Group 1: Market Outlook and Investment Opportunities - The report emphasizes the importance of macro and microeconomic resonance, highlighting investment opportunities in AI technology, equipment manufacturing, and new consumption trends, supported by domestic policy and industrial upgrades [3][10] - The report identifies three main investment lines: AI technology (electronics, communications, computers, media), equipment manufacturing (robotics, automotive, machinery, defense), and new consumption trends (home appliances, beauty care, pet economy, service consumption) [3][10] Group 2: AI Technology Sector - The AI technology sector is experiencing high growth, with significant revenue and profit increases in semiconductor, communication, and computer equipment, driven by strong demand for AI computing power [8] - The software service industry is also benefiting from AI application demand, with notable revenue growth in IT services and gaming sectors [8] Group 3: Equipment Manufacturing Sector - The equipment manufacturing sector is seeing an upward trend due to industrial upgrades and policy support, with revenue growth in robotics and related industries ranging from 7% to 25% [9] - The automotive and traditional machinery sectors are also improving, with revenue growth between 4% and 40% in various related industries [9] Group 4: New Consumption Trends - The new consumption trend is characterized by a strong performance in the home appliance sector, with revenue and profit growth of 12.8% and 25.3% respectively [10] - Other consumer categories, such as personal care products and pet food, are also experiencing significant growth, with revenue increases of 10% to 30% [10] Group 5: Elderly Care Industry - The report highlights the role of insurance companies in the elderly care sector, leveraging their advantages in policy, funding, and resources to invest in elderly communities [12] - As of Q3 2020, 10 insurance institutions had invested in 47 elderly community projects, covering an area of 14.27 million square meters with a planned investment of 90 billion yuan [12] Group 6: Real Estate Market - The real estate market is showing signs of stabilization, particularly in core urban areas, with a focus on high-quality housing [28] - The report suggests that the short-term recovery in the real estate market is likely to continue, driven by improved supply-demand dynamics and marketing efforts from real estate companies [28]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Group 1 - Private real estate companies are attempting to restart overseas financing, with New World Development (01030.HK) planning to issue USD bonds between USD 250 million and USD 300 million [2] - New World Development has selected four brokers for the bond issuance, including Guotai Junan International, Haitong International, Citigroup, and CICC [2] - The company has conducted non-public roadshows in Hong Kong and Singapore to gauge overseas investors' attitudes, indicating proactive preparation for the bond issuance [2] Group 2 - New World Development is the first private real estate company to restart overseas capital market financing this year, following the issuance of USD 150 million priority notes by Greentown China (03900.HK) in February [3] - Successful overseas financing for private real estate companies could signal a positive shift in international capital market perceptions, aiding in credit recovery and improving cash flow for the real estate sector [3] - The company is also in discussions for medium-term notes guaranteed by China Bond Insurance, with an issuance amount of approximately CNY 1.5 billion to CNY 2 billion [2]

2025 年 06 月 09 日 证券分析师 房诚琦 证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area has turned negative on a month-on-month basis, with a year-on-year decline expanding. The transaction area for second-hand homes has also decreased, with both month-on-month and year-on-year declines widening [6][17] - The inventory of new homes has decreased on a year-on-year basis, while the de-stocking cycle has increased month-on-month and decreased year-on-year [6][42] - The land market shows a decrease in premium rates month-on-month, while total land transaction area has increased significantly [6][42] Summary by Sections 1. New Home Market Tracking - In the week of May 31 to June 6, 2025, new home transaction volume in 40 cities was 18,000 units, a month-on-month decrease of 30.6% and a year-on-year decrease of 16.6% [18] - The new home transaction area was 189.5 million square meters, with a month-on-month decline of 32.7% and a year-on-year decline of 16.6% [29] - Transaction volume and area for first, second, and third/fourth-tier cities showed significant declines [20][23] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,819.7 million square meters, with a month-on-month increase of 76.4% and a year-on-year increase of 11.8% [6][42] - The total land transaction price was 37.24 billion yuan, reflecting a month-on-month increase of 44.4% and a year-on-year increase of 6.9% [6][42] - The average floor price of land decreased by 18.2% month-on-month and 4.4% year-on-year [6][42] 3. Policy Overview - Local governments are implementing various measures to stabilize the real estate market, including tax support and housing policies aimed at boosting consumption and optimizing housing supply [2] 4. Company Performance and Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, as well as those showing significant breakthroughs in sales and land acquisition since 2024 [7]

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...

当前市场延续止跌企稳弱复苏走势。 表现在数据层面，前5月重点30城新房成交累计同比增长6%；项目平均开盘去化率为39%，同环比分别增长12个百分点和1个百分点，去化率基本与2023 年高峰期持平。 CRIC监测的全国重点城市开盘去化和成交数据也可以明显看出，"好房子"领涨全国。 除此之外，部分二线城市存量房收购及房票安置带动了非核心区项目热销，而相对低迷的弱二线城市仍在加速"以价换量"。 前5月新房成交同比增6% 30城平均去化率同环比正增 在我们调研过程中，一位头部房企华中区域营销总坦言，现在新房市场非常卷，其所在区域仅一些产品力过硬的改善类产品和新规四代宅产品卖得相对较 好，且热卖项目普遍集中在主城区。 5有楼市延续弱复苏。 CRIC监测的30个城市5有新房成交规模为1058万平方米，环比微降2%，同比下降9%。前5月累计成交 5047 万平方米，同比上涨6% 一线城市保持正增长，北上广深4城5月新房成交环比增6%，同比增长20%。上海和广州表现突出，5月成交规模均超50万平方米且同环比齐增，适销对路 的优质盘入市使得短期市场热度延续。 26个二三线城市环比企稳，但同比仍回落13%，降幅超30城平均水平。 ...

证券研究报告 "核心区+好产品"率先止跌回稳，重申 关注中线布局 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月9日 请务必阅读正文后免责条款 1 地产行业周报 核心摘要 2 周度观点：核心区及好房子率先止跌回稳逐步被验证及市场接受。本周受端午假期影响，重点50城新房备案口径成交环比降33.4%，尽 管短期成交存在波折，但随着核心城市核心区供需格局改善，叠加过去限价带来的优质住房相对稀缺，"核心区+好产品"正率先止跌 回稳。随着半年末房企加大营销力度及优质房源供应，预计短期成交环比有望恢复上行，但同比由于上年高基数或小幅下滑。 短期结构性复苏有望延续，中期为产品力与拿地能力的竞争。当前市场主要担忧在于：1）核心区供给有限、年内诞生多个"地王"， 房企能否获取充足货量及保障利润率；2）随着好房子供应增加，是否会步入新的价格战，进而影响去化或利润率。我们认为短期无需 过度担忧：1）主要房企销售规模及利润较高点已明显回落，边际增量优质项目带来业绩弹性较大；2）当前高价地主要集中核心城市 核心区，供应仍相对有限，且得益于限价放开与得房率提升，预计去化率有望维持高位。中期将是产品力、拿地能力的 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 主要数据要点 证券研究报告 Research | Equity 王逸, CFA +86(21)2401-8930 | yi.wang@goldmansachs.cn 高盛（中国）证券有限责任公司 徐时 2025年6月4日 | 7:05AM CST 本周要点： 我们的关税影响评估（图表 1至图表 4，更多详细方法）显 示，出口依赖型城市在二手房交易和看房量方面的表现继续 领先，与其他城市的差距进一步扩大：1) 交易：出口依赖度 最高的城市在一手房市场上表现落后（总交易面积环比持 平，其他城市+7%），但在二手房市场上表现领先（环比 -10%，其他城市-19%，意味着差距为+9个百分点，而前一周 为+1个百分点，2024年以来平均为零）；2) 出口依赖型城市 的二手房看房量环比下降9%（其他城市-15%，意味着差距为 +6个百分点，而前一周为+2个百分点，2025年以来平均为 零），二手房挂牌量环比收紧5%（其他城市-6%，意味着差 距为+1个百分点，前一周/2025年以来的平均水平为+1个百分 点）。一手房和二手房市场的信心均走软，中介（中原经纪 ...

Core Insights - The real estate light asset sector is undergoing a new round of reshuffling, with over 100 real estate companies entering the construction and management business in 2024, and this number expected to grow in 2025 [2] - Approximately 80% of the top 100 real estate companies are now involved in the construction and management sector, indicating a significant shift in market dynamics [2] Industry Changes - Developers are transitioning from scale competition to a focus on professional capabilities, as the construction and management market evolves from a blue ocean to a red ocean due to increased competition [3][7] - More than 70% of clients explicitly state they only consider successful case studies during the bidding process, emphasizing the importance of proven track records [4][5] Demand and Supply Dynamics - The main clients in the construction and management sector are local government platforms and state-owned enterprises, with some private companies left over from previous market conditions [6] - Developers must demonstrate genuine professional capabilities rather than relying solely on low pricing to win contracts, as leading companies like Greentown and Vanke have already engaged in fierce competition [7][8] Case Studies - Ocean Group, a notable player in the light asset sector, has successfully transformed problematic properties into marketable assets, earning the nickname "product doctor" [9][10] - The Qingdao project "Fan Hua Li" was revitalized through targeted market positioning, product upgrades, and innovative marketing strategies, achieving a remarkable sales turnaround [12][17] - In Jinan, the "Li Cheng Cheng Fa Guan Shan Yue" project showcased Ocean Group's ability to implement differentiated marketing strategies despite challenging conditions, leading to exceptional sales performance [19][21] Ocean Group's Path - Ocean Group's approach highlights the shift from merely constructing buildings to creating certainty in the market, establishing a model for others in the industry [23][29] - The company has developed a diagnostic system, a technical arsenal, and mobilization capabilities that set it apart in the competitive landscape [23][24] - Ocean Group's success is attributed to its understanding of market needs, a replicable strategy, and the ability to deliver tangible sales results, positioning it as a leader in the light asset sector [27][28]