Core Viewpoint - Hangzhou's real estate market is closely linked to its land market performance, with significant growth in new residential transactions and a persistent supply-demand imbalance since June 2024 [5][19]. Group 1: Land Market Performance - In the first half of 2025, Hangzhou was the only city in China to exceed 100 billion yuan in land transfer fees, reaching 1198.8 billion yuan, significantly ahead of Beijing and Shanghai [3][10][11]. - The average premium rate for land transactions in Hangzhou was 31.8%, the highest among major cities, with some transactions seeing premiums as high as 115% [14][17]. - The land supply in Hangzhou is concentrated in core areas, with record-breaking land prices, such as 8.8 million yuan per square meter for a recent transaction [13][15]. Group 2: Real Estate Market Dynamics - Hangzhou's new residential transaction value increased by 12% year-on-year in the first four months of 2025, indicating strong market demand [5]. - The city has experienced a continuous supply-demand imbalance, with sales consistently outpacing new listings for 12 months [19]. - The second-hand housing market also showed robust performance, with monthly transaction volumes exceeding 6,000 units since early 2024, peaking at 12,400 units in March 2025 [20]. Group 3: Economic and Demographic Drivers - Hangzhou's population has been growing steadily, reaching 12.624 million in 2024, which is closely tied to the rapid development of high-tech industries [29]. - The city hosts 420 research and development centers and 44 unicorn companies, accounting for 80% of Zhejiang province's total [29]. - The influx of skilled talent, driven by the growth of high-tech enterprises, is a significant factor in the demand for housing, as many new residents seek to purchase homes upon relocation [30][31].

Core Viewpoint - Xi'an has introduced 12 new policies to stabilize the real estate market, focusing on increasing housing provident fund support and promoting the linkage between new and second-hand housing markets [4][3]. Demand-side Measures - The new policies include allowing employees to withdraw housing provident funds to pay for the down payment on new homes, and enabling provincial employees to apply for provident fund loans in Xi'an with equal rights as local contributors [4][3]. - Initiatives to promote the second-hand housing market include expediting the processing of property rights certificates and implementing tax refund policies for selling old homes to buy new ones [4][5]. Supply-side Measures - The policies aim to optimize land supply by prioritizing land with complete infrastructure and amenities, and adjusting land use conditions to ensure high-quality residential construction [5][6]. - A phased payment system for land transfer fees is introduced, allowing developers to pay 50% of the fee within one month of signing the contract, facilitating quicker project initiation [5][6]. Real Estate Market Activity - On the same day as the policy announcement, three residential land parcels were sold at the base price, totaling 2.824 billion yuan, indicating a stable land market [2][8]. - The land parcels included two in the Weiyang District and one in the High-tech Zone, with a total area of approximately 117,964.9 square meters and a planned building area of 311,809.33 square meters [8][9]. Expert Insights - Industry experts believe that these new policies are comprehensive and targeted, likely to significantly boost Xi'an's real estate market and encourage other cities to adjust their policies in response to central government directives [3][7].

6月19日，西安有3宗住宅用地出让，其中2宗位于未央区、1宗位于高新区，总土地出让面积11.8万㎡， 总规划建筑面积31.18万㎡。最终3宗宅地均以底价成交，总成交金额28.34亿元。其中，高新区宅地和未 央区一宅地均由绿城拿下，成交金额分别为17.68亿元、5.26亿元，成交楼面价分别为11211元/㎡、6782 元/㎡。(人民财讯) ...

Group 1: Market Overview - In June, real estate companies are focusing on performance improvement as they approach mid-year targets, with marketing activities concentrated around key dates like "6·18" and "6·30" [1] - The overall performance of the real estate market in May showed significant differentiation, with some companies planning to increase their marketing efforts in June to boost sales [1] Group 2: Shenzhen Market - In Shenzhen, the new housing market saw a decline in May, with a 14.4% decrease in transactions, but an increase in new launches is expected in June, with 10 new residential projects anticipated [2][3] - Notable projects include those developed by China Overseas Land & Investment and China Merchants Shekou, with sales performance showing promising results for newly launched properties [3] Group 3: Guangzhou Market - Guangzhou's real estate market experienced a 41% month-on-month increase in new home transactions in May, attributed to the launch of improvement-type properties in central areas [5][6] - Eight new projects are set to launch in June, with a focus on high-efficiency housing products that meet the new regulations [5] Group 4: Hangzhou Market - In Hangzhou, the new housing market faced a decline in transactions in May, but June is expected to see a surge in new launches, with 29 projects planned [7][8] - Key projects include those by China Merchants Shekou and other local developers, with a focus on larger unit sizes [7] Group 5: Nanjing Market - Nanjing's real estate market saw a decline in both transaction volume and prices in May, but June is expected to bring 14 new launches, with a focus on high-end projects [9][10] - Companies are employing discount strategies to boost sales, with some projects seeing significant price reductions to increase transaction volumes [9][10]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The real estate market continues to show signs of weak recovery, with sales data in May indicating a slight improvement compared to April [8] - The overall sales area of commercial housing in the first five months of 2025 decreased by 2.9% year-on-year, with sales amounting to 3.41 trillion yuan, down 3.8% year-on-year [5][14] - The new housing market is expected to maintain a weak recovery trend in June, driven by increased marketing efforts from real estate companies and a rise in supply [32] Summary by Sections Sales Data - In the first five months of 2025, the national commercial housing sales area was 353 million square meters, with a year-on-year decrease of 2.9% [5][14] - The sales area in May alone saw a year-on-year decline of 3.3%, while the sales amount dropped by 6.0% [5][14] - The average sales price in May decreased by 2.8% year-on-year but increased by 2.5% month-on-month, indicating a trend of price adjustments [5][14] Construction Data - The new housing starts in the first five months of 2025 totaled 232 million square meters, down 22.8% year-on-year [6][21] - The completion area for housing was 184 million square meters, reflecting a year-on-year decline of 17.3% [6][21] Investment Trends - Real estate development investment in the first five months of 2025 reached 3.62 trillion yuan, down 10.7% year-on-year [7][24] - The funding available to real estate developers decreased by 5.3% year-on-year, with various funding sources showing significant declines [28][29] Investment Recommendations - Recommended stocks include strong credit real estate companies that understand customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [32] - Companies benefiting from both real estate recovery and consumption promotion policies include China Resources Land and Longfor Group [32]

日前，"2025上半年中国房企产品测评"全国入围项目正式进入项目展示阶段。 2025上半年中国房企产品测评 工作启动于4月中下旬，收到 企业及业内专家推选的优秀项目踊跃参评， 初选的 入围项目已于6月3日揭晓。 详情请戳 《2025上半年中国房企产品测评入围榜》 本次所有入围项目仍将采用专家评审和网络票选结合的评选方式，最终评出 2025上半年 "全国十大高端/轻奢/品质 作品""全国好房子综合奖"等 ，目前相关测评工作正在有序进行中。 点击图片查看入围项目详情 高端入围项目 福州保利天瓒 鼓楼内环滨水豪宅 国际艺奢超前之作 开发企业：保利发展 产品类型：高层住宅 建筑风格：现代 广州保利天奕 人生得奕须尽欢 开发企业：保利发展 产品类型：高层住宅 建筑风格：现代 上海潮鸣东方 绿城中国30周年 一号作品 上海西岸生息社区实践 开发企业：绿城中国 产品类型：高层住宅 建筑风格：现代 余姚臻园 金相玉质，写意东方 开发企业：绿城中国 品质入围项目 产品类型：合院 建筑风格：新中式 重庆龙湖·观萃 四代美学奢宅，南重庆高奢生活样本 开发企业：龙湖集团 建筑风格：现代 北京长安华曦府 五大亮点构筑卓越产品力助力 项 ...

| 日前，"2025上半年中国房企产品测评"全国入围项目正式进入项目展示阶段。 | | | | | | --- | --- | --- | --- | --- | | 2025上半年中国房企产品测评 | 工作启动于4月中下旬，收到 | 初选的入围项目已于6月3日揭晓。 | 企业及业内专家推选的优秀项目踊跃参评， | | | 详情请戳👇 | | | | | | 《2025上半年中国房企产品测评入围榜》 | | | | | | 2025上半年 | "全国十大高端/轻奢/品质作品""全国好房子综合奖"等 | 本次所有入围项目仍将采用专家评审和网络票选结合的评选方式，最终评出 | ，目前相关测评工作正在有序 | 进行中。 | | 点击图片查看入围项目详情 | | | | | | 高端入围项目 | | | | | | 武汉新希望·D10黑珍珠 | | | | | | 【顶奢上的极奢之作】 | · 一线临江传奇大宅 | 二七滨江 | 加冕长江 | | 开发企业：新希望地产 产品类型：高层住宅 建筑风格：现代 轻奢入围项目 重庆长嘉外滩｜国瑞·长江赋 重庆两江四岸核心区，滨江创新四代宅 开发企业:国瑞阳光地产集团 产品类型 ...

Core Viewpoint - The company maintains a "buy" rating due to steady sales growth, high land acquisition intensity, and robust self-investment and construction business, with a strong land reserve structure [1] Sales Performance - In May 2025, the company launched 13 self-investment projects with a total saleable area of approximately 290,000 square meters, achieving a sales area of 420,000 square meters, a year-on-year decrease of 14.3%, while sales amount reached 18.6 billion yuan, a year-on-year increase of 14.8% [1] - From January to May 2025, the cumulative sales area of self-investment projects was 1.8 million square meters, a year-on-year decrease of 15.1%, with a sales amount of 65.4 billion yuan, a year-on-year decrease of 3.8% [2] - The cumulative average sales price was 36,333 yuan per square meter, a year-on-year increase of 13.3% [2] Land Acquisition - In May 2025, the company acquired 4 new land parcels in Hangzhou, Xi'an, Foshan, and Zhoushan, adding a total construction area of 450,000 square meters with an equity acquisition amount of approximately 3.9 billion yuan [2] - From January to May 2025, the company acquired 30 new land parcels with a total construction area of 3 million square meters and an equity acquisition amount of 37.3 billion yuan, maintaining a high land acquisition intensity of 84% [2] Financing Activities - The company successfully issued three tranches of medium-term notes totaling 3 billion yuan from January to May 2025, with coupon rates ranging from 4.2% to 4.37%, maintaining low financing costs [2] - In February, the company issued a three-year 500 million USD senior note, which was the largest real estate dollar bond in Asia since 2022, with a subscription multiple of 4.3 times, indicating high market recognition [2]

Group 1: Overview of Market Trends - The performance of the Shanghai Composite Index and the ChiNext Index over the past year shows significant fluctuations, with the ChiNext Index experiencing a decline of 32% [2][3] - The top five performing industries recently include Beauty Care, Banking, and Pharmaceutical Biotechnology, while the bottom five include Defense, Computer, and Electronic sectors [3][4] Group 2: Company Insights - Meitu Inc. (01357.HK) - Meitu is positioned as a leader in the visual economy, leveraging AI to accelerate commercialization, with projected revenues of 4.14 billion, 4.99 billion, and 5.82 billion yuan for 2025-2027, reflecting growth rates of 23.8%, 20.6%, and 16.6% respectively [6][7] - The company has a large user base and is expanding its product offerings, with a monthly active user count of 266 million as of December 2024, showing a year-on-year growth of 6.7% [7][8] - Meitu's strategy focuses on enhancing AI capabilities, global expansion, and productivity, with a projected increase in paid user penetration rates [8] Group 3: Company Insights - Greentown China Holdings Limited (03900.HK) - Greentown China reported a growth in monthly sales, with a total sales amount of 186 billion yuan in May 2025, marking a year-on-year increase of 14.8% [9][11] - The company maintains a strong land acquisition strategy, with a total of 30 new land plots acquired in the first five months of 2025, reflecting a land acquisition intensity of 84% [11][12] - Profit forecasts for 2025-2027 are set at 3.33 billion, 4.54 billion, and 5.43 billion yuan, with corresponding EPS of 1.31, 1.79, and 2.14 yuan [9][11] Group 4: Company Insights - Poly Developments and Holdings Group Co., Ltd. (600048.SH) - Poly Developments remains the top-ranked company in the industry despite a decline in sales amount and area in May 2025, with a signed sales amount of 285.12 billion yuan, down 19.26% year-on-year [14][15] - The company has a strong focus on high-tier cities, with over 90% of land acquisitions occurring in first and second-tier cities [14][16] - Profit forecasts for 2025-2027 are estimated at 5.68 billion, 6.56 billion, and 7.51 billion yuan, with corresponding PE ratios of 17.2, 14.9, and 13.0 [14][15] Group 5: Company Insights - Fangsheng Pharmaceutical Co., Ltd. (603998.SH) - Fangsheng Pharmaceutical's newly approved product, a traditional Chinese medicine for tension-type headaches, is expected to enhance its performance in the cardiovascular sector, with profit forecasts of 308 million, 378 million, and 457 million yuan for 2025-2027 [18][19] - The prevalence of tension-type headaches presents a significant market opportunity, as they account for a large percentage of primary headache cases [19][20] Group 6: Company Insights - Zai Lab Limited (09688.HK) - Zai Lab is adopting a dual strategy of "License-in + Independent R&D" to build a differentiated product pipeline, with expected revenues of 567 million, 830 million, and 1.226 billion USD for 2025-2027 [22][23] - The company anticipates significant growth from its lead product, with multiple key products expected to submit NDA applications in 2025 [22][23]

房地产/房地产开发 绿城中国（03900.HK） 单月销售金额实现增长，拿地强度保持高位 2025 年 06 月 10 日 投资评级：买入（维持） | 日期 | 2025/6/9 | | --- | --- | | 当前股价(港元) | 9.400 | | 一年最高最低(港元) | 13.780/0.000 | | 总市值(亿港元) | 238.72 | | 流通市值(亿港元) | 238.72 | | 总股本(亿股) | 25.40 | | 流通港股(亿股) | 25.40 | | 近 3 个月换手率(%) | 40.89 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 2024-06 2024-10 2025-02 绿城中国 恒生指数 相关研究报告 《减值影响净利表现，周转提速，坚 决布局核心城市—港股公司信息更新 报告》-2025.4.1 《减值影响业绩表现，拿地强度维持 高 位 — 港 股 公 司 信 息 更 新 报 告 》 -2025.2.11 《销售拿地表现亮眼，行业排名持续 攀 升 — 港 股 公 司 信 息 更 新 报 告 》 -2025.1.10 ——港股公 ...