Core Viewpoint - Greenland Holdings (600606.SH) reported significant growth in contract sales for the second quarter and the first half of 2025, indicating a positive trend in the company's performance [1] Group 1: Q2 Performance - In Q2 2025 (April to June), the company achieved a contract sales area of 2.217 million square meters, representing a year-on-year increase of 31.03% [1] - The contract sales amount for Q2 2025 reached 21.752 billion yuan, which is a year-on-year growth of 16.93% [1] Group 2: H1 Performance - For the first half of 2025 (January to June), the company reported a contract sales area of 3.73 million square meters, marking a year-on-year increase of 25.63% [1] - The total contract sales amount for H1 2025 was 33.895 billion yuan, reflecting a year-on-year growth of 6.46% [1]

Group 1 - The core point of the announcement is that Greenland Holdings (600606) reported a decline in new infrastructure projects for the period of April to June 2025, with a total of 618 projects amounting to 36.017 billion yuan, representing a year-on-year decrease of 31.04% [1] - Among the new projects, the housing construction segment accounted for 19.619 billion yuan, showing a significant year-on-year decline of 39.08% [1] - The infrastructure engineering segment contributed 10.476 billion yuan, which also saw a year-on-year decrease of 30.35% [1] - In contrast, other projects generated 5.921 billion yuan, marking a year-on-year increase of 18.75% [1] Group 2 - For the cumulative new projects from January to June 2025, the company reported a total of 1,160 projects with a total amount of 77.964 billion yuan, reflecting a year-on-year decline of 18.11% [1]

证券代码：600606 股票简称：绿地控股 编号：临 2025-029 绿地控股集团股份有限公司 2025 年第二季度房地产经营情况简报 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。 一、房地产项目开工、竣工情况 2025 年 4-6 月，公司完成新开工面积 28 万平方米，比去年同期减少 61.11%； 完成竣工备案面积 161 万平方米，比去年同期减少 52.8%。 2025 年 1-6 月，公司完成新开工面积 49.1 万平方米，比去年同期减少 47.03%，完成竣工备案面积 223.9 万平方米，比去年同期减少 47.31%。 2025 年 1-6 月，公司新增房地产项目储备 3 个，土地面积 11.64 万平方米， 权益土地面积 7.77 万平方米；计容建筑面积 19.98 万平方米，权益计容建筑面 积 10.52 万平方米。 四、房地产出租情况 截至 2025 年 6 月末，公司出租物业面积为 403.19 万平方米，出租率为 81.97%；酒店客房数为 8,258 间，入住率为 40.03%。2025 年 1- ...

格隆汇7月29日丨绿地控股(600606.SH)公布，2025年4-6月，公司完成新开工面积28万平方米，比去年 同期减少61.11%；完成竣工备案面积161万平方米，比去年同期减少52.8%。2025年1-6月，公司完成新 开工面积49.1万平方米，比去年同期减少47.03%，完成竣工备案面积223.9万平方米，比去年同期减少 47.31%。 截至2025年6月末，公司出租物业面积为403.19万平方米，出租率为81.97%；酒店客房数为8,258间，入 住率为40.03%。2025年1-6月，公司出租物业取得租金收入61,797.89万元，酒店取得经营收入44,367.84 万元。 2025年4-6月，公司实现合同销售面积221.7万平方米，比去年同期增长31.03%；实现合同销售金额 217.52亿元，比去年同期增长16.93%。2025年1-6月，公司实现合同销售面积373万平方米，比去年同期 增长25.63%；实现合同销售金额338.95亿元，比去年同期增长6.46%。 ...

Core Viewpoint - The real estate industry is facing significant challenges, with a notable divergence in performance among listed companies as they release their mid-year earnings forecasts for 2025, indicating a trend of declining profits and increasing losses for many firms [1][2][8]. Group 1: Earnings Forecasts - As of July 17, 2025, 61 real estate companies have disclosed their mid-year earnings forecasts, with a total expected loss ranging from 342.56 billion to 464.97 billion [2]. - Among these, 24 companies anticipate profits while 37 expect losses, indicating that 60% of the firms are projected to report losses [2]. - The overall trend shows a decline in performance, with companies like Jin Di Group and Huashang City experiencing significant losses, while some firms like Dayue City and Chengjian Development have managed to turn losses into profits [2][3]. Group 2: Profitability Analysis - In the group of 24 companies expecting profits, only Poly Developments and Binjiang Group are projected to earn over 1 billion, with Poly's profit expected to drop by 63.15% year-on-year [3][4]. - Binjiang Group's profit is expected to increase by 40% to 70%, attributed to a higher volume of delivered properties compared to the previous year [3]. - Chengjian Development is expected to achieve a profit of 4.4 billion to 6.54 billion, marking a year-on-year growth of up to 575.14% due to successful project deliveries [4]. Group 3: Losses and First-Time Losses - Among the 37 companies forecasting losses, 13 are expected to report their first-ever losses, including Shahe Shares and Xijiang Holdings, with some firms projecting losses exceeding 10 billion [5][7]. - Vanke is anticipated to incur the highest loss, estimated between 100 billion and 120 billion, due to a significant decline in project settlement scale and low gross margins [6][7]. - Greenland Holdings and Xinda Real Estate are also expected to report substantial losses, with estimates of 30 billion to 35 billion [7]. Group 4: Market Outlook - The overall performance of real estate companies reflects the ongoing downward trend in the market, with sales volume and price indicators weakening [8][9]. - However, there are indications of potential recovery in the second half of the year, with expectations of a turning point as market conditions improve [8]. - The top 100 real estate companies reported a total sales volume of 18,364.1 billion, a year-on-year decline of 11.8%, but the rate of decline is slowing [9].

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Core Viewpoint - The real estate industry is facing significant challenges in the first half of 2025, with a notable performance divergence among listed companies, as many report substantial losses while a few manage to turn profits [1][2]. Group 1: Overall Performance - As of July 17, 2025, 61 listed real estate companies have disclosed their mid-year performance forecasts, with a total expected loss ranging from 342.56 billion to 464.97 billion [1]. - Out of these, 24 companies anticipate profits while 37 expect losses, indicating that 60% of the companies are projected to report losses [1][2]. - The overall trend shows a decline in performance, with companies like China Vanke and Greenland Holdings shifting from profit to loss, while others like Joy City and Urban Construction Development have managed to turn losses into profits [1][2]. Group 2: Companies Turning Profits - In the first half of 2025, 24 companies are expected to achieve profits totaling between 68.68 billion and 80.16 billion, with 12 companies successfully reversing previous losses [2][3]. - Urban Construction Development is projected to report a net profit of 4.4 billion to 6.54 billion, marking a year-on-year increase of up to 575.14% [3][7]. - Other companies that have turned profitable include Zhongzhou Holdings, City Investment Holdings, and Joy City, showcasing resilience in a challenging market [2][3]. Group 3: Companies Reporting Losses - Among the 37 companies forecasting losses, 13 are expected to report their first-ever losses, including Shahe Co., Xiangjiang Holdings, and Greenland Holdings [8][11]. - The total expected loss for these companies ranges from 422.72 billion to 533.64 billion, with Vanke leading with a projected loss of 100 billion to 120 billion [8][11]. - Other notable companies with significant losses include Jindi Group, which anticipates a loss of 34 billion to 42 billion, and Xinda Real Estate, expecting a loss of 35 billion to 39 billion [11][12]. Group 4: Market Outlook - The overall real estate market is still in an adjustment phase, but signs of stabilization are emerging, particularly in first-tier and some strong second-tier cities [14]. - Analysts suggest that the second half of 2025 may present a turning point for the industry, with potential recovery driven by policy adjustments and improved buyer confidence [13][14]. - The top 100 real estate companies reported a total sales amount of 18,364.1 billion, a year-on-year decline of 11.8%, but the rate of decline is narrowing [13].

Market Overview - On July 16, the Shanghai Composite Index fell by 0.03%, with institutional investors appearing on the trading lists of 25 stocks, net buying 11 and net selling 14 [1][2] - The total net selling amount by institutional investors reached 1.015 billion yuan [1] Institutional Trading Activity - The stock with the highest net buying by institutional investors was Huahong Technology, which closed at the daily limit with a trading volume of 1.919 billion yuan and a turnover rate of 27.83%. The net buying amount was 112.81 million yuan [2][5] - Other notable stocks included Beifang Changlong, which rose by 6.59% with a turnover rate of 42.00% and a net buying amount of 70.49 million yuan [2][5] Performance of Net Bought Stocks - Stocks that were net bought by institutions saw an average increase of 5.35%, outperforming the Shanghai Composite Index. Stocks like Jujie Microfiber and Degute achieved daily limit increases [3] - Historical data indicates that stocks net bought by institutions have a 50.17% probability of rising the next day, with a 37.46% probability of increasing over the next three days [3] Earnings Forecasts - Among the stocks net bought by institutions, four have released half-year earnings forecasts, with Huahong Technology expected to see a net profit increase of 3384.71% [3] Net Sold Stocks - The stock with the highest net selling was C Huaxin, with a net selling amount of 999.70 million yuan. This stock had a significant net inflow of 3.172 billion yuan [3][6] - Annie Shares also saw substantial net selling, amounting to 247.11 million yuan, with a net outflow of 117 million yuan [3][6] Deep and Hong Kong Stock Connect Activity - On July 16, 12 stocks on the trading list had participation from the Shenzhen and Shanghai Stock Connect, with net buying in stocks like Hengbao Co. and Dawi Technology [7][8] - Hengbao Co. had a net buying amount of 160.75 million yuan, while stocks like Zhongdian Port and Qianhong Pharmaceutical experienced net selling [7][9]

Group 1 - Greenland Holdings experienced a stock price drop, hitting the daily limit down on July 16 [1] - Greenland Holdings Group Co., Ltd. is a large enterprise group founded in July 1992, headquartered in Shanghai, China, and listed on the A-share market [1] - Southern Fund has two funds that entered the top ten shareholders of Greenland Holdings, with a holding ratio of 0.38% [1] Group 2 - The Southern CSI 500 ETF reduced its holdings in the first quarter of this year, while the Southern CSI Real Estate ETF made a new investment [1] - The Southern CSI 500 ETF has a year-to-date return of 6.26%, ranking 1403 out of 3426 in its category [2] - The Southern CSI Real Estate ETF has a year-to-date return of -3.93%, ranking 3334 out of 3426 in its category [4] Group 3 - The fund manager for both Southern CSI 500 ETF and Southern CSI Real Estate ETF is Ms. Luo Wenjie, who has a strong academic background in financial mathematics and computer science [5][6] - Luo Wenjie has extensive experience in quantitative analysis and has held various managerial positions within Southern Fund since joining in 2008 [5][6] - Southern Fund Management Co., Ltd. was established in March 1998 and has several major shareholders, including Huatai Securities and Shenzhen Investment Holdings [6]

Group 1 - The A-share market saw a rise in several real estate stocks, with Tianbao Infrastructure (000965) hitting the daily limit, and other stocks like Yucheng Development (000514), New Huangpu (600638), and Dayue City (000031) also experiencing gains [1] - The Central Urban Work Conference was held in Beijing from July 14 to 15, emphasizing the need for high-quality urban development and a focus on modernizing cities with characteristics unique to China [1][3] - The conference highlighted the transition of urbanization in China from rapid growth to stable development, shifting the focus from large-scale expansion to improving existing urban quality and efficiency [3] Group 2 - The conference outlined seven key tasks for urban work, aiming to enhance urban governance and development strategies [4] - Specific stock performance data showed significant increases, with Tianbao Infrastructure rising by 9.98% and achieving a year-to-date increase of 58.42%, while Yucheng Development increased by 5.81% with a year-to-date rise of 63.99% [2]