Core Insights - The total sales of the top 100 real estate companies in the first eight months reached 23,270.5 billion yuan, reflecting a year-on-year decline of 13.3%, consistent with the decline observed in the first seven months [1] - The top three companies by sales in the first eight months were Poly Developments, Greentown China, and China Overseas Property, each exceeding 150 billion yuan [1] - In August alone, companies such as Greentown, Binjiang, China State Construction, and Poly Real Estate showed strong sales performance [1] Sales Performance Summary - The average sales for the top 10 real estate companies was 1,145.0 billion yuan, down 12.1% year-on-year [1] - The average sales for companies ranked 11-30 was 287.2 billion yuan, reflecting a 15.4% decline compared to the previous year [1] - The average sales for companies ranked 31-50 was 138.3 billion yuan, showing a year-on-year decrease of 10.9% [1] - The average sales for companies ranked 51-100 was 66.2 billion yuan, with a year-on-year decline of 15.4% [1] Market Outlook - The China Index Academy anticipates that with the arrival of the "Golden September," real estate companies are expected to enhance their sales strategies and optimization efforts, potentially leading to a mild market recovery [1]

点击注册小程序 查看完整报告 特别申明： 1-7月TOP50房企全口径销售金额累计同比中位数为-10.8% 1）2025年7月，TOP50房企中的46家房企（4家由于历史数据不足未纳入统计，下同）全口径销售金额同比平 均值为-18.7%，中位数为-25.6%；1-7月，TOP50房企中的46家房企全口径销售额同比均值为+1.4%，中位数 为-10.8%。 2）2025年7月，20家主流房企全口径销售金额单月同比为正的有5家，当月表现较好的有：中国金茂（全口径 销售金额单月同比+51%，权益销售金额同比+51%）、滨江集团（全口径销售金额单月同比+25%，权益销售 金额同比-10%）、越秀地产（全口径销售金额单月同比+22%，权益销售金额同比+22%）。 3）2025年1-7月，20家主流房企全口径销售金额累计同比为正的有5家，累计表现较好的有：中国金茂（全口 径销售金额累计同比+23%，权益销售金额同比+23%）、越秀地产（全口径销售金额累计同比+12%，权益销 售金额同比+12%）、建发房产（全口径销售金额累计同比+6%，权益销售金额同比+3%）。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向 ...

Core Viewpoint - The real estate market is experiencing a decline in sales, with significant year-on-year decreases in both sales amounts and areas sold among top companies, indicating ongoing challenges in the sector [2][3][4]. Group 1: Sales Performance - In May 2025, the top 10 real estate companies reported total sales of 157.3 billion yuan, a year-on-year decrease of 9.4%, while the sales area decreased by 23.5% [2]. - Cumulatively from January to May 2025, the top 10 companies had total sales of 676.3 billion yuan, down 10.1% year-on-year, with a sales area decline of 23.1% [3]. - The top 100 companies in May 2025 had total sales of 317.8 billion yuan, reflecting a year-on-year decrease of 10.4% [2][4]. Group 2: Median Sales Data - Among the top 50 companies, 46 reported a median year-on-year sales change of -9.0% in May 2025, while the cumulative median for January to May was +0.2% [4]. - In May 2025, 7 out of 20 major companies reported positive year-on-year sales growth, with notable performances from China State Construction (up 455%) and Sunac China (up 128%) [4]. Group 3: Cumulative Sales Trends - The cumulative sales for the top 100 companies from January to May 2025 totaled 1,411.3 billion yuan, representing an 8.4% year-on-year decline [3]. - The average year-on-year sales growth for the top 50 companies in May was +37.5%, with a median of -9.0% [4].

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - In April 2025, the sales growth rate of the top 100 real estate companies decreased by 2 percentage points month-on-month to -10%. The month-on-month sales decreased by 10%, which is better than the average of -14% over the same period in the past three years. The sales growth rates for different tiers of companies varied, with the top 1-10 and 11-30 companies experiencing a decline of 0.04 percentage points and 6 percentage points respectively, while the 31-50 and 51-100 companies saw increases of 12% and 17% respectively [1]. Summary by Sections Industry Scale - The industry consists of 256 listed companies, with a total market capitalization of 2,623.5 billion and a circulating market capitalization of 2,482.2 billion [4]. Performance Metrics - Absolute performance over 1 month, 6 months, and 12 months is -2.7%, -6.1%, and 14.4% respectively. Relative performance is 0.3%, -3.0%, and 9.8% for the same periods [6].