开栏语：时值"金九银十"传统销售旺季，北京楼市迎来政策与市场的双重变局。五环外限购优化、"好 房子"标准细化等政策组合拳，正重塑市场格局与购房预期。在这个关键节点，房企如何在这场品质竞 争中突围？购房者又该如何理性看待市场变化？北京商报推出"营销总看楼市'金九银十'"系列对话，透 过一线操盘手视角，解析产品打造逻辑、营销创新策略与市场趋势预判，聚焦政策落地效果、客群需求 变迁、产品升级方向，探讨房企如何以产品力、服务力与创新力回应市场变化。 "好房子"最终需要经得起客户用脚投票的检验，越秀不主张单纯的"以价换量"，而是将资源投向产品力 提升，通过实景呈现、物业服务升级等可见的价值提升来赢得客户认可，这是越秀地产北京公司营销负 责人赵峰在接受北京商报记者专访时给出的观点。对于即将到来的销售旺季，赵峰持谨慎乐观态度，她 认为市场回暖需要时间，但仍存改善型需求，关键要用产品和服务说话，让客户用实际行动为"好房 子"投票。 "好房子"是客户选出来的 今年以来，北京楼市政策持续松绑，其中"好房子"成为行业高频词。但在赵峰看来，"好房子"不应只是 政策规范下的产物，更应该是客户真实需求的反映。 "什么是好房子？不是仅看得 ...

Core Viewpoint - The property management industry is undergoing a significant transformation from a "scale expansion" model reliant on real estate growth to a "value reconstruction" phase that emphasizes quality and efficiency [1] Group 1: Company Performance - In the first half of the year, the company achieved a management scale of 122 million square meters, with 93.4% of revenue coming from third-party sources, indicating a significant increase in business independence [1][2] - The company reported a revenue of 1.39 billion yuan and an adjusted core net profit margin of 8.3%, showcasing resilient growth during the industry adjustment period [1] - The company successfully expanded its contract area by 3.9 million square meters, with third-party contracts increasing from 64% to 96% year-on-year, reflecting successful progress in non-cyclical business expansion [3] Group 2: Strategic Focus - The company has strategically targeted stable demand sectors such as government offices, public institutions, and municipal services, enhancing its external expansion capabilities and driving steady growth [2][4] - The company has diversified its service offerings, with non-residential contracts accounting for 19% of total area and commercial office revenue contributing 16% to total income [4][5] - The company has established a nationwide partnership with BYD, covering 42 cities across 12 provinces, indicating a strong competitive position in high-value projects [3] Group 3: Service Quality and Customer Satisfaction - The company has focused on improving service quality, achieving a customer satisfaction score of 87, which is above the industry average, thereby strengthening its brand reputation [6][7] - The company has redefined community value-added services, generating 249 million yuan in community service revenue, which accounts for 18% of total income, marking a 2% year-on-year growth [7][8] - The company has received multiple industry awards, including being ranked 12th among China's top 100 property brands, highlighting its commitment to service excellence [6] Group 4: Industry Trends and Future Outlook - The company’s strategic adjustments are seen as a proactive response to the industry's downturn, focusing on building independent market capabilities and a healthy financial model [8] - The shift towards high-quality service in the property management sector is expected to enhance market share for companies that prioritize service quality [6]

Core Viewpoint - The property management industry is undergoing a significant transformation, shifting from a "scale expansion" model reliant on real estate growth to a "value reconstruction" model focused on quality and efficiency. This transition is essential for property management companies to explore value growth beyond mere scale expansion [1]. Group 1: Company Performance - In the first half of the year, the company reported a management scale of 122 million square meters, with 93.4% of its revenue coming from third-party sources, indicating a significant increase in business independence [1]. - The company achieved a revenue of 1.39 billion yuan, with an adjusted core net profit margin of 8.3%, showcasing its resilient growth during the industry adjustment period [1]. - The company’s non-residential business accounted for 74.4% of total revenue, with a stable income of 1.053 billion yuan from basic property management services [3]. Group 2: Strategic Focus and Market Expansion - The company has strategically focused on stable demand sectors such as government offices, public institutions, and municipal services, enhancing its external expansion capabilities and driving steady growth [2]. - The company has successfully increased its contract area by 3.9 million square meters, with third-party contracts rising from 64% to 96% year-on-year, indicating effective progress in expanding non-cyclical business [3]. - The company has established a national partnership with BYD, covering 12 provinces and 42 cities, which reflects its ability to secure large-scale projects [3]. Group 3: Service Quality and Customer Satisfaction - The company has prioritized enhancing service quality and customer satisfaction, achieving a customer satisfaction score of 87, which is above the industry average [7]. - The company has diversified its service offerings, with community value-added service revenue reaching 249 million yuan, accounting for 18% of total revenue, and showing a year-on-year growth of 2% [7]. - The company has received multiple industry awards, including being ranked 12th among the top 100 property brands in China, which underscores its commitment to service excellence [6]. Group 4: Long-term Growth and Financial Health - The company’s strategic adjustments have led to a more diversified revenue structure, reducing reliance on cyclical business tied to real estate development, which is crucial for sustainable growth in the post-real estate era [8]. - The company is building an independent market capability and a healthy financial model, positioning itself for continued growth and value creation in the future [8].

开栏语：时值"金九银十"传统销售旺季，北京楼市迎来政策与市场的双重变局。五环外限购优化，"好房子"标准细化等政策组合拳，正在重塑市场格局与购 房预期。在这个关键节点，房企如何在这场品质竞争中突围？购房者又该如何理性看待市场变化？北京商报推出"营销总看楼市'金九银十'"系列对话，透过 一线操盘手视角，解析产品打造逻辑、营销创新策略与市场趋势预判，聚焦政策落地效果、客群需求变迁、产品升级方向，探讨房企如何以产品力、服务力 与创新力回应市场变化。 "好房子"最终需要经得起客户用脚投票的检验，越秀不主张单纯"以价换量"，而是将资源投入到产品力提升上，通过实景呈现、物业服务升级等可见的价值 提升来赢得客户认可，这是越秀地产北京公司营销负责人赵峰在接受北京商报记者专访时给出的观点。对于即将到来的销售旺季，赵峰持谨慎乐观态度，她 认为市场回暖需要时间，但改善型需求仍然存在，关键是要用产品和服务说话，让客户用实际行动为"好房子"投票。 "好房子"是客户选出来的 今年以来，北京楼市政策持续松绑，"好房子"成为行业高频词。但在赵峰看来，"好房子"不应只是政策规范下的产物，更应该是客户真实需求的反映。 在赵峰看来，当前北京新房市场 ...

Summary of the Real Estate Market Conference Call Industry Overview - The conference call focuses on the real estate industry in China, particularly the performance of major real estate companies and market trends in August 2025. Key Points and Arguments Sales Performance - In August, the sales amount of the top 100 real estate companies was 207.4 billion yuan, a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [2] - The top 10 real estate companies performed better, with a sales amount of 112.7 billion yuan, a year-on-year decline of only 7.5% [3] - China Overseas and Greentown saw significant month-on-month growth of 54.4% and 85.2%, respectively, while Vanke and Longfor experienced declines of 33% and 23% [5] Market Supply and Demand - In August, the new supply in 30 key cities dropped significantly, with a year-on-year decrease of 28% and a month-on-month decrease of 36%, totaling 5.22 million square meters [7] - First-tier cities like Beijing and Shanghai saw new supply of only 960,000 square meters, with declines of 39% year-on-year and 33% month-on-month [8][9] - The overall transaction scale in the real estate market remained at the second-lowest level of the year, with new home transaction area in key cities down 3% year-on-year for the first eight months [11] Market Trends - The market is expected to face pressure in September, despite the traditional peak season of "Golden September and Silver October" potentially bringing slight recovery [13] - High-priced projects in core areas of first-tier cities showed strong sales performance, but overall market heat is declining, with new project absorption rates remaining low [16] - The second-hand housing market mirrored the new housing market's downward trend, with a 9% month-on-month decline in August [18] Policy Impact - Recent policy adjustments in Beijing and Shanghai have had noticeable effects, with Beijing experiencing the smallest decline in new home sales [20][26] - The cancellation of sales restrictions in Chengdu and Suzhou led to a rapid increase in listings, indicating a price-driven market [21] - Future policies are expected to focus on high-quality urban development and may include significant measures by the end of September [25][29] Future Outlook - The market is anticipated to see a slight recovery in the coming months, but a significant reversal is unlikely due to low new supply and declining visitor numbers to projects [24] - The focus will shift towards urban renewal and improving housing quality standards, with an emphasis on meeting residents' demands for better living conditions [30][33] Additional Important Insights - The land market in August showed high concentration, with six cities accounting for about 34% of the total land transaction amount across 300 cities [23] - The overall market sentiment remains cautious, with developers exhibiting a wait-and-see attitude due to insufficient confidence in future market conditions [9][22]

Group 1 - The core document released on August 28, titled "Opinions on Promoting High-Quality Urban Development," emphasizes the importance of real estate and housing for the public, focusing on the systematic promotion of "good housing" and complete community construction [1][4] - The document supports the autonomous updating and reconstruction of old housing, indicating a shift towards a more people-centered policy approach, with local governments like Zhejiang, Shanghai, Beijing, and Hubei already exploring this direction [2][3] - The plan includes a target of starting the renovation of 25,000 old urban communities by 2025, with 19,800 already initiated in the first seven months of the year, particularly in regions like Hebei, Liaoning, Chongqing, Anhui, Jiangsu, and Shanghai, which have over 90% completion rates [3] Group 2 - The concept of "good housing" is defined in the document as safe, comfortable, green, and smart, with specific standards such as a minimum ceiling height of 3 meters and the requirement for elevators in buildings with four or more floors [4] - The document highlights the need for a new real estate development model that includes a "market + guarantee" housing supply system, reforms to foundational real estate systems, and the establishment of a mechanism linking housing, land, and finance [5]

Core Insights - Longfor Group Holdings Limited reported a revenue of RMB 58.75 billion for the first half of 2025, representing a year-on-year increase of 25.4% [1] - The real estate development segment generated revenue of RMB 45.48 billion, up 34.7% year-on-year, while operational and service segments contributed RMB 13.27 billion, growing by 1.3% [1][2] - The company achieved a core profit of RMB 1.38 billion after excluding fair value changes [1] Revenue Breakdown - Real estate development revenue reached RMB 45.48 billion with a total property delivery area of 3.527 million square meters [1] - Operational business revenue was RMB 70.1 billion, marking a 2.5% increase, while service business revenue was RMB 62.6 billion, showing a slight increase [2][3] - The combined revenue from operational and service segments accounted for 22.6% of total revenue [1][2] Land Acquisition and Development - In the first half of 2025, Longfor Group acquired four land parcels in key cities, adding a total land reserve of 249,000 square meters [2] - The total land reserve as of June 30, 2025, stands at 28.4 million square meters, with an equity area of 21.13 million square meters [2] Financial Performance - The company reported a total borrowing of RMB 169.8 billion, a decrease of RMB 6.53 billion from the previous year [3] - Cash on hand was RMB 44.67 billion, with a net debt ratio of 51.2% and a cash-to-short-term debt ratio of 1.74 times [3] - The asset-liability ratio, excluding pre-receipts, was 56.1%, maintaining a healthy financial position within the "three red lines" framework [3]

Core Points - The document titled "Opinions on Promoting High-Quality Urban Development" was officially released on August 28, outlining a roadmap for urban development over the next 10 to 15 years, directly impacting housing, community life, and urban environments for citizens [1][4][5] - The document serves as a key implementation tool for the Central Urban Work Conference held in July, marking a shift from large-scale expansion to enhancing existing urban quality [4][6] - The construction of modern urban areas is aligned with China's modernization strategy, aiming for significant progress by 2030 and basic completion by 2035 [5][7] Urban Development Goals - By 2030, significant advancements in modern urban construction are expected, including improved policies for high-quality urban development, enhanced living standards, and a strong focus on green transformation [7] - The document outlines seven major tasks, which have been further detailed into 23 specific opinions, focusing on enhancing urban development dynamics and activating existing resources [8][9] Housing and Community Focus - A significant emphasis is placed on housing, with initiatives aimed at creating "good houses" and complete community constructions, addressing diverse housing needs and improving service quality [9][10] - The concept of "good houses" is defined as not just large or expensive homes, but as quality housing that meets the needs of all citizens, including affordable and rental options [11][12] Urban Renewal as a Strategy - Urban renewal is identified as a crucial strategy for high-quality urban development, with plans for the gradual renovation of old neighborhoods and the promotion of integrated urban planning [14][16] - The document emphasizes the need for collaboration between government and market forces to fund urban renewal projects, suggesting the issuance of special bonds and the involvement of social capital [16]

随着中国房地产市场供需关系发生重大变化，国家层面提出"好房子"的概念，支持改善性住房需求，全 国多省市出台优化政策，支持高品质居住需求。 2024年以来，重点城市中至少有8城先后放宽架空层、风雨连廊公共空间的容积率计算标准。 以北京为例，2024年11月发布《高品质商品住宅设计导则（试行）》，对架空层、风雨连廊等公共空间 及后期的运营维护等方面做出指引，鼓励新建住宅建造开敞阳台、屋顶花园、架空层、风雨连廊等设 计。 一直以来架空层都是最容易被遗忘的"灰色地带"，而且往往被认为可有可无。不过，这两年开始，发生 了变化。 我们发现，越来越多的房企开始重点关注架空层，并赋予其各种主题，头部房企更是联合品牌打造泛会 所IP，将架空层升级为承载生活方式、促进社区互动的重要场所，特别是在高端住宅领域，这已成为体 现产品力和溢价能力的关键一环。 这一现象背后，实际是购房者从"有房住"向"住好房"需求转变的推动，社区价值正经历一场深刻变革。 多省市出台优化政策 架空层等公共空间不计容 比如珠海华发某项目，将架空层的儿童游乐区进一步划分为0-3岁婴幼儿区、3-6岁学龄前区及6-12岁学 龄区，同时设置了儿童探索区与阅读区，形成 ...

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》(以下简称《意见》)对外发布。《意 见》提出，到2030年，现代化人民城市建设取得重要进展，适应城市高质量发展的政策制度不断完善， 新旧动能加快转换，人居品质明显提升，绿色转型深入推进，安全基础有力夯实，文化魅力充分彰显， 治理水平大幅提高；到2035年，现代化人民城市基本建成。 上海易居房地产研究院副院长严跃进对《证券日报》记者表示，《意见》对城市工作目标及任务进行了 细化，明确了城市的功能定位及发展阶段，对城市更新等一系列工作的推进有重要意义。 今年7月份举行的中央城市工作会议部署了城市工作7个方面的重点任务，包括着力优化现代化城市体 系、着力建设富有活力的创新城市（300778）、着力建设舒适便利的宜居城市、着力建设绿色低碳的美 丽城市、着力建设安全可靠的韧性城市、着力建设崇德向善的文明城市、着力建设便捷高效的智慧城市 等。 《意见》从优化现代化城市体系、培育壮大城市发展新动能、营造高品质城市生活空间、推动城市发展 绿色低碳转型、增强城市安全韧性、促进城市文化繁荣发展、提升城市治理能力水平等角度提出要求。 具体来看，在培育壮大城市发展新动能方面， ...