Huatai Securities: The industry is waiting for a recovery at the bottom, and core real estate developers are showing resilience.

Huatai Securities research report stated that in the first half of 2025, the performance and overall sales of real estate enterprises are still at the bottoming stage. Although the industry as a whole is under pressure in terms of sales, leading real estate enterprises with high-quality land reserves in core cities have shown relative resilience on the sales side. Looking ahead, real estate enterprises with light historical burdens and a high proportion of land reserves in core cities are expected to lead the industry in sales and profit performance. We are optimistic about the recovery pace of core cities represented by first-tier cities, and continue to recommend "three good" real estate developers that have the logic of "good credit, good city, good product".