Investment Rating - Industry investment rating: Real Estate Stronger than the Market (maintained) [2] Core Viewpoints - The real estate sector has shown steady growth this week, with a cumulative increase of 5.98%. The sector's performance has lagged behind the market, indicating potential for rotation and catch-up opportunities. Key factors include ongoing policy easing in first-tier cities and a year-to-date increase of only 7.9% in real estate, significantly underperforming the CSI 300's 14.9% [3] - Concerns regarding the de-stocking rate of "good houses" have risen, necessitating further interest rate cuts and cost reductions. The supply of "good houses" remains relatively scarce due to reduced land acquisition and new construction by developers in recent years. Adjustments in second-hand housing prices are seen as a response to the de-stocking of new homes [3] - The report suggests maintaining a mid-term perspective on quality companies benefiting from industry trends, with a focus on short-term stock price realization. Recommended stocks include China Merchants Shekou, Poly Developments, and others with stable mid-term performance [3] Summary by Sections Market Performance - The real estate sector's stock performance this week outpaced the CSI 300, with a rise of 5.98% compared to 1.38% for the index. The current PE ratio for the real estate sector stands at 66.62, significantly higher than the CSI 300's 14.13, indicating a high valuation relative to historical levels [3][23] Market Monitoring - New home transactions in key cities decreased by 7.3% week-on-week, with 14,000 units sold. In contrast, second-hand home transactions increased by 8.5%, with 17,000 units sold. Year-to-date, new home transactions have dropped by 24.3% compared to the previous year [10][12] - Inventory levels remained stable, with a total of 9,129 million square meters across 16 cities and a de-stocking cycle of 21.6 months [13] Key Companies - Recommended companies include: - China Overseas Development: Strong land acquisition and sales performance, with a low valuation of 0.4 times PB and a dividend yield of 3.7% [5] - Greentown China: Recognized for quality and strong land acquisition, with a market cap of 229 billion RMB and a sales ratio of 15% [5] - China Resources Land: Stable dividend and strong operational performance, with a projected dividend yield of 4.37% [5] Policy Environment - The Ministry of Natural Resources encourages market-oriented approaches to activate idle land, indicating a supportive policy environment for the real estate sector [7]

Core Viewpoint - The 2025 China International Service Trade Fair held from September 10 to 14 focused on the green and intelligent transformation of the construction industry, aligning with national "dual carbon" goals and high-quality housing requirements [1] Group 1: Industry Transformation - The Engineering Consulting and Construction Services Exhibition is a key platform for promoting the green and intelligent upgrade of the construction industry [3] - The construction industry in Beijing is undergoing a profound transformation from quantity to quality, emphasizing the integration of new technologies like AI and IoT [4] - The industry aims to shift from scale expansion to quality leadership, enhancing resilience, health, and resource efficiency [3][4] Group 2: Forum Highlights - The forum featured discussions on the "Three Integrations" (Chinese manufacturing, creation, and construction) and "Four Coordinations" (green, intelligent, industrial, and international) as core paths for industry transformation [5] - Experts presented various standards and practical cases for building high-quality communities, emphasizing the importance of good materials in construction [5] - The forum was guided by the China Civil Engineering Society and organized by several key industry associations and companies [6]

Core Viewpoint - Jiangsu Jinggong Steel Building Group Co., Ltd. (referred to as "Jinggong Steel") has made a significant move into the real estate sector by acquiring land in Shanghai, indicating its commitment to this strategic transition [2][3]. Group 1: Land Acquisition Details - Jinggong Steel successfully acquired the MHC10402 unit 24A-06A land in Minhang District, Shanghai, for a total price of 546 million yuan, with a floor price of 36,649 yuan per square meter and a premium rate of 11.19% [3]. - The land is designated for residential development, with a minimum decoration standard of 3,000 yuan per square meter and a requirement for at least 200 square meters of elderly care facilities [3][4]. - The company’s land expenditure exceeds its projected net profit for 2024, showcasing its determination to enter the real estate market [2][4]. Group 2: Financial Performance - In 2024, Jinggong Steel reported a revenue of 18.492 billion yuan, a year-on-year increase of 12.03%, while its net profit decreased by 6.69% to 512 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 9.911 billion yuan, reflecting a year-on-year growth of 29.48%, and a net profit of 350 million yuan, up 28.06% [4]. Group 3: Strategic Intent and Market Position - The company aims to leverage the recent relaxation of housing market restrictions in Shanghai to mitigate risks and seize market opportunities, focusing on first-tier cities [2][6]. - Jinggong Steel plans to use the acquired land to promote its PEC prefabricated housing system, which combines steel and concrete for efficient construction [7][8]. - The company has established a core team with extensive real estate development experience to support its new ventures in the property market [6][8]. Group 4: Industry Context and Future Outlook - The real estate market in Shanghai is currently one of the most promising in China, with recent policy changes further stimulating demand [6]. - Jinggong Steel's entry into the residential construction sector is seen as a strategic move to extend its business model and capitalize on the growing demand for high-quality housing [7][8]. - The company’s focus on developing prefabricated housing aligns with national goals for sustainable and efficient construction practices, positioning it favorably in the evolving market landscape [7][8].

Core Viewpoint - The recent land auction in Shanghai saw Jiangsu Jinggong Steel Structure Co., Ltd. (referred to as "Jinggong Steel") successfully acquire a plot in Minhang District, marking its first entry into the Shanghai real estate market, with a total expenditure of 5.46 billion yuan, exceeding its projected net profit for 2024, indicating a strategic shift towards real estate development [1][2][3]. Group 1: Land Acquisition Details - Jinggong Steel won the Minhang Zhuangqiao plot with a total price of 5.46 billion yuan, resulting in a floor price of 36,649 yuan per square meter and a premium rate of 11.19% [2]. - The acquired land is designated for residential development with specific requirements, including a minimum decoration standard of 3,000 yuan per square meter and a 30% proportion of small-sized units [2][3]. - The company aims to develop low-density housing products on this plot, leveraging its expertise in steel structure construction [2][3]. Group 2: Strategic Shift and Market Position - Jinggong Steel's move into real estate is a significant cross-industry attempt, as the company has primarily focused on steel structure engineering and construction since its establishment in 1999 [2][3]. - The company has previously engaged in the construction of affordable housing projects in Shanghai, indicating its experience in the real estate sector [3][4]. - The decision to enter the real estate market aligns with recent policy changes in Shanghai that have relaxed restrictions, enhancing the attractiveness of the local housing market [4][5]. Group 3: Financial Performance and Future Outlook - For 2024, Jinggong Steel reported an expected revenue of 18.49 billion yuan, a year-on-year increase of 12.03%, with a net profit of 5.12 billion yuan, reflecting a decline of 6.69% [3][4]. - In the first half of 2025, the company experienced a revenue increase of 29.48% year-on-year, with a net profit of 3.5 billion yuan, up 28.06% [3][4]. - The company has a healthy cash flow, with year-end cash reserves of 5.201 billion yuan for 2024, positioning it well for its new real estate ventures [4][5]. Group 4: Promotion of PEC Prefabricated Housing System - Jinggong Steel aims to showcase its PEC prefabricated housing system through this project, which combines steel and concrete materials to enhance construction efficiency and quality [5][6]. - The company views the current housing market as a significant opportunity for growth, especially in the context of the government's emphasis on high-quality housing [5][7]. - The project is intended to serve as a demonstration of the company's competitive advantages in green integrated building technology within the residential sector [5][7].

Group 1: Core Concepts of the Event - The 2025 China International Service Trade Fair (CIFTIS) opened on September 10 in Beijing, showcasing innovations in the construction industry, particularly in "good housing" and "smart construction" [1] - The event highlighted the transformation of the Chinese construction industry from scale expansion to quality improvement and from traditional construction to intelligent-driven methods [1] Group 2: "Good Housing" Concept Implementation - The "good housing" concept was included in the government work report for the first time this year, emphasizing the importance of improving housing quality in the construction industry [2] - China State Construction Engineering Corporation (CSCEC) introduced the "C-LIFE good housing system solution," which includes five core modules: good standards, good design, good materials, good construction, and good service [2] - China State Construction's "six no" commitments aim to enhance the fundamental quality of housing, with specific projects demonstrating significant improvements in physical performance and living experience [2][3] Group 3: Technological Innovations in Construction - The event showcased advancements in construction technology, including robotic construction and unmanned factories, indicating a shift in construction methods [4] - Beijing Construction Engineering Group unveiled the first "engineering construction robot 6S store" in Beijing, offering a one-stop service for buying, renting, and customizing intelligent equipment [5] - The "Tianchan" residential construction robot system developed by China State Construction's Eighth Bureau can cover all construction processes, significantly reducing labor costs [6] Group 4: Green and Low-Carbon Solutions - The "Jia Ding Ideal Land" project by China State Construction's Second Bureau is recognized as the largest and most comprehensive low-carbon community in China, achieving a significant reduction in carbon emissions [3][4] - The project incorporates various green technologies, including photovoltaic power generation and an innovative waste recycling system that processes 60,000 tons of construction waste annually [7][8] - The introduction of the "FJGP board," a fire-resistant and energy-efficient insulation material, addresses industry challenges in balancing insulation and fire safety [8] Group 5: International Collaboration and Expansion - Chinese construction companies are enhancing their competitive edge through internal collaboration and international expansion, with projects in 17 countries along the Belt and Road Initiative [9] - The event featured significant international projects that utilized Chinese standards and technologies, showcasing the global influence of Chinese construction [9][10] - Design institutions are actively participating in global systems, aiming to showcase Chinese architectural thought and promote international cooperation [10]

主动智能、无缝交互 2025年的政府工作报告提出，适应人民群众高品质居住需要，完善标准规范，推动建设安全、舒适、绿色、智慧的"好房子"，推动了新房品质的又一轮提 升。 针对居民日常生活中遇到的噪声干扰痛点，中建一局联合国内顶尖声学实验室开展技术攻关。邱晔表示，中建一局通过高等级隔声窗、加厚隔音墙体、浮筑 楼板等组合技术，可有效阻隔室外交通噪音与楼内邻里生活干扰，使业主可居住在安静舒适的环境。 在解决业主居住痛点的同时，全屋智能化则将居住品质进一步提升。过去，业主进入家中需手动开灯、调节空调温度等，但在全屋智慧系统应用后，灯光便 可随自然光照自动调节亮度。 搭积木式拼装农宅、菜单式改造老楼，智能建造技术正为"好房子"按下加速键。9月12日，在2025年服贸会中建一局展区，中建一局党建工作部邱晔在接受 北京商报记者专访时介绍，技术升级已为"新建好房子、乡居好房子、旧改好房子"构建了三大系统性解决方案。CCM预制混凝土技术实现村宅41天快速重 建，"菜单式"改造清单与机器人联合作业推动老旧小区36天高效焕新，隔音、防撞、全屋智能等细节全面提升居住品质，为建筑行业转型升级提供新范式。 邱晔表示，"如果居民想增加收入， ...

本报讯(记者陈潇)9月11日，由中国企业评价协会、清华大学房地产研究所、北京中指信息技术研究院 主办，北京中指信息技术研究院中国房地产TOP10研究组承办的"2025中国房地产品牌价值研究成果发 布会暨第二十二届中国房地产品牌发展高峰论坛"在北京举行。 南光置业有限公司(以下简称"南光置业")此次荣获"2025中国房地产公司品牌价值TOP10(央企)"等荣誉。 在现场，南光置业有限公司营销总监张远向《证券日报》记者表示，南光置业作为驻澳央企中国南光集 团有限公司旗下的全资子公司，品牌价值的底色来自"驻澳央企"这个独特的身份和责任使命，南光置业 在践行社会责任的过程中被越来越多的业主和客户所认可。 张远表示，在确保产品交付品质，保持高质量发展等核心业务以外，公司积极投身于乡村振兴事业，并 且通过澳门央企的身份属性和资源优势，召集了很多澳门及各项目所在地的社团、业主参与到帮扶行动 中来，践行"造血式"帮扶，切实在资源导入、教育帮扶等方面帮助甘肃临夏、云南禄劝等地的乡村振兴 发展，让越来越多人看到公司的品牌担当。 2025年以来，中央和监管部门频繁发声释放政策利好，并持续落地具体举措，各地也积极出台政策落实 中央精 ...

零下十几度仍能拥有四季花园景观？5天实现装配式新型住宅拎包入住？在2025年中国国际服务贸 易交易会上，一批聚焦"好房子"的探索成果与典型案例亮相。 视频制作：张倩 参与报道：陈知涵 北京市住宅产业化集团股份有限公司总工程师苏磊介绍，装配式建筑用工量较传统建筑减少超一 半、工期缩短约三分之一，工地更整洁环保。此次展示的新型住宅5至7天可"拎包入住"。目前该公司除 国内项目外，正推动产品出海。 北京城建园林花木公司园艺公司副经理王蕴红表示，智能花园小屋通过太阳能光伏板、石墨烯加热 设备为植物提供辅助热源，可助北方零下十几度环境中的植物自然越冬，打造四季常绿的城市"立体绿 肺"。其应用场景广泛，覆盖公园、商区、住宅等，普通家庭院落也适用，实现花园城市与大众生活融 合。 策划：万方 记者：赵宇娇 闫雨昕 【纠错】 【责任编辑:闫雨昕】 ...

Core Insights - The 2025 China International Service Trade Fair highlighted the concept of "Good Housing," emphasizing the need for a balance between green, smart, and comfortable living environments [1] - The shift in consumer expectations from merely having a house to seeking quality living spaces reflects a broader trend in the housing market [1] Group 1: Industry Trends - The traditional housing model focusing on construction over quality is becoming inadequate, necessitating innovative solutions to meet evolving market demands [1] - The integration of technology and sustainable practices is crucial for developing high-quality living spaces, as demonstrated by various projects showcased at the fair [2][3] Group 2: Company Initiatives - China State Construction Engineering Corporation (CSCEC) showcased its "Good House, Good Community, Good City" framework, presenting comprehensive solutions for urban living [1] - The "One Core and Four Chips" technology system developed by CSCEC emphasizes livability, sustainability, intelligence, and health across the entire lifecycle of housing projects [1] Group 3: Project Highlights - The "Zhongjian·Yunhe Jiuyuan" project in Beijing integrates local cultural elements and modern design, featuring a unique homecoming system and extensive green spaces [2] - The "Zhongjian·Jiu Shang Lang Chen" project in Shanghai has been recognized as a zero-carbon community, showcasing advancements in sustainable urban living [3] - The "Future Fangzhou" project in Guangzhou combines historical preservation with digital industry development, aiming to create a vibrant cultural and residential area [4] Group 4: Future Directions - CSCEC plans to continue leveraging technological innovation to meet national dual carbon goals and contribute to high-quality urban development [4]

Core Viewpoint - The real estate market is undergoing a bottoming adjustment, with overall scale halved from its peak, while the concept of "good houses" has emerged as a key term in 2025, indicating a shift towards quality competition rather than mere scale expansion [1][2] Group 1: Market Dynamics - The policy shift from "saving the market" to "optimizing supply" is evident, with "good houses" included in the government work report, emphasizing safety, comfort, green, and smart living [2] - There is a notable increase in the willingness of buyers to purchase quality products, particularly in first and second-tier cities, while third and fourth-tier cities continue to face significant inventory pressure [2][12] Group 2: Company Strategy - Longfor has established a "good house" strategy early on, translating policy requirements into practical methodologies and tools, enhancing living experiences through design improvements [3][10] - The company has demonstrated resilience in its financial performance, with a reported revenue of 58.75 billion yuan and a record high operational income of 13.27 billion yuan, accounting for 22.6% of total revenue [6][4] Group 3: Financial Performance - Longfor's diversified revenue streams, including operational and service businesses, have provided a balanced income structure, with rental income reaching 5.5 billion yuan and a 17% year-on-year increase [5][6] - The company reported a net cash inflow of over 2 billion yuan from operating activities, with a significant reduction in short-term debt and a low average financing cost of 3.58% [6][7] Group 4: Product Validation - Longfor's projects have seen strong sales, with notable performances in cities like Chongqing and Beijing, where innovative designs have resonated with buyers seeking improved living standards [10][11] - The success of these projects illustrates the effectiveness of Longfor's "good house" methodology in meeting market demands, shifting buyer focus from merely purchasing a home to investing in a lifestyle [11][12] Group 5: Future Outlook - The real estate market is expected to remain in a phase of overall bottoming with localized recovery, with continued policy support aimed at reducing inventory and optimizing financing conditions [12] - Companies that align with policy directions and provide "good houses" are likely to thrive in a market characterized by increasing differentiation, as demonstrated by Longfor's strategic focus on quality and operational efficiency [12][13]