其 他 报 告 2025年06月23日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3360 | -0.07 | -0.25 | | 深证成份指数 | 10005 | -0.47 | -0.60 | | 沪深300指数 | 3847 | 0.09 | -0.25 | | 创业板指数 | 2010 | -0.83 | 0.22 | | 上证国债指数 | 225 | 0.06 | 0.16 | | 上证基金指数 | 6906 | -0.01 | -0.02 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23530 | 1.26 | 0.42 | | 中国香港国企指数 | 8527 | 1.38 | 0.30 | | 中国台湾加权指数 | 22046 | 0.19 | 1.90 | | 道琼斯指数 | 42207 | 0 ...

证券研究报告 持续看好库存优、拿地及产品力强房企， 现金流及分红稳定物企配置价值凸显 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月22日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：短期板块或维持震荡。本周板块表现先扬后抑，全周下跌1.69%，跑输沪深300（-0.45%），当前板块主要分歧在于：一方 面A股主流地产股价已接近2024年9月低点、4、5月楼市走弱叠加上周国常会表态，政策预期升温，中期已具备一定交易性机会；另一 方面，居民收入及房价预期偏弱背景下，市场对楼市企稳仍缺乏信心，同时5月"一揽子金融政策"公布后，对短期政策出台可能性及 潜在效果仍存分歧。 重申关注中线布局，看好库存结构优、拿地及产品力强房企。我们认为尽管楼市修复存在波折反复，但"核心区与好房子"率先止跌 回稳的趋势未变，建议关注库存结构较优（高点拿地少或主要聚焦核心地段、历史减值多等）、拿地能力及产品力强的房企，短期有 望受益"核心区+好房子"细分市场企稳，中期有望把握新一轮产品迭代周期带来的发展红利。 现金流及分红稳定的物企配置价值逐步凸显。物业管理轻资产、现金牛属性明显，尽管房地 ...

行业点评 本周 A 股地产、港股地产、港股物业均下跌。本周（6.14-6.20）申万 A 股房地产板块涨跌幅为-1.7%，在各板块 中位列第 14；恒生港股房地产板块涨跌幅为-1.6%，在各板块中位列第 6。本周恒生物业服务及管理指数涨跌幅为- 1.9%，恒生中国企业指数涨跌幅为-1.5%，沪深 300 指数涨跌幅为-0.5%；物业指数对恒生中国企业指数和沪深 300 的 相对收益分别为-0.5%和-1.5%。 土地市场溢价率有所回升。本周（6.14-6.20）2025 年第 25 周，全国 300 城宅地成交建面 917 万㎡，单周环比 24%，单周同比-16%，平均溢价率 8%。2025 年初至今，全国 300 城累计宅地成交建面 16293 万㎡，累计同比-3.6%； 年初至今，保利发展、绿城中国、中海地产、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(6.14-6.20)新房成交量环比+9.3%，连续两周上升，同比-7.3%；5 月新房售价环比-0.2%，同比-4.1%，同比 降幅持续收窄；结合量价，景气度下行趋缓。本周 47 个城市商品房成交合计 370 万平米。其中：一线城市周环比+3%， ...

近期，多家房企传出出售资产的消息。 其中，香港上市的物业公司荣万家发布公告称，为收回应收款项余额，该公司与大股东荣盛发展订立了2025年 债务抵偿框架协议，荣盛发展将出售清偿物业来抵销债务余额，总代价约10.7亿元。 公告称，本次交易为资产出售，不涉及发行股份，不涉及上市公司股权变动，不会对上市公司股权结构产生影 响。 *ST中地是中交地产的股票简称。今年1月21日，中交地产就发布公告称，拟将公司持有的房地产开发业务相 关资产及负债转让至控股股东中交房地产集团，本次交易为重大资产出售，拟采用现金的支付方式，本次交易 如能顺利完成，预计将降低公司资产负债率，优化资产结构。 另外，中交地产发布重大资产出售草案，拟以1元价格将其持有的房地产开发业务相关资产及负债转让至公司 控股股东中交房地产集团，引起市场关注。 荣盛发展出售物业抵债 6月18日晚间，荣万家发布公告称，为收回应收款项余额，该公司与荣盛发展（拥有荣万家62.64%权益）订立 了2025年债务抵偿框架协议，该公司已有条件同意收购而荣盛发展已有条件同意出售清偿物业，总代价为10.7 亿元，将按等额基准抵销余额。 根据公告，荣盛发展已有条件同意出售的清偿物业 ...

Group 1 - Several real estate companies are reported to be selling assets to recover debts [1] - Rongwanjia (02146.HK) announced a debt compensation framework agreement with its major shareholder Rongsheng Development (002146), involving the sale of properties to offset a debt balance of approximately 1.07 billion [2][3] - The properties to be sold include 12,700 parking spaces, 5,479 storage units, and 112 residential, apartment, and commercial units across various provinces [2][3] Group 2 - Zhongjiao Real Estate announced a major asset sale plan, proposing to transfer its real estate development assets and liabilities to its controlling shareholder for a nominal price of 1 yuan [4][5] - This transaction aims to focus the company on property services and asset management, transitioning to a light asset operation model [4][5] - The company has been facing continuous losses in its real estate development business, with a projected net asset of -3.579 billion by the end of 2024, indicating a risk of delisting [5]

Group 1 - The property management of the Jining Jingyun Residence has been reported for falsifying fire inspection records, including backdating and pre-filling dates [2] - Residents have raised concerns about the management of fire safety equipment, with issues such as empty fire extinguishers and lack of fire hoses in fire cabinets [2][3] - The property management company has received multiple fines from the Jining Fire Rescue Team for failing to maintain fire safety equipment properly [4] Group 2 - The effective lifespan of dry powder fire extinguishers is typically 10 years, and the extinguishers in the Jining Jingyun Residence have not been maintained or replaced as required [4] - The property management has been unresponsive to complaints, with attempts to contact the property manager resulting in no response [5] - Local emergency management officials have stated that they can only urge the property management to rectify the issues and will escalate the matter to higher authorities if necessary [5]

Group 1 - The core point of the article is that Shimao Services is establishing a partnership to invest in a cold chain logistics project in Huludao, Liaoning Province, China [1] - Shimao Services' wholly-owned subsidiary, Shanghai Shimao Tianjing, will contribute RMB 237.6 million to the partnership, while Wuxi Xinghe will contribute RMB 2.4 million [1] - The total investment amount for the partnership is RMB 240 million [1]

Core Viewpoint - The court ruled that the property management company must issue a consent certificate for the installation of an electric vehicle charging station in the resident's designated parking space, emphasizing the importance of supporting the development of the new energy vehicle industry and environmental protection [2][3]. Group 1: Legal Context - The Civil Code stipulates that civil activities should promote resource conservation and environmental protection, highlighting the positive impact of developing the new energy vehicle industry on energy security and pollution reduction [2]. - National regulations require property service companies to actively support the construction of charging facilities, indicating a legal obligation for cooperation in such matters [2]. Group 2: Property Management Responsibilities - The property management company is expected to respond positively to residents' requests for charging facility installations, as these do not alter the shared use of common areas and should not require collective decision-making by all owners [2]. - Concerns raised by the property management regarding potential safety hazards and impacts on civil defense functions do not exempt them from issuing the necessary consent certificate, as this is a procedural requirement that does not determine the feasibility of installation [2][3]. Group 3: Court's Decision - The court's decision mandates the property management company to provide the consent certificate, reinforcing the notion that property service companies should not adopt a passive stance towards residents' needs [3]. - The ruling also allows property management to intervene if safety issues arise after the installation of charging facilities, ensuring ongoing oversight and management [3].

Core Viewpoint - The company has established a debt compensation framework agreement with Rongsheng Development to recover outstanding receivables through the acquisition of properties, amidst challenges in the real estate market and liquidity tightening [1][2][3] Group 1: Debt Compensation Framework - The company successfully settled receivables amounting to RMB 288 million under the debt compensation framework agreement [1] - A new debt compensation framework agreement for 2025 has been signed, with a total value of RMB 1.07 billion for property acquisition to offset outstanding receivables [1] - The company has the discretion to refuse to offset debts if any properties experience adverse changes before the offset [1][2] Group 2: Market Context and Challenges - Rongsheng Development, like other Chinese real estate developers, is affected by a sluggish real estate market and liquidity issues, leading to difficulties in settling receivables [2] - The company has faced challenges in executing the debt compensation framework due to properties being seized or frozen by the government or courts shortly after the agreement's effective date [2] Group 3: Future Strategies and Market Opportunities - The company plans to sell the acquired properties to third-party buyers to recover cash, leveraging its experience in property management to identify parking space demands [3] - The ongoing urbanization in China is expected to enhance the market value of residential properties, particularly in key cities, driven by population influx and improved housing policies [3] - The company is considering selling properties through debt compensation to downstream suppliers and has established a specialized sales team to facilitate property disposal [3]

核 心 观 点 当前，城市更新已成为推动城市可持续发展关键举措，当前城市更新进展 如何？资金从哪里来？后续如何 开展？ 城市更新工作进展如何？ 城市更新行动的范围较广，包括老旧小区、老街区、老厂区和城中村的综合改造 等。 2021 年我国将城市更新写入政府工作报告和"十四五"规划当中，并开启了 21 个城市为期两年的试点工 作。试点工作次年起，住建部开始发布《实施城市更新行动可复制经验做法清单》，其政策机制的变化充分体 现出城市更新行动的阶段性进步，反映出城市更新体制机制愈发成熟。从最新一批可复制经验来看，有两点值 得关注：一是强调对存量资源的盘活和利用，二是强调资金和参与主体的多元性。 2021-2024 年全国累计开 工改造老旧小区 接近 22 万个，已经超过十四五规划中 21.9 万个的目标 。今年全年计划新开工改造城镇老旧 小区 共 2.5 万个，较前 4 年的水平明显减少 。 2022 年以来，每年实施的城市更新项目数均稳定在 6 万个上 下， 但前年和去年的总投资金额却明显较低。 因此，后续 资金保障较为重要 。 资金支持来自 何 处 ？ 总的来说，城市更新的资金来源主要有四类，中央财政、地方财政 ...