中指研究院：央国企成为2025年拿地主力头部效应凸显

Core Insights - The real estate industry is experiencing a shift in its competitive landscape, with increased activity in land acquisition and a concentration of leading enterprises, particularly state-owned enterprises [1][2] Group 1: Sales Performance - In 2025, the number of real estate companies in different sales brackets shows a differentiated adjustment, with the number of companies exceeding 100 billion yuan decreasing to 10, with an average sales revenue of 176.55 billion yuan [1] - The second tier of companies (500 billion to 1 trillion yuan) also saw a reduction to 6, with an average sales revenue of 64.64 billion yuan [1] - The third tier (300 billion to 500 billion yuan) experienced a significant reduction, dropping to 7 companies with an average sales revenue of 38.13 billion yuan [1] - The fourth tier (100 billion to 300 billion yuan) remained stable at 50 companies, with an average sales revenue of 18.06 billion yuan [1] Group 2: Land Acquisition Trends - The total land acquisition amount for the top 100 companies reached 964 billion yuan in 2025, marking a year-on-year increase of 3.9% [2] - This growth is attributed to favorable policies aimed at stabilizing the land market and the depletion of existing land reserves, prompting companies to actively replenish their land holdings [2] - The land acquisition trend shows a "high at the beginning and low at the end" pattern, with a significant increase in the first three quarters followed by a decrease in the fourth quarter [2] - State-owned enterprises remain the primary land acquirers, while private companies are also showing increased activity, with several successfully entering the top 30 in land acquisition amounts [2] Group 3: Overlap of Sales and Land Acquisition - Over 30 companies are identified as both top sellers and top land acquirers, indicating strong development capabilities and a healthy "sales-land acquisition" cycle [3] - These companies are primarily state-owned and stable private enterprises, suggesting they are well-positioned to lead in the high-quality development phase of the industry [3]