Investment Rating - The report indicates a stable investment environment in the Shanghai office market despite a nationwide decline in transaction volume, suggesting a positive outlook for quality assets [1]. Core Insights - The first quarter of 2024 saw a significant reduction in national investment market transaction volume, with investor sentiment becoming more conservative. However, Shanghai maintained a robust market performance, particularly in high-quality asset transactions [1]. - A total of 9 transactions were completed in the Shanghai bulk trading market during Q1 2024, with office transactions dominating at 7 deals. The transaction area remained at a mid-to-high level compared to previous years [1][3]. - The Pudong New Area emerged as a hotspot for transactions, reflecting its strong market appeal [1]. Summary by Sections Overall Situation - The Shanghai investment market demonstrated resilience in Q1 2024, with high transaction volume and activity levels, particularly for premium assets [1]. - The office asset class continued to be the primary focus of bulk transactions, with a notable presence of self-use buyers [3]. Case Analysis - The Shanghai World Financial Center, a landmark building in the Lujiazui financial district, has been a significant player in the market since its inception in 2008. The recent transaction of the 67th floor is a testament to its ongoing appeal [4].

行 业 研 究 [Table_Reportdate] 2024年5月20日 [table_invest] [2Ta0ble2_4Ne年wTit新le] 能源汽车下乡活动启动，促进 标配 行 三四线城市、县区等新能源汽车消费 业 ——汽车行业周报（2024/05/13-2024/05/19） 周 报 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点： 黄涵虚 S0630522060001 hhx@longone.com.cn ➢ 本周汽车板块行情表现：本周沪深300环比上涨0.32%；汽车板块整体下跌2.09%，涨幅在 汽 [table_stockTrend] 31个行业中排第27。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 车 块分别变动-0.88%、-1.37%、-3.24%。（2）汽车零部件：车身附件及饰件、底盘与发动机 系统、轮胎轮毂、其他汽车零部件、汽车电子电气系统子板块分别变动-1.89%、-2.03%、 -2.24%、-2.88%、-2.04%；（3）汽车服务：汽车经销商、汽车综合服务子板块分别变动- 0.80%、-0.48%。（4）其他交运设备 ...

场正迎来三大拐点,这家公罚的产品可为实现城市NOA 功 电报解读 能或高阶辅助驾驶提供更全面的感知信息 //电报解读 一、国内汽车行业2024年或迈入L3 智驾时代 梅赛德斯奔驰在全球范围内率先推出13级自动驾驶后。国内汽车厂商快速跟进。4月7日，广汽埃安与滴滴自动驾驶合资的公司 广州安滴科技有限公司获批工商执照，旨在打造L4级无人驾驶的国内首款量产车。 目前广汽集团、极越汽车、赛力斯汽车、等国内车企已经拿到了L3级自动驾驶测试牌照,在北京、上海、广州、深圳等地开展路 测。5月20日,小鹏汽车宣布2024年第三季度,小鹏汽车将实现全国每条路都能开,全面实现无图,2025年在中国实现类L4级 智驾体验。 地方政策方面,杭州自5月1日起正式施行《杭州市智能网联车辆测试与应用促进条例》,并开放辖区内共计3474平方公里作为 智能网联车辆测试应用区域。 东方证券认为，在国内政策许可和高阶 智驾系统软硬件 技术成熟的推动下,我国汽车行业有望于2024年迈入L3智驾时代。 二、 国内智驾市场正迎来三大拐点，智能化零部件成长空间广阔 中信证券研报指出，全球共振，国内智驾市场正迎来三大拐点：1)技术上，"BEV+Transf ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Xpeng Motors**: Focused on autonomous driving technology - **SK Hynix**: Engaged in memory chip production, specifically High Bandwidth Memory (HBM) - **Various Companies**: Mentioned in the context of market trends and stock performance Core Points and Arguments Xpeng Motors - Announced the launch of the first end-to-end large model for L4 low-speed autonomous driving in China, with plans for mass production by 2025 [2][2] - The new model will enhance driving capabilities by doubling perception distance and recognizing over 50 target objects, including traffic signs and intent of road participants [2][2] - The company aims to achieve full autonomous driving capabilities across all roads in China by Q3 2024 [2][2] - Industry analysts, such as Industrial Securities, express optimism about the smart driving sector, highlighting Tesla's advancements as a benchmark for future developments [2][2] SK Hynix - Reported a significant increase in customer deposits, with a rise of 1.16 trillion KRW (approximately 850 million USD) in Q1 2024, indicating strong demand for HBM products [3][3] - The company received a prepayment of 561 billion KRW and has a total customer liability of 2.7459 trillion KRW [3][3] - Market demand for HBM is projected to reach 15 billion USD in 2024, doubling from the previous year, driven by the need for advanced packaging materials [3][3] - Companies like Tongfu Microelectronics and Huahai Chengke are actively involved in HBM packaging and related technologies [3][3] Other Important but Possibly Overlooked Content - The overall market showed a significant increase in trading volume, with 154 stocks exceeding 1 billion in trading volume, indicating heightened investor interest [5][5] - The sectors of precious metals and non-ferrous metals are experiencing strong performance, with gold prices reaching new highs [6][6] - Companies like Haimeixing are making breakthroughs in medical applications of laser technology, aiming for commercialization within three to five years [9][9] - Guang'an Aizhong is expanding its operations in renewable energy and data services, with a focus on low-carbon computing projects [10][10] Market Trends - The market is witnessing a shift towards sectors like artificial intelligence, automotive, and semiconductor industries, with significant stock movements in these areas [5][5] - The performance of various sectors, including real estate and chemical industries, is being closely monitored as they attract investor attention [4][4]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 15 May 2024 | 5:24PM EDT US Daily: Big City Flight: The Other Migration Trend (Rindels) n The recent surge in immigration into the US is now well known. But newly Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com released county-level population data from the Census reveal another major Goldman Sachs & Co. LLC migration trend: domestic emigration from large cities. The latest figures show Alec Phillips +1(202)637-3746 | alec.phillips@gs.com that this demographic shift that began ...

"以旧换新"全面袭来，多模式并进；A 股多房企面临退市 风险 ● 以旧换新的国资收购模式，兼具高效性和确定性； ● 上海启动住房"以旧换新"：市场试水，效果待观察； ● 拆迁补偿新通道，多种模式推进城市建设； ● A 股多房企面临退市风险，地产行业在资本市场正处于下行周期 01 01 大招来了！官方出手收购二手房！ 近期，无锡、郑州等二线城市推出买房"以旧换新"的优惠活动！郑州城市发展集团有限公司收购 二手住房，促成群众通过"卖旧买新、以旧换新"购买改善性新建商品住房。该模式先行在金水区、 郑东新区等区域进行试点，试点期间完成二手住房"卖旧买新、以旧换新"500 套，并逐步在主城 区全面实施，全年计划完成 5000 套。今年通过"以旧换新"购买新建商品住房的群众，均可享受 契税补贴 30%的优惠。（惠房宝） 城市视角：以旧换新的国资收购模式，兼具高效性和确定性 目前全国各地推出了多样化的"以旧换新"模式，主要分为以下几类： 在 二 三 线 城 市 的 房 地 产 市 场 中 ， 新 房 市 场 占 据 主 导 地 位 。 然 而 ， 近 几 年 房 地 产 市 场 下 行 导 致 居 民 置 换 陷 入 困 ...

2024 年 4 月上海土地招拍挂市场 整体概览 第一批次集中供地圆满结束 常态化供地市场成交面积回升至近半年高位 4 月，上海 2024 年第一 批次第二轮集中供地的 6 幅 地块完成出让。至此，2024年 第一批次11幅涉宅地块全部 出让完成，合计成交总价 253 亿元。 数据来源：城市资管服务云平台 01 常态化供地市场在工业用地的有力支撑下，总成交面积升至约 64 万平方米，再次超过近半年 的平均成交面积。 ...

城市测量师行定期提供整租市场的住宅租赁数据信息，为政府、企业、消费者提供及时客观的住宅租 赁数据信息，欢迎持续关注！ 02 03 三林世博家园 AB 区为 2006 年竣工，同为动迁公寓小区，占地面积大，共有 275 个楼栋， 主要为一梯两户。小区距离浦三路站步行时间需 15 分钟以上，出行便捷度一般，但小区位于三林 世博家园动迁大居内，商场、超市、菜场等步行 5 分钟左右即可到达，生活配套十分便利。 ● 租赁需求逐步释放，整体成 上海住宅物业租赁挂牌和成交房型段分布 | --- | --- | --- | --- | |---------------------|----------|----------|-------------------| | 小区名称 | 竣工年份 | 小区类型 | 地铁站及步行时间 | | 1. 浦发绿城 | 2004年 | 公寓 | 浦三路站7分钟 | | 2. 三林世博家园AB区 | 2006年 | 公寓 | 浦三路站15-20分钟 | 数据来源：城市资管服务云平台 ● 挂牌量升至近一年最高位 挂牌价格方面,受出租房 源不断增加、房东为减少空置 期而降低价格等因素影响，租 金 ...

Investment Rating - The report indicates a downward trend in rental prices in the co-rental market, suggesting a cautious investment outlook for the sector [2][4][10] Core Insights - The overall rental demand in the co-rental market has decreased compared to previous years, leading to a slight decline in average rental prices [10] - The average rental price for co-rental units in March 2024 was reported at 2,340 RMB/month per room, reflecting a continued downward trend [2][10] - The number of districts experiencing rental price increases has decreased, with less than 20% of districts showing any rental growth [4][6] - The demand for co-rental units is primarily driven by younger tenants who are seeking cost-effective living arrangements, leading to a higher focus on quality and privacy in rental options [10] Summary by Sections Market Overview - The co-rental market is characterized by an increase in available listings, primarily consisting of lower-quality units, resulting in a slight expansion of negotiation space [2][4] - The rental prices in most districts continue to decline, with a notable increase in the number of districts experiencing a drop of over 250 RMB/month per room [4][6] District Analysis - The report highlights that the majority of districts are experiencing a downward trend in rental prices, with a 4% increase in the proportion of districts with declining rents [4][6] - The rental prices around transit stations have shown a narrowing decline, with some areas experiencing slight increases due to higher employment demand [8][10] Rental Price Trends - The average rental price for co-rental units has shown a cumulative decline of 0.74% over the past two months, with specific lines like Line 9 experiencing the most significant drop [7][8] - Certain districts with limited quality housing options have managed to maintain stable rental prices, while others have seen significant declines [4][6] Tenant Demographics - The report notes a trend towards younger renters who prioritize cost control and privacy, leading to increased demand for quality co-rental units [10]

Investment Rating - The report indicates a downward trend in the average price of residential properties in Shanghai, with a current average of 57,124 RMB/square meter, reflecting a month-on-month decrease of 1.06% and a year-on-year decrease of 12.88% [1]. Core Insights - The average price of existing residential properties in Shanghai continues to decline, with a total transaction amount of 25.3 billion RMB from the first batch of residential land supply in April 2024, indicating a focus on improving living quality and supporting diverse housing needs [3]. - In April 2024, approximately 18,000 second-hand homes were sold, with an estimated 16,000 being existing residential units, showing a slowdown in transaction activity compared to March [5]. - The overall market confidence remains low, and the future market direction is influenced by various uncertainties, although the rate of price decline has started to narrow [5][9]. Summary by Sections - **Price Trends**: As of May 1, 2024, the average base price continues to decline, but the rate of year-on-year decline has slowed. Most districts show a price drop of 0% to -1%, with nearly 60% of districts falling within this range [6][9]. - **Market Dynamics**: The first batch of residential land supply in April 2024 was completed with an average premium rate of about 7%, indicating sustained interest in well-located and mature districts [3]. - **Segment Analysis**: Prices in various segments are generally lower than the same period last year, with premium locations like Huangpu Riverside starting to show price flexibility due to extended absorption periods and reduced demand for school districts [7].