Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

Market Performance - On August 13, the real estate development sector rose by 0.32% compared to the previous trading day, with Wantong Development leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers - Wantong Development (600246) closed at 10.15, with a gain of 9.97% and a trading volume of 2,999,600 shares, amounting to a transaction value of 2.851 billion [1] - Quzhou Development (600208) closed at 4.53, gaining 9.95% with a trading volume of 417,800 shares, totaling 189 million [1] - Electronic City (600658) closed at 6.31, up 9.93% with a trading volume of 524,100 shares, resulting in a transaction value of 330 million [1] Top Losers - Shenzhen Properties A (000011) closed at 10.13, down 3.71% with a trading volume of 644,900 shares, amounting to a transaction value of 672 million [2] - Zhongzhou Holdings (000042) closed at 8.72, down 2.24% with a trading volume of 159,800 shares, totaling 13.9 million [2] - Beichen Industry (601588) closed at 1.86, down 2.11% with a trading volume of 265,800 shares, resulting in a transaction value of 49.887 million [2] Capital Flow - The real estate development sector experienced a net outflow of 910 million from institutional investors, while retail investors saw a net inflow of 833 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their investments [2][3] Individual Stock Capital Flow - Wantong Development saw a net inflow of 1.35% from institutional investors, while retail investors had a net outflow of 4.74% [3] - Electronic City had a net inflow of 18.94% from retail investors, but a net outflow of 11.14% from institutional investors [3] - Hefei Urban Construction (002208) experienced a net inflow of 15.18% from retail investors, with a significant net outflow of 15.19% from institutional investors [3]

Core Viewpoint - New City Holdings reported its July performance, showing a significant increase in both contract sales and commercial operating revenue compared to the previous year [1] Sales Performance - In July, New City Holdings achieved a contract sales amount of approximately 1.661 billion yuan, with a sales area of about 214,000 square meters [1] - For the first seven months of the year, the company accumulated a contract sales amount of approximately 11.99 billion yuan and a total sales area of about 1.549 million square meters [1] Commercial Operations - In July, the total revenue from commercial operations reached approximately 1.2 billion yuan, representing a year-on-year growth of 8.09% [1] - For the first seven months, the cumulative revenue from commercial operations was approximately 8.144 billion yuan, reflecting a year-on-year increase of 11.22% [1]

8月11日，合生创展披露7月未经审核经营简报。简报显示，7月合生创展连同其附属公司及其合营公司 及联营公司的总合约销售金额约为11.19亿元。其中，物业合约销售约8.94亿元；装修合约销售约2.25亿 元。 【4】旭辉控股7月合同销售额10.4亿元 8月11日，旭辉控股披露7月未经审核经营简报。简报显示，7月旭辉控股合同销售金额约为10.4亿元， 合同销售面积约为9.13万平方米，合同销售均价约为1.28万元/平方米。公司股东权益应占合同销售金额 约为6亿元。 【5】新城控股7月销售额16.61亿元 据悉，征集房源需满足所属项目资产负债和法律关系清晰；征集房源所属项目已取得竣工验收备案证 明，权属清晰可交易，可以办理不动产权证书；征集房源用作保障性租赁住房的，户型建筑面积不超过 70平方米。征集房源用作配售型保障性住房的，户型建筑面积不超过90平方米。收购价格以同地段保障 性住房重置价格为参考上限。 【2】中国金茂7月销售额84.6亿元 8月11日，中国金茂披露7月销售简报。简报显示，7月中国金茂及其附属公司签约销售金额为84.6亿 元，签约销售建筑面积约37.66万平方米。 【3】合生创展7月合约销售额11 ...

证券代码：601155 证券简称：新城控股 编号：2025-041 新城控股集团股份有限公司 2025年7月份经营简报 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月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7月份房地产出租情况 7月份公司实现商业运营总收入约12.00亿元，比上年同期增长8.09%；1-7月公司累计实现商业运营总收 入约81.44亿元，比上年同期增长11.22%。 7月份公司物业及租金收入分区域情况如下： ■ 注：1、上海包含上海新城控股大厦B座办公楼出租情况。 2、租金收入包含租金、管理费、停车场、多种经营及其他零星管理费收入。 3、2025年7月公司商业运营总收入为12.00亿元（即含税租金收入），包含：商铺、办公楼及购物中心 的租金、管理费、停车场、多种经营及其他零星管理费收入。 二、公司2025年7月份销售情况 三、公司相关财务融资情况 公司子公司南京新城睿盛商业经营管理有限公司向天津新融苏杉企 ...

证券日报网讯8月11日晚间，新城控股（601155）发布公告称，7月份公司实现商业运营总收入约12.00 亿元，比上年同期增长8.09%；1-7月公司累计实现商业运营总收入约81.44亿元，比上年同期增长 11.22%。7月份公司实现合同销售金额约16.61亿元，销售面积约21.40万平方米。1-7月公司累计实现合 同销售金额约119.90亿元，累计合同销售面积约154.90万平方米。 ...

北京商报讯（记者 王寅浩 李晗）8月11日，新城控股披露7月经营简报。简报显示，7月新城控股实现合 同销售金额约16.61亿元；销售面积约21.4万平方米。 ...

Group 1 - The core viewpoint of the article highlights that New城控股 reported a contract sales amount of approximately 1.661 billion yuan in July, with a total of about 11.99 billion yuan in contract sales from January to July [1] - The sales area for July was approximately 214,000 square meters, and the cumulative sales area from January to July was about 1.549 million square meters [1] - The revenue composition for New城控股 in 2024 is projected to be 85.44% from real estate development sales, 13.52% from property leasing, and 1.04% from other businesses [1] Group 2 - As of the report, New城控股 has a market capitalization of 36 billion yuan [1]

7月份公司实现合同销售金额约16.61亿元，销售面积约21.40万平方米。1-7月公司累计实现合同销售金 额约119.90亿元，累计合同销售面积约154.90万平方米。 智通财经APP讯，新城控股(601155.SH)发布公告，7月份公司实现商业运营总收入约12亿元，比上年同 期增长8.09%;1-7月公司累计实现商业运营总收入约81.44亿元，比上年同期增长11.22%。 ...

Core Viewpoint - In July 2025, the company reported a contract sales amount of approximately 1.661 billion yuan, indicating a steady performance in the real estate market [1] Sales Performance - In July, the company achieved a contract sales amount of approximately 1.661 billion yuan, with a sales area of about 214,000 square meters [1] - From January to July, the cumulative contract sales amount reached approximately 11.990 billion yuan, with a total sales area of about 1.549 million square meters [1] Commercial Operations - In July, the company generated total commercial operating revenue of approximately 1.200 billion yuan, representing a year-on-year growth of 8.09% [1] - From January to July, the cumulative commercial operating revenue amounted to approximately 8.144 billion yuan, reflecting a year-on-year increase of 11.22% [1]