越秀地产是广州越秀集团股份有限公司控股的房地产开发企业。一边是2025年盈利预警彻底炸雷，归母净利润狂跌90%-95%，全年仅赚0.5-1亿元，几乎快 要亏光；连续三年业绩跳水，盈利能力濒临枯竭，整个房企都在勒紧裤腰带过冬。 另一边却是9小时疯狂厮杀、243轮激烈报价，硬生生击退保利，碾压全场对手，以236亿天价拿下广州马场地块，楼面价直接冲破8.5万/㎡，刷新广州历史 单价纪录，溢价率高达26.6%。 越秀这一波迷之操作，让整个市场彻底看傻：这到底是财大气粗，还是已经急红眼在赌命？业绩暴跌的伤疤还在流血，拿地的手笔却大到离谱。 楼市深度调整、行业去杠杆、房企普遍收缩保命的当下，越秀偏偏反其道而行之，砸出超200亿真金白银豪赌一块地。这笔钱，相当于它好几年的净利润总 和，完全无视业绩承压、利润枯竭的现实。 更可怕的是成本已经失控。扣除商业、配建、公服等硬性成本，这块地实际可售住宅楼面价逼近10万/㎡，业内测算保本售价必须超过15万/㎡，未来开盘极 有可能冲上18万-20万/㎡。 珠江新城豪宅市场本就存量巨大、去化缓慢，如此天价成本，项目未来只有两条路：要么定价高到无人接盘，彻底砸在手里；要么亏本甩卖，进一步吞 ...

Group 1 - The real estate sector is experiencing significant stock price increases, with Yingxin Development leading at 10.06%, followed by Shoukai Co. at 9.98%, Hefei Urban Construction at 9.97%, China Wuyi at 9.93%, and Huaxia Happiness at 9.85% [1] - The Real Estate ETF (515060) has risen by 0.51%, with a latest price of 0.783 yuan and a turnover rate of 3.12%, indicating strong performance among constituent stocks [1] - Dongguan Securities reports that while the transaction area for new and second-hand homes remains negative year-on-year in Q3, the decline has narrowed compared to 2024 [1] Group 2 - New construction and development investment continue to decline, with tight funding in the industry, indicating that the sector is still in a deleveraging phase [1] - The overall loss level of real estate companies has further expanded compared to the end of Q2, suggesting that the fundamentals are still in a "bottoming" phase [1] - Future policy measures and the stabilization and recovery of industry fundamentals will drive the sector's market trends [1] Group 3 - The industry is expected to shift from "high leverage, high turnover" to a focus on "quality, service, and sustainability," with urban renewal unlocking potential in existing stock [1] - In the context of industry reshuffling and clearing, there is a favorable outlook for stable operations of leading central state-owned enterprises and regional leaders focusing on first and second-tier cities, including Poly Development (600048), Binjiang Group (002244), and China Merchants Shekou (001979) [1]