Group 1: Industry Policy - The government construction management policy is becoming increasingly refined, standardized, and market-oriented, focusing on six key areas: strengthening institutional construction, enhancing professional capabilities, diversifying construction methods, promoting meticulous management, advancing standardization, and implementing full-cycle supervision [1][5][9] - In the third quarter of 2025, seven provinces and cities introduced policies related to government construction management, indicating a continued high frequency of policy issuance [6][7] - The policies emphasize precise applicability and meticulous management throughout the project lifecycle, with clear delineation of responsibilities among various parties involved [7][10][12] Group 2: Land Acquisition by Urban Investment Companies - In the third quarter of 2025, urban investment and platform companies accounted for 55% of land acquisition, a 12.8 percentage point increase from the second quarter, but a 14.2 percentage point decrease from the same period in 2024 [2][16] - The land acquisition area by urban investment companies exceeded 37 million square meters in the first nine months of 2025, representing an 11% decrease year-on-year [2][16] Group 3: Corporate Insights - The construction management industry is advancing standardization, with companies like Greentown Management and Longfor Dragon Smart Manufacturing enhancing their competitive edge through specialized field standardization [30][26] - The trend of ecological operation is being constructed, with companies like Greentown Management and New City Management launching supply chain platforms for recruitment [30][26] Group 4: Key Projects - The Tangshan Longhu Liyuan project, a sample project for alleviating difficulties, was delivered by Greentown Management, which faced challenges such as overcoming the "stalled project" stigma and improving product quality [18][19][20] - The Xuhui Construction Management's Nanjing Hexi South G116 affordable rental community project was also delivered, showcasing the company's commitment to social housing [21] Group 5: Bidding and Tendering - In the first three quarters of 2025, the number of awarded construction projects increased by 18% year-on-year, with the third quarter alone seeing 172 projects awarded, the highest in three years, marking a 37% increase year-on-year [4][22][23] - State-owned enterprises remain the primary clients for construction management services, with companies like Greentown Management and Longfor Dragon Smart Manufacturing expanding their project portfolios significantly [26][30]

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]

Group 1: New Project Signings - In September 2025, several construction management companies secured new project contracts, including Green City Management winning multiple residential projects in Hangzhou and Wenzhou [1] - Runze Management won a significant affordable housing project in Dongguan, with a total construction area of approximately 84,500 square meters [1] - Jin Di Group's Zhejiang region signed contracts for various residential projects, including a low-density residential area in Hangzhou with a construction area of about 24,800 square meters [1] Group 2: Major Events - He Sheng Chuang Zhan reported a total contract sales area of approximately 47,591 square meters and a sales amount of about RMB 4.236 billion for the first eight months of 2025 [2] Group 3: Market Analysis - In September, residential properties accounted for 85% of the bidding information in the public market, with Zhejiang province being the leading area for project announcements, representing 54% of the total [6][8] - 95% of the projects were won by real estate development companies, with residential properties making up 70% of the winning bids [8] Group 4: Land Acquisition Trends - There has been an increase in land acquisition willingness among private real estate companies, with their share of land acquisition amounting to 13.4% among the top 100 companies from January to September 2025, a rise of 5.6 percentage points compared to 2024 [11] - Some small and medium-sized private companies are becoming important clients for construction management firms, providing new growth opportunities [11]

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， ...

Core Insights - The report by CRIC highlights that in the first three quarters of 2025, the top 20 companies in the construction agency sector achieved a new signed construction area of 15,771 million square meters, reflecting a year-on-year growth of 31% [3] - The company Yuanyang Construction Management ranked 8th in the "Newly Added Scale of Construction Agency" list, demonstrating significant growth momentum [1][3] - Yuanyang Construction Management's newly expanded construction area reached 7.153 million square meters in Q3 2025, marking a remarkable year-on-year increase of 124% and surpassing the total area for the entire year of 2024 by 27% [3] Market Position and Trends - The top companies in the construction agency sector maintain a strong market share, making it challenging for other companies to break through [3] - Nearly 80% of Yuanyang's projects are located in first and second-tier cities, which enhances its risk resistance and ensures construction agency profitability [3] - The brand influence and industry impact of Yuanyang Construction Management have steadily increased, ranking 14th in the "Brand Communication Power of Construction Agency" list [3]

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 ...

Core Insights - The report by CRIC indicates a significant growth in the scale of construction projects undertaken by top real estate companies in China, with a year-on-year increase of 31% in newly signed construction areas for the top 20 companies in the first three quarters of 2025, totaling 15,771 million square meters [1][2]. Group 1: Market Trends - The top five construction companies accounted for 49% of the newly signed construction area, indicating a high concentration in the industry, with the top 1-5 companies maintaining their dominant market share [2]. - There is a notable internal differentiation among the top 20 companies, with six companies exceeding 10 million square meters in new construction area, while 11 companies fell within the range of 3-8 million square meters [1][2]. Group 2: Company Performance - Green City Management led the ranking with a new construction area of 2,785 million square meters, followed by Xuhui Construction Management and Run Di Management with 1,301 million and 1,290 million square meters, respectively [15]. - More than half of the construction companies reported a year-on-year increase in new construction area, with significant growth observed in the top 10 companies, particularly Run Di Management and Longhu Longzhizao, which saw increases exceeding 80% [4]. Group 3: Brand Development - Leading companies such as Green City Management and Xuhui Construction Management have been actively enhancing their brand visibility through various channels, including traditional media and social platforms, to strengthen their market presence [6][7]. - The industry has shifted from price competition to value competition, with companies focusing on comprehensive strength and differentiated development, marking a maturation and standardization of the industry [7]. Group 4: Industry Standards - The first systematic "Comprehensive Capability Evaluation Standard for Construction Companies" was published, marking a significant step towards the standardization and systematization of the industry [7]. - Jin Di Management released an upgraded version of its "Client Service White Paper," which includes new chapters on compliance management and service assurance, aimed at helping clients quickly understand the value points of various professional sectors [7]. Group 5: Marketing Initiatives - Seasonal marketing campaigns have become a focal point for construction companies to enhance brand awareness and drive sales, exemplified by Green City Management's 20th-anniversary celebration event, which attracted over 130,000 viewers [9][10]. - The "Golden 9 Cloud Harvest Plan" by Tengyun Zhike achieved over 100% performance during the holiday period, showcasing the effectiveness of targeted marketing strategies [10].

Core Insights - The top five companies in the construction management sector maintained a high market share of 49% in the first three quarters of 2025, indicating a continued trend of high concentration in the industry, making it difficult for other companies to break through [1][14]. Group 1: Market Overview - The overall market for construction management remains highly concentrated, with the top five companies capturing 49% of the new construction area, consistent with the previous half-year [14]. - The top 20 companies in terms of new construction area saw a year-on-year increase of 31%, with six companies exceeding 10 million square meters in new contracts this year, indicating strong expansion intentions among leading firms [9][10]. Group 2: Company Performance - Green City Management led the new construction area with over 27 million square meters, approximately double that of the second-ranked company, showcasing a significant lead in market expansion [10]. - The top 10 companies almost all reported positive growth, with some, like Run Di Management and Longhu Longzhizao, experiencing increases exceeding 80% [17]. Group 3: Brand and Marketing Strategies - Leading companies are enhancing their brand visibility through various channels, including traditional and industry media, to improve brand awareness and market attention [20]. - The industry is transitioning from price competition to value competition, with companies focusing on comprehensive strength and differentiated development [20][21]. - Green City Management launched a significant marketing campaign to celebrate its 20th anniversary, achieving substantial engagement with over 130,000 viewers during a live event [22].