1、 合约销售： 百强房企6月业绩环比增长14.7% 2、 企业拿地：典型房企投资规模回升，头部房企投资持续领跑 3、 企业融资： 单月总量再创年内新高，新城实现民企境外债"破冰" 4、 组织动态： 招商蛇口裁撤5大区域，中海地产城市总再换防 核心内容 ◎ 文 / 克而瑞研究中心 0 1 合约销售 百强房企6月业绩环比增长1 4 . 7% 核心观点： 1、 2025年6月， TOP100房企实现单月销售操盘金额3389.6亿元， 环比增长14.7% 。上半年累计实现销售 操盘金额16526.8亿元。 2、 从百强房企规模门槛来看，2025年6月TOP30房企 销售操盘金额门槛同比增长1.2%至119.8亿元。其他 各梯队房企的销售操盘金额门槛则略有降低。具体分梯队来看，2025年上半年百强房企各梯队销售规模变 动分化。其中， TOP21-30梯队房企 的累计销售规模同比基本持平。 而TOP10、TOP11-20和TOP51-100 梯队房企 销售规模则同比降低。 3、 从企业表现来看，2025年6月近六成百强房企单月业绩环比增长，其中28家企业单月业绩环比增幅大于 30%。 如中海地产、华润置地、招商蛇口、中 ...

Group 1: Company Announcements - Xinhua Insurance plans to invest 11.25 billion yuan to subscribe to the third phase of the Guofeng Xinghua Honghu Zhiyuan private equity fund [4] - China Shipbuilding has received approval from the Shanghai Stock Exchange for the absorption and merger with China Shipbuilding Industry Corporation [4] - Guotou Zhonglu intends to acquire 100% of China Electronic Engineering Design Institute [4] - Shaoyang Hydraulic plans to purchase 100% of Xincheng Hangrui [4] - Times New Material has signed a sales contract for wind turbine blades worth 2.711 billion yuan [4] - Guangdong Construction has jointly won a construction project for an energy storage power station valued at approximately 1.888 billion yuan [4] - Hongsheng Huayuan's subsidiary is expected to win a bid for a Southern Power Grid project worth 1.127 billion yuan [4] - Huohua Co. has jointly won a bid for a shared energy storage demonstration project valued at 449 million yuan [4] - Zhuhai Group's net profit for the first half of the year is expected to increase by 50.97% to 752.3 million yuan [4] - Sankeshu's net profit for the first half of the year is expected to increase by 80.94% to 1.1904 billion yuan [4] - Huixue Wine's net profit for the first half of the year is expected to increase by approximately 559% [4] - Gari Xian Co.'s net profit for the first half of the year is expected to increase by 144% to 1.99 billion yuan [4] - Haitong Development's net profit for the first half of the year is expected to decrease by 60.78% to 690.4 million yuan [4] - Huaming Intelligent's stock will be subject to other risk warnings [4] - ST Xinchao will implement delisting risk warnings starting July 8 [4] Group 2: Industry Developments - The Ministry of Housing and Urban-Rural Development emphasizes the importance of promoting stable, healthy, and high-quality development in the real estate market [2] - The State-owned Assets Supervision and Administration Commission has issued opinions on promoting high-quality brand building among central enterprises, aiming for significant brand value enhancement by 2030 [2] - The China Securities Association has developed a model text for algorithmic trading agreements, detailing trading behavior management and high-frequency trading management [2] - The Shanghai and Shenzhen Stock Exchanges have revised and released ETF risk management guidelines, focusing on risk prevention and management for fund managers and member clients [2]

Core Insights - Hangzhou's real estate market is experiencing a high level of activity, with land auctions showing significant premium rates, indicating strong demand and investor interest [3][4] - The city's new housing prices have seen substantial increases, with May 2023 recording the highest month-on-month growth in the country [6][10] - The market is characterized by a disparity in performance, with luxury properties in core areas performing exceptionally well, while some projects in peripheral regions are facing price reductions [7][10] Land Auction Market - In the recent land auction, six plots were sold with premiums exceeding 20%, and one plot by Binjiang Group had a premium rate of 67.60% [3][4] - Hangzhou's total land auction revenue for the first half of 2023 reached approximately 116 billion yuan, ranking first in the nation [3] Housing Market Trends - High-end residential properties are in strong demand, with projects like Jinshang Wanxiangfu and Huanxi Dixiang seeing prices above 65,600 yuan per square meter and low lottery rates of 13% [6][10] - The average price of new homes in Hangzhou has increased, with a month-on-month rise of 0.8% in May, leading to a reshaping of the local real estate landscape [6][10] Sales Performance - The sales performance of luxury properties is robust, with projects like Shizhouli achieving a low lottery rate of 17.3% during its first launch, indicating high competition among buyers [5][6] - Despite the success of luxury projects, some areas are experiencing price cuts, such as the Mulan Tai project, which saw a price drop from 33,999 yuan to 30,699 yuan per square meter [7][8] Market Disparity - The real estate market in Hangzhou is showing signs of "cold and hot" phenomena, with significant differences in performance across various districts [10][11] - The overall transaction volume for commercial housing in Hangzhou has decreased by 18% year-on-year, indicating a mixed recovery in the market [10][11] Developer Strategies - Smaller local developers are actively acquiring land in non-core areas to optimize their land reserves and improve project turnover rates [9][10] - The competitive landscape is challenging for smaller firms in core areas, leading them to adopt differentiated strategies based on regional market conditions [8][9]

Core Viewpoint - Despite the overall pressure on the real estate market, high-quality projects continue to attract market attention, with notable sales performance from Sunac China Holdings Limited, indicating a steady return to operational normalcy [2] Sales Performance - In the first half of the year, Sunac China reported sales of 23.55 billion yuan, with June alone achieving over 7.5 billion yuan in sales and an average contract sales price of approximately 58,530 yuan per square meter [2] - The Shanghai "One Number" project has been a standout, achieving sales of 6.6 billion yuan in January and over 17 billion yuan in total sales for the first half of the year, ranking first in new home sales nationwide [3] Product Recognition - The "One Number" projects in Shanghai and Beijing have demonstrated strong market demand, with the Beijing project seeing 25 units sold within two weeks of showcasing its model units [3] - Sunac China's top-tier products, such as "One Number" and "Peach Blossom Source," are developed with direct involvement in design and quality control, ensuring high standards [3] Debt Restructuring - Sunac China is making significant progress in its debt restructuring efforts, with plans to issue 754 million shares to facilitate the repayment of approximately 5.6 billion yuan in domestic bonds [4] - The company has received sufficient support for its offshore debt restructuring, which is expected to resolve group-level debt issues [5] Market Confidence and Future Projects - The company is set to launch additional high-quality projects in the second half of the year, including the final high-rise products at the Shanghai "One Number" and other projects in Tianjin, Wuhan, and other cities, which will further validate its product competitiveness [5] - As of the end of 2024, Sunac China will have approximately 130 million square meters of land reserves, with about 70% located in core first- and second-tier cities, showcasing strong asset value and risk resilience [5]

报告指出，2025年上半年，政策端持续释放积极信号，核心城市新房及二手房市场整体平稳。根据中指 监测，2025年上半年全国有约170个地方出台房地产相关政策超340条，政策频次保持较高水平。由于目 前多数城市限制性政策已经放开，上半年各地政策优化力度趋缓。整体来看，地方主要围绕激活需求、 优化供给两大方向调整优化政策。 中指研究院4日发布的《2025年上半年中国房地产市场总结与下半年趋势展望报告》认为，下半年"好城 市+好房子"仍具结构性机会。 ...

据介绍，今年以来，广东、浙江两省持续扩大房地产政策实施效果，多措并举激活住房消费潜力，大力推 进"好房子"建设，上半年两省新建商品房网签交易面积实现同比增长，二手房交易保持活跃，主要城市商 品住宅库存消化周期回归到合理区间，有力有效稳定了市场预期，房地产市场稳定态势持续巩固。 广州市、深圳市积极推动城市房地产融资协调机制落地见效，授信和融资额度位于全国前列。宁波市、珠 海市实施"以旧换新""带押过户"等便民举措，举办"房交会""好房节"等推介活动，有效释放住房消费需 求。杭州市坚持以需供地、精准供地，建立人房地钱要素联动机制，促进房地产供需平衡、市场稳定。 住房城乡建设部调研组近日赴广东、浙江两省调研。调研组表示，促进房地产市场平稳、健康、高质量发 展具有重要意义。各地要切实扛起责任，充分用好房地产调控政策自主权，因城施策、精准施策，提升政 策实施的系统性有效性，持续巩固房地产市场稳定态势。 调研组要求，要加快建设安全、舒适、绿色、智慧的"好房子"，满足人民群众新期待。要多管齐下稳定预 期、激活需求、优化供给、化解风险，更大力度推动房地产市场止跌回稳。 记者了解到，调研组与当地政府及有关部门、专家学者、房地产 ...

Core Viewpoint - Tokyo's real estate market is experiencing significant price increases, driven by high demand from both local and foreign buyers, with the average residential land price rising 8.1% in 2025, three times the national average increase of 2.7% [3][4]. Group 1: Real Estate Price Trends - The average price of new homes in Tokyo's 23 wards for the fiscal year 2024 is projected to be 116.32 million yen (approximately 5.8 million RMB), reflecting an 11% increase from the previous year [4]. - The average land price in Tokyo has been rising for four consecutive years, reaching the highest growth rate since 2010 [3]. Group 2: Foreign Investment Impact - Foreign buyers account for 20-40% of new home purchases in prime areas like Chiyoda, Minato, and Shibuya, with this percentage increasing over time [4][6]. - The attractiveness of Tokyo's real estate is partly due to its international reputation and relatively lower prices compared to major cities like Hong Kong and New York [4]. Group 3: Population Dynamics - Future population growth in Japan is expected to be concentrated in Tokyo, with projections indicating that only Tokyo will see an increase by 2050, while other regions like Aichi and Osaka are expected to decline significantly [9]. - The influx of population into Tokyo is contributing to sustained demand for housing, which in turn supports rising prices [9]. Group 4: Regional Price Disparities - Significant price increases are also observed in suburban areas around Tokyo, with notable rises of 26% in Adachi and 24.7% in Nakano near major train stations [8]. - The disparity in real estate prices between Tokyo and other regions is likely to widen due to rising construction costs and labor shortages, making redevelopment in rural areas more challenging [8].

金十数据7月4日讯，住房城乡建设部调研组近日赴广东、浙江两省调研。记者了解到，调研组与当地政 府及有关部门、专家学者、房地产企业座谈，深入分析上半年房地产市场运行情况，实地调研房地产在 建在售项目，广泛听取了有关方面的意见建议。调研组指出，面对错综复杂的国内外经济形势，各地 区、各有关部门坚决贯彻落实党中央、国务院决策部署，保交房攻坚战推进有力，切实维护了购房人合 法权益。持续落实房地产政策"组合拳"，上半年全国新房和二手房交易总量同比增长，房地产市场总体 保持稳定态势。二手房交易占比逐步提高，多个省份二手房交易量超过新房，房地产市场呈现新的特 点。 （新华社） 上半年全国新房和二手房交易总量同比增长 多个省份二手房交易量超过新房 ...

Group 1 - The core viewpoint emphasizes the importance of promoting a stable, healthy, and high-quality development of the real estate market [1] - The research team urges local governments to take responsibility and effectively utilize real estate regulation policies, implementing city-specific and precise measures [1] - There is a call to accelerate the construction of safe, comfortable, green, and smart housing to meet the new expectations of the public [1] Group 2 - The research team advocates for a multi-faceted approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [1] - A stronger effort is needed to push the real estate market towards stabilization and recovery [1]

【企业】 6月30日，新世界发展宣布，集团（新世界发展连同其附属公司）成功通过本公司、相关集团成员公司 与有关银行债权人签订了新的再融资定期贷款融资协议，对集团部分现有境外无抵押金融债务（包括银 行贷款）进行了再融资；并协调了集团其他境外无抵押银行贷款以与新银行融资的条款保证统一。协议 合同涵盖集团约882亿港元（约合112亿美元）现有境外无抵押金融债务。其中新银行融资包括多笔不同 期限的银行贷款，最早到期日为2028年6月30日。 7月3日，据北京规自委消息，中建方程5.6亿元底价摘得北京市延庆区延庆新城Y000-0205-0001地块R2 二类居住用地，楼面价约为1.55万元/平方米。该地块用地面积22306.634m，地上建筑规模36136.747 ㎡，容积率1.62，建筑高度24米局部30米)。其位于西北六环外延庆新城核心区，东至在建街坊路，南 至湖北东路，西至小营中路，北至小营东街，紧邻延庆体育中心、夏都公园，周边生活、教育配套完 善。 【政策】 万科再获大股东深铁集团超62亿元借款 7月3日，万科A公告称，公司第一大股东深铁集团拟向万科提供股东借款62.49亿元，用于万科偿还公司 到期公开债务。在 ...