华泰证券研报称，根据Wind的数据，25Q3房地产板块的基金持仓总市值为558亿元，环比上升15%。地 产板块持仓市值占股票投资市值比重为0.62%，环比下降0.05pct。板块相对标准行业配置比例低配 0.64pct，环比扩大0.08pct，处在2013年以来的37%分位。25Q3房地产行业指数上涨20.05%，排名9/31。 指数稳步走高主要受两方面因素驱动：其一，三季度房地产基本面偏弱，市场对政策端进一步宽松的预 期升温，带动板块情绪修复；其二，部分成份房企通过业务转型或持股科技、新能源等领域企业获得价 值重估机会，从而推升行业整体表现。 ...

Core Insights - The conference on May 13, 2025, highlighted the trends and analyses in the real estate sector, focusing on the performance of listed companies and property service firms in China [1] Group 1: Real Estate Listed Companies - The "2025 China Real Estate Listed Companies TOP10 Research Report" indicates a decline in the overall market value of real estate listed companies in 2024, although the rate of decline has narrowed compared to the previous year [1] - In 2025, the new housing market in core cities is expected to continue its recovery, making real estate companies that focus on these areas and possess property operation and service capabilities more attractive to investors [1] Group 2: Property Service Companies - The "2025 China Property Service Listed Companies TOP10 Research Report" reveals that from early 2024 to April 30, 2025, 13 property listed companies conducted stock buybacks totaling 1.92 million shares and 1.053 billion yuan, signaling management's confidence in the company's value [2] - The report suggests that the trend of industry differentiation may intensify, with high-quality companies likely to achieve value re-evaluation through strategic adjustments and business innovations, leading to increased industry concentration [2] Group 3: Industrial New Town Operators - The "2025 China Industrial New Town Operator Evaluation Research Report" shows a shift for industrial new town operators from relying on real estate sales revenue to focusing on industrial operation services, with investment returns becoming a significant source of net profit [2] - The report notes that only a few companies with a high proportion of assets in key core areas, combined with a transition to asset operation services, have relatively stable performance [2] - A dual approach of heavy and light asset strategies is crucial for industrial park operators, aiming to achieve synergy between "asset holding" and "service output" through resource integration [2]