Investment Rating - The report does not explicitly provide an investment rating for the commercial office land sector in Shanghai Core Insights - In Q2 2024, Shanghai saw a significant increase in the supply of commercial office land, with 8 plots totaling approximately 157,700 square meters, a 275% increase from the previous quarter and a 318% increase year-on-year [2] - All 8 plots were successfully sold, with a total transaction area of about 157,700 square meters, reflecting a 114% increase quarter-on-quarter and a 318% increase year-on-year [2] - The average transaction floor price for commercial office land was approximately 3,944 RMB per square meter, down 41.73% from the previous quarter and down 79.55% year-on-year [5] Summary by Sections Supply and Demand Situation - In Q2 2024, the total supply of commercial office land in Shanghai was 8 plots, with a total area of about 157,700 square meters, marking a 275% increase from the previous quarter and a 318% increase year-on-year [2] - The total planned building area for these plots was approximately 214,500 square meters, which is a 108% increase from the previous quarter and a 130% increase year-on-year [2] Price Situation - The total transaction price for commercial office land in Q2 2024 was approximately 846 million RMB, a decrease of 31.57% from the previous quarter and a decrease of 53.02% year-on-year [5] - The average transaction floor price was about 3,944 RMB per square meter, reflecting a significant decline of 41.73% from the previous quarter and a decrease of 79.55% year-on-year [5] Self-Holding Situation Analysis - In Q2 2024, the self-holding planned building area for commercial office land was approximately 43,700 square meters, a decrease of about 40% from the previous quarter, and a slight decline of 1 percentage point compared to the same period in 2023 [8] - From the beginning of 2023 to Q2 2024, a total of 56 plots of commercial office land were sold, with a total planned building area of 963,100 square meters, of which the self-holding planned building area accounted for 30.47% [10] Key Land Transfer Information - In Q2 2024, two plots involving office use were sold, both located in Qingpu District, with one plot designated for office, dining, and commercial use, and the other for commercial office use [15] - The plot located on the east side of Panlong Road had a transaction area of approximately 21,424.7 square meters and a total transaction price of 413 million RMB, with a floor price of 9,180 RMB per square meter [16][17]

第四批次集中供地收获约 109.5 亿元！绿城幸运斩获徐汇滨江地 块 今年上海第四批次集中供地交易活动于 8 月 7 日落下帷幕。 本批次供地共计 5 幅地块，一次性完成出让，土地总面积为 11.56 万平方米，与上批次 相比略有下降；总出让金额达 109.5 亿元，平均溢价率为 12.1%，其中徐汇区斜土街道 xh128D-07 地块以 30%的封顶溢价率成交。 01 地块成交结果一览表 日本本位日本之 SHURGhit 生物标得人 流行至至(IJIA) 480480 30.00% 徐汇区斜土街道xh128D-07地块 普通商品房 绿城 奉贤区奉贤新城11单元A02C-03地块 普通商品房 255217 0.00% 奉贤新城 青浦区重固镇福店路东侧36a-01地块 42863_ 0.00% 保利发展 普通商品房 虹口区江湾镇街道HK0017-18、HK0017- 120012 普通商品房 6.48% 绿城 21、HK0018-31地块 浦东新区北蔡楔形绿地C06-01地块 普通商品房 196280 0.00% 浦开 1 特点 1）合理布局，优配资源 本批次住宅用地整体质量较优，既满足市场需求，实现土地供应的 ...

Financial Data and Key Metrics Changes - The report indicates a significant focus on the integration of vehicle-road-cloud systems, with an estimated market value for roadside intelligent infrastructure expected to reach between 31.7 billion to 52.8 billion yuan [9][17][22] - By 2025, the expected market value for intelligent roadside infrastructure is projected to be 22.3 billion yuan, with a compound annual growth rate (CAGR) of 79.7% from 2025 to 2030 [10][14] Business Line Data and Key Metrics Changes - The report highlights the expected growth in the intelligent roadside infrastructure segment, which is anticipated to account for approximately 26.4% of the total market value by 2025, increasing to 75.1% by 2030 [10][14] - The demand for Road Side Units (RSUs) is expected to replicate the rapid penetration seen in the ETC market, with procurement prices projected around 40,000 yuan per unit [9][14] Market Data and Key Metrics Changes - The report notes that as of July 2024, over 32,000 kilometers of intelligent connected vehicle testing roads have been opened, with more than 7,700 testing licenses issued [17][22] - The establishment of 20 pilot cities for the "vehicle-road-cloud integration" project is expected to drive significant investment and infrastructure development [17][22] Company Strategy and Development Direction and Industry Competition - The strategy emphasizes the complementary nature of vehicle-road integration and single-vehicle intelligence, which is crucial for achieving L3+ autonomous driving [6][9] - The report suggests that leading companies in the sector, such as Qianfang Technology, Jinyi Technology, and Wanjie Technology, are well-positioned to benefit from the anticipated demand surge [9][14] Management's Comments on Operating Environment and Future Outlook - Management comments indicate a strong belief in the necessity of vehicle-road integration for enhancing safety and efficiency in autonomous driving, despite concerns about the high costs associated with long-tail road segment coverage [6][9] - The ongoing support from national policies for the development of intelligent connected vehicle infrastructure is seen as a positive factor for future growth [6][9] Other Important Information - The report outlines the expected value distribution of various components within the vehicle-road-cloud integration system, with edge computing nodes (MEC) and RSUs having significant value shares [9][14] - The anticipated decline in the price of lidar technology is expected to make it a standard component in roadside sensing solutions, moving from an optional to a necessary item [9][14] Q&A Session Summary Question: What are the expected growth rates for the intelligent roadside infrastructure market? - The intelligent roadside infrastructure market is projected to grow significantly, with a CAGR of 79.7% expected from 2025 to 2030, reaching a market value of 22.3 billion yuan by 2025 [10][14] Question: How does the company view the competition in the vehicle-road integration space? - The company believes that leading firms with established production capabilities and past supply experience will benefit the most from the upcoming demand surge in vehicle-road integration projects [9][14] Question: What are the risks associated with the vehicle-road integration projects? - Risks include potential delays in project approvals and bidding processes, as well as slower-than-expected payment progress from winning bidders [9][14]

Investment Rating - The report indicates a downward trend in residential prices in Shanghai, with an average base price of 55,572 CNY per square meter as of August 2024, reflecting a month-on-month decline of 0.76% and a year-on-year decline of 12.8% [1] Core Insights - The second-hand housing market in Shanghai saw a total of 20,380 transactions in July 2024, which represents a 14% decrease compared to previous months, indicating a slowdown in market activity [5][6] - The average monthly transaction volume for second-hand residential properties in the first half of 2024 was around 16,000 units, with July's volume being higher than the average but lower than June's, suggesting a diminishing effect of new policies on market activity [6] - The overall market is currently in a "price-for-volume" phase, where steady price declines are helping maintain relatively high transaction volumes [6] Summary by Sections Price Trends - As of August 1, 2024, the average base price across various ring lines in Shanghai continues to show a downward trend, with declines ranging from 0.61% to 0.93% [7][8] - The outer suburban areas experienced a narrowing decline, while the inner and outer ring areas saw a slight increase in price drop [7] Market Dynamics - The report highlights that the market remains imbalanced under a weak economic environment, leading to continuous price declines [10] - Most districts are experiencing a decline in prices, with over 80% of districts showing a decrease of 0% to -1%, while the proportion of districts with declines exceeding -2% remains below 10% [11]

Investment Rating - The report indicates that the Shanghai office leasing market is currently in a recovery phase, with overall demand not showing significant improvement, leading to a continued imbalance between supply and demand [1] Core Insights - The average office rent in Shanghai has continued its downward trend, decreasing by 1% quarter-on-quarter to 4.3 RMB/㎡·day [2] - The rental prices across various administrative districts have shown a general decline, with most areas experiencing a slowdown in the rate of decrease [3] - High-end office rents have seen a more significant decline, with Grade A+ office rents dropping by 1.6% overall, and certain districts experiencing declines exceeding 3.5% [4] - The average vacancy rate in Shanghai's clustered areas has risen to 22.6%, marking a continuous increase over five months [8] - The market is facing challenges due to an oversupply of office space and a decrease in leasing demand, particularly from industries under economic pressure [9] - The report anticipates that the Shanghai office leasing market will continue to face challenges of oversupply, with a sustained downward trend expected [10] Summary by Sections Office Rental Trends - The average rent in the inner ring has decreased by 0.8% to 5.9 RMB/㎡·day, while the inner middle ring has seen a more pronounced drop of 1.3% to 4 RMB/㎡·day [2] - The outer areas are struggling with maintaining existing clients and attracting new ones, leading to higher vacancy rates and lower rental prices [3] High-End Market Performance - The Grade A office market has experienced a notable decline, with specific areas like Huangpu and Jing'an seeing drops of over 2% [4] - Some landlords are implementing significant price reductions, with discounts exceeding 10% for properties that have been vacant for over six months [4] Vacancy Rate and Market Dynamics - The vacancy rate has been increasing due to reduced leasing demand amid economic pressures, with some landlords offering rent-free periods of up to 10 months to attract tenants [9] - The report highlights a supply-demand mismatch, particularly for office spaces that meet specific functional requirements for emerging industries [9] Future Outlook - The report concludes that the overall demand in the Shanghai office leasing market remains low, with significant supply pressures expected to persist [10]

数据发布 | 2024 年 8 月上海市住宅价格 RVMS系统监测：2024年8月上海市住宅小区基价均值为55,572元/平方米，环比下跌0.76%， 同比下跌 12.8%。 01 2024 年 8 月 1 日，上海市存量住宅均价仍在下行。 Vonth 元/平方米 宅小区基价均值 4年8月1日, ¥ 58,680 ¥ 57,734 ¥ 57,124 ¥ 56,439 ¥ 55,999 ¥ 55,572 -1.61% -1.1.% -1.20% -1.06% -0.7.8% -0.7/676 2024.04.01 2024.05.01 2024.06.01 2024.07.01 2024.03.01 2024.08.01 数据来源：城市资管服务云平台 根据网上房地产公开数据 (截至 2024 年 7 月 31 日)，7 月份上海二手房成交套数为 20380 套, 依据过往经验, 存量 住宅成交套数约为 18000 套, 环比出现 14%的回落。 上海二手房成交监测（最至2024年7月31日） es 1400 1200 1000 800 600 400 200 o 2024/4/1 2024/5/1 2024/6 ...

城 市 测 盛 师 行 宿 JRDAN SURVEYORS 丽 场 2024 年 6 月上海商办买卖市场 城市测量师行定期监测上海新增商办物业和二手商办物业，并发布《上海商办买卖市场报告》。该报告旨 在帮助大家了解上海商办交易行情，欢迎持续关注！ 01 24 RT 1 新設有 商办物业新增供应面积延续上升趋势 成交总量有所下跌 供应情况 全市商办物业月度供应走势 24-01 24-02 24-03 24-04 24-05 24-06 0 12 16 ■ 商业物业 ■ 办公物业 6 月，上海商办物业新 增供应总面积延续上升趋势, 为 10.84 万平方米, 环比涨 幅为 35%。 分类来看，商业物业共 有四个区域有新增供应, 较上 月减少一个，总供应面积为 数据来源：城市资管服务云平台 5.38 万平方米，环比上升 33%；办公物业供应区域为三个，较上月增加一个，总供应面积为 5.46 万平方米，环比上升 38%，在近半年的办公供应面积排行中，该区域位居第二。 6 月，全市商办物业供应 主要分布在六个行政区。 本月商业物物区域 主要集中在崇明区、奉贤区与 松江区，供应面积均超 1.5 万 平方米;总供应套数超 ...

Bess 信 電 地 而 测 前 ( )) 275 EFFE A fan 1 3日日 u i i 山 afini jun u jum m 正 IT u jun El (E a pini un a jun !!! u m . [ ] a fini 2024 年 6 月上海住宅买卖市场 城市测量师行定期监测上海新建商品住宅和二手住宅市场,并发布《上海住宅买卖市场报告》。该报告 旨在帮助大家了解上海住宅交易市场行情,欢迎持续关注! 01 01 新房市场供求回暖,高端项目延续"日光"表现 数据来源:城市资管服务云平台 6 月,上海新房市场供求 面积环比上月均有六成左右 的提升,尽管仍低于去年同期 水平,但 80 多万方的成交表 现已创近一年新高。 本月开发商积极推盘,入 市项目超过 30 个,10 个楼 盘认购率破百,总体去化率较 上两个月均有提升。徐汇中海 领邸·玖序、普陀宸嘉 100·嘉 佰道等千万级项目销售情况 持续火热,基本开盘即售罄。 此外,宝山中环置地中心 润府、嘉定华润华发时代之城 等近郊中端刚改优质项目,开 盘至今网签率已超过七成。 新房成交稳步上扬,截至 2024 年 6 月底,近一年供求比为 1. ...

Investment Rating - The report does not explicitly state an investment rating for the Shanghai commercial property market Core Insights - The supply of commercial properties in Shanghai continues to rise, with a total new supply area of 108,400 square meters in June, reflecting a month-on-month increase of 35% [2] - The total transaction volume for commercial properties decreased to 69,400 square meters in June, a decline of 41% compared to the previous month, which is below the average transaction volume over the past six months [4] - The second-hand office market showed a slight increase in transaction volume, reaching approximately 57,500 square meters in June, with central areas accounting for 63% of the total [9] Summary by Sections Supply Situation - In June, the new supply of commercial properties in Shanghai was 108,400 square meters, with commercial properties contributing 53,800 square meters and office properties 54,600 square meters, marking increases of 33% and 38% respectively [2][3] - The new supply was concentrated in six administrative districts, with significant contributions from Chongming, Fengxian, and Songjiang districts [3] Transaction Situation - The total transaction area for commercial properties in June was 69,400 square meters, with commercial properties accounting for 38,600 square meters and office properties 30,800 square meters [4][5] - The transaction volume for commercial properties saw a significant decline, with both transaction area and number of transactions dropping by over 50% [4] - The most active areas for commercial property transactions included Qingpu, Pudong New Area, and Putuo, which together accounted for 57% of the total commercial property transaction area [4] Second-hand Market Performance - The second-hand commercial market recorded a slight increase in June, with a total transaction volume of approximately 35,200 square meters, marking a new high for the past six months [13] - The performance of second-hand commercial properties in peripheral areas outperformed that of central areas, with Pudong New Area and Jinshan District leading in transaction volume [14] Popular Projects - Notable projects in the office sector included Greenland Central Plaza, which had a total transaction area of 5,967 square meters, making it the top office transaction in the city for June [6] - In the commercial sector, Zhongjian Jinxiu Tiandi led with 7,130 square meters transacted, indicating strong market interest in community-supported commercial spaces [8]

Investment Rating - The report indicates a downward trend in residential prices in Shanghai, with an average base price of 55,999 RMB per square meter in July 2024, reflecting a month-on-month decline of 0.78% and a year-on-year decline of 13.23% [2]. Core Insights - The implementation of the "Nine Policies" has positively impacted the market, leading to a significant increase in second-hand housing transactions, with June 2024 seeing 26,000 units sold, a month-on-month increase of over 30% [4][5]. - Despite the increase in transaction volume, the report suggests that this does not guarantee an immediate reversal in price trends, as historical data indicates that a single month of increased sales may not be sufficient to change the overall price trajectory [5]. - The report highlights a divergence in price trends across different regions, with central urban areas experiencing a more significant narrowing of price declines compared to suburban areas, which continue to face high inventory and longer absorption periods [6][7]. Summary by Sections - **Residential Price Trends**: The average base price in Shanghai's residential market continues to decline, with a month-on-month decrease and a significant year-on-year drop [2][6]. - **Transaction Volume**: The second-hand housing market has shown a notable increase in activity, particularly following the "Nine Policies," with transaction volumes reaching levels not seen since March 2023 [4][5]. - **Regional Price Divergence**: There is a notable difference in price movements between central and suburban areas, with suburban regions struggling to stabilize prices due to high inventory levels [6][7]. - **Market Sentiment**: The report indicates that while transaction volumes have increased, the overall market sentiment remains cautious, with potential for continued downward pressure on prices if the upward trend in transactions does not persist [5][8].