1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, under the "controlling incremental" policy, the national land transaction volume continued to decline, but the decline significantly narrowed. The full - year transaction volume was about 3.35 trillion yuan, a year - on - year decrease of 9%, and the decline decreased by 9 percentage points year - on - year. The premium rate was about 7.5%, a year - on - year increase of 1.25 percentage points, and the proportion of land purchased by urban investment companies was around 45%, a year - on - year decrease of 6 percentage points [6][9]. - Looking forward, land supply may continue to be optimized, and the decline in land transaction volume may narrow, driving the year - on - year decline in land transfer income in government fund revenue to continue narrowing. Attention should be paid to land supply in core cities and the confidence of real - estate enterprises in land acquisition [6][13]. 3. Summary According to the Directory 3.1 2025 National Land Transaction Changes - In 2025, the central government made efforts in demand, supply, and real - estate enterprise financing to promote the market to "stop falling and stabilize". The land transaction volume continued to decline but with a narrowing decline. Structurally, in the first half of the year, the transaction volume increased by 12% year - on - year, decreased by 7% in the third quarter, and decreased by 22% in the fourth quarter, with a significant increase in urban investment companies' land acquisition for support [6][9]. 3.2 2025 Provincial and Municipal Land Transaction Status Analysis 3.2.1 Provincial Land Transactions - In terms of transaction volume, Jiangsu and Zhejiang exceeded 400 billion yuan, Shandong and Guangdong exceeded 200 billion yuan, and Qinghai and Ningxia were less than 10 billion yuan. 14 provinces had year - on - year growth, with Jilin at 84%, while Shaanxi decreased by 37%, and Jiangsu and Guangxi decreased by over 20% [2][20]. - In terms of premium rate, 15 provinces exceeded 5%, with Zhejiang, Shanghai, etc. exceeding 10%, and Tianjin, Jiangsu, and Shaanxi less than 2%. 20 provinces had a year - on - year increase, with Zhejiang increasing by nearly 11 percentage points, and Guangxi decreasing by about 9 percentage points [2][21]. 3.2.2 Top 30 Cities in Land Transaction Volume - The top 30 cities in land transaction volume were mainly in Jiangsu and Zhejiang. Hangzhou had the highest transaction volume at 183 billion yuan, followed by cities with over 70 billion yuan. 10 cities had year - on - year growth, and Yancheng and Changzhou decreased by over 50% [3][23]. - In terms of premium rate, Shenzhen and Hangzhou were around 30%. 17 cities had a year - on - year increase, with Hangzhou, Jinhua, and Taizhou increasing by 10 percentage points or more, and Yangzhou decreasing by 48 percentage points [3][23]. 3.3 2025 Provincial and Municipal Urban Investment Company Land Acquisition Status Analysis 3.3.1 Provincial Urban Investment Company Land Acquisition - In terms of land acquisition amount, Jiangsu ranked first at 332.2 billion yuan, with Shandong, Zhejiang, Hubei, and Sichuan exceeding 100 billion yuan. 9 provinces had year - on - year growth, and Liaoning, Inner Mongolia, and Shaanxi decreased by over 50% [4][25]. - In terms of the proportion of land acquisition, 10 provinces had a proportion over 50%, concentrated in the central and western regions. 9 provinces had a year - on - year increase, and Liaoning decreased by over 20 percentage points [4][25]. 3.3.2 Top 30 Cities in Urban Investment Company Land Acquisition Amount - The top 30 cities in urban investment company land acquisition amount were mainly in Jiangsu. Nantong, Wuhan, and Nanjing exceeded 40 billion yuan. 7 cities had year - on - year growth, and Yancheng, Changzhou, and Xi'an decreased by over 50% [5][27]. - In terms of the proportion of land acquisition, 19 cities had a proportion over 50%, with Yangzhou at 80% and Hangzhou at 12%. 6 cities had a year - on - year increase, with Hefei increasing by nearly 12 percentage points and Wuxi decreasing by nearly 27 percentage points [5][27]. 3.3.3 Top 30 Urban Investment Entities in Land Acquisition Amount - In 2025, the top 30 urban investment entities in land acquisition amount were mainly in Jiangsu and Fujian. Wuhan Urban Construction Ruizhen Real Estate Development Co., Ltd. had the highest amount at 12.9 billion yuan. Beijing Huarong Infrastructure Investment Co., Ltd. had the highest proportion of local land transaction volume at 100% [29].

Group 1: Industry Policy - The government continues to promote the reform of the government investment project construction agency system, with 14 provinces and cities issuing or revising management measures in the first half of 2025 to enhance project management professionalism and investment efficiency [1][8] - The management measures emphasize that the construction agency is responsible for project organization, investment control, quality, and schedule, with projects handed over to the user unit upon completion [8][9] - The new management trends include refined management, enhanced green construction and technology upgrades, and improved incentive and penalty mechanisms [9] Group 2: Land Acquisition by Urban Investment Companies - In the first half of 2025, urban investment and platform companies acquired over 22 million square meters of land, accounting for 45% of the total, which is a slight increase of 4% compared to the same period in 2024, but a decrease of 5 percentage points year-on-year [2][12] - The second quarter saw a decline in land acquisition share to 41%, down 8.7 percentage points from the first quarter and 14.4 percentage points from the same period in 2024 [12] Group 3: Corporate Insights - Several construction agency companies deepened their business layout through strategic partnerships, with 7 companies collaborating with various clients across multiple regions, indicating a trend towards national expansion [3][14] - The partnerships focus on government-enterprise cooperation, cross-industry integration, and emphasize smart and ecological construction [14][15] - The collaboration types include government partnerships, state-owned enterprise resource integration, and private enterprise cross-industry alliances, enhancing competitive advantages and project acquisition capabilities [15][16][17] Group 4: Key Projects - The Dragon Lake Longzhi project in Chengdu was delivered 40 days ahead of schedule, showcasing effective project management and cost control [20][21] - The project involved significant upgrades and marketing strategies, resulting in high sales performance and customer satisfaction [21][25] - The first half of 2025 saw 260 construction agency projects awarded, an 8% increase year-on-year, with a notable rise in the second quarter [4][25]