【1】信阳：新出让土地开发商品房一律现房销售 5月13日，河南信阳市住房和城乡建设局发布《关于加强商品房预售管理工作的若干措施（试行）的批 前公示》。其中提到，严控预售许可条件。按照"新老有别"的原则，对已取得施工许可证的项目，按照 有关规定，"投入开发建设的资金达到工程建设总投资的25％以上"时可申报商品房预售许可；或按照 《河南省城市房地产开发经营管理条例》第二十七条第四款规定"工程进度达到设计形象进度的二分之 一以上"时，申报商品房预售许可。 5月13日，华润置地披露4月未经审核经营简报。简报显示，4月华润置地及其附属公司实现总合同销售 金额约173亿元，总合同销售建筑面积约59.5万平方米，分别同比减少18.7%及30.4%。 北京商报记者 王寅浩 李晗 【5】新城控股4月销售额17.61亿元，同比减少52.46% 【3】建发股份2024年度派发现金红利8.84亿元 5月13日，建发股份发布2024年年度权益分派实施公告显示，建发股份本次每股分配比例为A股每股现 金红利0.3元，2024年度现金分红总方案为每股派发现金红利0.7元（含税）。股权登记日为2025年5月20 日，现金红利发放日为2025年 ...

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。 省份 物业数量 总建筑面积 （平方米） 4 月份租金收入 （元） 当年累计租金收入 （元） 江苏 43 3,997,787 286,795,001 1,164,216,752 浙江 18 1,618,168 128,112,252 525,330,082 安徽 14 1,258,300 74,898,051 309,759,380 陕西 7 659,454 57,059,453 226,336,646 山东 14 1,337,512 64,483,915 262,737,153 湖南 6 502,482 31,049,854 132,856,099 广西 5 455,455 23,792,039 95,535,274 云南 6 571,450 30,215,297 120,235,988 湖北 8 732,139 47,691,323 198,459,629 江西 4 355,429 22,754,212 91,836,856 四川 6 529,525 26,814,380 113 ...

Summary of Key Points Core Viewpoint - The announcement provides an overview of the rental and sales performance of New City Holdings for April 2025, highlighting significant changes in both rental income and sales volume compared to the previous year [1][2]. Rental Performance - The total rental income for April 2025 reached approximately CNY 1.06 billion, with a cumulative rental income of about CNY 4.28 billion for the year to date [1]. - The company operates a total of 174 properties with a combined area of approximately 16.04 million square meters [1]. - The highest rental income was generated in Jiangsu, amounting to CNY 286.80 million for April, contributing to a cumulative total of CNY 1.16 billion for the year [1]. - Other notable contributions came from Zhejiang (CNY 128.11 million), Anhui (CNY 74.90 million), and Shaanxi (CNY 57.06 million) [1]. Sales Performance - The sales volume for April 2025 was approximately 228,262 square meters, representing a significant decrease of 55.19% compared to the same month last year [2]. - The total sales amount for April was CNY 176.11 million, with Jiangsu leading at CNY 45.14 million, followed by Tianjin at CNY 18.65 million [2]. - The overall sales area for the year to date was approximately 88.60 million square meters, reflecting a decline of 59.01% year-on-year [1].

证券代码：601155 证券简称：新城控股 编号：2025-032 新城控股集团股份有限公司 2025 年 4 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。 | 省份 | 物业数量 | 总建筑面积 4 | 月份租金收入 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | | （平方米） | （元） | （元） | | 江苏 | 43 | 3,997,787 | 286,795,001 | 1,164,216,752 | | 浙江 | 18 | 1,618,168 | 128,112,252 | 525,330,082 | | 安徽 | 14 | 1,258,300 | 74,898,051 | 309,759,380 | | 陕西 | 7 | 659,454 | 57,059,453 | 226,336,646 | | 山东 | 14 | ...

新城控股：4月销售金额同比下降52.46% 智通财经5月13日电，新城控股(601155.SH)公告称，新城控股发布2025年4月份经营简报，报告期内， 公司实现合同销售金额约17.61亿元，比上年同期减少52.46%；销售面积约22.83万平方米，比上年同期 减少55.19%。1-4月累计合同销售金额约68.63亿元，比上年同期下降56.15%，累计合同销售面积约88.60 万平方米，比上年同期下降59.01%。 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the real estate industry, particularly focusing on the implementation of the "existing house sales" system and its implications for commercial real estate investment logic [1][2][3]. Key Points on Existing House Sales System - The existing house sales policy aims to reduce risks for real estate companies and protect buyers' rights, but its actual implementation has been limited due to market adjustments and financial pressures on developers. Only 15 land sales have included existing house sales clauses in 2023, significantly lower than the 250 from 2016-2022 [1][3]. - The policy's gradual implementation reflects the central government's focus on the changing supply-demand relationship in the real estate market and the risks associated with housing delivery [2][3]. - High-quality real estate companies are less affected by the policy due to their strong financing capabilities and inventory turnover abilities, allowing them to create premium products for faster sales and higher premiums [1][6]. Changes in Commercial Real Estate Investment Logic - The investment logic in commercial real estate has shifted significantly, characterized by: - **Diversified Market Demand**: The demand for commercial properties has become more varied, with different types of properties like shopping centers and offices showing different growth potentials [4]. - **Enhanced Operational Capabilities**: There is a growing emphasis on operational management and customer experience to achieve long-term stable returns [4][5]. - **Technological Empowerment**: The application of smart technologies in commercial real estate is increasing, improving operational efficiency and user experience [4][5]. - **Green Sustainable Development**: There is a trend towards green buildings, driven by environmental awareness and government policies, enhancing project attractiveness [5]. Market Impact of Existing House Sales - The impact of implementing the existing house sales policy is expected to be limited, with a smooth overall supply effect anticipated. The proportion of existing house sales has significantly increased, reaching about 30% in Q1 2025, compared to only 10% in 2021 [6][2]. - High-quality developers are expected to navigate the policy changes effectively, leveraging their capabilities to maintain sales momentum [6]. 2025 Commercial Real Estate Investment Outlook - The outlook for commercial real estate investment in 2025 is positive, driven by supportive policies and an improving consumer market. Despite a lackluster consumer market in 2024, there has been a noticeable improvement since Q4 [7][11]. - The supply side remains challenging, particularly in high-tier cities, where there may be an oversupply issue. Rental prices are under pressure, with a reported decline of 3.3% in 2024 [8][10]. Differences Between Domestic and Hong Kong Real Estate Operators - Domestic operators like China Resources Land and Longfor Group have shown strong growth, with China Resources maintaining a growth rate of around 20% for three consecutive years, while Hong Kong operators have struggled [12][13]. - Domestic operators have contributed over half of the new supply in the market, demonstrating better performance in terms of customer traffic and sales [13][14]. Future Trends in Commercial Real Estate - Future trends will be influenced by changes in consumer demand, online channel competition, and supply pressures in high-tier cities. There is a growing emphasis on value-for-money and personalized consumer needs [9][10]. - The rental market is facing challenges, with many operators adopting a strategy of sacrificing rental income for increased foot traffic [10]. Investment Opportunities in 2025 - The commercial real estate sector is viewed as having significant investment opportunities in 2025, supported by consumer policies and the relative undervaluation of assets. Recommended companies include China Resources, Longfor, and New City Holdings [23][24]. Conclusion - The conference call highlights the evolving landscape of the real estate industry, emphasizing the need for adaptability among operators and the potential for growth in commercial real estate, particularly in the context of changing consumer behaviors and market dynamics [1][24].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

Investment Rating - The investment rating for the real estate industry is "Positive" and is maintained [12]. Core Insights - The policy goal of stabilizing the market has become more proactive, and market expectations have improved, although marginal downward pressure has increased since April [5]. - The rapid decline phase in the industry regarding volume and price may have passed, with structural highlights in core areas and quality properties [5]. - The importance of real estate to the economic internal circulation cannot be overlooked, emphasizing the need to focus on quality real estate companies with core assets and stable cash flows [5]. Market Performance - The Yangtze River Real Estate Index increased by 0.92% this week, with a year-to-date decline of 5.57%, ranking 30 out of 32 industries [6][15]. - The performance of the sector has been poor, with declines primarily in development and property management companies, while rental companies showed mixed results [6]. Policy Updates - The central bank announced interest rate cuts, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy rates, expected to lead to a similar decline in LPR [7]. - Local policies in Guangdong aim to better meet housing consumption needs and support the transformation of urban villages [7]. Sales Data - Recent new home registrations in sample cities showed fluctuations, with new home transaction area down by 3.0% year-on-year, while second-hand homes saw a 16.0% increase [8]. - As of May 9, the new home transaction area in 37 cities showed a month-on-month increase of 15.8% [8]. Mortgage Rate Insights - The average mortgage rate for first-time homebuyers in key cities is around 3.1%, expected to decrease to approximately 3.0% following policy rate adjustments [9]. - The report emphasizes the importance of rental-to-sale ratios and actual interest rates in determining the appropriateness of mortgage rates [9].

Core Viewpoint - The annual report season for listed companies in Jiangsu has concluded, revealing significant financial performance with a total revenue of 34,536.1 billion yuan and a net profit of 2,381.2 billion yuan, indicating that nearly 80% of companies reported profits, with over 100 companies experiencing a net profit growth of 50% [1][4]. Group 1: Nanjing Companies - Jiangsu Bank ranked as the most profitable listed company in Jiangsu with a net profit of 31.843 billion yuan, showing a year-on-year growth of 10.76% [3][4]. - Nanjing Bank and Huatai Securities followed, with net profits of 20.177 billion yuan and 15.351 billion yuan, respectively, reflecting year-on-year growth rates of 9.05% and 20.40% [3][4]. - Jiangsu Bank's net profit exceeded the total net profit of the top 20 listed companies in Wuxi, which was approximately 28.033 billion yuan [4]. Group 2: Suzhou Companies - Suzhou Bank emerged as the most profitable company in Suzhou with a net profit of 5.068 billion yuan and a net profit margin of 41.5% [6][7]. - The automotive parts manufacturer Huguang Co. reported a remarkable net profit growth of 1,139.15%, driven by the increasing demand in the new energy vehicle market [7]. - The top 10 companies in Suzhou's net profit rankings were predominantly from the financial sector, indicating a strong performance in this industry [6]. Group 3: Wuxi Companies - WuXi AppTec led Wuxi companies with a net profit of 9.450 billion yuan, although it experienced a slight decline in both revenue and net profit, with a year-on-year decrease of 2.73% and 1.63%, respectively [10][11]. - The company derived over 60% of its revenue from the U.S. market, highlighting its significant international exposure [11]. Group 4: Changzhou Companies - Hengli Hydraulic reported a net profit of 2.509 billion yuan, showing a modest increase of 0.4% year-on-year, while its revenue grew by 4.51% to 9.39 billion yuan [12][14]. - New City Holdings, despite a revenue decline of 25.32% to 88.999 billion yuan, managed to maintain a positive net profit of 0.752 billion yuan, indicating resilience in a challenging real estate market [14].

下调公积金贷款利率,拟推融资政策 2025 年国新办一揽子金融政策点评 2025 年 5 月 7 日 房地产行业 推荐 维持评级 分析师 胡孝宇 网: huxiaoyu_yj @chinastock.com.cn 分析师登记编码：S0130523070001 相对沪深 300 表现图 2025-5-6 房地产(申万 40% 20% 资料来源:中国银河证券研究院 行业点评·房地产行业 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相关研究 1. 【银河地产】行业点评_房地产行业_持续巩固稳 定态势，有力有序推进城改 2. 【银河地产】行业点评_房地产行业_全面发力, 持续推动地产止跌回稳 3. 【银河地产】行业深度_房地产_内生和外生因素 支撑下的需求中枢 4. 【银河地产】行业点评_房地产行业_供需两侧齐 发力,推动地产止跌回稳 5. 【银河地产】行业点评_加快构建新模式,推进地 产新篇章_三中全会专题研究 www.chinastock.com.cn 证券研究报告 o 事件: 2025年 5月7日,国新办举行新闻发布会,央行、金管局、证监会等 部门负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况, ...