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 ...

（原标题：不打"价格战"！百强房企争相涌入代建市场！） 所幸，"规模竞赛"已不是行业唯一主题。从"四好"住宅的打造到城市更新的操盘，从烂尾项目纾困到存 量资产盘活……头部企业与中小企业在新发展共识下展开差异化竞争。伴随行业标准与评价体系的日益 完善，全行业践行"价值革命"，代建行业正在避开"价格战"的暗礁，转向"价值战"的主航道。 尚未稳固的"橄榄形" 2025年，代建新拓规模逆转了2024年拓展"失速"的态势。据克而瑞统计，2025年代建新增规模TOP20企 业的新增签约建面达22007万平方米，同比增幅16%，增速较2024年提升6个百分点。 尽管整体规模回升，但克而瑞联席董事长丁祖昱将之归因为"头部代建企业扩张意愿强烈"。事实上，与 此前多年行业整体性的爆发式增长不同，2025年的代建市场竞争结构和竞争环境已发生根本性变 化，"橄榄形"竞争结构已经初现雏形。这一结构往往被认为是一个产业进入成熟期主流高集中度的典型 形态。 中指研究院最新发布的《2025年中国房地产代建企业排行榜》显示，绿城管理完成了3535万平方米的新 签约代建面积，比第二名高出超过一倍，然而其拓展规模较前一年略有下滑。 排在绿城管理之 ...

Core Insights - The real estate industry is rapidly exploring new development models, with top 100 real estate companies showing strong enthusiasm for the construction agency market, leading to further industry growth and a new competitive landscape [1] - The focus has shifted from a "scale race" to a "value revolution," with companies engaging in differentiated competition, emphasizing quality over price [1] Group 1: Market Trends - In 2025, the new scale of construction agency reversed the slowdown seen in 2024, with the top 20 companies signing contracts for 22,007 million square meters, a year-on-year increase of 16%, and a growth rate improvement of 6 percentage points compared to 2024 [2] - The competitive structure of the construction agency market has fundamentally changed, showing an "olive-shaped" competition structure typical of a mature industry with high concentration [2] - Over 100 companies have entered the construction agency business, primarily from the top real estate sales companies, indicating a highly competitive environment [3] Group 2: Competitive Dynamics - Despite high market concentration among leading companies, the competitive landscape is still evolving, with ongoing reshuffling among top-tier and mid-tier companies [3] - The construction agency sector is characterized by light assets, high profit margins, and resistance to economic cycles, making it attractive for real estate companies amid significant market pressures [3] Group 3: Pricing and Value Competition - The management fee rates for construction agency projects have decreased from an early average of 3% to a range of 1%-3%, with 81.7% of projects falling within this range [4] - Industry leaders are advocating for a shift from price competition to value competition, emphasizing the importance of value creation over low pricing [4][5] - Many companies are consciously maintaining price floors and focusing on quality service rather than engaging in price wars [5] Group 4: Differentiated Competition Strategies - Companies are actively enhancing their capabilities and creating value through various means, including focusing on "good housing," urban renewal, and revitalizing existing assets [6] - Successful examples include projects that integrate comprehensive management and cost control, such as the Chengdu Xijingtai project, which achieved over 90% sales in a previously stalled development [7] - The industry is recognizing the need for higher service standards and a healthier evaluation system to guide companies towards enhancing their professional capabilities [5][6] Group 5: Future Outlook - The construction agency market still holds potential for residential and affordable housing, as well as opportunities in urban renewal and village renovations [8] - Future strategies suggest that leading companies should focus on improving service capabilities and management efficiency, while smaller firms should deepen their expertise in niche areas to build competitive advantages [8]

Core Viewpoint - The real estate construction management industry has seen significant growth in 2025, driven by the strong expansion intentions of leading companies, with a notable shift from traditional development to service-oriented models [3][4]. Group 1: Industry Growth and Trends - In 2025, the top 20 construction management companies added approximately 220 million square meters of new signed construction area, representing a year-on-year increase of 16%, which is 6 percentage points higher than in 2024 [3]. - The number of winning bids in the third quarter of 2025 reached 172, with year-on-year and quarter-on-quarter increases of 37% and 17%, respectively [4]. - Ten companies achieved over 10 million square meters of new construction management scale in 2025, with the top five companies accounting for 45% of the new construction area [5]. Group 2: Company Performance - Leading companies such as Jindi Management, Longfor Longzhizao, and New City Construction Management saw their new construction management scale increase by over 50% in 2025, with new signed areas of 15.31 million, 13.87 million, and 10.61 million square meters, respectively [7]. - The sales scale for Longfor Longzhizao and Jindi Management reached 20.6 billion and 19.3 billion yuan, ranking them third and fourth in sales scale [7]. Group 3: Market Dynamics and Opportunities - The industry is undergoing a structural adjustment from scale expansion to value creation, with companies needing to enhance product quality, innovate services, and manage risks to achieve stable development during the industry reshuffle [5]. - The demand for professional construction management services has increased due to government initiatives promoting affordable housing and urban renewal, creating opportunities for companies to leverage their expertise [8]. - There is a growing trend of collaboration between construction management firms and local governments or state-owned enterprises, providing new avenues for project expansion [9].

Core Insights - The real estate construction agency industry is experiencing significant growth, with over 100 companies targeting this sector, driven by the strong expansion intentions of leading firms [1] - The top 20 construction agency companies are expected to sign approximately 220 million square meters of new contracts in 2025, representing a year-on-year increase of 16%, which is 6 percentage points higher than in 2024 [1] - Major players like Jindi Management, Longfor Longzhizao, and New City Construction Management have seen their new contract areas increase by over 50% year-on-year [4] Group 1: Market Trends - The number of contracts awarded in the construction agency sector has been rising, with the third quarter of 2025 seeing 172 contracts awarded, reflecting a year-on-year increase of 37% and a quarter-on-quarter increase of 17% [2] - Ten companies are projected to add over 10 million square meters of construction agency scale in 2025, with the top five companies accounting for 45% of the new construction area [2] - The industry is shifting from scale expansion to value creation, requiring companies to enhance product quality, innovate services, and manage risks effectively during the industry reshuffle [2][3] Group 2: Company Performance - Jindi Management, Longfor Longzhizao, and New City Construction Management are gaining market attention, with their new signed construction areas being 15.31 million square meters, 13.87 million square meters, and 10.61 million square meters, respectively [4] - The sales scale for Longfor Longzhizao and Jindi Management reached 20.6 billion and 19.3 billion yuan, ranking them third and fourth in sales scale [4] - These companies are reducing their self-investment project scales significantly, with new value added being less than 9 billion yuan, compared to previous peaks of over 100 billion yuan [4] Group 3: Industry Dynamics - The construction agency sector is benefiting from government policies promoting affordable housing and urban village renovations, creating a demand for professional operators [5] - The light-asset model of construction agencies allows companies to focus on product quality and service while managing risks, aligning with current market demands [5] - The construction agency market is expected to grow at an annual rate of 21.3%, indicating significant potential compared to the 20%-30% penetration rates in mature markets like Europe and the U.S. [5] Group 4: New Opportunities - Local government investment entities hold many undeveloped land parcels, which are becoming key targets for construction agencies [6] - Non-real estate companies are increasingly willing to engage in construction agency projects, providing new growth opportunities for construction firms [6] - Some construction agencies are proactively engaging in the construction process to secure quality land reserves, representing a new expansion strategy [6]

本报记者 陈潇 集中度持续提升 从行业整体看，代建市场的集中趋势进一步强化，头部企业新增代建规模持续增长。数据显示，2025年 新增代建规模TOP20企业合计新签约建面达22007万平方米，同比增幅16%，增速较2024年提高6个百分 点。 2025年以来，房地产代建头部企业显著加大投拓力度，新签约规模快速放量，行业集中度持续抬升，代 建赛道呈现出"强者恒强"新特征。 克而瑞最新发布的数据显示，2025年，代建企业新拓面积规模前十集中度达到77%，较2024年增长6个 百分点，头部企业牢牢占据市场份额，代建行业正加速迈入以能力与品牌为核心的高质量发展阶段。 头部阵营扩张 具体来看，代建头部阵营扩张态势尤为突出。中指研究院发布的《2025年中国房地产代建企业排行榜》 显示，2025年，绿城管理控股有限公司（以下简称"绿城管理"）以3535万平方米的新签约代建规模位列 行业第一，规模优势明显。旭辉管理集团有限公司（以下简称"旭辉建管"）、北京润地建设管理有限公 司（以下简称"润地管理"）分别以1629万平方米和1595万平方米的新签约规模位居第二、第三，继续保 持第一梯队地位。 分领域来看，在政府代建领域，头部企 ...

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].

Group 1 - The core viewpoint of the article highlights that Greentown Management Holdings (09979) has seen a stock price increase of over 4%, currently trading at 2.97 HKD with a transaction volume of 27.52 million HKD [1] - As of December 31, 2025, the total contracted construction area for new projects is 35.35 million square meters, representing a decrease of approximately 3.1% compared to the same period last year [1] - The estimated construction fee for new projects is 9.35 billion RMB, which shows a growth of about 0.4% year-on-year [1] Group 2 - According to a report from Caitong Securities (601108), Greentown Management Holdings is a pioneer and leader in the domestic light-asset real estate development model [1] - The company's core business model includes three main construction management sectors and three supporting services [1] - The company has established a scale advantage and brand effect through continuous efforts in the construction management field, maintaining a leading position in new construction area and sales for many years, with ample orders on hand and gradually improving project initiation efficiency [1]

Core Viewpoint - Greentown Management Holdings (09979) has seen its stock price increase by over 4%, currently trading at HKD 2.97, with a trading volume of HKD 27.52 million [1] Group 1: Company Performance - As of December 31, 2025, the total contracted construction area for new projects is 35.35 million square meters, a decrease of approximately 3.1% compared to the same period last year [1] - The estimated construction fee for new projects is RMB 9.35 billion, reflecting a growth of about 0.4% year-on-year [1] Group 2: Industry Position - Greentown Management Holdings is recognized as a pioneer and leader in the domestic light-asset real estate development model, with a core business model that includes three main construction management sectors and three supporting services [1] - The company has established a significant scale advantage and brand effect through its continuous focus on the construction management sector, maintaining a leading position in new construction area and sales for many years, with ample orders on hand and improving project initiation efficiency [1]

Core Insights - The article highlights the rapid growth of Yuanyang Construction Management, a subsidiary of Yuanyang Group, which ranked 9th in the 2025代建 industry new contract scale ranking, marking it as the fastest-growing "dark horse" among leading construction management firms [1][15][24] Group 1: Company Performance - Yuanyang Construction Management achieved a new contract scale of 10.19 million square meters, ranking 9th in the industry [24] - The company secured a government construction new contract scale of 2.79 million square meters, placing it 6th in this category [24] - The total sales scale for construction management reached 2.2 billion, ranking 15th in the industry [24] Group 2: Project Highlights - The Tianjin Qicheng Bay project, a large-scale development, became a regional sales champion by differentiating its product strategy [19] - The Beijing Banshan Guanlan project was recognized as a benchmark for livability, receiving the "Good House" certification [19] - The Zhejiang Cixi City Hangwan Financial Port project was awarded for its excellence in government construction, becoming a model for local livelihood projects [19] Group 3: Market Strategy - The company emphasizes a full-cycle management approach, enhancing product capabilities and leveraging its advantages across various sectors and the entire industry chain [1][15] - Yuanyang Construction Management aims to act as a "project doctor," focusing on precise diagnosis and value extraction to rejuvenate projects and ensure high-quality delivery [1][15][16] Group 4: Expansion and Future Plans - The company plans to add over 1,019 new projects and 160 million square meters of service area by 2025, expanding into major cities like Shenzhen, Chengdu, Changchun, and Fuzhou [23] - In the past three years, Yuanyang Construction Management has managed over 2,300 projects and expanded its footprint into 40 cities [23]