在宏观经济的大棋局中，房地产市场始终占据着举足轻重的地位。近年来，随着国内外经济形势的风云变幻，我国房地产市场也经历着深刻的变革与调整。 从政策端的频繁发力，到市场供需结构的悄然转变，再到行业发展模式的积极探索，房地产市场的每一个动向都牵动着各方的神经。 尤其是2025年，房地产将处在一个非常关键的时期，对未来起到起承转合的作用。 自 2025 年以来，从4月的会再到6月13日的会，一系列关于房地产市场的重要决策部署不断出台，释放出强烈的政策信号。政策基调从过去的 "止跌回稳" 逐 步升级为 "持续巩固稳定态势"，这一转变意义深远。 在 "优存量" 方面，各地积极探索优化存量商品房收购政策。纷纷参与到存量商品房的收购行动中，将其转化为保障性住房、租赁住房等多种形式。在一些 城市，通过收购闲置的商业公寓并改造为租赁住房，既盘活了大量的闲置资产，又极大地增加了租赁住房的供给，有效缓解了租赁市场房源紧张的局面。这 一举措不仅消化了库存，完善了住房供应体系，还改善了房地产企业的现金流状况，助力企业轻装上阵应对市场调整。 在金融政策方面，对房地产企业合理融资需求的支持力度持续加大。银行等金融机构积极优化对房地产企业的信 ...

晨丰科技（603685）公告，公司拟向求精投资出售6辆闲置交通工具，向金茂五金出售53台闲置机械设 备，预计出售价格合计为814.61万元(含税)，预计产生的处置收益合计约为362.38万元。此次交易构成 关联交易，但不构成重大资产重组，也无需有关部门批准。交易标的包括闲置交通工具6辆，资产原值 305.69万元，累计计提折旧238.63万元，账面价值67.06万元，成交价172.11万元(含税)。闲置机械设备 53台，资产原值1122.28万元，账面价值291.45万元，成交价642.5万元(含税)。交易旨在盘活存量资产， 提升资产流动性与灵活性，降低营运成本，提升资产运营效率。 ...

证券研究报告·策略报告·策略周评 策略周评 20250622 增量资金对年初至今风格影响的五问五答 2025 年 06 月 22 日 [Table_Summary] ◼ 第一问：年初以来的增量资金结构中，谁占据主导？ 量化资金是今年 A 股市场的核心增量。年初至今，微盘指数显著跑赢宽基 指数，截至 6 月 20 日累计涨幅达 31.9%。微盘风格强势表现背后，量化资 金的持续扩容成为关键驱动。 量化策略收益领跑行业，收益表现层面，量化产品凭借突出业绩引发投资 者关注。2024 年 6 月至 2025 年 5 月期间，百亿量化私募的平均收益率为 29.6%，较头部私募整体 1.1%的回报形成明显优势，相对万得全 A、沪深 300 分别实现 14.9pct、7.3pct 的超额收益。从规模分层来看，>100 亿、50- 100 亿、10-20 亿、5-10 亿管理规模的量化私募近 1 年业绩表现均较突出。 发行端扩容显著，公私募量化产品成为市场增量主力。2025 年截至 5 月， 量化私募产品备案总数达 1930 只，占全市场私募证券产品备案总量的 44.3%；而量化私募机构数量仅占总私募数的不到 15%，显示今 ...

Company - China Communications Construction Company plans to divest its real estate development business by transferring related assets and liabilities to its controlling shareholder for a nominal price of 1 yuan [1] - China Resources Land has secured a term loan of 5.85 billion yuan, which is set for a three-year period, from specific banks and financial institutions [1] Market - In May, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, while second-tier cities also saw a 0.2% decline. Third-tier cities experienced a 0.3% drop, with the decline in prices widening by 0.1 percentage points compared to the previous month [2] - The year’s fifth batch of land auctions in Shanghai generated approximately 19.1 billion yuan from the sale of residential land, with Poly Developments acquiring a plot in Yangpu District for 3.5 billion yuan, marking a floor price of 95,500 yuan per square meter and a premium rate of 30.79% [2] Policy - The Ministry of Natural Resources has included 24,000 parcels of idle real estate land in a "one land, one policy" disposal list, aiming to address issues related to the utilization, transfer, and recovery of idle land through 18 policy measures [2]

Core Insights - China Broadcasting Network (China Broadcom) is facing challenges in achieving its target of 50 million mobile users by 2025, with recent data showing a slowdown in 5G user growth [1][4][6] - The company reported a net increase of approximately 950,000 5G users in Q1 2025, a significant decrease compared to previous quarters, indicating a trend of slowing growth [1][2][3] - The overall mobile communication market is entering a saturation phase, affecting all operators, including China Broadcom, which is a new entrant with less competitive advantage compared to the three major operators [3][6] User Growth Analysis - As of March 2025, China Broadcom had 33.7 million 5G users, with a total of 207 million cable TV users [1] - The growth rate of 5G users in Q1 2025 was only 95,000, a decrease of nearly 70% compared to the previous quarter's growth [1][2] - In 2024, China Broadcom had a total user growth of over 12 million, averaging about 1 million new users per month, highlighting the recent slowdown [1][2] Market Position and Competition - In Q1 2025, China Broadcom accounted for 10% of the total new mobile users in China, despite having a smaller user base compared to the three major operators [2] - The overall mobile user growth in China has decreased, with major operators like China Mobile and China Telecom also experiencing significant drops in user acquisition [3][6] - The competitive landscape is shifting towards a focus on differentiated strategies rather than price competition, which may impact China Broadcom's user growth strategy [6] Future Prospects - To meet its target of 50 million users, China Broadcom needs to add approximately 800,000 to 900,000 users in the remaining eight months of 2025, averaging 100,000 new users per month [4][5] - The company has made significant infrastructure investments, including the deployment of over 400,000 4G/5G base stations, which could help capture market share in underserved areas [5] - Collaborations with local governments and content platforms to enhance service offerings may provide additional growth opportunities for China Broadcom [5][6]

Group 1 - The core viewpoint of the news is that the Chinese liquor market is experiencing intensified differentiation, with the concentration of the industry (CR6) continuing to rise, while overall operational indicators are declining in both volume and price, alongside rising costs [1] - The liquor industry is in a deep adjustment period characterized by "stock competition + structural upgrade," presenting both challenges and opportunities [1] - Companies need to achieve breakthroughs on both the supply side through quality improvement and efficiency enhancement, and on the demand side through precise targeting to reshape growth logic amidst differentiation [1] Group 2 - Current demand for liquor is at a historical low, with limited downside risk, and a more accommodative policy environment is expected to support a gradual recovery in demand [1] - The performance of the liquor industry is anticipated to show a trend of initial decline followed by recovery, supported by low base effects in the third and fourth quarters [1] - Major liquor companies have reduced channel inventory to reasonable levels, and with ongoing policy support and improved consumption scenarios, liquor demand is expected to recover moderately [1] Group 3 - In the broader consumer goods sector, there is a rising trend in yellow wine consumption, beer consumption is entering a peak season, and the price of raw milk in the dairy industry has stabilized [2] - The food and beverage sector shows strong dividend intentions, with an overall dividend rate expected to increase under the leadership of benchmark companies like Moutai and Wuliangye [2] - The Food and Beverage ETF (515170) tracks the theme index of the segmented food and beverage industry, focusing on high-barrier and resilient sectors, providing a convenient investment tool for small capital [2]

认认真真聊地产，实实在在谈买房。 有很多的商场， 正在被上海的繁华所抛弃。 文 ｜ 乔不丝 来源｜ 真叫卢俊（ID： zhenjiaolujun0426 ） 封面来源 ｜ 爱琴海购物中心 以下文章来源于真叫卢俊 ，作者真叫卢俊团队 真叫卢俊 . 这是上海商业建立起来的庞大版图，而以下是另外一组关于消费的数字。今年第一季度，上海全市社会消费品零售总额增速为负。 | 指标 | 3月 | 比去年同月 | | 1-3月 | 比去年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | (亿元) | 增长(%) | | (亿元) | 增长 (%) | | | 社会消费品零售总额 | 1280.06 | | -1.5 | 4057.45 | | -1.1 | | 商品零售额 | 1112.96 | | -1.5 | 3559.85 | | -0.8 | | 餐饮收入 | 167.09 | | -1.5 | 497.60 | | -3.4 | 也就意味着，越来越多的商场在上海建成开业，但却没有带来人们消费欲望的快速膨胀。数据上看，这座城市现在也正在进入一个 商业供给过剩 ...

实施城市更新行动，是推动城市高质量发展、不断满足人民美好生活需要的重要举措。《中共中央办公 厅国务院办公厅关于持续推进城市更新行动的意见》近期发布，提出了八项主要任务，完善城市功能是 其中之一。 "城市功能完善需要通过系统谋划、品质设计、匠心营建、精细治理，加快形成供需匹配、优质高效的 现代化城市供给体系，推动城市运行更智能、服务更精准、管理更高效，努力让人民群众的获得感成色 更足、幸福感更可持续、安全感更有保障。"住房和城乡建设部科技与产业化发展中心城市建设与更新 处处长田永英说。 深度挖掘存量资源 提升城市宜居水平 建设安全、韧性、宜居城市是实现城市功能完善的重要目标。恽爽认为，完善城市功能应以基础设施建 设为抓手保障城市可持续发展潜力，强化旅游、康养、休闲、仓储物流与临时安置、应急医疗服务、物 资保障等公共基础设施的复合化利用。应以全龄友好为导向推进城市宜居水平提升，加强城市功能完善 项目对"一老一小"需求的适应与配合。从规划、策划、设计、实施到运营全链条周期，因地制宜地匹配 不同服务品质、不同使用成本的托育、养老、活动、便民等服务场景与服务空间。 舜泰广场是山东省济南市高新区科技产业和现代服务业发展较 ...

Group 1 - The company held its ninth meeting of the tenth board of directors, with all nine directors present, and the meeting complied with relevant laws and regulations [1] - The board approved the adjustment of the transfer price for a 65% stake in the Yinkou Energy Investment Co., Ltd. to enhance project attractiveness, reducing the base price by 10% to 50.31792 million yuan [1][2] - The board also approved the revision of the management measures for the responsibilities and business expenses of the company's executives to strengthen management [2]

报告指出，当前，中国白酒业存在产能增长和需求放缓、消费动能不足与价格下行、消费场景弱化与产业增长压力、传统渠道与电商平台价格冲突、名酒 企业保价与市场价格倒挂等较为突出的现象。白酒行业核心命题已从"企业主导"转向"消费者定义价值"，产品品质的硬实力和服务的软实力将是企业穿越 周期的关键。 量价齐跌 旺季不旺 价格倒挂 近六成企业利润下滑 仅2%企业感知市场回暖 新一轮政策调整、消费结构转型分化、存量竞争深度调整，2025年中国白酒业面临"三期叠加"的困顿局面。 封面新闻记者 舒俊瑜 6月18日，在2025四川国际美酒博览会上，中国酒业协会发布《2025中国白酒酒业市场中期研究报告》。报告以2025年1-6月白酒市场动态为观测窗口，涵 盖有效分析样本583份。 报告显示，2025年一季度，全国白酒产量为103.2万千升，同比下降7.2%。上半年，酒类生产企业和经销商的客户数、客单价、营业额和营业利润的减少 比例均高于增加比例，其中营业利润负面情况最为显著，利润有所减少的企业占比高达59.7%，政策调整、消费谨慎情绪和成本上升的影响明显，凸显行 业整体承压。 从需求侧来看，今年仅有21.1%的企业表示其客户数量有 ...