Investment Rating - The report rates the real estate industry as "Outperform the Market" [5] Core Insights - New home transaction area has seen a narrowing month-on-month increase but an expanding year-on-year decline, while second-hand home transaction area has turned positive month-on-month with a narrowing year-on-year decline [5][14] - The inventory of new homes has increased month-on-month but decreased year-on-year, with the de-stocking cycle lengthening both month-on-month and year-on-year [5][14] - The land market has experienced a decrease in transaction volume and a rise in prices, with both volume and price declining year-on-year [5][54] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - In the week of December 20-26, 2025, new home transaction area in 40 cities was 2.74 million square meters, a month-on-month increase of 10.5% but a year-on-year decrease of 39.2% [15][20] - The inventory of new homes in 12 cities was 11,491 million square meters, with a month-on-month increase of 0.3% and a year-on-year decrease of 7.9% [32][33] - The de-stocking cycle for new homes in first, second, and third/fourth-tier cities was 19.8, 13.2, and 70.3 months respectively, with year-on-year increases across all tiers [25][35] 2. Land Market Tracking - Total land transaction area across 100 cities was 5,116.1 million square meters, a month-on-month decrease of 2.7% and a year-on-year decrease of 12.7% [54][58] - The total transaction price for land was 129.13 billion yuan, with a month-on-month increase of 10.0% but a year-on-year decrease of 15.9% [55][58] - The average floor price for land was 2,524.1 yuan per square meter, with a month-on-month increase of 13.0% but a year-on-year decrease of 3.7% [56][58] 3. Policy Overview - The central government emphasized the importance of the real estate sector in the upcoming "14th Five-Year Plan" period, indicating continued potential for growth and the need for policy adjustments to stabilize the market [90][91] - Local policies in Beijing have been adjusted to ease purchasing conditions for non-local households and support multi-child families, reflecting a trend towards more flexible housing policies [91][92] 4. Market Performance Review - The absolute return of the real estate sector was 1.9%, with a relative return of -0.04% compared to the CSI 300 index, indicating a slight improvement week-on-week [94][95] - The price-to-earnings ratio (PE) for the real estate sector was 24.68X, showing a week-on-week increase of 0.9X [98]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that policy adjustments are being driven by fundamental pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, indicating ongoing developments in the sector [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, thus making it a strategic investment choice [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 cities 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 highlighted as critical areas to monitor, with expectations that first- and second-tier cities will benefit more from these changes [4] Summary by Sections New Housing Transactions - In the week, new housing transaction area across 30 cities was 241.0 million square meters, a month-on-month increase of 15.5% but a year-on-year decrease of 41.5% [2][25] - First-tier cities recorded a new housing transaction area of 53.9 million square meters, down 0.4% month-on-month and down 41.3% year-on-year [2][25] - Second-tier cities saw a transaction area of 146.8 million square meters, up 21.7% month-on-month but down 40.6% year-on-year [2][25] - Third-tier cities had a transaction area of 40.4 million square meters, up 18.7% month-on-month but down 45.1% year-on-year [2][25] Secondary Housing Transactions - The total area of secondary housing transactions in 14 sample cities was 208.0 million square meters, a month-on-month increase of 3.8% but a year-on-year decrease of 22.9% [32] - First-tier cities accounted for 89.3 million square meters, up 2.2% month-on-month [32] - Second-tier cities had 83.7 million square meters, down 1.8% month-on-month [32] - Third-tier cities recorded 35.0 million square meters, up 25.9% month-on-month [32] Credit Bonds - During the week (December 22-28), six credit bonds were issued by real estate companies, totaling 4.732 billion yuan, an increase of 0.402 billion yuan from the previous week [3][40] - The total repayment amount was 6.517 billion yuan, a decrease of 0.964 billion yuan, resulting in a net financing amount of -1.785 billion yuan, which is an increase of 1.366 billion yuan from the previous week [3][40]

Core Viewpoint - The company has experienced significant revenue and profit growth due to increased delivery volumes, with expectations for further profit recovery as high-margin projects enter the settlement phase [1]. Group 1: Financial Performance - As of Q3 2025, the company achieved revenue of 65.514 billion yuan, a year-on-year increase of 60.64%, primarily due to an increase in the volume of delivered properties [1]. - The net profit attributable to shareholders reached 2.395 billion yuan, up 46.60% year-on-year, driven by both the volume of delivered properties and an overall increase in project gross profit levels [1]. - For the period from January to November 2025, the company recorded a total sales amount of 94.530 billion yuan, a decrease of 7.3% compared to the same period in 2024, mainly due to the pace of new project launches [1]. Group 2: Land Acquisition and Market Position - The company ranked among the top ten in national sales, with a substantial land reserve. In 2025, the total transaction amount for residential land in Hangzhou reached 142.08 billion yuan, with the company securing over 47 billion yuan in land acquisition, solidifying its leading position in the Hangzhou land market [1]. Group 3: Debt Structure and Financing - As of mid-2025, the company's interest-bearing liabilities amounted to 26.506 billion yuan, a decrease of nearly 4 billion yuan since the beginning of 2025, with total consolidated interest-bearing liabilities at 33.352 billion yuan, down 4.083 billion yuan from the end of 2024 [2]. - The debt structure is clear, with bank loans accounting for 83.9% and direct financing for 16.1%. The asset-liability ratio, excluding advance receipts, stands at 57.8%, and the net debt ratio is 7.03% [2]. - The average financing cost as of June 2025 was 3.1%, reflecting a decrease of 0.3 percentage points from the end of 2024, indicating strong market recognition of the company's asset value and operational capabilities [2]. Group 4: Investment Outlook - The company is projected to achieve revenues of 75.171 billion yuan, 78.392 billion yuan, and 82.637 billion yuan for 2025-2027, with year-on-year growth rates of 8.70%, 4.29%, and 5.41% respectively [3]. - The net profit attributable to shareholders is expected to be 3.070 billion yuan, 3.726 billion yuan, and 4.691 billion yuan for the same period, with growth rates of 20.58%, 21.39%, and 25.89% respectively [3]. - The company's PE ratios for 2025-2027 are projected to be 9.94, 8.19, and 6.51, which is lower than the average of comparable companies in the real estate development sector [3].

记者丨唐韶葵 编辑丨张伟贤 12月26日，滨江集团（002244.SZ）公告， 因个人需求，公司董事长戚金兴之配偶俞理立以总 价2600.6168万元，购入集团控股子公司滨澳公司开发的揽奥望座商业大平层一套，构成关联 交易。 揽奥望座位于杭州市萧山区，规划用地面积1.8万平方米，计容规划建筑面积7.56万平方米。 2022年12月28日，揽奥望座首开1幢住宅，推出92套304-321平方米房源，吸引1267户家庭参 与摇号，中签率仅7.26%。 今年8月，揽奥望座推出800-830平方米的"星河800"系列商办大平层，项目以一层一户、江景 住宅等优势成为网红盘。据公开信息， 揽奥望城该批次房源套均总价3700万元，首开4天去化 8成，半个月内近乎售罄。 据透露，该项目看房需验资1000万元，项目示范区开放10天内，客 户来访量就超过了300组。 揽奥望座的热销，也引发了市场对于商办大平层去化提速的关注。据杭州市政府出台的《杭州 市商业办公等非住宅类项目管道燃气管理办法》， 杭州自2026年1月1日起实施"符合条件商办 项目可通燃气"政策 。据了解，滨江旗下在售商办平层项目均位于核心城区，规划设计时已预 留燃气 ...

12月26日，滨江集团（002244）(002244.SZ)公告，因个人需求，公司董事长戚金兴之配偶俞理立以总价2600.6168万元，购入集 团控股子公司滨澳公司开发的揽奥望座商业大平层一套，构成关联交易。 揽奥望座位于杭州市萧山区，规划用地面积1.8万平方米，计容规划建筑面积7.56万平方米。 增加市场信心，促商办大平层去化。 据公开信息，滨江集团于2022年4月25日购入揽奥望座地块，成交楼面价1.68万元/平方米。根据出让条件，地块限价4.2万元/平 方米，精装房销售限价4.6万元/平方米。 2022年12月28日，揽奥望座首开1幢住宅，推出92套304-321平方米房源，吸引1267户家庭参与摇号，中签率仅7.26%。 今年8月，揽奥望座推出800-830平方米的"星河800"系列商办大平层，项目以一层一户、江景住宅等优势成为网红盘。据公开信 息，揽奥望城该批次房源套均总价3700万元，首开4天去化8成，半个月内近乎售罄。据透露，该项目看房需验资1000万元，项 目示范区开放10天内，客户来访量就超过了300组。 揽奥望座的热销，也引发了市场对于商办大平层去化提速的关注。据杭州市政府出台的《杭州市商 ...

12月25日，滨江集团公告称，董事长戚金兴配偶俞理立因个人需求，以总价约2600万元购入"滨江系"开 发的一套商业大平层。 （文章来源：21世纪经济报道） ...

公开资料显示，戚金兴生于1962年，研究生学历，正高级经济师，中国房地产业协会名誉副会长，曾荣获"十大风云浙商""中国经营大 师""中国优秀房地产企业家""全国五一劳动奖章""浙江省劳动模范"等荣誉称号。滨江集团创立至今任杭州滨江房产集团股份有限公司董 事长、党委书记，兼任杭州滨江投资控股有限公司执行董事。 公司独立董事已就本次关联交易事项召开了专门会议并发表了同意的独立意见。2025年12月24日，公司召开第七届董事会第六次会议， 会议以4票同意、0票反对、0票弃权审议通过了《关于关联交易的议案》，关联董事戚金兴回避表决。 揽奥望座项目位于杭州市萧山区，规划用地面积1.8万平方米，计容规划建筑面积7.56万平方米。第三方购房平台显示，揽奥望座均价约 46000元/平方米，套均价格约1300万元。 公告显示，上述关联交易的价格根据该项目商业大平层相关销售政策确定，交易价格公平合理。俞理立拟与滨澳公司签署《商品房买卖 合同》，合同条款及内容与普通购买者一致，未做其他特殊约定。 揽奥望座项目商业大平层，标的资产产权清晰，不存在抵押、质押及其他任何限制转让的情况，也不涉及诉讼、仲裁事项或查封、冻结 等司法措施，亦不 ...

揽奥望座项目位于杭州市萧山区，规划用地面积1.8万平方米，计容规划建筑面积7.56万平方米。第三方购房 平台显示，揽奥望座均价约46000元/平方米，套均价格约1300万元。 公告显示，上述关联交易的价格根据该项目商业大平层相关销售政策确定，交易价格公平合理。俞理立拟与 滨澳公司签署《商品房买卖合同》，合同条款及内容与普通购买者一致，未做其他特殊约定。 揽奥望座项目商业大平层，标的资产产权清晰，不存在抵押、质押及其他任何限制转让的情况，也不涉及诉 讼、仲裁事项或查封、冻结等司法措施，亦不存在妨碍权属转移的其他情况。 （文章来源：每日经济新闻） 12月25日，滨江集团（SZ002244，股价9.81元，总市值305.2亿元）发布关联交易公告称，因个人需求，俞理 立女士以总价2600.6168万元购买滨江集团控股子公司杭州滨澳房地产开发有限公司（以下简称滨澳公司）开 发的揽奥望座商业大平层一套。 俞理立为公司董事长戚金兴配偶，根据《深圳证券交易所股票上市规则》的相关规定，俞理立为滨江集团的 关联自然人，本次交易构成关联交易。 公司独立董事已就本次关联交易事项召开了专门会议并发表了同意的独立意见。2025年12月2 ...

公司独立董事已就本次关联交易事项召开了专门会议并发表了同意的独立意见。2025年12月24日，公司召开第七届董事会第六次会议， 会议以4票同意、0票反对、0票弃权审议通过了《关于关联交易的议案》，关联董事戚金兴回避表决。 公开资料显示，戚金兴生于1962年，研究生学历，正高级经济师，中国房地产业协会名誉副会长，曾荣获"十大风云浙商""中国经营大 师""中国优秀房地产企业家""全国五一劳动奖章""浙江省劳动模范"等荣誉称号。滨江集团创立至今任杭州滨江房产集团股份有限公司董 事长、党委书记，兼任杭州滨江投资控股有限公司执行董事。 12月25日，滨江集团（002244）(SZ002244，股价9.81元，总市值305.2亿元)发布关联交易公告称，因个人需求，俞理立女士以总价 2600.6168万元购买滨江集团控股子公司杭州滨澳房地产开发有限公司(以下简称滨澳公司)开发的揽奥望座商业大平层一套。 俞理立为公司董事长戚金兴配偶，根据《深圳证券交易所股票上市规则》的相关规定，俞理立为滨江集团的关联自然人，本次交易构成 关联交易。 公告显示，上述关联交易的价格根据该项目商业大平层相关销售政策确定，交易价格公平合理。俞理立拟 ...

公开资料显示，揽奥望座项目位于杭州市萧山区，规划用地面积1.8万平方米，计容规划建筑面积7.56万 平方米。第三方购房平台显示，揽奥望座均价约46000元/平方米，套均价格约1300万元。 公告显示，上述关联交易的价格根据该项目商业大平层相关销售政策确定，交易价格公平合理。俞理立 拟与滨澳公司签署《商品房买卖合同》，合同条款及内容与普通购买者一致，未做其他特殊约定。 揽奥望座项目商业大平层，标的资产产权清晰，不存在抵押、质押及其他任何限制转让的情况，也不涉 及诉讼、仲裁事项或查封、冻结等司法措施，亦不存在妨碍权属转移的其他情况。 （文章来源：每日经济新闻） 12月25日，滨江集团（SZ002244，股价9.81元，总市值305.2亿元）发布关联交易公告称，因个人需 求，俞理立以总价2600.6168万元购买滨江集团控股子公司杭州滨澳房地产开发有限公司（以下简称滨 澳公司）开发的揽奥望座商业大平层一套。 俞理立为公司董事长戚金兴配偶，根据《深圳证券交易所股票上市规则》的相关规定，俞理立为滨江集 团的关联自然人，本次交易构成关联交易。 公司独立董事已就本次关联交易事项召开了专门会议并发表了同意的独立意见。2025 ...