2025 年上半年，房地产市场呈现 "国央企领跑、民企逐步复苏" 格局，两类企业在销售与拿地环节协同发力，提升行业稳定性。 据克而瑞、中指研究院、广发证券等机构发布的半年报研报，2025 年上半年，房地产行业受政策调整与市场需求变化影响，呈现分化态势。部分房企凭借 精准战略、灵活经营与强劲产品力实现稳健发展，核心特征集中在核心城市聚焦、国企引领与民企复苏、产品与策略创新三方面，为行业转型提供方向。 聚焦高能级市场 作者 秦晋 市场需求向优质区域集中，头部房企将资源倾斜核心城市，深耕一线与重点二线城市，构建 "以核心城市为基石" 的格局。 一线城市对房企销售贡献显著提升，成为业绩支柱。数据显示，TOP10 房企中，招商蛇口、越秀地产、中国金茂等一线城市销售贡献率超 50%，半数以上 销售额来自北上广深；保利发展、中海地产、华润置地等贡献率也超 40%。这些企业遵循 "主流城市、主流地段" 原则，优先布局人口流入多、经济活力强 的区域，规避三四线城市风险，保障去化与利润。 二线城市成房企拓展 "主战场"，代建领域尤为突出。龙湖龙智造、远洋建管 2025 年上半年在一二线城市新拓项目面积占比近 90%，旭辉建管二线 ...

的手 产 · 前 · 行 · 的 · 力 · 量 发 440 那 日 2025年1-8月 上海典型房企销售金额排行榜 【全口径】 | 排名 | 企业简称 | 销售金额 (亿元) | | --- | --- | --- | | I | 保利发展 | 273.8 | | 2 | 走润置地 | 261.7 | | 3 | 招商蛇口 | 256.7 | | 4 | 浦开集团 | 154.4 | | 5 | 杜密斯产 | 151.6 | | 6 | 越秀地产 | 147.0 | | 7 | 陆家嘴 | 144.7 | | 8 | 能建城发 | 144.4 | | 9 | 上海地产 | 140.0 | | 10 | 中国金茂 | 136.8 | | 11 | 绿城中国 | 113.1 | | 12 | 融创中国 | 107.1 | | 13 | 华发股份 | 106.7 | | 14 | 万科地产 | 106.4 | | --- | --- | --- | | 15 | 嘉里建设 | 92.1 | | 16 | 建发房产 | 91.7 | | 17 | 新湖中宝 | 90.5 | | 18 | 中国铁建 | 85.9 | ...

【1】北京发布2025年第七轮拟供商品住宅用地清单 9月3日，金地集团（600383）披露8月销售简报。简报显示，8月金地集团实现签约金额22.2亿元，同比 下降58.89%；实现签约面积18万平方米，同比下降51.87%。 9月3日，北京市规划和自然资源委员会网站发布了2025年第七轮拟供应商品住宅用地清单，共涉及8宗 地，土地面积约27公顷，建筑规模约63万平方米，上述用地拟于近期供应。 据悉，本轮推出的地块全部位于轨道交通站点周边市场需求突出、基础设施和公共服务配套较完善的区 域。从区域分布来看，核心区1宗(东城区)、中心城区2宗(朝阳区)、副中心及平原多点地区5宗(通州 区、顺义区、昌平区、大兴区、房山区各1宗)。 【2】金地集团8月签约金额22.2亿元 9月3日，保利发展（600048）发布公告，宣布"24保利07"公司债券付息相关事宜。公告显示，本次付息 涉及的债券为保利发展2024年面向专业投资者公开发行的公司债券(第四期)(品种二)，债券简称为"24保 利07"，发行总额达到5亿元，债券期限为7年。 据悉，该债券的当期票面利率为2.5%，本年度计息期限从2024年9月10日至2025年9月9日 ...

【1】北京发布2025年第七轮拟供商品住宅用地清单 9月3日，北京市规划和自然资源委员会网站发布了2025年第七轮拟供应商品住宅用地清单，共涉及8宗 地，土地面积约27公顷，建筑规模约63万平方米，上述用地拟于近期供应。 据悉，本轮推出的地块全部位于轨道交通站点周边市场需求突出、基础设施和公共服务配套较完善的区 域。从区域分布来看，核心区1宗（东城区）、中心城区2宗（朝阳区）、副中心及平原多点地区5宗 （通州区、顺义区、昌平区、大兴区、房山区各1宗）。 【2】金地集团8月签约金额22.2亿元 9月3日，保利发展发布公告，宣布"24保利07"公司债券付息相关事宜。公告显示，本次付息涉及的债券 为保利发展2024年面向专业投资者公开发行的公司债券（第四期）（品种二），债券简称为"24保利 07"，发行总额达到5亿元，债券期限为7年。 据悉，该债券的当期票面利率为2.5%，本年度计息期限从2024年9月10日至2025年9月9日，付息日9月 10日，每手债券面值为1元，派发利息为25元（含税） 【5】机构：8月TOP50物企新增合约面积约5490万平方米 9月3日，中指研究院发布报告显示，2025年8月，TOP50 ...

2025年1-8月，安徽土地市场总计吸金超350亿元，合肥以绝对优势领跑全省。 房企端，国企、央企背景的开发商在拿地与销售双榜单中占据主导，市场资源进一步向头部企业集中。这些变化不仅反映短期市场波动，更预示着安徽楼 市未来的发展路径。 NO.1|壹 2025年8月合肥区域商品住宅销售金额榜：包河区一骑绝尘 | 排行 | 区域 | 成交金额 | 成交面积 | 成交套数 | 成交均价 | | --- | --- | --- | --- | --- | --- | | | | (亿元) | (万m) | (套) | (元/㎡) | | | 包河区 | 16.07 | 5.96 | 429 | 26977 | | | 滨湖区 | 6.36 | 1.90 | 110 | 33397 | | (3) | 经开区 | 4.64 | 1.82 | 140 | 25511 | | 4 | 瑞海区 | 4.42 | 2.39 | 207 | 18446 | | 5 | 蜀山区 | 3.05 | 1.32 | 102 | 23005 | | --- | --- | --- | --- | --- | --- | | 6 | 高新区 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The optimization of purchase restrictions in major cities is expected to boost market sentiment and regional transaction recovery in the short term. In the medium to long term, the focus should be on "core areas and good properties" gradually stabilizing after a decline [3] - As of August 25, the real estate sector has only increased by 6.8% year-to-date, significantly underperforming the CSI 300 index, which has risen by 13.6%. This underperformance suggests potential for sector rotation [3] - The emphasis on "good properties" aligns with demand for quality and value, with limited supply expected to sustain short-term market interest [3] - Some real estate companies, such as Binjiang and Jianfa, have shown signs of improvement in their financial reports, indicating a potential recovery in the sector [3] Policy Insights - The central government has shifted its focus from large-scale expansion to improving existing urban areas, with an emphasis on urban renewal and the construction of quality housing [4][6] - Recent policies in major cities, such as Beijing and Shanghai, have relaxed restrictions on home purchases, which is expected to enhance market sentiment and stimulate transactions [7] Financial Conditions - The issuance of credit bonds by private real estate companies has shown signs of recovery, and there is still room for a decline in mortgage rates [19] - In July, the net increase in long-term loans to residents was -110 billion yuan, a decrease of 120 billion yuan year-on-year [14] Market Performance - In July, the average daily transaction volume of new homes in 50 key cities decreased by 23.7% year-on-year and 32.4% month-on-month. However, some "core areas and good properties" are beginning to stabilize [23] - The real estate sector's performance in July saw a 4.25% increase, outperforming the CSI 300 index, which rose by 3.54% [49] Company Recommendations - Recommended companies include those benefiting from the stabilization of "good properties" and offering attractive dividends, such as China Resources Land and Jianfa International Group [3] - Other recommended companies are those with strong land acquisition capabilities and product quality, including Greentown China and China Overseas Development [3]

【深圳商报讯】（记者 陈燕青）中指研究院最新数据显示，前8个月百强房企销售总额为23270.5亿元， 同比下降13.3%，降幅与前7个月持平。 前8个月，房企销售额均有下降。其中，TOP10房企销售额均值为1145.0亿元，较上年下降12.1%； TOP11-30房企销售额均值为287.2亿元，较上年下降15.4%；TOP31-50房企销售均值为138.3亿元，较上 年下降10.9%；TOP51-100房企销售额均值为66.2亿元，同比下降15.4%。 中指研究院认为，随着"金九"到来，房企推盘节奏与优化力度预计均将提升，市场或实现温和复苏。 从前8个月销售额来看，保利发展、绿城中国、中海地产位居前三名，均超过1500亿元。 8月单月，绿城、滨江、中建壹品、保利置业等房企销售表现较为强劲。 ...

每经AI快讯，据中指研究院数据显示，1—8月，TOP100企业拿地总额6056亿元，同比增长28%，增幅 较1-7月缩窄6.3个百分点。8月单月土地市场热度虽仍延续，但较7月有所下降。从新增货值(全口径)来 看，绿城中国、保利发展（600048）和中海地产位列前三。其中绿城中国以1144亿元居首，保利发展、 中海地产以996亿元和923亿元位居其后。从权益新增货值来看，绿城中国同样以985亿元位居首位，中 海地产和保利发展分列第二、三位。 ...

Core Insights - The land market continues to show investment differentiation, focusing on core cities, with the top 100 real estate companies' land acquisition amount increasing by 28% year-on-year, although the growth rate has slowed compared to previous months [1][2] - State-owned enterprises remain dominant, accounting for 75% of total land acquisitions, with major players like Greentown China, Poly Developments, and China Overseas Land & Investment leading in new value added [1][2] - The "regulatory adjustment" mechanism, driven by policy, has injected new liquidity into the market, allowing previously unsold land parcels to be successfully auctioned after optimization [1][11] Land Acquisition Data - From January to August, the top 100 companies acquired land worth 605.6 billion yuan, a 28% increase year-on-year, with a monthly decline in market heat observed in August compared to July [2][5] - Greentown China topped the list with a total new value of 114.4 billion yuan, followed by Poly Developments at 99.6 billion yuan and China Overseas at 92.3 billion yuan [2][3] - The top 10 companies accounted for 55.7% of the total land acquisition amount, while the top 20 accounted for 68.2%, indicating a significant increase in concentration among leading firms [5] Regional and Company Strategies - Companies are focusing their land acquisition strategies on specific cities, with China Merchants Shekou and Jianfa entering the top ten in cities like Beijing, Shanghai, and Chengdu [6] - In terms of land acquisition amounts, China Overseas and Greentown China both exceeded 50 billion yuan, with figures of 54.2 billion yuan and 52.7 billion yuan respectively [9] Market Trends and Future Outlook - The overall land acquisition to sales ratio for the top 100 companies was 0.27, with the top 10 companies reaching 0.39, indicating a significant gap between leading firms and others [7] - The "regulatory adjustment" process is expected to alleviate structural issues in the market and reduce financial pressure on real estate companies, contributing positively to market stability [11][12] - Future land acquisition behavior is anticipated to be more rational and cautious, with a focus on core cities and quality land parcels, as companies adopt a "better to be selective than to be excessive" strategy [12]

8 月 25 日，保利发展披露的 2025 年中期业绩报告显示，上半年实现全口径销售金额 1451.71 亿元，坐稳行业头把交椅；同时，实现营业收入 1169 亿元，归母净利润 27.11 亿元，维持盈利， 凸显出其在市场调整期的韧性。 业内认为，在房地产行业进一步向品质深耕和创新升级发展的过程中，保利发展作为财务稳健、实力 雄厚的央企龙头，将继续凭借较低的融资成本、丰厚的现金储备及行业领先的产品力，持续加深经营 护城河，引领行业从规模扩张向高质量发展转型。 坚守安全底线，强化抗风险能力 对安全的重视和对风险的防范，一直深深刻在保利发展的基因。在行业压力不减的大环境下，保利发 展通过销售攻坚、资金盘活与融资创新等多重方式，确保财务稳健，经营护城河持续加宽，保证公司 穿越行业周期变化。 今年以来，房地产市场止跌回稳的态势逐渐巩固，但仍不免出现波动调整的挑战时刻。在这样持续变 动的行业形势下，凭借卓越的战略管理及市场应变能力，保利发展以强大的执行力赢得了复杂形势下 的竞争先机，保持住了行业领先地位，实现了高质量发展。 2025 上半年，保利发展实现营业收入 1168.57 亿元；同时，预收房款到 3303.01 ...