炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，远洋集团旗下轻资产代建平台——远洋建管成功签约贵阳观储2024CS-17-01地块项目，将为委托 方贵州美韵房地产提供涵盖前期报批、规划设计、工程营造、营销管理至竣工交付的全过程代建服务， 标志着西南区域的轻资产业务版图进一步扩张。 近日，远洋集团旗下轻资产代建平台——远洋建管成功签约贵阳观储2024CS-17-01地块项目，将为委托 方贵州美韵房地产提供涵盖前期报批、规划设计、工程营造、营销管理至竣工交付的全过程代建服务， 标志着西南区域的轻资产业务版图进一步扩张。 项目效果图 项目效果图 该项目位于贵阳市观山湖区金融城板块，地理位置优越，配套设施完善，总建筑面积约14.44万㎡，并 实现与地铁1号线阳关站的无缝接驳。作为集住宅与商业复合功能于一体的高品质生活社区，项目建成 后将全面满足周边客群住、学、行、购的一站式需求。在产品力构建上，远洋建管深度融合《远洋健康 建筑体系》，针对城市改善型客群需求，在户型设计、社区动线、生活场景营造等方面精细打磨，旨在 打造符合区域趋势、具备强市场竞争力的标杆作品。 此次合作的达成，是市场对远 ...

Core Insights - The real estate industry is gradually bottoming out and undergoing value reconstruction, adhering to the core concept of "long-termism" [1] - In 2025, 10 real estate companies achieved sales exceeding 100 billion yuan, with 4 companies surpassing 200 billion yuan [1] - The top 10 companies by sales in 2025 include Poly Developments, Greentown China, China Overseas Property, and others [2] Sales Performance - The sales performance of the top 10 real estate companies in 2025 is as follows: - Poly Developments: 253 billion yuan - Greentown China: 251.9 billion yuan - China Overseas Property: 251.2 billion yuan - China Resources Land: 233.6 billion yuan - China Merchants Shekou: 186 billion yuan - Vanke: 178 billion yuan - Jianfa Real Estate: 156 billion yuan - China Jinmao: 135 billion yuan - Yuexiu Property: 128 billion yuan - Binjiang Group: 105 billion yuan [2] Investment Trends - In 2025, the investment amount of the top 10 companies is primarily dominated by state-owned enterprises, with China Overseas Property, China Resources Land, Poly Developments, and China Merchants Shekou accounting for over 30% of the total investment [2] - Private enterprises show signs of recovering investment confidence, with total land acquisition exceeding 100 billion yuan, a year-on-year increase of 8% [3] Market Outlook - The year 2026 is expected to be a pivotal year for the real estate industry, with ongoing debt restructuring and the completion of housing delivery tasks [3] - The market is anticipated to seek a new supply-demand balance, with potential structural recovery in residential market transactions, while prices are expected to remain stable [3] Company Strategies - Poly Developments aims to enhance its core value through refined operations and digital marketing, expanding its service offerings [6] - Greentown China focuses on product innovation and community service to enhance quality and sustainability [7] - China Overseas Property emphasizes its main business and aims for steady growth through differentiated competition [8] - China Resources Land plans to accelerate its strategic layout and enhance project management capabilities [9] - China Jinmao is committed to becoming a leader in product innovation and transformation [10] - Yuexiu Property aims for high-quality growth through enhanced service offerings and community engagement [11] - Country Garden is shifting focus from housing delivery to optimizing debt structure and restoring normal operations [12] - China Communications Real Estate is concentrating on core urban areas and digital transformation [13]

Core Viewpoint - Recently, Yuanyang Group's light asset construction management platform, Yuanyang Jian Guan, successfully won the bid for the comprehensive construction project of Wenzhou Cangnan 32-4 land plot, marking its first project in Cangnan [1][4]. Group 1 - The project is located in the central urban area of Cangnan County and is commissioned by the local urban investment company. It covers an area of approximately 32,800 square meters (49.21 acres) with a total construction area of about 123,500 square meters, surrounded by a mature business atmosphere [3][6]. - The planning includes high-end residential, commercial, and office spaces, positioning it as a comprehensive complex for urban youth. The successful bid reflects the client's high recognition of Yuanyang Jian Guan's comprehensive operational capabilities, brand reputation, and professional management system [3][6]. Group 2 - Yuanyang Group has been deeply engaged in the Zhejiang market for many years, having developed multiple high-quality projects in key cities such as Hangzhou, Wenzhou, Ningbo, and Jinhua. In the light asset construction management sector, Yuanyang Jian Guan has established a strong industry reputation through its professional capabilities and rich experience [3][6]. - The successful landing of the Cangnan project signifies the continuous deepening and expansion of Yuanyang Jian Guan's construction management business in Zhejiang, further validating its comprehensive strength in acquiring and managing projects in the open market [3][6]. - Yuanyang Jian Guan aims to steadily advance project development and construction with a consistent professional spirit and refined management, focusing on creating high-quality works that align with regional development and respond to market demands [3][6].

Core Viewpoint - Recently, the construction management platform of Ocean Group, Ocean Construction Management, successfully signed a contract for the Fujian Ningde Saiji Waterfront project, marking its first light-asset project in Fujian and indicating significant progress in deepening its presence in the region [1][3]. Group 1 - The project is located in the Saiji Riverside area of Ningde, covering an area of approximately 58 acres with a total construction area of about 138,000 square meters, including residential and commercial spaces [3]. - The client chose to collaborate with Ocean again based on the successful development of two previous projects in Fujian, reflecting high trust in Ocean's professional capabilities [3]. - Ocean Construction Management will leverage its professional market analysis and mature marketing system to provide precise positioning and comprehensive sales support for the project, enhancing its value [3]. Group 2 - Since entering the Fujian market in 2017, Ocean has developed multiple high-quality projects in cities such as Fuzhou, Xiamen, Zhangzhou, Longyan, and Quanzhou, accumulating rich market experience and a strong brand reputation [3]. - The Longyan Ocean Mountain Water project has consistently ranked among the top in regional sales and has received honors such as "Cultural Property of Fujian" and "Quality Benchmark of Southwest Fujian" [3]. - The Quanzhou Water Ink Mountain project sold out immediately upon opening, becoming a highly sought-after property in the local market, while the Xiamen Ocean Scenery project gained recognition for its delivery quality, earning praise from the local housing authority [3].

Core Insights - New City Holdings' subsidiary, New City Construction Management, has achieved significant recognition in the real estate sector, winning multiple awards for its comprehensive capabilities and brand value in 2025 [1][2][4] Group 1: Awards and Recognition - New City Construction Management received accolades such as "Top 10 Comprehensive Ability in Real Estate Construction Management" and "Outstanding Commercial Construction Project" at the 2025 China Real Estate Brand Value Evaluation Conference [1] - The company was also recognized as a "Leading Brand in Real Estate Construction Management" and "Leading Government Construction Brand" at another industry forum, highlighting its strong brand value [1][2] Group 2: Business Growth and Strategy - Since its establishment in 2022, New City Construction Management has rapidly expanded, signing over 3.05 million square meters in new contracts in the first half of the year and managing a total of 1.9 million square meters across 115 projects nationwide [2][4] - The company focuses on a "light asset" construction management model, leveraging its operational efficiency and brand advantages to provide comprehensive solutions for clients [2][6] Group 3: Project Success and Market Position - The "He Mei Xi Yue" project exemplifies New City Construction Management's ability to create high-quality residential products, achieving sales of 120 million yuan despite premium pricing compared to competitors [5] - The company emphasizes collaboration with clients to enhance project value, focusing on quality control and innovative product design to meet the needs of high-net-worth individuals [4][6] Group 4: Industry Trends and Future Outlook - The construction management sector is evolving, with a shift towards brand, professional, and differentiated strategies, positioning companies like New City Holdings as key players in the market [6] - New City Holdings aims to integrate its commercial management and real estate development strengths to enhance its competitive edge in the current market landscape [6]

Group 1 - The company reported a total revenue of RMB 4.466 billion, a year-on-year decrease of 5.67% [1] - The company recorded a loss attributable to shareholders of RMB 8.814 billion, compared to a profit of RMB 22.312 billion in the same period last year [1] - The loss per share was 2.17 RMB [1] Group 2 - The company emphasized "ensuring delivery" as the core task for operational recovery while accelerating the resolution of domestic debt risks [1] - The company achieved property contract sales of approximately RMB 4.02 billion, with a contracted sales area of about 436,000 square meters [1] - The company continues to deepen its presence in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area, with total land reserves of approximately 5.39 million square meters and equity building area of about 4.06 million square meters as of June 30, 2025 [1] Group 3 - The company aims to leverage the industry recovery window by focusing on three core strategies: deepening sales destocking, accelerating resource integration; tackling debt restructuring, optimizing capital structure; and strengthening operational foundations while exploring new profit models such as light asset construction [2] - The goal is to build sustainable operational capabilities, reshape market confidence, and promote sustainable and steady development, continuously creating value for shareholders, investors, and society [2]

Core Viewpoint - The real estate industry is undergoing significant adjustments and transformations, with traditional heavy asset development models facing challenges, while the "light asset, high quality" model of agency construction is emerging as a key player [1][2]. Industry Background - The real estate market is entering a stock era, and the ongoing "housing is for living, not for speculation" policy makes the agency construction model an effective way to revitalize stock assets and improve resource utilization efficiency, thus becoming an important force in the transition to a new development model in the real estate sector [1]. Company Performance - In the first quarter of 2025, the agency construction platform of the company, Yuan Yang Construction Management, signed new agency construction contracts covering approximately 950,000 square meters, with a sales amount of about 180 million yuan [2]. - Yuan Yang Construction Management has gained recognition in various authoritative rankings for its comprehensive agency capabilities, contract signing scale, delivery scale, and sales scale, indicating a continuous enhancement of its influence in the industry [2]. Policy Alignment - The company's light asset agency construction business aligns well with current national policy directions, actively participating in relief projects under the "ensure delivery of buildings and stabilize people's livelihoods" policy, contributing to the smooth delivery of problematic projects and stabilizing the real estate market [2]. - The company is involved in urban renewal and old city transformation projects, enhancing urban quality and vitality through various methods such as demolition and reconstruction, which aligns with national requirements for high-quality urban development [2]. Health and Sustainability Focus - The company integrates its health building system into agency construction projects, aiming to create healthier, more comfortable, and environmentally friendly living and commercial spaces, thus promoting the development of green and healthy buildings in line with national sustainable development strategies [2].