Core Viewpoint - The property management sector has shown a positive performance with a 1.70% increase, ranking 9th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - The property management concept saw 141 stocks rise, with notable gainers including Shen Shen Fang A, Guangda Jiabao, and Yu Development reaching their daily limit up [1]. - Leading stocks in the sector included Debi Group, Te Fa Service, and Financial Street, which increased by 11.11%, 10.06%, and 8.25% respectively [1]. - Conversely, stocks such as Annie Co., Yu He Tian, and Heng Yin Technology experienced declines of 5.36%, 3.97%, and 2.89% respectively [1]. Group 2: Capital Flow - The property management sector attracted a net inflow of 1.493 billion yuan, with 90 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2]. - Vanke A led the net inflow with 286 million yuan, followed by Poly Development, China Merchants Shekou, and Guangda Jiabao with net inflows of 188 million yuan, 176 million yuan, and 157 million yuan respectively [2]. - The top three stocks by net inflow ratio were Guangda Jiabao, Greenland Holdings, and Yu Development, with ratios of 24.48%, 22.77%, and 19.92% respectively [3]. Group 3: Stock Details - Vanke A had a daily increase of 3.36% with a turnover rate of 2.59% and a main capital flow of 285.75 million yuan [3]. - Poly Development increased by 2.33% with a turnover rate of 1.89% and a main capital flow of 188.26 million yuan [3]. - Yu Development rose by 9.94% with a turnover rate of 9.25% and a main capital flow of 104.90 million yuan [4].

Group 1 - The real estate sector is showing strong performance, with the CSI 800 Real Estate Index rising over 1% as of July 10, 2023, at 10:04 AM [1] - Notable stocks include Greenland Holdings hitting the daily limit, New Town Holdings increasing over 4%, and Vanke A, China Merchants Shekou, and Poly Developments all rising over 1% [1] - The real estate ETF (159707), which represents leading A-share real estate stocks, saw an increase of over 1.5% with a trading volume exceeding 14 million yuan [1] Group 2 - The Ministry of Housing and Urban-Rural Development has conducted research in Guangdong and Zhejiang provinces, emphasizing the need for multi-faceted approaches to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [3] - Zhongyin Securities indicates that the upcoming Politburo meeting in July is expected to adopt a more proactive stance, potentially leading to a rally in the real estate sector mid-July [3] - The report suggests that local governments will intensify efforts to implement existing policies effectively, including support for urban renewal and special bond storage [3] Group 3 - Zhongyin Securities recommends focusing on real estate companies with strong liquidity, high concentration in major cities, and robust product offerings, as they may exhibit alpha characteristics [3] - The report also highlights the potential for significant valuation recovery in companies benefiting from debt resolution, policy relief, and improved sales [3] - The real estate ETF (159707) tracks the CSI 800 Real Estate Index, comprising 13 leading real estate companies, with over 90% weight in the top ten constituents, indicating a high concentration of quality firms [3]

Group 1 - The core viewpoint of the articles highlights the competitive landscape between two real estate projects, Poly Chaoguan Tianjun and Jinmao Manyao, in the Sanjianfang area of Beijing, with Jinmao Manyao showing stronger sales performance due to its pricing and brand influence [1][2][4] - Poly Chaoguan Tianjun launched on May 29, achieving a total sales of 2.1 billion yuan with 43 units signed at an average price of 83,500 yuan per square meter [1] - Jinmao Manyao, which opened on June 16, has signed 103 units with a net sales of 1.875 billion yuan at an average price of 78,000 yuan per square meter, indicating a more favorable market reception [1][2] Group 2 - Jinmao Manyao's competitive edge is attributed to its unique "Five Constant" technology residential offerings, which provide a differentiated living environment, enhancing its appeal even in a declining real estate market [2] - The land for both projects was acquired through a competitive bidding process, with Poly and Jinmao winning the bid at 8.72 billion yuan, resulting in a floor price of approximately 51,600 yuan per square meter [4] - The project details reveal that Poly Chaoguan Tianjun consists of 524 units with a building area of 77,100 square meters, while Jinmao Manyao has 719 units with a building area of 92,100 square meters [6][8] Group 3 - Poly Chaoguan Tianjun is strategically located near the subway line 6, enhancing its accessibility, while Jinmao Manyao is slightly further from the subway, which may impact its attractiveness [12][9] - Jinmao Manyao emphasizes a high-end living experience with features such as a 2,000 square meter art clubhouse and a dual vehicle entrance system, aiming to provide a luxury lifestyle [55][60] - The architectural design of Jinmao Manyao includes modern aesthetics with high-quality materials, such as a luxurious lobby and a prominent street view landscape wall, reflecting a commitment to detail and quality [45][47]

Core Insights - The recent launch of Poly Tianyi in Shanghai has seen significant success, with all 231 units sold out within two hours, indicating strong market demand [1] - The project has achieved a remarkable 197% subscription rate for its first batch of homes, with over 3,000 visitors to the demonstration area in just 14 days [2] - Poly Tianyi has successfully positioned itself in the high-end market, raising new home prices in the Tang Town area to around 80,000 yuan per square meter [2] Company Developments - Wu Jinsong has taken over as the legal representative of Shanghai Baoxu Real Estate Co., Ltd., replacing Fu Xiaojun, who has moved to a different role within the company [4][5] - Wu Jinsong, with extensive experience in product development and market strategy, emphasizes the need for tailored approaches to different cities rather than a one-size-fits-all methodology [6] - Under Wu's leadership, Poly Shanghai has significantly increased its sales, achieving 25.683 billion yuan in sales in the first half of the year, doubling the previous year's figure [9] Project Features - Poly Tianyi's design focuses on a "vacation relaxation" theme, catering to a younger, high-educated demographic seeking a balance between work and leisure [7] - The project includes a high-end clubhouse with unique amenities, such as a heated swimming pool and bowling alley, setting it apart from competitors in the area [7] - All units feature full daylight elevator halls and generous window designs, enhancing the living experience and making them highly desirable in the market [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and the stock market, which has been a clear directive from the central government since September 2024. The focus on building high-quality housing is expected to drive a wave of development in this sector [4][47] - The report suggests that the real estate market is showing signs of recovery, with various local governments implementing policies to support housing demand and stabilize the market [47] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 1.3%, the ChiNext Index by 1.5%, and the CSI 300 Index by 1.5%. The real estate sector (Shenwan) increased by 0.3% during the week [5][8] - In terms of individual stocks, *ST Nanzhi saw a significant increase of 14.6%, while ST Shenyuan experienced a decline of 6.9% [5][8] Data Tracking New Housing Transactions - In the week of June 28 to July 4, 42 key cities recorded a total new housing transaction of 3.08 million square meters, a decrease of 2.5% from the previous week. Year-to-date, the cumulative transaction volume has decreased by 2.7% year-on-year [14][18] - For July, as of the week of July 1 to July 4, new housing transactions in 42 key cities totaled 1.07 million square meters, an increase of 33.3% month-on-month but a decrease of 17.1% year-on-year [18] Second-Hand Housing Transactions - In the same week, 21 key cities recorded a total of 1.96 million square meters in second-hand housing transactions, a decrease of 9.1% from the previous week. Year-to-date, the cumulative transaction volume has increased by 20.5% year-on-year [30][34] - For July, as of the week of July 1 to July 4, second-hand housing transactions in 21 key cities totaled 1.21 million square meters, an increase of 51.2% month-on-month but a decrease of 13.3% year-on-year [34] Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need for local governments to effectively utilize real estate regulation policies to promote a stable and healthy market. Various cities are implementing measures to support housing demand, including easing housing fund policies [47][48] - Specific measures include the extension of housing purchase subsidies in Wuhan until the end of 2025 and the relaxation of housing fund loan policies in cities like Nanjing and Guangzhou [47][48] Company Announcements - In June, major real estate companies reported significant declines in sales, with Yuexiu Real Estate at 10.8 billion yuan (down 29% year-on-year), Poly Developments at 29.01 billion yuan (down 31% year-on-year), and China Overseas Development at 29.71 billion yuan (down 36.3% year-on-year) [50][51] - Financing activities included Yuexiu Real Estate applying to issue bonds up to 9.6 billion yuan and Vanke A borrowing 6.249 billion yuan from its largest shareholder [50][51]

Core Viewpoint - Shanghai has introduced a new land sales method called "bundled sales," allowing the sale of land parcels from different administrative districts together, marking a significant shift in land transaction strategies in the city [1][2]. Group 1: New Land Sales Method - The new method began in June 2023, where land is first granted to local state-owned enterprises and then sold as a package through the Shanghai United Property Rights Exchange [2]. - This approach deviates from traditional auction methods, focusing on agreements rather than competitive bidding [2]. Group 2: Market Participants - The first major player to adopt this method is Jianfa, which spent 12.35 billion to acquire a package of land in Yangpu and Hongkou districts, addressing its previous challenges in securing land in Shanghai [3]. - Other state-owned enterprises, such as Poly Developments and China Resources, are also preparing to participate in this new land acquisition strategy [4][16]. Group 3: Characteristics of Bundled Sales - Bundled sales feature combinations of prime locations, such as Hongkou and Yangpu, or Huangpu and Pudong, focusing on core urban areas [6][7]. - The land parcels are high-value, with total prices starting from over 6 billion to more than 24 billion, indicating that only financially robust companies can participate [9]. - The sales agreements stipulate that any breach of contract on one parcel will be considered a breach for the entire package [10]. Group 4: Specific Land Packages - Poly Development is targeting a package in Hongkou and Yangpu, which includes a total area of approximately 2.7 hectares, with a focus on maintaining the historical architectural style of the area [12][14]. - China Resources is pursuing a high-value combination in Huangpu and Pudong, with a starting price of 24.4 billion, indicating a significant investment in the Shanghai real estate market [18].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The report indicates that the real estate market is showing signs of stabilization, with a focus on promoting a healthy and high-quality development of the sector [1][8] - The new housing market has seen a slight increase in transaction volume, while the second-hand housing market continues to decline [1][20] - The report emphasizes the importance of local governments effectively utilizing real estate regulatory policies to stabilize market expectations and activate demand [1][8] Summary by Sections 1. Market Overview - The real estate sector's performance was slightly negative, with a 0.1% change last week, while the broader indices saw gains of 1.5% and 1.2% respectively [3] - New housing sales in 36 cities reached 2.966 million square meters, with a month-on-month increase of 1.6% and a year-on-year increase of 0.1% [3][13] - The second-hand housing market saw a transaction volume of 1.484 million square meters, down 10.7% month-on-month and 8.5% year-on-year [3][20] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities is 77.86 million square meters, with a month-on-month decrease of 0.8% and a year-on-year decrease of 9.6% [3][29] - The absorption cycle for new homes is 19.4 months, with variations across city tiers [3][29] 3. Land Market - The land transaction volume in 100 cities was 20.631 million square meters, down 36.3% month-on-month but up 15.3% year-on-year [3][47] - The average land price was 1,326 RMB per square meter, reflecting a significant decrease of 43.8% month-on-month but an increase of 41.7% year-on-year [3][47] 4. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong shareholder backing [1][8] - In property management, companies like China Resources Vientiane Life and Greentown Service are highlighted for their market capabilities [1][9] - In real estate brokerage, the report recommends Beike and suggests monitoring I Love My Home [1][9]

Core Viewpoint - The rental and sales rights concept has seen a 2.20% increase, ranking 8th among concept sectors, with notable stocks like Caixin Development and *ST Nanzhi hitting the daily limit up [1][2]. Group 1: Market Performance - The rental and sales rights concept had 20 stocks rising, with Caixin Development, *ST Nanzhi, and Shilianhang leading the gains at 9.85%, 4.82%, and 4.37% respectively [1][3]. - The concept sector experienced a net inflow of 392 million yuan, with 12 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [2][3]. Group 2: Key Stocks and Financial Metrics - The top stock by net inflow was China Merchants Shekou, with a net inflow of 137 million yuan, followed by Caixin Development, Vanke A, and I Love My Home with net inflows of 60.23 million yuan, 58.11 million yuan, and 52.67 million yuan respectively [2][3]. - The net inflow ratios for Caixin Development, Shilianhang, and *ST Nanzhi were 30.86%, 20.14%, and 16.03% respectively, indicating strong investor interest [3][4].

Core Viewpoint - The real estate market is experiencing further differentiation in sales performance, with certain hot regions, particularly first-tier and some new first-tier cities, maintaining a level of transaction activity [1][4]. Sales Data Disclosure - Poly Developments reported a signed area of 1.5233 million square meters and a signed amount of 29.011 billion yuan in June 2025. For the first half of 2025, the company achieved a signed area of 7.1354 million square meters and a signed amount of 145.171 billion yuan [2]. - Country Garden achieved a sales amount of 2.81 billion yuan and a sales area of 350,000 square meters in June. From January to June, the sales amount was 16.75 billion yuan with a sales area of 2.049 million square meters [2]. - Zhengrong Real Estate reported a cumulative contract sales amount of approximately 402 million yuan and a sales area of about 23,400 square meters in June. For the first half of 2025, the cumulative contract sales amount was approximately 2.365 billion yuan with a sales area of about 142,600 square meters [2]. Market Activity in Hot Regions - In Shenzhen, 5,546 second-hand homes were recorded in June 2025, a month-on-month decrease of 3.2% but a year-on-year increase of 4.5%. The average monthly recorded volume for the first half of 2025 was 5,851 units, indicating a sustained active market driven by policy support and demand release [4]. - The Shenzhen Beike Research Institute anticipates that the market activity in the second half of the year will improve due to continued loose policies and the traditional sales peak season [4]. Industry Analysis - The real estate market is stabilizing amid policy guidance, demand adjustments, and industry transformation. The market is transitioning from "incremental decline" to "quality improvement," with core high-end projects in first-tier cities supporting price increases [5]. - New first-tier and second-tier cities are expected to see price stabilization and recovery as quality housing supply increases, while third and fourth-tier cities may continue to adopt "price for volume" strategies [5]. Policy Support - Cities like Xi'an and Qingdao have recently introduced favorable policies to support the real estate market, including expanding the scope of housing provident fund payment for down payments [6]. - Beijing is working on regulations to better protect consumer rights in the housing rental market, which includes oversight of personal subletting activities [7]. Future Outlook - The year 2025 is viewed as a transitional period for the real estate market, with ongoing adjustments leading to new dynamics. There is potential for further reductions in mortgage rates and possible easing of purchase restrictions in certain cities [7].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]