VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究成果，与各界探讨行业运 行逻辑、变数及未来趋势。 点击标题阅读全文 专题 2025上半年房企存货管理专题——典型房企计提减值准备仍在继续 以5 0 家典型上市房企为研究样本，揭示行业在"规模收缩"与"风险缓释"中的实践路径，为房企优化库存结构、投资者研判行业风险提供参 考。 2025年上半年房企盈利能力报告——毛利率修复至10.87%，净利润维持亏损 期内确认存货跌价损失494亿，净利润亏损902亿。 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间 20 25年中期50家典型上市房企的现金持有量为11867亿元，较期初减少了9. 49%。 观点 头部房企加速布局社群运营，华润、华发均已设立集团IP 土拍｜厦门4宗宅地成交81.25亿元，均由本地国企竞得 9月23日，厦门4宗宅地顺利出让，合计揽金81.2 5亿元，均由本地国企底价竞得。 研报 地产社群运营正被越来越多的房企关注，其热度呈现爆发式增长。 城市更新催生代建需求，企业如何"入场"？ 能否真正理解政策、整合资源、平衡多方诉求， ...

Core Insights - The real estate community operation has seen explosive growth, with the average daily search volume for "real estate community" increasing nearly tenfold from 1,882 times in 2022 to 16,703 times in the first eight months of 2025, peaking at 367,932 times on April 3, 2025 [2][12] Group 1: Nature of Community Operations - There is a fundamental difference between emerging real estate communities and traditional customer clubs, reflecting a profound change in industry logic [3] - Customer clubs are enterprise-led, focusing on sales conversion and customer retention, while communities emphasize member-to-member connections and value co-creation [3][5] - Community operations are characterized by decentralized management and long-term interaction, contrasting with the centralized, transaction-focused nature of customer clubs [5] Group 2: Development Phases - The development of real estate communities can be divided into two key phases: the exploratory phase (2010-2019) and the rapid development phase (2020-present) [8] - During the exploratory phase, projects like Qinhuangdao Anaya successfully built community culture, achieving a 95% old-to-new conversion rate and over 40% price premium [8] - The rapid development phase has seen leading real estate companies establish community brands at a group level, moving beyond isolated attempts to a strategic approach [10][12] Group 3: Current Trends - As of now, 43% of the top 30 real estate companies have launched unified community operation brands from a group level, indicating a shift towards decentralized operations and emotional connections among members [12][13] - Successful examples include the launch of "Runbilin" by China Resources Land and "Huayouhui Ideal Community" by Huafa, showcasing the trend of community branding [13] Group 4: Conclusion - The importance of community marketing is increasingly recognized among leading real estate companies, with many achieving notable results, suggesting that community operations may become a new battleground for brand building and customer maintenance in the real estate sector [14]