Core Viewpoint - The transformation of "professional capability monetization" is replacing "capital scale expansion" as the core driving force for the reconstruction of value in real estate companies [2]. Group 1: Market Dynamics - The construction agency sector is experiencing a resurgence, with the top 20 companies signing contracts for an additional 10,983 million square meters in the first half of 2025, representing a year-on-year increase of 28% [2]. - The number of construction agency projects awarded in the first half of 2025 reached 260, an 8% increase year-on-year, although the growth rate has slowed compared to previous years [4][5]. - In the second quarter of 2025, the number of awarded projects was 147, with quarter-on-quarter and year-on-year growth rates of 30% and 20%, respectively, indicating a recovery in project awards [5]. Group 2: Client Composition - Government and state-owned enterprises dominate the construction agency market, with 88% of awarded projects in the first seven months of 2025 coming from state-owned clients, despite a 9 percentage point decrease from 2024 [8]. - Green City Management led in the number of awarded projects, surpassing 20, while other private enterprises like Longfor and Xuhui also increased their project counts significantly [8]. Group 3: Regional Distribution - The distribution of awarded projects shows that third and fourth-tier cities account for nearly 51% of the total, while first-tier cities remain the least represented at 11% [11]. - The Yangtze River Delta region continues to be the leading area for awarded projects, accounting for 49% of the total, although this is a decrease of 6 percentage points from 2024 [11].
行业透视 | 轻资产突围“进行时”，代建中标持续新高