本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 查看完整报告 点击注册小程序 特别申明： 报告摘要 事件： 公司25H1营收同比+3.7%，归母净利润同比+4.3% 1、2025H1公司实现营收71亿元，同比+3.7%；毛利12亿元，同比+4.7%；归母净利润7.7亿元，同比 +4.3%,宣派2025年中期+特别股息每股10港仙。 2、关联方中海地产8月全口径销售额184亿元，同比-0.3%；权益销售额169亿元，同比+2.0%；1-8月累计 全口径销售额1503亿元（排名行业第2），同比-16.5%；累计权益口径销售额1383亿元（排名行业第2）， 同比-14.6%。1-8月，中海地产新增土地价值664亿元，新增土地面积316万方，均排名行业第1。 点评： 物管增长保持韧性，盈利能力有所改善，中期分红比例提升 业主增值服务 ...

Core Viewpoint - The company has made significant progress in sales and operational management while maintaining cautious investment and optimizing financing costs [4][5][6]. Group 1: Share Buyback Announcement - On September 17, the company announced that it had repurchased 27.82 million shares, accounting for 1.01% of its total share capital, with a total transaction amount of approximately RMB 1.42 billion [4]. Group 2: Sales and Operational Performance - In the first half of 2025, the company focused on accelerating sales, achieving a sales amount of RMB 50.22 billion (up 11% year-on-year) and a sales area of 1.899 million square meters (up 14% year-on-year) [5]. - The company enhanced its commercial and property management capabilities, with a commercial leasing area of 85,000 square meters and a 24% year-on-year increase in customer traffic [5]. - As of June 2025, the total leased property area reached 1.012 million square meters, with property management contracts covering 63.2 million square meters [5]. Group 3: Investment and Financing Strategy - The company adopted a cautious approach to new investments, with new projects in Chengdu covering a total land area of approximately 78,600 square meters [6]. - In the first half of 2025, the company had a new construction area of 90,400 square meters and a completion area of 1.1058 million square meters, maintaining a relatively cautious stance on land acquisition and project initiation [6]. - The company's comprehensive financing cost was 4.76%, a decrease of 46 basis points compared to the end of 2024, indicating effective cost optimization [6].

据介绍，长沙、武汉两站推介活动的成功举办，不仅有效推广了盐田区的宜居形象和政策优势，也进一 步打通了跨区域住房消费通道，增强了盐田楼市在全国范围内的吸引力和影响力。下一步，活动还将继 续在全国更多重点城市开展此类精准对接活动，不断拓展盐田好房的品牌辐射范围，为更多外地市民提 供在深安家置业的一站式服务，助力实现"住有所居、居有所宜"的美好愿景。 深圳商报·读创客户端记者 何鑫 据悉，两地活动现场通过视频推介、项目展板等形式，生动展现了盐田"推窗见绿、出门亲海"的宜居环 境，汇聚了特发小梅沙觐海广场、鹏广达湾区壹号、嘉悦公馆、梧桐印海苑、鹏瑞半山云璟府、望辰府 等多个热点楼盘。各房企不仅带来优质房源，更推出专属优惠和礼品，吸引两地市民驻足咨询、登记意 向。此外，现场还设置了政策解读专区、金融对接服务等一站式配套，为意向购房者提供置业指引。 日前，深圳商报·读创客户端记者从盐田区获悉，由盐田区住房和建设局指导、深圳市不动产运营服务 行业协会承办的"活力深圳·相约山海盐田"——2025盐田好房节活动分别在长沙梅溪新天地商场、武汉 远洋里寺前广场成功举办。本次活动是盐田区积极响应深圳市房地产优化政策，推动跨区域住房消 ...

Core Viewpoint - The National Bureau of Statistics has released data on the changes in sales prices of new residential properties in 70 large and medium-sized cities for August 2025, indicating a mixed trend in price movements both month-on-month and year-on-year [1]. Summary by Category New Residential Property Sales Price Index - The new residential property sales price index for August 2025 shows a month-on-month decrease in most cities, with Beijing at 99.6, Tianjin at 99.5, and Shijiazhuang at 99.5, indicating a slight decline compared to the previous month [4]. - Year-on-year comparisons reveal that Beijing's index is at 96.5, Tianjin at 98.2, and Shijiazhuang at 96.7, suggesting a decrease in prices compared to the same month last year [4]. - The average price index for the first eight months of 2025 shows a decline across various cities, with Beijing at 95.3 and Tianjin at 97.9 [4]. Second-hand Residential Property Sales Price Index - The second-hand residential property sales price index for August 2025 also reflects a downward trend, with Beijing at 98.8, Tianjin at 99.6, and Shijiazhuang at 99.4, indicating a month-on-month decrease [5]. - Year-on-year data shows that Beijing's index is at 96.8, Tianjin at 97.0, and Shijiazhuang at 94.9, indicating a decline compared to the same month last year [5]. - The average price index for the first eight months of 2025 shows a similar trend, with Beijing at 97.7 and Tianjin at 95.9 [5]. Price Classification Index for New Residential Properties - The classification index for new residential properties indicates that properties under 90m² have an average index of 99.5, while those over 144m² are at 99.8, showing slight month-on-month decreases [6]. - Year-on-year comparisons for properties under 90m² show a decline to 94.9, while properties between 90-144m² are at 96.6, indicating a decrease in demand for larger properties [6]. - The average index for the first eight months of 2025 shows a consistent decline across all categories, with properties under 90m² at 95.3 and those over 144m² at 96.4 [6]. Price Classification Index for Second-hand Residential Properties - The classification index for second-hand residential properties shows that properties under 90m² have an average index of 98.6, while those over 144m² are at 99.1, indicating a slight month-on-month decrease [8]. - Year-on-year comparisons for properties under 90m² show a decline to 96.8, while properties between 90-144m² are at 97.5, indicating a decrease in prices for smaller properties [8]. - The average index for the first eight months of 2025 shows a consistent decline across all categories, with properties under 90m² at 97.8 and those over 144m² at 98.0 [8].

上海10万+豪宅的试探，中建新小区能否破局？没有市区高端盘操盘经验，均价却看齐区域标杆，中建 二局的静安首秀，从一开始就充满争议。 沪六条放开外环限购，本是远郊的狂欢，为何这个内中环项目能逆势热销？面对 "性价比不如金茂府" 的质疑，它凭什么打动改善客群？ 这家从临港起家的房企，想在上海豪宅市场站稳脚跟，这次试探能否成功？ 或许有人会说，中建新小区能成为红盘纯属政策 "搭车" 的偶然，沪六条虽未直接放开内环限购，但市 场情绪回暖带来的短期热度，终究掩盖不了项目自身的短板。 毕竟项目均价14.68万元/平方米，与具备学区属性的大宁金茂府相比缺乏价格优势，而中建二局此前从 未操盘过市区改善盘，豪宅开发经验的缺失迟早会暴露问题，这种认购热度恐怕难以持续。 这种担忧并非没有依据。改善型购房群体对开发商的品牌积淀和操盘能力尤为看重，金茂府作为区域标 杆，十年间价格稳步上涨，其市场认可度经过了时间检验。 对改善型客户而言，地段价值与工程品质才是核心诉求，中建二局的央企背景与市中心工程经验，本身 就是品质的隐形背书，这或许比单纯的 "豪宅操盘经验" 更能打动理性购房者。 或许还有人会质疑，沪六条的核心利好集中在外环外，内环 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [10] Core Insights - The "two-part pricing" method effectively explains the valuation logic and results of real estate stocks, focusing on inventory structure and the proportion of inefficient inventory [2][8] - Recent policies aimed at stabilizing the market have provided some uplift to market expectations, but marginal downward pressure has increased since April, indicating a higher probability of further easing policies [4] - The industry appears to have passed the rapid decline phase in volume and price, with structural highlights in core areas and quality properties [4] Market Performance - The Yangtze River Real Estate Index increased by 1.13% this week, outperforming the CSI 300 by 1.58%, ranking 8th out of 32 sectors [5][13] - Year-to-date, the Yangtze River Real Estate Index has risen by 12.76%, with a relative underperformance of -1.65% compared to the CSI 300, ranking 19th out of 32 sectors [5][13] Policy Developments - Chongqing is promoting healthy housing consumption through various measures, including financial support for affordable housing and optimizing personal housing loan rates [6][15] - Shanghai has adjusted property tax policies, exempting first-time homebuyers with residence permits for over three years from property tax [6][15] Sales Trends - The transaction volume of new homes in 37 cities showed a year-on-year decline of 4.2%, while second-hand homes improved with a 19.4% increase [7] - As of September 19, new home transaction volume in 37 cities increased by 5.2% month-on-month, while second-hand homes rose by 29.1% [7] Valuation Insights - The valuation of development real estate stocks varies significantly, primarily reflecting inventory quality, impairment levels, and new land acquisition capabilities [2][8] - Efficient inventory and new land acquisitions are critical for supporting sales levels and profitability, influencing both the decrement and increment in valuations [2][8]

Group 1 - The report indicates that the credit bond market is experiencing a divergence in trends, with most credit bond yields rising and credit spreads showing mixed performance, particularly in the short-end segment [10][21] - It is suggested to focus on the 2-3 year credit bonds for yield opportunities, as their spreads are higher than the lowest points in 2024 and lower than the average spread since 2024, indicating potential for value [12][21] - The report highlights that the financial bonds have shown some recovery after significant adjustments, but the sentiment remains cautious with limited room for bullish positions [10][21] Group 2 - Key policies include the announcement of a loan from Shenzhen Metro Group to Vanke for debt repayment, totaling up to 2.064 billion yuan, with cumulative loans since 2025 reaching 25.941 billion yuan [3][14] - The Ministry of Finance reported that from January to August, the national general public budget revenue was 1.48198 trillion yuan, a year-on-year increase of 0.3%, with tax revenue slightly up by 0.02% [15][20] - The central bank is guiding commercial banks to provide loans to state-owned enterprises and financing platforms to settle overdue accounts, with a total debt scale of approximately 1.8 trillion yuan [4][16] Group 3 - The report notes that the secondary market for credit bonds is active, with a significant increase in trading volume observed [21] - The report emphasizes the importance of monitoring the adjustments in the credit bond market, particularly in the context of the upcoming policy changes and market conditions [10][21] - The report also mentions that the Shanghai Stock Exchange has optimized the bond repurchase business to stabilize market prices, which may lead to a narrowing of spreads for lower-rated bonds [4][13]

"上海跌的最惨的小区，你知道是哪里吗？就是凯德茂名公馆，王思聪住的小区。"一名备注为上海泽钜房地产经纪公司创始人——首店长发出了这样的感 慨。 "什么概念啊，高位的时候9000多万，现在只要4000多万，白菜价啊。" 如今，王思聪该小区的这套上海豪宅再次降价出售，依然无人问津，看起来王思聪是急需用钱了。说起来，这已经不是王思聪第一次卖豪宅了，去年他就把 杭州那边的豪宅降价卖掉了，鉴于王思聪近年来频繁现身日本并疑似已定居当地，有人猜测此次抛售豪宅可能是急着套现，为了长期在国外生活而做出的准 备。 根据近期业内爆料，王思聪在上海凯德茂名公馆那套406平的底复，接近成交，但买家在最后一刻，放弃了。 这套豪宅内总共拥有四房两厅五卫，全屋皆配备了地暖，中央空调，装修相当奢华大气。挂牌一年以来，这套花园复式的挂牌价格从将近1亿，一路降到了 6100万，单价已经到了15万。 要知道，2022年的时候，同户型的房子成交单价接近35万一平米。十年前，王思聪是以6300万的合同价，购入这套位于黄浦区淮海中路上的豪宅，再加上 2200万的装修包，成本价高达：8500万。 根据业内消息透露，为了能够尽快找到下家，王思聪再次把价格下调 ...

Core Insights - The current real estate market in China is undergoing a deep adjustment phase, with significant declines in housing prices and sales volume, particularly affecting young professionals in major cities [1][3][5] Group 1: Market Trends - National residential sales area decreased by 8.7% year-on-year in the first half of 2025, while real estate development investment fell by 12.3% [1] - In major cities, new residential prices have shown a downward trend, with first-tier cities experiencing a 0.17% decline in new housing prices and a 0.29% decline in second-hand housing prices [1][3] - By the end of 2024, 53 out of 70 major cities reported a month-on-month decline in new housing prices, and 61 cities saw a drop in second-hand housing prices [1] Group 2: Affordability Issues - The housing price-to-income ratio in first-tier cities is alarmingly high at 20:1, far exceeding the internationally recognized reasonable range of 3:1 to 6:1 [3] - Young professionals in cities like Beijing and Shanghai face significant challenges in affording homes, with required down payments often exceeding their savings capabilities [3][5] Group 3: Changing Attitudes - Many young individuals are opting for a "lying flat" approach, prioritizing current quality of life over long-term financial commitments like mortgages [5] - The Ministry of Housing and Urban-Rural Development has emphasized a shift towards stabilizing housing prices and promoting healthy market development, indicating a move away from high-growth models [5][6] Group 4: Decision-Making Factors - Home-buying decisions are influenced by various factors, including personal financial stability, family needs, and local market conditions [8] - Recommendations for potential buyers include assessing economic strength, clarifying housing needs, and considering the rent-to-price ratio to make informed decisions [9][10]

杭州城建：涉及两起重大诉讼案件主债务本金合计4000万元 杭州市城市建设发展集团有限公司发布公告，披露其作为连带责任保证人涉及的两起重大诉讼案件。原 告均为中信银行股份有限公司杭州分行，被告一为杭州建工集团有限责任公司，被告二为杭州市城市建 设发展集团有限公司。两起案件分别涉及借款本金2000万元及相应罚息、律师费，合计金额分别为 2026.517万元和2036.833万元。目前案件已被杭州市上城区人民法院受理，尚未审结。 蓝光发展：被纳入失信被执行人 四川蓝光发展股份有限公司公告，2025年06月17日至2025年09月16日期间，公司本部及重要子公司新增 25项被纳入失信被执行。 四川蓝光发展股份有限公司发布2025年半年度亏损公告，合并报表净利润亏损25.52亿元。主要原因为 经营亏损约18.8亿元、减值计提1.94亿元及非经营性损益影响4.8亿元。公司受房地产市场低迷和债务风 险影响，项目销售毛利较低且财务费用高企。四川蓝光发展股份有限公司2025年上半年总资产937.32亿 元，总负债1442.70亿元，净资产-505.38亿元。 融创中国：获香港法院批准举行重组计划表决会议 佳兆业集团：境外债务重 ...