Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, but the volume and price have not yet entered a positive cycle. It predicts that the real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced [4][31]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create new products, pricing, and models that will improve the real estate market in core cities [4][31]. Industry Data Summary New Housing Transaction Volume - For the week of September 13-19, 2025, new housing transactions in 34 key cities totaled 2.083 million square meters, a week-on-week increase of 5.4%. The transaction volume for first and second-tier cities increased by 5.2%, while third and fourth-tier cities saw an increase of 8.1% [5][6]. - In September 2025, the cumulative transaction volume for new housing in 34 cities was 5.605 million square meters, a year-on-year increase of 17.6% [6][8]. Second-Hand Housing Transaction Volume - For the week of September 13-19, 2025, second-hand housing transactions in 13 key cities totaled 1.096 million square meters, a week-on-week decrease of 6.1%. However, the cumulative transaction volume for September showed a year-on-year increase of 31.3% [12][31]. New Housing Inventory - In the week of September 13-19, 2025, 15 key cities had a total of 1.07 million square meters of new housing launched, with a total available residential area of 89.666 million square meters, reflecting a week-on-week increase of 0.3% [21][31]. Policy and News Tracking Real Estate Industry - The State Council has officially implemented the "Housing Rental Regulations," encouraging multiple channels to increase rental housing supply. The National Bureau of Statistics reported that from January to August 2025, real estate investment totaled 603.09 billion yuan, down 12.9% year-on-year [31][32]. - Shanghai has optimized its property tax pilot policy, temporarily exempting eligible residents from property tax for their first home and second homes under certain conditions [31][32]. Property Management Industry - The "Housing Rental Regulations" emphasize the role of property management in coordinating supervision and promoting the transition of the property industry from traditional management to "rental + service" [35][36].

Group 1 - The core viewpoint of the news is that Gindal Group's stock has experienced a decline in price and significant net outflow of funds, indicating potential challenges in the market [1][2] - As of September 19, Gindal Group's stock price was 4.03 CNY per share, with a market capitalization of 18.194 billion CNY [1] - The company has seen a year-to-date stock price decrease of 7.99% and a 4.50% drop over the last five trading days [1] Group 2 - For the first half of 2025, Gindal Group reported a revenue of 15.678 billion CNY, a year-on-year decrease of 25.80%, and a net profit attributable to shareholders of -3.701 billion CNY, a decrease of 10.13% [2] - The company has distributed a total of 23.149 billion CNY in dividends since its A-share listing, with 703 million CNY distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]

Core Viewpoint - The company is providing a guarantee for a loan of RMB 55 million to support the operational needs of its subsidiary's project in Beijing [2][5][7]. Group 1: Guarantee Details - The company’s subsidiary, VISION BUSINESS PARK (TH) LIMITED, holds a 20% stake in the borrowing company, which is seeking a loan from China Merchants Bank for operational purposes [2][5]. - The loan amount is capped at RMB 55 million, with a maximum term of 15 years [2][5]. - The guarantee is secured by the 20% equity stake held by VISION BUSINESS PARK (TH) LIMITED in the borrowing company [2][5]. Group 2: Authorization and Compliance - The company’s board and shareholders have previously authorized a total guarantee limit of RMB 10 billion for the year 2025, which includes this guarantee [3][8]. - This guarantee falls within the authorized limit and does not require additional board or shareholder meetings for approval [3][8]. Group 3: Financial Overview - As of the announcement date, the company has a total external guarantee balance of RMB 18.48 billion, which represents 31.30% of the company's audited net assets attributable to shareholders [9]. - The company has provided guarantees of RMB 13.27 billion to other subsidiaries and RMB 5.21 billion to joint ventures and associates, with no overdue guarantees reported [9].

Group 1 - Company announced that its subsidiary VISION BUSINESS PARK (TH) LIMITED holds a 20% stake in Beijing Weixin Huqing Real Estate Development Co., Ltd., which operates the Jindi Beijing Huqing project [1] - The borrowing company applied for a loan of 55 million yuan from China Merchants Bank, with a maximum loan term of 15 years to meet operational needs [1] - VISION BUSINESS PARK (TH) LIMITED signed a pledge contract with China Merchants Bank, using its 20% stake in the borrowing company as collateral for the loan, with a total guarantee amount not exceeding 55 million yuan [1] Group 2 - As of the announcement date, the company's total external guarantees amount to 18.48 billion yuan, accounting for 31.3% of the company's audited net assets attributable to shareholders for 2024 [2] - The company and its subsidiaries provided guarantees totaling 13.269 billion yuan for other subsidiaries, while guarantees for joint ventures and associates amount to 5.211 billion yuan [2] - The company has no overdue guarantees [2]

证券代码：600383 证券简称：金地集团 公告编号：2025-037 金地（集团）股份有限公司 科 学 筑 家 关于为北京项目公司融资提供担保的公告 本公司董事会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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 威新华清（北京）置业发展有限公司 万元 55,000 | | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 0 万元 | | | 是否在前期预计额度内 | 是 | | | 本次担保是否有反担保 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（万元） | 1,847,983.29 | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 31.30 | | 特别风险提示 | 对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一） 担保的基本情况 金地（集团）股份有限公司（以下简称"公司"）之 ...

Market Overview - On September 18, the real estate development sector fell by 2.11%, with Wolong New Energy leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the real estate sector included: - Shouke Co., Ltd. (600376) with a closing price of 8.07, up 9.95% [1] - Leijiang Holdings (600162) at 2.88, up 9.92% [1] - China New Group (601512) at 10.33, up 8.51% [1] - Major decliners included: - Wolong New Energy (600173) at 8.50, down 8.70% [2] - Rongsheng Development (002146) at 1.82, down 8.54% [2] - Hualian Holdings (000036) at 4.41, down 5.16% [2] Capital Flow - The real estate development sector experienced a net outflow of 1.258 billion yuan from institutional investors, while retail investors saw a net inflow of 1.278 billion yuan [2] - Specific stock capital flows indicated: - Wan Tong Development (600246) had a net inflow of 640.96 million yuan from institutional investors [3] - Su Ning Global (000718) saw a net outflow of 70.88 million yuan from retail investors [3] - China New Group (601512) had a net inflow of 40.21 million yuan from institutional investors [3]

Core Viewpoint - Gemdale Group's stock price dropped by 5.08% on September 18, closing at 4.11 CNY per share, with a trading volume of 529 million CNY and a turnover rate of 2.79%, resulting in a total market capitalization of 18.555 billion CNY [1] Group 1: Company Overview - Gemdale Group, established on January 20, 1988, and listed on April 12, 2001, is located in Shenzhen, Guangdong Province. The company primarily engages in real estate development and management, property management, and property leasing [1] - The revenue composition of Gemdale Group includes: 62.07% from real estate development, 25.07% from property management, 5.79% from other sources, 5.70% from property leasing, and 1.37% from supplementary activities [1] Group 2: Fund Holdings - According to data, one fund under ICBC Credit Suisse Asset Management holds a significant position in Gemdale Group. The ICBC Strategic Transformation Stock A fund (000991) maintained its holding of 19.5569 million shares in the second quarter, unchanged from the previous period, representing 3.31% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 4.3025 million CNY [2] Group 3: Fund Manager Information - The fund manager of ICBC Strategic Transformation Stock A is Du Yang, who has been in the position for 10 years and 218 days. The total asset size of the fund is 10.739 billion CNY, with the best fund return during his tenure being 299.2% and the worst being -37.97% [3]

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for stabilization in the market [2][6][41]. Core Insights - The real estate market continues to face pressure, with new construction and sales data showing significant declines. The report highlights a downward trend in new construction area, with an August year-on-year decrease of 20.3%, reflecting a 4.8 percentage point reduction from the previous month [2][42]. - Development investment also remains under pressure, with an August year-on-year decline of 19.5%, indicating that construction intensity is weak due to ongoing challenges in the sales market [2][42]. - The report suggests that the overall investment in construction may exhibit a "W-shaped" fluctuation pattern, with a short-term expectation of no V-shaped recovery [2][42]. Summary by Sections Sales Data - In August, the year-on-year growth rate of sales area adjusted for the base period was -10.6%, a decrease of 2.7 percentage points from the previous month. The overall new housing market has shown low-level fluctuations since May [6][15]. - Cumulatively, from January to August, the sales area reached 573 million square meters, with a year-on-year decline of 4.7% [9][16]. Construction Data - The new construction area in August saw a year-on-year decline of 20.3%, continuing a downward trend. The report anticipates that new construction will show a pattern of rising and then falling in the second half of the year [2][42]. - The completion area in August also experienced a year-on-year decrease of 21.4%, although it showed a slight recovery from the previous month [2][42]. Investment and Funding - The total development investment from January to August was 6 trillion yuan, reflecting a year-on-year decline of 12.9% [9][16]. - Funding sources for real estate projects showed a year-on-year decrease of 8.0% in August, indicating ongoing challenges in the financial landscape for real estate companies [7][9]. Market Trends - The report notes that the average price of new homes in August was 9,601 yuan per square meter, with a year-on-year decline of 2.7% [9][16]. - The report emphasizes the importance of monitoring the gap between net rental yields and mortgage rates as a key factor influencing total demand in the housing market [41].

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4]. Core Insights - The supply and demand in the real estate sector show signs of accelerated decline, particularly in supply, with a notable shift in the balance point [2]. - The effectiveness of policies has shifted from explosive short-term impacts to more sustained effects, necessitating a reassessment of policy attitudes and outcomes [61]. - The relationship between completed construction area and unsold inventory is crucial for future storage policies, indicating a potential critical point for policy execution [62]. Summary by Sections Investment Situation - From January to August 2025, the cumulative real estate development investment was 60,309 billion, a year-on-year decrease of 12.9%, with residential investment down 11.9% [13][10]. - New construction area decreased by 19.5% year-on-year, while completed area fell by 17.0% [18][10]. - The total funding for real estate reached 64,318 billion, down 8.0% year-on-year [45][10]. Sales Performance - The total sales area of commercial housing from January to August 2025 was 573 million square meters, a year-on-year decline of 4.7% [27][10]. - The sales amount for commercial housing was 55,015 billion, down 7.3% year-on-year [27][10]. - In first-tier cities, the sales area of residential properties increased by 0.9%, while second-tier cities saw a similar trend, indicating a potential stabilization in demand [29][32]. Recommendations - Low-leverage companies remain the preferred choice, with recommendations for various categories including developers like Vanke A, Poly Developments, and China Overseas Development [60]. - The report emphasizes that the decline in supply is more pronounced, while the pressure on the funding chain remains manageable [60][4]. - The anticipated seasonal peak in sales towards the end of the year suggests a likelihood of sales amounts exceeding development investment, keeping the funding chain risks under control [60].

Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]