每周精读 | 9月预期新房供应“量增质优”，成交或迎低位回升（8.31-9.05）

Core Insights - The article discusses the current state of the Chinese real estate market, highlighting a slight decline in sales and a significant slowdown in land acquisition by major companies [5][6]. Group 1: Sales Performance - In the first eight months of 2025, the total sales volume in 30 cities reached 78.69 million square meters, a slight decrease of 3% compared to the same period last year [5]. - The top 100 real estate companies achieved a sales turnover of 207.04 billion yuan in August, which represents a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. Group 2: Land Acquisition Trends - The investment pace of major companies has significantly slowed, with a 50% month-on-month drop in land acquisition in August, marking a new low in nearly a year. Notably, 18 companies reported no new land acquisitions during this month [6]. Group 3: Brand and Market Strategies - Leading companies are focusing on performance to build confidence, enhancing their brand through ESG initiatives, and strengthening emotional connections with customers via cultural IP and community activities, thereby highlighting their competitive edge in a sluggish market [7]. Group 4: Company Performance Reviews - China Jinmao reported a sales increase, ranking among the top ten in the industry, with a revenue growth exceeding 10% and a financing cost reduction to 2.96% [10]. - Longfor Group maintained a green status under the three red lines, but its development business faced a gross margin decline to 0.2%, resulting in a loss of 1.18 billion yuan [11]. - Xinda Real Estate experienced a nearly 50% year-on-year sales increase, achieving 50% of its annual sales target, but its net profit loss widened, with a cash-to-short-term debt ratio of 0.39 [12]. - China Resources Land remained among the top three in sales, with core net profit contributions from regular operations at 60%, and 70% of sales coming from the top ten cities [13]. - Yuexiu Property saw a sales increase, with 80.5% of sales concentrated in first-tier cities, maintaining a stable financial structure [14]. - Jianfa International's "Lighthouse Strategy" showed positive results, with a sales target of 150 billion yuan for the year, focusing more on project liquidity than net profit margins [15]. - Poly Real Estate increased its land acquisition efforts significantly, achieving a green status under the three red lines, although inventory clearance pressures remain [16]. Group 5: Policy and Market Dynamics - The central government has released detailed guidelines for urban development, emphasizing the relationship between new real estate models and high-quality housing, as well as urban renewal [18]. - Land supply and demand have both increased month-on-month, with land auction activity remaining at a low level, as evidenced by a 72% increase in land supply and a 23% increase in transaction volume in the monitored cities [19].