Industry Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The recent policy environment remains stable, with "good houses" supporting the new housing market. The introduction of construction standards for "good houses" is accelerating the upgrade of residential quality by developers. New projects that comply with these standards are selling well, benefiting from high usable area ratios, technological systems, and green certifications. As product differentiation becomes more apparent, the price gap between second-hand and new houses is expected to widen, with second-hand house prices under downward pressure while compliant new houses will continue to support the market [1][2][3] Summary by Sections 1. Industry Fundamentals Tracking - New housing transaction area in 30 major cities last week was 202.1 million square meters, with a cumulative new housing transaction area of 4,798.22 million square meters this year, down 2% year-on-year. The average transaction area over the past four weeks in these cities was 224.03 million square meters, down 10.3% year-on-year but up 7.2% month-on-month [2][11] - The average transaction area for first-tier cities over the past four weeks was 62.48 million square meters, down 10.6% year-on-year but up 7.3% month-on-month. For second-tier cities, it was 116.32 million square meters, down 4.6% year-on-year and up 8.1% month-on-month. Third-tier cities saw an average of 45.23 million square meters, down 21.8% year-on-year but up 5% month-on-month [11] - The available residential area in 14 cities last week was 7,934.97 million square meters, down 10.29% year-on-year and down 0.52% month-on-month. The de-stocking cycle for these cities is 16.93 months, with first-tier cities at 11.95 months [16] 2. Market Review - Last week, the A-share Shenwan first-level real estate index rose by 0.29%, while the CSI 300 index increased by 1.54%, indicating that the real estate index underperformed the CSI 300 by 1.25 percentage points. In the Hong Kong market, the Hang Seng property services and management index fell by 0.9%, while the Hang Seng composite index decreased by 0.94%, with the property services and management index outperforming the composite index by 0.04 percentage points [4][31]

为积极响应构建房地产发展新模式的时代要求，进一步满足人民群众对高品质居住的向往，日照市 住房和城乡建设局等部门于近日联合印发《关于支持"好房子"建设的实施意见》，以14条政策"组合 拳"推动房地产行业向高质量发展转型。 在土地要素配置上，日照市打出"精准供应、灵活出让、存量盘活"组合牌。精准研判市场需求，优 先推出面积适中、配套完备、生态优越的优质地块。创新土地出让机制，允许土地竞得人在合同签订后 1个月内缴纳50%出让价款，最长12个月付清全款，竞买保证金低至起始价的20%，推行"承诺制"办理 建设审批手续，缓解企业资金压力。同时，严格落实《日照市闲置存量土地处置工作方案》，通过18条 具体措施，推动存量闲置土地高效盘活，实现土地资源的优化配置。 在提升住宅品质方面，日照从多个维度发力。在容积率计算规则上，对社区服务设施、高品质住宅 特色空间等实施不计入容积率的优惠政策，鼓励企业打造风雨连廊、公共架空层等可变空间，为居民提 供更多元的生活场景。加强居住区规划设计风貌管控，引导住宅建设融入地方特色与时代元素。在家装 领域，支持个性化全装修和装配化装修，开展群（团）购定制服务，并对全装修企业给予信用加分，推 动 ...

建设"好房子"，不但能带动建材、家居、智能设备、物业服务等相关消费升级，形成强大的内需拉动 力，还能有效撬动改善型住房需求。日前召开的国务院常务会议指出，要扎实有力推进"好房子"建设， 纳入城市更新机制加强工作统筹，在规划、土地、财政、金融等方面予以政策支持。 "好房子"需有优质配套作支撑。要住得舒心，"好房子"是硬保障，加强配套和服务提升也是必要条件。 一方面，要完善配套基础设施，方便群众生活；另一方面，"好房子"需要"好服务"。房企应围绕项目交 付"前—中—后"全周期打造品质闭环，提升长期居住体验与企业品牌价值。物业公司需紧跟业主需要与 市场需求，提高服务效率、优化成本结构，可以尝试用智能化手段降低基础服务成本，提升服务质量， 为"好房子"打造好软环境。 建设"好房子"是一项系统工程，事关人民群众的获得感、幸福感、安全感。要在系统规划中积极稳步推 进，让美好居住生活离我们越来越近。 （文章来源：经济日报） 当前，房地产市场供求关系发生重大变化，人们对住房的需求已经从"有没有"向"好不好"转变。推 进"好房子"建设，就是要通过好的设计、好的施工、好的材料、好的服务等，全面提升住房品质。 推进"好房子"建设要 ...

Core Insights - Greentown China Holdings Limited achieved a sales revenue of 122.1 billion yuan, ranking second in the industry for the first half of 2025, demonstrating resilience during the real estate industry's adjustment cycle [2] - The company has established a rigorous investment logic and systematic support, focusing on core cities and lower-tier markets, providing a model for "precise investment-driven high-quality development" [2] Investment Strategy - Greentown China adheres to a "one project, one investment" requirement and a differentiated investment strategy, focusing on core cities and targeting investment opportunities in cities with potential [3] - In 2024, Greentown China launched 42 new projects with a total construction area of approximately 4.18 million square meters and a new value of 108.8 billion yuan, with 92% of the value concentrated in first and second-tier cities [3] - The company has successfully penetrated high-end markets in cities like Suzhou, Shanghai, and Nanjing, achieving significant sales and market share [3][4] Market Coverage - Greentown China has achieved "almost full coverage" in strong third and fourth-tier cities in Zhejiang, capturing 50% of the new housing market share in certain areas [4] - The company believes that even in limited-capacity markets, acquiring scarce land with healthy supply and demand can lead to benchmark projects [4] Product Quality and Innovation - The investment strategy prioritizes project safety, considering factors such as land quality, competition, and the potential for product development [5] - Greentown China has established the "Greentown Good House Standard," which includes 226 clauses, with 189 exceeding national and industry standards, ensuring high-quality project delivery [5] - The company emphasizes continuous innovation driven by customer feedback, addressing pain points to enhance product offerings [6] Strategic Resilience - Greentown China's strategic focus on "precise investment" and "one project, one investment" reflects its strong resilience and development potential amid industry challenges [6] - The company's unique strategic path serves as a reference model for the industry in the new development phase characterized by inventory competition and quality supremacy [6]

来自报告 《 磨底未竟，转折已萌——房地产行业2025年中期投资策略 》 图表：广义的好房子定义 资料来源：住建部、申万宏源研究 以美国经验为鉴，在房地产危机之后，行业经历供给改革，企业进行模式优化，产品力及 库存管理能力强的优质房企穿越周期。 资料来源： Wind 、申万宏源研究 图表：房地产危机前后美国四大房企的杜邦分析 展望中国，预计未来能够缔造好房子产品的企业能行稳致远，产品力强（更高毛利率） +库存管理能力强（更高周转率）的优质房企将胜出。 我们推演房地产发展新模式可能包括：好房子、人房地钱、房屋全生命周期管理、现房销 售制度等，并我们认为，房地产发展新模式的政策本意在于推动房地产行业从金融业回归 制造业。 好房子是政策导向，当前房地产处于好房子存量少+改需正值释放阶段，供给端估算目前 我国城镇住宅存量中高品质住宅渗透率仅为24%，而需求端估算2022-20年改需占比高达 44%，好房子也是行业内生需求、并且预示着广大空间。 资料来源： Wind 、七普、统计局、申万宏源研究 图表：中国好房子的供需分析 我们认为，市场对于好房子的追求也在从硬件层面逐步扩展到软件层面，好房子定义应 为：物理建筑->功 ...

Sales Performance - The total sales revenue of the top 100 real estate companies in China for the first half of 2025 was 1,836.41 billion yuan, representing a year-on-year decline of 11.8%, although the decline has narrowed significantly compared to the same period last year [2] - In June 2025, the sales revenue of the top 100 companies decreased by 18.5% year-on-year, which is a 1.2 percentage point increase in the decline compared to May [2] - There were 4 companies with sales exceeding 100 billion yuan, a decrease of 2 compared to the same period last year, while the number of companies with sales exceeding 10 billion yuan increased by 2 to 46 [2] Market Share - The sales revenue share of the top 10 companies reached 48.7%, an increase of 0.5 percentage points from 2024, while the shares for the top 20 and top 50 companies were 64.8% and 85.5%, respectively, reflecting increases of 0.8 and 0.2 percentage points [4][5] Policy Response - The strong performance of leading companies is attributed to their proactive alignment with policy directions, focusing on creating "good houses" to enhance project sales and cash flow [7] - The concept of "good houses" was included in the 2025 government work report, indicating the government's emphasis on this initiative [7] Land Acquisition - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, marking a year-on-year increase of 33.3%, ending an 8-month streak of negative growth in land acquisition [9] - Among the top 100 companies, 73 were state-owned enterprises, accounting for 60% of the total land acquisition amount, while the number of private enterprises participating in land acquisition increased by 14 compared to the previous year [10] Investment Trends - The top 10 companies accounted for 55.3% of the total land acquisition amount, and the top 20 companies accounted for 69.3%, indicating a significant increase in the land acquisition efforts of leading firms [12] - The average land acquisition ratio for 20 representative companies was 39.2%, a 20.3 percentage point increase from the previous year, with some companies like Jianfa Real Estate and Jinmao exceeding a ratio of 60% [15]

证券研究报告 行业定期报告 hyzqdatemark 2025 年 07 月 01 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 房地产 住建部调研好房子，多地优化公积金政策 投资评级： 看好（维持） ——房地产行业周报（25/06/21-25/06/27） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 联系人 板块行情：本周上证指数上升 1.9%、深证成指上升 3.7%、创业板指上升 5.7%、沪 深 300 上升 2.0%、房地产（申万）上升 3.1%。个股方面，涨跌幅前五的分别为： 衢州发展(+15.5%)、华远控股(+13.8%)、珠江股份(+10.1%)、新黄浦(+10.1%)、ST 数源(+9.6%)，涨跌幅后五的分别为：万通发展(-4.8%)、深深房 A(-2.7%)、深振业 A(-1.3%)、中国国贸(-1.2%)、新城控股(-1.0%)。 数据跟踪：新房：本周（6.2 ...

Core Insights - The report titled "2025 Guangdong Province Real Estate Enterprises Comprehensive Competitiveness Research Report" was released online by the Guangdong Real Estate Enterprises Comprehensive Competitiveness Research Group on June 30, 2025, marking the sixth consecutive year of publication since its establishment in 2020 [1][3]. Group 1: Industry Overview - The Guangdong Real Estate Industry Association has been committed to sustainable and high-quality development since its establishment in 1991, focusing on industry research and market analysis as core competencies [4]. - The research group aims to enhance understanding of industry development and enterprise operations, providing strategic decision-making references for companies and establishing benchmarks for the industry [5]. Group 2: Market Concentration Changes - The market concentration of typical real estate companies has shown divergence, with the sales revenue of the top 100 companies decreasing from 84.3% in 2020 to 73.1% in 2024, while the top 10 companies' sales revenue increased from 36.2% to 37.5% during the same period [5][20]. - There has been a significant change in the composition of typical real estate companies, with 29 out of the top 100 companies in 2020 no longer appearing in the 2025 report, and only 4 out of the top 10 remaining [6]. Group 3: Ownership Structure - The proportion of state-owned enterprises (SOEs) among the top 100 typical real estate companies increased from 28% in 2020 to 46% in 2025, with SOEs making up 80% of the top 10 companies [6]. - The number of foreign real estate companies in the top 100 has also increased, rising from 30% in 2020 to 32% in 2025 [7]. Group 4: Sales Performance and Market Dynamics - The sales performance of typical real estate companies in Guangdong showed a recovery, with their total sales accounting for 73.1% of the province's total by the end of September 2024, an increase of 5.1 percentage points year-on-year [20]. - The demand for improved housing continues to be strong, supported by policies such as the relaxation of purchase restrictions in major cities like Guangzhou and Shenzhen [23]. Group 5: Land Acquisition Trends - The pace of land acquisition by typical real estate companies has slowed, with a total of 71 land parcels acquired in 2024, unchanged from the previous year, and total land acquisition expenditure amounting to 143.9 billion yuan, a decrease of 17.6% [26]. - The focus remains on core cities, with Guangzhou and Shenzhen accounting for the majority of land acquisition, representing 55.6% and 36.9% of total expenditures, respectively [30]. Group 6: Financial Performance - The average revenue of typical listed real estate companies in Guangdong for 2024 was 77.37 billion yuan, a decline of 12.6% year-on-year, with a further decrease in gross profit margin to 8.09% [32][34]. - The average net profit for these companies remained negative at -4.11 billion yuan, indicating ongoing financial pressures [36]. Group 7: Future Outlook - Despite the challenges, the Guangdong real estate market is expected to maintain a certain scale of demand during the 14th Five-Year Plan period, with opportunities for revitalizing existing assets and urban renewal projects [43].

Group 1 - The core viewpoint of the articles indicates a significant decline in the sales performance of China's top real estate companies in the first half of 2025, with a total sales amount of 1,836.41 billion yuan, representing a year-on-year decrease of 11.8% [1] - Among the top 100 real estate companies, only four achieved sales exceeding 100 billion yuan, a decrease of two compared to the same period last year, including Poly Developments, Greentown China, China Overseas Property, and China Resources Land [1] - The contribution rate of sales from first-tier cities increased by 9 percentage points, while nearly half of the sales performance from representative companies came from second-tier cities, indicating a strategic focus on core cities with strong economic growth [1] Group 2 - The report suggests that real estate companies are adopting promotional strategies to stimulate market activity, including creating promotional events, offering multiple discounts, and targeting younger demographics [1] - The market for new and second-hand homes in key cities showed a month-on-month increase in June, although there was still a year-on-year decline, indicating ongoing volatility in the real estate market [2] - The government is expected to implement measures to boost housing demand, such as enhancing urban village redevelopment and improving the acquisition of idle land and unsold properties to improve the financial situation of companies [2]

Core Viewpoints - The article discusses the ongoing trends and developments in the real estate market, focusing on policies, industry performance, land transactions, and product standards for 2025 [7][8][9][11]. Policy - The political bureau meeting has set the tone for stabilizing the real estate market, emphasizing three core tasks: urban renewal, high-quality transformation, and inventory optimization [7]. Industry - The real estate market is showing signs of stabilization, with new home sales area and value remaining steady year-on-year. The decline in new residential prices is narrowing, and the inventory of unsold properties has decreased for three consecutive months [8]. Land - In the first half of 2025, the land market has continued a trend of reduced volume but improved quality, with land transaction volume down by 8% year-on-year, reaching a new low. However, the average floor price across various levels has increased, and the premium rate has significantly rebounded [9]. Performance - The overall performance of real estate companies has stabilized, with nearly 45% of the top 100 companies reporting year-on-year growth in performance from January to May 2025. Among these, 20 companies have seen growth rates exceeding 30% [10]. Product - The new "Good House" standards have been implemented, marking a shift towards multi-dimensional value competition in the real estate market. The national standard for residential projects, effective from May 2025, sets higher benchmarks for residential construction, indicating a move towards high-quality development [11].