Core Viewpoint - In the first half of 2025, the company reported a revenue of 15.678 billion yuan, a signed area of 1.254 million square meters, and a signed amount of 17.15 billion yuan, with a net loss attributable to shareholders of approximately 3.7 billion yuan. The company is focusing on cash flow and financial stability while gradually restoring operational momentum through a dual approach of focusing on core development and diversified business collaboration [1][2]. Group 1: Financial Performance - The company achieved a revenue of 15.678 billion yuan in the first half of 2025, with a net loss of approximately 3.7 billion yuan [1]. - The company has a total land reserve of approximately 27.01 million square meters, with equity land reserves of about 11.62 million square meters, of which 79% is located in first- and second-tier cities [3]. - The company has successfully repaid its medium-term notes on time, and its interest-bearing debt has shown a steady decline, with 98.5% of the debt being bank loans and long-term debt accounting for 60.88% of total interest-bearing debt [3]. Group 2: Operational Strategy - The company is actively promoting operational momentum recovery by revitalizing existing assets and optimizing new projects, focusing on land exchanges and planning adjustments [2][3]. - The company has acquired new residential land in Hangzhou and Shanghai, providing new growth momentum for future performance [3]. - The company’s commercial property indicators have stabilized, with a 3% year-on-year increase in foot traffic and a 1% increase in sales [5]. Group 3: Business Development - The company’s construction management business has maintained a top-three position in the industry for several years, with a 52% year-on-year increase in new signed contracts, totaling 6.98 million square meters [6]. - The company has launched a new product brand "Qinglan" in Xi'an, which has received high recognition from clients [7]. - The company continues to strengthen its exploration of new real estate development models, focusing on holding assets, property services, and construction management [5].

Core Viewpoint - The company reported a significant loss in the first half of 2025, but is focusing on cash flow management and operational strategies to stabilize its financial position and explore potential recovery opportunities in the industry [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 15.678 billion yuan, with a signed area of 1.254 million square meters and a signed amount of 17.15 billion yuan, resulting in a net profit loss of approximately 3.7 billion yuan [1] - The company has successfully repaid its medium-term notes on time and has seen a steady decline in its interest-bearing debt, with 98.5% of this debt being bank loans and long-term debt accounting for 60.88% of total interest-bearing debt [3] Group 2: Operational Strategies - The company is focusing on its core business and has implemented various measures to revitalize its operational momentum, including land exchanges and optimizing existing assets [2] - The company has acquired new residential land in key cities such as Hangzhou and Shanghai, contributing to a total land reserve of approximately 27.01 million square meters, with 79% located in first and second-tier cities [2] Group 3: Business Development - The company is exploring new models in real estate development, with a focus on holding assets, property services, and construction management, leading to a recovery in key operational indicators in commercial properties [4] - The company's construction management business has seen a 52% year-on-year increase in new signed contracts, totaling 6.98 million square meters, with a significant portion coming from residential and commercial projects [5]

Group 1: Real Estate Transactions - Maoyuan Real Estate acquired the Shunyi Xue Daren Village land parcel for a base price of 1.03 billion yuan, with a floor price of approximately 28,000 yuan/m² [1] - The land area is 23,000.1 m², with a construction control scale of less than 36,800.16 m² and a plot ratio of 1.6 [1] - The project is located between the Fifth and Sixth Ring Roads, near Metro Line 15 [1] Group 2: Sales Performance - Zhonghai Wanjijiuxu in Chaoyang District achieved a weekly sales amount of 213 million yuan, becoming the top seller in Beijing's new housing market for the week of August 18-24 [2] - The project has sold 183 out of 370 units, with an average price of 115,000 yuan/m² [2] - The project includes 9 buildings with heights ranging from 10 to 23 floors, with the smallest unit size being 168 m² [2] Group 3: Financial Results - China State Construction reported a net profit of 30.4 billion yuan for the first half of 2025, a year-on-year increase of 3.2% [3] - The company signed new contracts worth 2.5 trillion yuan, a 0.9% increase year-on-year, while total revenue decreased by 3.2% to 1.1 trillion yuan [3] - The real estate segment saw a contract sales amount of 174.5 billion yuan, down 8.9% year-on-year [3] Group 4: Policy Developments - The Central Committee of the Communist Party and the State Council emphasized the need to accelerate the construction of a new model for real estate development, focusing on meeting diverse housing needs [5] - The policy aims to enhance housing design, construction, maintenance, and service levels, promoting the development of safe, comfortable, green, and smart housing [5] - Shanghai's housing purchase restrictions have been adjusted, allowing eligible families to buy unlimited properties outside the outer ring road [6]

Investment Rating - The report maintains a "Market Perform" rating for both the real estate and building materials sectors [1][2] Core Insights - Recent policies in Beijing and Shanghai have relaxed housing purchase restrictions, which is expected to boost market confidence and sales [2][26] - The overall performance of listed real estate companies remains under pressure, with a focus on the recovery of their balance sheets [2][28] - The building materials sector is experiencing a gradual recovery in demand, particularly in cement and glass fiber, driven by urban renewal projects and seasonal construction activities [3][44] Real Estate Sector Summary - The real estate sector has seen a 0.97% increase over the past two weeks, underperforming the CSI 300 index by 5.25 percentage points [14] - The sector's performance is influenced by recent policy changes aimed at stabilizing the market and improving sales data [2][26] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are focusing on first- and second-tier cities [2][28] Building Materials Sector Summary - The building materials sector has increased by 2.86% over the past two weeks, with a year-to-date increase of 19.28% [29] - Cement prices are stabilizing, with a national average price of 316 RMB per ton, while inventory levels are gradually decreasing [33][44] - The glass fiber industry is showing signs of structural recovery, benefiting from demand in wind power and electronics sectors [3][45] Company Performance Highlights - In the consumer building materials segment, leading companies like Sanke Tree and Rabbit Baby have shown significant profit recovery, with Sanke Tree's net profit increasing by 109.30% year-on-year [48] - The report suggests focusing on companies with strong fundamentals and competitive advantages, such as Beixin Building Materials and Sanke Tree [48]

Core Viewpoint - The document outlines a strategic shift in urban development in China, moving from rapid growth to stable development, emphasizing quality over quantity in urbanization and promoting collaborative competition among cities [2][4][5]. Group 1: Urban Development Strategy - The Central Committee and State Council have issued guidelines to promote high-quality urban development, establishing a roadmap for future urban growth [2]. - The focus is on enhancing the competitiveness of mega cities and improving the capacity of small and medium-sized cities and towns [3][12]. - The shift in urbanization strategy includes a transition from "rapid growth" to "stable development" and from "incremental expansion" to "quality improvement" [4][63]. Group 2: City Group and Urban Circle Development - The document emphasizes the importance of city clusters and urban circles, advocating for integrated and coordinated development [7][9]. - The new model encourages "collaborative competition," moving away from the previous focus on individual city competition [6][24]. - Key city clusters identified include Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, which are expected to become world-class urban clusters [12][14]. Group 3: Urban Circle Characteristics - Urban circles are defined as having a core city with a surrounding area that includes multiple smaller cities, typically within a one-hour commuting radius [10][11]. - The document lists 30 large urban circles, with 17 approved as national-level urban circles, including major cities like Guangzhou, Shenzhen, and Chengdu [18][22]. - The development of urban circles is still in its early stages, with many in the cultivation phase [20]. Group 4: Urban Competitiveness - The document calls for enhancing the comprehensive competitiveness of mega cities, focusing on their core functions and global resource allocation capabilities [24][25]. - It highlights the importance of technology innovation platforms in mega cities to drive high-quality development [24][26]. Group 5: Urban Expansion and Management - The guidelines indicate a halt to the previous trend of rapid urban expansion, emphasizing the need for controlled growth and the optimization of administrative divisions in smaller cities [45][51]. - The focus will shift towards improving existing urban areas rather than expanding their boundaries, with an emphasis on urban renewal and community development [58][65]. Group 6: Real Estate Sector Impact - The transition to stable urban development is expected to significantly impact the real estate sector, shifting the focus from new construction to the renovation and improvement of existing properties [61][63]. - The document supports self-renovation initiatives for old housing, indicating a move away from large-scale government-led redevelopment projects [66][68].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In the production industry, the decline in industrial profits has narrowed. From January to July 2025, the total profit of industrial enterprises above designated size was 4,020.35 billion yuan, a year - on - year decrease of 1.7%. In July, the year - on - year decline in profits continued to narrow, and the manufacturing industry showed significant improvement [1]. - The service industry should focus on the implementation of housing new policies. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - Quality Urban Development" was released, aiming to promote the construction of "good houses" and complete communities and build a new model for real estate development [1]. 3. Summary by Directory A. Upstream - Chemical industry: The price of urea has dropped significantly [2]. - Energy: The international crude oil price has slightly rebounded [2]. B. Midstream - Chemical industry: The operating rate of PTA has been continuously declining [3]. - Energy: The coal consumption of power plants has remained stable [3]. - Agriculture: The operating rate of pig products has increased [3]. C. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - Service: As the end of the summer vacation approaches, the number of domestic flights has slightly decreased [3]. D. Key Industry Price Indicators | Industry | Indicator | Price (8/28) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2301.4 yuan/ton | - 0.43% | | | Spot price of eggs | 6.5 yuan/kg | - 2.10% | | | Spot price of palm oil | 9532.0 yuan/ton | - 0.19% | | | Spot price of cotton | 15331.8 yuan/ton | 0.80% | | | Average wholesale price of pork | 19.8 yuan/kg | - 1.05% | | Non - ferrous metals | Spot price of copper | 79183.3 yuan/ton | 0.49% | | | Spot price of zinc | 22106.0 yuan/ton | - 0.49% | | | Spot price of aluminum | 20746.7 yuan/ton | 0.24% | | | Spot price of nickel | 121966.7 yuan/ton | 0.91% | | | Spot price of aluminum | 16837.5 yuan/ton | 0.71% | | | Spot price of rebar | 3246.0 yuan/ton | 0.00% | | Ferrous metals | Spot price of iron ore | 789.6 yuan/ton | 0.54% | | | Spot price of wire rod | 3375.0 yuan/ton | - 0.52% | | | Spot price of glass | 13.9 yuan/square meter | - 0.36% | | Non - metals | Spot price of natural rubber | 15016.7 yuan/ton | 0.45% | | | China Plastic City Price Index | 803.2 | - 0.21% | | Energy | Spot price of WTI crude oil | 64.2 dollars/barrel | 2.30% | | | Spot price of Brent crude oil | 67.4 dollars/barrel | 0.90% | | | Spot price of liquefied natural gas | 3956.0 yuan/ton | 1.07% | | | Coal price | 783.0 yuan/ton | 0.00% | | | Spot price of PTA | 4910.0 yuan/ton | 2.91% | | Chemical industry | Spot price of polyethylene | 7451.7 yuan/ton | 0.20% | | | Spot price of urea | 1717.5 yuan/ton | - 3.51% | | | Spot price of soda ash | 1290.0 yuan/ton | 0.00% | | | National cement price index | 129.6 | - 0.64% | | Real estate | Building materials composite index | - | - 0.23% | | | National concrete price index | 93.0 | 0.00% | [35]

Group 1 - The company reported a revenue of 58.75 billion RMB for the first half of 2025, representing a year-on-year growth of 25.4% [1] - The attributable profit to shareholders was 3.22 billion RMB, with a core profit of 1.38 billion RMB after excluding fair value changes of investment properties and other derivative financial instruments [1] - The basic earnings per share were 0.477 RMB, and an interim dividend of 0.07 RMB per share was proposed [1] Group 2 - The real estate development business generated a revenue of 45.48 billion RMB, up 34.7% year-on-year, while the operational business revenue was 7.01 billion RMB, growing by 2.5% [1] - The company delivered over 100 projects and nearly 40,000 quality housing units across 36 cities, fulfilling its delivery commitments [1] - As of June 30, 2025, the company's total land reserves amounted to 28.4 million square meters, with an average cost of 4,207 RMB per square meter [1] Group 3 - The company's operational and service businesses showed stable contributions, enhancing sustainable profitability and cash flow [2] - The industry is transitioning from high-speed growth to high-quality development under the policy guidance of "accelerating the construction of a new model for real estate development" [2] - The company reduced interest-bearing debt by 6.5 billion RMB compared to the end of the previous year, achieving a record low average financing cost of 3.58% [2]

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the acceleration of "good housing" construction and promotion, which is expected to enhance the quality of urban development and improve living standards [5][6] - The central government has issued guidelines to promote high-quality urban development, indicating a shift towards a more people-centered, efficient, and coordinated urban development approach [6] - The report suggests that the ongoing urban renewal and the establishment of new real estate development models will create new investment opportunities in the real estate sector, particularly for quality real estate companies [5][6] Summary by Sections Policy Overview - The central government has released an opinion on promoting high-quality urban development, highlighting the importance of transforming urban development concepts and methods [6] - By 2030, significant progress is expected in modernizing urban construction, with improvements in living quality and governance levels [6] Urban Renewal - The report indicates that urban renewal efforts will be accelerated, focusing on revitalizing existing urban resources and improving the quality of housing [6] - The government aims to comprehensively assess urban assets and promote the renovation of old buildings and underutilized land [6] Housing Quality Improvement - The report outlines a shift in real estate development towards enhancing the quality of existing housing rather than expanding new construction [6] - There is a strong emphasis on the full lifecycle management of housing, including safety, comfort, and sustainability in the construction of "good housing" [5][6] Investment Recommendations - The report recommends focusing on quality real estate companies that will benefit from the "good housing" initiative, such as Jianfa International Group, China Resources Land, and Greentown China [5]

格隆汇8月29日｜国际要闻： 大中华区要闻： 1、美股高开高走！道指、标普500指数再创收盘新高，中概股携程绩后涨14.9%； 2、美联储沃勒：支持9月降息25个基点，预计未来3-6个月将进一步降息； 3、英伟达据报正与美国政府洽谈，以求获得向中国出售Blackwell芯片许可； 4、美国二季度GDP增速上修至3.3%； 5、美国上周初请失业金人数为22.9万 低于预期； 6、墨西哥据报计划上调对华关税； 7、欧盟委员会提出立法提案 拟取消部分美国商品关税； 8、美媒：欧洲提议为俄乌设40公里前线缓冲区； 1、中央重磅文件对外公布！事关城市高质量发展； 2、中共中央、国务院：加快构建房地产发展新模式 稳步推进城中村和危旧房改造； 3、中国据报拟今明年削减钢铁产量； 4、商务部：对原产于美国、欧盟、韩国、日本和泰国的进口苯酚继续征收反倾销税； 5、事关九三阅兵 今天将举行两场记者会； 6、国家数据局局长刘烈宏：今年将启动第二批国家数据基础设施建设先行先试； 7、将近十个月以来首次！离岸人民币涨穿7.12元； 8、9月光伏玻璃新单报价拟上调？ 福莱特：正在和客户商议报价； 9、国泰君安国际正式在香港推出加密货币交 ...

NO.1 中共中央、国务院：加快构建房地产发展新模式 8月28日，全国工商联发布"2025中国民营企业500强"。此次民营企业500强入围门槛增至270.23亿元， 营业收入总额达到43.05万亿元，净利润合计1.80万亿元。地产企业方面，龙湖集团位列第73位，贝壳位 列第109位，新城控股位列第117位，杭州滨江房产位列第161位，弘阳集团位列第167位。 8月28日，《中共中央国务院关于推动城市高质量发展的意见》公布。其中提到，系统推进"好房子"和 完整社区建设。加快构建房地产发展新模式，更好满足群众刚性和多样化改善性住房需求。全链条提升 住房设计、建造、维护、服务水平，大力推进安全、舒适、绿色、智慧的"好房子"建设。实施物业服务 质量提升行动。稳步推进城中村和危旧房改造，支持老旧住房自主更新、原拆原建。持续推动城镇老旧 小区改造。坚持人口、产业、城镇、交通一体规划，建设创新型产业社区、商务社区。加快建设完整社 区，完善城市社区嵌入式服务设施，构建城市便民生活圈。科学制定实施城市更新专项规划，一体化推 进城市体检和城市更新，创造宜业、宜居、宜乐、宜游的良好城市环境，促进产城融合、职住平衡。 点评：构建房地 ...