（文章来源：新华财经） "上海依托其核心城市地位、经济活力及全球资源吸附力，持续为楼市构筑深厚根基。"中指研究院上海 企业常务副总经理程宇认为，面对市场的结构性分化与周期性调整，房企更需坚守核心价值逻辑：聚焦 核心区域，以创新理念与极致产品力锻造真正经得起市场检验的"好房子"。唯有如此，方能有效承接政 策红利，穿越市场周期，共同推动上海房地产市场迈向更高质量、更可持续的稳定发展新阶段。 新华财经上海8月1日电中指研究院表示，今年以来，上海房地产市场头部房企格局稳定，保利发展持续 领跑。数据显示，1-7月，上海TOP20房企合计实现销售额2581.8亿元，销售面积362.2万平方米。保利 发展以280.7亿元销售额稳居金额榜首位，招商蛇口（258.4亿元）、华润置地（251.6亿元）紧随其后， 前三甲格局稳固。销售面积方面，招商蛇口（46.6万平方米）、保利发展（38.1万平方米）、华润置地 （29.7万平方米）占据前三。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for quality companies with strong product capabilities and inventory management [4][5]. Core Insights - The sales performance of real estate companies in July 2025 showed a significant decline, with a year-on-year decrease of 23% in sales amount and 26.6% in sales area. Cumulatively, the first seven months of 2025 saw an 18.4% decline in sales amount compared to the previous year [4][5]. - The report highlights a structural differentiation in the sales market, with first and second-tier cities performing better than third and fourth-tier cities. It suggests that the real estate market will exhibit a "structurally strong + overall weak" pattern moving forward [4][5]. - The report emphasizes that while the broad housing demand has bottomed out, the recovery of residents' balance sheets will take approximately two years, which will delay the expected positive cycle in price and volume [4][5]. Summary by Sections Sales Performance - In July 2025, the top three companies by sales were Poly Developments (18 billion), China Merchants Shekou (15.6 billion), and Vanke (13.5 billion). The threshold for the top three has decreased from 15.9 billion in the same month last year to 13.5 billion this year [4][5]. - The cumulative sales for the first seven months of 2025 were led by Poly Developments (163.2 billion), China Overseas (132 billion), and China Resources (123.6 billion), with significant year-on-year declines for most companies [4][5]. Investment Recommendations - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, such as Jianfa International, Binhai Group, China Resources Land, and Jianfa Holdings. It also suggests monitoring companies like Greentown China and China Jinmao [4][5]. - For undervalued recovery companies, the report highlights New Town Holdings, Yuexiu Property, China Merchants Shekou, Poly Developments, China Overseas, Longfor Group, and Huafa Group as potential investment opportunities [4][5].

最直观而言，频频刷新的楼面价背后，是企业高涨的竞拍热情。数十轮竞价，高比例的溢价率，在核心 城市优质地块竞争中成为常态。前文提及的深圳前海桂湾地块竞拍过程中，共有12家房企进行了158轮 报价。对比起始挂牌价11.58亿元，起始楼面价45234元/平方米，最终成交溢价率达86.10%。 土拍市场温度进一步走高，在刚刚过去的7月多地均出现楼面价新纪录。中指研究院企业研究总监刘水 判断，未来，各地在供地端的"缩量提质"模式仍将延续，热点城市的核心地块凭借稀缺属性或将保持高 溢价成交。 中指研究院今日（8月1日）发布的《2025年1-7月全国房地产企业拿地TOP100排行榜》显示，1-7月， TOP100企业拿地总额5783亿元，同比增长34.3%，相比上月增幅小幅增长1个百分点。 回顾刚刚过去的7月，核心城市优质地块竞争依旧激烈，最典型的特征是各地楼面价纪录纷纷被刷新。 7月25日，上海徐汇区XH-02(TPL)单元051-11地块，以20万/平方米的成交楼面价刷新了上海乃至全国涉 宅用地成交楼面价纪录；7月14日下午，深圳前海桂湾T201-0232地块以楼面地价约84180元/平方米成 交，刷新了深圳宅地楼面价 ...

Core Viewpoint - The Chinese real estate market continues to operate at a low level, with significant declines in sales performance among the top 100 real estate companies in July, reflecting a seasonal downturn in supply and demand [1][2][11]. Group 1: Market Performance - In July, the transaction volume of new homes in 30 key cities was only 8.36 million square meters, with cumulative sales for the first seven months remaining flat compared to the previous year [1]. - The top 100 real estate companies achieved a monthly sales amount of 211.16 billion yuan, marking a return to historically low levels [2]. - Cumulative sales for the first seven months reached 1,863.84 billion yuan, representing a year-on-year decline of 12.5%, although this decline is 25 percentage points less than the same period last year [2]. Group 2: Company Performance - The number of companies achieving over 100 billion yuan in sales increased to four in the first seven months, although this is one less than the same period last year [1]. - The sales threshold for the top 100 companies decreased by 22.4% year-on-year to 3.19 billion yuan, down from 4.1 billion yuan last year [5]. - The cumulative sales for the top 10 companies fell by over 10%, with the top three companies reporting sales of 412.26 billion yuan, down 14.4% year-on-year [8]. Group 3: Future Outlook - It is anticipated that new home sales in August will continue to fluctuate at low levels, with a cumulative year-on-year decline expected to remain within 5% [11]. - The market is expected to see continued differentiation between cities and projects, with core first and second-tier cities facing supply constraints and potential short-term declines in transaction volume [11]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may experience a temporary recovery, particularly with the introduction of new housing regulations and products [11].

2025年1-7月中国房地产企业 权益拿地金额与面积TOP100 | 排名 | 花业 | 拿地金额 (亿元) | 排名 | रण्ड | 拿地面积 (万m²) | | --- | --- | --- | --- | --- | --- | | 1 | 中海地产 | 542 | 1 | 绿城中国 | 248 | | 2 | 绿城中国 | 522 | 2 | 保利发展 | 205 | | 3 | 保利发展 | A24 | ਤ | 中海地产 | 203 | | 4 | 建发房产 | રૂટર | 4 | 建发房产 | 162 | | 5 | 滨江集团 | 347 | 5 | 邦泰集团 | 155 | | 6 | 中国会茂 | 279 | 6 | 束润量抑 | 119 | | | 束润置状 | 271 | 7 | 滨江集团 | 112 | | 8 | 招商蛇口 | | 00 | 滁州城市建投 | 107 | | d | 联发集团 | 120 | 0 | 招商蛇口 | 106 | | 10 | 保利营V | 118 | 10 | 中国金茂 | 98 | | 11 | 越秀地产 | 107 | 11 | 中海宏洋 | 9 ...

7月31日，1—7月百强房企销售业绩排行榜出炉。 1—7月，1000亿元以上阵营房企有5家，较去年同期减少1家，销售额均值为1320.1亿元。第二阵营 （500亿—1000亿元）以上企业6家，与上年持平，销售额均值674.1亿元。第三阵营（300亿—500亿 元）企业4家，较去年同期减少1家，销售额均值371.8亿元。第四阵营（100亿—300亿元以下）企业34 家，与上年持平，销售额均值161.8亿元。 7月单月，百强房企销售额同比下降18.2%，建发、中国金茂、滨江集团、中建壹品等房企销售表现较 为强劲。 房地产市场仍处于波动调整中 中指研究院的数据还显示，截至7月30日，沪深上市房企中约62家发布2025年半年度业绩预告，其中17 家房企为预增或扭亏，11家首亏，28家续亏，6家预减。 中指研究院指出，根据沪深上市公司业绩预告，2025年半年度业绩出现亏损的主要原因包括： 中指研究院的数据显示，1—7月，百强房企销售额同比下降13.3%，降幅较1—6月略有扩大。其中，保 利发展以1632亿元排名第一，绿城中国以1368亿元位居第二，中海地产以1319.5亿元位居第三。 同时，截至7月30日，沪深上市房企 ...

智通财经APP获悉，中指研究院发布《2025年1-7月全国房地产企业拿地TOP100排行榜》。2025年1-7月，TOP100企业拿地总额5783亿元，同比增长 34.3%，相比上月增幅小幅增长1个百分点。2025年以来，土地市场热度不减，同比不断走高。拿地企业仍以央国企为主，拿地金额前十企业中8家为央国 企，部分民企亦有一定投资强度，如滨江集团拿地金额位居前十，邦泰集团、大华集团等也进入拿地金额前二十。 | 排名 | 企业 | 拿地金额 (亿元) | 排名 | 企业 | 拿地面积 (万m2) | | --- | --- | --- | --- | --- | --- | | 1 | 中海地产 | 542 | 1 | 绿城中国 | 248 | | 2 | 绿城中国 | 522 | 2 | 保利发展 | 205 | | 3 | 保利发展 | 424 | ਤ | 中海地产 | 203 | | ব | 建发房产 | રૂટર | 4 | 建发房产 | 162 | | 5 | 滨江集团 | 347 | 5 | 邦泰集团 | 155 | | 6 | 中国余茂 - | 279 | 6 | 束润置城 | 119 | | | ...

Core Viewpoint - The real estate market is experiencing a significant decline in sales performance, with a year-on-year decrease of 13.3% for the top 100 real estate companies in the first seven months of the year, indicating a worsening trend compared to the previous months [1][4]. Group 1: Sales Performance - In the first seven months, the total sales of the top 100 real estate companies reached 20,730.1 billion, reflecting a 13.3% year-on-year decline, which is an increase in the decline rate by 1.5 percentage points compared to the first half of the year [4]. - The average sales for the top 10 companies was 1,010.3 billion, down 13.6% year-on-year, while the second tier (ranked 11-30) saw an average sales of 256.3 billion, down 15.2% [4]. - In July alone, the sales of the top 100 companies dropped by 18.2% year-on-year, with companies like Jianfa, China Jinmao, and Binjiang Group showing relatively strong sales performance [5]. Group 2: Market Outlook - The real estate market is still in a phase of volatility and adjustment, with a continued trend of city differentiation, suggesting that "good cities + good properties" present structural opportunities [3]. - As of July 30, about 62 listed real estate companies in Shanghai and Shenzhen released their half-year performance forecasts for 2025, with 17 companies expecting to increase profits or turn losses into profits [6]. Group 3: Reasons for Losses - The main reasons for the expected losses in the half-year performance of real estate companies include a significant decrease in the scale of project settlements, influenced by sales strategies, pricing, land acquisition costs, development cycles, and product positioning, leading to low gross margins [7]. - The increase in business risk exposure has led to additional asset impairment provisions due to changes in the industry, market, and operational environment [8]. - Some large asset transactions and equity trades are expected to be priced below book value, contributing to the anticipated losses [9]. - The increase in interest expenses on interest-bearing liabilities is also a contributing factor to the losses [10]. - Companies facing financial difficulties may incur provisions for overdue interest, penalties, and losses from the forced sale of mortgaged assets due to inability to repay debts [11].

通过销售面积与销售额的对比，不难发现部分企业正在主动聚焦高端项目，带动整体单价上移。例如， 绿城中国前7个月销售面积629万平方米、金额1368亿元，平均单价超过2万元/平方米，中海地产、华润 置地有限公司的平均单价也在2万元至3万元/平方米之间。 "头部房企通过精准拿地，加速布局改善需求市场，有望形成较好的利润空间。"上海易居房地产研究院 副院长严跃进对《证券日报》记者表示："单价高的项目不仅代表市场认可，也反映出企业产品力和所 拿地块地段资源的优势。" 从各阵营表现来看，今年前7个月，有部分中小房企实现逆势突破。其中，TOP10房企销售额均值为 1010.3亿元，较上年下降13.6%；TOP11至TOP30区间房企销售额均值为256.3亿元，较上年下降15.2%； TOP31至TOP50区间房企销售额均值为125.2亿元，较上年下降7.8%，降幅最小；TOP51至TOP100区间 房企销售额均值为60.0亿元，同比下降13.5%。 7月31日，中指研究院发布的《2025年1—7月中国房地产企业销售业绩排行榜》显示，2025年前7个月， TOP100房企（以全口径销售额排名，下同）累计实现销售总额20730 ...

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]