Group 1 - The China-US economic and trade high-level talks held in Geneva from May 10 to 11 were described as candid, in-depth, and constructive, achieving important consensus and substantial progress, with both sides agreeing to establish a consultation mechanism [3] - In 2024, 27 cities in China are expected to have a GDP exceeding 1 trillion yuan, with 8 cities reporting GDP growth rates of 6% or higher in Q1 [3] Group 2 - In April, the national retail sales of passenger cars reached 1.755 million units, a year-on-year increase of 14.5%, marking a historical high for April [4] - The judicial restructuring of Jinke Properties has entered an important execution phase, potentially making it the first large listed real estate company in China to successfully undergo judicial restructuring [4] Group 3 - Over 30 provinces in China have piloted the sale of existing homes since the end of 2022, with the sales area of existing homes expected to reach approximately 300 million square meters in 2024, a year-on-year increase of 19.1% [6] - Beijing has released its 2025 housing development annual plan, aiming to optimize housing land supply and prioritize development around well-equipped areas [6] Group 4 - In May, 28 stocks in the A-share market will face the lifting of lock-up restrictions, with a total of 1.066 billion shares being unlocked, valued at approximately 18.63 billion yuan [9] - Fund companies have conducted intensive research on 109 listed companies, mainly in the electronics, machinery, and computer sectors, with a focus on semiconductor companies [9] Group 5 - Saudi Aramco reported a net profit of $26 billion in Q1, a year-on-year decrease of about 5%, with capital expenditures of $12.5 billion [18] - OpenAI is in discussions with Microsoft to unlock new funding and prepare for a future IPO [18]

Core Viewpoint - The topic of "immediate housing sales" has gained market attention as multiple regions actively pilot this approach, with supporting policies continuously improving, leading to a steady increase in market share [1][3]. Group 1: Background and Development - The pre-sale system for commercial housing originated in Hong Kong and was introduced to mainland China in the 1990s, becoming mainstream and helping real estate companies quickly recover funds and enhance development efficiency [3]. - However, as the market evolved, issues such as delivery risks and quality disputes associated with the pre-sale system became prominent, prompting the pilot of immediate housing sales to cool down land acquisition during market overheating and ensure delivery amid industry risks [3]. Group 2: Regional Pilot Programs - Hainan was the first province in China to implement immediate housing sales policies at the provincial level, mandating that newly sold land for residential construction must adopt this sales method since March 2020 [3]. - Beijing expanded the pilot scope for immediate housing sales in concentrated land auctions starting in 2021, and after optimizing the concentrated land supply system in 2023, some plots still included a "competitive immediate housing sales" segment [3]. - Shenzhen restarted its exploration of immediate housing sales in August 2023, with plans for all plots to require immediate sales by October 2024 [3]. Group 3: Policy Support - Both central and local governments are collaboratively supporting the pilot of immediate housing sales, with over 30 provinces and cities initiating trials or issuing supportive policies since the end of 2022 [3]. - Cities like Hefei and Zhengzhou have explicitly defined pilot projects, while places like Ganzhou, Jiujiang, and Shandong have introduced measures such as extending land transfer payment deadlines, tax subsidies, and increasing public housing loan limits [3]. - The concept of immediate housing sales was systematically proposed for the first time at the national housing and urban-rural development work conference in January 2023, with several provinces like Shandong and Anhui confirming their pilot programs [3]. Group 4: Market Data and Trends - The proportion of immediate housing sales is gradually increasing, with the National Bureau of Statistics reporting that the sales area for immediate housing in 2024 is approximately 300 million square meters, a year-on-year increase of 19.1%, accounting for 30.84% of total sales [4]. - The market share for immediate housing sales from 2020 to 2023 was recorded at 12.7%, 13%, 17.3%, and 22.5% respectively [4]. Group 5: Industry Implications - The director of 58 Anjuke Research Institute, Zhang Bo, believes that immediate housing sales represent a significant trend for the future of the real estate incremental market and are crucial for promoting high-quality transformation of real estate companies, although comprehensive implementation requires multi-dimensional supporting reforms [4]. - Currently, the timing for full implementation is deemed immature, as rapid execution may elevate market risks and impact the industry negatively [4]. - For real estate companies, immediate housing sales extend the capital recovery cycle and increase pressure, potentially reducing new housing supply in the short term and delaying market recovery [4]. - In the long run, immediate housing sales are expected to enhance product quality, compel companies to optimize design, materials, and amenities, and promote industry competition, accelerating consolidation within the sector [4].

尽管是工作日，在北京南五环的一个新房售楼处里，记者看到，来选房看房的市民络绎不绝，接待区几乎都坐满了。工作人员介绍，最近 平均每天要接待200到300组客户，周末的接待量更大。目前，北京不少新房项目的咨询量、线下到访量大幅度增加，部分项目到访量较春节前 增长了近一倍。最新数据显示，今年一季度，北京全市新房网签达到9700套，同比增长12.3%。 除了北京，广州、深圳等一线城市新房以及二手房的成交量也一直处于高位运行。今年一季度，广州新房网签面积218.56万平方米，同比 增长17.7%；二手住宅交易登记面积282.58万平方米，同比增长27.6%。上海新建商品住宅成交面积增长10.5%。深圳新建商品住宅、二手住宅 合计成交超2.6万套，同比增长67.7%。 一线楼市的热度正在不断传导到更多的二三线城市，新房和二手房的交易量也在明显增加。今年一季度，重庆中心城区商品住房成交实现 连续6个月正增长；武汉新房成交量超过18000套，同比增长超三成；贵阳成交量持续保持同比上涨，市场信心稳步修复。 专家表示，今年以来，各种利好政策的持续加强，有效提振了购房者的信心，楼市活跃度明显提升，买房人、卖房人的市场信心正在逐步 ...

文 ｜ 陈聪 张全国 刘河维 李俊波 2 0 2 4年，中央明确要求"改革商品房预售制度"（详见《中共中央关于进一步全面深化改革、推进 中国式现代化的决定》），郑州、深圳、北京、三亚等地也纷纷开始试验出让现房销售的地块。我 们认为，推广现房销售符合时代的要求。改革虽然影响开发商的周转速度，但更有助于严控供给、 稳定房价、提升品质，也有助于在开发能力和融资渠道上有优势的发展商。 ▍ 供求关系重大变化，控量保价理所当然。 现房销售和期房销售的开发模式完全不同，前者依赖视实景呈现，讲究所见即所得，后者则侧重 样板区域打造和渠道引流。现房时代的竞争要素权重也不同。总体而言，所有涉及产品营造能力 的环节都更加重要了。拿地需更加慎重，资金成本管控也更加重要，产品溢价能力更成为决定性 因素。房地产开发的关键，从低价快速获得资源，转向满足消费者的需求。不过，所有和开发速 度相关的要素（如建设周期、资金周转率等）重要性都下降了。 ▍ 风险因素： 预售制的存在，初衷是为了增加供给，快速改善居民居住环境，客观上加快了开发商的周转，助 力发展商规模壮大。当前，房地产市场的供求关系已经发生根本变化，预售制生存的市场基础 （供不应求）已 ...