证券代码：002244 证券简称：滨江集团 公告编号：2025-039 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 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。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年七月十六日 2025 年 7 月 15 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]88 | 住宅、 号 商业 | 40536 | 3.0 | 183667 | 100% | 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。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant profit growth in the first half of 2025, driven by an increase in delivery scale and a focus on high-quality land reserves in Hangzhou, with a projected net profit of 16.33 to 19.82 billion yuan, representing a year-on-year growth of 40% to 70% [5][6] - Despite a decline in sales amounting to 527.5 billion yuan in the first half of 2025, the company maintains a stable sales ranking within the top ten in the industry, with a focus on land acquisition in Hangzhou [7] - The company has successfully reduced its financing costs to levels comparable to state-owned enterprises, with a comprehensive financing cost decreasing from 3.4% at the end of 2024 to 3.1% by mid-2025 [8] Financial Performance Summary - The company expects to achieve a revenue of 71.25 billion yuan in 2025, with a year-on-year growth of 3% [9] - The projected net profit for 2025 is 29.38 billion yuan, reflecting a year-on-year increase of 15.4% [9] - The earnings per share (EPS) for 2025 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 10.6 times [9][12] Land Acquisition and Market Position - In the first half of 2025, the company acquired 16 plots of land in Hangzhou and Jinhua, with a total land cost of 33.3 billion yuan, maintaining a land acquisition intensity of 63% [7] - The company holds a total land reserve of 9.976 million square meters, with 70% located in Hangzhou, indicating a strong focus on high-quality land [7][11] Financing and Cost Management - The company successfully issued bonds totaling 2.3 billion yuan in the first half of 2025, with interest rates ranging from 2.5% to 3.8% [8] - The average financing cost has been consistently decreasing, aligning with the financing levels of state-owned enterprises [8]

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is experiencing seasonal adjustments in transaction volumes, leading to increased efforts in recovering idle land reserves [1] - The report highlights a significant decline in new home sales, with a 51.6% decrease week-on-week and an 18.4% decrease year-on-year for the week of July 5-11, 2025 [13] - The second-hand housing market shows a slight recovery with a 0.1% increase week-on-week, although it remains down 6.3% year-on-year [19] - The report emphasizes the importance of stabilizing the real estate market as a necessary condition for economic transformation, suggesting that current policies are beginning to take effect [8] Summary by Sections 1. Sector Views - The report suggests that the current policy environment recognizes the need for a stable and healthy real estate market for economic development, indicating a potential turning point in the current cycle [8] - Recommendations include strong local state-owned enterprises and quality private companies such as China Resources Land, Poly Developments, and Binjiang Group [8] 2. Real Estate Fundamentals and High-Frequency Data 2.1. Real Estate Market Conditions - New home sales in 36 cities totaled 144.4 million square meters, with a week-on-week decrease of 51.6% and a year-on-year decrease of 18.4% [13] - Cumulative sales from January 1 to July 11, 2025, reached 54.9 million square meters, down 5.2% year-on-year [13] 2.2. Land Market Conditions - The report notes a significant decrease in land supply, with a 40.6% drop in building area supplied in the week of July 7-13, 2025 [40] - The average land price per square meter was reported at 1506 RMB, reflecting a 2.7% increase week-on-week [45] 2.3. Real Estate Financing Conditions - In the week of July 7-13, 2025, real estate companies issued a total of 24 credit bonds amounting to 21.68 billion RMB, marking a 111.6% increase week-on-week [51] - The net financing amount for the week was reported at 2.48 billion RMB [51] 5. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong shareholder backing [8] - In property management, recommended companies include China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [9]

去年至今，当大家都在喊杭州楼市泡沫即将破裂时，没承想，杭州再度陷入疯狂。 上半年总出让金达到1160亿元，以154.4亿元的优势超过北京，称霸全国。同比增长96%，几乎与去年全年土地出让金持平，这样的速度在全国亦是独一 份；土地溢价率更是断档式的存在，平均溢价率接近40%，位列全国首位，而二三名的平均溢价率仅有20%左右。 01 地王之下 豪宅风起 根据中指院数据，2025年上半年，300城住宅用地出让金同比增幅超两成，平均溢价率10.3%，较去年同期提升6.2个百分点。就城市群来看，长三角最 火，仅TOP10企业在此拿地就花费了1470亿元。 长三角中，最支棱的当属杭州。 同样中指院数据显示，今年上半年杭州成功出让68宗宅地，总金额1160亿元，无论数量还是金额，均为全国第一。现任杭州一哥——滨江贡献最大，豪掷 308亿元；曾经的一哥——绿城，也拿出174亿元助力杭州登上地王宝座。 | | 杭州 | | | --- | --- | --- | | 排名 | 企业 | 三元 | | | | 会 预 | | 1 | 滨江集团 | 308 | | 2 | 绿城中国 | 174 | | 3 | 建发房产 | 94 ...

Group 1: Policy Initiatives - Changsha city has introduced a series of new policies to optimize real estate development, including "old-for-new" housing purchase subsidies and flexible housing ticket arrangements for urban renewal [1] - The "old-for-new" subsidy allows families or individuals who sell their own homes to receive a purchase subsidy of 1% of the new home's total price, with a maximum of 30,000 yuan per unit, aimed at promoting interaction between new and second-hand housing markets [1] - The policy encourages local districts to implement housing ticket arrangements based on actual conditions, particularly in urban villages and the renovation of dilapidated urban housing [1] Group 2: Company Earnings Forecasts - Chengjian Development expects a net profit attributable to shareholders of 440 million to 654 million yuan for the first half of 2025, with a net profit excluding non-recurring gains and losses of 347 million to 506 million yuan [2] - Jindi Group anticipates a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with a net loss excluding non-recurring gains and losses of 3.2 billion to 4 billion yuan [3] - Binhai Group forecasts a net profit attributable to shareholders of 1.633 billion to 1.982 billion yuan for the first half of 2025, compared to a profit of 1.166 billion yuan in the same period last year [4] - Poly Development expects a net profit attributable to shareholders of 2.735 billion yuan for the first half of 2025, with a net profit excluding non-recurring gains and losses of 2.599 billion yuan [5]

上 市 公 司 房地产 2025 年 07 月 14 日 滨江集团 (002244) ——中期业绩超预期大增，好房子企业优势显现 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 证 券 研 究 报 告 | 市场数据： | 2025 年 07 月 14 日 | | | --- | --- | --- | | 收盘价（元） | | 10.01 | | 一年内最高/最低（元） | | 12.44/7.49 | | 市净率 | | 1.1 | | 股息率%（分红/股价） | | 0.90 | | 流通 A 股市值（百万元） | | 26,850 | | 上证指数/深证成指 | 3,519.65/10,684.52 | | | 注："股息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.15 | | 资产负债率% | 79.03 | | 总股本/流通 A 股（百万） | 3,111/2,682 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： ...

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 证券代码：002244 证券简称：滨江集团 公告编号：2025-038 杭州滨江房产集团股份有限公司 2025 年半年度业绩预告 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。 预计净利润为正值且同向上升 | | 盈利：163,264.40万元–198,249.63 | | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 万元 | 盈利：116,617.43 万元 | | | 比上年同期增长：40%-70% | | | 扣除非经常性损 益后的净利润 | 盈利：163,716.53万元–198,701.76 | 盈利：113,061.78 万元 | | | 万元 | | | | 比上年同期增长：44.80%-75.75% | | | 基本每股收益 | 盈利：0.52元/股–0.64元/股 | 盈利：0.37元/股 | 本次业绩预告数据为公司财务部门初步核算结果，未经会计师事 务所审计。 公司主要经营业务为商品住宅的开发和建设，此项 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12]. Core Insights - Since Q2, the industry has experienced significant declines in both volume and price, with most cities' housing prices falling below last September's levels. The month-on-month decline is approaching policy thresholds, posing new challenges to the goal of stabilizing prices. Expectations for policy easing are strengthening, and the upcoming major meetings may present a buying window for the sector. Although conventional policy measures have limited effectiveness, there remains substantial room for extraordinary policy actions within the current framework. For transactions, policy expectations are deemed more critical than actual policy implementations. Q3 is identified as a trading window, although the urgency for easing may limit transaction levels in July compared to September, when macroeconomic and industrial data pressures are expected to increase, making stock price fluctuations a better buying opportunity [2][9]. Summary by Sections Market Performance - The Yangtze River Real Estate Index increased by 6.07% this week, outperforming the CSI 300 by 5.26%, ranking 1st out of 32 industries. Year-to-date, the index has risen by 1.16%, underperforming the CSI 300 by 0.87%, ranking 25th out of 32 [6][15]. Policy Developments - Wuhan is intensifying its policy measures, Guangdong has clarified a negative list to strictly control illegal registrations, and Beijing is improving its housing fund policies. Wuhan's housing bureau plans to enhance its policy toolbox, focusing on the de-stocking of commercial properties, subsidies for specific groups, and increasing the supply of high-quality housing. Guangdong aims to enforce strict controls on illegal housing registrations. Beijing is optimizing housing supply by further leveraging housing provident funds to support down payments and loans [7]. Sales Data - New and second-hand housing transactions in sample cities continue to decline year-on-year. The new housing transaction area in 37 cities has decreased by 17.1% year-on-year over the past four weeks, while second-hand housing transactions in 19 cities have dropped by 6.3% year-on-year. As of July 11, new housing transactions in 37 cities fell by 19.0% year-on-year, and second-hand transactions dropped by 11.5% [8][19]. Trading Opportunities - Q3 is highlighted as a crucial trading window. The report suggests focusing on high-quality real estate companies with low inventory pressure and strong product capabilities, such as Binhai Group. It also recommends considering companies with improving fundamentals and those undergoing debt restructuring. In the context of low interest rates and asset shortages, leading firms in commercial real estate, property management, and brokerage with stable cash flows and potential high dividends are seen as long-term investment opportunities [5][9].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Investment Rating - The report indicates a positive investment outlook for the real estate sector, suggesting a "buy" recommendation for stocks in this industry due to recent price recoveries and potential policy support [7]. Core Insights - The A-share real estate sector saw a significant increase of +6.1% in the week of July 5-11, outperforming other sectors, while the Hong Kong real estate sector rose by +0.6% [3][17]. - There is an expectation for new stimulus policies to be introduced, particularly in light of the upcoming Central Urban Work Conference, which historically has influenced urban development strategies and real estate policies [5][13]. - The trend of Real World Asset (RWA) tokenization in the real estate sector is emerging, enhancing liquidity and providing new financing options for real estate companies [6][15]. Summary by Sections Market Performance - The A-share real estate sector ranked first among all sectors with a weekly increase of +6.1%, while the Hong Kong real estate sector ranked sixth with a +0.6% increase [3][17]. - The property service index in Hong Kong increased by +1%, indicating a stable performance relative to other indices [25]. Land Market - In the week of July 5-11, the total area of residential land sold across 300 cities was 445 million square meters, reflecting a week-on-week decrease of 48% and a year-on-year decrease of 24% [26]. - The average premium rate for land transactions was reported at 8%, with a cumulative area of 19,016 million square meters sold since the beginning of 2025, showing a year-on-year decline of 3.8% [26][29]. New Housing Sales - In 47 cities, new housing sales totaled 261 million square meters, with a week-on-week decrease of 49% and a year-on-year decrease of 14% [33]. - Sales in first-tier cities decreased by 45% week-on-week and 17% year-on-year, while second-tier cities saw a 53% week-on-week decrease and a 10% year-on-year decrease [33]. Second-Hand Housing Sales - The total area of second-hand housing sold in 22 cities was 229 million square meters, with a week-on-week decrease of 4% and a year-on-year decrease of 2% [41]. - First-tier cities experienced a 13% week-on-week decrease and a 6% year-on-year decrease, while second-tier cities saw a 2% increase week-on-week but an 8% decrease year-on-year [41]. Policy Expectations - The anticipation of new policies is growing due to recent declines in real estate data, with expectations for the Central Urban Work Conference to guide future policy directions [5][13]. - Historical insights from previous conferences indicate a focus on urban development and potential support for the real estate sector [5][13]. RWA Tokenization - The report highlights the development of RWA tokenization in real estate, which allows for the division of property ownership into tradable tokens, thereby increasing liquidity and providing new investment opportunities [6][15].