房企分化明显，头部房企强者恒强态势突出，8月TOP40房企中48%实现环比正增，前十房企中八家房 企实现环比正增长，其中中海地产、绿城中国、华发股份、招商蛇口等环比增幅显著。从8月单月操盘 口径销售金额来看，绿城中国最高为195.0亿元，其次为招商蛇口、中海地产、保利发展、华润置地。 (格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 02202 | 万科企业 | 5.260 | -2.23% | | 03383 | 雅居乐集团 | 0.440 | -2.22% | | 00123 | 越秀地产 | 4.770 | -2.25% | | 01030 | 新城发展 | 2.400 | -2.04% | | 01109 | 本润量期 | 30.400 | -1.94% | | 03900 | 绿城中国 | 9.310 | -1.79% | | 03377 | 远洋集团 | 0.117 | -1.68% | | 01908 | 建发国际集团 | 17.190 | -1.55% | | 00813 | 世茂集团 | 0.320 | -1.54% | ...

Group 1 - The "宜居岳阳·畅购好房" initiative aims to stimulate housing demand in Yueyang by offering a 2% subsidy on home purchases, with a cap of 20,000 yuan per unit, from September 1 to November 15 [1] - Families with three or more children can receive additional rewards based on the contract price, ranging from 100,000 to 200,000 yuan, if they pay the deed tax within seven working days [1] - This policy is expected to accelerate project liquidation and improve cash flow for local real estate companies, potentially serving as a model for other cities [1] Group 2 - Kaisa Group's overseas debt restructuring plan is set to take effect by the end of September, aiming to reduce debt by approximately 8.6 billion USD and extend the average debt maturity by five years [2] - The new notes will have an interest rate between 5% and 6.25%, lower than previous debt rates, which may help Kaisa regain financing channels and stabilize operations [2] - Successful restructuring could positively impact the real estate sector by alleviating risks and restoring confidence [2] Group 3 - Nanjing has announced the auction of five plots of land, including three residential and one mixed-use site, with a total starting price of 2.599 billion yuan [3] - The total area of the land is approximately 13.58 hectares, located in popular districts, which is expected to enhance low-density housing supply in the market [3] Group 4 - Jianfa Real Estate has issued 1 billion yuan in medium-term notes with a maturity of 3+3 years and an interest rate of 2.78%, effective from September 1 [4] - The funds raised will provide the company with a competitive edge, allowing for business expansion and improved product quality and service levels [4] Group 5 - Longfor Group announced the results of its bond repurchase, totaling 450 million yuan, with a distribution ratio of 25.86% [5] - The repurchase reduces the company's debt principal balance, demonstrating its commitment to addressing debt issues and enhancing investor confidence [5]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 龍光集團有限公司 (於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03380 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | 0 | | HKD | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,000,000 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Core Viewpoint - Several Chinese real estate companies, including Greentown China, China Jinmao, and others, experienced stock price increases of over 2% on August 29, indicating a positive market sentiment towards the sector [1]. Group 1: Company Performance - Xincheng Development saw a stock price increase of 2.89%, with a latest price of 2.490 and a total market capitalization of 17.594 billion [2]. - Greentown China reported a 2.93% increase in stock price, reaching 9.830, with a total market value of 24.964 billion [2]. - China Jinmao's stock rose by 2.78%, with a latest price of 1.480 and a market capitalization of 19.989 billion [2]. - China Overseas Hong Kong Group's stock increased by 2.71%, priced at 2.270, with a total market value of 8.08 billion [2]. - Zhongliang Holdings experienced a 2.70% rise, with a stock price of 0.076 and a market capitalization of 0.331 billion [2]. - R&F Properties also saw a 2.70% increase, with a latest price of 0.760 and a total market value of 2.852 billion [2]. - Midea Real Estate's stock rose by 2.33%, priced at 4.840, with a market capitalization of 6.947 billion [2]. Group 2: Market Sentiment - The overall positive movement in stock prices for these companies suggests a favorable outlook for the real estate sector in China, reflecting investor confidence [1].

Group 1: Company Performance - In the first half of 2025, despite ongoing policy efforts to stabilize the real estate market, the industry remains in a deep adjustment phase, with overall investment and sales declining year-on-year [1] - Longfor Group reported a contract sales amount of RMB 3.98 billion and revenue of RMB 3.4 billion, with a net loss of RMB 1.96 billion, primarily due to the continued downturn in the real estate sector, low gross margins, and inventory impairment provisions [1] - Over 60% of the 72 real estate companies that issued mid-term performance forecasts are expected to report losses, indicating significant operational pressure across the industry [1] Group 2: Debt Restructuring - Longfor Group is actively advancing its domestic and international debt restructuring efforts, achieving significant progress with 21 domestic corporate bonds and asset-backed securities restructuring plans successfully approved by investors [2] - The company is arranging for bondholders to select and allocate options within the restructuring plan, ensuring the smooth completion of the domestic restructuring [2] - The acceleration of domestic debt restructuring is expected to provide a solid foundation for the ongoing international debt restructuring process, with strong support from numerous investors [2]

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。 Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3380及債券股份代號：40754、40527、40508、40411） 截至二零二五年六月三十日止六個月之 未經審核中期業績公告 中期業績摘要 – 1 – • 合約銷售額為人民幣39.8億元。 • 收入為人民幣34.0億元。 • 截至二零二五年六月三十日止六個月之淨虧損為人民幣19.6億元。持續虧損主要由 於(i)房地產行業持續低迷，毛利率依然處於低水平；及(ii)就存貨計提減值撥備。 中期業績 龍光集團有限公司（「本公司」或「龍光集團」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二五年六月三十日止六個月期間（「期內」）的未經審核中期業績 連同二零二四年中期比較數字。本中期業績亦已經本公司審核委員會審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 ...

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

截至2024年年报，龙光集团营业总收入232.65亿元、净利润-62.98亿元。 作者：行情君 8月25日，龙光集团(03380)盘中上涨5.62%，截至09:52，报0.94元/股，成交2364.38万元。 8月27日，龙光集团将披露2025财年中报。 龙光集团专注于地产综合开发，拥有房地产开发一级资质、建筑工程施工总承包一级资质和工程设计甲 级资质，业务包括住宅开发、城市更新、资产经营、产业链服务，并广泛布局粤港澳大湾区、长三角核 心都市圈及中西部城市群。截至2021年12月31日，集团中短期可供开发土地超过3430万平方米，一二线 城市土地占比超过70%，建立了四大产品线，已开发逾150个住宅项目，为超过百万人口提供人居服 务。 本文源自：金融界 ...

Group 1 - The Hong Kong real estate stocks saw an initial rise, with Midea Real Estate experiencing a notable increase of 15%, while other companies like Oceanwide Group, Sunac China, Longfor Group, Country Garden, and R&F Properties rose over 3% [1] - On August 18, Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and promote urban renewal, including the renovation of urban villages and dilapidated houses to release improvement demand [1] - Midea Real Estate announced a profit upgrade, expecting a profit attributable to shareholders from continuing operations to be between 250 million to 350 million yuan for the first half of 2025, compared to 140 million and 142 million yuan in the same period last year [1] Group 2 - Oceanwide Group's subsidiary, Beijing Oceanwide Holdings Group Co., Ltd., announced a domestic debt restructuring plan, with a creditor meeting scheduled from September 9 to September 12, involving 7 company bonds and 3 PPNs, totaling 18.05 billion yuan [1] - Country Garden announced that it is seeking strong support from creditors holding a significant amount of existing debt for its restructuring plan [1] - The stock performance of various real estate companies included Midea Real Estate at 5.120 yuan with an increase of 8.47%, Oceanwide Group at 0.121 yuan with a rise of 3.42%, and Longfor Group at 0.930 yuan with a gain of 3.33% [1]