在拿地5年之后，华发股份（600325）决定将深圳前海7宗用于冰雪世界的商业地块"割肉"脱手，让深圳 市土地储备中心收储。 虽然收储价格较拿地价格折损约14亿元，但华发选择尽快丢掉包袱，收回现金流。 华发股份在7月末晚间发布了土地回收公告，宣布深圳市土地储备中心以44.05亿元的价格，将全资子公 司融华置地持有深圳前海冰雪世界7宗地块收储，总面积约为7.0468万平方米。 收储完成后，这次交易产生的亏损，将超过公司2024年经审计净利润的50%。 尽管如此，在当前的行情下，华发股份至少能回收大笔现金流，缓解当前的资金压力。 当"冰雪热潮"降温，冰雪文旅也成了房企需要甩掉的包袱。 而在经历高点拿地、合作方退出、土地价值缩水、建设工程"骑虎难下"的情况下，对于华发股份而言， 退地收储，似乎已经是眼下为数不多的解决方案。 热门文旅地块历经波折被"甩包袱" 从高点拿地到黯然收储，华发深圳前海冰雪世界可谓历经波折。 2020年11月，华发股份和融创中国以127.1亿元价格，联手拿下深圳宝安沙井总面积43.68万平方米地 块，计划建设融创华发深圳冰雪文旅城，按照当时的规划，建设期到2026年12月。 彼时正是冰雪文旅如火 ...

证券代码：600325 证券简称：华发股份 公告编号：2025-068 珠海华发实业股份有限公司 关于股份回购进展公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | | 2024/10/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | | 2024 年 月 29 日~2025 10 | 10 | 年 | 月 | 28 | 日 | | 预计回购金额 | | 30,000万元~60,000万元 □减少注册资本 | | | | | | | 回购用途 | | √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | | 2,377万股 | | | | | | | 累计已回购股数占总股本比例 | | 0.864% | | | | | | | 累计已 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5][37] Core Viewpoints - The market heat has declined in July, with sales showing a significant year-on-year drop, reaching a six-year low for the same period [1][14] - The sales performance of top real estate companies varies, with some showing stability while others experience significant declines [4][33] - The report emphasizes the importance of policy-driven market dynamics and suggests that 2025 will be dominated by policy influences [5][37] Summary by Sections July Market Performance - In July, the top 100 real estate companies achieved a sales amount of 211.2 billion yuan, a year-on-year decrease of 24.3% and a month-on-month decrease of 37.7% [1][14] - From January to July, the top 100 companies recorded a total sales amount of 1.8639 trillion yuan, down 12.5% year-on-year [1][14] Sales by Company Tier - The sales decline is observed across all tiers, with the smallest drop in the TOP21-30 tier at 6.3% year-on-year, while the TOP10 tier saw a decline of 14.9% [2][16] - The sales threshold for the top 100 companies decreased significantly, with the threshold for the top 10 dropping from 52.65 billion yuan to 49.16 billion yuan, a decline of 6.6% [3][28] Performance of Leading Companies - Some leading state-owned and benchmark private enterprises showed stable sales, with Yuexiu Property achieving a year-on-year growth of 12.6% in July [4][33] - Among the top 40 companies, 11 reported positive year-on-year growth in July, with the best performer being Bangtai Group at 82.6% [4][33] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons, including the expectation of stronger policy support compared to previous years and the potential for quality companies to benefit from improved competitive dynamics [5][37] - Recommended stocks include Green Town China, China Overseas Development, and Poly Development among others [5][37]

Core Viewpoint - Huafa Co., Ltd. is facing significant challenges in the real estate sector, leading to a strategic decision to dispose of undeveloped commercial land at a substantial loss to mitigate liquidity risks and optimize asset quality [2][11][12]. Group 1: Company Actions and Financial Impact - Huafa announced the disposal of seven undeveloped commercial land parcels in Shenzhen for 4.405 billion yuan, which is significantly lower than the book cost of 5.842 billion yuan, resulting in an estimated loss of approximately 1.4 billion yuan, representing a discount of 24.59% [2][14]. - The transaction is expected to exceed 50% of the company's audited net profit for 2024, indicating a severe impact on financial performance [2][14]. - The decision to sell the land was made to accelerate asset turnover and reduce liquidity risks amid ongoing market uncertainties [2][12]. Group 2: Market Context and Challenges - The commercial real estate market in Shenzhen is experiencing a downturn, with a significant drop in transaction volumes and rising inventory pressures, leading to a challenging environment for developers [7][9]. - In the first half of 2025, the commercial market saw a 74.2% year-on-year decrease in transactions, while the office market hit a ten-year low in transaction volume [7][9]. - The overall economic environment has led to slow absorption of commercial properties, increasing financial strain on developers [6][11]. Group 3: Strategic Implications - The disposal of land is viewed as a rational move to optimize land reserves and improve asset quality in a declining market [11][17]. - The case of Huafa's land disposal is seen as a potential model for other companies facing similar challenges, highlighting the importance of asset restructuring in the current market [17]. - Despite the strategic move to mitigate losses, Huafa's profitability remains under pressure, with a projected 86.7% decline in net profit for the first half of 2025 [17].

Group 1 - The land market remains active in 2025, with top 100 real estate companies acquiring land worth a total of 578.3 billion yuan from January to July, representing a year-on-year increase of 34.3% [1] - The top 10 real estate companies accounted for 43.5% of the total new value added, with Greentown China leading at 111.6 billion yuan, followed by China Overseas Property and Poly Developments at 93.5 billion yuan and 90.7 billion yuan respectively [1] - Competitive bidding for prime land in core cities is intense, with record-breaking floor prices, such as the 200,300 yuan per square meter for a land parcel in Shanghai's Xuhui District [1] Group 2 - Real estate companies are actively acquiring land during this "window period" to replenish their portfolios, driven by the release of premium and scarce land by local governments [2] - In July, the overall real estate market experienced a seasonal decline in supply and demand, with new home transaction volumes in 30 key cities totaling approximately 8.36 million square meters, remaining stable compared to the previous year [2] - Poly Developments led sales with 150.1 billion yuan in transaction volume, while Greentown China and China Overseas Property followed closely [2] Group 3 - The new home transaction volume is expected to continue fluctuating at low levels in August, with a projected year-on-year decline of less than 5% [3] - Core first- and second-tier cities may experience a temporary cooling, while some second-tier cities like Tianjin, Wuhan, and Nanjing could see a phase of recovery [3] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good properties" [3]

| ○ 基金经理：罗文杰 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：12年又104天 | 午駅起始日期：2013-04-22 现任基金公司：南方基金管理股份有限公司 | | | 基金经理简介:罗文杰女士:美国南加州大学数学金融硕士、美国加州大学计算机科学硕士,具 有中国基金从业资格。曾任职于摩根士丹利投资银行,从事量化分析工作。2008年9月加入南 方基金,曾任南方基金数量化投资部基金经理助理:现任指数投资部总经理。2011年2月28日至 | | | | | | 现任基金资产 | | 在管基金最佳 | | 2013年4月21日任深证成份交易型开放式指数证券投资基金基金经理助理。2013年5月17日至 | | | | | | | 总规模 | 任期回报 | | 2015年6月16日,任南方策略基金经理:2017年11月9日至2019年1月18日,任南方策略、南方量 | | | | | | | | | | 化混合基金经理;2016年12月30日至2019年4月18日,任南方安享绝对收益、南方卓 ...

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].

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].

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]

Core Viewpoint - The article discusses the financial struggles and strategic maneuvers of Sunac China, particularly focusing on its asset sales and partnerships with state-owned enterprises to manage debt and maintain liquidity amid a declining real estate market [1][4]. Group 1: Asset Sales and Financial Maneuvers - Sunac China began selling project equity to recover funds and avoid public debt defaults, with significant transactions including the complete transfer of equity in the Guangzhou Zengcheng land plot and a 30% stake in the Zhongshan Mingsheng project [1]. - In January 2023, Sunac sold 51% of the Shenzhen Ice and Snow Cultural Tourism City project to Huafa for 3.58 billion yuan, retaining a buyback option until November 2025, which allows for a potential future recovery of the stake [1]. - The partnership with Huafa is characterized as a model of "state-owned enterprise investment + private enterprise construction," indicating a collaborative approach to project management and financial recovery [1]. Group 2: Project Developments and Challenges - Following the equity transfer, Huafa took full control of the Shenzhen Ice and Snow project, with significant management changes occurring within the project company [3]. - By mid-2025, Huafa announced plans to recover seven commercial land parcels from the project, which resulted in a projected loss exceeding 50% of its 2024 audited net profit, highlighting the financial strain on Huafa due to the project [4]. - The project, initially intended to be a landmark for Shenzhen's cultural tourism, faced setbacks as the land was returned to the government while remaining undeveloped, indicating a failure to meet construction timelines [6][7]. Group 3: Market Position and Future Outlook - Huafa's aggressive land acquisition strategy from 2021 to 2023 aimed to bolster its asset base, but the lack of a strong product line and subsequent financial pressures have led to a decline in net profit and cash flow ratios [15][17]. - The company has shifted its focus to major cities, reducing its presence in lower-tier markets, and has seen a significant drop in land acquisition activities in 2025 [15][19]. - Despite a reported increase in sales revenue, Huafa faces challenges with profitability due to high acquisition costs and insufficient impairment provisions for its projects, indicating potential hidden financial risks [17][20].