格隆汇11月24日丨金奥国际(00009.HK)公布中期业绩，截至2025年6月30日止六个月，集团录得公司拥 有人应占收益约为1.98亿港元(2024年：拥有人应占亏损1.34亿港元)。每股基本收益约为5.55港仙(2024 年：每股亏损3.12港仙)。董事局不建议就截至2025年6月30日止六个月派付股息(2024年：无)。于2025 年6月30日，现金及现金等值项目约为57,000港元(2024年12月31日：96,000港元)。 2025年上半年，中国房地产行业政策托底与市场变革交织，围绕持续用力推动房地产市场止跌回稳，加 快构建行业发展新模式，监管持续推进供需两端协同发力。市场情绪虽略有好转，但信心重建仍需时 日。销售端复苏呈现结构性、区域性特徵。 在行业深度调整周期中，集团继续收缩战线并聚焦集团资源做好五个优质项目的开发。此外，集团将强 化资产经营能力和盈利能力，增强物业的市场价值，提高资产效益，及进一步巩固行业地位。 ...

房企资金状况有所改善。在"白名单"项目扩围增效等积极因素带动下，房地产开发企业到位资金降幅收 窄。今年1月至10月，房企到位资金同比降幅比去年同期和去年全年分别收窄9.5个和7.3个百分点。 各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房需求，推动房地产市场止跌回 稳。应积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用力推动房地产市场高质量发展。 今年以来，各地区各部门加快出台实施各项支持性政策，积极释放刚性和改善性住房需求，推动房地产 市场止跌回稳。当前房地产市场虽有所波动，但政策成效仍在继续显现。 全国房地产市场交易总量保持基本稳定。住房和城乡建设部数据显示，今年1月至10月，全国新建商品 房和二手房交易总量同比下降1.9%。其中，深圳、武汉、厦门、沈阳、南昌、南宁、贵阳、昆明等城 市新房和二手房网签交易总量同比均保持增长。这意味着今年以来住房成交总量和去年同期相比保持基 本稳定，没有出现明显收缩，各地因城施策采取的止跌回稳举措持续发挥作用。 商品房销售降幅收窄。国家统计局数据显示，今年1月至10月，全国新建商品房销售面积和销售额同比 分别下降6.8%和9.6%，降幅比去年同期分 ...

Core Viewpoint - The Chinese real estate market is stabilizing with a dominant share of second-hand housing transactions, driven by various policy adjustments and incentives aimed at supporting housing demand [1][2]. Group 1: Policy Adjustments - Various cities have implemented measures such as home purchase subsidies and optimized housing credit policies to stimulate the market [2]. - Over 60 cities have introduced policies to support rigid and improved housing demand, including "old-for-new" schemes [2]. - The Housing and Urban-Rural Development Ministry reported a 4.7% year-on-year increase in second-hand housing transaction area from January to October [1]. Group 2: Market Trends - The proportion of second-hand housing transactions is gradually increasing, with second-hand homes becoming the norm in the market [1][3]. - From January to October, the total transaction volume of new and second-hand homes remained stable, indicating effective policy measures [2]. - The sales area and sales volume of new homes have seen a reduction in year-on-year decline, with the drop narrowing by 9% and 11.3% respectively compared to the previous year [2]. Group 3: City Performance - Cities such as Shenzhen, Wuhan, and Xiamen have reported year-on-year growth in new and second-hand home transactions [3]. - Second-hand housing transactions in cities like Shanghai and Shenzhen have increased by over 10% year-on-year [3]. - The shift towards second-hand housing is attributed to urbanization transitioning from rapid growth to stable development, emphasizing the importance of housing's living attributes [3].

2024年9月26日召开的中央政治局会议提出，要促进房地产市场止跌回稳，对商品房建设要严控增量、 优化存量、提高质量。这12字方针是新阶段住房供给侧管理的基调，其背后逻辑，就是中央城市工作会 议"两个转向"的重大判断——即城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩张 阶段转向存量提质增效为主的阶段。 李宇嘉（广东省住房政策研究中心首席研究员） 根据11月14日国家统计局发布的数据，今年1-10月份，全国新建商品住房销售面积下降6.8%，降幅比去 年同期有所收窄。值得注意的是，分析商品房市场形势，要站在房地产供求关系发生重大变化，住房市 场进入存量时代，房子回归居住属性这个全新的形势下。新的形势下，最大的变化就是需求端以年轻 人、新市民为主导的刚需、刚改需求占主导。 由于二手住房具有"总价低、区位好、配套好、即买即住"等优点，存量时代下二手住房挂牌量也明显增 加，可选择房源较多，加上新的需求主体对价格较敏感，自然二手住房就成为交易的主体。所以，近年 来二手住房交易回稳，占比上升，逐渐占据主导。根据克而瑞的数据，2023年-2025年1-10月份，全国 30个重点城市二手住房交易同比分别增长33 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - In October 2025, new home prices in 70 cities showed a month-on-month decline, while the year-on-year decline narrowed. First-tier cities maintained their price decline [6][10] - Second-hand home prices experienced both month-on-month and year-on-year declines, indicating a continued downward trend in the market [6][10] - The report highlights that the real estate market is moving towards stabilization due to various policies aimed at halting the decline, with expectations for further stabilization in the future [6][10] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities decreased by -0.3%, -0.4%, and -0.5% month-on-month respectively, with an overall decline of -0.5% across 70 cities, which is an increase in the decline rate by 0.1 percentage points compared to September [3][13] - Year-on-year, first, second, and third-tier cities saw declines of -0.8%, -2.0%, and -3.4% respectively, with the overall year-on-year decline for 70 cities narrowing by 0.1 percentage points to -2.6% [3][13] Second-Hand Home Prices - Second-hand home prices in 70 cities fell by -0.7% month-on-month, with the decline rate increasing by 0.1 percentage points. First, second, and third-tier cities saw declines of -0.9%, -0.6%, and -0.7% respectively [4][20] - Year-on-year, second-hand home prices across 70 cities decreased by -5.4%, with the decline rate expanding by 0.2 percentage points [4][20] Key City Performance - In a focus on 35 key cities, new home prices showed mixed results, with Shanghai leading with a month-on-month increase of +0.3% and a year-on-year increase of +5.7% [5][28] - Conversely, second-hand home prices in these cities uniformly declined, with Shanghai experiencing a year-on-year drop of -1.8% [5][28] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can cater to improving customer demand, such as Greentown China, China Overseas Development, and others [6][10] - It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms under the "Good House, Good Service" policy [6][10]

Investment Rating - The report indicates a cautious investment rating for the real estate industry in Xi'an, reflecting ongoing market adjustments and a need for sustained policy support to stabilize prices and expectations [3][12][25]. Core Insights - The Xi'an real estate market is experiencing a significant contraction, with the top 10 real estate companies achieving total sales of 64.87 billion yuan from January to October 2025, a decrease of 32.59 billion yuan or approximately 33.4% year-on-year [12]. - The market is in a "stop decline and stabilize" phase, with recent policies aimed at promoting recovery, although the momentum for recovery is weakening [3][4]. - The supply of new homes is expected to improve in the fourth quarter, supported by land parcels acquired in core cities earlier in the year, but market differentiation will continue [3][25]. Summary by Sections Sales Performance - The top 10 real estate companies in Xi'an for January to October 2025 are ranked by sales revenue, with Poly Development leading at 10.62 billion yuan, followed closely by China Railway Construction Real Estate at 10.44 billion yuan [5][6]. - The sales area for these companies shows a similar trend, with Poly Development also leading in sales area at 642,000 m² [5][6]. Market Trends - The second-hand housing market has shown positive growth, with transaction volumes increasing year-on-year, while the new housing market has seen slight recovery due to the introduction of quality projects [4][12]. - The average price of new residential properties in Xi'an increased by 0.56% month-on-month and 2.82% year-on-year as of October 2025, indicating a slight upward trend in pricing [18]. Land Market - The land market in Xi'an has seen a reduction in the number of residential land transactions, with 96 plots released and 73 plots sold, reflecting a year-on-year decrease of 31.93% and 44.13% respectively [19]. - The average floor price for land has increased to 6,694 yuan/m², a year-on-year rise of 31.64%, indicating a tightening supply and increased competition for prime land [19][24]. Future Outlook - The report anticipates a continuation of moderate recovery and internal differentiation in the Xi'an real estate market, with new housing supply remaining active and quality projects driving market dynamics [25]. - Market confidence is expected to strengthen due to ongoing policy support and an increase in quality supply, leading to a gradual stabilization of the overall market by year-end [25].

Core Viewpoint - The Chinese real estate stocks have shown signs of recovery, with significant increases in share prices for several companies, despite ongoing challenges in the market [1] Group 1: Market Performance - As of the latest report, Greentown China (03900) rose by 8.36% to HKD 8.94, R&F Properties (02777) increased by 5.66% to HKD 0.56, New World Development (01030) gained 4.04% to HKD 2.32, and Shimao Group (00813) climbed 3.85% to HKD 0.27 [1] - According to CRIC, the top 100 real estate companies achieved a sales turnover of CNY 253 billion in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] Group 2: Sales Performance - Cumulatively, the top 100 real estate companies reported a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the rate of decline widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Morgan Stanley suggests that the large number of second-hand homes on the market may continue to suppress market sentiment, exerting pressure on real estate sales and prices for the remainder of the year [1] - CITIC Securities reports that the supply and demand situation in the real estate market has improved, indicating that adjustments have been sufficient, and forecasts a potential stabilization in the market in 2026 [1] - CITIC Securities also believes that 2026 could be a critical year for real estate companies to repair their balance sheets, with some firms possibly reaching a long-term profitability bottom [1]

中信证券发布研报称，房地产市场供需情况已经有所改善，调整也比较充分，预计2026年市场有止跌回 稳的基础。中信证券认为，2026年房地产企业可能进入资产负债表修复的关键一年，部分企业可能见到 盈利长周期底部。率先脱困的企业，往往布局好的城市，更具备正在良好运营的投资性房地产，或拥有 一些有增值潜力的金融资产。 智通财经APP获悉，内房股今日回暖，截至发稿，绿城中国(03900)涨8.36%，报8.94港元；富力地产 (02777)涨5.66%，报0.56港元；新城发展(01030)涨4.04%，报2.32港元；世茂集团(00813)涨3.85%，报 0.27港元。 消息面上，根据克尔瑞，2025年10月，百强房企实现销售操盘金额2530亿元，环比增长0.1%，同比减 少41.9%。累计业绩来看，百强房企实现销售操盘金额25766.6亿元，同比减少16 %，降幅相较于前9月 扩大4.2个百分点。大摩认为，大量的二手房屋放盘可能持续压抑市场情绪，并在今年剩余时间对地产 销售和价格构成压力。 ...

行业走势图 房地产 2025 年 11 月 09 日 投资评级：看好（维持） 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-11 2025-03 2025-07 房地产 沪深300 相关研究报告 《去库存止跌回稳仍需加力，"好房 子"形成代差扩张需求—房地产行业 2026 年度投资策略》-2025.11.3 《新房成交面积环比增长，促进房地 产市场持续健康发展—行业周报》 -2025.11.2 《二手房成交面积环比增长，推动房 地产高质量发展 — 行 业 周 报 》 -2025.10.26 新房二手房成交面积同环比下降，福州发布预售新政 ——行业周报 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 核心观点：新房二手房成交面积同环比下降，福州发布预售新政 本周我们跟 ...

Core Viewpoint - The real estate market's supply and demand situation has improved, and adjustments have been sufficient, indicating a potential stabilization in 2026 [1] Group 1: Market Outlook - It is anticipated that 2026 will be a critical year for real estate companies to repair their balance sheets, with some companies possibly reaching the bottom of their profit cycle [1] - Companies that are the first to recover are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]