中国房地产研报：京深杭二手挂牌量环比止跌微增，沪深中改需求持续收缩

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in China. Core Insights - The second-hand housing market in key cities is showing signs of stabilization, with a mixed performance across different regions. Beijing, Shenzhen, and Hangzhou are experiencing varying levels of market activity, while Shanghai is seeing a decline in listings [3][18]. Summary by Sections Second-Hand Housing Market Overview - In June 2025, the second-hand housing transaction volume in 30 key cities remained flat compared to the previous month, with a slight year-on-year decrease of 3%, indicating a slowdown in growth momentum [3]. - The second-hand listing volume in Beijing, Shenzhen, and Hangzhou showed a slight increase, while Shanghai experienced a significant decline of 18% [3][6]. Beijing Market Dynamics - In June 2025, Beijing's new listings remained stable, with a total of 17,523 units, reflecting a 1% increase month-on-month but a 1% decrease year-on-year [6]. - The proportion of listings priced above 6 million yuan is increasing, while lower-priced segments are seeing a decline. Listings priced between 100-300 million yuan decreased by 1.02 percentage points [7][8]. Shanghai and Shenzhen Market Trends - Both Shanghai and Shenzhen are witnessing a decline in the mid-price segment, with a notable drop in listings priced between 300-500 million yuan in Shanghai, which fell by 0.73 percentage points [10]. - The low-end (100-300 million yuan) and high-end (above 1 billion yuan) segments are seeing an increase in listing proportions, indicating a "K-shaped" market recovery [10][11]. Hangzhou Market Characteristics - Hangzhou's market is characterized by an increase in low-priced, small-sized listings, with 51.69% of new listings priced below 300 million yuan, reflecting a 0.75 percentage point increase [14][15]. - The market is under pressure from rising supply in the low-end segment, with a significant drop in high-end listings priced between 1-3 billion yuan [14]. Overall Market Outlook - The report suggests that the high-end market in Beijing, Shanghai, and Shenzhen may see a slight decline in activity due to increased supply and competition from new high-quality developments [18]. - The performance of the low-end market will largely depend on the willingness of owners to reduce prices, as the current listing base is substantial, potentially leading to extended transaction cycles [18].