继金山、青浦之后， 上海嘉定区于近期正式加入房票安置试点阵营 ，马陆镇彭赵村（北片 区）城中村改造项目成为该区首个落地项目，涉及268户居民。这一举措不仅为动迁居民提供 了多元选择，也为上海远郊楼市注入新活力。 此前召开的彭赵村城中村改造项目居住房屋协议置换动员会中提及，嘉定此次房票安置遵 循"现房+房票"模式，动迁居民需先选购一套安置房，剩余安置面积按30590元/平方米的评估 价计算基本额度，再叠加8%奖励， 综合房票单价约3.3万元/平方米。 以嘉定此次动迁居民大 多约200平方米核定面积，在选购首套安置房后，剩余约100平方米安置面积， 可兑换约330万 元房票（基本额度+奖励额度） 。 嘉定区房票政策适用的商品房类型为存量商品房等，区域限制为本区范围，目前不支持跨区使 用。 嘉定搭建"房源超市" 在房票安置试点中，为保障选择空间，嘉定区还搭建了 "房源超市" 。据了解，动迁居民嘉 定"房源超市"由区住房保障和房屋管理局会同相关部门组织建设、管理，参与房票安置的房地 产开发企业入驻。目前，嘉定区纳入房源超市的楼盘共14个。截至2025年7月，共有3139套商 品住房可供选择，备案单价区间在2.67万元 ...

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for stabilization in the market [2][6][41]. Core Insights - The real estate market continues to face pressure, with new construction and sales data showing significant declines. The report highlights a downward trend in new construction area, with an August year-on-year decrease of 20.3%, reflecting a 4.8 percentage point reduction from the previous month [2][42]. - Development investment also remains under pressure, with an August year-on-year decline of 19.5%, indicating that construction intensity is weak due to ongoing challenges in the sales market [2][42]. - The report suggests that the overall investment in construction may exhibit a "W-shaped" fluctuation pattern, with a short-term expectation of no V-shaped recovery [2][42]. Summary by Sections Sales Data - In August, the year-on-year growth rate of sales area adjusted for the base period was -10.6%, a decrease of 2.7 percentage points from the previous month. The overall new housing market has shown low-level fluctuations since May [6][15]. - Cumulatively, from January to August, the sales area reached 573 million square meters, with a year-on-year decline of 4.7% [9][16]. Construction Data - The new construction area in August saw a year-on-year decline of 20.3%, continuing a downward trend. The report anticipates that new construction will show a pattern of rising and then falling in the second half of the year [2][42]. - The completion area in August also experienced a year-on-year decrease of 21.4%, although it showed a slight recovery from the previous month [2][42]. Investment and Funding - The total development investment from January to August was 6 trillion yuan, reflecting a year-on-year decline of 12.9% [9][16]. - Funding sources for real estate projects showed a year-on-year decrease of 8.0% in August, indicating ongoing challenges in the financial landscape for real estate companies [7][9]. Market Trends - The report notes that the average price of new homes in August was 9,601 yuan per square meter, with a year-on-year decline of 2.7% [9][16]. - The report emphasizes the importance of monitoring the gap between net rental yields and mortgage rates as a key factor influencing total demand in the housing market [41].

Core Viewpoint - The company, Yuanda Intelligent, has engaged in a debt settlement through property, signing an agreement with Yunnan Urban Construction Investment Co., Ltd. to offset outstanding engineering payments with the sale proceeds of two residential properties valued at 4.968 million yuan [1][2]. Group 1: Debt Settlement Details - The agreement involves Yunnan Urban Construction Investment's subsidiary, Qujing Yunjian Real Estate, selling two properties located in the city center of Xuanwei to settle debts owed to Yuanda Intelligent [1][2]. - The properties are commercial villas, each with an area of 310.42 square meters, and are valued at approximately 2.5 million yuan each [3]. - The average price of the villas in the development is 7,800 yuan per square meter, indicating a high-end market position [3]. Group 2: Historical Context - This is not the first instance of Yuanda Intelligent utilizing property for debt settlement; the company previously engaged in similar arrangements with Yunnan Urban Construction Investment, including a deal last year involving properties valued at 3.688 million yuan [4]. - The company has a history of contracts with Yunnan Urban Construction Investment dating back to 2013, with a total contract value of 22.125 million yuan, of which 15.348 million yuan has been paid, leaving an outstanding balance of 6.777 million yuan [4]. Group 3: Financial Implications - The recent property settlement is expected to increase the company's pre-tax profit for 2025 by approximately 3.238 million yuan [5].

（文章来源：证券日报） 证券日报网讯 9月17日晚间，首开股份发布公告称，自2025年9月3日至9月12日期间，公司股票收盘价 格涨幅偏离值累计达到100%，触及股票交易严重异常波动情形。9月15日至9月17日公司股票收盘价继 续涨停，波动较大，存在交易风险。经核实，公司不存在应披露而未披露的重大信息，不存在影响公司 股票交易价格异常波动的重大事项。鉴于近日公司股票剔除大盘和板块整体影响后的实际波动幅度较 大，敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

9月9日，成都市规划和自然资源局发布关于公开征求《〈成都市城市规划管理技术规定 (2024)〉的补充规定》意见的公告，拟对住宅建筑相关规范进行调 整，阳台、飘窗以及各种形式的房屋附属空间的水平投影面积，不得超过项目住宅计容建筑面积的30%。 仅仅一周之后，主城成华区、金牛区先后两天推出涉宅用地。作为新规后的主城土拍，这些地块未来将以新规产品面市，从最终成交结果来看， 四宗地 成交价都较为温和。 业界相关人士分析认为，随着新规落地推进， 面向普通改善客群的项目供应有望持续增加，为有"普改"需求的购房者拓宽选择范围；与此同时，成都高 端项目也将依托这一市场变化获得合理利润缓冲， 进一步强化普通住宅与高端住宅的分层差异。 根据克而瑞数据显示，成都中心城区普改市场（110-140㎡）供需严重失衡，300万以内产品的供求比例仅为0.58，远低于市场平均水平。随着这批新地块 的逐步开发入市，这一供需紧张的局面有望得到改善。 今日成交的金牛区金周路79亩地块，起拍价为12100元/㎡，被金浦汇建设（成都轨道城市投资+金牛国投）以底价摘得； 昨日成华区推出的槐树店19.2亩地块、二八板块97.5亩地块，起拍价分别为15000 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longfor Group (00960.HK) [1][4][10] Core Insights - The decline in H1 2025 performance is primarily attributed to the decrease in gross margin from development business, while the revenue from operational and service segments continues to grow [2][9] - The company is expected to alleviate debt pressure by the end of 2025, with a marginal recovery in free cash flow, which may enhance investment cycles and boost valuations [1][10] Financial Performance Summary - For H1 2025, total revenue was 588 billion CNY, with a year-on-year growth of 25%, while pre-tax profit and net profit decreased by 30% and 45% respectively [2][3] - The gross margin for the overall business fell by 8.0 percentage points to 12.6%, with the development business gross margin dropping by 6.2 percentage points to 0.2% [2][3] - The company reported a core net profit of 14 billion CNY for H1 2025, a decrease of 71% year-on-year [2] Debt and Cash Flow Analysis - The company has successfully reduced its debt scale, with total interest-bearing debt at 169.8 billion CNY, down 9% year-on-year [9] - By the end of 2025, the company is expected to have significantly eased its funding pressure, with a net debt ratio of 51% [9][10] Earnings Forecast - Expected EPS for 2025, 2026, and 2027 are projected to be 0.71, 0.89, and 1.14 CNY per share, with corresponding PE ratios of 15.3, 12.1, and 9.5 [1][10]

记者丨吴抒颖 编辑丨张伟贤 招商蛇口再迎人事变动。 近日，招商蛇口发布公告称，原董事长蒋铁峰因工作调动辞任，原总经理朱文凯接任董事长，聂黎明出 任总经理。这次变动并不突然。9月初，招商局集团官网更新的信息显示，蒋铁峰已担任招商局集团副 总经理。 朱文凯、聂黎明均为招商系的老将。朱文凯的职业生涯从招商地产策划部经理起步，历任总经理助理、 副总经理，招商局海南开发投资有限公司党委书记、总经理等职务，直至此番接任董事长。 聂黎明入职起点稍高，他从招商地产运营管理中心副总经理起步，再到华北区域常务副总经理、华北区 域总经理、深圳区域总经理、公司副总经理，后转任招商积余董事长，此次履职之前的职务是招商局集 团产业发展部、业务协同部部长。 两位招商系老将的升职与回归，意味着招商蛇口新的管理层班底浮出水面。蒋铁峰履职之时，招商蛇口 的目标是"锚定"行业五强。在此期间，招商蛇口在土地市场上也屡有出其不意的大手笔投资，但业绩整 体表现却有所起伏。 在头部地产央企阵营中，保利发展的规模走在前头，华润置地的标签是综合不动产运营商，中海地产则 以成本管控见长，唯独招商蛇口的特色稍显模糊。此次两位招商地产老将搭班上任，能否为招商蛇口带 ...

近日，招商蛇口发布公告称， 原董事长蒋铁峰因工作调动辞任，原总经理朱文凯接任董事 长，聂黎明出任总经理。这次变动并不突然。9月初，招商局集团官网更新的信息显示，蒋铁 峰已担任招商局集团副总经理。 朱文凯、聂黎明均为招商系的老将。朱文凯的职业生涯从招商地产策划部经理起步，历任总经 理助理、副总经理，招商局海南开发投资有限公司党委书记、总经理等职务，直至此番接任董 事长。 聂黎明入职起点稍高，他从招商地产运营管理中心副总经理起步，再到华北区域常务副总经 理、华北区域总经理、深圳区域总经理、公司副总经理，后转任招商积余董事长，此次履职之 前的职务是招商局集团产业发展部、业务协同部部长。 两位招商系老将的升职与回归，意味着招商蛇口新的管理层班底浮出水面。蒋铁峰履职之 时，招商蛇口的目标是"锚定"行业五强。在此期间，招商蛇口在土地市场上也屡有出其不 意的大手笔投资，但业绩整体表现却有所起伏。 在头部地产央企阵营中，保利发展的规模走在前头，华润置地的标签是综合不动产运营商，中 海地产则以成本管控见长，唯独招商蛇口的特色稍显模糊。此次两位招商地产老将搭班上任， 能否为招商蛇口带来新鲜的变化，是此次人事变动外界最为关注的焦点 ...

Revenue and Budget Analysis - In August, general public budget revenue reached 1.24 trillion, with a year-on-year increase of 0.3%, but the monthly growth rate fell by 0.6 percentage points to 2.0%[3] - Tax revenue decreased by 1.6 percentage points to 3.4%, marking the second-highest decline since the beginning of the year, with significant drops in stamp duty and consumption tax on imported products[3] - The contribution of major taxes like VAT, corporate income tax, and personal income tax showed slight improvements, but their contributions remained limited due to low domestic inflation[3] Expenditure and Fiscal Gap - In August, general public budget expenditure growth fell by 2.2 percentage points to 0.8%, the second-lowest monthly figure of the year[4] - The fiscal gap from January to August expanded by 500.4 billion to 3.11 trillion, indicating increased pressure on government debt financing[4] - Government fund budget revenue turned negative in August, dropping by 14.6 percentage points to -5.7%, with land transfer revenue declining by 12.9 percentage points to -5.8%[5] Government Financing and Policy Implications - The cumulative fiscal deficit from January to August increased by 1.98 trillion, with government debt financing progress reaching 80.2% of the annual plan, significantly higher than previous years[7] - The ongoing economic structure optimization and cooling demand suggest a potential for increased fiscal stimulus and monetary easing to stabilize the real estate market and boost consumption[7] - Risks include the possibility that the extent of fiscal expansion may fall short of expectations[7]

调研基本信息 此次投资者关系活动类别为特定对象调研，于2025年9月17日在南京市鼓楼区集庆门大街270号公司49楼 会议室举行 。参与单位包括国泰海通证券的曾佳敏、国盛证券的夏陶等多家机构及相关人员。苏宁环 球接待人员有董事、副总裁、董事会秘书蒋立波，财务负责人刘得波，医美集团马国义以及证券部王 燕、赵亚洲、刘艳。 9月17日，苏宁环球接待了包括国泰海通证券、国盛证券、西南证券等在内的20家机构的调研。本次调 研就公司整体业务、地产业务、医美板块等方面展开交流，透露了苏宁环球地产、医美双主业发展的诸 多要点。 责任编辑：小浪快报 点击查看公告原文>> 苏宁环球业务发展要点双主业发展战略：苏宁环球以房地产开发与销售为主营业务，持续推进地产、医 美双主业发展战略。地产业务布局全国，深耕长三角区域；同时大力拓展医美领域，推进双主业协同发 展。地产业务经营情况：2025年房地产行业承压，但苏宁环球凭借三十年深耕，具备较强战略决策与规 划能力。公司持续深耕长三角，聚焦产品与服务，升级项目品质，构建全梯度产品体系，保障交付品 质。公司土地储备充足，总建面约155多万平方米，多位于长三角经济发达地区，土地成本低，抗风险 ...