Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - In June, the overall land supply volume increased month-on-month, but the pace of core land supply continued to slow down. The overall transaction volume also saw a month-on-month increase, with the premium rate continuing its downward trend since March, while the auction failure rate remained low [2][10] - Major players such as Jianfa, Zhonghai, and Poly were active in the land market in June, with Jianfa, Jinmao, Binhai, and Greentown showing strong land acquisition intensity from January to June. Jianfa, Greentown, and Jinmao achieved better sales performance [2][8] - The quality of land acquired by sample real estate companies in June was higher for Greentown, Jinmao, and Jianfa, reflecting a focus on regional advantages, product strength, and low inventory among leading companies, as well as stable cash flow from leading brokerage, commercial real estate, and state-owned property management companies [2][10] Summary by Sections Supply - In June, the overall land supply volume increased by 38.4% month-on-month compared to May, but the supply of core land decreased compared to April and May. From January to June, the cumulative launched residential land area in 300 cities decreased by 17.3% year-on-year, with first-tier cities seeing a 23.9% increase, while third and fourth-tier cities saw a 23.3% decrease [6][10] Transactions - The transaction volume in June increased by 43.5% month-on-month, with the transaction amount rising by 98.3%. The cumulative transaction area and amount in 300 cities from January to June decreased by 4.3% and increased by 28.0% year-on-year, respectively [7][10] Real Estate Companies - In June, Jianfa, Zhonghai, and Poly were the top three in land acquisition amounts, with total acquisition amounts of 21.9 billion, 11 billion, and 8.9 billion respectively. From January to June, Jianfa, Poly, and Jinmao led in total land acquisition amounts, with 59.2 billion, 50.9 billion, and 49.2 billion respectively [8][10] Investment Recommendations - The report suggests focusing on medium to long-term structural opportunities, emphasizing leading companies with regional advantages, product strength, and low inventory, as well as those with stable cash flow [10]

布局央国企及优质房企，建议重点关注地产ETF（159707）。资料显示，地产ETF（159707）跟踪中证 800地产指数，汇集市场13只头部优质房企，在投资方向上具有明显的头部集中度优势，前十大成份股 权重超9成，央国企含量高！在行业出清大背景下，龙头地产或更具弹性！ 数据来源：沪深交易所等。 7月23日，截至9时56分，地产板块表现活跃，中证800地产指数上涨1.25%，成份股方面，新城控股领 涨3.31%，华发股份上涨2.86%，滨江集团上涨2.71%。热门ETF方面，代表A股龙头地产行情的地产 ETF（159707）场内价格上涨1.12%冲击五连阳，成交额达1390.10万元。 国联民生表示，2025年上半年，房地产投资与销售仍然承压，市场量价尚未进入良性循环。中央强调加 大稳楼市力度，叠加城市更新、收储优化等预期，房地产有望逐步进入企稳修复通道。高品质项目流速 与溢价具优势，有望率先企稳回升。建议关注在核心城市核心区域有持续拿地能力，产品品质高、服务 好的头部央国企和改善型房企。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 风险提示：地产ETF被动跟踪中证800地产指数，该指数基日为20 ...

Core Viewpoint - The Hangzhou Planning and Natural Resources Bureau has publicly announced the design plan for the residential project on the land parcel Hangzheng Chuchu [2025] No. 79, which is part of the Binjiang Real Estate Qianer project, featuring 14 high-rise buildings with 12 to 16 floors [1][7]. Group 1: Project Details - The project is located in the Qianjiang New City Phase II area, just 200 meters from the Metro Line 9 Hongpunan Road Station [3]. - The land parcel covers an area of 33,794 m² with a total construction area of 127,755.1 m², including a floor area ratio of 2.5 and a building density of 22% [7]. - The project includes 14 buildings with varying heights: 2 buildings at 12 floors, 3 at 13 floors, 1 at 15 floors, and 8 at 16 floors [7]. Group 2: Market Context - Nearby properties, such as Binjiang Chaoyue Yingyuexuan, have sold out, while only the招商·杭州序 and the new Binjiang Real Estate project remain for sale, with the former having a capped price of 52,000 yuan/m² and a lottery rate of 13%-22% across six sales [5]. - On June 27, 2025, Hangzhou Binjiang Real Estate Group acquired another land parcel for 326.471 million yuan, with a floor price of 38,642 yuan/m² and a premium rate of 25.3% [5].

Core Insights - The land auction market in Hangzhou remains active, with a total of 18.98 billion yuan raised from two residential land parcels, reflecting an average premium rate of 24.6% [1][2] - Local leading real estate companies are strategically consolidating their positions in key areas while showing rational bidding behavior for non-core plots [1][2] Group 1: Auction Results - Two residential land parcels were auctioned in Hangzhou, with a starting total price of 15.23 billion yuan, ultimately selling for 18.98 billion yuan, indicating a strong market demand [1] - The land in Yuhang District was won by Hangzhou Binjiang Real Estate Group for 15.30 billion yuan, with a floor price of 17,472 yuan per square meter and a premium rate of 29.65% [1] - The land in Gongshu District was acquired by Hangzhou West Lake Real Estate Group for 3.68 billion yuan, with a floor price of 15,295 yuan per square meter and a premium rate of 7.29% [1] Group 2: Market Trends - The Hangzhou land market is experiencing a notable trend of differentiation, with local leading companies actively participating in strategic acquisitions while maintaining a cautious approach in less desirable areas [2] - The average premium rate for land auctions in July was reported at 24.6%, indicating a slight increase compared to previous auctions, but with signs of market segmentation and rational bidding behavior [1][2] - The presence of external developers entering the market, such as a company acquiring a low-density residential plot for 2.73 billion yuan with a premium rate of 10.07%, suggests a cautious approach due to high regional inventory [2] Group 3: Future Outlook - The short-term heat in the Hangzhou land market is expected to continue, but a structural differentiation may persist in the long term [3] - Future land releases are anticipated to include more low-density residential and high-quality plots, prompting developers to shift focus from volume to refined land acquisition and long-term operational capabilities [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 7 月 22 日，公司竞得下述地块的国有建设用地使用权： | 序 | 地块编号 | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]92 | 号 住宅 | 36496 | 2.4 | 153037 | 100% | 证券代码：002244 证券简称：滨江集团 公告编号：2025-040 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 杭州滨江房产集团股份有限公司 二○二五年七月二十三日 董事会 ...

Core Insights - Two residential land parcels were sold in Hangzhou on July 22, with a total transaction amount of 1.898 billion yuan [1] Group 1: Land Transactions - In Yuhang District, a land parcel was acquired by Hangzhou Binjiang Real Estate Group Co., Ltd. for a total price of 1.53 billion yuan, resulting in a floor price of 17,472 yuan per square meter and a premium rate of 29.65% [1] - In Gongshu District, another land parcel was won by Hangzhou West Lake Real Estate Group Co., Ltd. for 368 million yuan, with a floor price of 15,295 yuan per square meter and a premium rate of 7.29% [1]

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The market shows increasing divergence regarding real estate stocks, with a focus on developers in core cities with abundant resources. The report recommends developers with strong credit, good cities, and solid products, as well as top property management companies and Hong Kong REITs benefiting from asset revaluation [1][2]. - Public fund holdings in the real estate sector decreased, with a total market value of 48.4 billion yuan, down 12% quarter-on-quarter, marking a new low in holding ratio [2][3]. - Northbound capital's real estate allocation slightly increased, with a total market value of 13.7 billion yuan, up 10% quarter-on-quarter, indicating a preference for "real estate+" attributes [4]. Summary by Sections Public Fund Holdings - As of Q2 2025, public fund holdings in real estate stocks saw a significant decline, with the total market value at 48.4 billion yuan, representing a 12% decrease from the previous quarter. The holding ratio fell to 0.67%, a drop of 0.12 percentage points [2][3]. - The top five real estate stocks held by public funds include Poly Developments, China Merchants Shekou, and others, with a combined holding value accounting for approximately 27.9% of the total real estate sector holdings, down 1.3 percentage points [3]. Northbound Capital - Northbound capital's holdings in real estate stocks increased slightly, with a total market value of 13.7 billion yuan, reflecting a 10% rise quarter-on-quarter. The top five holdings include Poly Developments and China Merchants Shekou [4][19]. Recommended Companies - The report highlights several companies with "Buy" ratings and target prices, including: - Chengdu Investment Holdings (600649 CH) with a target price of 6.34 yuan - Chengjian Development (600266 CH) with a target price of 7.32 yuan - Binjiang Group (002244 CH) with a target price of 12.08 yuan - New Town Holdings (601155 CH) with a target price of 17.50 yuan - China Overseas Development (688 HK) with a target price of 17.07 HKD [8][20].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Viewpoints - The real estate market is experiencing a continuous adjustment in transaction volumes, prompting the construction of new urban infrastructure [1] - The central urban work conference indicates a shift in urban development from large-scale expansion to improving existing stock, focusing on seven key tasks [1] Summary by Sections 1. Sector Viewpoints - The current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, marking a potential turning point in the current cycle [8] - Recommended companies include state-owned enterprises and quality private firms such as China Resources Land, Poly Developments, and Binjiang Group [8] 2. Real Estate Fundamentals and High-Frequency Data 2.1. Real Estate Market Situation - New home sales in 36 cities decreased by 9.6% week-on-week and 25.0% year-on-year, with cumulative sales of 374.5 million square meters from July 1 to July 18, down 21.6% year-on-year [13] - The second-hand housing market saw a slight decrease of 0.4% week-on-week and 5.8% year-on-year, with cumulative sales of 395.6 million square meters from July 1 to July 18, down 6.7% year-on-year [18] 2.2. Land Market Situation - Land supply in 100 cities from July 14 to July 20 was 1,823.4 million square meters, down 14.0% month-on-month and 27.4% year-on-year [39] - The average land price was 1,067 yuan per square meter, down 27.0% month-on-month and 30.1% year-on-year [45] 2.3. Real Estate Industry Financing Situation - In the week of July 14 to July 20, real estate companies issued 8 credit bonds totaling 7.47 billion yuan, a decrease of 65.5% week-on-week [46] - Year-to-date, real estate companies have issued a total of 326 credit bonds amounting to 269.37 billion yuan, an increase of 14.6% year-on-year [50] 3. Market Review - The real estate sector underperformed compared to the broader market indices, ranking last among 29 sectors with a decline of 2.1% [4] 4. Policy Tracking - The report highlights the government's focus on urban renewal and infrastructure improvements as part of its strategic objectives [1]

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

Group 1: Key Insights on Macro Economy - The "urban renewal" is highlighted as a significant focus for future urban work, with infrastructure and real estate investment expected to be boosted [5][6] - The central urban work conference emphasized transitioning urbanization from rapid growth to stable development, focusing on quality and efficiency [5][6] - The meeting underscored the importance of "innovation" as a key theme, aiming to stimulate high-tech industry investment through urban renewal initiatives [7] Group 2: Insights on Intelligent Driving Industry - Intelligent driving is positioned as a leading application of physical AI, with the potential to drive investment opportunities across the industry chain [8][10] - The report identifies a shift in competitive focus among domestic automakers from merely increasing the number of operational cities to achieving nationwide functionality of intelligent driving features [9][10] - The technological paradigm shift towards data-driven and knowledge-driven approaches is enhancing the generalization performance of intelligent driving systems, paving the way for faster deployment of high-level intelligent driving [9] Group 3: Insights on Defense and Aerospace Industry - The company, 菲利华, is positioning its quartz fiber electronic cloth as a core material for M9 PCBs in the computing era, benefiting from the trend of domestic substitution [12][13] - The semiconductor and optical materials sectors are expected to gain from the increasing demand for high-purity, high-temperature resistant quartz products, with the global semiconductor quartz product market projected to grow from $3.226 billion in 2024 to $7.321 billion by 2031 [13] - 菲利华 is actively expanding its production capacity in the quartz fiber electronic cloth market, aiming to capture early advantages in this emerging sector [12][14]