Supply Overview - The supply of residential land in key cities reached 6.08 million square meters, a 26% increase week-on-week, continuing the seasonal rise seen mid-year [2] - The average plot ratio for residential land supplied this week was 1.99, with cities like Nanjing, Nantong, Hefei, and Tianjin having ratios not exceeding 2.0 [2] - Notable land supply includes a residential plot in Longhua District, Shenzhen, with a base price of 1.906 billion yuan and a plot ratio of 3.1, indicating strong market interest due to its proximity to transportation and amenities [2] Transaction Overview - The transaction volume for residential land was 5.56 million square meters, reflecting an 11% decrease week-on-week, while the transaction amount was 39.2 billion yuan, down 26% [4] - The average premium rate for land transactions fell to 3.3%, indicating a trend of lower premiums in the current market [4] - A high-profile transaction occurred in Chengdu's Jinniu District, where a residential plot sold for 1.748 billion yuan with a premium rate of 24%, showcasing competitive bidding among developers [4] Key Transactions - In Nanjing, 16 residential plots were listed, totaling 709,000 square meters with a starting total price of 7.25 billion yuan, highlighting the city's active land market [3] - The highest starting price was for a plot in Gulou District, with a base price of 280 million yuan and a starting floor price of 30,000 yuan per square meter, reflecting the area's premium location [3] - In Wuhan, a low-density residential plot attracted significant interest, selling for 660 million yuan after 104 rounds of bidding, setting a new record for residential floor prices in the city [4][7]

【2】融信中国6月合约销售额2.51亿元 7月7日，融信中国披露6月未经审核经营简报。简报显示，6月融信中国连同其附属公司及其联合营公司 总合约销售额约为2.51亿元；合约建筑面积约为2.76万平方米；平均合约售价约为9066元/平方米。 【3】雅居乐6月预售金额合计9.3亿元 【1】深房中协：二手房周录得1436套，环比增长4.2% 7月7日，根据深房中协统计，2025年第27周全市二手房（含自助）录得1436套，环比增长4.2%。二手 房录得量两连涨，整体维持在一个相对高位水平运行。 此外，据深圳市房地产信息平台数据，2025年第27周全市新房（预售+现售）成交量下降明显。根据公 开在售二手房源量数据统计，截至2025年7月7日，全市共有75169套有效二手房源在售，较上周增加 1311套。 【5】保利置业6月合同销售金额48亿元 7月7日，保利置业披露6月未经审核销售简报。简报显示，6月保利置业实现合同销售金额约48亿元，合 同销售面积约16.5万平方米，合同销售均价约2.92万元/平方米。 北京商报记者 王寅浩 李晗 7月7日，雅居乐披露6月未经审核的经营简报。简报显示，6月雅居乐及其附属公司连同集团 ...

Group 1: Company News - Times China Holdings (01233.HK) reported a contract sales amount of approximately RMB 380 million in June, with a signed construction area of about 27,000 square meters [2] - Dongfeng Motor Group (00489.HK) recorded cumulative vehicle sales of 823,911 units from January to June 2025, a year-on-year decrease of approximately 14.7%. Among these, new energy vehicle sales reached 204,383 units, representing a year-on-year increase of approximately 33.0% [2] - Agile Group Holdings (01813.HK) reported a pre-sale amount of RMB 653 million in June, a year-on-year decrease of 34%. The pre-sale construction area was approximately 21,000 square meters, down 61.7% year-on-year [2] - Greentown China Holdings (03900.HK) achieved a contract sales area of approximately 2.29 million square meters and a contract sales amount of approximately RMB 80.3 billion from January to June 2025, with the equity amount attributable to Greentown China being approximately RMB 53.9 billion [2] - Ronshine China Holdings (03301.HK) reported a total contract sales amount of approximately RMB 250.55 million in June, with a contract construction area of about 27,636 square meters and an average contract price of approximately RMB 9,066 per square meter [2] Group 2: Strategic Cooperation - Jinyong Investment (01328.HK) entered into a strategic cooperation framework memorandum with AnchorX on July 4, 2025, to explore potential collaborations in cross-border payments and trade, stablecoin application scenarios, digital asset trading and management, and investments in blockchain technology and fintech [3]

Core Viewpoint - Greentown China (03900.HK) achieved a contract sales area of approximately 2.29 million square meters and a contract sales amount of approximately RMB 80.3 billion for the first half of 2025, with the equity amount attributable to Greentown Group being approximately RMB 53.9 billion [1] Summary by Category - **Sales Performance** - The company recorded a contract sales area of about 2.29 million square meters [1] - The total contract sales amount reached approximately RMB 80.3 billion [1] - The equity amount attributable to Greentown Group was around RMB 53.9 billion [1]

Group 1 - The core viewpoint of the report indicates that the real estate market is returning to a downward trend, with sales expected to decline without new policies, projecting a decrease in sales revenue by 5.8% and sales area by 3.6% for 2025 [2][3][90] - The report highlights that the current inventory supply-demand relationship has not improved significantly, with an estimated 14% of excess idle land potentially being absorbed if all recovery plans are implemented [3][82] - The report emphasizes the importance of policy measures aimed at stabilizing the market, particularly focusing on inventory reduction strategies such as land recovery and urban village renovations [10][12][13] Group 2 - The investment strategy suggests that companies with strong land acquisition capabilities, high-quality land reserves, and strong product offerings are likely to stand out during the market bottoming process, recommending firms like China Jinmao, China Resources Land, and Greentown China [4][8] - The report anticipates a continued decline in real estate investment, projecting a decrease of 9.3% for 2025, driven by both construction and land acquisition costs [91] - The report notes that the new housing regulations aim to improve the quality of residential buildings, which is expected to positively impact demand for high-quality housing in the long term [17][70] Group 3 - The report indicates that the sales performance of new homes in first-tier cities has shown some resilience, with cumulative transaction areas in major cities like Beijing and Shanghai experiencing slight increases [22][34] - The report outlines that the overall housing market is under pressure, with new home prices showing a year-on-year decline of 0.9% in the first five months of 2025, while second-hand home prices have decreased by 6.3% [45][53] - The land market is experiencing a divergence, with land prices in high-tier cities increasing significantly, while lower-tier cities are seeing a decline in land transaction volumes [57][58]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]

Investment Rating - The report suggests a cautious approach towards the real estate sector, recommending selective investments in companies with strong fundamentals and potential policy benefits [7]. Core Insights - The A-share real estate sector saw a slight increase of +0.3% while the Hong Kong real estate sector rose by +1.7% during the week of June 28 to July 4, 2025 [3][18]. - The land market's premium rate has decreased, with a total of 762,000 square meters of residential land sold across 300 cities, reflecting a week-on-week decline of 35% and a year-on-year decline of 15% [3][29]. - The first half of 2025 showed a significant improvement in land market performance, with a total supply of 21,930 million square meters and a total transaction of 17,390 million square meters, indicating a narrowing decline compared to previous years [5][14]. Summary by Sections Market Overview - The report highlights that the sales volume of commercial housing in 47 cities reached 514,000 square meters, with a week-on-week decrease of 3% and a year-on-year decrease of 8% [4][34]. - The average new home price in May showed a slight decrease of 0.2% month-on-month and a year-on-year decrease of 4.1%, indicating a gradual stabilization in the market [4]. Land Market - The average transaction price for residential land in the first half of 2025 across 300 cities was 4,953 yuan per square meter, with significant year-on-year increases across different city tiers [5][14]. - The top five companies in terms of land acquisition amount included Poly Developments, Greentown China, China Overseas Development, Jianfa Real Estate, and Binjiang Group, with acquisition amounts of 41.4 billion, 40.1 billion, 39.3 billion, 34.1 billion, and 31.3 billion yuan respectively [29][33]. Sales Performance - The total sales amount for the top 100 real estate companies in the first half of 2025 was 1,782 billion yuan, reflecting a year-on-year decline of 11.4% [6][16]. - The report notes a divergence where the decline in sales is greater than the decline in investment, indicating a challenging sales environment for real estate companies [6][16]. Investment Recommendations - The report recommends investing in real estate stocks during market dips, particularly focusing on developers with strong operations in core first and second-tier cities [7]. - Suggested companies include Jianfa International Group, China Overseas Development, and Binjiang Group for developers, and Beike for real estate intermediaries [7].

Core Viewpoints - The concept of "Good House" has become the core guiding principle for brand communication among real estate companies in the first half of 2025, with firms focusing on product, marketing, and community engagement to enhance brand recognition and influence [1][3]. Group 1: Product Development - Real estate companies are innovating in product creation. For instance, Jianfa Real Estate utilizes a "culture-value-strategy-technology" framework to build a new Chinese-style product system, highlighting craftsmanship through four major product series [1]. - China Overseas Land & Investment has launched the Living OS system, which includes 16 product systems to meet 172 customer needs, promoting an image of "comprehensive service" [1]. - Xiangyu Real Estate's "Lifetime Home" brand aligns with specific spiritual values and high-end product lines to meet customer demands [1]. Group 2: Marketing Innovation - Real estate firms are leveraging AI and new media to break through communication limitations. Poly Development initiated the "Starry Sky Plan - Star Sea Alliance," aggregating numerous online influencers and fans for an upgraded marketing strategy [1]. - Huafa Group's "Home with AI Understands You Better" campaign attracted significant user participation through immersive experiences, achieving both sales conversion and brand exposure [1]. - Deep Industry Group's "May AI Purchase Festival" integrated AI robots into various scenarios to enhance brand innovation [1]. Group 3: Community Engagement - Community operations are crucial for implementing brand values. Greentown China expanded its community through the "Hundred Flowers Neighborhood Festival," enhancing homeowner belonging [1]. - China Resources Land combined sports and ESG concepts in its activities to shape a responsible real estate image [1]. - China Merchants Shekou's "24-Hour Global Spring Viewing Live Broadcast" broke regional limitations to convey brand positioning [1]. Group 4: Brand Communication Rankings - In the brand communication power rankings for the first half of 2025, Greentown China, Poly Development, and China Resources Land ranked in the top three due to their comprehensive advantages, followed closely by China Overseas Land & Investment and China Merchants Shekou, showcasing strong brand competitiveness [2].

Group 1 - The core viewpoint of the articles indicates that the real estate market is experiencing fluctuations and adjustments, with a need for further policy support to stabilize the market [1][6][7] - In the first half of the year, the total sales of the top 100 real estate companies reached 18,364.1 billion yuan, a year-on-year decrease of 11.8%, with only four companies exceeding 100 billion yuan in sales [2][4] - The land acquisition strategy is shifting towards core cities such as Beijing, Shanghai, and Chengdu, with the average premium rate for land transactions increasing to 9.2% [4][5] Group 2 - Major cities like Beijing, Shanghai, and Guangzhou have shown significant growth in new residential sales, with Guangzhou experiencing a 16% year-on-year increase [3][6] - The government is expected to continue implementing policies to stabilize the market, including measures to enhance housing demand and improve supply [6][7] - The trend of "good cities + good houses" is emerging, indicating structural opportunities in the market, with a focus on product innovation to meet changing consumer preferences [7][8]