GUOTAI HAITONG SECURITIES·2025-10-14 13:56Investment Rating - The report maintains an "Overweight" rating for the industry [4][5]. Core Insights - In Q3 2025, new land storage planning decreased, but actual funding has accelerated, indicating a positive outlook for future funding [2]. - The cumulative proposed storage amount has exceeded 610 billion yuan, with a notable decrease in new proposed storage amount by 58.4% quarter-on-quarter [5]. - The report emphasizes the importance of monitoring the implementation of urban renewal and storage policies [5]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting the need to focus on the implementation of policies related to urban renewal and land storage [5]. - Recommended stocks include: 1. Development: Vanke A, Poly Developments, China Overseas Development, and others [5]. 2. Commercial and residential: China Resources Land, Longfor Group [5]. 3. Property management: Wanwu Cloud, China Resources Vientiane Life, and others [5]. 4. Cultural tourism: Overseas Chinese Town A [5]. Land Storage Data - As of Q3 2025, there are 4,687 proposed land storage projects covering an area of 25 million square meters, with a total proposed storage amount of approximately 614.5 billion yuan [5][15]. - The top three provinces in terms of cumulative storage scale are Zhejiang (84.3 billion yuan), Guangdong (74 billion yuan), and Chongqing (50.5 billion yuan) [5][15]. Special Debt Issuance - The issuance of special debts has accelerated, with actual funding exceeding 90 billion yuan in Q3 2025 [5]. - A total of 1,950 billion yuan in special debts has been issued, covering 32% of the proposed storage amount, an increase of 12 percentage points from the previous half [5][15].