房企：产品升级与多元业务或打开增长空间

Group 1 - The core viewpoint is that real estate companies are actively upgrading their products to meet the improving demand, with high-quality offerings becoming a key competitive advantage in the market [1][2] - Longfor Group's Chongqing Liangjiang Yuhujing project serves as a benchmark, achieving sales of 620 million yuan during the National Day holiday, demonstrating the positive impact of quality supply on market demand [1] - In the first ten months of 2025, Longfor Group reported total contract sales of 55.75 billion yuan and a sales area of 4.389 million square meters, with sales remaining stable month-on-month [1] Group 2 - Many real estate companies are diversifying their business to alleviate cash flow pressures, with Longfor Group opening two new commercial projects in October and planning two more in November [1] - Longfor Group's operating income for the first ten months of 2025 reached 23.62 billion yuan, with operational and service income contributing approximately 12.57 billion yuan and 11.05 billion yuan, respectively, indicating a stable cash flow generation mechanism [1] - The trend of transformation is widespread in the industry, with leading real estate companies increasing investments in property management, long-term rental apartments, and industrial real estate to enhance risk resistance [2]