天健集团（000090）公告，公司控股子公司深圳市天健城市发展有限公司中标龙岗区布吉街道南门墩城 中村改造项目意愿征集阶段服务项目。项目位于深圳市龙岗区布吉街道南三社区，总占地面积约12.12 万平方米，建筑面积合计约35.48万平方米(住宅)，共涉及2360户权利人。服务内容包括沟通调研、意愿 征集、舆情评估等，中标价为975万元，服务期限暂定12个月。该项目顺利实施，将对公司未来拓展城 中村改造输出类项目及业绩产生积极影响。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the real estate industry [5] Core Views - In May 2025, the total sales amount of the top 100 real estate companies increased by 2.9% month-on-month, but the cumulative year-on-year sales from January to May decreased by 8.4% [1][2] - The report highlights that the real estate market is gradually stabilizing due to the implementation of a series of supportive policies, with regional and city-level differentiation becoming more pronounced [4][61] Summary by Sections Sales Performance - In May 2025, the total sales amount for the top 10 real estate companies was 157.3 billion yuan, with a year-on-year decrease of 9.4% and a month-on-month increase of 11.5% [1][8] - From January to May 2025, the cumulative total sales amount for the top 100 real estate companies was 1.4113 trillion yuan, reflecting a year-on-year decline of 8.4% [2][33] Key Company Performances - Among the top 50 companies, 46 reported a median year-on-year sales change of -9.0% in May 2025, while the cumulative year-on-year change from January to May was +0.2% [3][40] - Notable performers in May included China State Construction (sales up 455% year-on-year) and Sunac China (sales up 128% year-on-year) [3][52] Investment Recommendations - The report suggests focusing on companies with comprehensive development capabilities and those actively participating in urban renewal, recommending firms like China Overseas Development and China Jinmao [4][61] - It also highlights the potential of commercial public REITs and the long-term growth prospects of the property service industry, recommending companies such as China Resources Land and China Vanke [4][62]

Core Insights - The top 100 real estate companies in China saw a significant increase in land acquisition amounts in the first five months of the year, totaling 405.19 billion yuan, a year-on-year increase of 28.8% [1] - State-owned enterprises dominate land acquisition, with eight out of the top ten companies being state-owned, while some private companies like Binjiang Group also showed strong investment [1] - The top three companies in terms of new value added are Poly Developments, Greentown China, and China Jinmao, with new values of 72.8 billion yuan, 72.3 billion yuan, and 60.3 billion yuan respectively [1] Land Transaction Overview - In the first five months, residential land transactions across 300 cities totaled 1.3 million square meters, showing a slight year-on-year decline, while land transfer fees increased by over 20% [1] - Core cities continue to see high demand for quality land, with significant premium rates observed in cities like Hangzhou, Chengdu, and Beijing [1] Regional Insights - The Yangtze River Delta leads the four major city clusters in land acquisition, with the top ten companies acquiring 125.27 billion yuan worth of land, followed by the Beijing-Tianjin-Hebei region at 73.4 billion yuan [2] - Major companies are focusing on core cities for land acquisition, with state-owned and local state-owned enterprises being the primary players, while private companies are supplementing land reserves in key areas [2] High-Value Land Transactions - In May, several cities including Beijing, Shanghai, and Nanjing saw high total price land transactions, with the highest being a plot in Haidian District, Beijing, sold for 4.5 billion yuan at a premium rate of 11.95% [3] - State-owned enterprises dominate high-value land acquisitions, with Poly Developments securing multiple plots [3] Market Outlook - The ongoing recovery of the real estate market remains a key policy goal, with expectations for continued implementation of supportive measures focusing on urban village renovations and high-quality housing supply [3] - There is an increased expectation for macroeconomic policies to be more proactive, including potential interest rate cuts and lower housing loan rates, which may enhance market stability [3]

Group 1 - Increasing number of cities are launching low-density premium residential land, stimulating enthusiasm among real estate companies for land acquisition [1] - Shenzhen plans to auction multiple residential land plots between May and August 2025, including plots in Longhua and Guangming districts with starting prices of 8.27 billion and 19.94 billion respectively [1] - The auctioned plots will follow a "land transfer immediately with certificate" model, with no price limits or housing type restrictions, determined by the highest bidder [1] Group 2 - The planning adjustment for Baoan District's "South Street Block" and "North Street Block" has been publicized, with a significant reduction in the plot's overall floor area ratio from 5.7 to 3.7 [2] - Shenzhen's 2025 land supply plan includes a total of 1,060 hectares, with a focus on increasing industrial land supply and ensuring adequate residential and public welfare land [2] - The residential land supply for 2025 is planned at 100 hectares, including 60 hectares for commercial housing and 40 hectares for affordable housing [2] Group 3 - The concept of low-density residential land has gained popularity among developers, as it allows for the creation of higher-end products and attracts more customers [3] - In the first five months of 2025, the top 100 companies acquired land worth 405.19 billion, a year-on-year increase of 28.8%, with state-owned enterprises leading the acquisitions [3] - The total area of residential land sold in 300 cities decreased slightly to 1.3 million square meters, while land transfer fees increased by over 20% year-on-year [3] Group 4 - The ongoing recovery of the real estate market remains a key policy goal, with a focus on urban village renovations, high-quality housing supply, and acquisition of existing properties [4] - There is an expectation for more proactive macro policies, including potential interest rate cuts and reductions in housing fund loan rates, to further stimulate the market [4] - In the short term, uncertainty persists in the market, leading real estate companies to focus more on certainty in their investments [4]

Core Insights - In the first five months of 2025, the top 100 real estate companies in China acquired land worth 405.19 billion yuan, marking a year-on-year increase of 28.8%, with the growth rate expanding by 2.2 percentage points compared to the previous month [1] - The majority of land acquisition was dominated by state-owned enterprises, with eight out of the top ten companies being state-owned [1] - Notable private enterprises such as Binjiang Group and Bangtai Group also showed significant investment activity, ranking among the top twenty in land acquisition [1] Land Acquisition Rankings - The top three companies in land acquisition amounts are Greentown China (34.1 billion yuan), Poly Development (32.9 billion yuan), and China Overseas Property (28.3 billion yuan) [2] - The top ten companies collectively acquired land worth 1.1 trillion yuan, accounting for 41.8% of the total land acquisition by the top 100 companies [14] Market Trends - The residential land transaction volume across 300 cities in China reached 1.3 million square meters, showing a slight year-on-year decline, while the land transfer fees increased by over 20% [15] - Core cities continue to see high demand for quality land, with significant premium rates observed in cities like Hangzhou and Chengdu [15] - The land acquisition strategy of real estate companies is increasingly focused on projects with high revenue certainty and quick cash flow recovery [15] Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top ten companies acquiring 125.27 billion yuan worth of land, followed by the Beijing-Tianjin-Hebei region at 73.4 billion yuan [19] - Major companies are concentrating their land acquisition efforts in key cities such as Beijing, Shanghai, and Chengdu, reflecting a strategic focus on high-potential markets [23] High-Value Land Transactions - In May, several high-value land parcels were sold in cities like Beijing and Shanghai, with the highest transaction being a plot in Haidian District, Beijing, sold for 4.5 billion yuan [27] - State-owned enterprises dominated the acquisition of high-value land parcels, with Poly Development and Poly Real Estate Group being prominent players [27]

最近的番禺楼市，太给力了。洛溪的龙湖亚伦央璟颂五一前开盘，首推的1、2栋现在只剩下10来套单位了；番禺广场的绿城玉海棠5月9日首开1栋，距离 开盘才14天，实际网签都超9成了。 | 序号 | 项目名称 | 开发商 | 预售证 | 项目地址 | 住宅已售 套数 | 住宅未售 章数 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 瑰玉苑2栋(广州番禺区 市桥街BC0612015地块 自编2#住宅商业配套) | 广州西溪投资发展有限公 בח | | 番禺区市桥街番禺广场东 路188号 | 0 | 114 | | 2 | 現大犯1栋(广州番禺区 市桥街BC0612015地块 自编 1 # 楼住宅商业配 复) | 广州西溪投资发展有限公 의 | 20250093 | 糖石上水酸砂齿花区肥味 禺广场东路188号 | 97 | ਰੇ | 随着这批"小而美"的全新盘加速去化，番禺东或将迎来巨无霸项目补给。乐居君留意到，本月初，国企广州城投在公众号发布一则消息：番禺柏堂村城中 村改造意愿已超九成 柏堂村是番禺首个做地旧改，由广州城投操刀，总投资约162亿元，之前已经因为拟 ...

Core Viewpoint - The central government has issued guidelines to promote urban renewal, emphasizing the importance of transforming urban villages as part of community development [3] Group 1: Urban Renewal Initiatives - Hangzhou is actively implementing urban village renovations and accelerating relocation housing projects, aiming to enhance living conditions for returning residents [4] - As of the end of April, Hangzhou has completed 2,674 relocation units, achieving a completion rate of 32% for the year [4] Group 2: Specific Projects and Developments - The Jingjia Yingyuexuan relocation housing project in Shangcheng District has successfully delivered 313 units to returning residents [4] - The Jinzeyuan project in Yuhang District has delivered 940 units, benefiting 535 returning families [4] - The final batch of residents in Dongxing Village, Tonglu County, has received their long-awaited housing [4] Group 3: Housing Features and Amenities - The Nanhuxin Garden project in Yuhang District features a total construction area of 86,134 square meters with 354 units, equipped with local amenities such as markets and schools, and is conveniently located near public transport [5] - The Jiangnan Block relocation housing in Xiaoshan District covers a total area of 985,000 square meters, consisting of 46 high-rise buildings and includes facilities like a kindergarten and ample parking [5] Group 4: Commitment to Quality and Safety - The city’s construction committee emphasizes the importance of not only quick relocation but also ensuring high-quality living conditions for residents, with a focus on safety, quality, and timely progress in construction [6]

Core Viewpoint - The Chinese government is increasing financial support for urban renewal initiatives, emphasizing sustainable development and collaboration between various sectors [2][3]. Group 1: Financial Support Mechanisms - The central government will enhance support for urban renewal through central budget investments and special long-term bonds for eligible projects [2]. - In 2024, over 425 billion yuan will be allocated for urban renewal projects, including gas pipeline updates and drainage improvement projects [3]. Group 2: Focus Areas for Urban Renewal - Since the 14th Five-Year Plan, approximately 159.4 billion yuan has been allocated for the renovation of old urban communities, with an additional 15.3 billion yuan in 2023 for urban village renovations [3]. - The government aims to support the construction of sponge cities in 60 cities, with a total investment of 160 billion yuan during the 14th Five-Year Plan period [3]. Group 3: Collaborative Financing Policies - The government is expanding the scope of local government special bonds to support urban renewal projects and encouraging policy banks to finance eligible projects [3]. - There is an emphasis on creating a sustainable urban renewal financing model that involves government guidance, market operations, and community participation [3].

1-4 月地产链数据联合解读 20250519 摘要 • 4 月房地产销售面积和金额同比小幅增长，优于预期，主要受益于低基数、 宏观流动性以及政策支持。淡季降幅在正常范围内，预示全年数据可能不 会太差。 • 房地产投资端仍处于去库存状态，但去年和今年一季度拿地面积增加，预 示下半年新开工数据有望修复，明年或将企稳，竣工数据预计保持平稳并 逐步向上。 • 房地产行业总体库存水平明显回落，尤其是一二线城市去化能力较强。房 价降幅收窄，环比下降城市减少，预计未来几个月环比大概率正增长，同 比与去年基本持平。 • 政府财政发力城中村改造和城市更新，资金投入超预期，推动市场修复。 龙头公司拿地积极，预计四季度周期底部加杠杆逻辑将增强市场稳定性。 • 建筑行业出口数据超预期，但投资、社融及基建投资增速有所减弱，电力 领域投资增速表现突出。4 月新增社融和中长期贷款下滑，与地产环比减 弱相对应。 Q&A 请简要概述 2025 年第一季度房地产行业的销售情况及其背后的原因。 2025 年第一季度房地产行业的销售情况总体表现良好，尤其是重点城市的销 售面积和销售金额均同比正增长。具体来看，40 个大中型重点城市的销售面积 同比 ...

Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].