9月份公司实现合同销售金额约14.84亿元，销售面积约21.13万平方米。1-9月公司累计实现合同销售金 额约150.50亿元，累计合同销售面积约195.91万平方米。 智通财经APP讯，新城控股(601155.SH)发布公告，9月份公司实现商业运营总收入约11.73亿元，比上年 同期增长10.13%;1-9月公司累计实现商业运营总收入约105.11亿元，比上年同期增长10.82%。 ...

Core Insights - The company reported a total commercial operating revenue of approximately 1.173 billion yuan in September, representing a year-on-year increase of 10.13% [1] - For the first nine months of 2025, the cumulative commercial operating revenue reached approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [1] Revenue Performance - In September, the company achieved a contract sales amount of approximately 1.484 billion yuan, with a sales area of about 211,300 square meters [1] - From January to September, the cumulative contract sales amount was approximately 15.050 billion yuan, with a total contract sales area of around 1,959,100 square meters [1] Debt Management - In the third quarter of 2025, the company repaid 1 billion yuan of bonds in the domestic and overseas public markets [1] - As of September 30, 2025, the company's equity interest in joint ventures had interest-bearing liabilities totaling 2.513 billion yuan [1]

Core Insights - New City Holdings (601155) reported a contract sales amount of approximately 1.484 billion yuan in September, with a sales area of about 211,300 square meters [1] - The total commercial operating revenue for September was approximately 1.173 billion yuan, reflecting a year-on-year growth of 10.13% [1] - For the first nine months of the year, the cumulative contract sales amount reached approximately 15.050 billion yuan, with a cumulative sales area of about 1.9591 million square meters [1] - The cumulative commercial operating revenue for the first nine months was approximately 10.511 billion yuan, showing a year-on-year increase of 10.82% [1] - By the third quarter of 2025, the company had repaid 1 billion yuan of public market bonds [1] - As of September 30, the company's equity interest in joint ventures had interest-bearing liabilities totaling 2.513 billion yuan [1]

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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度及季度经营数据与 定期报告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年1-9月房地产出租情况 9月份公司实现商业运营总收入约11.73亿元，比上年同期增长10.13%；1-9月 公司累计实现商业运营总收入约105.11亿元，比上年同期增长10.82%。 证券代码：601155 证券简称：新城控股 编号：2025-047 新城控股集团股份有限公司 2025 年 9 月份及第三季度经营简报 4、出租率为2025年9月30日当日商业物业出租情况。 二、公司 2025 年 9 月份经营情况 9月份公司实现合同销售金额约14.84亿元，销售面积约21.13万平方米。1-9月 公司累计实现合同销售金额约150.50亿元，累计合同销售面积约195.91万平方米。 | 省份 | 9 月份销售金额（万元） | 9 | 月份销售面积（平方米） | | --- | --- | --- | --- | | 江苏 | | ...

新城控股公告，2025年9月实现商业运营总收入约11.73亿元，同比增长10.13%；1-9月累计约105.11亿 元，同比增长10.82%。9月合同销售金额约14.84亿元，销售面积约21.13万平方米；1-9月合同销售金额 约150.5亿元，合同销售面积约195.91万平方米。第三季度销售面积62.41万平方米，竣工面积72.05万平 方米。期内已偿还境内外公开市场债券10亿元，截至9月30日合联营公司权益有息负债合计25.13亿元。 ...

Core Insights - The report from CICC indicates that the second-hand housing market in September shows a mixed performance, with transaction volume declining month-on-month but increasing year-on-year, suggesting ongoing market weakness [1][2]. Transaction Volume and Price Trends - In September, the transaction volume index for second-hand residential properties in 80 cities decreased by 10% month-on-month but increased by 19% year-on-year (Q3 +19%, Q2 +17%) [1]. - The registered transaction area in 15 cities rose by 6% month-on-month and grew by 9% year-on-year (Q3 +3%, Q2 +11%) [1]. - The price index for homogeneous second-hand residential properties fell by 1.7% month-on-month (Q3 average -1.7%, Q2 average -1.4%) [1]. - The negotiation space for transactions increased by 25 basis points to 8.91% [1]. Listing Trends - The number of second-hand residential listings in 130 cities increased by 0.4% month-on-month, continuing a slight upward trend [2]. - The price index for homogeneous listings in key cities decreased by 1.5% month-on-month (Q3 average -1.3%, Q2 average -1.2%) [2]. - The average adjustment for listed properties was -5.24%, indicating a conservative price expectation among sellers [2]. Rental Market Insights - The rental index for homogeneous listings decreased by 0.8% month-on-month (August -0.5%) [3]. - The average rental period remained stable at 2.12 months [3]. - The rental-to-sale ratio increased by 2 basis points to 2.33% due to declining listing prices [3]. Investment Recommendations - The company suggests focusing on investment opportunities in the real estate and property management sectors, particularly in companies with solid fundamentals and profit quality such as China Resources Land, Jianfa International, and others [4]. - It also recommends considering undervalued stocks like Greentown China and New Town Holdings, given potential liquidity improvements [4]. - The report highlights the importance of identifying stocks with strong growth prospects or attractive dividend yields across various sectors [4].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook amidst current market conditions [9]. Core Insights - The real estate market is expected to stabilize and recover, driven by policy support and a focus on internal demand as a core driver [14]. - The report highlights the defensive characteristics of quality state-owned developers during market disruptions, particularly in response to tariff impacts [15]. - Commercial real estate is identified as having strong recovery potential, with specific companies like New Town Holdings and China Resources Mixc showing significant alpha during market sentiment recovery [16][17]. Summary by Sections Market Overview - The A-share real estate sector experienced a decline of 0.82%, underperforming the broader market by 0.30 percentage points, ranking 23rd among 31 sectors [21]. - The Hong Kong real estate sector outperformed the market with a gain of 1.25%, exceeding the Hang Seng Index by 4.39 percentage points, ranking 4th among 12 sectors [36]. Credit Market - The issuance of real estate credit bonds totaled 940 million yuan this week, with a net financing amount of 939 million yuan. Cumulative issuance reached 337.01 billion yuan, with a net financing deficit of 38.57 billion yuan year-on-year [20][42]. Housing Market - New housing transaction volumes decreased by 11.69% year-on-year, while second-hand housing transactions increased by 4.33% year-on-year, indicating a mixed recovery in the housing market [6]. Land Market - The supply and transaction area of land in 100 cities increased by 7.07% and 18.60% respectively, with a rise in premium rates by 4.83% [5]. REITs Market - The REITs index saw a slight decline of 0.31%, with the property-type REITs index down by 0.51% and the franchise-type REITs index down by 0.07% [44].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook compared to the overall market performance [2][10]. Core Insights - The real estate sector continues to face a sluggish fundamental environment, with performance under pressure in the short term. However, there are signs of potential recovery in the future, albeit at a slow pace [4][2]. - The report anticipates that the performance of the real estate sector will remain under pressure in Q3 2025 due to declining sales and low profit margins, but a gradual recovery is expected in 2025-2026 [4][2]. - The government is emphasizing policies to stabilize the real estate market, including urban renewal initiatives and easing purchase restrictions in major cities [4][2]. Summary by Sections Performance Expectations - The report predicts that the performance of the real estate sector will continue to be challenged in Q3 2025, primarily due to a decline in sales since 2021 and low profit margins driven by previous price cuts [4][2]. - Sales data shows that the top 50 real estate companies experienced a cumulative sales area decline of 25% year-on-year in Q1-Q3 2025, with significant monthly declines in July to September [4][2]. Company Performance Forecast - The report categorizes major companies based on their expected net profit growth for Q1-Q3 2025: - Companies with growth >+15%: Binjiang Group - Companies with growth between 0% and +15%: China Merchants Jinling - Companies with growth between -15% and 0%: China Merchants Shekou - Companies with growth between -30% and -15%: Jianfa Co., New Town Holdings - Companies with growth <=-30%: Poly Developments, Huafa Group [7][4]. Investment Recommendations - The report recommends focusing on new opportunities in the real estate sector, particularly in "good housing" policies and the revaluation of commercial real estate. Specific companies are highlighted for investment: - Good housing companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Co. - Commercial real estate and undervalued companies: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [4][2].

2025 年 10 月 12 日 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 册 寂寞诗 顾铮 A0230125070004 quzhenq@swsresearch.com 联系人 顾铮 (8621)23297818× quzheng@swsresearch.com 住建部明确"好房子"五项工作，高质量 地开展好城市更新 ―地产及物管行业周报（2025/10/04-2025/10/10） 地产行业数据：一二手房成交跌幅扩大，成交推盘比回升。上周(10.4-10.10)34 个重点 城市新房合计成交 98 万平米，环比-61.3%，其中，一二线环比-63.1%，三四线环比- 18.7%。10 月(10.1-10.10)34 城一手房成交同比-33.5%，较 9 月同期环比-56%。其 中，一二线同比-32.2%，三四线同比-45.3%，分别较 9 月同期环比-56.6%和-48.8%。 上周 13 城二手房合计成交 48.7 万平米，环比-32%; 10 月累计成交同比-18.8%, 较 9 月同期环比-62.9%。库存方面，上周 15 城合计推盘 20 万平 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][27]. Core Insights - The "Good House" policy is expected to create new pathways for growth, leading to a rebound in core cities and introducing new products, pricing, and business models [2][27]. - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 61.3% week-on-week [2][3]. - The report emphasizes the importance of high-quality urban renewal and effective city governance as outlined by the Ministry of Housing and Urban-Rural Development [2][27]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 980,000 square meters, down 61.3% week-on-week, with first and second-tier cities seeing a 63.1% decline [2][3]. - Year-on-year, new home sales in October are down 33.5% compared to the same period last year [2][5]. - The inventory of unsold residential properties in 15 cities stands at 90.27 million square meters, with a slight decrease of 0.2% [2][19]. Policy and News Tracking - The Ministry of Housing and Urban-Rural Development has outlined five key areas for the "Good House" initiative, focusing on standards, design, materials, construction, and operation [2][27]. - Local policies include Guangzhou's measures to optimize land use and Longchun's reduction of down payment ratios for housing loans [2][29]. Company Dynamics - Poly Developments reported a 25.1% decrease in sales volume for the first nine months of the year, totaling 10.104 million square meters [2][33]. - New City Holdings issued offshore bonds worth $160 million at a rate of 11.9% [2][33]. Sector Performance Review - The SW Real Estate Index fell by 0.82%, underperforming the broader market, which saw the CSI 300 Index decline by 0.51% [2][38]. - The report identifies top-performing real estate stocks, including Hefei Urban Construction and Zhongrun Resources, while noting significant declines in others like Shenzhen Deep Housing [2][40].