Investment Rating - The report maintains a "Buy" rating for leading developers focusing on improvement-type products in core cities, expecting significant upside potential in the coming months [21]. Core Viewpoints - The real estate market is showing signs of resilience, with high viewing numbers in key cities despite slight declines in some areas. The report suggests that the market's transaction heat is likely to continue, and there is no need for excessive pessimism regarding the "small spring" performance [2][4]. - Quality property companies are currently undervalued, presenting investment opportunities. The report highlights that these companies have maintained revenue and profit growth, stable gross margins, and low debt levels, indicating a solid fundamental base [3][4]. - The report emphasizes the importance of focusing on developers that can provide quality products and services, particularly in first-tier and core second-tier cities. It suggests that if high-priced projects perform well in terms of sales, it could enhance profit margins and reshape valuations [4][18]. Summary by Sections Market Performance - On March 14, the Shenwan Real Estate Index increased by 2.0%, and the domestic property stock index rose by 4.0%, with notable performances from companies like Greentown China (+10.0%) and Yuexiu Property (+5.5%) [1]. Developer Recommendations - The report recommends focusing on leading developers in core cities that specialize in improvement-type products, such as Greentown China, China Overseas Development, and others, as they are expected to benefit from a recovering market [2][4]. Property Companies Outlook - The report indicates that quality property companies are likely to see their fundamentals validated as negative factors dissipate. It anticipates a positive outlook for the upcoming 2024 performance of these companies [3][4]. Valuation Insights - The report provides a detailed valuation analysis of various companies, indicating that many are trading at attractive price-to-earnings (PE) ratios, suggesting potential for future growth [18].

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。 证券代码：002244 证券简称：滨江集团 公告编号：2025-009 杭州滨江房产集团股份有限公司 第六届董事会第四十六次会议决议公告 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第四十六次会议通知于 2025 年 3 月 6 日以专人送达、传真形式发 出，会议于 2025 年 3 月 11 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 一、审议通过《关于将杭政储出[2025]9 号地块土地出让合同的 受让人调整为项目公司的议案》 杭州滨江房产集团股份有限公司 董事会 二○二五年三月十三日 同意将公司竞拍获得的杭政储出[2025]9 号地块土地出让合同的 受让人调整至项目公司杭州滨华房地产开发有限公司名下，相应的权 利义务 100%调整至项目公司。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 ...

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a year-on-year increase in land acquisition by major companies [10][11]. Core Insights - The total land acquisition amount for the top 100 real estate companies reached 199.86 billion yuan in January-February 2025, representing a year-on-year growth of 26.7% [11]. - The Yangtze River Delta has emerged as the leading city cluster for land acquisition, with the top 10 companies in this region acquiring 51.98 billion yuan worth of land [24]. - Major companies such as China Resources Land, Poly Developments, and China Jinmao topped the list in terms of new value added from land acquisitions, with 46.5 billion yuan, 30.5 billion yuan, and 28.3 billion yuan respectively [13]. Summary by Sections Land Acquisition Rankings - China Resources Land ranked first in land acquisition amount with 23.2 billion yuan, followed by China Jinmao with 12.9 billion yuan and Greentown China with 12.2 billion yuan [3][4]. - The top companies in terms of land area acquired include Hengnan Development Group and Haixing County Xinggang Construction Development, with 1.22 million square meters and 860,000 square meters respectively [3]. Year-on-Year Growth - The report highlights that the total land acquisition amount for key real estate companies has shown a positive year-on-year trend, indicating a recovery in market sentiment [10][11]. - The increase in land acquisition is attributed to local governments actively releasing quality land in core areas, which has boosted companies' willingness to acquire land [11][12]. Special Debt and Land Recovery - The issuance of special bonds for land recovery has accelerated, with Guangdong Province being the first to issue such bonds, amounting to approximately 30.7 billion yuan, primarily aimed at acquiring idle land [14]. - The report emphasizes the expectation that various types of real estate companies will benefit from these initiatives, which are crucial for stabilizing the real estate market [14][20]. Regional Insights - In the Beijing-Tianjin-Hebei region, China Resources Land and other major companies have been active in land acquisition, with significant amounts reported [22]. - The report notes that state-owned enterprises and local government-backed companies remain dominant in land acquisition, while private enterprises are selectively increasing their land reserves in key areas [28].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - 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 [6] - The report emphasizes the importance of various measures to stabilize the market, including reducing restrictive policies and enhancing housing supply [52][56] Summary by Sections 1. Sector Views - Real estate development is seen as crucial for economic stability, with recommendations for strong local state-owned enterprises and quality private companies such as China Resources Land, Poly Developments, and Binjiang Group [6] - In property management, companies with strong market expansion capabilities and service diversification are highlighted as having long-term investment value, recommending China Resources Vientiane Life and Greentown Service [6] - The second-hand housing market is recovering faster than new housing, with recommendations for leading real estate transaction platforms like Beike [7] 2. Real Estate Fundamentals and High-Frequency Data - New housing sales in 37 cities decreased by 30.5% week-on-week but increased by 11.4% year-on-year, with a total of 178 million square meters sold [13] - Second-hand housing sales in 16 cities decreased by 3.8% week-on-week but increased by 46.4% year-on-year, totaling 184.8 million square meters sold [18] - The inventory of new homes in 13 cities stands at 77.9 million square meters, with a de-stocking cycle of 16.5 months [22] 3. Market Review - The real estate sector's performance was -0.7% last week, ranking 28th among 29 sectors, while the CSI 300 and Wind All A indices rose by 1.4% and 2.4% respectively [42] 4. Industry Policy Tracking - The government is focused on stabilizing the real estate market through various measures, including promoting housing demand and reforming the development and financing systems [52][56]

证券代码：002244 证券简称：滨江集团 公告编号：2025-008 杭州滨江房产集团股份有限公司 第六届董事会第四十五次会议决议公告 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。 杭州滨江房产集团股份有限公司 董事会 二○二五年三月八日 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第四十五次会议通知于 2025 年 3 月 1 日以专人送达、传真形式发 出，会议于 2025 年 3 月 6 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 一、审议通过《关于将杭政储出[2024]158 号地块土地出让合同 的受让人调整为项目公司的议案》 同意将公司竞拍获得的杭政储出[2024]158 号地块土地出让合同 的受让人调整至项目公司杭州缤景房地产开发有限公司名下，相应的 权利义务 100%调整至项目公司。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a benchmark enterprise in the "Good Housing Era," benefiting from technological breakthroughs in Hangzhou [8] - The company aims for a sales target of approximately 100 billion yuan in 2025, with a focus on maintaining its ranking within the top 15 nationally [8] - The company has shown strong performance in land acquisition, with a significant focus on the Hangzhou market, and has reduced its interest-bearing debt while lowering financing costs [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 70,443 million yuan, with a year-on-year growth rate of 69.7% [6] - The net profit attributable to the parent company is expected to be 2,529 million yuan in 2023, reflecting a year-on-year decline of 32.4% [6] - The company anticipates a gradual recovery in profits, with net profits projected to reach 2,924 million yuan in 2025 and 3,227 million yuan in 2026 [6][9] - The average financing cost has decreased to 3.4%, down from 4.2% at the end of 2023 [8] Sales and Market Position - In the first two months of 2025, the company achieved sales of 12.8 billion yuan, with a sales area of 290,000 square meters [8] - The average sales price per square meter was 43,800 yuan, significantly higher than the industry average of 22,000 yuan [8] - The company has increased its market share in the Hangzhou land market from 25% in 2023 to 38% in 2024 [8]

2025 年 2 月 28 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]9 | 号 住宅 | 27934 | 2.2 | 106607 | 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。 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。 证券代码：002244 证券简称：滨江集团 公告编号：2025-007 杭州滨江房产集团股份有限公司 二○二五年三月一日 杭州滨江房产集团股份有限公司 董事会 ...

Summary of Conference Call Notes Company and Industry Overview - The discussion primarily revolves around the real estate industry in China, with a specific focus on companies like Xinda Real Estate and Binhang Group, particularly in the Hangzhou market [1][6][12]. Key Points and Arguments 1. **Market Recovery and Land Supply Regulations** - The real estate market is undergoing a recovery phase, with new regulations from the Ministry of Natural Resources set to impact land supply starting May 2024. Cities with planning cycles exceeding 18 months will see reduced land supply [2]. 2. **Price Stability and Product Quality** - The average price per square meter for new homes is increasing, with a notable improvement in the supply of quality products. The market is seeing a strong performance in new housing products, supported by favorable policies [3]. 3. **Second-hand Market Liquidity** - Enhancing liquidity in the second-hand housing market is crucial for overall market recovery. Policies aimed at alleviating financing pressures for real estate companies are expected to yield better results in 2024 compared to previous years [4]. 4. **Sales Performance of Binhang Group** - Binhang Group is leading in sales within the Hangzhou market, with projected sales of approximately 77 billion yuan in 2024, accounting for about 69% of its total sales [6][10]. 5. **Market Dynamics in Hangzhou** - Hangzhou is identified as a high-potential market, with a significant increase in transaction volumes post-Chinese New Year. The city has a high opening rate for new projects, indicating strong demand [8]. 6. **Structural Price Recovery** - The market is expected to see a structural recovery in housing prices, driven by improved product offerings and a decrease in the supply of second-hand homes [9]. 7. **Investment Potential in Binhang Group** - Binhang Group is highlighted as a strong investment opportunity due to its robust market position and the potential for increased market share in Hangzhou, which is projected to exceed 30% [10][12]. 8. **Valuation Considerations** - Investors remain cautious about real estate valuations, which are expected to stabilize as asset prices recover. The recovery in sales gross margins is anticipated to positively impact the company's financial performance [11]. 9. **Future Earnings Projections** - Earnings forecasts for Binhang Group suggest a gradual increase, with expected profits of approximately 2.6 billion yuan in 2024, rising to 2.9 billion yuan by 2026, reflecting a growth rate of about 5% annually [12]. Additional Important Insights - The discussion emphasizes the importance of product quality and market dynamics in driving recovery in the real estate sector. The focus on Hangzhou as a leading market reflects broader trends in urban real estate recovery across China [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is the top-ranked private real estate enterprise in sales, maintaining a strong presence in Hangzhou with independent operational flexibility [1] - Despite a year-on-year sales decline of 27.3% to 111.63 billion yuan in 2024, the company has entered the national TOP10 sales ranking for the first time, indicating resilience in a challenging market [1][2] - The company has a significant market share in Hangzhou, with a sales amount of 76.99 billion yuan, accounting for 69% of total sales and a market share of 16.8%, far exceeding the second-ranked competitor [2][18] - The company acquired 23 plots of land in 2024, with a total investment of 44.85 billion yuan, maintaining a land acquisition market share of 37% in Hangzhou [2][30] - The real estate market in Hangzhou is experiencing a recovery, supported by favorable policies and strong demand, positioning the company to benefit from this market resilience [3][11] Summary by Sections Sales Performance - The company's total sales for 2024 are projected at 111.63 billion yuan, a decrease of 27.3% year-on-year, yet it ranks 9th in the industry, marking a significant achievement for a private enterprise [1][15] - In Hangzhou, the company leads with a sales amount of 76.99 billion yuan, representing a market share of 16.8%, significantly higher than its closest competitor [2][18] Land Acquisition - The company secured 23 land plots in 2024, with a total investment of 44.85 billion yuan, and an equity investment of 21.94 billion yuan, indicating a robust land acquisition strategy [2][30] - The land acquisition market share in Hangzhou stands at 37%, reinforcing the company's leading position in the region [2] Market Conditions - Hangzhou's real estate market is characterized by a favorable policy environment, with over 20 new policies introduced in 2024, including the removal of purchase restrictions, which has boosted market confidence [3][11] - The new housing market in Hangzhou saw a transaction area of 7.89 million square meters in 2024, a decline of 31% year-on-year, while the second-hand housing market experienced a significant increase in transaction volume, indicating strong demand [4][23] Financial Projections - The company is expected to achieve net profits of 2.7 billion yuan in 2024, with earnings per share (EPS) projected at 0.85 yuan [12][14] - The financial outlook remains positive, with anticipated revenue growth of 6.06% in 2024, despite the current market challenges [14][12]

证券代码：002244 证券简称：滨江集团 公告编号：2025-006 杭州滨江房产集团股份有限公司 | 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]2 | 号 住宅 | 16065 | 2.0 | 138124 | 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。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年二月二十一日 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。 2025 年 2 月 20 日，公司竞得下述地块的国有建设用地使用权： ...