归母净利润的持续下滑敲响警钟。2020年289.5亿元的利润峰值后，2021-2024年连续四年负增长，2024年净利润50亿元较2020年缩水 83%。这种断崖式下跌远超营收波动幅度，揭示企业正经历盈利模式重构的阵痛。 这家央企地产龙头在过去五年间演绎了行业变革期的典型轨迹：2020年以2432亿元营收、290亿元净利润站稳行业前三，2022年市值冲 上2379亿元历史高位，却在随后遭遇营收震荡、利润四连降的考验。截至2025年7月31日收盘，公司市值为955亿元，较巅峰时期蒸发 54%。在房地产市场深度调整的背景下，这家龙头企业的经营表现成为观察行业转型的重要样本。 利润四连降：289亿到50亿的盈利重构 保利发展的营收曲线犹如行业周期波动缩影。2020年2432亿元的基础平台上，2021年实现17.19%增长，却在2022年遭遇1.37%的罕见下 滑。2023年23.4%的强劲反弹将营收推至3468.94亿元历史高点，但2024年10.16%的降幅暴露规模瓶颈。 2025年7月31日，保利发展迎来上市19周年纪念日。 资本市场的估值重构尤为剧烈。从2022年4月，18.44元股价对应2379亿市值，到2 ...

导 读 ☉ 文／克而瑞研究中心 | | | | 2025年1-7月 ·中国房地产企业 | | 日完重 · 原田家 · | | --- | --- | --- | --- | --- | --- | | | | | 肖售榜TOP100 | | | | 排名 | 企业简称 | 全口径金额 (亿元) | 排名 | 企业简称 | 权益金额 (亿元) | | 1 | 保利发展 | 1632.0 | 1 | 保利发展 | 1286. 1 | | 2 | 中海地产 | 1319.5 | 2 | 中海地产 | 1213.9 | | 3 | 华润置地 | 1236.0 | 3 | 辛海置地 | 849.2 | | 4 | 招商蛇口 | 1045.2 | 4 | 招商蛇口 | 716.0 | | 5 | 绿城中国 | 857.0 | 5 | 绿城中国 | 581.0 | | 6 | 万科地产 | 821. 1 | 6 | 建发房产 | 576.6 | | 7 | 建发房产 | 770. 3 | 7 | 万科地产 | 533.7 | | 8 | 越秀地产 | 675.0 | 8 | 中国金茂 | 426. 4 | | 9 | 中国 ...

Core Insights - The total sales of the top 100 real estate companies in China for the first seven months of 2025 reached 20,730.1 billion yuan, representing a year-on-year decline of 13.3%, with the decline rate widening by 1.5 percentage points compared to the first half of the year [1] - In July alone, the sales of the top 100 real estate companies fell by 18.2% year-on-year, although companies like Jianfa, China Jinmao, and Binhai Group showed relatively strong sales performance [1] - The equity sales amount for the top 100 companies was 14,522.5 billion yuan, with an equity sales area of 7,451.8 million square meters [1] Sales Performance by Company Tier - The average sales amount for the top 10 companies was 1,010.3 billion yuan, down 13.6% year-on-year; for companies ranked 11-30, the average was 256.3 billion yuan, down 15.2%; for 31-50, it was 125.2 billion yuan, down 7.8%; and for 51-100, it was 60.0 billion yuan, down 13.5% [7] - A total of 62 listed real estate companies in Shanghai and Shenzhen released performance forecasts for the first half of 2025, with 39 companies expected to report losses or continued losses [11] Reasons for Poor Performance - The main reasons for the poor performance of listed real estate companies include a significant decline in the scale of project settlements, low gross profit margins due to sales strategies, project costs, and market conditions [11] - Increased asset impairment provisions due to heightened business risks, and some large asset transactions and equity transactions being priced below book value also contributed to the losses [11] Policy Environment - The Central Political Bureau meeting on July 30 acknowledged the achievements of the macro economy this year and emphasized the need for continuous and stable macro policies, with expectations for more policy support to stabilize the real estate market [14] - The focus on urban renewal as a key driver for high-quality urban development is expected to lead to the acceleration of supporting policies in the real estate sector [14] Market Trends - The transaction volume in key cities showed signs of weakness in July, with the second-hand housing market continuing to adopt a "price for volume" strategy [14] - The real estate market is still undergoing fluctuations and adjustments, with a continuation of city-specific trends, indicating structural opportunities in "good cities + good houses" [14]

沪指7月31日下跌1.18%，申万所属行业中，今日上涨的有2个，涨幅居前的行业为计算机、通信，涨幅 分别为0.39%、0.06%。跌幅居前的行业为钢铁、有色金属，跌幅分别为4.08%、3.19%。房地产行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出569.34亿元，主力资金净流入的行业仅有3个，计算机行业净流 入资金38.69亿元;银行行业净流入资金17.02亿元;传媒行业净流入资金2.22亿元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.44亿元， 其次是非银金融行业，净流出资金为76.60亿元，净流出资金较多的还有电力设备、电子、基础化工等 行业。 房地产行业今日下跌3.14%，全天主力资金净流出19.49亿元，该行业所属的个股共102只，今日上涨的 有7只，涨停的有1只;下跌的有93只。以资金流向数据进行统计，该行业资金净流入的个股有26只，净 流入资金居首的是电子城，今日净流入资金5002.83万元，紧随其后的是中华企业、城投控股，净流入 资金分别为3178.72万元、1406.31万元。房地产行业资金净流出个股中，资金净流出超5000万元的 ...

今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 液冷服务器 | 1.86 | 特钢概念 | -3.20 | | 智谱AI | 1.73 | 低辐射玻璃(Low-E) | -3.07 | | 辅助生殖 | 1.72 | 金属铅 | -2.90 | | 小红书概念 | 1.61 | 金属锌 | -2.82 | | Sora概念(文生视频) | 1.43 | 租售同权 | -2.71 | | 快手概念 | 1.35 | 可燃冰 | -2.59 | | 华为盘古 | 1.24 | 玉米 | -2.51 | | 财税数字化 | 1.11 | 中船系 | -2.50 | | 中国AI 50 | 0.99 | 磷化工 | -2.50 | | MLOps概念 | 0.96 | 硅能源 | -2.48 | 资金面上看，今日租售同权概念板块获主力资金净流出16.42亿元，其中，23股获主力资金净流出，7股 主力资金净流出超5000万元，净流出资金居首的是张江高科，今日主力资金净流出5.57亿元，净流出资 金居前的还有保利发展、天 ...

沪指7月31日下跌1.18%，申万所属行业中，今日上涨的有2个，涨幅居前的行业为计算机、通信，涨幅 分别为0.39%、0.06%。跌幅居前的行业为钢铁、有色金属，跌幅分别为4.08%、3.19%。房地产行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出569.34亿元，主力资金净流入的行业仅有3个，计算机行业净流 入资金38.69亿元；银行行业净流入资金17.02亿元；传媒行业净流入资金2.22亿元。 房地产行业资金流出榜 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.44亿元， 其次是非银金融行业，净流出资金为76.60亿元，净流出资金较多的还有电力设备、电子、基础化工等 行业。 房地产行业今日下跌3.14%，全天主力资金净流出19.49亿元，该行业所属的个股共102只，今日上涨的 有7只，涨停的有1只；下跌的有93只。以资金流向数据进行统计，该行业资金净流入的个股有26只，净 流入资金居首的是电子城，今日净流入资金5002.83万元，紧随其后的是中华企业、城投控股，净流入 资金分别为3178.72万元、1406.31万元。房地产行业资金净流出个股中，资金 ...

从资金流向上来看，当日房地产开发板块主力资金净流出17.67亿元，游资资金净流入6.83亿元，散户资 金净流入10.84亿元。房地产开发板块个股资金流向见下表： 证券之星消息，7月31日房地产开发板块较上一交易日下跌3.2%，空港股份领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。房地产开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002305 | *ST南置 | 2.80 | 3.32% | 46.19万 | 1.29亿 | | 000668 | *ST荣控 | 7.95 | 2.98% | 2.70万 | 2131.24万 | | 600658 | 电子城 | 4.95 | 1.64% | 77.07万 | 3.84亿 | | 000609 | ST中迪 | 3.18 | 0.95% | 9.66万 | 3073.42万 | | 000014 | 沙河股份 | 12.42 | 0.32% | 11.89万 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The focus of urban renewal should be on the transformation of urban villages and the renovation of dilapidated housing. It is anticipated that urban village renovation projects will continue to increase in volume by 2025, with attention on the pace of PSL (Policy-based Financial Instruments) issuance in the second half of the year [2][3]. - The report suggests that the fourth quarter of this year will face a high base period, but there is an expectation of policy strengthening in the third quarter to alleviate fundamental pressures and aim for stabilization. If sales do not stabilize in the fourth quarter, there may be sales pressure on blue-chip developers in the first half of 2025 [5][6]. - The report highlights the importance of high-quality urban renewal as a key theme in this year's important meetings, emphasizing the need for effective implementation of urban renewal policies [5][10]. Summary by Sections Investment Recommendations - The report recommends maintaining an "Overweight" rating, with specific stock picks including: 1. Development: Vanke A, Poly Developments, China Merchants Shekou, and JinDi Group in A-shares; China Overseas Development in H-shares 2. Commercial and Residential: China Resources Land, Longfor Group, and New Town Holdings 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, China Overseas Property, Poly Property, and New Dazheng 4. Cultural Tourism: Overseas Chinese Town A [5][6]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with all listed companies receiving an "Overweight" rating. For example: - Vanke A: EPS forecast for 2024A is -4.17 CNY - Poly Developments: EPS forecast for 2024A is 0.42 CNY - China Overseas Development: EPS forecast for 2024A is 1.43 CNY [6].

年龄最大的华联控股董秘孔庆富，现年58岁，从2010年起担任董秘。而年龄最小的华夏幸福董秘黎毓 珊，仅35岁。 从学历来看，主要以硕士为主，占比达到61%，其次是本科占到32%，此外拥有博士学历和专科学历的 董秘为均为3名，占比均约为3%。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股房地产总共有102家上市公司，这102名董秘薪酬总金额为8404.72万元，比上年减少 1572.69万元，平均薪酬为82.4万元，高于市场均值。总体来看，房地产行业高薪董秘人数较多，薪酬超 过200万的董秘达到5位，超过100万的达到24位，占比达到24%。薪酬最高的是中新集团董秘陆海粟， 去年薪酬287.67万元。 从年龄分布来看，40（含）-50岁为主力，占到52%；其次是50（含）岁以上，占到38%；30（含）-40 有10位，占到近10%。 从总体来看，房地产行业高薪 ...

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从薪酬来看，A股房地产行业董秘薪酬总金额为8404.72万元，比上年减少1572.69万元。平均薪酬为82.4 万元。 从总体来看，房地产行业高薪董秘人数较多，薪酬超过200万的董秘达到5位，超过100万的达到24位， 占比达到24%。薪酬最高的是中新集团董秘陆海粟，去年薪酬287.67万元。剔除2024年开始任职的董秘 数据之后，薪酬最低的是福星股份肖永超，仅为18万元。 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股房地产总共有102家上市公司，这102名董秘薪酬总金额为8404.72万元，比上年减少 1572.69万元，平均薪酬为82.4万元，高于市场均值。剔除掉2023年开始董秘任期的数据，2024年薪酬上 涨的董秘有24位，占到24%。有35位董秘去年薪酬下滑，占到34%。 从年龄分布来看，40（含）-50岁为主力，占到52%；其次是50（含）岁以上 ...