每经记者｜王佳飞 每经编辑｜陈梦妤 事实上，据中指研究院不完全监测，2022年末以来，全国已有超30个省（市）出台现房销售相关政策， 如合肥、郑州、长沙等地明确部分项目进行现房销售试点。另有多地出台现房销售配套支持政策，如赣 州多区县延长现房销售项目土地出让金缴纳期限，九江多区县对购买现房销售项目的购房者进行契税补 贴，山东多地提高购买现房的公积金贷款额度等。 "一律实行现房销售" 《批前公示》指出，按照"新老有别"的原则，对已取得施工许可证的项目，按照《中华人民共和国城市 房地产管理法》第四十五条、《城市商品房预售管理办法》第五条等规定，"投入开发建设的资金达到 工程建设总投资的25％以上"时可申报商品房预售许可；或按照《河南省城市房地产开发经营管理条 例》第二十七条第四款规定"工程进度达到设计形象进度的二分之一以上"时，申报商品房预售许可。 最重要的是，《批前公示》明确，文件印发后新取得施工许可证的项目，施工进度需达到主体封顶方可 申报商品房预售许可。文件印发后新出让土地开发的商品房，一律实行现房销售。根据《批前公示》， 项目开发公司依法行使独立法人权利，企业总部履行投资人责任。项目交付前，严禁投资人违规 ...

5月13日，信阳市住房和城乡建设局发布了《关于加强商品房预售管理工作的若干措施（试行）的批前 公示》文件，提出全面推行现房销售。 该文件提出六项措施，涵盖严控预售许可条件、严格预售资金缴存、规范预售资金使用、严格实行项目 开发公司制、合理把握工程进度，准确界定新出让土地等措施，其中严控预售许可条件备受关注。 ...

《措施》显示，严控预售许可条件。按照"新老有别"的原则，对已取得施工许可证的项目，按照《中华 人民共和国城市房地产管理法》第四十五条、《城市商品房预售管理办法》第五条等规定，"投入开发 建设的资金达到工程建设总投资的25%以上"时可申报商品房预售许可；或按照《河南省城市房地产开 发经营管理条例》第二十七条第四款规定"工程进度达到设计形象进度的二分之一以上"时，申报商品房 预售许可。文件印发后新取得施工许可证的项目，施工进度需达到主体封顶方可申报商品房预售许可。 文件印发后新出让土地开发的商品房，一律实行现房销售。 《措施》显示，以"投入开发建设的资金达到工程建设总投资的25%以上"为进度申报预售许可的，开发 企业需提供现场施工图片、工程款发票及银行资金拨付凭证；以"工程进度达到设计形象进度的二分之 一以上"为进度申报预售许可的，开发企业需提供施工现场图片。新出让土地的时间，以土地出让合同 签订日期为准。 《措施》显示，该《措施》自印发之日执行。适用范围为中心城区，各县可参照执行。该《措施》试行 期间如国家及地方法律、法规和相关政策另有规定的，以国家及地方法律、法规和政策为准。 近日，信阳市住房和城乡建设局公示 ...

在房地产行业深度调整的背景下，多地正以"现房销售"为突破口，重塑市场信心与行业生态。自2022年末以来，全国已有超30 个省市启动现房销售试点，并配套出台土地、金融、税费等支持政策。这一改革不仅是对预售制弊端的纠偏，更被视为房地产 发展新模式的关键实践。 政策背景：从"风险防控"到"系统性改革" 中国商品房预售制自1994年推行以来，虽加速了行业扩张，但长期积累的交付风险、质量纠纷等问题逐渐凸显。2023年，中央 经济工作会议首次系统提出现房销售概念，要求"有条件推进试点，优化预售资金监管"。2024年底的全国住房城乡建设工作会 议进一步将"现房销售"列为2025年重点任务，提出"构建房地产发展新模式，以人定房、以房定地、以房定钱"的顶层设计，明确 通过土地供应、金融工具与监管机制协同推动改革。 试点进展：从地方探索到全国铺开 ·合肥、郑州：部分土地在出让环节直接规定现房销售比例，倒逼房企提升产品力。如合肥红达天映、伟星T10。 ·荆门：湖北省唯一试点城市，其现房项目"城控·易居苑"开盘首日去化率100%，实现"交房即办证"，购房者满意度超90%。 配套支持：破解房企资金困局与消费顾虑 为缓解现房销售对房企的 ...

智通财经APP获悉，天风证券发布研报称，政策表态"促进房地产行业止跌企稳"，基本面拐点或将近， 增量政策预期持续。交易端，市场"底部共识"增强，"短线政策博弈+中长期估值修复"逻辑更加顺畅。 配置方向上，天风证券建议优先考虑①非国央企受益于化债、政策纾困、需求改善等多重逻辑下的困境 反转；②具备投资及改善产品优势的龙头房企独有的周期韧性；③区域型企业其城市基本面分化及市占 率提升逻辑；④二手中介受益于存量交易景气度提升。其中，低估值优质非国企及地方型企业受益于融 资、收储等政策的弹性空间或更大。 天风证券主要观点如下： 行业追踪（2025.5.4-2025.5.10） 降息注入需求企稳"强心针"。5月7日，央行国新办新闻发布会宣布下调政策利率0.1个百分点，即公开 市场7天期逆回购操作利率从目前的1.5%调降至1.4%；降低个人住房公积金贷款利率0.25个百分点，五 年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整。本次政策利率调整有望推动5年期LPR 稳步下行，公积金贷款利率一次性大幅调降25bp为商贷利率锚定较充足调降空间（0.1-0.25bp）。从可 比指标看，截止25Q1末，一线城市租 ...

1. Macroeconomic Data Overview - GDP in Q1 2025 grew by 5.4% year-on-year, the same as the previous quarter and slightly higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month; the non - manufacturing PMI for business activities was 50.4%, down from 50.8% in the previous month [1] - In April 2025, the Caixin manufacturing PMI was 50.4%, down from 51.2% in the previous month; the Caixin services business activity index was 50.7%, down from 51.9% in the previous month [1] - In March 2025, the year - on - year growth rates of M0, M1, and M2 were 11.5%, 1.6%, and 7.0% respectively [1] - In April 2025, CPI was down 0.1% year - on - year, and PPI was down 2.7% year - on - year [1] - In April 2025, exports increased by 8.1% year - on - year, and imports decreased by 0.2% year - on - year [1] 2. Commodity Investment Reference 2.1 Comprehensive - The China - US high - level economic and trade talks on May 10 - 11 in Geneva were productive, and a consultation mechanism will be established [2] - The central bank will implement a moderately loose monetary policy in the next stage, and boosting consumption is the key to expanding domestic demand [2] - In April 2025, CPI turned from a 0.4% decline in the previous month to a 0.1% increase month - on - month, and core CPI rose 0.2% month - on - month [3] 2.2 Metals - Gold prices are volatile, and many wealth management companies have launched gold - linked wealth management products [5] - Goldman Sachs raised its copper price forecasts for Q2 and Q3 2025 to $9330/ton and $9150/ton respectively [6] 2.3 Coal, Coke, Steel, and Minerals - China will carry out a special campaign to combat the smuggling of strategic minerals [7] 2.4 Energy and Chemicals - Iraq plans to export 3.2 million barrels of crude oil per day in June [9] - Oman is considering selling an $8 billion stake in a natural gas field [9] 2.5 Agricultural Products - On May 9, the average wholesale price of pork increased by 0.1% compared to April 30 [10] - In April 2025, China's soybean imports increased by 72.59% month - on - month [10] 3. Financial News Compilation 3.1 Open Market - On May 9, the central bank conducted 77 billion yuan of 7 - day reverse repurchase operations, with a net investment of 77 billion yuan [12] - This week, 836.1 billion yuan of reverse repurchases and 125 billion yuan of MLF will mature [12] 3.2 Key News - The China - US high - level economic and trade talks achieved important consensus and substantial progress [13] - The State Council called for in - depth planning of the "15th Five - Year Plan" and support for free trade zones [15] - China's goods trade imports and exports in the first four months increased by 2.4% year - on - year [16] 3.3 Bond Market Summary - Treasury bond futures mostly fell slightly, and the yield of the 10 - year Treasury bond active bond rose 0.4bp [22] - The money market funds were loose, and the repo rates of deposit - type institutions decreased [22] 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2461 on May 12, down 106 points from the previous trading day [27] - In Q1 2025, China's current account surplus was $165.6 billion [28] 3.5 Research Report Highlights - Huatai Fixed Income said that the bond market has several new trends this year [29] - CITIC Securities believes that the credit spread is unlikely to decline trendily in May [29] 4. Stock Market Key News - This week, 28 A - share stocks will face restricted - share unlocking, with a total market value of 18.63 billion yuan [33] - Since May, many fund companies have conducted intensive research on listed companies [33] - Some private equity firms believe that the stage of the greatest impact of tariffs has passed [34]

行业点评 本周 A 股地产、港股地产均上涨、港股物业下跌。本周（5.3-5.9）申万 A 股房地产板块涨跌幅为+0.4%，在各板 块中位列第 31；恒生港股房地产板块涨跌幅为+1%，在各板块中位列第 7。本周恒生物业服务及管理指数涨跌幅为- 2.2%，恒生中国企业指数涨跌幅为+0.9%，沪深 300 指数涨跌幅为+2%；物业指数对恒生中国企业指数和沪深 300 的相 对收益分别为-3.1%和-4.2%。 本周五上海四批次土拍：杨浦及松江地块溢价率超 20%。本周（5.3-5.9）全国 300 城宅地成交建面 451 万㎡，单 周环比-29%，单周同比-38%，平均溢价率 8%。2025 年初至今，全国 300 城累计宅地成交建面 12017 万㎡，累计同比- 0.2%；年初至今，绿城中国、中海地产、保利发展、滨江集团、建发房产的权益拿地金额位居行业前五。 本周假期因素新房销售环比下滑，同比维持正增，小阳春过后景气度延续承压。本周（5.3-5.9）47 个城市商品 房成交合计 263 万平米，周环比-20%，周同比+9%。其中：一线城市周环比-30%，周同比+21%；二线城市周环比-28%， 周同比-1%；三四 ...

Group 1 - Lei Jun, founder and CEO of Xiaomi, stated that the past month has been the most challenging period since the company's inception, leading to a temporary pause in social media interactions [1] - Chongqing University reported that a student published 14 SCI papers and obtained 3 national invention patents, leading to an investigation revealing academic misconduct involving the student's parent [1] Group 2 - Apple has announced significant price reductions for the iPhone 16 Pro Max and iPhone 16 Pro, with reductions of $160 and $176 respectively, in preparation for the upcoming "6·18" sales event [2] - Alibaba's internal sources confirmed that Jack Ma's return to the company is impossible, emphasizing that he has never truly left [2] Group 3 - Alibaba's chairman, Cai Chongxin, highlighted the company's focus on two core strategic directions: e-commerce and cloud + AI, aiming to integrate AI into all business segments over the next three to five years [3] - JD.com's founder, Liu Qiangdong, was spotted in Japan wearing a shirt featuring the character "Pig Pig Hero," which is linked to a recent collaboration with JD's delivery service [4] Group 4 - Huiyuan Juice responded to negative rumors about its business, asserting that the company has been improving since its restructuring in 2022 and will take legal action against defamatory statements [5] - China has become the largest country in the world for renewable energy grid connection, with rapid development supported by technological innovation [5] Group 5 - The U.S. stock market showed mixed results, with major indices fluctuating and many Chinese concept stocks experiencing declines [5] - Various regions in China are actively promoting the sale of completed properties to address issues related to the pre-sale system, which has led to delivery risks and quality disputes [6] Group 6 - Reports indicated that Chen Lin, a former ByteDance executive, is not leaving the company to start a new venture, contrary to earlier rumors [6] - A procurement project at Chongqing Three Gorges University faced scrutiny due to a significant price discrepancy, leading to the termination of the procurement process [7][8] Group 7 - Apple is expected to launch its first foldable iPhone by the second half of 2026, with strong market demand anticipated for the new device [9] - The National Anti-Fraud Center app was temporarily removed from the Apple App Store but has since been restored [9] Group 8 - Li Auto announced that the cumulative delivery of its L7 model has surpassed 300,000 units [10] - Industrial and Commercial Bank of China confirmed that gold bars previously suspected of being counterfeit were found to be genuine and have been returned to the customer [10] Group 9 - Panasonic announced plans to cut 10,000 jobs globally, including 5,000 in Japan, as part of a strategy to terminate unprofitable businesses [10] - Rising rice prices in Japan have made rice a popular gift for Mother's Day, with prices reaching record highs [10] Group 10 - Google agreed to pay $1.375 billion to settle privacy-related allegations in Texas, resolving issues related to user data tracking [11] - OpenAI and Microsoft are negotiating changes to their partnership terms, which may allow OpenAI to go public while ensuring Microsoft retains access to AI technology [11] Group 11 - China has significantly reduced imports of beef and soybeans from the U.S., shifting to suppliers in South America and Europe [12] - The U.S. has experienced a price surge in various consumer goods following the imposition of tariffs, with significant increases reported in the prices of household items [12] Group 12 - Laikoo launched the world's first half-frame AI glasses, integrating advanced AI features for user interaction [13] - Taobao has introduced a desktop client focused on AI shopping assistant functionalities, currently available only for Windows [13] Group 13 - Songyan Power introduced a new generation of bionic robots, showcasing advanced features and customization options [14]

Group 1 - Lei Jun, founder and CEO of Xiaomi Group, stated that the past month has been the most challenging period since the company's inception, leading to a temporary pause in social media interactions [2][3] - Xiaomi's SU7 incident has drawn significant attention, marking a critical moment for the company [2] Group 2 - Chongqing University reported a case of academic misconduct involving a student who published 14 SCI papers and obtained three national invention patents, leading to disciplinary actions against the involved faculty member [4] Group 3 - Apple has announced significant price reductions for its iPhone 16 series, with the iPhone 16 Pro Max dropping by $160 and the iPhone 16 Pro by $176, as part of preparations for the upcoming "6·18" sales event [4] - This marks Apple's continued trend of price adjustments following the release of the iPhone 16 series [4] Group 4 - Alibaba's chairman, Cai Chongxin, emphasized the company's focus on two core strategic directions: e-commerce and cloud + AI, aiming to integrate AI into all business segments over the next three to five years [6] Group 5 - Li Auto announced that the cumulative delivery of its Li L7 model has surpassed 300,000 units, indicating strong market performance [12] Group 6 - The Chinese government has significantly reduced imports of beef and soybeans from the U.S., shifting to suppliers from South America and Europe due to trade policy uncertainties [14] Group 7 - Panasonic announced plans to lay off 10,000 employees globally, as part of restructuring efforts to terminate unprofitable business lines [13]

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]