有券商人士指出，债券持有人同意展期且未要求额外罚息，说明机构对万科长期信用仍存信心，而国资担保方案削弱了违约预期。 午后1点32分，万科A的涨停板被27.38亿元买单一举封死。 这笔巨额资金相当于当日成交额的21%，几乎是以"不讲理"的方式宣告了多头资金的决心。 与此同时，万科H股一度飙涨19%，境内债"22万科04"暴涨42%触发临停，整个房地产板块应声而起，华夏幸福、财信发展等6只A股地产股紧跟涨停，港股 内房股融创、世茂等涨幅均超10%。 | | 代码 | 名称 | 涨幅 % √ | 现价 | 涨跌 | 主力 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 002285 | 世联行 | +10.07% | 3.17 | 0.29 | | | 2 | 000002 万 科A | | +10.06% | 5.25 | 0.48 | | | 3 | 603506 | 南都物业 | +10.02% | 13.51 | 1.23 | 22 | | 4 | 000838 | 财信发展 | +9.94% | 3.98 | 0.36 | 83 | | 5 | 60 ...

Investment Rating - The report maintains a "Buy-A" rating for selected stocks including Xincheng Holdings, Greentown China, and China Jinmao [6] Core Views - The real estate industry shows signs of bottoming out in September 2025, with structural differentiation evident. Key indicators such as new construction, completion, sales area, and sales revenue have improved on a month-over-month basis compared to the average levels from 2020 to 2024, despite a year-on-year decline in real estate development investment [1][12][15] - The downward pressure on real estate development investment is attributed to three main factors: a continuous reduction in construction scale, a sluggish land market, and a tight financing environment [2][19][30] - Future real estate development investment is expected to stabilize gradually, with a structural recovery process. The recovery will be led by third and fourth-tier cities due to lower land cost ratios and stable price differentials, while first and second-tier cities will lag behind [3][32] Summary by Sections 1. September Real Estate Data Performance - The overall data for the real estate industry in September 2025 indicates a continued decline, but with some month-over-month improvements. Key metrics such as new construction and completion areas have shown less severe year-on-year declines compared to previous months [1][12][15] 2. Increased Downward Pressure on Real Estate Investment - The report identifies that the primary reasons for the increased downward pressure on real estate development investment include a shrinking construction scale, a depressed land market, and a constrained financing environment. The total funding sources for real estate development decreased by 13.4% year-on-year [2][19][30] 3. Future of Real Estate Development Investment - The outlook for real estate development investment suggests a gradual stabilization, with a focus on structural characteristics. The report highlights that the recovery will be more pronounced in lower-tier cities, while state-owned enterprises are expected to maintain their land acquisition strength due to better financing capabilities [3][30][32]

Group 1 - The real estate sector is showing multiple positive signals, suggesting continued attention to investment opportunities in this area [3] - The China Securities Index 800 Real Estate Index saw a rise, with major companies like China Merchants Shekou and Greenland Holdings increasing by over 2% [1][3] - The real estate ETF (159707) tracking the China Securities Index 800 Real Estate Index has experienced a seven-day consecutive increase, with a daily trading volume exceeding 410 million yuan and a net subscription of 10.5 million units [1][4] Group 2 - From January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment down by 11.9% [3] - New commodity housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, a decrease of 7.3% [3] - The National Bureau of Statistics indicated that while the real estate market has experienced fluctuations, the year-on-year decline in sales and housing prices is narrowing, showing signs of stabilization [3] Group 3 - Major cities are implementing new real estate policies, with Shenzhen recently announcing measures to optimize housing policies, following similar actions in Beijing and Shanghai [3][4] - September is typically a period of intensive policy announcements in the real estate sector, with expectations for new supportive policies to be introduced [4] - The market is entering the traditional peak sales season of "Golden September and Silver October," which may lead to increased activity in the real estate market [4] Group 4 - The current price-to-book (PB) ratio of the China Securities Index 800 Real Estate Index is 0.77, indicating a significant undervaluation compared to historical levels [4] - Leading real estate companies, particularly state-owned enterprises, are expected to show resilience in sales and profitability due to their strong land reserves in core cities [6] - The real estate ETF (159707) is highlighted for its concentration on top-tier companies, with over 90% of its weight in the top ten constituents, making it a favorable investment option [6]

Group 1 - The real estate sector is experiencing a pullback, with funds increasing positions during dips, as indicated by the narrow fluctuations in the CSI 800 Real Estate Index [1] - The only ETF tracking the CSI 800 Real Estate Index (159707) has shown a narrow fluctuation in the market, with a net subscription of 11.5 million units [1] - Major cities are implementing new real estate policies, with Shenzhen recently announcing measures to optimize housing policies, following similar actions in Beijing and Shanghai [3] Group 2 - The market is entering a traditional peak season for real estate sales, with expectations for increased activity and a potential rebound in transaction volumes in the fourth quarter [3] - The CSI 800 Real Estate Index currently has a price-to-book (PB) ratio of 0.75, indicating a significant undervaluation compared to historical levels [3] - Leading real estate companies are expected to show resilience due to their strong land reserves in core cities, which may lead to a quicker recovery in sales and profitability [5][6] Group 3 - The real estate ETF (159707) focuses on top-tier companies, with over 90% of its weight in the top ten constituents, highlighting a concentration in high-quality firms [6] - The overall performance of real estate companies is still in a bottoming phase, but leading firms are expected to outperform their peers due to their advantageous positions [5][6]

Core Viewpoint - Country Garden (碧桂园) shares opened over 14% higher, currently up 14.58% at HKD 0.55, with a trading volume of HKD 31.33 million, following announcements from the Shanghai and Shenzhen stock exchanges regarding index adjustments [1] Company Summary - Country Garden has been included in the Hong Kong Stock Connect eligible stocks list due to the adjustments in the Hang Seng Composite Large, Medium, and Small Cap Indices, effective from September 8 [1] - The recent policy changes in major cities, including the optimization of purchase restrictions, are expected to positively impact the real estate market [1] Industry Summary - Guojin Securities forecasts a rebound in real estate transaction volumes in the fourth quarter, which may help stabilize the fundamentals of the sector [1] - The anticipated interest rate cuts by the Federal Reserve are expected to enhance liquidity, making the current valuations of the real estate sector appear low, suggesting a buying opportunity for real estate stocks [1]