Core Viewpoint - The real estate construction management industry has seen significant growth in 2025, driven by the strong expansion intentions of leading companies, with a notable shift from traditional development to service-oriented models [3][4]. Group 1: Industry Growth and Trends - In 2025, the top 20 construction management companies added approximately 220 million square meters of new signed construction area, representing a year-on-year increase of 16%, which is 6 percentage points higher than in 2024 [3]. - The number of winning bids in the third quarter of 2025 reached 172, with year-on-year and quarter-on-quarter increases of 37% and 17%, respectively [4]. - Ten companies achieved over 10 million square meters of new construction management scale in 2025, with the top five companies accounting for 45% of the new construction area [5]. Group 2: Company Performance - Leading companies such as Jindi Management, Longfor Longzhizao, and New City Construction Management saw their new construction management scale increase by over 50% in 2025, with new signed areas of 15.31 million, 13.87 million, and 10.61 million square meters, respectively [7]. - The sales scale for Longfor Longzhizao and Jindi Management reached 20.6 billion and 19.3 billion yuan, ranking them third and fourth in sales scale [7]. Group 3: Market Dynamics and Opportunities - The industry is undergoing a structural adjustment from scale expansion to value creation, with companies needing to enhance product quality, innovate services, and manage risks to achieve stable development during the industry reshuffle [5]. - The demand for professional construction management services has increased due to government initiatives promoting affordable housing and urban renewal, creating opportunities for companies to leverage their expertise [8]. - There is a growing trend of collaboration between construction management firms and local governments or state-owned enterprises, providing new avenues for project expansion [9].

本报记者 陈潇 集中度持续提升 从行业整体看，代建市场的集中趋势进一步强化，头部企业新增代建规模持续增长。数据显示，2025年 新增代建规模TOP20企业合计新签约建面达22007万平方米，同比增幅16%，增速较2024年提高6个百分 点。 2025年以来，房地产代建头部企业显著加大投拓力度，新签约规模快速放量，行业集中度持续抬升，代 建赛道呈现出"强者恒强"新特征。 克而瑞最新发布的数据显示，2025年，代建企业新拓面积规模前十集中度达到77%，较2024年增长6个 百分点，头部企业牢牢占据市场份额，代建行业正加速迈入以能力与品牌为核心的高质量发展阶段。 头部阵营扩张 具体来看，代建头部阵营扩张态势尤为突出。中指研究院发布的《2025年中国房地产代建企业排行榜》 显示，2025年，绿城管理控股有限公司（以下简称"绿城管理"）以3535万平方米的新签约代建规模位列 行业第一，规模优势明显。旭辉管理集团有限公司（以下简称"旭辉建管"）、北京润地建设管理有限公 司（以下简称"润地管理"）分别以1629万平方米和1595万平方米的新签约规模位居第二、第三，继续保 持第一梯队地位。 分领域来看，在政府代建领域，头部企 ...

高品质住宅试点项目推介聚焦飞龙绿城·颐和海岸。该项目由飞龙集团与绿城管理联合打造，坐拥优质 海岸线资源，融合双方品质优势，是烟台高端住宅标杆。 本次发布会由市房协搭建桥梁，集中展示烟台楼市优质项目成果。发布会核心环节公布十一大权威榜 单，涵盖品质典范、业主满意、景观优美等八大楼盘奖项，以及热销金额TOP10、热销面积TOP10、人 气自媒体TOP20等榜单。这些评选结果不仅为消费者提供购房参考，也为房地产企业提供产品优化和升 级的方向。 发布会结束后，参会人员共同走进飞龙集团党建馆、创新研发中心、生产车间，近距离感受企业党建引 领、品质坚守与创新实力，深化了对本土房企责任担当的认知。此次发布会集中展现了烟台楼市活力， 构建了行业协同生态。未来，市房协将持续发挥桥梁和纽带作用，助力提升人居品质，共绘烟台宜居新 蓝图。 胶东在线1月9日讯 1月9日上午，2025年度烟台市房地产专媒看楼盘活动项目发布会成功举办。市房地 产业协会领导、常务理事单位负责人，榜单项目营销负责人以及媒体代表等齐聚，通过榜单发布、项目 推介、实地观摩等环节，共促烟台楼市回暖复苏与高质量发展。 ...

Group 1 - The core viewpoint of the article highlights that Greentown Management Holdings (09979) has seen a stock price increase of over 4%, currently trading at 2.97 HKD with a transaction volume of 27.52 million HKD [1] - As of December 31, 2025, the total contracted construction area for new projects is 35.35 million square meters, representing a decrease of approximately 3.1% compared to the same period last year [1] - The estimated construction fee for new projects is 9.35 billion RMB, which shows a growth of about 0.4% year-on-year [1] Group 2 - According to a report from Caitong Securities (601108), Greentown Management Holdings is a pioneer and leader in the domestic light-asset real estate development model [1] - The company's core business model includes three main construction management sectors and three supporting services [1] - The company has established a scale advantage and brand effect through continuous efforts in the construction management field, maintaining a leading position in new construction area and sales for many years, with ample orders on hand and gradually improving project initiation efficiency [1]

Core Viewpoint - Greentown Management Holdings (09979) has seen its stock price increase by over 4%, currently trading at HKD 2.97, with a trading volume of HKD 27.52 million [1] Group 1: Company Performance - As of December 31, 2025, the total contracted construction area for new projects is 35.35 million square meters, a decrease of approximately 3.1% compared to the same period last year [1] - The estimated construction fee for new projects is RMB 9.35 billion, reflecting a growth of about 0.4% year-on-year [1] Group 2: Industry Position - Greentown Management Holdings is recognized as a pioneer and leader in the domestic light-asset real estate development model, with a core business model that includes three main construction management sectors and three supporting services [1] - The company has established a significant scale advantage and brand effect through its continuous focus on the construction management sector, maintaining a leading position in new construction area and sales for many years, with ample orders on hand and improving project initiation efficiency [1]

Market Overview - The Hong Kong stock market opened lower on January 7, with the Hang Seng Index down 1.01% at 26,439.68 points, the Hang Seng Tech Index down 1.65% at 5,729.41 points, the National Enterprises Index down 1.11% at 9,141.25 points, and the Red Chip Index down 0.64% at 4,114.5 points [1] - Major technology stocks experienced declines, with Alibaba down 4.05%, Tencent down 1.98%, JD.com down 1.47%, Xiaomi down 1.34%, NetEase down 2.18%, Meituan down 2.17%, Kuaishou down 2.78%, and Bilibili down 3.54% [1] - The biopharmaceutical sector continued to rise, with Kangfang Biopharmaceutical up over 6% [1] - The metals sector showed strength, with Luoyang Molybdenum up over 5% [1] - Oil stocks weakened, with PetroChina down over 3% [1] - Automotive stocks faced significant declines, with NIO down over 3% [1] Company News - Yadea Holdings (01585.HK) expects a net profit of no less than RMB 2.9 billion for 2025, up from RMB 1.27 billion in the previous year, driven by increased sales of electric two-wheelers and optimized product structure [2] - Poly Property Group (00119.HK) anticipates a cumulative contract sales amount of approximately RMB 50.2 billion for 2025, a decrease of 7.38% year-on-year [3] - Sunac China (01918.HK) expects a cumulative contract sales amount of approximately RMB 36.84 billion for 2025, down 21.85% year-on-year [4] - Gemdale Corporation (00535.HK) projects a cumulative contract sales total of approximately RMB 10.696 billion for 2025, a decrease of 47.33% year-on-year [5] - Greentown Management Holdings (09979.HK) estimates new project management fees for 2025 to be RMB 9.35 billion, an increase of approximately 0.4% [6] - Yuexiu Property (00123.HK) acquired a land parcel in Shanghai's Pudong New Area for RMB 2.561 billion [7] - Jiufang Zhitu Holdings (09636.HK) completed the acquisition of 100% equity in JF Financial and its core information system [8] - Weimob Group (02013.HK) partnered with Taobao Flash Sale to enhance local retail solutions [8] - Dali Pu Holdings (01921.HK) became a qualified supplier for Saudi Aramco [9] - Xiehe New Energy (00182.HK) successfully completed a secondary listing on the Singapore Stock Exchange [10] - Bokan Vision Cloud-B (02592.HK) submitted a clinical trial application for the new drug CBT-009 [11] - Yingtong Holdings (06883.HK) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its distribution network in China [11] Institutional Insights - Guosen Securities believes that the Hong Kong stock market's recovery has begun, driven by a weaker US dollar and improved domestic liquidity, suggesting a focus on AI and PPI [12] - CITIC Securities anticipates a second round of valuation recovery and performance revival in the Hong Kong market in 2026, recommending attention to technology, healthcare, resource products, essential consumer goods, paper, and aviation sectors [12] - Everbright Securities notes that domestic policy support and a weaker dollar may lead to continued upward movement in the Hong Kong market, highlighting the relative strength of overall profitability [12] - Dongwu Securities indicates that the Hong Kong market is entering a period of upward volatility, emphasizing the importance of dividends and technology growth in the first half of the year [12] - Industrial Securities recommends a bullish stance, predicting a spring rally led by the Hang Seng Tech Index, with a continued bull market expected in 2026 [13]

Major Events - Brain动极光-B (06681) signed important business cooperation agreements with Peking University Sixth Hospital and Shandong Mental Health Center [1] - Cohere New Energy (00182) successfully completed a secondary listing on the Singapore Stock Exchange [1] - Bole康视云-B (02592) submitted a clinical trial application for the new drug CBT-009 to the Drug Evaluation Center [1] - Yingtong Holdings (06883) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its high-end fragrance distribution network in China [1] - Weimeng Group (02013) initiated a business cooperation with Taobao Flash Purchase [1] - Dali普控股 (01921) officially became a qualified supplier for Saudi Aramco [1] - Yiming Anke-B (01541) regained global rights for IMM2510 and IMM27M [1] - Yuexiu Property (00123) subsidiary Shanghai Yuheng won a land parcel in Shanghai's Pudong New District [1] Operating Performance - Jinxin Reproductive (01951) reported a further narrowing of the overall decline in IVF egg retrieval cycles to -1.4% for 2025 [1] - Poly Real Estate Group (00119) achieved a cumulative contract sales amount of approximately 50.2 billion yuan for 2025, a year-on-year decrease of 7.38% [1] - Yadea Holdings (01585) issued a profit warning, expecting annual net profit to be no less than 2.9 billion yuan [1] - Jindi Commercial Real Estate (00535) reported a cumulative contract sales total of approximately 10.696 billion yuan for 2025, a year-on-year decrease of 47.33% [1] - Greentown Management Holdings (09979) estimated the construction fee for newly developed projects in 2025 to be 9.35 billion yuan, a year-on-year increase of approximately 0.4% [1] - Sunac China (01918) achieved a cumulative contract sales amount of approximately 36.84 billion yuan for 2025, a year-on-year decrease of 21.85% [1]

智通财经APP获悉，克而瑞地产研究发文称，2025年代建新增规模TOP20企业的新增签约建面达21926 万平方米，同比增幅16%，增速较2024年提升6个百分点，仍低于2023年。从新增规模的梯队分布来 看，已有10家企业年内新增代建规模超1000万平方米，较去年同期增加5家，按次序分别为绿城管理 (09979)、旭辉建管、润地管理、蓝城集团、金地管理、龙湖龙智造、招商建管、新城建管、远洋建 管、金建管。 代建项目新拓难度加码，但头部企业拓展的集中度进一步提升。主要得益于头部企业在2025年投拓发 力，金地管理、龙湖龙智造、新城建管同比增幅超过50%。 2025年，代建新拓规模前十集中度达到77%，较2024年增长6个百分点。行业整体延续强者恒强的趋 势，头部企业牢牢占据市场份额，其余企业突围难度较大。 具体来看，前五家企业新拓建面占比达到45%，较2024年下降2个百分点，代建头部依然占据了行业新 增规模的大部分资源;其次，5-10名的企业新拓建面占33%，较2024年增长10个百分点，11-20名企业集 中度为29%，较同期下降1个百分点。 03 签约面积断层显著 尾部企业仍在剧烈洗牌 2025年代建新 ...

Group 1 - The core viewpoint of the article highlights that the top 20 companies in the construction management sector have signed new contracts totaling 21,926 million square meters in 2025, representing a year-on-year increase of 16%, with a growth rate 6 percentage points higher than in 2024, although still lower than in 2023 [1][3] - There are 10 companies that have signed new contracts exceeding 10 million square meters, an increase of 5 companies compared to the same period last year, including major players such as Greentown Management, CIFI Construction Management, and Longfor Longzhizao [1][3] - The concentration of the top ten companies in terms of signed area has reached 78%, an increase of 7 percentage points compared to 2024, indicating a trend where leading companies are gaining more market share [2][3] Group 2 - The top five companies account for 45% of the new signed area, a slight decrease of 2 percentage points from 2024, while companies ranked 5-10 have increased their share to 33%, up 10 percentage points from the previous year [3][4] - There is a significant disparity in the new project signing scale among companies, with the leading firms experiencing intense competition, while lower-tier companies continue to face challenges and undergo significant restructuring [4][5] - The gap between the 10th and 20th ranked companies is nearly five times, reflecting the increasing difficulty for lower-tier companies to expand and the ongoing reshuffling in the industry [5]

Group 1 - The core viewpoint of the article highlights that the top 20 construction management companies in 2025 have signed new contracts totaling 21,926 million square meters, reflecting a year-on-year increase of 16%, with a growth rate 6 percentage points higher than in 2024, but still lower than in 2023 [1][2] - Among the top 20 companies, 10 have signed new contracts exceeding 10 million square meters, an increase of 5 companies compared to the same period last year, with the leading companies being Greentown Management, Xuhui Construction Management, and others [1][2] Group 2 - The concentration of signed area among the top ten companies has reached 78%, an increase of 7 percentage points compared to 2024, indicating a trend where leading companies are gaining more market share [4] - The top five companies account for 45% of the new signed area, a slight decrease of 2 percentage points from 2024, while the 5-10 ranked companies have increased their share to 33%, up 10 percentage points [4] Group 3 - There is a significant disparity in new project signing scales among companies, with the leading companies experiencing intense competition, while lower-tier companies are undergoing substantial restructuring [7] - Greentown Management leads with a signing scale of 3,535 million square meters, which is double that of the second-ranked company, indicating a highly competitive environment among the top firms [7][10]