7月百强房企销售表现如何？

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - In July 2025, the top 100 real estate companies achieved a sales turnover of 211.16 billion yuan, a month-on-month decrease of 37.7% and a year-on-year decrease of 24.3% [1][9] - The cumulative sales turnover for the first seven months of 2025 was 1,863.84 billion yuan, reflecting a year-on-year decline of 12.5% [1][9] - The sales performance shows a divergence trend, with the top 10 companies experiencing a year-on-year change of -14.4%, while companies ranked 31-50 saw a decline of -47.1% [10][11] - The report indicates that the weak sales growth in July is attributed to seasonal factors, the pace of inventory release by developers, and a cautious demand awaiting policy changes [11] Summary by Sections Sales Performance Overview - In July 2025, the top 100 real estate companies' sales decreased by 40.3% month-on-month and 24.6% year-on-year [1][9] - The sales performance of state-owned enterprises, local state-owned enterprises, and private enterprises showed year-on-year changes of -24.2%, -34.7%, and -32.0% respectively [10] - The sales figures for companies in default and those not in default were -45.5% and -27.8% year-on-year [10] Market Dynamics - The new housing market saw a transaction volume of 2.31 million square meters in the week of July 26 to August 1, with a year-on-year decline of 19.93% [2][17] - The second-hand housing market recorded a transaction volume of 1.63 million square meters, with a year-on-year decline of 5.37% [2][24] Investment Recommendations - The report suggests focusing on non-state-owned enterprises benefiting from debt relief and policy support, as well as leading companies with product advantages [13][14] - Specific companies to watch include Longfor Group, Gemdale Corporation, and New Town Holdings among non-state-owned enterprises, and China Overseas Development and China Resources Land among state-owned enterprises [14]