Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious but potential investment opportunity as the sector adjusts to current market conditions [3]. Core Insights - The real estate market is experiencing a "W-shaped" bottoming process, with new construction expected to show a trend of rising and then falling in the second half of the year, with the peak likely approaching zero growth [2][39]. - The overall development investment is under pressure, with July's investment amount showing a year-on-year decline of 17.0%, reflecting weaker construction intensity due to declining sales market heat [2][38]. - The funding chain index for the real estate sector has slightly improved but remains at historically low levels, indicating potential future improvements in the financial situation of some companies [2][10]. Summary by Sections Sales and Construction Data - In July, the adjusted year-on-year growth rate for new housing sales area was -7.8%, continuing a trend of low market activity since May [13][14]. - The total sales area for the first seven months of 2025 was 515.6 million square meters, with a cumulative year-on-year decline of 4.0% [9][14]. - The new construction area in July saw a year-on-year decline of 15.4%, with a cumulative decline of 19.4% for the first seven months [2][39]. Price Trends - The new home price index for 70 cities showed a month-on-month decline of 0.31% in July, with significant drops in second-tier cities [10][11]. - The average price of new homes in July was 9,613 yuan per square meter, reflecting a year-on-year decrease of 2.6% [12][14]. Investment Recommendations - The report suggests that the narrowing gap between net rental yields and mortgage rates is a key observation point for total demand in both new and second-hand housing markets [37]. - It emphasizes the importance of focusing on companies with stable cash flow generation capabilities, such as China Overseas Development and Poly Developments, as potential investment opportunities [37][38].

证券代码：000069 证券简称：华侨城A 公告编号：2025-29 深圳华侨城股份有限公司 2025年7月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 注：由于市场及公司情况的变化，公司月度主要业务经营情况公告与定期报告披露的信息可能存在差 异，仅供投资者阶段性参考。 特此公告。 2025年1-7月公司累计实现合同销售面积74.2万平方米，同比增加3%；合同销售金额111.8亿元，同比减 少7%。 二、2025年7月新增土地情况 2025年7月，公司无新增土地情况。 三、旅游综合业务情况 公司积极打造优质旅游产品，多地欢乐谷把握暑期旅游旺季机遇，于"夏浪狂欢节"期间推出"音乐节狂 欢+创意玩水"的融合体验，并联动多个热门IP打造沉浸式玩趣场景，有效提升游客参与度与满意度。 2025年7月，全国多地的台风暴雨天气影响游客出游，公司旗下文旅企业合计接待游客788万人次，同比 下降10%。2025年1-7月，公司旗下文旅企业合计接待游客4559万人次，同比增加1%。 一、2025年7月销售情况 2025年7月，公司实现合同销售面积13.6万平方米 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 – 1 – （在香港註冊成立的有限公司） （股份代號：00123） 公 告 截至二○二五年七月三十一日未經審計銷售資料 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此公佈截至二○二五年七月三十一日 的未經審計銷售統計資料如下： 二○二五年七月，本公司實現合同銷售（連同合營及聯營公司項目的合同銷售）金額約為人 民幣60.06億元，同比上升約19.5%，實現合同銷售面積約為17.42萬平方米，同比下降約 18.9%。 二○二五年一月至七月，本公司累計合同銷售（連同合營及聯營公司項目的合同銷售）（「累計 合同銷售」）金額約為人民幣675.06億元，同比上升約11.7%，累計合同銷售面積約為163.63 萬平方米，同比下降約21.9%。累計合同銷售金額約佔二○二五年合同銷售目標人民幣1,205 億元的56.0%。 二○二五年七月，本公司沒有新增土地儲備。 上述資料是未經審計及根據本公司內部資料匯總編 ...

Core Viewpoint - The real estate market in the 30 core cities of Everbright is experiencing a decline in new housing transaction volume while the average price shows a slight increase, indicating a mixed recovery in the sector [2][3]. New Housing Market - In June 2025, the transaction area of new residential properties in the 30 core cities was 12.38 million square meters, down 19.7% year-on-year but up 9.6% month-on-month [2]. - For the first half of 2025, the total transaction area was 67.37 million square meters, a decrease of 4.8% year-on-year, with major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showing a 4.9% increase in transaction area [2][3]. - The average price of new residential properties in June 2025 was 25,531 yuan per square meter, down 1.3% year-on-year and 1.9% month-on-month [2]. - The average price for the first half of 2025 was 24,968 yuan per square meter, an increase of 3.9% year-on-year, with Beijing and Shanghai showing significant price increases [3]. Second-hand Housing Market - In June 2025, the transaction area of second-hand residential properties in the 15 core cities was 13.36 million square meters, down 3.1% year-on-year [4]. - For the first half of 2025, the total transaction area was 80.06 million square meters, an increase of 13.3% year-on-year, with first-tier cities seeing a 21.0% increase [4]. - The average price of second-hand residential properties in June 2025 was 23,516 yuan per square meter, down 6.0% year-on-year [5]. - The average price for the first half of 2025 was 24,275 yuan per square meter, a slight increase of 0.5% year-on-year, with Beijing and Shanghai showing positive growth [5].

Core Viewpoint - The company reported a significant decline in contract sales for June 2025, indicating ongoing challenges in the real estate market [1] Sales Performance - In June 2025, the company achieved a contract sales amount of approximately 1.493 billion, representing a year-on-year decrease of 60.71% [1] - The contract sales area for June 2025 was about 196,400 square meters, down 62.60% compared to the same period last year [1] - For the first half of 2025, the cumulative contract sales amount reached approximately 10.33 billion, reflecting a year-on-year decline of 56.15% [1] - The cumulative contract sales area for the first half of 2025 was around 1.335 million square meters, which is a decrease of 59.08% year-on-year [1]

Group 1 - The company announced a contract sales amount of approximately RMB 7.55 billion for June 2025, with a contract sales area of about 129,000 square meters and an average contract sales price of approximately RMB 58,530 per square meter [1] - For the first half of 2025, the company achieved a cumulative contract sales amount of approximately RMB 23.55 billion, with a cumulative contract sales area of about 721,000 square meters and an average contract sales price of approximately RMB 32,660 per square meter [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） 二○二五年五月，本公司實現合同銷售（連同合營及聯營公司項目的合同銷售）金額約為人民 幣95.81億元，同比下降約4.9%，實現合同銷售面積約為24.46萬平方米，同比下降約33.9%。 二○二五年一月至五月，本公司累計合同銷售（連同合營及聯營公司項目的合同銷售）（「累計 合同銷售」）金額約為人民幣507.00億元，同比上升約26.5%，累計合同銷售面積約為116.91 萬平方米，同比下降約16.1%。累計合同銷售金額約佔二○二五年合同銷售目標人民幣1,205 億元的42.1%。 二○二五年五月，本公司沒有新增土地儲備。 – 1 – 上述資料是未經審計及根據本公司內部資料匯總編製而成，鑒於收集和核對該等資料過程中存 在各種不確定性，該等資料與未來本公司每年或每半年刊發的經審計或未經審計的財務報表中 披露的數據可能存在差異，因此上述資料僅作為供投資者參考。投資者交易本公司證券時 ...

Core Viewpoint - The real estate market in key cities shows mixed performance in new and second-hand housing transactions, with a notable increase in second-hand housing sales compared to new housing sales [2][4]. New Housing Market - In April 2025, the transaction area of new residential properties in 30 core cities was 1,086 million square meters, a year-on-year decrease of 5.2% and a month-on-month decrease of 25.1% [2]. - From January to April 2025, the transaction area of new residential properties in 30 core cities was 4,376 million square meters, a year-on-year increase of 2.3% [2]. - The average transaction price of new residential properties in 30 core cities from January to April 2025 was 24,553 yuan per square meter, a year-on-year increase of 4.8% [2]. Key Cities New Housing Prices - In April 2025, the average price of new housing in Beijing was 60,061 yuan per square meter, an increase of 21.2% year-on-year; in Shanghai, it was 77,681 yuan per square meter, a decrease of 2.8%; in Guangzhou, it was 32,623 yuan per square meter, a decrease of 11.8%; and in Shenzhen, it was 60,537 yuan per square meter, a decrease of 2.0% [3]. Second-Hand Housing Market - In April 2025, the transaction area of second-hand residential properties in 15 core cities was 1,520 million square meters, a year-on-year increase of 13.1% [4]. - From January to April 2025, the transaction area of second-hand residential properties in 15 core cities was 5,314 million square meters, a year-on-year increase of 20.7% [4]. - The average transaction price of second-hand residential properties in 10 core cities from January to April 2025 was 24,604 yuan per square meter, a year-on-year increase of 2.1% [4]. Key Cities Second-Hand Housing Prices - In April 2025, the average price of second-hand housing in Beijing was 28,927 yuan per square meter, an increase of 3.5% year-on-year; in Shanghai, it was 39,193 yuan per square meter, an increase of 2.6%; in Guangzhou, it was 27,170 yuan per square meter, a decrease of 7.4%; and in Shenzhen, it was 57,887 yuan per square meter, a decrease of 2.0% [5].

Group 1 - The sales gap among the top 10 real estate companies in China is widening, with only Poly Developments surpassing 800 billion yuan in sales, while only Greentown China exceeds 700 billion yuan [1][2] - The sales rankings of the top 10 companies remained unchanged, with China Jinmao and China Railway Construction swapping positions, while several companies like China Overseas Development and China Merchants Shekou saw significant ranking improvements [1][2] Group 2 - In April 2025, the total sales amount for the top 10 real estate companies reached approximately 3,000 billion yuan, with Poly Developments leading at 876 billion yuan, followed by Greentown China at 710.2 billion yuan and China Resources Land at 685 billion yuan [2][3] - The sales figures for other notable companies include China Overseas Development at 663.2 billion yuan, China Merchants Shekou at 497.8 billion yuan, and Vanke A at 459.2 billion yuan [2][3] Group 3 - Hangzhou's land transfer revenue has exceeded 900 billion yuan in 2025, with a significant year-on-year increase of 149% in the first quarter, reaching 595.1 billion yuan [5] - The top three cities in land transfer revenue are Hangzhou, Nanjing, and Beijing, indicating a strong demand for land in core urban areas [5][10] Group 4 - In April 2025, the total land transaction area in the top 20 cities reached approximately 28.46 million square meters, marking the largest monthly transaction scale of the year [10] - Cities such as Nanjing, Shanghai, and Hangzhou had significant land transaction areas, with 11 cities exceeding 1 million square meters in transactions [10][13]

Group 1: Economic Indicators and Predictions - Wells Fargo economists predict that the Consumer Price Index (CPI) for April will rise by 0.2% after a surprising decline of 0.1% in March, leading to an annual CPI rate of 2.3%, the lowest in four years [1] - Deutsche Bank expects the Federal Reserve to maintain the federal funds rate in the range of 4.25-4.50% and emphasizes the need to observe the impact of recently implemented trade policies on economic growth and inflation [3] - UBS Wealth Management highlights that concerns over the independence of the Federal Reserve could significantly damage the dollar's safe-haven status, with currencies like the yen and Swiss franc benefiting in the current environment [2] Group 2: Market Trends and Asset Allocation - Analysts at Societe Generale note a trend of investors shifting from U.S. assets to European assets, although this transition may take time to fully materialize [4] - Bank of America indicates that the recent surge in interest in European markets does not necessarily signal a structural shift, as many institutional investors remain cautious about large-scale capital transfers from the U.S. [5] - Citic Securities maintains a preference for gold over copper and oil in the commodities market, citing OPEC+'s unexpected production increase as a factor that may lead to a supply surplus in the oil market [6][5] Group 3: Commodity Price Forecasts - KPMG has revised its Brent crude oil price forecast for the end of the year down from $70 to $60 per barrel, reflecting improved global oil supply conditions [6] - Barclays has postponed its forecast for the next Bank of Japan interest rate hike to January 2026, adjusting its final rate prediction down to 1.00% [7] Group 4: Domestic Market Insights - Galaxy Securities reports a significant increase in global gold ETF inflows in Q1 2025, with net purchases by central banks remaining strong, supporting the long-term bullish outlook for gold prices [8] - The automotive market in China is expected to see a rebound in sales, driven by the release of new models and the end of consumer hesitation following the Shanghai Auto Show [8]