摩根士丹利发布研报称，虽然绿城中国(03900)正在采取更平衡的方法来降低其土地储备风险，但这可 能会减缓其明年房地产销售增长，并因毛利率表现低于预期而拖累盈利复苏。该行认为公司的估值过于 昂贵，将评级由"增持"一举下调至"减持"，目标价由11.62港元降至8.55港元。 大摩相信，绿城中国需要比预期更长的时间才能将盈利恢复至2022年下滑前的水平。该行将集团2025至 27年的盈测分别下调15%、35%及22%，以反映房地产销售疲弱及利润率复苏放缓。 ...

Core Viewpoint - Morgan Stanley's research report indicates that Greentown China is adopting a more balanced approach to reduce its land reserve risks, which may slow down its real estate sales growth next year and negatively impact profit recovery due to lower-than-expected gross margin performance [1] Group 1: Company Valuation and Ratings - Morgan Stanley believes that Greentown China's valuation is too high, downgrading its rating from "Overweight" to "Underweight" [1] - The target price for Greentown China has been reduced from HKD 11.62 to HKD 8.55 [1] Group 2: Earnings Forecast Adjustments - The company is expected to take longer than anticipated to restore profits to levels seen before the decline in 2022 [1] - Earnings estimates for the group from 2025 to 2027 have been cut by 15%, 35%, and 22% respectively, reflecting weak real estate sales and a slowdown in profit margin recovery [1]

智通财经APP讯，富力地产(02777)公布，该集团于2025年7月的月内总销售收入共约人民币 10.3 亿元， 同比增长32.05%;销售面积达约8.48万平方米。 1-7月，总销售收入约人民币 83.3 亿元，同比增长30.56%;销售面积达约83.83万平方米。 ...

智通财经APP获悉，越秀地产(00123)现涨超4%，截至发稿，涨3.69%，报4.78港元，成交额1.19亿港 元。 惠誉此前发布报告称，越秀在投资布局、产品力的优势，为销售持续增长奠定夯实基础，并在一二线城 市持续巩固市场领先地位。一般而言，房企销售发力集中在下半年，而越秀在前5月已经完成全年销售 指标的近一半，成功实现抢跑，这也为下半年业绩达成提供有利支撑。越秀地产销售增长势头强劲，经 营性现金流持续为正，杠杆率始终稳定在适中水平、融资渠道通畅，这也是上调展望的核心因素。 消息面上，越秀地产公布，7月份合同销售金额约为60.06亿元，较去年同期上升19.5%；合同销售面积 约为17.42万平方米。今年前7个月，累计合同销售金额约为675.06亿元，同比上升约11.7%，累计合同 销售面积约为163.63万平方米。截至7月末，越秀地产累计合同销售金额675.06亿元约占2025年合同销售 目标1205亿元的56%。 ...

Core Viewpoint - Greenland Holdings reported significant growth in contract sales for the second quarter and the first half of 2025, indicating a positive trend in the company's performance [1] Group 1: Second Quarter Performance - In the second quarter of 2025, the company achieved a contract sales area of 2.217 million square meters, representing a year-on-year increase of 31.03% [1] - The contract sales amount for the second quarter reached 21.752 billion yuan, reflecting a year-on-year growth of 16.93% [1] Group 2: First Half Performance - For the first half of 2025, the company reported a contract sales area of 3.73 million square meters, which is a year-on-year increase of 25.63% [1] - The contract sales amount for the first half was 33.895 billion yuan, showing a year-on-year growth of 6.46% [1]