在此之前，该公众号还发布过北京天竺悦府项目商业、金域缇香家园商业资产出售等信息。 8月12日，微信公众号"北京万科"发布公告，拟将其持有的北京万科云庐、翡翠西湖项目部分商业 用房对外出售，出售底价为2541万元。 按照公告，万科拟将其持有的北京万科云庐（丰台区云滨街5号院）7套商业用房以及北京翡翠西湖 （丰台区文林北街6号院4号楼）3套商业用房进行对外出售。云庐7套商业用房的产权面积为565.95平方 米，总底价为1979万元，其中1套为便利店、1套菜市场，其余为商服用途。翡翠西湖3套商业用房的产 权面积为513.73平方米，总底价为562万元，其中1套为便利店、1套菜市场以及其他商业用房。10套商 业资产共计底价约2541万元。 按照要求，付款意向金为50万元，销售协议签署后缴纳10%交易保证金，成交后当月付款至30%， 三个月内付款至80%，六个月内全款。 根据万科此前发布的2025年半年度业绩预告，今年上半年，万科录得净亏损至少100亿元。数据显 示，上半年，万科归属于上市公司股东的净利润为预计亏损100亿元至120亿元，扣除非经常性损益后的 净利润为亏损95亿元至115亿元。 万科在公告中表示，公司将 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

房地产行业进入"好房子"时代，上半年万科多地新盘热销。 不仅改革化险稳步推进，融合发展也取得积极进展。不久前的股东会上，万科管理层表示，将进一步加 强与大股东深铁集团的融合发展，发挥好双方资源禀赋，形成多元场景、多业态复合的城市服务新生 态。 继二季度万科与深铁在长租公寓领域开展战略合作后，近日万科与深铁又上线了全球首例由"机器人自 主搭乘地铁为商家配送货"的试点合作——在深圳地铁2号线湾厦站，由万科旗下万纬物流集成研发的机 器人，利用地铁的空闲时间段满载补给商品，自行搭乘地铁，自主规划最优搭乘线路，为湾厦站及线上 其它站内7-Eleven门店配送货。过去，地铁商铺一直存在配送货难题，门店货物配送只能通过地面交通 送至地铁站，不仅地面停车难，而且从地面运输到店内的过程，常常遇上地铁早高峰，导致送货的时 间、人力成本都较高。此次试点合作，通过地铁商家的无人化配送货，能够显著提升配送效率，将科技 有效应用于民生。 此次试点只是起点，随着试点技术的逐步成熟，未来将有望推广至更多的地铁商家。面向未来，深铁与 万科旗下的万纬物流，除了在"轨道+物流"的业务模式外，还将基于地铁车站、车辆段等深铁优质资 源，拓展更多城市物 ...

6月27日，万科举行2024年度股东会。会上，对于投资者关注的团队融合与稳定话题，万科管理层表 示，今年初充实经营管理力量以来，新加入的管理人员，与万科原管理团队携手，发挥两个团队的力 量，"1+1大于2"，共同应对风险和挑战。优秀的人才队伍和品牌，是万科最宝贵的资源。万科拥有一支 业务素质过硬、具有敬业精神、能扛压的团队，令人倍感欣慰。 深铁作为高度负责的大股东，坚决维护全体股东的利益，在资金、资源、技术、场景等方面继续支持万 科，促进深铁和万科更加紧密的融合发展，发挥好双方资源禀赋，以TOD综合开发为基础，提供城市 基础设施建设和运营的系统解决方案，因地制宜发展新质生产力，形成多元场景、多业态复合的城市服 务新生态，积极为员工创造更多发展机会。 ...

对于未来，万科管理层表达了坚定的信心。信心一方面来自于政策端持续发力，托举房地产市场止跌回 稳,市场信心不断增强，万科生产经营也保持了稳定，1-5月按期保质完成超2.6万套房交付，多地项目实 现热销，经营性业务保持稳步增长。另一方面，万科拥有一支业务素质过硬、具有敬业精神、能扛压的 团队，今年走访多个城市，当地党委政府及合作伙伴均给予了万科认可和支持，获得了极大信心。此 外，万科的产品研发和迭代，形成了突出的竞争力。 万科管理层表示，在多方支持下，万科将牢牢把握政策机遇，坚持用改革的办法解决发展中的问题，在 发展中化解风险，通过战略聚焦、管理提升、经营提振、科技赋能、融合发展等措施，推动业务布局优 化和结构调整，促进开发业务回归良性循环，经营服务业务稳步增长，提高不动产全周期运营能力，持 续为客户提供"好产品""好服务"。同时，万科将树立敬业、专业、干净的企业文化，健全治理规范、内 控有效、阳光透明的管理体系。此外，万科还将进一步加强与大股东深铁集团的融合发展，发挥好双方 资源禀赋，形成多元场景、多业态复合的城市服务新生态。万科表示，每一位股东都希望万科健康、稳 定、可持续的发展，利益一致、目标一致、方向一致 ...

6月27日，万科2024年度股东会在深圳召开。万科介绍称，目前万科商业板块开业建筑面积总计超1000 万平方米，商业项目在一二线城市的占比超过94%。同时，商业品牌影响力扩大，已与超过12,000家品 牌建立良好合作。 同时，万科的消费基础设施REIT表现良好，去年4月中金印力消费REIT在深交所成功上市，截止去年 底，底层资产杭州西溪印象城出租率97.85%、租金收缴率99.96%，该基金年化现金流分派率5.24%，实 现招募说明书预测水平的103.2%。此外，万科商业板块已形成"投融建改管退"全链条的能力，已为 GIC、黑石等知名机构业主提供轻资产运营服务。 ...

同时，万科积极构建绿色、低碳及智慧的住宅技术体系，参与中国工程建设标准化协会相关技术导则的 研发和编制，建立了全屋智能及智慧社区技术体系，持续推广成熟绿色低碳技术，积极运用"未来生活 理想单元"最新技术。 此外，万科适应当地政策，打造了品质与效率兼备的产品标杆。如万科在海南开展现房开发与销售实 践，三亚湾项目成为三亚市首个全现房销售的项目，2024年12月入市后，截至目前已售52.8亿元，接近 清盘。 6月27日，万科在深圳召开2024年度股东会。就开发业务板块的相关工作，万科表示，目前正在积极构 建适应房地产发展新模式的三大核心能力。 在打造"好房子、好社区、好服务"方面，万科基于"好房子"安全、舒适、绿色、智慧理念，以"安全安 心、舒适宜居、智慧便捷、绿色低碳、活力多元、城市共生"6个一级指标为引导，迭代万科"三好"产品 体系，共形成约520项设计要求和技术措施。 ...

6月27日，万科举行2024年度股东会。会上万科介绍称，去年实现销售2460亿，销售金额在26个城市排 名前三，其中15个城市排名第一，销售回款率105.5%。 2024年，万科新项目销售可观，新开盘的14个项目平均销售去化率超80%，毛利率约16%。同时，万科 库存去化取得成效，年初已取证资源去化1660亿元，去化比例超60%，通过"现房焕新"行动，实现年初 现房销售352亿元，准现房销售556亿元。此外，万科积极开展营销创新，2024年直播自主获客取得突 破，年度认购67.5亿元。 ...