Core Viewpoint - Xiamen International Group, a subsidiary of Xiamen Jianfa Group, has shown remarkable resilience and growth in the real estate market, achieving a significant sales ranking improvement and establishing itself as a quality leader in the industry [1][2]. Company Overview - The company focuses on real estate development and has benefited from the brand, credit, and resource support of its parent company, Xiamen Jianfa Group [1]. - Since 2016, the company has emerged as a "dark horse" in the real estate market, achieving a sales scale ranking of sixth by the first half of 2025 [1]. Competitive Advantages - **Asset Quality**: The company maintains a strategy prioritizing liquidity while ensuring profitability, resulting in a healthier inventory during industry downturns. The static gross profit margin and turnover rate for new projects are expected to improve post-2024 [1][2]. - **Turnover Efficiency**: The company benefits from healthy inventory, regional focus, and strong product capabilities, leading to superior turnover speed. The company has also improved its operational debt capacity and cash collection ability [2]. - **Cost Management**: The company has lower management and financial expenses compared to peers, supported by financing from its major shareholder, enhancing financial safety margins [2]. Investment Outlook - The company is positioned as a potential winner in the industry, with strong short-term performance and a solid competitive edge [2]. - **Short-term Performance**: In the first half of 2025, the company achieved a new land value of 98.7 billion, with a full-year target of 150 billion likely to be met. The sales amount reached 70.7 billion, a 7% year-on-year increase [3]. - **Earnings Forecast**: The company is expected to achieve net profits of 4.91 billion, 5.31 billion, and 5.88 billion from 2025 to 2027, with corresponding PE ratios of 7.4, 6.8, and 6.2. The company has maintained a cash dividend ratio above 40%, with an estimated dividend yield of about 6.1% for 2025 [3].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Insights - The company benefits from the brand, credit, and resource support of its controlling shareholder, Xiamen C&D Group, and has achieved a significant sales scale ranking improvement to sixth place in the first half of 2025 despite industry downturns [3][6]. - The company's asset quality and turnover efficiency remain leading, with a robust performance outlook and a focus on shareholder returns, indicating substantial room for valuation recovery and a high dividend yield [3][9]. Company Overview - The company is a state-owned enterprise in Xiamen that has achieved significant growth, leveraging the support of its controlling shareholder and its own investment strategies to emerge as a quality leader in the real estate market [6][19]. - Since its listing in 2016, the company has transitioned from a "dark horse" to a "white horse" in quality, with a sales scale ranking that has improved significantly [20]. Competitive Advantages - The company maintains leading asset quality and turnover efficiency, with a focus on rapid inventory turnover and a healthy inventory structure, which reduces pressure during industry downturns [7][42]. - The company has a strong regional presence, particularly in Fujian Province, and has been enhancing its product offerings, which supports its competitive edge in project turnover [7][42]. Investment Recommendations - The company is positioned as a potential winner in the industry, with strong short-term operational performance and a solid competitive position [8]. - The company aims to achieve a total land acquisition target of 150 billion yuan for the year, with a strong performance in the first half of 2025, indicating a positive sales outlook [8][9]. - The projected net profit for 2025-2027 shows steady growth, with corresponding price-to-earnings ratios indicating that the market has not fully reflected the company's long-term competitiveness [9].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

随着房地产供求关系的变化，人们对美好居住生活的需求已从"住有所居"向"住有宜居"转变 ，"建设好房子"也被写入今年的《政府工作报告》。今年5月， 住建部在"好房子"的基础上，进一步提出推进"好房子、好小区、好社区、好城区"四好建设。 建发房产作为"新中式生活匠造者"，深耕人居领域40余载，以"新材料·精工艺·承古法·展国风"的专属匠造特质，将中国传统文化融入当代建筑及社区生活。 继陆续发布"好房子""好服务"体系后，近日又正式发布以"共建美好生活钻石家"为核心的"好社区"体系，进一步拓展美好生活的维度与深度。 建发房产表示，"好社区"体系的落地，将依托"建发房产钻石会"平台深化践行。该平台自2020年上线以来，作为官方线上一站式智能客户服务平台，始终围 绕业主生活场景，提供便捷、智能的美好生活体验。目前已基本实现全业态互联、全场景服务自助化，更以会员制提供多元权益，周浏览量超百万次。未 来，建发房产将通过该平台的社群运营与服务体系，持续践行"好社区"理念，共建"五维·四美·三热爱"的"美好生活钻石家"，托举"好生活"新范式。 热爱 四五次战线) 四大 五大维度，筑基"建发房产好社区" 建发房产认为，"好社区" ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a decline in new housing transaction volume and value, with a year-on-year decrease of 4.0% in sales area and 6.5% in sales value for the first seven months of 2025 [5][14] - The report indicates a continued downward trend in sales data, with July showing a significant drop of 7.8% in sales area and 14.1% in sales value compared to the previous year [5][14] - The report notes that the construction data shows a narrowing decline, with new construction area down 19.4% year-on-year, while completion area decreased by 16.5% [6][20] - The report emphasizes that the investment in real estate development has seen an increasing decline, with a 12.0% drop in investment amount for the first seven months of 2025 [7][24] - The report mentions that the funding available to real estate developers has decreased by 7.5%, with only personal mortgage loans showing a month-on-month increase [7][27] Summary by Sections Sales Data - In the first seven months of 2025, the total sales area of commercial housing was 516 million square meters, down 4.0% year-on-year, with residential sales area down 4.1% [5][14] - The sales value for the same period was 4.96 trillion yuan, a decrease of 6.5% year-on-year, with residential sales value down 6.2% [5][14] Construction Data - The new construction area for the first seven months was 352 million square meters, down 19.4% year-on-year, with residential new construction down 18.3% [6][20] - The completion area was 250 million square meters, down 16.5% year-on-year, with residential completion down 17.3% [6][20] Investment Trends - Real estate development investment for the first seven months was 5.36 trillion yuan, down 12.0% year-on-year, with residential investment down 10.9% [7][24] - The funding available to developers was 5.73 trillion yuan, down 7.5% year-on-year, with domestic loans and personal mortgage loans showing slight increases [7][27] Investment Recommendations - The report suggests that the traditional off-season in July and August will see continued weakness in supply and demand, with a recommendation for strong credit real estate companies that can capture improvement-driven customer demand [8][33] - It also highlights companies benefiting from both residential and commercial real estate recovery, as well as those with high-quality property management services [8][33]

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"。 ...

Group 1 - The company, Jianfa International Group (01908.HK), announced that it will hold a board meeting on August 22, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the distribution of an interim dividend, if any [1]

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 全部或任何部份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（「本 公 司」）董 事 會（「董 事 會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 二 日（星 期 五）舉 行 董 事 會 會 議，以 考 慮 及 通 過 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 的 六 個 月 中 期 業 績，及 派 發 中 期 股 息（如 有），以 及 處 理 任 何 其 他 事 項。 承 董 事 會 命 建 發 國 際 投 資 集 團 有 限 公 司 主 席 兼 執 行 董 事 林 偉 國 建發國際投資集團有限公司 （於開曼群島註冊成立的有限公司） （股份 ...

每经AI快讯，8月11日，港股内房股普遍上涨，龙湖集团、华润置地、融创中国涨2%，建发国际集团、 中国金茂、越秀地产、万科企业、碧桂园、富力地产均涨超1%。 ...

中信建投证券研报指出，北京进一步优化限购和公积金政策，京籍居民及社保或个税满2年的非京籍居 民购买五环外住房不再限制套数；同时无公积金贷款或有1次且已结清的家庭可执行首套公积金贷款政 策，且公积金二套家庭贷款额度由60万元提升至100万元。北京作为一线城市，此次出台楼市新政信号 意义重大，楼市止跌回稳态势有望持续巩固。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00960 | 龙湖集团 | 10.360 | 2.07% | | 01918 | 融创中国 | 1.500 | 2.04% | | 01109 | 华润置地 | 30.380 | 2.01% | | 01908 | 建发国际集团 | 17.420 | 1.46% | | 00817 | 中国余茂 | 1.520 | 1.33% | | 00123 | 越秀地产 | 4.850 | 1.25% | | 02202 | 万科企业 | 5.080 | 1.20% | | 02777 | 富力地产 | 0.880 | 1.15% | | 02007 | 碧桂园 | 0.470 | 1 ...