Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The report indicates that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, suggesting a potential turning point in the current cycle [9] - The new housing market shows a significant increase in transaction volume, while the second-hand housing market is experiencing a slight decline [4][20] - The report emphasizes the importance of developing a new model for real estate growth, tailored to local conditions, to better promote high-quality economic development [4] Summary by Sections 1. Sector View - The report recommends strong local state-owned enterprises and quality private enterprises in real estate development, such as China Resources Land, Poly Developments, and Binjiang Group, while suggesting to pay attention to Greentown China [9] - 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, Greentown Service, Poly Property, and Yuexiu Service [9] - For real estate brokerage, the report notes that the second-hand housing market has been recovering since August 2022, with a recommendation for leading companies like Beike and a suggestion to pay attention to Wo Ai Wo Jia [10] 2. Real Estate Fundamentals and High-Frequency Data - New housing sales in 36 cities increased by 39.5% week-on-week but decreased by 31.0% year-on-year, with a total of 5043.6 million square meters sold year-to-date, down 4.0% year-on-year [14] - The second-hand housing market saw a slight decline in transaction volume, with a total of 4020.3 million square meters sold year-to-date, up 18.1% year-on-year [20] - The inventory of new homes in 13 cities stands at 7849.6 million square meters, with a de-stocking period of 20.2 months [30] 3. Land Market Situation - The report notes that from June 23 to June 29, 2025, the land transaction area in 100 cities was 1783.7 million square meters, down 23.0% month-on-month and down 55.6% year-on-year [50] - The average land price was 1586 RMB per square meter, reflecting a decrease of 23.8% month-on-month and 19.0% year-on-year [50] - Cumulative land transaction area for 2025 is 52061.3 million square meters, down 7.4% year-on-year [50] 4. Financing Situation - In the domestic credit bond market, real estate companies issued a total of 64.8 billion RMB in bonds last week, a decrease of 37.4% week-on-week [53] - The net financing amount for the week was -49.4 billion RMB, indicating a challenging financing environment [53] - Year-to-date, real estate companies have issued a total of 2299.7 billion RMB in credit bonds, up 7.1% year-on-year [53] 5. Market Review - The real estate sector saw a weekly increase of 3.3%, outperforming the CSI 300 and Wind All A indices, which increased by 2.0% and 3.6%, respectively [58]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery with a week-on-week increase in both new and second-hand property transactions, indicating a potential stabilization in the market [4][31]. - The report emphasizes the need for continued policy support to enhance market conditions, particularly in light of the ongoing inventory reduction trends [4][31]. Industry Data Summary New Housing Transactions - In the week of June 21-27, 2025, 34 key cities recorded a total new housing transaction volume of 3.792 million square meters, representing a week-on-week increase of 51.1% [5][8]. - Year-on-year, new housing transactions in June decreased by 13%, with first and second-tier cities seeing a decline of 11% and third and fourth-tier cities experiencing a 26% drop [8][9]. Second-Hand Housing Transactions - For the same week, second-hand housing transactions in 13 cities remained stable with a slight increase of 0.5%, while the cumulative transaction volume for June showed a year-on-year decrease of 5% [13][22]. Inventory and Supply - In the week of June 21-27, 2025, 15 cities launched 1.82 million square meters of new housing, with a sales-to-launch ratio of 0.85, indicating ongoing inventory management challenges [22][31]. - The total available housing inventory in these cities was 89.79 million square meters, reflecting a week-on-week increase of 0.3% [22][31]. Policy and News Tracking - The report highlights key policy developments aimed at stabilizing the real estate market, including measures to support first-time homebuyers and families with multiple children [31][34]. - Recent statements from government officials indicate a commitment to expanding domestic demand and enhancing consumer confidence in the real estate sector [31][34].

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting a potential recovery in the market with a recommendation to accumulate real estate stocks on dips [6]. Core Insights - The A-share real estate sector saw a weekly increase of +3.1%, ranking 17th among all sectors, while the Hong Kong real estate sector increased by +3.9%, ranking 4th [3][19]. - The land market's premium rate has rebounded, with an average premium rate of 9% for the week ending June 27, 2025, despite a year-on-year decrease in land transaction volume [3][30]. - New housing sales in 47 cities totaled 523 million square meters, reflecting a week-on-week increase of +39% but a year-on-year decrease of -14% [4][35]. - Guangzhou is promoting prefabricated buildings, mandating that 100% of residential land sold from 2026 onwards will implement this construction method, which may transform the real estate and construction industries [6][17]. Summary by Sections Real Estate Market Overview - The report highlights a recovery in the real estate market, with significant increases in both new and second-hand housing transactions across various city tiers [4][43]. - The premium rates for land transactions have shown signs of recovery, indicating a potential stabilization in the market [3][30]. Land Transactions - In the week of June 21-27, 2025, 923 million square meters of residential land were transacted across 300 cities, with a year-on-year decrease of -33% [30]. - The top five companies in terms of land acquisition amount are Poly Developments, Greentown China, China Overseas Development, Jianfa Real Estate, and Binjiang Group, with acquisition amounts of 414 billion, 395 billion, 386 billion, 329 billion, and 313 billion respectively [30][31]. New Housing Sales - New housing sales in 47 cities reached 523 million square meters, with a week-on-week increase of +39% and a year-on-year decrease of -14% [4][35]. - The performance varied by city tier, with first-tier cities showing a week-on-week increase of +81% [4][35]. Second-Hand Housing Sales - Second-hand housing transactions totaled 264 million square meters in 22 cities, with a week-on-week increase of +1% and a year-on-year decrease of -2% [43][44]. - First-tier cities experienced a week-on-week increase of +2%, while second-tier cities saw a +1% increase [43][44]. Policy and Market Trends - The report emphasizes the importance of government policies in supporting the real estate market, particularly in Shanghai, where the release of quality land parcels is seen as a positive signal for market recovery [5][13]. - The promotion of prefabricated buildings in Guangzhou is expected to enhance construction efficiency and sustainability, potentially benefiting developers who adopt these practices [6][17].

Group 1 - The land auction in Hangzhou on June 27 saw a total transaction value of 151.15 billion yuan, with three plots sold at a premium of over 50% [1] - A total of six residential plots were auctioned, covering an area of 267 acres, with a starting price of 115.9 billion yuan, and all plots were sold at a premium [1] - The core plot in Qianjiang Century City attracted significant attention, sold for 55.78 billion yuan, achieving a floor price of 54,500 yuan per square meter, setting a new record for the area [1] Group 2 - The highest premium was recorded for the Shushan unit XS150201-42 plot, sold for 11.03 billion yuan, with a premium rate of 67.6% [2] - The Binhai Group also acquired another plot for 32.65 billion yuan, with a floor price of 38,600 yuan per square meter and a premium rate of 25.34% [2] - The Future Technology City plot was sold for 33.29 billion yuan, with a floor price of 30,100 yuan per square meter and a premium rate of 32.14% [2] Group 3 - In May, new home prices in Hangzhou increased by 0.8% month-on-month and year-on-year, ranking first in the country [3] - The second-hand housing market in Hangzhou has shown significant fluctuations, with a peak in March at over 12,000 transactions, but a decline in subsequent months due to external factors [4] - The second-hand market saw a drop to around 9,500 transactions in April and further down to 7,700 in May, with a continued downward trend expected in June [4]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

Core Insights - The article highlights the robust performance of the residential land market in Hangzhou, with all six plots sold on June 27 achieving over 20% premium, and three plots exceeding 50% premium, indicating strong demand and competition among developers [1][5][10]. Summary by Sections Hangzhou Land Auction - On June 27, six residential plots in Hangzhou were auctioned, with a total transaction amount of 15.115 billion yuan. The highest premium rate reached 67.6%, and the average premium rate for all plots was 30.5% [1][5][10]. - The total area of the six plots was 178,983 square meters, with a total planned construction area of 388,218.2 square meters and an initial price of 11.585 billion yuan [5]. Notable Plots - The most notable plot was in the core area of Xihu District, with a land area of 36,572 square meters and a planned construction area of 102,401.6 square meters. It was sold for 5.578 billion yuan, resulting in a floor price of 54,473 yuan per square meter, marking the fourth highest in Hangzhou [5][10]. - Another significant plot in Xihu District had a premium rate of 67.6%, with a final transaction price of 1.103 billion yuan and a floor price of 29,330 yuan per square meter [5][6]. Market Trends - According to statistics from the China Index Academy, the total transaction amount for residential land in Hangzhou in the first half of the year reached 116 billion yuan, nearing the total for the entire previous year [2][9]. - The auction results indicate a cautious approach from developers in high-starting-price areas, while local and national developers are actively replenishing their land banks to strengthen their market presence [10].

证券代码：002244 证券简称：滨江集团 公告编号：2025-037 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○二五年六月二十八日 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。 2025 年 6 月 27 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]79 | 号 | 住宅 | 33794 | 2.5 | 326471 | 100% | | 2 | 杭政储出[2025]82 | 号 | 住宅 | 31348 | 1.2 | 110331 | 100% | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The new housing transaction area has decreased year-on-year, while many regions continue to relax policies to stimulate the market [1] - The report highlights a significant shift in the real estate market dynamics, indicating a potential turning point in policy effectiveness and market stabilization [8] Summary by Sections 1. Sector Overview - The real estate sector saw a decline of 1.9% last week, while the CSI 300 and Wind A indices decreased by 0.5% and 1.1%, respectively, resulting in excess returns of -1.5% and -0.9% [55] 2. Real Estate Market Conditions - New housing market: In the last week, 36 cities recorded a new housing transaction area of 205.9 million square meters, up 10.0% month-on-month but down 18.5% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions totaled 527.4 million square meters, down 11.0% year-on-year [13][17] - Second-hand housing market: In 15 cities, the transaction area was 169.5 million square meters, up 1.6% month-on-month and up 1.4% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions reached 456 million square meters, up 7.0% year-on-year [17] - Inventory and absorption: The cumulative inventory of new homes in 13 cities was 7816.2 million square meters, up 0.3% month-on-month and down 11.6% year-on-year. The absorption cycle for new homes was 20.5 months, with a month-on-month increase of 0.8 months and a year-on-year decrease of 3.2 months [29] 3. Land Market Conditions - From June 16 to June 22, 2025, the land transaction area in 100 cities was 1571.3 million square meters, down 24.1% month-on-month and down 31.8% year-on-year. The average land price was 1732 RMB per square meter, up 32.0% month-on-month and up 30.0% year-on-year [47] - The cumulative land transaction area for 2025 was 49461.5 million square meters, down 5.2% year-on-year [47] 4. Investment Recommendations - Real estate development: Recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a suggestion to pay attention to Greentown China [8] - Property management: Recommended companies include China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [8] - Real estate brokerage: Recommended company is Beike, with a suggestion to pay attention to I Love My Home [9]

Investment Rating - The report maintains a recommendation for the real estate sector, indicating that the sector has entered an investment range with a price-to-book (PB) ratio of approximately 1.0 times, reflecting concerns about the impact of current sales on business models [2][38]. Core Insights - The real estate market is experiencing a low-level oscillation in sales, with a year-on-year decline in new housing sales area of -3.3% in May, indicating continued pressure on sales due to weak inventory and new supply trends [14][15]. - The report highlights that the funding chain index for real estate has declined, remaining at historically low levels, but anticipates potential improvements in the financial situation of some companies as supply and demand policies gradually take effect [2][10]. - The report suggests that the decline in mortgage rates may help stabilize total demand for new and second-hand homes, with a focus on the new housing market showing earlier signs of marginal improvement compared to the second-hand market [38]. Summary by Sections Sales Data - In May, the adjusted year-on-year growth rate for sales area was -3.3%, with a total sales area of 35.3 million square meters, reflecting a continued low market heat [14][15]. - The cumulative sales amount from January to May was 3.4 trillion yuan, with a year-on-year decline of -3.8% [10][15]. Construction Data - The new construction area in May saw a year-on-year decline of -19.3%, indicating a tightening balance in new construction under the current market conditions [39][40]. - The report maintains that the completion rate will likely remain low until the second half of 2026, with a May completion area decline of -19.5% year-on-year [39][40]. Investment Trends - Real estate development investment in May showed a year-on-year decline of -12.0%, reflecting a synchronized drop in construction area and ongoing inventory reduction efforts by developers [2][39]. - The report emphasizes the importance of focusing on companies with stable cash flow generation capabilities and those that can navigate the current market challenges effectively [38].

Investment Rating - The report indicates a cautious investment outlook for the real estate sector, suggesting that the current data is at a bottoming phase and that further policy measures may be necessary to stabilize the market [7]. Core Insights - The A-share real estate sector experienced a decline of 1.7% this week, ranking 14th among various sectors, while the Hong Kong real estate sector fell by 1.6%, ranking 6th [3][18]. - New housing transaction volume increased by 9.3% week-on-week, marking two consecutive weeks of growth, although it remains down 7.3% year-on-year [4][34]. - The land market shows a slight recovery in premium rates, with an average premium rate of 8% for land transactions in 300 cities [3][27]. Summary by Sections Market Overview - The report highlights a decline in both A-share and Hong Kong real estate sectors, with specific weekly performance metrics indicating a negative trend [3][18]. - The property service and management index in Hong Kong also saw a decrease of 1.9% [26]. Land Market - The land market is characterized by a mix of high premium and base price transactions, with significant competition for core urban land [5][14]. - In the latest land auction in Shanghai, five plots generated a total revenue of 191.56 billion yuan, with varying premium rates [5][14]. Real Estate Transactions - New home sales in 47 cities totaled 370 million square meters, with a week-on-week increase of 9% [4][34]. - Second-hand home transactions also saw a slight increase of 2.1% week-on-week, indicating a stabilization in the market [4]. Investment Recommendations - The report suggests focusing on developers with strong positions in first-tier and core second-tier cities, such as Greentown China and Binjiang Group, which are expected to benefit from potential policy support [7]. - It also highlights the importance of property management companies that are well-positioned for growth and dividends, recommending companies like China Resources Mixc Lifestyle [7]. Data Tracking - The report provides detailed statistics on real estate development investments, new construction areas, and sales figures, indicating a continued decline in overall market performance [6][16][19]. - The cumulative land transaction area in 300 cities reached 16,293 million square meters, down 3.6% year-on-year [27][32].