拿地金额排名第四，土地质量提升显著 根据克而瑞数据，公司1-5 月拿地金额331.6 亿元，同比+53%，排名行业第四；新增土地货值650.3 亿 元，新增土地建面105.7 亿元，拿地均价31381 元/平，拿地均价超过销售均价，主要由于拿地主要位于 北京、上海、杭州、宁波等高能级城市，土地质量提升显著；拿地强度38.2%，保持较高水平。 经常性收入稳健增长，退出低效资产聚焦核心资产2025 年5 月，公司经常性收入40.9 亿元，同比 +6.2%；其中经营性不动产业务租金收入26.9 亿元，同比+13.0%。1-5 月公司累计经常性收入204.4 亿 元，同比+9.6%；累计经营性不动产业务租金收入132.8 亿元，同比+12.9%。公司旗下位于上海市嘉定 销售维持行业前三，不动产租金收入稳健增长，维持"买入"评级华润置地发布2025 年5 月经营数据，公 司销售维持行业前三，拿地强度较高，经常性收入稳健增长。我们维持盈利预测，预计公司2025-2027 年归母净利润为289.9、317.0、349.1 亿元，对应EPS 为4.07、4.45、4.90 元，当前股价对应PE为6.1、 5.6、5.1 倍， ...

Core Insights - The real estate market in Beijing is stabilizing, leading to increased enthusiasm among developers for land acquisition, with a total of 130.6 billion yuan spent on four land parcels on June 5 [1][6] - The land parcels acquired are spread across three districts: Haidian, Shijingshan, and Changping, indicating a shift in spatial distribution compared to previous acquisitions [1] - The joint venture led by Beike, along with other developers, has been particularly active in the Beijing market, acquiring a significant parcel in Changping [4][5] Group 1: Developer Activities - Beike, in collaboration with Yuexiu, Beijing Urban Construction, and Future Science City, acquired a land parcel in Changping for 23.95 billion yuan, covering approximately 3.07 hectares with a total construction area of 79,900 square meters [4] - The recent land acquisition by Beike is part of a broader strategy to establish a comprehensive platform in the real estate sector, integrating various business lines including second-hand and new housing [5] - The China State Construction Group (CSCG) emerged as a major player in the land auction, with its subsidiaries acquiring land worth 73.01 billion yuan, accounting for 70.47% of the total land acquisition amount [6] Group 2: Market Dynamics - The successful auction of four land parcels, totaling over 100 billion yuan, reflects a resurgence of confidence among developers in the Beijing new housing market, with new home sales in May increasing by 14.7% month-on-month and 22.1% year-on-year [9] - The competitive landscape for new housing projects is intensifying, with developers focusing on product quality and features that appeal to buyers, such as higher usable space and enhanced amenities [10] - The trend towards higher standards in new housing projects is expected to stimulate market demand, as developers enhance their offerings to provide better value and experience for buyers [10]