CMSK(001979)2025-04-24 00:36Group 1: Economic Outlook - The macroeconomic environment in 2024 faces multiple downward pressures, but recent policies have stabilized the economy, with GDP growth targets expected to be met [1] - The government plans to implement more proactive macro policies in 2025 to stabilize the real estate and stock markets [2] - High-quality economic growth in 2025 will be driven by breakthroughs in frontier technologies [2] Group 2: Real Estate Policy - The government has introduced policies to stabilize the real estate market, including measures to control new construction and optimize existing stock [2] - The emphasis on "good housing" construction and the release of market potential are key focuses for 2025 [2] - Recent policies have sent strong signals for stabilizing the real estate market, with expectations for more supportive measures to be implemented [2] Group 3: Market Performance - In Q1 2025, new housing sales volume and prices in 100 cities showed a slight year-on-year decline, but the rate of decline has narrowed significantly [3] - Major cities like Beijing, Shanghai, and Shenzhen have seen significant price increases, with a 20% year-on-year rise in second-hand home transactions in 30 key cities [3] - The land market has shown signs of recovery, with significant land price increases in cities like Hangzhou and Shanghai, indicating a positive trend ahead of residential sales [3] Group 4: Company Strategy - The company will maintain its strategic focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality development [4] - The real estate sector is expected to stabilize at an industry scale of 8-10 trillion yuan, with the company committed to enhancing product quality and operational capabilities [4] - The company aims to strengthen its asset management capabilities, focusing on commercial, industrial, and residential properties, with a significant number of projects entering operation [4] Group 5: Financial Strategy - The company plans to develop a new financing model tailored to the characteristics of different business segments, ensuring a robust capital structure [5] - Continuous cost reduction and efficiency improvements are prioritized to maintain industry-leading capital structure and optimal funding costs [5]