代建渗透率不到1%的一线城市，还有机会！

Core Insights - The construction agency model has become a significant topic in the real estate industry, transitioning from a "blue ocean" to a "red ocean" market [1] - The penetration rate of construction agency projects is significantly higher in second and third-tier cities compared to first-tier cities, where opportunities are scarce [2][4] Summary by Categories Market Penetration - The highest penetration rate for construction agency projects in second and third-tier cities exceeded 8%, while first-tier cities remained around 1% [2] - In the past four years, the share of construction agency projects in new launches in first-tier cities was less than 1%, compared to an industry average of 2.4% [4] Opportunities in First-tier Cities - Guangzhou is highlighted as a potential city for construction agency opportunities, particularly in public infrastructure projects beyond residential developments [3] - Despite low overall penetration, Guangzhou and Beijing have slightly higher rates, exceeding 1%, but still lag behind cities like Wuxi and Suzhou [4] Land Acquisition Trends - Land acquisition by city investment companies in first-tier cities is low, with a significant portion of land located in suburban areas [7][11] - The willingness of major state-owned enterprises to acquire land has increased, driven by the need to maintain market stability [7] Competitive Landscape - The construction agency market in first-tier cities is dominated by leading companies, making it challenging for smaller or new entrants to secure projects due to high entry barriers [7][16] - The overall market in first-tier cities shows resilience, but demand for construction agency projects is concentrated in core second-tier cities [10][16] Pricing and Performance - Construction agency projects in first-tier cities tend to have higher pricing compared to surrounding projects, with price increases ranging from 2% to 53% [14] - The operational, brand, and product strengths of leading construction agency firms contribute to better sales performance compared to their competitors [14]