格隆汇9月23日丨新城发展(01030.HK)发布公告，公司全资子公司新城环球有限公司建议进行由公司及 新城控股担保以美元计值的优先担保票据的国际发售，并将向机构投资者开展一连串推介会。在票据条 款落实后，预期发行人、公司、新城控股及当中名列的初始买方将订立购买协议。发行人及公司拟将建 议票据发行所得款项净额用于偿还现有债务及用于一般企业用途。 ...

发行人及公司拟将建议票据发行所得款项净额用于偿还现有债务及用于一般企业用途。 新城发展(01030)发布公告，公司全资子公司新城环球有限公司建议进行由公司及新城控股（601155） 担保以美元计值的优先担保票据的国际发售，并将向机构投资者开展一连串推介会。 ...

发行人及公司拟将建议票据发行所得款项净额用于偿还现有债务及用于一般企业用途。 智通财经APP讯，新城发展(01030)发布公告，公司全资子公司新城环球有限公司建议进行由公司及新城 控股担保以美元计值的优先担保票据的国际发售，并将向机构投资者开展一连串推介会。 ...

Group 1 - The real estate development sector has a current PB ratio of 0.85, with a historical percentile of 31.46% since 2018, while the Hang Seng real estate sector has a PB ratio of 0.45, with a historical percentile of 30.12% [4] - From January 1 to September 19, 2025, key A-share real estate companies saw significant price increases, with Binhai Group up 34.68%, Xincheng Holdings up 31.77%, and Huafa Group up 0.99%. In the H-share market, China Jinmao increased by 63.25%, Jianfa International Group by 49.68%, and China Overseas Hong Kong Group by 48.88% [4] - The property service sector has a current PE ratio of 47.78, with a historical percentile of 75.95% since 2018, while the Hang Seng property service sector has a PE ratio of 41.51, with a historical percentile of 82.28% [5] Group 2 - Since August 2025, favorable policies have been continuously introduced, including measures in Beijing, Shanghai, and Shenzhen to optimize real estate purchases, such as removing limits on the number of properties that can be purchased by eligible families [6] - The transaction intensity in Beijing for new residential properties increased by 11.3% and for second-hand homes by 13.3% after policy changes. In Shanghai, the transaction intensity for new homes surged by 62.5% following policy adjustments [7] - In Shenzhen, the transaction intensity for new homes increased by 28.4% and for second-hand homes by 11.4% after the implementation of new policies [7]

【东北地产建筑|中期策略】生存到重生，分化与机遇 房地产 [Table_Date] 发布时间：2025-09-22 [Table_Invest] 优于大势 ——房地产 2025 中期策略 [Table_Title] 证券研究报告/行业动态报告 房地产行业有何可预见趋势 上海优化房产税，限制政策持续放松 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2025W38 房地产周报 报告摘要： 近 上海优化房产税，限制政策持续放松 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 修复 2025 年 9 月 19 日，上海财政局发布《关于优化调整本市个人住房房产税试 点有关政策的通知》，这一通知是对 8 月 25 日上海楼市新政中关于完善房产 税部分的细化落地。①2011 年上海房产税出台背景：抑制"四万亿"经济提 振计划下的楼市过热；②919 房产税新政实际为 825 新政中关于房产税部分 的细化落地，本质是限购政策放松下的户籍差异拉平；③相较 2011 年非本 市户籍家庭购买二套及以上住房，可享受房产税税收减免（与沪籍 ...

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [10] Core Insights - The "two-part pricing" method effectively explains the valuation logic and results of real estate stocks, focusing on inventory structure and the proportion of inefficient inventory [2][8] - Recent policies aimed at stabilizing the market have provided some uplift to market expectations, but marginal downward pressure has increased since April, indicating a higher probability of further easing policies [4] - The industry appears to have passed the rapid decline phase in volume and price, with structural highlights in core areas and quality properties [4] Market Performance - The Yangtze River Real Estate Index increased by 1.13% this week, outperforming the CSI 300 by 1.58%, ranking 8th out of 32 sectors [5][13] - Year-to-date, the Yangtze River Real Estate Index has risen by 12.76%, with a relative underperformance of -1.65% compared to the CSI 300, ranking 19th out of 32 sectors [5][13] Policy Developments - Chongqing is promoting healthy housing consumption through various measures, including financial support for affordable housing and optimizing personal housing loan rates [6][15] - Shanghai has adjusted property tax policies, exempting first-time homebuyers with residence permits for over three years from property tax [6][15] Sales Trends - The transaction volume of new homes in 37 cities showed a year-on-year decline of 4.2%, while second-hand homes improved with a 19.4% increase [7] - As of September 19, new home transaction volume in 37 cities increased by 5.2% month-on-month, while second-hand homes rose by 29.1% [7] Valuation Insights - The valuation of development real estate stocks varies significantly, primarily reflecting inventory quality, impairment levels, and new land acquisition capabilities [2][8] - Efficient inventory and new land acquisitions are critical for supporting sales levels and profitability, influencing both the decrement and increment in valuations [2][8]

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [9][42]. Core Insights - Recent data indicates a month-on-month increase in both new and second-hand housing transactions, with new housing transaction area in 44 cities rising by 14% week-on-week [1][12]. - The inventory of new homes in 21 key cities has slightly decreased by 0.1% week-on-week, while the second-hand housing listings have increased by 0.1% compared to the previous week [1][35]. - The report highlights a recovery in transaction volumes and prices in key urban markets, suggesting potential valuation recovery for companies with resources in these areas [3]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.44%, while the real estate development sector rose by 0.71% [2]. - The report notes a year-to-date decline of 6% in new housing transaction area across 44 cities, contrasting with a 14% increase in second-hand housing transactions [1][12]. Key Companies and Dynamics - Recommended companies include: - Chengjian Development (600266 CH) with a target price of 7.42 - Greentown China (3900 HK) with a target price of 13.69 - China Overseas Development (688 HK) with a target price of 19.08 - Chengdu Investment Holdings (600649 CH) with a target price of 6.40 - Greentown Services (2869 HK) with a target price of 6.56 - Wanwu Cloud (2602 HK) with a target price of 32.29 - Link REIT (823 HK) with a target price of 50.59 - Jianfa International Group (1908 HK) with a target price of 21.60 - China Resources Land (1109 HK) with a target price of 36.45 - New Town Holdings (601155 CH) with a target price of 18.05 - China Resources Mixc Life (1209 HK) with a target price of 46.60 [3][42]. Inventory and Sales Trends - As of September 14, the inventory of new homes in 21 cities has decreased by 0.1% week-on-week, with a year-on-year decline of 13% [32]. - The second-hand housing listings in 20 sample cities have increased to approximately 2.484 million units, up 0.1% from the previous week and 8.7% from the end of last year [35][1]. Performance Metrics - The report indicates that the new housing sales area in 44 cities has shown a year-on-year increase of 8% from September 1 to 19, with first-tier cities seeing a 22% increase [12]. - The second-hand housing sales area in 22 cities has increased by 26% year-on-year, with first-tier cities up 35% [22].

Group 1 - The core viewpoint of the article highlights a significant rally in the A-share market for real estate stocks, with notable gains for companies such as Shahe Co., which hit the daily limit, and others like Binhai Group and Electronic City rising over 5% [1] - The Shanghai municipal government has announced an optimization adjustment to the pilot property tax policy, providing tax incentives for eligible high-level talents and urgently needed talents in key industries when purchasing new homes in the city [1] - The policy also extends benefits to individuals who have held a residence permit in Shanghai for over three years and are working and living in the city, aiming to stimulate the housing market [1]

Market Overview - On September 18, the real estate development sector fell by 2.11%, with Wolong New Energy leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the real estate sector included: - Shouke Co., Ltd. (600376) with a closing price of 8.07, up 9.95% [1] - Leijiang Holdings (600162) at 2.88, up 9.92% [1] - China New Group (601512) at 10.33, up 8.51% [1] - Major decliners included: - Wolong New Energy (600173) at 8.50, down 8.70% [2] - Rongsheng Development (002146) at 1.82, down 8.54% [2] - Hualian Holdings (000036) at 4.41, down 5.16% [2] Capital Flow - The real estate development sector experienced a net outflow of 1.258 billion yuan from institutional investors, while retail investors saw a net inflow of 1.278 billion yuan [2] - Specific stock capital flows indicated: - Wan Tong Development (600246) had a net inflow of 640.96 million yuan from institutional investors [3] - Su Ning Global (000718) saw a net outflow of 70.88 million yuan from retail investors [3] - China New Group (601512) had a net inflow of 40.21 million yuan from institutional investors [3]