Group 1 - The core viewpoint indicates that despite the new housing market not fully stabilizing, the land market is showing signs of activity, particularly in core cities where high premium land parcels are being actively pursued by developers [1][2]. - In the first seven months of 2025, the proportion of premium land parcels in 30 key cities reached 30%, marking a three-year high and an increase of 12 percentage points compared to 2024, indicating a resurgence in land acquisition sentiment [2][3]. - The average premium rate for land parcels in the same period rose to 26%, nearly doubling compared to the past two years, reflecting heightened competition among developers [2]. Group 2 - The performance of companies in the land acquisition space remains fragmented, with many struggling to capitalize on opportunities, while leading firms are driving positive growth in investment amounts [3][5]. - In the first seven months of 2025, the top 100 real estate companies recorded a total new land reserve value of 682.8 billion yuan and an area of 5.802 million square meters, with a year-on-year increase of 33%, indicating a stabilization in investment trends [5]. - The concentration of land acquisition among the top 10 real estate companies remains high, with their new land value accounting for 70% of the total for the top 100, reflecting a trend towards market consolidation [6][7]. Group 3 - The top 10 real estate companies have a land acquisition to sales ratio of 0.41, significantly higher than the industry average of 0.3, showcasing their aggressive land acquisition strategies [7]. - Companies such as China Overseas, China Merchants, and Greentown have seen substantial increases in land acquisition amounts, with Poly Developments and China Resources maintaining steady investment speeds [8]. - High premium land acquisitions are primarily being made by state-owned enterprises and established regional players, with companies like CIFI, China Overseas, and China Merchants leading in this area [11][12]. Group 4 - The focus of investment is increasingly on high-quality land parcels in first and second-tier cities, leading to intense competition among developers, particularly state-owned enterprises [14]. - The attractiveness of premium land parcels is rising, as the market recognizes the importance of improvement projects in driving growth [14].

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate market continues to experience low-level fluctuations, with significant city-level differentiation. New home sales in 35 cities from January to July 2025 totaled 76.01 million square meters, a year-on-year decline of 10.8%. The decline has expanded by 1.4 percentage points compared to the first half of the year, with July alone seeing a year-on-year drop of 19.6% [4][10] - The second-hand housing market shows a slight increase in transaction volume, with 15 cities recording a year-on-year growth of 8.3% in the same period, although the growth rate has narrowed compared to the previous month. The average price of second-hand homes in July fell by 7.32% year-on-year [11][23] - The land market shows stabilization in transaction volume and price, with the average floor price of land transactions rising by 30.7% year-on-year. Core cities are witnessing record-high land prices, indicating sustained interest in prime locations [12][36] Sales Sector - New home sales: In the first seven months of 2025, new home transactions in 35 cities totaled 76.01 million square meters, down 10.8% year-on-year. The monthly transaction volume in July was 9.21 million square meters, a decline of 19.6% year-on-year. The market is expected to continue low-level fluctuations, with potential signs of recovery in core city projects [17][18] - Second-hand home sales: In the same period, second-hand home transactions in 15 cities reached 56.81 million square meters, up 8.3% year-on-year. However, July saw a 5.6% year-on-year decline in transaction volume, indicating a market adjustment phase [23][25] - Price trends: New home prices are showing structural growth, while second-hand home prices are declining. The average transaction price for new homes in July was 16,877 yuan per square meter, up 2.64% year-on-year, while second-hand homes averaged 13,585 yuan per square meter, down 7.32% year-on-year [28][29] Land Sector - Transaction volume and price: From January to July 2025, land supply in 300 cities was 13,006 million square meters, down 7.2% year-on-year, while total transactions reached 11,210 million square meters, up 2.3% year-on-year. The average floor price was 7,821 yuan per square meter, reflecting a 30.7% increase year-on-year [36][39] - City-level performance: In the first seven months, first-tier cities saw a 14.8% increase in land transaction volume, while second-tier cities increased by 17.5%. The average floor price in first-tier cities was 37,688 yuan per square meter, up 29.4% year-on-year [44][48] - Leading cities: Hangzhou led the land market with the highest land transfer fees and premium rates, indicating strong competition for quality land [48][50] Investment Recommendations - The report recommends focusing on leading real estate companies that are actively acquiring land in core urban areas, such as China Overseas Development, Greentown China, and others. These companies are expected to benefit from the recovery of quality projects in core cities [13][50]

责任编辑：公司观察 行业内，顺丰控股CFO何捷年内降薪176万，仍以784.8万元年薪登顶，高于第二名建发股份CFO魏卓550多万元，超同行平均薪酬6.5倍，日薪高达2.15万 元。 | 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母浄利(亿) | 增速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 顺丰控股 | 物流 | 何捷 | 784.80 | -18.3% | 101.70 | 23.5% | 硕士 | | 建发股份 | 物流 | 魏卓 | 227.00 | 11.8% | 29.46 | -77.5% | 本科 | | 申通快递 | 物流 | 梁波 | 137.00 | 0.0% | 10.40 | 205.2% | 本科 | | 德邦股份 | 物流 | 丁永晟 | 135.80 | 25.7% | 8.61 | 15.4% | 硕士 | | 海禮郭达 | 物流 | 殷海平 | 133.71 | -0.1% | 0.82 | -46.0% | 硕士 | | 物产中大 | 物流 | 王奇题 | 12 ...

| 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母净利(亿) | 増速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 顺丰控股 | 物流 | 何提 | 784.80 | -18.3% | 101.70 | 23.5% | 硕士 | | 建发股份 | 物流 | 魏卓 | 227.00 | 11.8% | 29.46 | -77.5% | 本科 | | 甲通快递 | 物流 | 梁波 | 137.00 | 0.0% | 10.40 | 205.2% | 本科 | | 德邦股份 | 物流 | 丁永晟 | 135.80 | 25.7% | 8.61 | 15.4% | 硕士 | | 海程邦达 | 物流 | 殷海平 | 133.71 | -0.1% | 0.82 | -46.0% | 硕士 | | 物产中大 | 物流 | 王奇颖 | 129.38 | 12.9% | 30.79 | -14.9% | 本科 | | 韵达股份 | 物流 | 谢万涛 | 127.32 | -2.0% | 19.14 | 17.8% | 本科 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - In the logistics sector, the total salary for secretaries from 45 listed companies amounted to 39.8507 million yuan, with an average salary of 885,600 yuan [1] Company Performance - Jianfa Co., Ltd. experienced a revenue decline of 8.17% and a significant net profit drop of 77.52% in 2024, facing multiple regulatory penalties due to non-compliance issues [1] - Despite the company's poor performance, the secretary Jiang Guizhi received a salary increase of 25.65%, reaching 3.87 million yuan, making her the highest-paid secretary in the logistics industry [1] Salary Changes in Logistics Sector - The salary changes for key logistics company secretaries include: - Jianfa Co., Ltd.: 3.87 million yuan, an increase of 25.65% [2] - Shunfeng Holdings: 2.378 million yuan, a decrease of 29.96% [2] - Zhejiang Merchants Zhongtuo: 1.4178 million yuan, an increase of 76.15% [2] - YTO Express: 1.3022 million yuan, an increase of 16.13% [2] - Changlian Co., Ltd.: 1.2710 million yuan, a slight decrease of 0.55% [2]

Core Insights - Real estate companies are undergoing organizational restructuring in response to the new market conditions, with a focus on centralizing operations and enhancing risk management [1][3][4] - The trend of "strong headquarters" is emerging, indicating a shift towards more efficient and flexible organizational structures to adapt to market challenges [3][4][5] Group 1: Organizational Restructuring - Over 10 real estate companies, including Poly Developments and China Overseas, have adjusted their organizational structures from January to July 2023 [1][2] - Companies like Poly Developments have merged regional companies to streamline operations, such as combining Jiangsu and Huaihai companies into Jiangsu Company [6][8] - The restructuring aims to reduce management layers, lower communication costs, and improve decision-making efficiency [1][3] Group 2: Shift to Strong Headquarters - The "strong headquarters" model is becoming prevalent, where headquarters take on strategic planning, resource allocation, and risk management roles [4][5] - Companies like China Jinmao and China Resources have transitioned from a three-tier management structure to a more centralized approach [3][4] - This shift is partly driven by the need to adapt to a shrinking market and optimize cash flow by reducing unnecessary expenditures [6][7] Group 3: Cost Reduction and Efficiency - The reduction of regional companies is seen as a key strategy for cost-cutting, with companies focusing on core operations and eliminating middle management layers [6][7] - Real estate firms are concentrating their projects in first and second-tier cities, leading to a significant increase in project concentration and reducing the need for extensive regional management [7][8] - The overall goal is to enhance operational efficiency and stabilize cash flow through refined management practices [9][10]

Summary of Key Points Core Viewpoint The real estate market in Xiamen shows mixed signals with a decline in transaction volume in July 2025, while year-to-date figures indicate an overall increase in sales and prices compared to the previous year. The market is experiencing a structural price increase despite a general slowdown in buyer activity. Transaction Data - In July 2025, Xiamen's residential transactions totaled 1,026 units, covering an area of 126,700 square meters, reflecting an 11% month-on-month decline but a 17% year-on-year increase. The sales amount reached 5.523 billion yuan, with an average price of 43,587 yuan per square meter, marking a 4% month-on-month increase and a 45% year-on-year increase [1][4]. - From January to July 2025, Xiamen recorded 7,560 residential transactions, totaling 855,600 square meters, which is a 20% year-on-year increase. The total sales amount was 31.862 billion yuan, with an average price of 37,241 yuan per square meter, reflecting a 6% year-on-year increase [1][3]. Market Dynamics - The concentration of project openings and registrations in July helped maintain a moderate level of transaction volume, with a structural price increase observed. However, the actual buyer engagement has been weak, leading to a low market temperature and increased buyer hesitation [1][4]. - Some developers are resorting to price reductions to stimulate sales and improve inventory turnover [1]. Regional Performance - In the first seven months of 2025, the top-performing districts in Xiamen by sales area were Huli District (20.77 million square meters, 24% market share), Jimei District (15.57 million square meters, 18% market share), and Haicang District (15.57 million square meters, 18% market share) [3]. - In July 2025, Huli District led with 3.16 million square meters sold, accounting for 25% of the market share, followed by Jimei District with 2.98 million square meters [4]. Developer Rankings - The leading developers by sales amount from January to July 2025 were Jianfa (7.969 billion yuan, 22.5% market share), Guida (6.481 billion yuan, 18.3% market share), and Ehe (4.442 billion yuan, 12.6% market share) [6][7]. - In terms of sales area, Jianfa also led with 22.31 million square meters sold, representing 15.7% of the market share [8]. Notable Projects - The top-selling project in the first seven months of 2025 was Haicang Center TOD, with a sales amount of 2.322 billion yuan and an area of 75,700 square meters [14][15]. - In July 2025, the top project by sales amount was Tianyue Yun Song, generating 1.301 billion yuan in sales [21]. Conclusion The Xiamen real estate market is characterized by a complex interplay of rising prices and declining transaction volumes, with significant regional variations and a competitive landscape among developers. The market's future trajectory will depend on how developers adapt to changing buyer sentiments and market conditions.

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and highlights the importance of stable dividend assets in the current market environment, suggesting a shift from style-driven to stock-driven investment logic in the dividend sector [1][2]. Group 1: Index Performance - As of August 6, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) increased by 0.41%, with notable gains from constituent stocks such as Jinkong Coal Industry (601001) up 6.18%, Weifu High Technology (000581) up 4.99%, and Shaanxi Coal and Chemical Industry (601225) up 4.78% [1]. - The National Enterprise Dividend ETF (159515) rose by 0.35%, marking its third consecutive increase [1]. Group 2: Investment Insights - According to Kaiyuan Securities, the current market uncertainty necessitates a focus on high dividend yields, with stable dividend assets (like banks and public utilities) being more favorable than cyclical dividend stocks [1]. - Everbright Securities notes a transition in the investment logic of the dividend sector from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1]. - The banking sector has emerged as a highlight within high dividend stocks, frequently targeted by insurance and asset management companies, indicating a clear demand for undervalued dividend stocks [1]. Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2]. - As of July 31, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 16.77% of the index [2].

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