2024 年 12 月 中 国 房 地 产 快 评 数 读 ： 供 地 信 心 齐 升 ， 土 拍 将 迎 " 翘 尾 新 纪 录 " 版权所有©易居企业集团·克而瑞研究中心 1/ 6 克而瑞研究中心 克而瑞研究中心 数读：供地信心齐升，土拍将迎"翘尾新纪录" 文/马千里 给大家看一个有趣的先行指标：每一年之中，11 月供地规模的占比。 随着 11 月供地占比逐年上升，土地成交年末翘尾现象也更加突出 数据来源：CRIC 关心行业数据发布情况的大家知道，自 2023 年 1 月以来，国家统计局已不再发布土地购置面 积这一数据，自然资源部的土地市场网信息，年末成交延迟公布的现象又较为突出。而 12 月土地 成交规模又往往可以达到其他月均值的 2 倍以上，因此较为准确的年度土地成交统计数据，往往需 要等到来年 2 月才可得到。 但所幸的是，与快节奏的商品房预售证发放不同，土地挂牌数据一般会提前 1 个月公布，为分 析年末土地市场交易规模发展趋势提供了更为可靠的依据。 对比历年 11 月供应/近一年供应，以及 12 月成交/全年成交来看，两者走势极为相近。尤其是 自 2021 年以来，随着更多土地集中在 11 月供应 ...

2024 年 11 月 中 国 房 地 产 快 评 新 房 网 签 连 续 两 月 环 比 增 加 ， 行 业 核 心 指 标 共 迎 筑 底 版权所有©易居企业集团·克而瑞研究中心 1/ 7 克而瑞研究中心 克而瑞研究中心 11 月经济稳步回升，个人房贷规模企稳上行 得益于宏观政策组合效应继续显现，11 月份国民经济各项指标持续转好，主要指标加速向好， 国民经济延续 9 月份以来回升态势。 整体来看，第一，工业增长加快，装备制造业和高技术制造业较快增长。11 月份，全国规模 以上工业增加值同比增长 5.4%，比上月加快 0.1 个百分点；环比增长 0.46%。装备制造业增加值同 比增长 7.6%，比上月加快 1.0 个百分点；高技术制造业增加值增长 7.8%，快于全部规模以上工业 增加值 2.4 个百分点。第二，市场销售继续增加，固定资产投资平稳增长，货物进出口保持增长。 11 月份，社会消费品零售总额 43763 亿元，同比增长 3.0%，环比增长 0.16%。1-11 月份，全国固 定资产投资（不含农户）465839 亿元，同比增长 3.3%；扣除房地产开发投资，全国固定资产投资 增长 7.4%。11 ...

2024 年 12 月 中 国 房 地 产 快 评 销 售 小 于 投 资 的 另 一 面 ， 去 库 存 新 周 期 已 如 期 而 至 版权所有©克而瑞集团·研究中心 1/ 7 克而瑞研究中心 克而瑞研究中心 文/马千里 2024 年年初以来，全国房地产开发投资金额已经连续 10 个月高于商品房销售金额，据 此趋势预估，时隔八年之后，房地产行业投资销售比将再度突破 100%，"年投入">"年产 出"，行业由此进入"负现金流"时期。但是从行业关键指标来看，2024 年也是行业正式 步入去库存的关键一年，多项库存相关指标出现好转，广义库存面积、潜在库存、中期库 存等指标均在 2024 年出现标志性好转。 1. 时隔八年，房地产再现"年投入"小于"年产出" 据国统局月度数据预估，2024 年全年行业投资额将达到销售额的 104%，在更快的下跌 幅度下，行业新房销售金额已经不再能覆盖投资金额。考虑到相当一部分投资额是来自于 "保交楼"项目和已售待竣工房源，当前出现的"负现金流"并不能直接说明行业利润率 为负数。 行业投资额与新房销售额指标的"不同频"，主要还是受行业发展特性影响，开发和销 售的错期，导致行业开发投 ...

2024 年 12 月 中 国 房 地 产 研 报 改 善 盘 " 以 质 争 量 " 、 刚 需 盘 " 以 价 取 胜 " 支 撑 市 场 回 温 版权所有©易居企业集团·克而瑞研究中心 1/ 6 克而瑞研究中心 克而瑞研究中心 改善盘"以质争量" 、刚需盘"以价取胜"支撑市场回温 文/杨科伟 俞倩倩 2023 年以来全国楼市市场热度稳中有降，至 2024 年已有止跌企稳态势，11 月 27 个典型城市项 目平均去化率高达 41%，已接近 2023 年以来峰值。究竟当前热销楼盘有什么共性特征？12 月又能否 延续市场热度稳步回升的态势呢？ 一、新政 2 个月后 27 城去化率攀升至 41%，锡徐莞等弱三四线提质缩量亦回温 纵观 2023 年以来 27 个典型城市月度平均去化率变动情况，基本呈现出波动下行态势，2024 年 2 月触底后开始企稳回升，尤其是 2024 年 9 月新政以来节节攀升：据 CRIC 监测数据，2024 年 11 月 27 城项目平均去化率仅为 41%，环比上涨 7 个百分点,同比上涨 8 个百分点，与 2023 年以来波峰 46%仅有 5 个百分点的差距。 数据来源：CRIC 中国 ...

shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： China CXO shuinu9870 be passed (see our earlier note), it is always possible that another bill targeting China CXO is proposed. • We expect the US Department of Defense (DoD) to submit a biotechnology assessment report to Congress by June 15, with some content related to China. As noted in the past, we believe such a report will include an assessment of China's biotechnology capabilities. Though we don't know when or whether ...

Summary of CrowdStrike's Q3 Earnings Call Company Overview - **Company**: CrowdStrike - **Industry**: Cybersecurity Key Points and Arguments Financial Performance - **Annual Recurring Revenue (ARR)**: Surpassed $4 billion, marking a 27% year-over-year growth, with $153 million net new added in the quarter [14] - **Revenue**: Total revenue reached $1.01 billion, a 29% increase year-over-year, with subscription revenue growing 31% to $962.7 million [16] - **Free Cash Flow**: Reported at $231 million, representing 23% of revenue [1] - **Gross Retention Rate**: Maintained over 97%, indicating strong customer loyalty [2][15] - **Net Retention Rate**: Achieved 115%, reflecting customers' increased commitment to the Falcon platform [2][15] Product and Innovation Highlights - **FalconFlex Subscription Model**: - Accelerated platform adoption with over 150 transactions in Q3, representing more than $1.3 billion in total deal value [4][28] - Customers adopting FalconFlex on average utilize more than nine modules, indicating deeper integration and stickiness [5][28] - **Acquisition of Adaptive Shield**: Enhanced the Falcon platform's capabilities in SaaS posture management, further differentiating its cloud security offerings [2][7] - **AI Innovations**: - Introduction of Charlotte AI for automated detection triage, significantly improving operational efficiency [11][25] - AI-powered features in NextGen SIEM, enhancing data integration and query speed [10][29] Market Position and Competitive Landscape - **Customer Base**: Strong retention and growth in key verticals, particularly in healthcare, where cybersecurity investments are increasing due to targeted attacks [2][3] - **Competitive Wins**: Consistent upward trend in competitive win rates, with larger deal sizes attributed to the evolving platform solutions [3][10] - **Industry Recognition**: - Positioned as a leader in various Gartner and Forrester reports, highlighting its market leadership in endpoint protection and cloud security [13] Strategic Initiatives - **CrowdStrike Financial Services (CFS)**: Launched to provide customers with financial flexibility, resulting in larger deals and faster cycles [6] - **Customer Commitment Packages (CCPs)**: Designed to enhance customer loyalty and increase module adoption, impacting net new ARR positively [15][18] Future Outlook - **Guidance for Q4 FY 2025**: Expected total revenue between $1,028.7 million and $1,035.4 million, reflecting a year-over-year growth rate of 22% [19] - **Long-term Goals**: Aiming for $10 billion in ending ARR by FY 2031 and achieving a non-GAAP operating model with a free cash flow margin target between 34% and 38% by FY 2029 [19] Additional Important Insights - **Customer Engagement**: Increased interaction with CFOs, highlighting the economic benefits of platform consolidation through FalconFlex [5] - **Sales Cycle Dynamics**: Extended sales cycles observed due to the July 19 incident, impacting pipeline generation and customer decision-making [14][26] - **Market Sentiment**: Positive feedback from customers regarding CrowdStrike's technology and response to incidents, reinforcing trust and commitment [23] This summary encapsulates the critical aspects of CrowdStrike's Q3 earnings call, focusing on financial performance, product innovations, market positioning, strategic initiatives, and future outlook.

克而瑞研究周报 1/ 4 中国房地产 土地周报 2024 年 7 月 克而瑞研究周报 【周报视点】 2024 年 7 月 15 日-7 月 21 日，土地市场供求规模均环比回升，土拍热度延续降温。重点监测城 市供应建面 409 万平方米，环比上升 28%；成交建面 326 万平方米，环比上升 32%，成交金额 204 亿 元，由于高单价地块成交占比下降，成交金额较上周仍是基本持平。市场热度方面，本月一二线高 溢价宅地明显减少，仅石家庄高铁片区一宅地被央企以 30%溢价率摘得，大多数地块仍是底价成交。 从属性来看，含宅地块成交面积略有上升，本周占比约为 72%。 供应：总建面 409 万平方米，南京、济南挂牌多宗低密宅地。本周重点城市供应 67 宗地块， 环比继续增加，含宅地块的面积占比约为六成，份额持续有所下降。一线城市中广州有 3 宗商办用 地、2 宗宅地挂牌，北京有 1 宗商办用地挂牌，其中关注度较高的为广州海珠区南洲宅地，挂牌底 价超 47 亿元，起拍单价 3.1 万元/平方米，周边在售新房价格约 5-6 万元/平方米。二线城市挂牌 25 宗地，其中含宅用地 16 宗，杭州、苏州、南京、济南等周内均有新 ...

CRIC 完而瑞·研究中仙 2024 年 7 月 站国房地产 新房周报 贵阳等 7 城政策优化， 供求环比双降 克而瑞研究中心 【本周观点】贵阳等7城政策优化，供求环比双降 政策：三中全会定调房地产，北京开启"以旧换新" 供应：总量环比微降，沪杭各 2 盘入围供应 TOP10 成交：总量环比下降，平均去化率升至 53% 【政策动态】三中全会定调房地产，北京开启"以旧换新" 第 29 周（7.15-7.21），中央层面，7 月 21 日《中共中央关于进一步全面深化改革推进中国式 现代化的决定》发布，决定提出，健全保障和改善民生制度体系，加快建立租购并举的住房制度， 加快构建房地产发展新模式。加大保障性住房建设和供给，满足工薪群体刚性住房需求。支持城乡 居民多样化改善性住房需求。充分赋予各城市政府房地产市场调控自主权，因城施策，允许有关城 市取消或调减住房限购政策、取消普通住宅和非普通住宅标准。改革房地产开发融资方式和商品房 预售制度。完善房地产税收制度。地方层面，贵阳、青岛等 7 城政策放松，需求端主要涉及放松限 购、放松限贷、放松公积金贷款、发放购房补贴、支持"以旧换新"等方面。 | --- | --- | ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Shanghai, but it highlights strong demand and successful sales in the Nan Da area, indicating a positive outlook for investment opportunities in this segment [3][20]. Core Insights - The Nan Da area in Shanghai is undergoing significant transformation, with a focus on improving urban infrastructure and attracting new industries, which is expected to enhance property values and demand [4][5]. - The report identifies three main customer segments in the Nan Da area: local residents seeking improved housing, new residents preferring affordable compact units, and families looking to upgrade their living conditions [11][12]. - The competitive landscape among new developments in the Nan Da area is characterized by distinct product offerings that cater to different customer needs, emphasizing the importance of product differentiation in a crowded market [15][20]. Summary by Sections 1. Who are the Homebuyers and What is Their Purchasing Power? - The Nan Da area is primarily driven by local customers with strong improvement needs, particularly from the Baoshan district and surrounding areas [9][10]. - The area has seen significant urban renewal efforts since 2010, transitioning from industrial use to a green, smart development zone [4][5]. - The construction of the Nan Da Smart City is a key factor in attracting residents, with improved transportation and commercial resources enhancing the area's appeal [5][10]. 2. What Products are Different Customer Groups Looking For? - Key factors influencing homebuyers include location, commercial amenities, and commuting options [15]. - High-quality, recognizable products are favored by target customers, with projects like Zhonghuan Jinmao Mansion successfully attracting buyers despite being further from transportation hubs due to their brand strength and product quality [16][17]. - The report emphasizes the need for developers to enhance product offerings to meet diverse customer needs, particularly in a competitive market [20]. 3. Summary of Key Projects - Three major projects in the Nan Da area—Poly Haishang Zhenyue, Zhonghuan Jinmao Mansion, and Zhonghuan Zhidi Center—have shown strong sales performance, with high subscription rates indicating robust demand [7][8]. - The projects cater to various customer segments, with a focus on larger family units and affordable pricing strategies to attract budget-conscious buyers [12][13]. - The report highlights the importance of understanding customer demographics and preferences to tailor product offerings effectively [20].