现产市场月报 2025 年 6 月刊 ■【研究视点】 城币供求 本月供求比 库存量(万 ㎡) 消化周期(月) 城市 29.0 北京 0.8 1233 1.0 上海 737 13.7 0.6 1426 20.4 广州 0.6 702 15.7 深圳 24.5 武汉 1.1 1493 1.0 1370 11.2 成都 惠州 0.4 1297 40.9 1248 20.3 1.0 天津 1054 17.9 1.1 西安 44.2 0.8 979 长辈 0.5 892 20.1 直庆 青岛 0.3 8୧8 13.9 0.5 835 20.8 佛山 639 18.2 南京 0.6 0.4 626 17.8 郑州 0.6 625 23.4 南宁 0.2 ୧ ! ୧ 38.2 珠海 0.9 ୧୦୨ 20.0 key 18.9 苏州 0.9 607 0.5 18.0 济南 581 2.1 530 36.2 无锡 0.8 466 7.9 杭州 0.9 453 15.3 昆明 东莞 0.8 414 26.3 常州 0.3 410 28.3 1.2 325 17.8 宁波 0.7 247 19.9 徐州 1.3 236 16.1 ...

Core Viewpoint - The company, Conch New Materials (000619.SZ), plans to sell part of its assets located in Wuhu City, Anhui Province, through a public listing, with a starting price of 94.5 million yuan, including VAT [1] Group 1: Asset Sale Details - The assets for sale include land, buildings, supporting facilities, and power distribution equipment [1] - The valuation of the assets is based on an assessment by Beijing Huaya Zhengxin Asset Appraisal Co., Ltd., with a reference date of April 30, 2025 [1] - The final transaction price will be determined by the results of the public bidding process [1] Group 2: Strategic Intent - The primary purpose of this transaction is to optimize resource allocation and activate existing assets [1] - The company aims to focus on strategic priorities and promote sustainable and stable development [1]

Core Viewpoint - The company, Conch New Materials (海螺新材), plans to sell part of its assets located in Wuhu City, Anhui Province, through a public listing, with a starting price of 94.5 million yuan, aiming to optimize resource allocation and enhance strategic focus for sustainable development [1] Group 1 - The company intends to sell land, buildings, supporting facilities, and power distribution equipment [1] - The starting price for the assets is set at 94.5 million yuan, including value-added tax [1] - The final transaction price will be determined based on the public bidding results, referencing an asset valuation by Beijing Huaya Zhengxin Asset Appraisal Co., Ltd. as of April 30, 2025 [1] Group 2 - The purpose of the transaction is to optimize resource allocation and activate existing assets [1] - The company aims to focus on strategic priorities to promote stable and healthy development [1]

海螺新材（000619）公告，公司拟通过公开挂牌的方式出售位于安徽省芜湖市经济技术开发区港湾路38 号的部分土地、房屋、厂区配套设施及配电设备等资产，挂牌底价为9450万元(含增值税)，挂牌价格以 北京华亚正信资产评估有限公司评估的8985.13万元(不含增值税)为依据。本次交易不构成重大资产重 组，最终交易对方、交易价格存在不确定性，目前无法判断是否构成关联交易。本次交易尚需提交公司 2025年第二次临时股东大会审议。 ...

Supply and Demand - As of June 25, 2025, land supply reached 52.53 million square meters, a month-on-month increase of 9% but a year-on-year decrease of 12.2%[2] - The total transaction area was 45.7 million square meters, down 4% year-on-year, while transaction value was 157.3 billion yuan, up 22% year-on-year[2] - The average premium rate for land transactions in June was 4.2%, continuing a downward trend since the second quarter[2] Market Trends - First and second-tier cities saw premium rates drop to around 5%, the lowest since 2025, while third and fourth-tier cities experienced a decline to 2.7%[12] - High-value land parcels in first-tier cities like Shanghai and Beijing were sold at low premiums, indicating a shift towards high-difficulty projects with substantial investment requirements[18] - The market is expected to see more high-quality residential land supply in the second half of 2025, driven by urban renewal initiatives and local government policies[3] Regional Insights - First-tier cities showed a significant increase in transaction value, with Beijing, Shanghai, and Chengdu each exceeding 10 billion yuan in transaction amounts[8] - In second-tier cities, Fuzhou and Hefei had land sales exceeding 10 billion yuan, with Suzhou setting a record for starting prices at 4.29 billion yuan[6] - The average floor price in June was 3,443 yuan per square meter, reflecting a month-on-month increase of 23% and a year-on-year increase of 27%[8]

当前在核心城市"抢地"的，仍是几家业内"巨头"。 在过去七个月间，百强房企拿地总金额达到5783亿元，同比增长超三成。从上海、深圳到杭州等核心城 市，高溢价甚至"地王"地块不断涌现，楼板价纪录接连被刷新，土地市场呈现"点状高热"态势。 不过，热闹是"少数人"的，当前能在核心城市"抢地"的，仍是几家业内"巨头"。前七月，头部10家房企 的新增货值，占百强的比重达到70%，较2024年末增加8个百分点，行业资源正进一步集中化。 头部房企几近"包场" 7月30日，深圳市宝安区一宗地块完成竞拍，吸引了绿城、越秀、中海、华润等六家房企参与竞价，最 终由绿城集团以12.15亿元成交，折合楼面地价约20364元/平方米，溢价率为11.47%。 这宗低容积率、没有限价的地块，体现出深圳为了吸引房企买地，积极调整供地策略，通过降低容积率 等方式，形成"核心区托底、潜力区试水"的市场格局，迷你地块的面积也降低了竞拍门槛。 地块特点之外，值得注意的是参拍房企，从最终得主绿城，到越秀、中海、华润等参拍房企，这几家均 是当前土拍市场的"常客"和"巨头"。 一边是楼市缓慢筑底，一边是土拍热点频出，今年以来的房地产市场，"硬币"两面呈现出 ...

Summary of Real Estate Market Conference Call Industry Overview - The overall real estate market in July 2025 is weak, with sales figures at a near low, slightly above the Spring Festival months, indicating significant market pressure [1][2] - Sales in 30 key cities fell by 30% month-on-month and 20% year-on-year, with a cumulative year-on-year decrease of 1% [1][2] Key Points and Arguments Sales Performance - July sales for the top 100 real estate companies dropped by 39% month-on-month and 25.8% year-on-year, with total sales for the first seven months down by 12.7% [2] - The sales figure for July 2025 was 207 billion yuan, marking the third-lowest since 2019 [2] City-Level Performance - First-tier cities saw significant declines: Shanghai's new home absorption rate fell to 40%, Beijing's transactions decreased by 41%, and Shenzhen's absorption rate dropped below 5% [1][8][9] - Second-hand housing market also showed a decline, with a 6% month-on-month drop and a 5% year-on-year decrease [1][13] Inventory and Supply - National supply in July decreased by 20% month-on-month and 11% year-on-year, remaining at historical lows [4] - Total inventory stands at 220 million square meters, with a slight month-on-month decrease of 1% and a year-on-year decrease of 8% [12] Future Market Expectations - The market is expected to continue facing pressure in the coming months, with potential further declines in the third quarter [6][15] - Short-term policy changes are not anticipated to provide significant relief, with conventional measures having limited impact [15] Notable Company Performances - Some companies performed relatively well despite the overall market downturn: - China Jinmao saw a 50% year-on-year increase despite a 45.8% month-on-month drop [3] - Binjiang achieved a 25% year-on-year growth with a slight 6.2% month-on-month decline [3] - Major state-owned enterprises like China Merchants, China Overseas, and China Resources maintained declines within 10% [3] Land Market Insights - The land market remains subdued, with a 13% month-on-month decrease in land transaction area and an 18% decrease in transaction value [14] - Some core cities, like Shanghai and Shenzhen, saw record high land sale prices despite overall declines [14] Structural Highlights - Certain project types are performing well: 1. Scarce projects in prime locations with good amenities continue to sell well [20][21] 2. Strong product offerings, such as new regulations and high-quality homes, show faster absorption rates [21] 3. Significant price reductions in some second-tier cities attract buyers, requiring discounts of 20% or more to achieve sales [21] Conclusion - The real estate market in July 2025 reflects a challenging environment with declining sales, increased inventory, and cautious attitudes from major developers regarding land acquisition. The outlook for the coming months suggests continued pressure with limited immediate policy support.

Group 1 - The core viewpoint of the article indicates that the land market in key cities is experiencing localized high activity, with premium land prices reaching new highs, driven by major cities like Shanghai, Shenzhen, and Suzhou [1][10] - In July 2025, the total land acquisition amount for 30 companies was 52.9 billion, showing a month-on-month decrease of 16% but a year-on-year increase of over 50%, reflecting a recovery in land acquisition willingness among leading companies [1][9] - The average premium rate for land in July was 9.9%, the highest since Q2 2025, indicating a strong demand for quality residential land in core cities [1] Group 2 - The threshold for the top 100 companies in terms of new land value decreased by 10% year-on-year to 2.76 billion, while the total price threshold increased by 16% to 1.3 billion [3] - The total new land value for the top 100 real estate companies in July 2025 was 1.33 trillion, with a year-on-year growth of 17% [4] - The concentration of land acquisition among the top 100 sales companies remains high, with the top 10 companies accounting for 70% of the new land value [6] Group 3 - The land acquisition to sales ratio for the top 100 companies was 0.3, indicating a cautious but improving investment sentiment compared to previous years [6][10] - Despite the overall cautious approach, leading companies like China Overseas and Greentown have actively acquired land, with monthly acquisitions exceeding 15 billion [9] - The market is expected to see more premium residential land listings in the second half of 2025, as urban renewal efforts continue [10]

Core Viewpoint - The recent land auction in Shanghai has set a new record with a floor price of 20.0257 million yuan per square meter, indicating strong demand and confidence from real estate companies in the core market of Shanghai [1][2]. Group 1: Auction Results - The auction concluded with a total revenue of approximately 289.57 billion yuan from 8 residential land parcels, with an overall premium rate of about 22.2% [1]. - Notably, the Hongkou North Bund plot was sold at a premium of 46.33%, marking the highest premium rate in Shanghai's concentrated land supply history [1][3]. - The highest floor price was achieved by the Shanghai Qixiang Wangyu Real Estate Co., which won a plot in the Hengfu style area for a total price of 1.225 billion yuan, with a premium rate of 22.38% [1][8]. Group 2: Market Dynamics - The auction attracted 17 companies, including 15 state-owned enterprises and 2 private enterprises, reflecting a competitive atmosphere among bidders [3]. - The auction featured a "double high double competition" mechanism, with three plots triggering this rule, indicating a trend towards higher quality and more competitive land offerings [4]. - Real estate companies are actively seeking to secure land in prime locations to enhance their market presence and accelerate sales [5][6]. Group 3: Strategic Implications - Companies are motivated to acquire land now to capitalize on the upcoming sales window by the end of the year, which is crucial for achieving annual performance targets [7]. - The participation of emerging capital in the auction, despite lower involvement from private enterprises, highlights the attractiveness of Shanghai's land market [8]. - The increasing quality of land supply, including previously withheld plots, is a significant factor driving developers to participate in the auction [8].

7月24日，上海2025年六批次土拍正式开拍，8宗地块分两日出让，其中7月24日共出让5宗地块，最终4宗溢 价成交、1宗底价成交，总成交金额185.3亿元。 从土拍结果来看，闵行区宅地溢价率最高，为30%；静安区商住混合用地和普陀区多用途组团用地均由中海竞 得，溢价率分别10.1%和14.17%，总价达118.88亿元。 业内人士认为，上海本场土拍热度持续，随着土拍市场热度的传导，叠加优质新房供应的加快，上海房地产市 场的稳定态势或将持续得到支撑。 上海5宗地块185.3亿元成交 7月24日，上海出让5宗地块，分别位于静安区、闵行区、奉贤区、普陀区、青浦区。最终4宗溢价成交、1宗底 价成交，总成交金额185.3亿元。 其中，闵行区宅地土地出让面积26232.04㎡，规划建筑面积65580.1㎡，容积率2.5，起始价28.38亿元。 该地块吸引了4家竞买人参与竞价，经过78轮竞价达到中止价36.887亿元，进入竞高品质环节，最终由安徽省 高速地产集团有限公司以总价36.89亿元+商品住宅装修标准4000元/㎡+公共服务设施2650㎡竞得，折合成交楼 面价56247元/㎡，溢价率30%。 静安区商住用地土地出让面 ...