Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][9] Core Viewpoints - The report indicates that the land market pressure remains significant in Q3 2025, with a year-on-year decline in land supply, transaction area, and land transfer revenue. Despite a decrease in land transfer revenue in first-tier cities, the premium rate has significantly increased. The average premium rate for land transfers in Q3 2025 is 4.56%, up by 0.81 percentage points compared to Q3 2024. The report suggests that the market is returning to rationality, with both supply and demand showing moderate declines [9][44]. Summary by Sections 1. National Land Supply and Transaction Situation in Q3 2025 - The planned land supply area in Q3 2025 is 760 million square meters, with a year-on-year growth rate of -9.42%. The total land transfer revenue is 0.68 trillion yuan, down by 9.74% year-on-year [12][19]. - The average premium rate for land transfers in Q3 2025 is 4.56%, with first-tier cities averaging 18.18%, second-tier cities at 2.60%, and third and fourth-tier cities at 3.02% [26][30]. 2. Analysis of High Total Price and High Premium Rate Land Parcels - High total price land parcels are primarily located in first-tier cities, with four parcels exceeding 5 billion yuan in total price in Q3 2025 [33][37]. - The number of cities with a premium rate exceeding 20% was 13 in July 2025, increasing to 19 in August, and then decreasing to 12 in September [40][42]. 3. Investment Recommendations - The report recommends focusing on leading real estate companies with stable performance and high safety, such as China Merchants Shekou, Binjiang Group, and China Vanke. Beneficiary stocks include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land. For the property sector, recommended companies include China Resources Mixc Life, China Overseas Property, Poly Property, China Merchants Jinling, and Greentown Service [9][44].