November 4th, 2025 Lilei TU - Haitong International

Introduction to this report:

Considering the high base period in 4Q, we believe that under the guidance of the high-quality development background of the "15th Five-Year Plan", the policy logic remains clear, and the valuation advantage of blue chips is even stronger.

Investment Essentials:

Maintain the "Outperform Market" rating. Considering that 4Q has entered a high base period, we believe that under the guidance of the high-quality development background of the 15th Five-Year Plan, the policy logic is still obvious, and the blue-chi

As of October 2025, the sales amount of the TOP100 real estate enterprises reached 253.04 billion yuan in a single month, with a month-on-month increase of 0.1% and a year-on-year decrease of 41.9%. In terms of equity sales, the amount reached 200.7

Comparing the sales thresholds based on operation scale in October 2024 and October 2025, the sales operation amount threshold of TOP21-30 real estate enterprises saw a relatively smallest decrease of -5.4%, falling from 205 billion yuan to 194 billi

Risk warning. Poor sales and downside risks in industry total amount.