近日，北京遭遇极端强降雨，引发部分区域洪涝灾害。雨情之下，责任在肩，星夜驰援，协同作战。首 开集团、首创城发集团、北京建工、金隅集团、北京城建集团、东方雨虹等企业闻"汛"而动，迅速集结 力量，调配充沛物资，抢通道路、安置居民、修复基础设施，用专业的力量和暖心的服务，生动诠释了 同舟共济、守护家园的担当精神。 首开集团 守护民生 温暖到家 面对严峻汛情，首开集团全面部署防汛及后续保障工作。首开集团第一时间召开紧急会议，层层压实责 任，紧盯重点区域风险隐患，加强物资和队伍管理，严格落实值守制度。其中，集团客服中心96139热 线满负荷运转，保障居民诉求畅通，及时处理881件居民诉求。 作为大型国有物业企业，首开城运集团投入大量人力开展巡查抢险，加强低洼路段、设备间巡视。据不 完全统计，截至7月29日，首开城运集团累计投入6367人次开展雨中巡查抢险，检查平房10239间次、楼 房8296幢次，发现房屋漏雨474处，疏通排水125处，全力保障居民正常生活。 在门头沟区永定镇，首开天岳恒公司门城项目部积极配合街道转移居民，耐心劝说并安全护送老人撤 离。统计数据显示，截至7月29日，各项目部累计转移安置居民186人。 ...

Core Insights - In July 2025, both supply and demand for new residential properties in Beijing weakened, with a total of 365,600 square meters signed online [1] - The Beijing land market saw a slowdown in supply, with only two plots sold, located in Changping and Yanqing, totaling a planned construction area of 126,500 square meters and a land transfer fee of 1.929 billion yuan, with an average floor price of 15,254 yuan per square meter [1][9] Sales Performance - From January to July 2025, the top 20 real estate companies in Beijing achieved a total sales revenue of 195.08 billion yuan and a total sales area of 3.747 million square meters [2][3] - China Overseas Land & Investment, China Resources Land, and Yuexiu Property ranked as the top three companies by sales revenue, with sales of 27.99 billion yuan, 22.43 billion yuan, and 19.58 billion yuan respectively [2][3] Market Conditions - The new housing market in Beijing experienced a decline in both supply and demand during the traditional off-season, with new supply of 189,300 square meters and total online signed transactions of 365,600 square meters in July [7] - The land market in Beijing saw a total of two plots sold in July, with a combined land transfer fee of 1.929 billion yuan and a floor price of 15,254 yuan per square meter [9] Policy Developments - On July 31, 2025, the Beijing Municipal Government issued a notice to improve housing support policies, emphasizing the need to increase the supply of affordable housing and provide priority allocation for families with multiple children [6]

Investment Rating - The report maintains a "Buy" rating for the real estate development sector and real estate services sector [10][14]. Core Insights - The report highlights a rebound in new home sales in 44 cities, with a week-on-week increase of 22%, while second-hand home sales saw a slight decline of 5% [2]. - Year-to-date, new home sales in 44 cities are down 6% year-on-year, while second-hand home sales are up 14% [2]. - The report emphasizes the importance of inventory reduction, noting a 0.4% decrease in new home inventory in 21 key cities [33]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 1.75%, with the real estate development sector down 3.43% [3]. - The report indicates a mixed performance in the real estate market, with new home sales showing signs of recovery while second-hand sales are declining [2][3]. Key Companies and Dynamics - The report recommends several companies for investment, including: - Chengdu Investment Holdings (600649 CH) with a target price of 6.34 - Chengjian Development (600266 CH) with a target price of 7.32 - Binjiang Group (002244 CH) with a target price of 12.08 - China Overseas Development (688 HK) with a target price of 17.07 - Greentown China (3900 HK) with a target price of 12.73 - China Overseas Property (2669 HK) with a target price of 7.74 - Link REIT (823 HK) with a target price of 50.59 [11][43]. New Home and Second-Hand Home Data - New home sales in July across 44 cities decreased by 19% year-on-year, with first-tier cities down 26% [15]. - The report notes that second-hand home sales in 22 cities decreased by 6% in July, but year-to-date, they are up 14% [24]. Inventory and Market Dynamics - As of July 27, the inventory of new homes in 21 key cities decreased by 0.4% week-on-week, with a year-on-year decline of 14% [33]. - The report indicates that the de-stocking speed in first-tier cities is 54 weeks, while second-tier cities are at 87 weeks [33]. Recommendations and Future Outlook - The report expresses optimism about the recovery of key city markets and the valuation recovery of companies with strong cash flow and performance [4][42]. - The report suggests that property management companies are also likely to see valuation recovery as the real estate market stabilizes [4].

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [5] Core Insights - New home sales in July 2025 experienced seasonal adjustments, with a month-on-month decline of 38.1% and a year-on-year decline of 23.2%, indicating a weakening market momentum [1] - The report highlights an expected acceleration in the implementation of real estate policies, particularly in first-tier cities and core areas, which may exceed expectations [1] - The sales threshold for the top 10 real estate companies increased significantly, while sales amounts for various tiers of companies showed a month-on-month decline [2] - The concentration of top real estate companies has increased, with the top 10 companies accounting for 52.8% of total sales among the top 100 companies, reflecting a trend towards consolidation [3] - Overall market activity in the real estate sector has declined, suggesting a traditional off-season, with a recommendation to focus on companies with advantages in core city layouts [4] Summary by Sections New Home Sales - In July 2025, new home sales saw a month-on-month decrease of 38.1% and a year-on-year decrease of 23.2%, with cumulative sales from January to July down 14.4% year-on-year [1] Sales Thresholds - The sales thresholds for the top 10, 20, 30, 50, and 100 real estate companies were 616 billion, 217 billion, 147 billion, 77 billion, and 25 billion respectively, with the top 10 showing a year-on-year increase of 5.0% [2] Company Concentration - The top 10 companies' sales accounted for 52.8% of the total sales of the top 100 companies, indicating a slight increase in concentration compared to the previous year [3] Market Activity - The market activity for new and second-hand homes in 44 cities showed a month-on-month decline of 34.4% and 28.2% respectively, indicating a seasonal downturn [4] Recommendations - The report recommends focusing on real estate developers with strong credit, good city locations, and quality products, as well as top property management companies and REITs benefiting from asset revaluation in Hong Kong [4]

Core Viewpoint - Hefei Urban Construction Development Co., Ltd. has successfully acquired land use rights for a residential plot in Hefei, indicating a strategic move to increase land reserves and expand its development portfolio [1][2]. Group 1: Company Actions - The company held its 18th meeting of the 8th board of directors on July 25, 2025, where it unanimously approved the proposal to jointly bid for the land use rights of plot XZ202501 in Hefei [1]. - On July 31, 2025, the company, in collaboration with China Real Estate Development Hefei Co., Ltd., participated in the land use rights auction organized by the Hefei Natural Resources and Planning Bureau [2]. Group 2: Land Acquisition Details - The acquired land, located in the New Station District of Hefei, covers an area of 130.72 acres with a usage period of 70 years [2]. - The total amount for the land use rights is RMB 980.4 million, which will be financed through self-raised funds by the company and its partner [2].

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to "stabilize the real estate market and stock market," indicating that the stabilization of the real estate market is crucial for boosting social expectations and facilitating domestic demand circulation [5][48] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index by 2.3%, the ChiNext Index by 2.8%, and the CSI 300 Index by 1.7%, while the real estate sector (Shenwan) increased by 4.1% [5][8] - The top five stocks in terms of price increase were *ST Nan Zhi (+15.4%), Hainan Airport (+14.5%), Zhangjiang Hi-Tech (+12.4%), Tibet City Investment (+11.8%), and Dayuecheng (+10.6%) [5] Data Tracking New Housing Transactions - For the week of July 19-25, new housing transactions in 42 key cities totaled 1.69 million square meters, a week-on-week increase of 19.4% [15] - In July (up to the week of July 25), new housing transactions in 42 key cities totaled 5.77 million square meters, a month-on-month decrease of 28.4% and a year-on-year decrease of 17.9% [19] Second-Hand Housing Transactions - For the week of July 19-25, second-hand housing transactions in 21 key cities totaled 1.95 million square meters, a week-on-week increase of 1.8% [31] - In July (up to the week of July 25), second-hand housing transactions in 21 key cities totaled 6.96 million square meters, a month-on-month decrease of 3.9% and a year-on-year decrease of 5.5% [35] Industry News - The State Council announced the "Housing Rental Regulations," marking a new phase of legalization and standardization in the housing rental market [48] - The People's Bank of China reported a year-on-year increase of 0.3% in real estate development loans, indicating a recovery in growth [48] - The Ministry of Finance reported that the revenue from state-owned land transfers in the first half of 2025 was 1.43 trillion yuan, a year-on-year decrease of 6.5% [48] Company Announcements - China Merchants Shekou issued the first phase of corporate bonds worth 800 million yuan with an interest rate of 1.70% for a term of 3 years [51] - China Jinmao issued the first phase of unsecured medium-term notes worth 2 billion yuan with an interest rate of 2.30% for a term of 3 years [51] - Binhai Group acquired the land use rights for a state-owned construction site in Hangzhou, covering an area of 36,496 square meters with a total price of 1.53 billion yuan [51]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][30]. Core Insights - The real estate market is currently experiencing a trend of destocking, with new housing market conditions still under pressure. The central government's recent statements indicate a shift towards more robust measures to stabilize the market [4][30]. - The report highlights the importance of product strength and inventory management capabilities in identifying quality real estate companies for investment [4][30]. Summary by Sections 1. Industry Data - New housing transaction volume in 34 key cities increased by 19.9% week-on-week, with first and second-tier cities seeing a 24.5% increase, while third and fourth-tier cities experienced a 24.7% decrease [5][8]. - In July, the total transaction volume for new homes in 34 cities was 687.5 million square meters, a year-on-year decrease of 13.6% [8][9]. - The inventory of residential properties in 15 cities increased by 0.2% week-on-week, with a corresponding average monthly de-stocking period of 20 months [21][22]. 2. Industry Policies and News Tracking - The People's Bank of China maintained the Loan Prime Rate (LPR) at 3% for one year and 3.5% for five years in July [30][31]. - Various local governments have introduced policies to stimulate the housing market, including the cancellation of housing sales restrictions and adjustments to housing provident fund loan rules [30][31]. - The report notes that the fiscal revenue from property taxes increased by 12% year-on-year, while land appreciation tax revenue decreased by 17.6% [30][31]. 3. Company Announcements - Several real estate companies are actively engaging in financing activities, with notable issuances including China Merchants Shekou's bond issuance of 800 million yuan at a 1.70% interest rate [36][37]. - The report mentions that Beike-W repurchased approximately 2.49 million shares for about 16 million USD during the week [38].

Group 1 - The core point of the article is the announcement of the candidates for the construction contract of the second group of the first phase of the Xiong'an Campus of Beijing Jiaotong University, with China State Construction Engineering Corporation (CSCEC) and China Railway Fourth Group among the selected bidders [1][11] - The bid prices for the selected candidates are approximately 1.044 billion yuan for CSCEC, 1.044 billion yuan for China Railway Fourth Group, and 1.044 billion yuan for China State Construction First Group [1] - The evaluation scores indicate that CSCEC ranked first with a total score of 91.38, followed by China Railway Fourth Group and China State Construction First Group with scores of 90.87 and 90.73 respectively [2] Group 2 - Several bidders were disqualified due to non-compliance with the technical bid requirements, including China Metallurgical Group Corporation and China State Construction Engineering Seventh Bureau, which failed to meet the formatting standards outlined in the bidding documents [4][5] - The disqualification reasons included the presence of English punctuation and empty lines in the technical documents, which did not adhere to the "dark marking" requirements that ensure the anonymity of bidders during evaluation [4][7] - The article highlights the importance of adhering to formatting requirements in bid submissions, as failure to comply can lead to disqualification, emphasizing that these requirements are often treated as substantive criteria in practice [8][9]

Core Viewpoint - Beijing Urban Construction Investment Development Co., Ltd. (referred to as "Urban Development") is undergoing significant management changes, with Qi Zhanfeng appointed as the new chairman amid fluctuating financial performance, including a projected loss of 951 million yuan in 2024 followed by an expected profit of over 400 million yuan in the first half of 2025 [1][10]. Management Changes - Qi Zhanfeng, previously the chief accountant of Beijing Urban Construction Group, has been elected as the chairman of Urban Development, marking a shift in leadership dynamics [4][8]. - The new management team consists of Qi Zhanfeng and Zou Zhe, who serves as both the party secretary and general manager, indicating a strategic focus on financial and operational management [2][8]. Financial Performance - Urban Development reported a revenue of approximately 25.442 billion yuan in 2024, reflecting a year-on-year increase of 24.94%, but faced a net loss of about 951 million yuan, a decline of 270.17% compared to the previous year [10]. - The company anticipates a turnaround in 2025, projecting a net profit of between 440 million yuan and 654 million yuan for the first half of the year, driven by the delivery of real estate projects and gains from financial assets [10]. Challenges and Strategies - Despite the anticipated profit in 2025, Urban Development has faced ongoing challenges with profitability stability, as evidenced by fluctuating performance over recent years [11]. - The gross profit margins for real estate development, leasing, and property management have declined, with the real estate development margin at 14.1% [11]. - The new leadership is tasked with stabilizing profits, reducing inventory, and enhancing operational efficiency, particularly in the context of high inventory levels and declining profit margins [11][14]. Industry Context - The real estate sector is undergoing significant adjustments, and the new management's ability to navigate these challenges will be critical for Urban Development's future performance [2][12]. - The emphasis on financial management and risk control under Qi Zhanfeng's leadership is expected to play a crucial role in maintaining cash flow and ensuring the company's safe development amidst industry pressures [14].

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [5]. Core Insights - The overall market in Q2 2025 shows weak transaction volumes, stable prices lacking trends, and increasing inventory with heightened de-stocking pressure [3]. - Only 19% of the 27 cities analyzed exhibit signs of market bottoming, indicating a general trend of "volume contraction, price stagnation, and inventory pressure" [12]. - The new housing market is experiencing a downturn, with first-tier cities showing a significant slowdown in sales growth, while the second-hand housing market demonstrates relative resilience but with increasing regional disparities [12][13]. Summary by Sections 1. Transaction Decline and Lengthening De-stocking - The report highlights that the real estate cycle varies significantly across cities due to localized policies and differing reliance on land finance [8]. - A comprehensive scoring model based on seven core indicators is used to assess the real estate cycle of each city, categorizing them into four stages: bottoming, rising, topping, and declining [8][9]. 2. Price Trends: Q2 New and Second-hand Housing Prices Decline - In Q2 2025, new housing prices experienced a slight decline after a period of stabilization, with 85% of cities unable to sustain price increases for more than two months [17]. - Second-hand housing prices also fell, with 78% of cities still in a downward trend by June [17][19]. 3. Transaction Volume: Weak Recovery and Increased Volatility - First-tier cities maintained an upward trend in new housing transactions until June, where a decline of 12% was noted [22]. - Second-tier cities saw a 15% year-on-year drop in new housing transactions in Q2, reflecting greater inventory pressure and declining buyer confidence [22][27]. 4. Demand Entering a Tug-of-War Phase Leading to Rising Inventory Cycles - The de-stocking cycle for first-tier cities increased to 20 months by June 2025, indicating intensified market supply-demand conflicts [29]. - Second-tier cities faced even longer de-stocking cycles, reaching 23 months, highlighting structural issues such as declining population attraction and excess land supply [29]. 5. Company Profit Forecasts - The report includes profit forecasts for key companies, with several companies rated as "Accumulate" based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [32].