券商中国·2025-07-01 14:44Core Viewpoint - In the first half of the year, real estate companies showed increased enthusiasm for land acquisition, with significant growth in investment among the top 100 firms [1][2]. Group 1: Investment Trends - The top 100 real estate companies saw a 42% year-on-year increase in land acquisition amounts, with 9 companies surpassing 20 billion yuan in land purchases [2][5]. - The total new value of land acquired by the top 100 firms reached 11,594 billion yuan, with land acquisition amounting to 5,968 billion yuan and building area increasing by 3.4% [5]. - The average premium rate for land sales in 300 cities exceeded 10%, indicating heightened competition for quality land in core cities [3][8]. Group 2: Market Dynamics - The top 20 cities accounted for over 65% of the total land sales nationwide, reflecting a concentration of investment in major urban areas [3][8]. - Despite the growth in land acquisition, 64% of the top 100 sales firms did not engage in land investment, indicating a decline in market participation [7]. - The market is expected to further differentiate, with state-owned enterprises continuing to dominate land acquisition in key urban areas, while financially stable private firms may selectively participate [4][9].