各线城市房价同比降幅收窄 从环比来看，5月份，各线城市商品住宅销售价格下降。一线城市除上海外新房价格环比由上月持 平转为下降0.2%。一线城市二手房价格环比降幅比上月扩大0.5个百分点至0.7%，4个一线城市均下降。 二线和三线城市新房价格分别环比下降0.2%、0.3%，降幅分别比上月扩大0.2个、0.1个百分点；二、三 线城市二手房价格环比均下降0.5%，降幅均扩大0.1个百分点。 今年以来，随着各项稳定房地产政策加快落实，房地产市场运行总体平稳。国家统计局6月16日发 布的数据显示，5月份，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。1 至5月份，新建商品房销售面积同比下降2.9%，销售额下降3.8%，均较1至4月份有所下滑。 "价格涨涨跌跌属于行业规律，尤其是在前几个月政策效应强、市场需求释放较好的背景下，要客 观看待一些城市价格下降的现象。"上海易居房地产研究院副院长严跃进对《金融时报》记者表示，当 前，市场需求相对有所下降，开发商落实以价换量策略符合供求关系，也有助于促进交易量上升。各地 考虑到高品质住宅项目陆续入市，一些存量项目加快降价销售，这是企业自身的定价策略。 值得 ...

Group 1 - The average price of new residential properties in 100 cities in July was 16,877 yuan per square meter, with a month-on-month increase of 0.18% and a year-on-year increase of 2.64% [1] - The average price of second-hand residential properties in the same cities was 13,585 yuan per square meter, showing a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1] - The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices as policies take effect [1] Group 2 - The narrowing gap between net rental yields and mortgage rates is a key observation point for the bottoming out of total demand for new and second-hand homes [2] - The new housing market is expected to improve earlier than the second-hand market due to expectations of reduced supply, improved quality of supply, and significant differentiation among homebuyers [2] - In July, the total bond financing in the real estate sector reached 71.39 billion yuan, a year-on-year increase of 90.3%, with credit bond financing accounting for 45.65 billion yuan, a significant year-on-year increase of 104.8% [2]

本报记者 张芗逸 近期，多地对下半年工作进行部署安排。记者梳理发现，对于房地产相关领域，多地一方面表态将持续推动楼市止跌回 稳，另一方面也将城市更新列为下半年的工作重点。 中指研究院政策研究总监陈文静表示，稳定房地产市场对于稳定宏观经济至关重要，6月13日召开的国务院常务会议明确 指出要更大力度推动房地产市场止跌回稳，为地方政府指明了政策方向。此外，近期召开的中央城市工作会议锚定了城市发展 新方向，城市更新的重要性明显提升，各地积极贯彻落实会议精神，发力高质量开展城市更新。 持续发力稳市场 前述广东省召开的会议也要求，要认真落实中央城市工作会议精神，推动城市高质量发展，稳步推进城中村和老旧小区改 造。 江苏省政府8月5日召开的促消费工作专题会议提出，要持续推动房地产市场止跌回稳，高质量开展城市更新，加大"好房 子"建设供给，巩固扩大房票安置成效，更好释放住房消费需求。 7月28日，云南省住房和城乡建设厅党组成员、副厅长黄媛在云南省2025年上半年经济运行情况新闻发布会上表示，下一 步将"促进房地产市场供求总量平衡、结构合理、价格稳定、健康发展"。 7月17日召开的2025年广东全省上半年经济形势分析会暨省委财 ...

民企们正试图重新在土拍市场争夺话语权。 在深圳，7月出让的龙华区地块容积率仅3.1，明显低于以往动辄4以上的水平；广州白云区龙归地块在 出让前经过多次调规，从最初容积率3.0、配建8000平方米回迁房，调整为容积率1.7并取消回迁房配 建，为民企建设高品质住宅提供了更大空间；杭州则对7月底出让的石桥单元地块提出明确要求：住宅 层高不小于3米，高层住宅设置架空层且层高不低于4米，每单元至少设置1部担架电梯…… 这些"竞品质"规则倒逼房企提升产品力，同时保障了项目品质，"诚意满满"的地块，则向民企开发商释 放了更友好的信号。地方政府的精准供地策略与民企的开发需求，已经形成了有效对接。 事实上，这一轮楼市调控后，相关民企也经历了大浪淘沙，目前仍在投资拿地的民企已经与之前大不相 同，而现阶段楼市也确实存在不少结构性机遇。当前，一些中小规模房企或实业企业下属开发商争相进 入土拍市场、参与房地产建设，虽然规模与过去那些大型房企难以比肩，但依然值得关注和肯定。毕 竟，要持续用力推动房地产市场止跌回稳，民企始终不可缺位。 （文章来源：每日经济新闻） 比如，上海祺祥旺宇置业有限公司（以下简称祺祥旺宇）拿下的是"全国单价地王"， ...

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

人民财讯8月7日电，华泰证券研报称，供需结合来看，房地产市场中长期"止跌回稳"的基础正在构建， 但要全面达成仍需要时间。展望下半年，政策发力方向可能包括：1、稳定房价预期是第一步；2、更有 效地激活购房需求；3、优化收储发力去库存；4、关注城市更新资金来源。华泰证券更看好以一线城市 为代表的核心城市复苏节奏，继续推荐具备"好信用、好城市、好产品"逻辑的"三好"地产开发商，分红 与业绩稳健的头部物管公司，以及受益于香港资产重估逻辑的香港本地地产股。 ...

现在看来，房地产市场仍然处在一个非常关键的调整阶段，虽然说大方向上，有各种利好政策的组合加持，市场有向好趋势，但是短期内，又出现了回落。 中指在近日公布7月份百城房价数据显示，百城二手住宅均价为13585元/平方米，环比下跌0.77%，同比下跌7.32%，同环比的跌幅比例相较上个月都出现了 扩大趋势。二手房市场作为楼市晴雨表，其波动趋势关乎我们对未来政策调整的判断。 姚洋最近有点火，从北京转向上海，他的吐槽引发了热议，这里就不参与评论了。如今姚洋已经是上海财经大学滴水湖高级金融学院院长。 无论是姚洋还是孟晓苏可以说对房地产的研究都很资深了，所以也都有独到的见解。 说实话，今天还在谈房地产未来有没有潜力，这个问题并不难，如果选好参照物就很好回答。如果房地产跟当年最辉煌的时候比，我告诉你，房地产已经告 别高速增长的时代，这跟过去的模式已经被淘汰有很大关系，再说，花无百日红，哪里有什么永远？ 房地产走到今天也是必然的，理性来说，城镇化率已经达到比较高的水平，人口增长红利已经大不如前，所以，加上老百姓虽然还在为住房发愁，但是整体 上房子总量并不缺，那么也就意味着房地产不可能回到过去那种高速模式了。 2024年9月那么 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - New housing transaction area increased month-on-month, while regulatory policies continue to be relaxed. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process [5][60] - The land transaction area decreased year-on-year, but the premium rate increased month-on-month. The credit bond issuance scale increased year-on-year but decreased month-on-month [5][48] Summary by Sections Sales Sector - In the 31st week of 2025, the transaction area of new homes in 68 major cities was 2.15 million square meters, a year-on-year decrease of 31% but a month-on-month increase of 11%. Cumulatively, the transaction area from the beginning of the year to date reached 72.96 million square meters, with a year-on-year decrease of 10% [7][30] - The transaction area of second-hand homes in 20 cities was 1.75 million square meters, with a year-on-year growth rate of +2% [33] Investment Sector - In the 31st week of 2025, 100 major cities launched land planning with a total area of 22.6 million square meters, with a transaction area of 20.29 million square meters, a year-on-year decrease of 23%. The premium rate for land transactions was 9% [38] - The Nanjing land auction market was active, successfully selling 13 residential land parcels, with premiums of 54.38%, 33.87%, and 0.17% for three parcels, totaling 6.8915 billion yuan [8][41] Financing Sector - In the 31st week of 2025, the issuance of credit bonds was 4.73 billion yuan, a year-on-year increase of 21% but a month-on-month decrease of 74%. The cumulative issuance scale was 228.88 billion yuan, a year-on-year decrease of 8% [48][48]

Group 1 - The core viewpoint indicates that the performance of the top 100 real estate companies in July 2025 showed a significant decline, with sales amounting to 236.6 billion yuan, a year-on-year decrease of 18.2% [1] - Only about 30% of the top 100 real estate companies achieved positive year-on-year sales growth in July [1] - Cumulative sales for the top 100 real estate companies from January to July 2025 reached 2,073.01 billion yuan, reflecting a year-on-year decline of 13.3% [1] Group 2 - Among the top real estate companies, only five surpassed 100 billion yuan in sales, with Poly Developments leading at 163.2 billion yuan [2] - The land market in core cities remains active, with total land acquisition by the top 100 companies reaching 578.3 billion yuan from January to July 2025, a year-on-year increase of 34.3% [2] - The competition for quality land in core cities is intense, with record-breaking land prices, such as a plot in Shanghai's Xuhui District selling for 200,000 yuan per square meter [2] Group 3 - Fitch Ratings emphasizes that actively acquiring land is crucial for Chinese rated real estate companies to maintain competitiveness, as new land sales typically outpace old inventory [3] - The supply of residential land in first-tier cities has increased significantly this year, with varying trends in land prices across cities [3] - The central government's macro policy aims to enhance stability and flexibility, with a focus on high-quality urban renewal as a key development strategy [3]

Group 1 - Yantai City is implementing financial support measures to promote stable development in the real estate market, including a "trade-in" housing policy for families selling their own homes and purchasing new ones within specified dates [1] - The "trade-in" subsidy is set at 0.3% of the total price of the new home, with a maximum subsidy of 10,000 yuan per unit [1] - The city encourages state-owned enterprises to acquire second-hand homes for use as affordable rental housing, with financial support based on acquisition scale and rental rates [1] Group 2 - The provincial government is increasing support for districts and cities based on new housing sales, real estate development investment, and related tax revenue indicators for the second quarter and the entire year of 2025 [2] - Cities demonstrating significant progress in stabilizing the real estate market will receive preferential policy support from the municipal government [2] - Districts and cities are encouraged to issue housing purchase subsidies, housing consumption vouchers, and loan interest subsidies to fully unleash housing potential [2]