> 数据图表如何解释2.1总资产规模收缩，行业缩表延续2026-9-32.1总资产规模收缩，行业缩表延续◼ 2026H1重点房企总资产合计7万亿元，同比减少7.6%，降幅较上年同期扩大1.7pct，资产规模自2024年起连续收缩。◼ 12家房企中，11家资产同比收缩，仅中国金茂逆势扩表（同比+8.7%）。分企业看，滨江集团（同比-19.9%）、华发股份（同比-16.1%）、绿城中国（同比-14.1%）降幅较大；中国海外发展（同比-2.1%）、招商蛇口（同比-3.6%）、越秀地产（同比-4.8%）降幅较温和。图：重点房企总资产总计及同比图：重点房企总资产及增速对比总资产（亿元，左轴）同比增速（%，右轴）85000800007500070000650006000019.5%13.6%4.3%0.9%25%20%15%10%5%0%202020212022202320242025 2025H1 2026H1-5.3%-5.9%-7.2%-5%-7.6%-10%数据来源：Wind，国盛证券研究所10序号简称12保利发展华润置地2023202420252026H1202314,36913,35111,88311,652-2.3%11,91211,28410,78710,79210.2%总资产（亿元）同比增速（%）3 中国海外发展9,2369,0869,1578,82345绿城中国招商蛇口5,3555,0784,4994,4499,0858,6038,3548,3666 建发国际集团4,2734,1253,6823,8971.1%0.1%2.5%8.6%7,0046,6565,9595,657-11.0%4,0124,1053,6973,65415.8%2024-7.1%-5.3%-1.6%-5.2%-5.3%-3.5%-5.0%2.3%20252026H1-11.0% -10.7%-4.4%0.8%-6.0%-2.1%-11.4% -14.1%-2.9%-3.6%-10.7% -12.2%-10.5% -10.4%-9.9%-4.8%789101112龙湖集团越秀地产华发股份滨江集团中国金茂新城控股4,5174,2033,5583,35212.2%-7.0%-15.3% -16.1%2,9002,5912,0821,9285.0%-10.7% -19.6% -19.9%4,0714,0934,4174,823-3.5%0.5%7.9%8.7%3,7413,0722,6562,577-18.3% -17.9% -13.5% -10.6%合计80,475.676,246.470,732.769,970.40.9% -5.3% -7.2% -7.6%国盛证券综合其他
