行业透视 | 头部企业拓展意愿强烈，代建中标数量稳步增长

Core Insights - The leading construction companies have shown a strong willingness to expand, with the top 20 companies signing new contracts for a total area of 15,771 million square meters, representing a year-on-year increase of 31% [1] - The number of awarded construction projects has steadily increased, particularly in the third quarter, which saw a record high in project awards [2][3] Group 1: Project Awards - In the first three quarters of 2025, the number of awarded construction projects reached approximately 432, marking an 18% year-on-year growth, although the growth rate has decreased by 10 percentage points compared to the same period in 2024 [3] - The third quarter alone saw 172 awarded projects, with both year-on-year and quarter-on-quarter increases of 37% and 17%, respectively [3] - Leading companies like Greentown Management have significantly outperformed others in terms of awarded projects, with nearly 20 projects in the third quarter [3] Group 2: Client Composition - Government and state-owned enterprises remain the primary clients for construction projects, including urban investment land and urban renewal projects [7] - There was a slight decrease in the proportion of projects commissioned by government and state-owned enterprises in the third quarter, dropping to 70%, a decline of nearly 20 percentage points compared to the average for the first eight months [7] Group 3: Regional Distribution - The distribution of awarded projects in the third quarter remained consistent with the first half of the year, with third and fourth-tier cities accounting for about 50% of the projects, while the Yangtze River Delta's share has been declining [9] - In the first three quarters of 2025, the awarded project distribution was 14% in first-tier cities, 35% in second-tier cities, and 51% in third and fourth-tier cities, indicating a trend where lower-tier cities dominate [9]