该行表示，房地产行业价格走势混杂，购房活动增加，流动性收紧。截至2025年8月，北京以及广州二 手房的价格以及租金都出现更大幅度的降低，租金降低幅度更大。12个城市的二手房平均看房量由7月 的按月跌8.7%逆转至增2.8%，同比增长加速4个百分点至19.8%。流动性方面，截至9月，宏观流动性按 月进一步收紧，同比宽松幅度有所收窄。 该行还表示，相关购房政策不大可能在市场上统一执行，但是可能随着试点计划而逐步铺排。长期来 看，房地产行业新的发展模式可能会通过提高行业进入门槛，来加强该品质公司的市场地位。 智通财经APP获悉，招商证券国际发布研报称，内地房地产住房签约面积受惠于看房量以及价格稳定， 超过去年水平。需求出现触底迹象;试点计划将在政策大规模出台前逐步启动。该行对内地房地产行业 维持"增持"评级，都市化进程转向品质升级。 ...

Core Viewpoint - China Evergrande Group's listing status on the Hong Kong Stock Exchange has been canceled, with the company opting not to appeal the delisting decision, effective from August 25, 2023 [1][2]. Group 1: Company Status - China Evergrande was listed on the Hong Kong Stock Exchange in November 2009 and operated under a "high debt, high turnover" model, but faced ongoing controversies [1]. - The company experienced a liquidity crisis in 2021, leading to a significant decline in its stock price, which was only HKD 0.163 per share at the time of its suspension on January 29, 2024, with a total market capitalization of approximately HKD 2.152 billion [1]. - The company has been under a winding-up order since January 29, 2024, and the delisting was anticipated due to the inability to meet the resumption criteria within the stipulated timeframe [2]. Group 2: Regulatory Context - According to the Hong Kong Stock Exchange's listing rules, a company that is suspended for 18 months may face delisting, which applies to China Evergrande as it could not meet the resumption requirements by the deadline of July 28, 2025 [2]. - The winding-up process is ongoing, with the liquidators expected to provide a report on the progress from January 29, 2024, to July 31, 2025 [2]. Group 3: Industry Implications - The delisting of China Evergrande does not directly impact the operations of its real estate business, which is expected to continue focusing on "ensuring delivery of properties" [3]. - The real estate market is anticipated to undergo a "survival of the fittest" phase, where financially healthy and sustainably operated companies are likely to remain [3].

Core Viewpoint - The performance meeting of Binjiang Group highlighted the company's strong interaction with investors, addressing various inquiries about its financial performance and strategic direction for 2024 and beyond [1]. Group 1: Financial Performance - Binjiang Group reported a net profit of 37.91 billion yuan for 2024, a significant increase of 32.94% year-on-year, despite a slight decline in total revenue to 691.52 billion yuan, down 1.83% [42]. - The company achieved a net cash inflow from operating activities of 76.68 billion yuan, maintaining a positive cash flow [7]. - The company anticipates an increase in profitability for 2025 compared to 2024, with expectations of improved gross profit margins [48][81]. Group 2: Land Acquisition and Development - In the first quarter of 2025, Binjiang Group acquired several prime land parcels in Hangzhou, with a significant portion of the land acquisition costs reaching new highs [3]. - The company has maintained a net debt ratio close to zero while actively participating in the competitive land market, indicating a strong financial position [41]. - The average profit margin for land acquired in 2025 is expected to remain stable, leveraging the company's competitive advantages [50]. Group 3: Market Strategy and Outlook - Binjiang Group continues to focus on residential real estate development, with no current plans to enter the industrial real estate sector [26]. - The company is optimistic about the Hangzhou real estate market, citing strong demand and a favorable business environment [57]. - The management emphasized the importance of maintaining quality and brand reputation while navigating the competitive landscape of the real estate market [11][12]. Group 4: Investor Relations and Shareholder Value - The company plans to maintain a consistent dividend payout ratio, balancing cash reserves and operational needs amid market uncertainties [56][80]. - Binjiang Group is committed to enhancing shareholder value through strategic management and operational excellence, despite recent stock price fluctuations [52][30]. - The management expressed confidence in the company's ability to navigate market challenges and achieve sustainable growth [46][48].

当前货币政策通过"降成本+扩需求+稳预期"三管齐下，短期内LPR、公积金和结构性贷款利率下调，中长期 则通过系列消费支持政策与市场信心修复，推动房地产行业新发展模式转型。 ◎ 文 / 杨科伟 今日上午国务院新闻办公室举行新闻发布会，请中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证 监会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。发布会上,针对房地产市场央行 和金管局提出几大增量金融政策,加力巩固房地产市场止跌回稳势头。 01 央行通过降准、降低LPR和公积金利率落实宽松信贷支持刚需购房 人民银行推出一揽子货币政策措施，主要有三大类共十项措施。一是数量型政策，通过普遍降准和定向降准加 大中长期流动性供给。二是价格型政策，下调政策利率，降低结构性货币政策工具利率，调降公积金贷款利 率。三是结构型政策，完善现有结构性货币政策工具，并创设新的政策工具，支持科技创新、扩大消费、普惠 金融等领域。 第一，降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。整体存款准备金率的平均水 平将从原来的6.6%降低到6.2%，降低银行负债成本，可以极大增强银行体系对购房者和开发企业 ...