本期关注 双方将围绕代建管理、全周期咨询服务及多业态领域管理，构建长期、全面、深度的合作关系，携手探索共赢新路径。双方代表共同签署协议，标志着交建公司与绿城 项目获取 青山滨江核心板块，计容建筑面积约6.38万㎡，用地面积2.27万㎡，容积率2.81，规划建筑高度不超过100米。该项目为金地首次在武汉获取的滨江代建项目。 万平方米。该项目是继赣深高铁东莞南站拆迁安置房代建服务后，深圳地区公司在东莞落地的第二个安置房代建服务项目。 用地面积91220平方米，建筑面积316199平方米，产品类型为高层住宅。业主方为泰兴市广源房地产开发有限公司。目前该项目由泰兴法院指定管理人接管，为泰兴市重点 企业 绍兴交建公司与绿城管理签订战略合作协议 金建管集团与中建国际城市建设有限公司签署战略合作协议 项目 金地深圳地区公司成功中标东莞市大朗镇拆迁安置房项目 凤凰智拓成功签约宁德华熙公馆全过程委托管理服务项目 金地管理温州未来峯汇首开创龙港市近三年最佳开盘纪录 新城建管代建沧州云溪映月首开劲销1.67亿 企业动态 产业导入、代建业务等方面，探索创新模式，推动高质量发展。 目的业主方为实力国企——宁德臻宸房地产开发有限公司，开 ...

Core Viewpoint - Greentown Management is actively engaging with investors to showcase its capabilities in revitalizing troubled projects, particularly highlighted by the Wuhan Guihu Cloud Cuit project, amidst a challenging environment in the construction industry marked by increased competition and declining management fees [1][3]. Group 1: Company Performance and Market Position - Greentown Management achieved a new contract signing area of 27.9 million square meters and a contract sales amount of 70.6 billion yuan in the first three quarters, leading the industry in both metrics [3][5]. - The company has repurchased 10 million shares since August 29, with a total expenditure of approximately 30.67 million Hong Kong dollars, reflecting confidence in its own value and enhancing earnings per share by reducing the number of shares in circulation [3][5]. - Greentown Management has maintained a market share of over 20% for nine consecutive years, indicating strong brand recognition and customer trust in its performance and product quality [5][7]. Group 2: Competitive Advantages - The company operates in 132 major cities across 30 provinces, ensuring risk diversification and revenue certainty, which is crucial during periods of market instability [7]. - Greentown Management's brand trust is exemplified by its selection as the contractor for the Wuhan Guihu Cloud Cuit project, demonstrating its ability to meet the core needs of revitalizing distressed properties [8][9]. - The company has established a three-dimensional business matrix encompassing government, commercial, and financial construction, which enhances its resilience against market fluctuations [11][12]. Group 3: Efficiency and Operational Strategy - Greentown Management has developed a "Seven Dragon Pearl" capability system to enhance efficiency across various operational dimensions, addressing the challenges posed by declining management fees [15][16]. - The company reported a 45% year-on-year increase in operating cash flow for the first half of 2025, attributed to systematic control measures and digital transformation efforts [18]. - The successful execution of the Wuhan Guihu Cloud Cuit project serves as a case study for the company's operational efficiency, showcasing its ability to reduce costs while enhancing project value [16][18]. Group 4: Industry Impact and Future Outlook - Greentown Management has received over 30 industry top honors and has published the first comprehensive evaluation standard for construction companies, contributing to the establishment of quality benchmarks in the industry [20][22]. - The company's approach of combining scale, diversity, and efficiency is setting a new standard for high-quality development in the construction industry, reflecting a long-term commitment to excellence [22].

Core Insights - The company showcased its core competitiveness through the successful management of the Guihu Yun Cui project, which was taken over by China Great Wall Asset Management after the previous developer faced financial issues [1] - The project achieved a cumulative sales rate of 65% since its launch in December 2024, with subsequent price increases for new offerings, indicating strong market acceptance [1] - The company reported a 19% year-on-year increase in new contract value for the first half of 2025, reaching 5 billion, suggesting a positive trend in business expansion [2] Financial Performance - The company's revenue for 2024 is projected at 3.44 billion, with expectations of narrowing the gap between revenue and new contract value due to improved project quality and reduced project sizes [2] - Operating cash flow for the first half of 2025 showed a significant improvement, with a ratio of 44% to net profit compared to 15% in the same period last year, indicating better cash management [2] - The company has actively repurchased shares, totaling 1,000 shares or 0.5% of total equity, and the CEO increased his stake by purchasing 500,000 shares, reflecting a strong commitment to shareholder returns [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with a target price set at 3.2 HKD, corresponding to a 12x price-to-earnings ratio for 2025 and an expected dividend yield of 8% [2] - The company is currently trading at a 11.6x price-to-earnings ratio for 2025, with an expected dividend yield of 8.7%, indicating potential upside [2]

该项目位于贵阳市核心区云岩区盐务街，紧邻省政府，教育资源丰富，医疗商业配套齐全。项目总建筑 面积25.38万㎡，涵盖商品住宅、写字楼、公寓及商业综合体等业态。本次受托住宅及商业部分销售面 积约22，309㎡。 自进入贵阳市场以来，远洋成功开发了远洋风景、远洋万和世家、远洋观山天铂等项目，积累了丰富的 本地市场经验。在中指院发布的《2025年1-9月中国房地产代建企业排行榜》上，远洋建管位列'新签规 模排行榜'第8位、'代建销售规模排行榜'第12位，此次中标也再次体现出委托方对远洋建管销售管理专 业能力的认可。 责任编辑：郭栩彤 继近日签约中山尚东新天地项目后，10月24日，远洋建管成功中标贵阳市云岩区盐务街特色创新功能区 项目，提供项目策划、产品销售、后台管理等销售代理服务。 ...

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 榜单 新房成交绝对量或将延续低位徘徊，基于去年10月基数较高，成交单月同比降幅仍将有进一步扩大的可能。城市 间、项目间分化还将持续加剧。 大家房产溢价20%竞得杭州浦沿宅地，杨家墩片区时隔1年再迎土地成交 1 0 月 15 日，大家房产以 12.64 亿、近 2 0% 溢价竞得杭州浦沿宅地，片区隔年再成交，同日钱塘两商办地块底 价出让。 2025年前三季度中国房地产企业代建排行榜 2 025年前三季度，代建新拓TOP5企业占比保持49%高位，行业整体延续高集中度走势，头部企业牢牢占据市场 份额，其余企业突围难度较大。 观点 上海二手房"怪象"：9 成小区下调挂牌价，房价却现止跌势头 9月上海一手房成交环比增4 9%，带动二手房活跃度，形成"降价促成交、成交稳价"格局。 9月四代宅去化率居前但分化显著,沪杭顶豪继续领涨 研报 法拍房月报｜9月挂拍4.2万套年内次高，成交率19%降至下半年新低（2025年9月） 2 025年9月法拍房供应4 . ...

Group 1: New Project Signings - In September 2025, several construction management companies secured new project contracts, including Green City Management winning multiple residential projects in Hangzhou and Wenzhou [1] - Runze Management won a significant affordable housing project in Dongguan, with a total construction area of approximately 84,500 square meters [1] - Jin Di Group's Zhejiang region signed contracts for various residential projects, including a low-density residential area in Hangzhou with a construction area of about 24,800 square meters [1] Group 2: Major Events - He Sheng Chuang Zhan reported a total contract sales area of approximately 47,591 square meters and a sales amount of about RMB 4.236 billion for the first eight months of 2025 [2] Group 3: Market Analysis - In September, residential properties accounted for 85% of the bidding information in the public market, with Zhejiang province being the leading area for project announcements, representing 54% of the total [6][8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [8] Group 4: Land Acquisition Trends - There has been an increase in land acquisition willingness among private real estate companies, with their share of land acquisition amounting to 13.4% among the top 100 companies from January to September 2025, a rise of 5.6 percentage points compared to 2024 [11] - Some small and medium-sized private companies are becoming important clients for construction management firms, providing new growth opportunities [11]

Core Insights - The report from the China Index Academy indicates a significant decline in land acquisition by local state-owned enterprises, while private real estate companies have shown an increased willingness to acquire land. In the first nine months of 2025, private enterprises accounted for 13.4% of the land acquisition amount among the top 100 companies, an increase of 5.6 percentage points compared to 2024 [1] Group 1: Land Acquisition Trends - There has been a notable decrease in land acquisition by local state-owned enterprises this year [1] - Private real estate companies are increasingly willing to acquire land, providing new opportunities for construction companies [1] - Some small and medium-sized private enterprises are becoming important clients for construction projects, enhancing their land acquisition intentions [1] Group 2: Project Developments - In September 2025, several typical construction companies secured new project contracts, including Green City Management and Run Di Management, which won multiple bids for residential and public housing projects [4] - The total contract sales area for He Sheng Chuang Zhan in the first eight months of 2025 reached approximately 47,591 square meters, with a sales amount of about RMB 4.236 billion [5] - Jin Di Management released an upgraded version of its "Client Service White Paper," focusing on enhancing service capabilities [6] Group 3: Market Dynamics - In September, residential properties accounted for 85% of the bidding information, with Zhejiang province being the leading area for project announcements, representing 54% of the total [8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [9]

Core Insights - The Dalian Huannan Hui project, managed and sold by Ocean Construction Management, achieved impressive sales of 206 units and a transaction amount of 93 million yuan during its first opening, ranking first in unit sales and second in sales amount among new apartment projects in Dalian this year [1][3] Group 1: Project Performance - The project is located in a key commercial area of Dalian, with convenient transportation and complete amenities, adjacent to the previously developed Ocean Plaza project, which received positive market feedback [3] - The project achieved a premium sale price, exceeding surrounding second-hand residential prices by 1,500 yuan and surpassing prices in the core Donggang area by 3,500 yuan [3] Group 2: Company Background - Since entering Dalian in 2006, Ocean Group has developed nearly 20 projects, with notable sales exceeding 10 billion yuan for individual projects like Ocean Hongxinghai Worldview and Ocean Diamond Bay, establishing a strong customer base and brand reputation [3] - Ocean Construction Management's sales capabilities have been recognized in the market, with projects like Guangzhou Nanxiang Yaju achieving over 100 million yuan in initial sales and Qingdao Ocean Fanhuali selling out in four months, marking them as phenomenon-level projects in their respective cities [3] - In the first half of this year, Ocean Construction Management ranked 15th in the "China Real Estate Construction and Sales Scale Ranking" [3]

Group 1 - The core viewpoint of the news highlights that Yuanyang Construction Management has been recognized for its strong capabilities in government construction projects, ranking 15th in the "2025 Top 20 Comprehensive Ability of Real Estate Construction Enterprises" [1][3] - In the first half of 2025, Yuanyang Construction Management expanded its project portfolio by securing 33 new projects, with a total signed project area of 5.62 million square meters, ranking 8th in the industry [3] - The company achieved a significant milestone in the second quarter of 2025, with new signed project area reaching the top 3 in the industry, indicating robust growth momentum [3] Group 2 - Yuanyang Construction Management has established a professional service system since its first government project in 2004, showcasing its deep experience and strong capabilities in the field [3] - The company emphasizes quality, progress, and safety management in its government construction projects, exemplified by its work in the Cixi government project, which earned it the title of "Excellent Government Construction Project" [3] - Yuanyang Construction Management offers comprehensive solutions across various sectors, including residential, commercial, office, hotel, elderly care, and industrial parks, leveraging its "project doctor" approach to enhance project value [3]

Core Viewpoint - The report highlights the comprehensive capability assessment results of Chinese real estate companies in the construction management sector for the first half of 2025, indicating a stabilization in growth after a slowdown in 2024, with a total contracted area of 1.019 billion square meters, reflecting a 25% year-on-year increase [12][21]. Part 1: Ranking Release - The ranking of the top 30 construction management companies was released, showcasing various firms such as New Town Construction Management, Greenland Intelligent Manufacturing, and others [5][6]. - The assessment includes companies engaged in professional construction management and development activities in mainland China, excluding general contracting companies [7]. Part 2: Ranking Interpretation - The construction management market has reached a new high in penetration rate but is experiencing a slowdown in growth, with over 100 real estate companies involved in construction management, leading to increased competition and market saturation [12][15][16]. - The top three companies in comprehensive capability are Greentown Management, Blue City Group, and Runze Management, demonstrating strong market recognition and operational efficiency [17][18]. Part 3: Market Dynamics - The total contracted area of the top 30 companies reached 1.019 billion square meters, with significant contributions from emerging firms, while established players like Greentown Management and Blue City Group maintain substantial market shares [21]. - The competitive landscape is characterized by stability among top-tier firms, while mid-tier and lower-tier companies face significant challenges and potential elimination [19]. Part 4: Strategic Insights - Companies are encouraged to explore niche markets and enhance service quality to sustain growth in a competitive environment, focusing on areas such as urban renewal and affordable housing projects [25][27]. - Emphasizing internal capabilities such as operational stability, professional delivery, and value creation is crucial for establishing long-term partnerships with clients [27].