Core Insights - The Beijing second-hand housing market is showing signs of recovery due to a series of policy measures aimed at reducing down payment ratios, lowering mortgage rates, and optimizing housing provident funds [1][5][7] - In June, the transaction volume of second-hand residential properties in Beijing increased by 1% year-on-year, marking the ninth consecutive month of growth [1][3] - The cumulative transaction volume for the first half of the year saw an 18.4% year-on-year increase, with June alone recording 15,139 transactions, a 6% month-on-month increase [3] Policy Impact - A combination of demand-side relaxation and supply-side optimization policies has been implemented in Beijing, contributing to the market's recovery [5] - The interest rate for personal housing provident fund loans has been reduced, with the first loan rate for over five years now at 2.6%, resulting in a monthly payment reduction of 133 yuan for a 1 million yuan loan over 30 years [5][6] - Families with multiple children can now have their loan limits increased by 40,000 yuan, allowing for a maximum loan of 1.6 million yuan, further lowering the cost of homeownership [6] Market Dynamics - The "Good House" policy has not only improved the quality of new homes but has also increased the willingness of buyers to upgrade their residences [6] - There is a notable increase in transactions for second-hand homes priced between 6 million and 10 million yuan, driven by policy effects [6] - The new policy allows buyers to simultaneously apply for provident fund loans and withdraw funds for down payments, effectively easing the financial burden on buyers [7]

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - The report highlights that new and second-hand housing transactions are slowing down year-on-year, indicating a need for continued policy support to stimulate demand [4][6] - The Beijing government is actively optimizing real estate policies to enhance housing supply and improve living conditions for residents [3][8] Summary by Sections Policy Tracking - On July 1, the Beijing government held a meeting to discuss advancing housing policies, emphasizing a multi-supplier and multi-channel housing supply system [3][8] - The focus is on improving the quality of housing and ensuring adequate land supply near transportation hubs and employment centers [3][8] Transaction Data - In June, Beijing's second-hand housing transactions reached 16,800 units, showing a year-on-year increase of 2.3% but a slowdown compared to previous months [4][6] - For new homes, the transaction area in 30 major cities was 2.63 million square meters, reflecting a year-on-year decrease of 20.8% [5][9] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and reasonable land reserves, such as Poly Developments [6][15] - It also recommends attention to major intermediary firms benefiting from active second-hand housing transactions, like I Love My Home [6][15]

Core Viewpoint - The Wuhan Municipal Housing and Urban Renewal Bureau has announced an extension of certain real estate policy deadlines to promote stable and healthy development in the local real estate market [1] Group 1: Policy Extension - The deadline for the policy regarding the optimization of new residential property project approval services has been extended to December 31, 2025 [1] - From October 1, 2024, to December 31, 2025, purchasing new residential properties in Wuhan will qualify as a first home for families, allowing for a full rebate on the paid deed tax [1] - For families purchasing a second home, a 50% rebate on the paid deed tax will be provided [1]

Core Viewpoint - The overall performance of real estate companies in the first half of 2025 shows signs of stabilization, with nearly 45% of the top 100 companies experiencing year-on-year growth, although challenges remain due to buyer confidence and inventory pressures [1][9][13]. Group 1: Sales Performance - The cumulative sales amount of the top 100 real estate companies from January to May 2025 was 13,137.2 billion yuan, a decrease of 7% year-on-year, while the total sales amount was 14,113 billion yuan, down 8.4% [3]. - The threshold for the top 10 companies in terms of total sales increased to 43.26 billion yuan, an 8.1% rise year-on-year, contrasting with a 13.1% decrease in the threshold for the top 20 companies, which fell to 15.15 billion yuan [4]. - Among the top 100 companies, 45% reported year-on-year growth, with 20 companies achieving growth rates exceeding 30% [9]. Group 2: Company Classification and Performance - In the top 100 companies, there are 47 private enterprises, a decrease of one compared to the entire year of 2024. Only one private company is in the top 10, indicating a trend where capital favors state-owned and large enterprises amid ongoing liquidity crises for many private firms [6]. - The performance of state-owned enterprises is notably stronger, with 70% of central enterprises and 53% of state-owned enterprises reporting growth, compared to only 38% of mixed-ownership companies and 32% of private companies [9]. Group 3: Market Outlook - The market is in a phase of bottoming out, with local policies being optimized and some restrictions being eased in key cities, signaling a potential stabilization in the real estate market [13]. - Despite the positive signals, challenges remain as buyer confidence is still recovering, and companies face increasing inventory pressures, necessitating proactive measures in marketing and product innovation to capture market opportunities [13].

黑色商品日报 黑色商品日报（2025 年 6 月 17 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面小幅上涨，截止日盘螺纹 2510 合约收盘价格为 2990 元/吨，较上一交易收盘价格 | 低位整理 | | | 上涨 21 元/吨，涨幅为 0.71%，持仓增加 2.91 万手。现货价格小幅上涨，成交回升，唐山地区迁安普方坯 | | | | 价格上涨 20 元/吨至 2920 元/吨，杭州市场中天螺纹价格上涨 10 元/吨至 3070 元/吨，全国建材成交量 | | | | 11.02 万吨。据国家统计局数据，1—5 月份，全国固定资产投资（不含农户）同比增长 3.7%，其中，房地 | | | | 产开发投资下降 10.7%，基建投资增长 5.6%，制造业投资增长 8.5%。5 月份我国粗钢、生铁和钢材产量分 | | | | 别为 8655 万吨、7411 万吨和 12743 万吨，同比分别下降 6.9%、下降 3.3%和增长 3.4%；日均产量分别为 | | | | 279.19 万吨、239.06 万吨和 411.06 万 ...

6月16日，国家统计局发布2025年5月份70个大中城市商品住宅销售价格变动情况。70个大中城市中，各 线城市商品住宅销售价格环比下降，同比降幅继续收窄。 中原地产首席分析师张大伟分析认为，随着时间推移，2024年四季度以来出台的政策的边际效应在递 减，今年小阳春过后全国房价再现下调风险，楼市需要更多政策企稳市场信心。 70城中二手房价仅3城上涨 5月份，一线城市新建商品住宅销售价格环比由上月持平转为下降0.2%。其中，上海上涨0.7%，北京、 广州和深圳分别下降0.4%、0.8%和0.4%。二线城市新建商品住宅销售价格环比由上月持平转为下降 0.2%。三线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.1个百分点。 | | 城市 | 环比 | 同比 | 1-5月平均 | | | 环比 | 同比 | 1-5月平均 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 上年同月 | 下生回前 | | 城市 | | 上年同月 | 下生回期 | | | | 上月=100 | =100 | =100 | | | 上月 ...

Core Viewpoint - The real estate market is stabilizing and recovering due to various policy measures implemented this year, including the acquisition of idle land and properties, promotion of "good housing" construction, and optimization of housing provident fund loan policies [1][2]. Policy Optimization - A series of policies have contributed to the stability of the real estate market, with new residential property sales area from January to April reaching 28,262 million square meters, a year-on-year decrease of 2.8%, which is a slight improvement compared to earlier months [2]. - Since May, multiple policies have been enacted, including the implementation of national standards for "good housing," interest rate cuts, and reductions in personal housing provident fund loan rates, which have boosted market confidence and reduced home-buying costs [2]. - Over 50 policies have been introduced nationwide to support the real estate market, although the efficiency of some policies still requires improvement [2]. Land and Project Assessment - The recent State Council meeting emphasized the importance of assessing the supply of land and ongoing projects, which is crucial for revitalizing existing resources and optimizing new land supply [3]. - This assessment will help identify bottlenecks in various stages such as land supply, development approvals, sales, and delivery, thereby guiding policy optimization [3]. Future Policy Directions - The State Council meeting outlined four key areas for future policy focus: stabilizing expectations, activating demand, optimizing supply, and mitigating risks [4]. - Collaboration among multiple departments is necessary to enhance the systematic effectiveness of policy implementation [4]. - Promoting housing consumption has become a vital aspect of stabilizing the real estate market, with cities like Guangzhou proposing to optimize real estate policies by removing purchase restrictions and lowering loan down payment ratios [5]. Demand Activation and Supply Optimization - Future efforts to activate demand may include improving housing vouchers, optimizing provident fund loans, and increasing home purchase subsidies [5]. - The supply of high-quality housing is expected to stimulate demand for improved housing, with supportive policies for "good housing" construction anticipated to take effect [5].

Group 1 - Guangzhou has optimized its real estate policies by canceling purchase restrictions, sales restrictions, and price limits, while also lowering down payment requirements and interest rates [1][2] - The city plans to invest 100 billion yuan in the renovation of old urban villages and upgrade over 9,000 old elevators, indicating a significant commitment to improving housing conditions [2] - The removal of restrictions is seen as a way to facilitate the exchange of housing among residents, particularly for those who have been unable to buy due to previous limitations [7] Group 2 - The current real estate policy is viewed as the most lenient in history, prompting potential buyers to consider purchasing now as it is perceived to be a bottoming out of the market [5] - There are contrasting opinions on homeownership versus renting, with some arguing that owning a home provides a sense of security and belonging, while others highlight the financial burden of mortgage payments [11] - The discussion reflects a broader sentiment about the importance of housing stability for families and the potential impact on community dynamics [11]

工业和信息化部等八部门公开征求对《汽车数据出境安全指引（2025版）》的意见，汽车数据处理者向境外提 供汽车数据，符合以下情形之一的，应当申报数据出境安全评估：（1）向境外提供重要数据；（2）自当年1 月1日起累计向境外提供100万人以上3个人信息（不含敏感个人信息）；（3）自当年1月1日起累计向境外提供 1万人以上敏感个人信息；（4）关键信息基础设施运营者向境外提供个人信息；（5）国家有关规定明确的其 他需要申报数据出境安全评估的情形。 跨省流动就业，养老金在哪领？人社部：具体分三种情况 近日，不少网友反映，在好几个城市工作过，最后应该在哪里领基本养老金？对此，人力资源社会保障部相关 负责人表示，跨省流动就业时，在哪里退休、领取退休待遇，主要是看申领基本养老保险待遇时，养老保险关 系是否在户籍所在省份。 情况一：养老保险关系在户籍省份，无论参保缴费多长时间，均在户籍所在省份退休、领取基本养老金。情况 二：养老保险关系不在户籍省份，且每个参保地缴费均不满10年，则在户籍所在省领养老金。情况三：养老保 险关系不在户籍省份，且多个参保地缴费均满10年，那么最后一个缴费满10年且非临时账户（指男性年满50周 岁、女 ...

【导读】广州市拟全面取消限购、限售、限价，降低贷款首付比例和利率 近日，广州市商务局发布《广州市提振消费专项行动实施方案（征求意见稿）》（以下简称《征求意见稿》），致力于优化房地产政策，全面取消限购、 限售、限价要求等，降低贷款首付比例和利率。 《征求意见稿》提到，在限制措施清理优化行动中，要有序减少消费限制。优化房地产政策，全面取消限购、限售、限价，降低贷款首付比例和利率。 《征求意见稿》表示，要更好满足住房消费需求。扎实推进城中村及老旧小区改造，2025年计划推进新开工老旧小区改造超150个，更新住宅老旧电梯超 9000台，完成城中村改造固定资产投资1000亿元。推进利用专项借款购买存量商品房作为安置房。持续优化住房公积金使用政策，支持缴存人在提取住房 公积金支付购房首付款的同时申请住房公积金个人住房贷款，进一步优化租房提取政策措施。 《征求意见稿》还表示，研究推动通过出租、入股、合作等方式盘活利用农村集体闲置土地和农户合法拥有的住房。 《征求意见稿》提出，加大生育养育保障力度。落实国家育儿补贴政策，加大对符合条件家庭的生育支持力度。按规定将符合条件的参加职工基本医疗保 险的灵活就业人员、农民工、新就业形 ...