Core Viewpoint - The article discusses the entry of Yucheng Group into the Shanghai real estate market with its first land acquisition in Qingpu New Town, highlighting the development of a new project under the "Chaoming" brand by Greentown, which aims to offer high-quality housing at relatively accessible prices compared to previous luxury projects in prime locations [1][2][5]. Group 1: Project Details - Yucheng Group acquired a land parcel in Qingpu District for 270 million yuan, with a floor price of 15,505 yuan per square meter and a premium rate of 0% [1][2]. - The project will feature residential units ranging from approximately 120-170 square meters and low-density stacked villas of about 170-188 square meters, with a construction standard exceeding 5,000 yuan per square meter [2]. - The project is set to launch around the Spring Festival and will include high-end features such as a full glass facade, elevated platforms, and a semi-underground parking garage [2]. Group 2: Market Positioning - This project represents Greentown's third "Chaoming" product in Shanghai, following the successful launches of Chaoming Dongfang and Chaoming Waigaoqiao, which saw high demand and significant sales [3][4]. - Unlike previous "Chaoming" projects located in prime areas, this new development is positioned in a less central location, with a significantly lower floor price, indicating a shift towards more accessible luxury housing [5][6]. - The project aims to attract buyers seeking high-quality living spaces at more attainable prices, potentially appealing to those with an affinity for the Greentown brand [5][8]. Group 3: Challenges and Strategic Partnerships - The land parcel has specific requirements, including a 40% allocation for smaller residential units and the inclusion of commercial spaces for smart technology and services [9]. - Yucheng Group has a diverse business portfolio, including logistics, trade, and tourism, which may support its real estate ventures [10]. - The close relationship between Yucheng's founder and Greentown's founder may have facilitated this collaboration, indicating strategic partnerships in future developments [10].

Core Insights - The article discusses the release of the "2025 China Real Estate Super Service Power Special Research," which aims to provide insights and support for the real estate industry amidst ongoing transformations [3][40] - The research emphasizes the importance of service capabilities in enhancing corporate value and outlines a new evaluation model called "Super Service Power" [40] Group 1: Research Development - Since 2020, the company has focused on real estate service research, initiating the "Double Top Ten" deep dive into real estate enterprise service capabilities [1] - In 2021, the company launched the "Service Power TOP50" special research system, which has now evolved into the "Super Service Power" assessment model by 2024 [1][40] Group 2: Rankings and Recognitions - The "2025 China Real Estate Super Service Power TOP50" list includes leading companies such as Greentown China, Poly Developments, and China Resources Land, among others [6][42] - The rankings are presented in a structured format, showcasing the top companies in the real estate sector based on their service capabilities [6][42] Group 3: Service Excellence and Community Engagement - The research highlights exemplary community operation models, such as those by Huafa and Greentown, which focus on building trust and enhancing customer experience through proactive service [21][30] - Companies are encouraged to adopt a "predictive" service support system, transitioning from product delivery to service operation, ensuring a seamless connection between risk control and execution [21][55] Group 4: Quality Assurance and Delivery - The article discusses the importance of a comprehensive quality assurance system that includes preemptive risk management and customer engagement strategies to enhance delivery experiences [23][58] - Companies like China Railway Construction and Huafa are implementing innovative service models that prioritize customer satisfaction and community involvement during the delivery process [23][62] Group 5: Sustainable Community Development - The research emphasizes the need for sustainable community ecosystems where residents actively participate in community activities, transforming from mere participants to community leaders [66][70] - Initiatives such as the "Neighbor Feast" by China Railway Construction demonstrate the shift towards community-driven events that foster deeper connections among residents [70]

转自：推广 心有潮鸣，才听得懂时代的澎湃；海纳百川，方可铸就恒久的传奇。 12月20日，绿城中国第六座凤起潮鸣——慈溪作品，正式启幕，开启一场与城市精神共鸣、与时代美学共谋的深度对话。 绿城以"世界慈溪共潮鸣"为题，深入解读凤起系作为高端设计的哲学内核，呈现一部关于经典、地标与永恒的作品序章。 一座凤起潮鸣，就是一部与城市的传奇共鸣 自杭州凤起潮鸣启幕一个时代以来，"一座城市，一座凤起潮鸣"便成为绿城与核芯城市的深度对话范式。 历经九载，仅在全国七座城市落子。每一座凤起潮鸣的诞生，皆是对城市人居文化的深层回应，是与时代精神的交融，也是品质生活的迭代与超越。 在慈溪，凤起潮鸣以"封面感、地标力、领先性"三大营造内核，回应这片土地海纳百川的胸怀与面向世界的抱负。这意味着一场双向的成就：国际化的生活 范本被注入慈溪，而慈溪独特的精神气质亦将淬炼之作。 从城市封面，到屹立时代的精神图腾 建筑的恒久，源于对文脉的深研与创造性转译。GOA大象设计合伙人、总建筑师陈健先生，从慈溪的围垦史诗与青瓷文明中寻找答案。 面对"在慈溪造一座凤起潮鸣"的命题，思考的起点是如何让其从这片土地中自然"生长"而出，成为一件献给当代的"传世之 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

房地产行业|证券研究报告—行业月报 2025 年 12 月 21 日 强于大市 房地产行业 2025 年 11 月月报 11 月新房成交同比降幅扩大，二手房成交同比降幅收窄；中央经济 工作会议指出"稳地产、去库存"，预期 26 年地产政策空间打开 核心观点 【新房成交】 【二手房成交】 【新房库存与去化】 【土地市场】 【房企】 【政策】 【板块收益】 11 月新房成交面积环比由正转负、同比降幅扩大。11 月 40 城新房成交面积环比-6.8%，同比-40.7%，同比降幅较 10 月扩大 13.9pct，1-11 月累计同比-11.5%。我们认为，影响居民购房能力及购房意愿的收入与就业预期尚未根本性扭转，市场信心仍然不 足，叠加去年 12 月销售的基数也相对较高，全年地产市场压力很难缓解。 从各能级城市来看，11 月一、二、三四线城市新房成交面积同比降幅均扩大。1）一线城市：11 月新房成交面积环比+4.5%，同比-43.5%， 同比降幅较 10 月扩大 5.2pct；1-11 月累计同比-13.8%。具体来看，11 月北京新房成交面积环比-34%，同比-54%；上海环比+31%，同比- 22%；广州环比-1 ...

绿城中国(03900)发布公告，绿城管理集团不时获中交集团、其附属公司及/或其联系人委聘为有关中交 集团、其附属公司及/或其联系人的工程项目的项目管理服务供应商。为精简单一框架项下的有关交 易，于2025年12月19日，绿城管理与中交集团订立2025年项目管理框架协议，以规管绿城管理集团向中 交集团、其附属公司及/或其联系人提供项目管理服务。2025年项目管理框架协议的期限直至2027年12 月31日。 ...

格隆汇12月19日丨绿城中国(03900.HK)公告，于2025年12月19日，公司非全资附属公司绿城管理与中交 集团订立2025年项目管理框架协议，以规管绿城管理集团向中交集团、其附属公司及╱或其联系人提供 项目管理服务。2025年项目管理框架协议的期限直至2027年12月31日。 ...

智通财经APP讯，绿城中国(03900)发布公告，绿城管理集团不时获中交集团、其附属公司及/或其联系 人委聘为有关中交集团、其附属公司及/或其联系人的工程项目的项目管理服务供应商。为精简单一框 架项下的有关交易，于2025年12月19日，绿城管理与中交集团订立2025年项目管理框架协议，以规管绿 城管理集团向中交集团、其附属公司及/或其联系人提供项目管理服务。2025年项目管理框架协议的期 限直至2027年12月31日。 ...

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。 GREENTOWN CHINA HOLDINGS LIMITED 持續關連交易 提供項目管理服務 綠 城 管 理 集 團 不 時 獲 中 交 集 團、其 附 屬 公 司 及╱或 其 聯 繫 人 委 聘 為 有 關 中 交 集 團、其 附 屬 公 司 及╱或 其 聯 繫 人 的 工 程 項 目 的 項 目 管 理 服 務 供 應 商。為 精 簡 單 一 框 架 項 下 的 有 關 交 易，於2025年12月19日，綠 城 管 理 與 中 交 集 團 訂 立2025年 項 目 管 理 框 架 協 議，以 規 管 綠 城 管 理 集 團 向 中 交 集 團、其 附 屬 公 司 及╱或 其 聯 繫 人 提 供 項 目 管 理 服 務。2025年項目管理框架協議的期限直至 2027年12月31日。 於 本 公 告 日 期，中 交 集 團 及 其 附 屬 公 ...

Core Insights - The real estate market is experiencing a cautious shift in land acquisition strategies among companies, focusing on high-quality land parcels rather than blind expansion [5][9][11] - The supply of residential land in first, second, and third-tier cities has shown a significant month-on-month recovery, although year-on-year comparisons remain weak [14][16][20] - The issuance of special bonds for land acquisition is accelerating, providing a positive signal to the market and enhancing confidence in economic development [19][20] Group 1: Land Acquisition Trends - The top 50 real estate companies added a total of 309.49 million square meters of land in November, reflecting a month-on-month increase of 6.8% [5][9] - Leading companies in land acquisition include China Overseas Land, China Merchants Shekou, and Poly Developments, with respective land reserves of 467.46 million square meters, 386.71 million square meters, and 373.95 million square meters [11][12] - The total land acquisition amount for the top companies from January to November reached 880.2 billion yuan for China Overseas Land, 625.9 billion yuan for China Resources Land, and 597 billion yuan for Poly Developments [11][12] Group 2: Land Supply and Pricing - In the reporting period, 1,833 residential land plots were supplied across first, second, and third-tier cities, with a total planned construction area of 131.34 million square meters, marking a month-on-month increase of 149.72% [14][16] - The starting floor price for supplied land was 3,167 yuan per square meter, reflecting a month-on-month decrease of 9.69% [14][16] - The average transaction price for residential land in first, second, and third-tier cities was 4,165.2 yuan per square meter, with a month-on-month decrease of 6.43% [20][22] Group 3: Market Dynamics and Special Bonds - The issuance of special bonds for land acquisition has increased significantly, with a net issuance of 655.19 billion yuan in November, including 492.19 billion yuan for new special bonds [19][20] - The market is witnessing a cautious approach from companies towards non-core areas, focusing instead on mature regions with solid data support [5][9][11] - The overall land market remains in an adjustment phase, with varying recovery rates across different city tiers, indicating a need for more positive factors to support market heat [23][25]