Group 1 - Southbound funds increased their holdings in Greentown Management Holdings (09979.HK) by 1.598 million shares on October 21, 2025 [1] - Over the past five trading days, there have been five days of net increases in holdings, totaling 4.038 million shares [1] - In the last 20 trading days, there were 17 days of net increases, amounting to 13.575 million shares [1] Group 2 - As of now, southbound funds hold 284 million shares of Greentown Management Holdings, representing 14.11% of the company's total issued ordinary shares [1] - The company primarily provides construction management services through three departments: commercial construction management, government construction management, and other services [2] - The commercial construction management department focuses on providing property development management services to project owners, while the government construction management department deals with public infrastructure projects [2]

本期关注 政府代建制政策持续跟进和落地，聚焦在六个方面。第一，继续强化制度建设；第二，提升专业能力；第三，丰富代建方式，稳妥推进代建项目扩范围， 扩大代建单位委托权限；第四，推进精细化管理；第五，推动标准化。强调通过公开招标选择代建单位，要求具备总承包、设计等资质，推动行业准入标 准化；第六，实行全周期监管。 政府代建制政策愈发精细化、标准化 2025年三季度城投拿地占比回升至49% 三季度城投及平台公司拿地占比为55%，较二季度上升12.8个百分点，较2024年三季度下降14.2个百分点。2025年1-9月，城投及平台公司参与拿地的建筑 面积超过3700万平方米，较去年同期下降11%。城投拿地占比为49%，较2024年三季度和2024年全年分别下降9个百分点和15个百分点，但较上半年45% 的占比略提高4个百分点。 《代建企业综合能力评价标准》发布 9月13日，行业首部系统性编制的《代建企业综合能力评价标准》发布，由绿城管理主编，中国建筑标准设计研究院、克而瑞集团、金地管理、蓝城集团、 中国铁建、润地管理、中原建业、旭辉建管等12家企业参编。 三季度中标代建项目同比增17% 2025年前三季度中标代建项目4 ...

Core Viewpoint - Southbound funds have increased their holdings in Greentown Management Holdings (09979.HK) significantly, indicating growing investor interest in the company [1] Group 1: Shareholding Changes - On October 17, 2025, southbound funds increased their holdings by 709,000 shares, representing a 0.25% change [2] - Over the past 5 trading days, there have been 5 days of net increases, totaling 3.265 million shares [1][2] - In the last 20 trading days, there were 17 days of net increases, amounting to 15.677 million shares [1] Group 2: Current Shareholding Status - As of now, southbound funds hold a total of 282 million shares in Greentown Management Holdings, which accounts for 14.0% of the company's issued ordinary shares [1][2] Group 3: Company Overview - Greentown Management Holdings primarily provides construction management services through three departments: commercial construction management, government construction management, and other project management services [2] - The company mainly operates in the domestic market of China [2]

| 企业 | 时间 | 華生 | | --- | --- | --- | | -- | 9月3日 | 绿城管理中标杭州杭政储出【2025】75号地块商品房住宅项 | | | | 目全过程代建服务。 | | 绿城管理 | 9月16日 | 绿城管理中标泰州莲溪湖2号、3号地块开发项目代建代销服 | | | | 务。 | | | 9月30日 | 绿城管理中标温州市丰双片区鞋都单元C-14地块、B-16地块 | | | | 、1-06地块、1-13地块建设项目全过程代建开发服务。由指数0 | | 润地管理 | 9月4日 | 润地管理联合体成功中标东莞市南城街道环城路与东莞大道 | | | | 交汇处的保障性住房项目全过程管理咨询服务。该项目总建 | | | | 筑面积约8.45万平方米,计划建设配售型保障性住房510套。 | | | 9月5日 | 金地集团浙江地区公司签约杭州临平星桥低密住宅地块的全 过程代建代销服务。该项目位于杭州市临平区星桥板块,计 | | | | 容建筑面积约2.48万平方米。 | | | 9月 | 金地集团浙江地区公司成功中标杭州萧山蜀山商住地块的全 | | | | 过程管理及销售服务项目。该 ...

Core Insights - The report from the China Index Academy indicates a significant decline in land acquisition by local state-owned enterprises, while private real estate companies have shown an increased willingness to acquire land. In the first nine months of 2025, private enterprises accounted for 13.4% of the land acquisition amount among the top 100 companies, an increase of 5.6 percentage points compared to 2024 [1] Group 1: Land Acquisition Trends - There has been a notable decrease in land acquisition by local state-owned enterprises this year [1] - Private real estate companies are increasingly willing to acquire land, providing new opportunities for construction companies [1] - Some small and medium-sized private enterprises are becoming important clients for construction projects, enhancing their land acquisition intentions [1] Group 2: Project Developments - In September 2025, several typical construction companies secured new project contracts, including Green City Management and Run Di Management, which won multiple bids for residential and public housing projects [4] - The total contract sales area for He Sheng Chuang Zhan in the first eight months of 2025 reached approximately 47,591 square meters, with a sales amount of about RMB 4.236 billion [5] - Jin Di Management released an upgraded version of its "Client Service White Paper," focusing on enhancing service capabilities [6] Group 3: Market Dynamics - In September, residential properties accounted for 85% of the bidding information, with Zhejiang province being the leading area for project announcements, representing 54% of the total [8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [9]

中指研究院最新发布的数据显示，2025年前三季度，头部代建企业新签约面积稳步增长，但行业竞争也在加剧。伴随着城 市更新、保障房建设等新项目增多，代建企业正在寻找新的结构性机遇。 具体来看，中指研究院发布的《2025年1-9月中国房地产代建企业排行榜》显示，绿城管理控股有限公司以2790万平方米 的新签约规模位居榜首，继续保持明显领先。旭辉管理集团有限公司（以下简称"旭辉管理"）和北京润地建设管理有限公司 （以下简称"润地管理"）分别以1301万平方米和1290万平方米紧随其后，处于第一梯队。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，随着代建市场竞争加剧，企业正不断突破传统住宅代建的 边界，开始向政府代建项目、城市更新等领域延伸。头部企业也在结合自身资源和能力，强化差异化布局。只有在细分赛道形 成不可替代的专业优势，才能在新一轮竞争中突围。 本报记者 陈潇 中指研究院企业研究总监刘水对《证券日报》记者表示，随着代建竞争日趋激烈，一方面，代建企业借助集团上下游链条 资源优势，拓宽代建边界，以"代建+X"模式，增加项目获取机会；另一方面，部分代建企业前置介入代建流程，联动委托方获 取优质土储。同时， ...

克而瑞数据显示，2025年前三季度，代建新增规模TOP20企业新增签约建面为15771万平方米，同比增 幅达到31%，头部企业牢牢占据市场份额，其余企业突围难度较大。对比去年同期，前三季度有5家代 建企业新拓面积已超2024年全年，呈现快速增长势头，其中包括远洋建管。 10月13日，克而瑞发布"2025年1-9月中国房地产企业代建TOP20"榜单，远洋建管位列'代建新增规模 榜'第8位。 克而瑞指出，远洋建管近两年增长势头迅猛，2025年三季度新拓代建项目面积达715.3万平方米，同比 增长124%，且较2024年全年高出27%。城市选择上，接近八成的项目来自一二线，高速发展的同时抗 风险能力、代建收益率均有保障。 在业务快速拓展的同时，远洋建管行业影响力、品牌影响力也稳步提升，位列'代建品牌传播力榜'第14 位。 责任编辑：郭栩彤 ...

Group 1 - The construction agency sector is experiencing growth due to its "counter-cyclical resilience," with the top 20 companies signing a total of 15,771 million square meters in new contracts in the first three quarters of 2025, representing a year-on-year increase of 31% [1][5] - Six companies have exceeded 10 million square meters in new construction area this year, with Green City Management leading at over 27 million square meters, approximately double that of the second-ranked company [1][6] - The top five construction agencies account for nearly half (49%) of the new construction area, indicating a high concentration in the industry, with the top 10 companies holding 73% of the market share [5][6] Group 2 - More than half of the construction agencies have seen a year-on-year increase in new construction area, with five companies surpassing their total area for the entire year of 2024 in just the first three quarters of 2025 [9][12] - Notable growth is observed in companies like Run Di Management and Longhu Longzhizao, with increases exceeding 80% [9] - The construction agency sector is encouraged to explore niche markets such as urban renewal projects and affordable housing to enhance growth opportunities [12][16] Group 3 - The industry is witnessing a trend of increasing brand awareness and market presence among leading construction agencies through various media channels [14] - Companies like Green City Management and Xuhui Construction Management are actively enhancing their brand communication strategies to secure long-term business relationships [14][16] - The competitive landscape is stabilizing, with established firms maintaining their market positions while newer entrants face challenges [16]

"地产的尽头是代建"？当前，越来越多的房企涌入代建赛道，代建行业的竞争越发激烈。 随着入局代建企业增加，代建项目纷纷进入销售阶段。根据中指研究院数据，2025年1—9月，绿城管理以706亿元合约销售金额位 列代建销售榜首位。蓝绿双城和金地管理代建项目销售金额分别为172.4亿元和150.0亿元，位列二、三位。 前有"领头羊"绿城管理，后有追赶者旭辉建管、龙湖龙智造，还有蓄力者远洋建管、融创而今资本，如今，代建行业的竞争格局 如何？随着代建行业由"蓝海"变为"红海"，代建的钱还好挣吗？ 绿城管理"一家独大"，旭辉建管、龙智造扩张迅猛 | | | 2025年1-9月中国房地产代建企业 | | | --- | --- | --- | --- | | | 代建销售规模排行榜 | | | | | 企业名称 | 销售金额 | 销售面积 | | 排名 | | (亿元) | (万平方米) | | | CHCI 绿城管理 | 706.0 | 533.0 | | 2 | 蓝绿双城 | c1 172.4 | 102.5 | | 3 | 金地管理 | 150.0 | 84.0 | | 4 | 龙湖龙智造 | 139.0 | # 73 ...

智通财经APP获悉，10月13日，克而瑞地产研究发布2025年前三季度中国房地产企业代建排行榜。2025年前三季度代建新增规 模TOP20企业新增签约建面为15771万平方米，同比增幅达到31%；从新增规模的梯队分布看，已有6家企业年内新增代建规模超 1000万平方米，比去年同期多5家。 2025年以来头部代建企业扩张的意愿较为强烈，拓展规模显著提升。绿城管理(09979)前三季度新拓规模已超2700万平方米，是 第二名的两倍左右；此外旭辉建管、润地管理、蓝城集团、龙湖龙智造和金地管理新拓规模也超过1000万平方米，龙头效应显 著。 与此同时，TOP20在新增规模上也出现了内部分化的情况：除千万级以上有6家企业以外，有11家企业的新拓规模集中于300-800 万平方米以内，此外200-300万平方米、200万平方米以下的企业分别仅有1、2家。 2025年前三季度，代建新拓TOP5企业占比保持49%高位，行业整体延续高集中度走势，头部企业牢牢占据市场份额，其余企业 突围难度较大。 具体来看，TOP1-5企业新拓建面占比达到49%，与上半年持平，头部企业依然占据了行业新增规模的大部分资源；其次，TOP6- 10企 ...