Core Viewpoint - The recent high premium land sales in Shenzhen and other cities indicate a structural recovery in the real estate market, with expectations for continued high premium transactions in core areas [2][5]. Group 1: Shenzhen Land Auction - On December 10, a residential land parcel in Futian District, Shenzhen, was sold for a total price of 792 million yuan, with a floor price of 42,695 yuan per square meter and a premium rate of 65% [2][4]. - This land parcel, measuring 4,994.02 square meters, is the first publicly auctioned pure residential land in Futian in 16 years and the last residential land auctioned in Shenzhen for 2025 [4][5]. - The auction attracted eight bidders, including major developers like China Overseas, Poly, and China Railway, highlighting the competitive nature of the market [4][5]. Group 2: Market Trends and Predictions - Analysts believe that the high premium of 65% for the Futian land indicates a structural recovery in Shenzhen's real estate market, driven by the scarcity of land in core areas [5]. - It is anticipated that Shenzhen will maintain market heat through the sale of a limited number of quality land parcels in 2026, with high premium transactions becoming a norm in core areas [5]. - The land sale requires all units to be sold as completed properties, which may influence future land sale policies and accelerate industry consolidation, favoring larger developers over smaller ones [5]. Group 3: Other Cities' Land Sales - Recent land auctions in cities like Chengdu, Guangzhou, and Nanjing have also seen high premium sales, with premium rates exceeding 20% [3][6]. - For instance, in Chengdu, two residential land parcels were sold at the base price, totaling 1.899 billion yuan, while in Guangzhou, a residential land parcel was sold for 3.5 billion yuan with a premium rate of 27.27% [3][6].

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 地产行业周报 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...