智通财经APP获悉，中信建投证券发布研报称，3月重点城市新房成交同比增长3.5%，二手房成交同比 增长37%，二手房成交占比继续提升。核心城市表现亮眼。北上广深成杭二手房成交套数同比增速均在 30%以上。百强房企3月销售金额降幅扩大，主要系二手房替代和新开盘项目减少，但核心城市项目首 开去化率明显提升。土地市场延续火热，核心城市单价"地王"频现，推高土拍溢价率。3月全国宅地成 交溢价率为17.15%，环比提升4.4个百分点。贸易战背景下针对内需的宏观政策积极有为、靠前发力， 看好房地产行业板块整体表现。 中信建投证券主要观点如下： 新房成交延续止跌，二手房成交处于历史高位 一季度重点40城新房成交面积2580万方，同比增长4.5%。其中3月新房成交面积为1124万平，同比增长 3.5%。在新开盘项目收缩背景下，3月重点城市新房成交面积仍实现正增长，且一线城市新房成交面积 同比增速达到两位数。二手房成交景气度好于新房，一季度重点13城二手房成交面积为1960万方，同比 增长33%，成交量处于历史高位。其中3月二手房成交面积为850万方，同比增长37%，北上广深成杭六 个核心城市一季度二手房成交套数增速均在30% ...

1、一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 | ◎ 克而瑞研究中心 | | --- | | PART1 榜单发布 | 新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 0 2 2、新拓规模TOP5集中度超过五成，较去年同期下降7个百分点 3、超过半数企业新拓面积同比增长，呈现"头部稳健、腰部发力"格局 4、品牌传播力保持强者恒强，AI、科技赋能代建业务成各家企业突破口 一季度新增TOP20总量同比增6%，绿城管理、旭辉建管、润地管理领跑 0 1 PART2 榜单解读 2025年一季度，代建新增规模TOP20企业新增签约建面4534万平方米，同比增加6%，较2024年全行业17% 的增速进一步放缓，竞争仍十分激烈，代建项目获取难度不断增加。 按一季度新增建面分布来看，绿城管理仍然以"断层"优势保持龙头地位，一季度新拓面积几乎是第二名2 倍。有3家企业新增建面超过300万平方米，分别是旭辉建管、润地管理、蓝城集团，基本以政府代建项目 新拓为主，其中旭辉建管一季度政府代建比例达到56%，润地管理政府新签规模约301万平方米。另，有6 家房企新增建面位于200-300万区间，包括 ...

【1】成都2025年供地计划公布，住宅类用地460公顷 4月9日，成都市人民政府官网发布消息称，成都市规划和自然资源局牵头编制的《成都市各区2025年度 国有建设用地供应计划》（后简称"供应计划"）正式发布。 供应计划显示，2025年度成都各区国有建设用地供应计划总量为2600公顷，相较2024年减少2200公顷。 其中，商服类用地168公顷，占比6.5%；工矿仓储用地607公顷，占比23.3%；住宅类用地460公顷，占 比17.8%；公共管理与公共服务用地515公顷，占比19.8%；交通运输用地800公顷，占比30.8%；水域及 水利设施用地及其他用地50公顷，占比1.9%。 【2】招商蛇口3月签约销售额156.17亿元 4月9日，金地集团披露3月销售简报。简报显示，3月金地集团实现签约面积22.1万平方米，同比下降 46.88%；实现签约金额31亿元，同比下降49.43%。 【4】机构：3月房企债券融资总额454.3亿元 4月9日，中指研究院发布数据显示，3月房地产企业债券融资总额为454.3亿元，整体融资成本下降。其 中，信用债仍是融资绝对主力。具体来看，首开发行额度最高，苏州高新融资成本最低。 从融资 ...

2025 年 3 月公司实现签约面积 22.1 万平方米，同比下降 46.88%；实现签约 金额 31.0 亿元，同比下降 49.43%。 2025 年 1-3 月公司累计实现签约面积 54.0 万平方米，同比下降 45.18%；累 计实现签约金额 81.5 亿元，同比下降 51.31%。 特此公告。 金地（集团）股份有限公司董事会 金地（集团）股份有限公司 科 学 筑 家 关于公司2025年3月份销售情况的公告 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。 股票代码：600383 股票简称：金地集团 公告编号：2025-013 2025 年 4 月 9 日 ...

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [15]. Core Viewpoints - The policy goal of stabilizing the market is significantly more proactive, and market expectations have improved. Although there is a seasonal decline in volume and price, resilience remains. A trend reversal will take time, but the sharp decline in volume has likely ended, bringing housing prices closer to equilibrium. The most challenging period for the industry may be passing, with structural highlights in core regions and quality properties. The current stock positions for quality real estate stocks are not far from their bottom, and the importance of real estate in the economic internal circulation cannot be overlooked. Attention should be paid to quality real estate companies with core assets, local leaders benefiting from debt reduction, and central state-owned enterprises with stable cash flows [8][12]. Market Performance - This week, the Yangtze River Real Estate Index decreased by 0.86%, with an excess return of +0.51% relative to the CSI 300, ranking 19th out of 32 industries. Year-to-date, the index is down 3.72%, with an excess return of -1.85% relative to the CSI 300, ranking 25th out of 32 [9][19]. Policy Updates - Nanjing has fully lifted housing transfer restrictions, while Guangzhou has clarified its construction plans for commodity and affordable housing for 2025. Nanjing's recent meeting emphasized support for young homebuyers and the acceleration of housing supply to meet demand [10][21]. Sales Data - New home registrations in sample cities have shown a year-on-year decline, while second-hand home transactions remain high. The new home transaction area in 37 cities increased by 1.3% year-on-year, while second-hand homes in 19 cities saw a 35.5% increase [11][23]. Economic Impact of Export Pressure - The pressure on exports has two transmission paths affecting the real estate cycle: one through economic factors like employment and income, and the other through more proactive domestic demand policies in response to external risks. The strength of economic versus policy effects depends on policy goals and intensity. Historical data supports this, indicating that the current real estate industry still faces adjustment pressure, with policies focused on risk prevention, making it difficult to expect a trend of simultaneous volume and price increases [3][12].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

"G-WISE引领标准"，聚焦"融合城市""共生社区""健康住宅"3大维度，打造"高效城市""低碳城市""未来城市""活力社区""生态社区""友好社区""宜居住 宅"和"舒适住宅"8大模块共计127项健康技术标准，让城市、社区、住宅三位一体凝成合力，形成了金地G-WISE引领标准。 | 目标 | 年限 | 达成情况 | | --- | --- | --- | | 新建项目满足绿建一星及以上占比100%，满足绿建二星及以上占比 20% | 2025 年 | 进展中 | | 新建项目满足绿建一星及以上占比 100%，满足绿建二星及以上占比 30% | 2030 年 | 进展中 | | 金地集团 G-WISE 引领标准指导项目获取绿建基本级及以上级别认证 | 2026 年 | 进展中 | | G-WISE 引领标准 GI 银级（对应国标一星级）100% 应用 | 2026 年 | 进展中 | 3月24日，金地集团发布2024年可持续发展报告。报告显示，共识别出28项议题，其中环境维度共10项议题，社会维度共12项议题，治理维度6项议题。 金地集团表示，2024年共10个项目新获广厦奖，共获得国家及行业级奖项15项， ...

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on major players in core cities and a significant increase in land acquisition activities among top companies [10][18][25]. Core Insights - The average premium rate for land transactions reached 17.1% in March, an increase of 6 percentage points from February, indicating a recovery in the land market [12][10]. - The top 10 real estate companies accounted for 75% of the new land value, reflecting a concentration of investment among leading firms [18][23]. - The total new land value for the top 100 companies was 622 billion yuan, with a year-on-year growth of 17.8% [17][19]. Summary by Sections New Land Value Rankings - The top three companies in terms of new land value are China Resources Land (642.2 billion yuan), China Overseas Land (566 billion yuan), and Greentown China (504 billion yuan) [1][5]. - The report lists a total of 100 companies, with significant contributions from major players in the industry [1][5]. Land Acquisition Trends - The report highlights a "head-tail differentiation" in investment, where top companies are aggressively acquiring land while many smaller firms remain cautious [23][25]. - The land acquisition ratio for the top 100 companies is 0.3, indicating a strategic focus on land procurement among leading firms [21][18]. Market Dynamics - The report notes that the land market is experiencing a structural recovery, particularly in first-tier and strong second-tier cities, while third and fourth-tier cities are still facing challenges [25][10]. - The competitive landscape is shifting towards larger firms, with increased bidding activity for high-quality land parcels in key urban areas [25][10].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]

Core Viewpoint - The company emphasizes cash flow management, achieving a net inflow of operating cash flow of 13.6 billion [3][4][6]. Group 1: Sales and Cash Flow - Contract sales amounted to 68.51 billion, a year-on-year decline of 55.4%, with a sales area of 4.714 million square meters, down 46.2% [3][7]. - The average sales price decreased by 17% to 14,533 yuan per square meter [7]. - The company improved cash collection efforts, resulting in a significant increase in operating cash flow, which was a net inflow of 13.6 billion, up 11.4 billion from the previous year [3][7][8]. Group 2: Investment and Inventory - The company has been cautious in land acquisition, with no new land purchases since August 2023, resuming only at the end of 2024 with minimal investment [9][11]. - The book value of inventory decreased by 34% to 91.4 billion, with inventory impairment losses of 3.8 billion [12][4]. - The company’s total land reserve decreased by 29% to approximately 29.16 million square meters [12]. Group 3: Financial Performance - The company reported total revenue of 75.3 billion, a decline of 23%, with real estate development revenue down 30% to approximately 60 billion [4][15]. - The net profit was a loss of 7.82 billion, primarily due to inventory impairment losses and credit impairment losses totaling 2.4 billion [17][18]. - The gross profit margin for real estate development was 14%, down approximately 2 percentage points year-on-year [15]. Group 4: Debt and Risk Exposure - The cash-to-short-term debt ratio was 0.71, indicating short-term repayment pressure, with a net debt ratio of 49% [4][23]. - The company has significant off-balance-sheet debt, with other receivables and payables amounting to 80.2 billion and 45.9 billion, respectively [25]. - The company provided guarantees totaling 5.6 billion for off-balance-sheet joint ventures, which could pose future repayment risks [25][27]. Group 5: Property Rental and Management - The company achieved rental income of 4.28 billion from property leasing, a decrease of 8%, with a gross margin of 54% [29]. - The company has expanded its management footprint to over 60 cities, with a cumulative managed area of 38.31 million square meters [29].