3.17%, indicating improved financial conditions [7]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Core Insights - The report indicates that for the six months ending June 30, 2025, the company and its joint ventures achieved a cumulative contract sales amount attributable to shareholders of approximately RMB 53.35 billion, reflecting an increase of about RMB 2.48 billion or 4.9% compared to the same period last year [1] - The total contracted sales area attributable to shareholders was approximately 2.008 million square meters, which represents a decrease of about 450,000 square meters or 18.4% year-on-year [1] - The company reported total cash receipts from property development of approximately RMB 65.8 billion during the reporting period [1] Financial Performance - The company achieved revenue of approximately RMB 34.16 billion, which is an increase of about RMB 1.41 billion or 4.3% compared to the same period last year [1] - Revenue from the property development segment was approximately RMB 32.14 billion, reflecting an increase of about RMB 1.13 billion or 3.7% year-on-year [1] - The profit attributable to equity holders of the company was approximately RMB 910 million, which is an increase of about RMB 90 million or 11.8% compared to the same period last year [1]

建发国际集团(01908)发布截至2025年6月30日止六个月业绩，收益341.65亿元(人民币，下同)，同比增 长4.3%;公司权益持有人应占溢利9.14亿元，同比增长11.8%;每股基本盈利48.09分。 截至2024年及2025年6月30日止六个月的毛利分别约为人民币39.0亿元及人民币44.0亿元，即毛利率分别 为约11.92%及12.89%。毛利率上升，主要由于本期内部分已交付项目毛利率水平较上年同期高所致。 ...

智通财经APP讯，建发国际集团(01908)发布截至2025年6月30日止六个月业绩，收益341.65亿元(人民 币，下同)，同比增长4.3%;公司权益持有人应占溢利9.14亿元，同比增长11.8%;每股基本盈利48.09分。 截至2024年及2025年6月30日止六个月的毛利分别约为人民币39.0亿元及人民币44.0亿元，即毛利率分别 为约11.92%及12.89%。毛利率上升，主要由于本期内部分已交付项目毛利率水平较上年同期高所致。 ...

截至2025年6月30日止六个月，集团实现收入约为人民币341.6亿元，与上年同期比较增长约人民币14.1 亿元或约4.3%；其中物业开发分部收入约为人民币321.4亿元，与上年同期比较增长约人民币11.3亿元 或约3.7%。该期间公司权益持有人应占利润约为人民币9.1亿元，与上年同期比较增加约人民币0.9亿 元，增加约11.8%，基本每股盈利为人民币48.09分。 格隆汇8月22日丨建发国际集团(01908.HK)发布公告，截至2025年6月30日止六个月，集团连同其合营公 司及联营公司实现归属公司股东权益的累计合同销售金额约人民币533.5亿元，归属公司股东权益的累 计合同销售总建筑面积约200.8万平方米，与上年同期比较分别增加约人民币24.8亿元及减少约45.1万平 方米，分别增加约4.9%及减少约18.4%。截至2025年6月30日止六个月，集团连同其合营公司及联营公 司实现物业开发现金回款合计约为人民币658亿元。 ...

（於開曼群島註冊成立的有限公司） （股份代號：1908） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財 務 摘 要 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 就 因 本 公 告 的 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。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 – 1 – ‧ 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 連 同 其 合 營 公 司 及 聯 營 公 司 實 現 歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 金 額 約 人 民 幣533.5億 元，歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 總 建 築 面 積 約 200. ...

Key Points - As of August 22, 108 stocks reached their 52-week highs, with Yicheng Group (08365), Shanghai Xiaonan Guo (03666), and Cybernaut International Holdings (01020) leading the high rate at 32.77%, 31.11%, and 20.16% respectively [1] - The closing prices for the top three stocks were 1.580, 0.051, and 0.155 respectively, indicating significant upward movement in their stock prices [1] - Other notable stocks that reached new highs include VALA (02051) at 18.87% and CTR Holdings (01416) at 16.52% [1] 52-Week High Rankings - The top three stocks with the highest increase rates were Yicheng Group (08365) at 32.77%, Shanghai Xiaonan Guo (03666) at 31.11%, and Cybernaut International Holdings (01020) at 20.16% [1] - The closing prices for these stocks were significantly higher than their previous values, indicating strong market performance [1] - The overall trend shows a positive sentiment in the market with many stocks achieving new highs [1] Additional Stocks Reaching New Highs - VALA (02051) reached a high of 0.630, marking an 18.87% increase, while CTR Holdings (01416) closed at 0.134, a 16.52% increase [1] - Other stocks such as Huaxing Capital Holdings (01911) and Huahong Semiconductor (01347) also showed positive performance with increases of 9.11% and 8.85% respectively [1]