得道者多助，自成高光。 本身就是城市顶流的凤起潮鸣的交付，恰逢义乌官宣成为2026年央视春晚分会场。这份奇妙契合既化作 全民共享的骄傲与荣光，更借势分会场的全球关注度，让更多人透过这个高端人居范本，看见义乌的人 居水平与城市发展实力。 以"百鸟朝凤"为意象、东方园林为骨骼的凤起潮鸣，宛如打通老城记忆与当代生活的时光隧道，既镌刻 着义乌从"鸡毛换糖"到"点石成金"的奋斗历程，也彰显着浙江中小城市在传承本土文脉、激活城市活力 上的独特智慧与实践成果。 01 迈入其中，品质感更体现在触手可及的细节里。高层立面采用大面积玻璃幕墙搭配金属色铝板，创新的 弧形圆角与转角无柱设计，搭配超高窗墙比，造就270°环幕视野，推窗即揽城市与园林双重盛景，让阳 光与风景成为日常标配。合院则以木纹铝板镶嵌奢石，打造首层环游回廊，每一处都尽显高端质感。 整个公区更是雅致到令人心动。一条风雨连廊串联起整个公区，不仅方便晴雨无阻从容穿行，也为小区 增加了无数个"身临其境"的景观视角；"凤生八境"、"一轴一带十雅集花园"的园林格局，步移景异；约 1400㎡地下车马厅更是一眼难忘，低调又奢华，处处彰显出高雅气质。 可以说，凤起潮鸣的出现，让义乌 ...

Group 1: Company Overview - The report focuses on Greentown China (03900), a leader in high-quality residential development, with a strong presence in key cities like Hangzhou, Shanghai, and Beijing [2][11] - Greentown China has a mixed ownership structure, with major shareholders including China Communications Construction Company (28.94%) and Kowloon Warehouse (22.95%) [2][11] - The company has a competitive advantage due to its combination of state-owned enterprise credit and market-oriented mechanisms [2][11] Group 2: Land Acquisition and Inventory - Greentown China has been actively acquiring land since 2017, with an average land acquisition to sales ratio of 58% from 2017 to 2024, and a 55% ratio in the first half of 2025 [2][11] - The company focuses on land acquisition in key cities, with over half of its land value concentrated in ten core cities [2][11] - As of the end of 2024, the total land reserve area is 27.47 million square meters, with a total land reserve value of 449.6 billion yuan [2][11] Group 3: Sales and Product Strength - Greentown China's self-invested sales in the first half of 2025 reached 80.3 billion yuan, with a sales price of 35,000 yuan per square meter, ranking fifth in the industry [2][11] - The company has a strong product offering, with eight product series and a verified premium pricing ability, averaging a 15% premium [2][11] - The company’s construction system and property management services contribute to its competitive edge [2][11] Group 4: Financial Performance and Valuation - The company has recognized impairment provisions totaling 11.4 billion yuan from 2019 to 2024, with a 5.9% average for major real estate companies [2][11] - As of the end of 2024, the pre-receivable account is 147 billion yuan, covering 1.0 times the real estate settlement income for 2024 [2][11] - The target market capitalization for Greentown China is set at 33.3 billion HKD, based on a price-to-book ratio of 0.85X [2][11] Group 5: Industry Insights on Organic Silicon - The organic silicon industry is experiencing a structural transformation, with domestic consumption expected to maintain high growth due to strong demand from the photovoltaic and electric vehicle sectors [10][12] - China's organic silicon consumption accounts for approximately 60% of global demand, with a projected apparent consumption of 1.82 million tons in 2024, a year-on-year increase of 21% [10][12] - The domestic production capacity of organic silicon is expected to peak at 3.44 million tons by the end of 2024, with a high industry concentration [10][14] Group 6: Cloud Computing and AI Sector - Major cloud service providers like Google and Microsoft have exceeded expectations, with Microsoft Azure's revenue growth accelerating to 39% in FY25Q4 [13][14] - The overall capital expenditure (Capex) for the cloud industry is projected to exceed 350 billion USD in FY25, reflecting strong demand for AI cloud services [13][14] - The report highlights the competitive advantages of these companies in the AI cloud sector, driven by increased computational capacity and strategic partnerships [13][14]

Investment Rating - The report initiates coverage with a "Buy" rating for Greentown China [3][8]. Core Views - Greentown China is positioned as a leader in high-quality housing, leveraging a mixed-ownership structure that combines state-owned enterprise credibility with market-oriented mechanisms. The company has demonstrated strong product capabilities and a competitive edge in the housing market, particularly in first- and second-tier cities [7][8]. Company Overview - Greentown China Holdings Limited was established in 1995 in Hangzhou and has evolved into a national developer with a focus on high-end residential projects. The company has a diversified product portfolio, including luxury villas and urban landmarks, and has maintained a leading position in the industry through its commitment to quality [17][18]. - The major shareholders include China Communications Construction Company (29% stake) and Kowloon Warehouse Group (22.95% stake), with the founder holding 8.03% [19][23]. Land Acquisition & Inventory - The company has been actively acquiring land since 2017, with an average land acquisition to sales ratio of 58% from 2017 to 2024. In the first half of 2025, this ratio was 55%. The focus is on key cities such as Beijing, Shanghai, and Hangzhou, with over half of the land value concentrated in ten core cities [7][39]. - As of the end of 2024, Greentown's total land bank was 27.47 million square meters, with a total land value of 449.6 billion yuan, of which 53% is located in the core ten cities [7][39]. Sales & Product Strength - The company reported self-invested sales of 80.3 billion yuan in the first half of 2025, with a sales price of 35,000 yuan per square meter, leading the industry. Greentown's competitive advantage lies in its strong product development capabilities and market-validated premium pricing [7][8]. - The company has established eight product series tailored to market needs, demonstrating a verified ability to command price premiums averaging 15% [7][8]. Financials & Valuation - Greentown's financial performance is expected to improve, with projected net profits of 1.01 billion yuan in 2025, down 36.8% year-on-year, followed by a recovery in 2026 and 2027. The target market capitalization is set at 33.3 billion HKD, based on a price-to-book ratio of 0.85 [6][8]. - The company has recognized impairment provisions totaling 11.4 billion yuan from 2019 to 2024, indicating a relatively adequate level of impairment compared to industry averages [7][8].

Group 1 - A prime residential land parcel in Yiwu was successfully auctioned by Greentown with a total transaction price of 585.33 million yuan, reflecting a floor price of 16,145 yuan per square meter and a premium of 6.4% [1][2] - The land is strategically located near the Xiuhu Station of the Jin Yi East Urban Rail Transit and is less than 500 meters from Xiuhu Park, indicating its potential attractiveness for residential development [1] - This transaction is seen as a significant indicator of the land market trends in Yiwu for the first half of the year [1] Group 2 - Greentown has been actively expanding its presence in Yiwu, having developed several notable projects over the past decade, including the Rose Garden project in 2013, which became a representative residential property in the area [3][4] - Recent projects like Fengqi Chaoming and Fengqi Yilou have further solidified Yiwu as a core strategic area for Greentown, showcasing the city's high market value and purchasing power [5] - The economic growth in Yiwu, with a GDP of 126.13 billion yuan and a year-on-year increase of 7.7%, has contributed to a resilient real estate market, outperforming other cities of similar size [7] Group 3 - The newly auctioned land will support the development of modern residential products, including features like sky gardens and public shared platforms, enhancing the overall living experience [8] - As the current inventory in the central district is expected to be cleared by the end of the year, this new land parcel will fill the supply gap in the residential market [8]