申万宏源：8月房企销售降幅收窄优质企业逆势增长

智通财经2025-09-03

智通财经APP获悉，申万宏源发布研报称，8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄。25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。政策方面，8月国常会要求加大力度巩固止跌回稳；北京上海陆续出台放松限购政策。目前国内销售市场结构性分化仍然明显，一二线城市好于三四线，并且维持认为后续房地产市场呈现“结构偏强+总量...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2564636817?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-03 15:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2564636817","market":"us","top_or_hot":-1,"title":"申万宏源：8月房企销售降幅收窄 优质企业逆势增长","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，申万宏源发布研报称，8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄。25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。政策方面，8月国常会要求加大力度巩固止跌回稳；北京上海陆续出台放松限购政策。目前国内销售市场结构性分化仍然明显，一二线城市好于三四线，并且维持认为后续房地产市场呈现“结构偏强+总量...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1340959.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>申万宏源：8月房企销售降幅收窄 优质企业逆势增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n申万宏源：8月房企销售降幅收窄 优质企业逆势增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-03 15:24 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1340959.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，申万宏源发布研报称，8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄。25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。政策方面，8月国常会要求加大力度巩固止跌回稳；北京上海陆续出台放松限购政策。目前国内销售市场结构性分化仍然明显，一二线城市好于三四线，并且维持认为后续房地产市场呈现“结构偏强+总量...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1340959.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"06806","symbol_name":"申万宏源","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1340959.html","article_id":"2564636817","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2564636817","pubTimestamp":1756884257,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，申万宏源发布研报称，8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄。25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。1-8月累计销售：保利、中海、华润累计销售排名前三，金茂、建发、越秀等累计销售逆势增长根据克而瑞数据，从累计销售来看，保利销售排名第一，中海、华润分别位列二三。风险提示房地产行业销售和融资资金再趋紧，政府收储及城改推进不及预期。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"06806":"申万宏源","01906":"博尼控股","LU0359201612.USD":"贝莱德中国基金A2","SG9999014674.SGD":"Nikko AM All China Equity A SGD","BK1521":"挪威政府全球养老基金持仓","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","02869":"绿城服务","LU0594300419.USD":"富达中国消费基金A","01109":"华润置地","LU0370786039.SGD":"Fidelity Greater China A-SGD","00960":"龙湖集团","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","SG9999009997.SGD":"United Asia Pacific Real Estate Income Acc SGD","BK1589":"北水核心资产","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK1555":"内房股","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","SG9999010052.SGD":"United Asia Pacific Real Estate Income Dis SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","BK0188":"融资融券","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","BK1097":"房地产服务","000166":"申万宏源","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","BK0028":"国家队","BK1564":"中资券商股","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1229":"房地产经营公司","00123":"越秀地产","LU2088748293.HKD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"AHD\" (HKD) INC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK1258":"房地产运营公司","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","02423":"贝壳-W","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","BK1542":"内地物业管理股","LU2088748020.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"ADM\" (USD) INC A","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","SG9999010078.USD":"UNITED ASIA PACIFIC REAL ESTATE INCOME (USDHDG) INC","BK1570":"华润系","LU2088747998.USD":"EASTSPRING INVESTMENTS ASIA REAL ESTATE MULTI ASSE \"ADM\" (USD) INC"},"translate_title":"Shenwan Hongyuan: The decline in sales of real estate companies narrowed in August, and high-quality companies grew against the trend","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00960":0.9,"000166":1,"00123":0.9,"01109":0.9,"02423":0.9,"06806":1,"01906":0.9,"02869":0.9},"content_text":"智通财经APP获悉，申万宏源发布研报称，8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄。25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。政策方面，8月国常会要求加大力度巩固止跌回稳；北京上海陆续出台放松限购政策。目前国内销售市场结构性分化仍然明显，一二线城市好于三四线，并且维持认为后续房地产市场呈现“结构偏强+总量偏弱”的格局，继续看好布局核心城市的优质房企的销售表现。申万宏源主要观点如下：8月房企销售额单月同比-13%/累计同比-18%，分别较前值+9.6pct/+0.6pct，销售降幅收窄根据克而瑞数据，2025年8月，50家房企单月销售金额1,708亿元，同比-13.4%，较前值+9.6pct；销售面积为947万方，同比-14.4%，较前值+12.3pct。2025年1-8月销售金额15,578亿元，同比-17.8%，较前值+0.6pct；销售面积8050万方，同比-24.3%，较前值0.3pct。24年9月底“止跌回稳”政策组合拳催化下，24Q4销售额同比降幅出现显著收窄，25年以来销售出现反复，2月改善后3-6月边际回落，7-8月降幅逐步收窄。政策方面，6月国常会要求更大力度推动止跌回稳，好房子加大支持力度；7月政治局会议指出落实城市工作会议精神，高质量开展城市更新；8月国常会要求加大力度巩固止跌回稳；北京上海陆续出台放松限购政策。目前国内销售市场结构性分化仍然明显，一二线城市好于三四线，并且维持认为后续房地产市场呈现“结构偏强+总量偏弱”的格局，继续看好布局核心城市的优质房企的销售表现。8月单月销售：招蛇、中海、保利销售排名前三，建发、金茂、招蛇、滨江、绿城销售逆势高增根据克而瑞数据，从单月销售来看，招蛇销售排名第一，中海、保利分别位列二三。其中，招蛇195亿(YOY+39%)、中海183亿(YOY-1%)、保利180亿(YOY-19%)、华润132亿(YOY-13%)、绿城97亿(YOY+17%)、金茂91亿(YOY+46%)、滨江90亿(YOY+27%)、建发81亿(YOY+69%)、中铁56亿(YOY-15%)、融创54亿(YOY-27%)、华发53亿(YOY-12%)、龙湖46亿(YOY-29%)、绿地44亿(YOY-12%)、卓越24亿(YOY-3%)、金地22亿(YOY-59%)、新城17亿(YOY-34%)、美的14亿(YOY-48%)、富力10亿(YOY30%)等。1-8月累计销售：保利、中海、华润累计销售排名前三，金茂、建发、越秀等累计销售逆势增长根据克而瑞数据，从累计销售来看，保利销售排名第一，中海、华润分别位列二三。其中，保利1812亿(YOY-18%)、中海1503亿(YOY-17%)、华润1368亿(YOY-12%)、招蛇1241亿(YOY-5%)、绿城957亿(YOY-9%)、建发851亿(YOY+9%)、越秀730亿(YOY+4%)、金茂709亿(YOY+26%)、滨江705亿(YOY-3%)、华发596亿(YOY0%)、龙湖456亿(YOY-30%)、中铁450亿(YOY-15%)、绿地424亿(YOY-1%)、融创305亿(YOY-13%)、金地220亿(YOY-54%)、美的189亿(YOY-27%)、卓越155亿(YOY-23%)、新城137亿(YOY-54%)、首开128亿(YOY-42%)等。投资建议：房企销售降幅收窄，优质企业逆势增长，维持“看好”评级申万宏源认为，我国广义住房需求已经见底，但量价并未如期进入正向循环，预判房地产总量仍将继续磨底，预计止跌回稳政策也将进一步推出；并预计核心城市的房地产市场已在底部拐点区域、并将领先筑底回升；同时好房子政策将开辟“新产品、新定价、新模式”的新发展赛道，将推动好房子渗透率更低的核心城市房地产市场的改善，同时也将助力布局核心城市并打造好房子的优质房企率先进入底部拐点时刻，推动经营模式由金融业转向制造业，从而迎接PB-ROE的向上突破。维持房地产及物管“看好”评级，推荐：1)产品力房企：建发国际(01906)、滨江集团(002244.SZ)、华润置地(01109)、绿城中国(03900)、中国金茂(00817)、建发股份(600153.SH)。2)低估值修复房企：新城控股(601155.SH)、越秀地产(00123)、招商蛇口(001979.SZ)、龙湖集团(00960)、中海外发展(00688)、保利发展(600048.SH)、华发股份(600325.SH)，关注新城发展(01030)、大悦城(000031.SZ)、金地集团(600383.SH)。3)二手房中介：贝壳-W(02423)，关注我爱我家(000560.SZ)；4)物业管理：绿城服务(02869)、华润万象生活(01209)、招商积余(001914.SZ)、保利物业(06049)、中海物业(02669)。风险提示房地产行业销售和融资资金再趋紧，政府收储及城改推进不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2564636817","isCrawlerRequest":true}

申万宏源：8月房企销售降幅收窄 优质企业逆势增长

精彩评论

申万宏源：8月房企销售降幅收窄优质企业逆势增长