金融界消息 截至2025年6月9日收盘，金地集团（600383）报收于3.73元，上涨0.27%，换手率1.94%， 成交量87.47万手，成交金额3.26亿元。 资金流向方面，今日主力资金净流出1547.62万元，占比成交额4.75%。其中，超大单净流出3326.57万 元、占成交额10.2%，大单净流入1778.95万元、占成交额5.46%，中单净流出流出117.84万元、占成交 额0.36%，小单净流入1665.46万元、占成交额5.11%。 天眼查商业履历信息显示，金地(集团)股份有限公司，成立于1988年，位于深圳市，是一家以从事房地 产业为主的企业。企业注册资本451458.3572万人民币，实缴资本451458.3572万人民币。公司法定代表 人为徐家俊。 通过天眼查大数据分析，金地(集团)股份有限公司共对外投资了177家企业，参与招投标项目918次，知 识产权方面有商标信息886条，专利信息57条，此外企业还拥有行政许可34个。 金地集团最新一期业绩显示，截至2025一季报，公司营业总收入59.66亿元、同比减少14.32%，归属净 利润65780.68万元，同比减少138.34%，扣非净利润 ...

Core Viewpoint - The future of the construction agency industry will maintain a "stronger will remain strong" and "characteristics will prevail" development trend, emphasizing "long-termism" and companies with "core competitiveness" to build a moat in the transition from "blue ocean to red ocean" in the construction agency track [1][35]. Group 1: Industry Development Phase - The construction agency sector is entering a phase of stable development after three years of rapid and "barbaric" expansion, with increasing competition and market saturation [5][6]. - The new construction scale in 2024 reached 215 million square meters, doubling from 2020, but the growth rate has significantly slowed, with a year-on-year increase of only 13%, down 14 percentage points from 2023 [6][7]. - The industry is influenced by several factors, including a sluggish macroeconomic environment, increased competition, and short-term uncertainties from policy changes [7][8]. Group 2: Challenges Facing the Industry - The construction agency industry faces multiple challenges, including the contradiction between high-quality development and price competition, as well as the shrinking profit margins against the backdrop of excessive profit commitments [11][12]. - The logic for clients selecting construction agencies has evolved from "single service procurement" to "strategic ecosystem co-construction," prioritizing long-term partnerships and risk-sharing capabilities [11][12]. Group 3: Core Competitiveness of Leading Companies - Four leading companies—Greentown Management, Blue City Group, Jindi Management, and Runzhi Management—have accumulated advantages and experience during the "blue ocean" period, which serve as their capital and confidence in facing the "red ocean" [14][35]. - Greentown Management leads in scale, supported by a standardized system that enhances product reputation and brand premium [15][16]. - Blue City Group has established significant advantages in niche areas, particularly in affordable housing and public construction, and emphasizes long-term partnerships with government clients [20][21]. - Jindi Management has a robust project management system and a diverse client base, with a focus on high-quality customer structures [25][26]. - Runzhi Management, as a subsidiary of China Resources Land, has a strong presence in government projects and public construction, leveraging its central enterprise resources for competitive advantages [27][28]. Group 4: Long-termism as a Development Foundation - The construction agency industry, transitioning to a light-asset model, has a stronger counter-cyclical effect, becoming a vital survival strategy for many companies [35]. - Companies should focus on building core competitiveness, exploring niche markets, and creating long-term stable partnerships with clients to maximize value [37][38].

Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

Market Overview - The transaction volume in Kunming's real estate market slightly decreased last week, with an average transaction price of approximately 12,631 CNY per square meter, reflecting a 4% decrease week-on-week [1] - Total supply in the market was about 22,700 square meters, down 70% from the previous week, with 100 and 72 units supplied from two projects [1][3] - The total transaction area was approximately 58,800 square meters, showing a 1% decrease compared to the previous week [1] Project Performance - The top-performing projects included Xuhui Plaza and Botianfu, with a sales amount of about 42 million CNY and 22 units sold, achieving an average price of 14,674 CNY per square meter [3] - High-end improvement-type properties like Botian and Longhu New Hope continued to dominate sales, with average prices ranging from 18,023 CNY to 19,092 CNY per square meter [3] - Affordable housing projects such as Botian Yujiazhang and others maintained strong sales, with average prices between 9,384 CNY and 11,123 CNY per square meter [3] Land Supply and Development - No land supply or transactions occurred in Kunming's main urban area last week [4] - A new 30-class primary school is planned in the Northwest New City area, with a total investment of approximately 149 million CNY, set to start bidding in June [5][7] Infrastructure Development - The construction of the Guandu 398 Road, referred to as the "fourth vertical," is set to improve traffic conditions in the Wujia Ba area, with a total length of 2,579 meters [7][9] - The road will enhance connectivity in the area, with parts of the road already having completed foundational work, indicating a relatively low investment and short construction timeline [7][10] Auction and Hotel Status - The commercial land parcel for the招商翰林大观 project is scheduled for auction on July 2, with a starting price of approximately 67 million CNY [10][11] - The Dali Hilton Hotel recently failed to sell at auction, with an estimated value of about 1.093 billion CNY and a starting price of approximately 984 million CNY [11]

Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].

股票代码：600383 股票简称：金地集团 公告编号：2025-017 金地（集团）股份有限公司 科 学 筑 家 关于为子公司提供履约担保的公告 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个别及连带责任。 重要内容提示： 一、 担保情况概述 2025 年 5 月 28 日，金地（集团）股份有限公司（以下简称"公司"）之全 资子公司嘉兴华盛金安投资有限公司（以下简称"华盛金安"），与重庆渝创银河 接力私募股权投资基金合伙企业（有限合伙）（以下简称"重庆渝创银河"）签署 了《合伙企业财产份额转让协议》（以下简称"转让协议"），向重庆渝创银河转 让其持有的嘉兴润耀投资合伙企业（有限合伙）（以下简称"合伙企业"）42.1053% 份额，并约定在触发相应条件时进行回购。 公司已于同日签署担保函，对华盛金安按约定履行回购义务并支付协议约定 的应付款项承担不可撤销的连带责任保证担保，担保期限自华盛金安在转让协议 项下的回购义务、责任履行期限届满之日起两年，担保范围为华盛金安按协议约 定应承担的回购价款、违约金、赔偿金、资金占用费和其他应付款项（如 ...

Core Viewpoint - The 9th CRS Summit "C9·2025 China Industry Resource Strategy Summit" was held on May 28, focusing on the transformation paths and development opportunities in the real estate industry under the dual-track system, with the release of significant research reports including the "2025 China Real Estate Company Brand Value TOP 50" [1] Industry Overview - The summit gathered experts and industry leaders from real estate, property management, and rental housing sectors to discuss the industry's transformation and opportunities [1] - The new "Good House" regulations will be implemented from May 1, 2025, setting higher standards for residential projects, which is expected to positively impact the real estate market [31] - Major cities like Hangzhou, Shenzhen, and Shanghai are witnessing a rise in high-end residential sales, indicating a market recovery [31] Brand Value Rankings - The "2025 China Real Estate Company Brand Value TOP 50" report highlighted leading companies such as China Overseas Development, Poly Developments, and China Resources Land [4][5][8][11][13][16] - In Beijing, the top-ranked companies include China Overseas, China Merchants Shekou, and Poly Developments [10][11] - In Guangzhou, Poly Developments and Yuexiu Property lead the rankings [13] Research Methodology - The core data for the brand value assessment is primarily based on 2024 performance, with consideration for data up to April 30, 2025 [7][10][20] - The research includes data from annual reports, statistical data from national and local statistics bureaus, and a database built by Yihan Think Tank [7][10][20] Market Dynamics - Major state-owned enterprises like China Overseas, Poly, China Resources, and China Merchants dominate the market in key cities, with sales exceeding 100 billion [32][33] - Local companies have also achieved significant success by focusing on their local markets, such as Hangzhou's Binjiang Group and Shenzhen's Hongrongyuan [33] Product Development - Real estate companies are constructing differentiated "Good House" product systems based on four core standards: safety, comfort, green, and smart [35] - Companies like Yuexiu and Greenland are implementing comprehensive standards to enhance product quality and brand image [35] Brand Ecosystem - Companies are diversifying their business models to create a brand ecosystem that integrates development, operation, and service [39] - The focus is on building a community ecosystem that encourages user co-creation and enhances customer engagement [48] Marketing Strategies - Real estate firms are adopting youth-oriented marketing strategies to engage younger demographics through social media and immersive experiences [44] - AI tools are being utilized for promotional activities, enhancing brand visibility and engagement [47]

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for gradual recovery in the market [3]. Core Insights - The real estate market continues to experience low-level fluctuations, with construction completions showing a year-on-year decline, indicating a challenging environment for developers [1][42]. - New construction starts are expected to gradually decrease in their rate of decline throughout the first half of 2025, driven by stabilizing housing demand and strategic adjustments by developers [2][43]. - The report highlights the importance of government policies aimed at stabilizing the real estate market, with a focus on urban renewal and optimizing existing property acquisition strategies [40][41]. Summary by Sections Sales and Market Performance - In April, the year-on-year growth rate of sales area adjusted for the base period was -2.1%, reflecting ongoing low market activity and suppressed buyer sentiment [7][13]. - The total sales area for January to April was 28.26 million square meters, with a cumulative year-on-year decline of 2.8% [9][14]. - The sales amount for April was 270.35 billion yuan, showing a year-on-year decrease of 3.2% [9][14]. Construction and Investment - The new construction area in April saw a year-on-year decline of 22.1%, with expectations for a gradual narrowing of this decline in the coming months [2][43]. - The total investment in real estate development for April was 277.30 billion yuan, reflecting a year-on-year decrease of 10.3% [9][12]. - The completion area in April decreased by 27.9% year-on-year, indicating a faster-than-expected decline in construction completions [42][46]. Financial Indicators - The funding index for the real estate sector showed a downward trend, currently at a historically low level, suggesting potential improvements in cash flow for some companies [2][9]. - The funding sources for real estate development in April totaled 325.96 billion yuan, with a year-on-year decline of 4.1% [12][41]. Price Trends - The new home prices in 70 cities fell by 0.12% month-on-month in April, with an increasing number of cities experiencing price declines [10][11]. - The average price of new homes was 9,566 yuan per square meter, reflecting a slight year-on-year decrease of 0.4% [12][14].

Investment Rating - The report maintains an "Overweight" rating for the real estate development industry [6] Core Insights - The real estate development industry faced significant losses in 2024, with overall revenue declining and profitability weakening due to falling housing prices and impairment pressures [1][13] - Key state-owned enterprises (SOEs) and mixed-ownership companies showed resilience compared to the overall industry, with SOEs experiencing a smaller revenue decline [2][36] - The report highlights that the future revenue of real estate companies is expected to remain under pressure for the next 2-3 years, particularly for those not in prime locations [2][41] Summary by Sections 1. Overview of Developer Annual Reports - In 2024, the overall revenue for 168 real estate developers was 4.33 trillion yuan, a year-on-year decrease of 19.2% [1][13] - The net profit for the industry was -376.3 billion yuan, a significant drop from -1.9 billion yuan in 2023 [1][13] - The cash on hand for developers decreased by 19.4% to 1.63 trillion yuan [1][13] 2. Financial and Operational Analysis of Key Developers 2.1 Revenue Pressure from Resource Turnover - Key SOEs saw a revenue decline of 7.4%, while private enterprises experienced a 22.9% drop [2][41] - The report indicates that the revenue performance of leading developers remains more resilient due to their ample turnover resources [2][41] 2.2 Continued Pressure on Gross Margin - The gross margin for key SOEs was 14.6%, down 2.3 percentage points, while private enterprises had a gross margin of 16.4%, down 1.2 percentage points [2][37] 2.3 Rising Sales and Management Expense Ratios - The sales and management expense ratio for key SOEs was 4.9%, while for private enterprises it was 5.9% [2][49] 2.4 Significant Decline in Investment Income - Investment income for key SOEs and private enterprises fell by 72.3% and 53.4%, respectively [2][37] 2.5 Comprehensive Impairment Provisions - All 14 key developers reported asset impairments, with SOEs accounting for 42.27 billion yuan and private enterprises for 3.88 billion yuan [3][38] 2.6 Declining Net Profit Trend - The net profit for key SOEs dropped by 95.7%, while private enterprises saw a 15.0% decline [4][39] 2.7 Stable Financing for Key SOEs - Key SOEs maintained stable financing channels, with a slight increase in interest-bearing liabilities of 0.7% [5][40] 2.8 Sales Performance of Key SOEs - Key SOEs continued to outperform the industry, focusing on land reserves in core cities [2][41] 2.9 Weak Land Acquisition Intent - The willingness to acquire land remains low across the industry, with key developers focusing on high-potential cities [2][41] 3. Investment Recommendations - The report suggests focusing on real estate-related stocks due to anticipated policy support and the potential for recovery in core urban areas [6][9]

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [14]. Core Insights - The policy goal of stabilizing the market is becoming more proactive, and market expectations have improved, although marginal downward pressure has increased since April [7]. - The rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [7]. - The experience from Hainan is not universally applicable in the current context, and the short-term supply capacity of real estate companies is declining, putting pressure on cash flow [3][11]. - The industry is expected to gradually promote the pilot expansion of existing home sales, considering institutional reforms and practical constraints [11]. Market Performance - The Yangtze River Real Estate Index increased by 0.04% this week, with a relative excess return of -1.08% compared to the CSI 300, ranking 24th out of 32 [8]. - Year-to-date, the Yangtze River Real Estate Index has decreased by 5.53%, with a relative excess return of -4.37% compared to the CSI 300, ranking 29th out of 32 [8]. Policy Developments - The central government emphasizes financial balance in urban renewal, prohibiting large-scale demolition and illegal borrowing [9]. - Local measures in Xinyang, Henan, have implemented existing home sales for newly sold land, ensuring reasonable residential de-stocking cycles [9]. Sales Data - New home transaction area in 37 cities showed a rolling year-on-year decline of 4.1%, while second-hand home transactions in 19 cities increased by 11.6% [10]. - As of May 16, the new home transaction area in 37 cities showed a month-on-month increase of 0.2%, while second-hand homes increased by 6.2% [10]. Current Focus - The discussion and promotion of existing home sales have gained attention again in 2023 due to delivery issues and the need for institutional reform [11]. - The impact of existing home sales on real estate companies includes extended cash flow recovery times, decreased turnover rates, and increased uncertainty and funding costs [11].