Group 1 - The stock prices of several real estate companies have declined significantly, with Jin Hui Holdings (09993.HK) down by 6.87%, Vanke Enterprises (02202.HK) down by 3.85%, Greentown China (03900.HK) down by 3.28%, and China Resources Land (01109.HK) down by 3.14% [1]

2025年以来，随着房地产市场"止跌回稳"势头巩固，土地市场也持续迎来积极变化。 包括北京、杭州、成都等在内的核心城市成交楼面价接连创新高。在此带动下，台州、嘉兴、重庆等更 多城市土地市场活跃度也在持续提升。同时，一批中小民营房企涌现，加快拿地步伐，市场信心显现边 际改善。 中小民营房企 积极入市 2025年3月份，得益于供给放量、房企营销力度增加等因素，克而瑞地产研究数据显示，百强房企3月份 实现销售操盘金额3175.7亿元，环比增长68.8%。随着销售端数据回暖，房企在土地市场的布局意愿也 同步增强。 根据中指研究院数据，截至4月22日，22个重点城市溢价成交宅地中，民企拿地金额占比已升至24%， 不少城市土拍市场中小民营开发商"面孔"持续增加。 4月14日，浙江台州市椒江区一宗涉宅地块吸引25轮竞价，最终由方远房地产集团有限公司(以下简 称"方远地产")旗下台州湾新区方远乐居置业有限公司以总价2.18亿元竞得，楼面价8431元/平方米，溢 价率达12.38%。 据了解，方远地产为台州本地民营房企，业务涵盖住宅开发、工业地产、商业地产以及保障房代建等全 产品线开发链。 同样表现活跃的还有河南本地民营房企河 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company is experiencing short-term performance pressure but is actively positioning itself in core cities [1][5] - Despite a cooling real estate market, the company reported a revenue increase of 20.7% year-on-year for 2024, reaching approximately RMB 158.55 billion [5] - The company's net profit attributable to shareholders for 2024 was RMB 1.60 billion, a decrease of 48.8% compared to 2023 [5] - The company has focused on acquiring land in core cities, with 92% of its new saleable value located in first and second-tier cities [5] - The average financing cost has decreased to 3.7%, down from 4.1% in 2023, indicating improved debt management [5] Financial Performance Summary - Revenue for 2023 was RMB 131.95 billion, with a projected decline to RMB 152.99 billion in 2025, reflecting a -4% year-on-year growth rate [1] - The net profit for 2023 was RMB 3.09 billion, with a forecasted increase to RMB 2.55 billion by 2027 [1] - Earnings per share (EPS) are projected to be RMB 0.74 in 2025, RMB 0.86 in 2026, and RMB 1.00 in 2027 [1][5] - The company's price-to-earnings (P/E) ratio is expected to decrease from 15.5 in 2024 to 9.7 by 2027 [1][5] Market Positioning - The company has maintained a strong sales performance, with a sales area of 14.09 million square meters in 2024, despite an 8.9% year-on-year decline [5] - The company has successfully launched 42 new projects in 2024, with a total saleable value of approximately RMB 108.8 billion [5] - The company’s gross margin for 2024 was reported at 12.76%, a slight decrease from the previous year [5]

Group 1 - China Communications Construction Company plans to transfer its real estate development assets and liabilities to its controlling shareholder, aiming to focus on property management and asset management to enhance profitability and asset quality [1] - Poly Developments has received approval from the China Securities Regulatory Commission to issue convertible bonds, with the approval valid for 12 months from the date of registration [2] - In Hangzhou, two residential land parcels were sold for approximately 4.473 billion, with an average premium rate of 63.7%, indicating strong demand in the real estate market [3] Group 2 - The Central Political Bureau of the Communist Party of China emphasized the need to stabilize the real estate market and implement policies to address local government debt and enhance housing supply [4] - The Ministry of Housing and Urban-Rural Development is advancing urban dilapidated housing renovations and enhancing safety management for urban and rural housing [5]

Group 1: Hong Kong Stock Market Performance - The Hang Seng Index rose by 1.36%, gaining 297 points to close at 22,206 points, while the Hang Seng Tech Index increased by 1.87% [1] - The early trading volume in the Hong Kong stock market reached HKD 116.4 billion [1] Group 2: Real Estate Sector - Foreign institutions are optimistic about the recovery of the Chinese real estate sector, with Citigroup strategists urging investors to increase their holdings in Chinese real estate stocks due to expected improvements in profitability from policy support and better management practices [1] - Kwan Hung Holdings surged over 43%, while other notable gains included Rongxin China up 17%, Greentown China up 5%, CIFI Holdings up 7.88%, Sunac China up 4.22%, and Longfor Group up 6.74% [1] Group 3: AI Medical Sector - AI medical concept stocks saw an uptick as seven departments jointly promoted AI empowerment across the pharmaceutical industry, with institutions optimistic about the accelerated trend in the AI medical industry [1] - Notable stock performances included iFlytek Medical Technology up 7.2%, Yidu Tech up 5.35%, Crystal Tech Holdings up 4.69%, and MicroPort Scientific up 4.07% [1] Group 4: Other Notable Stocks - Horizon Robotics rose over 7% following a strategic partnership with Bosch to develop an upgraded version of Bosch's advanced driver assistance system [2] - KPB Medical surged over 14%, with a cumulative increase of over 95% this week after its core product was approved for sale in China [3] - Xintai Medical increased by 3.88%, although the company indicated uncertainty regarding its sales growth targets [4] - Minmetals Resources rose over 5%, reporting a 76% year-on-year increase in copper production for the first quarter, with potential adjustments to production guidance [5] - Beike-W increased by 4.88%, as the real estate fundamentals became clearer, with institutions suggesting its stock price is entering a value range [6] - Global New Materials International saw a sharp rise of over 20% before settling at a 4% increase after acquiring Merck's global performance solutions business [7]

二线城市：供应住宅类用地建面为2,064万平，累计同比-15.3%；成交建面为1,832万平，同比-1.7%；成交 楼面均价为8,305元/平方米，累计同比+10.5%。 三线城市：供应住宅类用地建面为2,080万平，累计同比-22.5%；成交建面为2,165万平，累计同比+4.9%； 成交楼面均价为3,021元/平方米，累计同比+5.7%。 2025年1-3月，TOP50房企新增土储价值同比+48%，新增土储面积同比+4% 2025年1-3月，TOP50房企新增土储价值2,811亿元，累计同比+47.7%，前三名为华润置地（329亿元）、 中海地产（298亿元）、绿城中国（287亿元）；TOP50房企新增土储面积2,354万平，累计同比+3.9%，前 三名为绿城中国（118万平）、华润置地（104万平）、中海地产（98万平）。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便， ...

Investment Rating - The industry is rated as "Overweight" [6] Core Insights - In Q1 2025, the land auction heat in key cities continues to rise, with the average transaction price of residential land in the core 30 cities increasing by 24% year-on-year [4][93] - The total area of residential land transactions in the core 30 cities reached 2,134 million square meters in Q1 2025, a year-on-year increase of 16.1%, with a total transaction value of 279.1 billion yuan, up 44.1% year-on-year [93][100] - The overall premium rate for land transactions in the core 30 cities was 18.7% in Q1 2025, an increase of 11.3 percentage points year-on-year [93][95] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In Q1 2025, the total area of land transactions in 100 cities decreased by 14.8% year-on-year, while the area of residential land transactions increased by 0.1% year-on-year [11][20] - The total supply of residential land in 100 cities was 43.72 million square meters, with a year-on-year decrease of 18.4% [20] 2. Transaction Prices of Land/Residential Land - The average transaction price of residential land in 100 cities was 7,373 yuan per square meter in Q1 2025, reflecting a year-on-year increase of 15.1% [54] - The average transaction price of residential land in the core 30 cities was 13,080 yuan per square meter in Q1 2025, up 24.1% year-on-year [95] 3. Land Acquisition by Top 50 Real Estate Companies - The top 50 real estate companies added land reserves valued at 281.1 billion yuan in Q1 2025, a year-on-year increase of 47.7% [2][79] - The top three companies in terms of land reserve value were China Resources Land (32.9 billion yuan), China Overseas Land (29.8 billion yuan), and Greentown China (28.7 billion yuan) [2][86] 4. Transaction Situation of Residential Land in Core 30 Cities - In March 2025, the total area of residential land transactions in the core 30 cities was 888 million square meters, with a total transaction value of 112.6 billion yuan, reflecting a year-on-year increase of 30.7% [93][94] - The overall premium rate for land transactions in March 2025 was 23%, an increase of 15.7 percentage points year-on-year [93][94] 5. Investment Recommendations - The report suggests focusing on leading real estate companies with strong comprehensive development capabilities and those actively participating in urban renewal and village renovation projects [4][105] - It also recommends attention to commercial public REITs with rich existing commercial real estate resources and strong brand competitiveness [4][105]

东新58号地块实景 市北37号地块实景 商报讯(记者周坚洪)4月22日，萧山市北和闻堰各出让1宗优质宝地，双双高溢价成交，并且同时创下板 块地价新高，延续了杭州土地市场开年以来的高热度。 4月28日，杭州还将出让6宗宅地，包括了奥体、市北、云城等板块的核心区宝地，总起价102.7亿元。 与此同时，新的供应仍然在增加。上周五，杭州再次挂牌3宗主城区宅地，分别位于东新、白马湖和三 墩，将在5月20日出让。 38号地块出让面积64021平方米，可建面积70423平方米，容积率1.1，起价77959万元，楼面起价11070 元/平方米。 最终，在经过115轮的漫长竞争后，滨江以135959万元的总价拿下38号地块，折合楼面价19306元/平方 米，溢价率74.4%。这是闻堰地价首次接近2万元大关，创下了板块新纪录，直追湘湖核心区。这也是 继东方海岸、叠潮雅庭等大盘项目后，滨江继续大手笔补仓闻堰。 主城又有3宗宝地挂牌 绿城滨江双双补仓 4月22日推出的杭政储出[2025]37号地块，位于金鸡路与恒枫路的交界处，是整个市北板块中距离奥体 最近的1宗地，与世纪城南单元仅隔一条小河，北面1公里就是奥体印象城，到奥体博览城只 ...

4月22日，杭州有2宗萧山区宅地出让，总成交金额44.73亿元，平均溢价率63.7%。 其中，市北单元地块由绿城以31.13亿元竞得，成交楼面价35066元/m²，溢价率59.39%；湘湖单元地块 由滨江以13.6亿元竞得，成交楼面价19306元/m²，溢价率高达74.4%。2宗地成交楼面价均刷新板块纪 录。 业内人士认为，杭州土拍持续高热印证了房企对核心地块的信心，核心区新房价格上涨或带动次新房价 值重估。 同日，成都也有2宗宅地出让，成交金额8.97亿元。其中，最受关注的郫都区地块吸引了多家房企参与 竞价，最终由四川联投以楼面价9250元/m²竞得该地块，成交总价约2.61亿元，溢价率33.09%。 杭州2宗宅地近45亿元成交 4月22日，杭州有2宗萧山区宅地出让，分别位于市北单元和湘湖单元，总土地出让面积104375m²，总 规划建筑面积159201.9m²，总起始价27.33亿元，最终2宗地块总成交金额44.73亿元。 中指研究院华东大区常务副总经理高院生指出，本次土拍核心地块高溢价成交，市北、湘湖地块楼面价 均刷新板块纪录，显示出房企对"核心区位+低密属性"地块争夺白热化。同时，产品也有差异化竞争， ...

金融界4月21日消息，上证指数低开高走，中证港股通内地地产指数 (港股通内地地产，H11143)平盘报 收，报0.0点，成交额0.0亿元。 据了解，中证港股通内地地产指数从港股通范围内选取内地控股地产主题上市公司证券作为指数样本， 以反映港股通内地地产上市公司证券的整体表现。该指数以2007年12月31日为基日，以1000.0点为基 点。 从中证港股通内地地产指数持仓样本的行业来看，房地产开发占比74.61%、房地产管理占比25.39%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。样本公司发生收购、合并、分 拆等情形的处理，参照计算与维护细则处理。当港股通证券范围发生变动导致样本不再满足互联互通资 格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通内地地产指数十大权重分别为：华润置地（17.19%）、中国海外发展 （15.69%）、龙湖集团（8.93%）、华润万象生活（7. ...