消息面密集催化 核心城市有望通过城市更新和保障房分流实现供需再平衡

Core Insights - The central urban work conference has outlined a systematic deployment for the real estate sector, aiming for high-quality development and risk control, which is expected to stabilize housing prices through urban renewal and affordable housing distribution [1][3] - The National Bureau of Statistics reported a 3.5% year-on-year decline in new residential sales area in the first half of the year, with a 5.5% decrease in sales value, although the rate of decline has narrowed compared to previous periods [1][3] Real Estate Market Performance - In Shanghai, the real estate market is showing signs of recovery, with a 17% year-on-year increase in housing transactions in the first half of the year, reaching 13.11 million square meters, the highest since 2022 [2] - The average price of new residential properties in Shanghai increased by 5.8% year-on-year, while second-hand housing prices saw a slight decline of 1.3% [2] - The central urban work conference emphasizes a shift from rapid urbanization to stable development, focusing on quality improvement and efficient use of existing resources [3] Market Dynamics - The real estate sector is experiencing increased volatility, with the industry index rising by 6.12% last week, making it the top-performing sector among 31 in the Shenwan classification, followed by a slight correction of 2.26% in the current week [3] - High-end property launches in Shanghai have attracted significant interest from high-net-worth individuals, contributing to the overall increase in new housing prices [2]