Core Viewpoint - The company reported an increase in both signed sales area and sales amount for the third quarter of 2025, indicating positive performance in its ongoing projects [1] Sales Performance - The total signed sales area reached 10,061 square meters, representing a year-on-year increase of 19.55% [1] - The total signed sales amount was 1.384 billion yuan, reflecting a year-on-year increase of 2.90% [1] - The sales area does not include parking spaces, while the sales amount includes parking spaces [1]

格隆汇10月22日丨城投控股(600649.SH)公布，2025年第三季度，公司主要在售项目包括露香园二期、 璟雲里二期、馥公馆、虹盛里等，实现签约销售面积10,061平方米，同比增加19.55%；实现签约销售金 额138,421万元，同比增加2.90%。其中，销售面积不包含车位，销售金额包含车位。 2025年第三季度，公司主要在租项目包含城投宽庭租赁社区、城投控股大厦等项目，出租房地产的建筑 面积约57.98万平方米，已出租经营面积约38.58万平方米，实现租赁现金流入约10,684万元。 ...

格隆汇10月22日｜城投控股公告，2025年第三季度，公司新增竣工面积81,099平方米，无新增开工面 积。2025年第三季度，公司主要在售项目包括露香园二期、璟雲里二期、馥公馆、虹盛里等，实现签约 销售面积10,061平方米，同比增加19.55%；实现签约销售金额138,421万元，同比增加2.90%。其中，销 售面积不包含车位，销售金额包含车位。2025年第三季度，公司主要在租项目包含城投宽庭租赁社区、 城投控股大厦等项目，出租房地产的建筑面积约57.98万平方米，已出租经营面积约38.58万平方米，实 现租赁现金流入约10,684万元。以上数据为阶段统计数据，相关项目经营数据请以公司定期报告为准。 ...

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Viewpoints - In September, both new and second-hand housing transaction volumes turned positive on a month-on-month and year-on-year basis, driven by seasonal factors and new policies in first-tier cities [4][20] - The land auction market showed a decline in heat, with a notable drop in average land premium rates, although first-tier cities still maintained premiums above 10% [4][20] - The report highlights a significant increase in the sales and land acquisition of top real estate companies, indicating a recovery in the sector [4][20] Summary by Sections New Housing Transactions - In September, new housing transaction area in 40 cities reached 935.4 million square meters, with a month-on-month increase of 9.0% and a year-on-year increase of 0.7% [12][14] - First-tier cities saw a month-on-month increase of 22.7% and a year-on-year increase of 9.9% in new housing transactions [13][16] - Second-tier cities experienced a month-on-month increase of 9.2% and a year-on-year increase of 0.8% [13][16] Second-hand Housing Transactions - In September, second-hand housing transaction area in 18 cities reached 758.6 million square meters, with a month-on-month increase of 6.0% and a year-on-year increase of 9.4% [20][23] - First and second-tier cities showed positive year-on-year growth in second-hand housing transactions, while third and fourth-tier cities experienced a decline [21][25] Inventory and Absorption - As of the end of September, the inventory of new homes in 12 tracked cities increased by 2.0% month-on-month but decreased by 12.7% year-on-year, with an overall absorption period of 18.9 months [4][12] - The average opening absorption rate in September was 39%, indicating a slight decline but remaining at a high level for the year [4][20] Land Market - The overall land auction heat declined in September, with a national average land premium rate of 3.3%, down 0.8 percentage points month-on-month [4][20] - The total land transaction area in September increased by 19.5% month-on-month but decreased by 9.1% year-on-year [4][20] Real Estate Companies - In September, the top 100 real estate companies saw a year-on-year increase of 0.3% in equity sales, with a total sales amount of 2.49 trillion yuan, down 12.8% year-on-year [4][20] - The land acquisition amount for the top 100 companies in September increased by 184.2% year-on-year, indicating strong market activity [4][20] Policy Environment - The Ministry of Natural Resources encouraged market-oriented methods to revitalize idle land, while first-tier cities continued to optimize real estate policies [4][20] - Specific policy adjustments in cities like Shenzhen and Shanghai aimed to ease purchasing restrictions and improve financing conditions [4][20] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms with significant breakthroughs, and those benefiting from the recovery in the second-hand housing market [4][20]

Investment Rating - The report rates the real estate sector as "Outperform the Market" [5] Core Insights - The real estate market has shown signs of improvement with a narrowing year-on-year decline in transaction volumes for both new and second-hand homes. New home transaction area increased month-on-month, while the inventory of new homes decreased [5][16] - A new housing provident fund policy in Chengdu broadens eligibility for converting commercial loans to provident fund loans, potentially stimulating demand [5][16] Summary by Sections 1. New Home Market Tracking - In the week of October 11-17, 2025, new home transaction volume in 40 cities reached 26,000 units, a month-on-month increase of 168.9% and a year-on-year decrease of 18.2%. The transaction area was 2.702 million square meters, up 170.6% month-on-month and down 22.9% year-on-year [17][24] - Transaction volumes in first, second, third, and fourth-tier cities showed month-on-month growth rates of 130.8%, 220.2%, and 122.2% respectively, with year-on-year declines of -35.3%, 0.01%, and -34.9% [17][19] 2. Second-Hand Home Market Tracking - In 18 cities, second-hand home transactions totaled 20,000 units, a month-on-month increase of 193.2% and a year-on-year decrease of 29.7%. The transaction area was 183,300 square meters, up 188.9% month-on-month and down 30.9% year-on-year [45][50] - First, second, third, and fourth-tier cities saw month-on-month transaction growth rates of 241.6%, 184.7%, and 163.8% respectively, with year-on-year declines of -27.5%, -30.7%, and -33.9% [45][51] 3. Inventory and Depletion Cycle - The inventory of new homes in 12 cities was 14.1 million units, with a month-on-month growth rate of 0.05% and a year-on-year decline of 13.7%. The depletion cycle for new home inventory was 20.9 months, down 0.8 months month-on-month and up 0.4 months year-on-year [27][39] - The depletion cycle for new homes in first, second, third, and fourth-tier cities was 21.0, 17.8, and 88.6 months respectively, with month-on-month declines of 0.6, 0.9, and 5.2 months [39][43] 4. Land Market Tracking - The total area of land transactions across 100 cities was 8.157 million square meters, down 28.4% month-on-month and down 59.5% year-on-year. The total land transaction price was 20.16 billion yuan, down 51.1% month-on-month and down 57.9% year-on-year [60][63] - The average land price was 2,471.3 yuan per square meter, down 31.7% month-on-month but up 4.1% year-on-year. The land premium rate was 2.2%, down 0.8 percentage points month-on-month and up 0.4 percentage points year-on-year [60][64] 5. Policy Developments - The Ministry of Housing and Urban-Rural Development announced reforms focusing on housing supply systems and urban construction, aiming to establish a new mechanism for real estate development [97]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The industry is still in a bottoming and stabilizing phase, with a more optimistic view on real estate companies in core cities with abundant resources. The report highlights that while the marginal improvement in construction and sales is noted, housing prices still face downward pressure [1][2]. - The report recommends real estate stocks that align with the "good credit, good city, good product" logic, as well as leading property management companies with stable dividends and performance [1]. Summary by Sections Real Estate Development - In September, real estate development investment saw a year-on-year decline of 21%, which is a 1.8 percentage point increase in the decline compared to August. Cumulatively from January to September, the year-on-year decline is 14% [2]. - The land market showed marginal improvement in September, with transaction area and transaction amount down by 1% and 7% year-on-year, respectively, compared to declines of 25% and 31% in August [2]. - New construction in September decreased by 14% year-on-year, but the decline narrowed by 6 percentage points compared to August [2]. Sales Performance - The sales amount in September saw a year-on-year decline of 12%, which is a 2 percentage point narrowing from August. Cumulatively, from January to September, the year-on-year decline is 8% [3]. - The new housing price index in 70 cities decreased by 2.7% year-on-year in September, with a 0.3 percentage point narrowing from August [3]. Cash Flow Situation - In September, the cash inflow for real estate companies decreased by 12% year-on-year, although the decline narrowed by 0.4 percentage points compared to August. Specifically, deposits and prepayments fell by 9% year-on-year, while personal mortgage loans decreased by 11% [4]. - The overall cash flow situation for real estate companies remains to be improved, as domestic loans saw a significant decline of 15% year-on-year in September [4].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Viewpoints - The report highlights that the current real estate policies are under pressure from the fundamental market conditions, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections New Housing Transactions - In the week covering the National Day holiday, new housing transaction volume in 30 cities was 835,000 square meters, down 55.3% week-on-week and 53.4% year-on-year [11] - The decline in new housing transactions is attributed to a combination of last year's high base and the current market's sluggishness [11][12] - The report anticipates continued pressure on year-on-year data for the fourth quarter due to elevated bases from the previous year [11] Secondary Housing Transactions - In the same week, secondary housing transactions in 14 sample cities totaled 843,000 square meters, reflecting a 27.9% decrease week-on-week and a 47.9% decrease year-on-year [21] - Year-to-date, secondary housing transactions have reached 80.2 million square meters, showing a 16.1% increase compared to the previous year [21] Market Performance - The report notes that the Shenwan Real Estate Index decreased by 0.8%, underperforming the CSI 300 Index by 0.30 percentage points, ranking 23rd among 31 Shenwan primary industries [32] - The report identifies a total of 64 stocks that increased in value during the week, while 43 stocks decreased [32] Credit Bond Issuance - During the week, two credit bonds were issued by real estate companies, totaling 940 million yuan, a decrease of 11.28 billion yuan from the previous week [3]

Group 1 - The company announced its first share repurchase on October 9, 2025, through the Shanghai Stock Exchange, buying back 1,500,000 shares, which represents 0.06% of the total share capital [2]

Core Viewpoint - Shanghai Urban Investment Holdings announced its first share repurchase through centralized bidding on October 10, 2025, detailing the progress of the repurchase plan [1] Repurchase Plan Details - The repurchase proposal was approved during the 27th meeting of the 11th Board of Directors on August 28, 2025, with the first disclosure on August 30, 2025. The implementation period is from August 28, 2025, to November 27, 2025. The company plans to use between 50 million and 100 million RMB of its own funds and repurchase special loan funds to buy back its A-shares. The purpose of the repurchase is to maintain company value and protect shareholder interests [2] Repurchase Progress - As of September 30, 2025, the company had not yet implemented the share repurchase. However, on October 9, 2025, the company repurchased 1.5 million shares through the Shanghai Stock Exchange, accounting for 0.06% of the total share capital. The total amount repurchased was 7,045,937.99 RMB, with actual repurchase prices ranging from 4.64 RMB to 4.75 RMB per share. This repurchase activity complies with the company's repurchase plan and relevant laws and regulations [3]

Core Viewpoint - The company, Chengdu Investment Holdings (600649.SH), has initiated its first share buyback on October 9, 2025, through the Shanghai Stock Exchange, indicating a strategic move to enhance shareholder value [1] Summary by Categories Share Buyback Details - The company repurchased 1.5 million shares, which represents 0.06% of its total share capital [1] - The highest transaction price during the buyback was 4.75 CNY per share, while the lowest was 4.64 CNY per share [1] - The total transaction amount for the buyback was 7.0459 million CNY, excluding transaction fees [1]