智通财经记者 | 王妤涵 近期，国内的土地市场迎来一波热度回升。 据中指研究院发布的《1—5月全国房地产企业拿地TOP100排行榜》显示，今年前5月TOP100房企拿地总额达到4051.9亿 元，同比增长28.8%，增幅较上月扩大2.2个百分点。 在成都5月23日的土拍中，3宗涉宅用地总成交金额达10.11亿元，其中多家民企参与竞拍，四川邦泰集团作为本地深耕 的"新锐"民企，成功竞得地块。 邦泰集团不仅进入全国拿地金额前二十榜单，还在成都拿地金额中跻身前十，反映出其对核心城市的战略聚焦。 类似情况在长沙也在上演。5月份，长沙多宗住宅用地被民企拿下，如伟星房产等中小型房企凭借较低负债和充裕流动 性，积极补仓优质资产。伟星房产在近年来的土拍中表现低调，但2025年却突然活跃，成为长沙市场的"黑马"之一。 | 5月部分民营房企 | | --- | 土地市场的总体升温主要受到核心城市市场提振。今年前4月，22个重点城市土地成交月度平均溢价率均在20%左右。 并且在5月份，这一趋势得到延续，杭州、上海、成都等城市核心区拍出的高溢价地块显著增加市场信心。 近3年TOP100房企累计拿 地总额及同比 图片来源：中指研究院 ...

Core Insights - Tianyuan Pet (301335.SZ) is making a significant move to reverse a two-year decline in net profit exceeding 40% by acquiring 89.7145% of Taotong Technology for 688 million yuan, which is its second-largest customer contributing 7.46% of sales [3][4] - The acquisition reflects Tianyuan Pet's urgent desire to enhance its domestic e-commerce channels after facing challenges in the overseas OEM model [3] - The company has seen a drastic drop in net profit by 40.33% in 2023 and a further decline of 40.13% in 2024, with a net profit margin of only 1.66% [3] Company Performance - Tianyuan Pet's reliance on pet food distribution has resulted in a low gross margin of 8.79%, significantly below competitors like Guibao Pet, which has a gross margin of 36.83% [3] - The company previously had over 90% of its revenue from overseas markets before facing inventory reduction and rising costs [3] Acquisition Details - Taotong Technology, controlled by Fosun's Guo Guangchang, holds agency rights for over 40 international brands and has a projected net profit of 69.09 million yuan in 2024 [4] - The acquisition aims to close the online sales loop and address the traffic shortfall of Tianyuan Pet's own brands, "Chongfafa" and "Xiaoshouxing" [4] Market Dynamics - The acquisition comes with challenges, including a high acquisition premium of 32.78% and a performance guarantee of 225 million yuan over three years, indicating potential risks [5] - The situation highlights a broader trend in the Chinese pet industry, where OEM companies are seeing diminishing profits while brand and channel holders continue to reap benefits [5] - The success of this acquisition will be crucial for Tianyuan Pet's transformation from an "OEM leader" to a "brand operator" [5]

端午假期，热门项目看房者人数众多 文/图 羊城晚报记者 陈玉霞 端午假期，广州楼市表现好过平时周末行情。羊城晚报记者走访了解到，于5月内全新发售的楼盘，热 度延续到了端午假期，部分楼盘人气和成交都比较旺；端午档期内才亮相的全新项目，现场也人气十 足。业内人士表示，整体素质较高、配套带有确定性的好房子，能吸引更多购房者坚定入市。 广州天河区刚需和高端项目成交活跃 虽然中心片区内不少项目都比较热闹，但记者走访发现，即使是在中心片区，楼盘冷热分化的现象仍然 比较明显——热门楼盘依旧"热"，前期因产品定位、营销策略等导致成交缓慢的项目，成交依然乏力。 天河区的珠江·天河都荟于4月底首次开盘，彼时首批能推售的产品就基本售完，端午假期的到访者，除 了可选购少量余货，更多的则是来了解新一期组团相关信息。"首次开盘没买到的，或者是因口碑传播 而知道这个项目的，现在都会到访咨询，"项目人士告诉羊城晚报记者。 海珠区近期也是一手住宅供应大区，海珠客运站、琶洲、海珠湿地等板块都有新品持续推售。面积段相 近，或者是地理位置比较靠近的产品，都会面临较大竞争，若是定价没贴近市场，去化难度就更大。例 如，2月开盘的中建天钰，预售总套数为1 ...

Group 1: Market Performance Overview - The performance of commodity and alternative QDII funds has shown significant divergence this year, with precious metal funds performing well while energy funds have generally retreated [1][3] - Among 63 commodity funds, 60 have seen net value growth, representing a 95% success rate, while the three funds with net value declines are all energy-related [1] - In the alternative QDII category, several gold-themed funds have achieved net value growth rates exceeding 20%, with the highest reaching 31%, outperforming oil-themed funds [1] Group 2: Oil Market Analysis - International oil prices have been on a downward trend since mid-January, with the WTI crude oil main contract price dropping to $60 per barrel, previously hitting a low of $54 per barrel [2] - Analysts suggest that while the weak oil price trend may continue, the market is absorbing negative factors, and there may be limited space for further short positions [2] - There is a mixed outlook for oil prices, with some analysts optimistic about short-term support due to rising market risk appetite and the upcoming traditional demand season, although long-term rebound potential appears limited [2] Group 3: Precious Metals Outlook - In contrast to oil, precious metal prices, particularly gold, have been strong this year, driven by risk aversion and declining overseas market interest rates [3] - The outlook for precious metals remains positive, with expectations of continued strength in prices in the short term [3]

楼市从来不是非黑即白的赌局。我用三组真实数据算给你看：今年咬牙买房的人和继续观望的人，五年 后的财富差距会有多大。 第一组数据：房价跌幅背后的残酷真相——有人亏百万，有人赚一半 翻开今年楼市成绩单，简直是场魔幻现实主义大戏：北京有房主400万的房子缩水到300万，25%的财富 蒸发得无声无息； 更惨的是环京燕郊那位业主，400万买入的房子如今挂牌100万都没人接盘，75%的身家打了水漂。 南京河西板块的"网红盘"从6万/㎡跌到2.5万/㎡，挂牌价直接腰斩。 但另一边呢？上海郊环一位业主2013年110万买的房，今年稳稳卖出160万，45%的涨幅握在手里。 深圳更夸张，1月份新房成交量同比暴涨97.3%，二手住宅也涨了31.5%，市场再现"日光盘"。 这种分化在数据里赤裸裸地摊开：今年1月百城新房均价微涨0.23%，但一线城市涨幅冲到0.36%，合肥 这类黑马城市甚至领跑全国。 五年后差距会多大？参考黄奇帆的最新预判：核心城市房价将逐步回稳，而缺乏产业和人口的三四线城 市可能继续"挤水分"。 现在咬牙在深圳前海买套房的人，和抱着抄底心态在鹤岗囤房的，五年后的资产差距可能是翻倍和再腰 斩的距离。 第二组数据：房贷 ...

据乐有家研究中心数据，今年5月，深圳一二手住宅网签总量7849套，环比下降16.7%。但与去年同期 相比，仍有约两成的增幅。 同期，广州新房、二手房网签量均有提升。据广州阳光家缘的统计，5月广州一手住宅网签量达到6573 套，环比增长41%，同比增长29.34%。广州市房地产中介协会发布数据显示，5月（统计周期:4月26日 至5月25日）广州市二手住宅共网签9228套、92.23万平方米，同比分别增长17.73%和16.79%。 21世纪经济报道记者张敏 深圳报道 经历了"金三银四"的热度后，重点城市的房地产市场正进入平稳 期。 根据北京市住建委的数据，5月北京二手房网签量为14277套，环比下降约8.3%，同比有所上涨；新建 商品住房网签量为3917套，环比和同比均有上涨。 上海楼市则继续走出独立行情。根据上海市房管局的数据，今年5月，上海一二手住房合计成交223万平 方米，同比增加17%。 中指研究院指出，5月楼市保持平稳态势，但出现一定的分化。其中，重点城市新房成交量保持一定规 模，一线城市同比均增长，部分二线城市市场热度有所回落，三四线城市普遍仍面临压力。 相比之下，二手房成交量出现季节性回落，同比虽 ...

"端午节期间，湖北各地聚焦返乡置业、教育置业、改善置业、创业置业需求，举办形式多样的房地产促消费活动，促进供需对接，带动全省商品房销售 面积同比增长14.9%。" 6月2日晚，据"湖北住建"微信公众号消息，湖北省各地积极开展各类购房优惠活动，推动全省房地产市场呈现止跌回稳的良好势头。武汉、襄阳、宜昌、 荆门、随州、十堰和黄石等地，抓住端午节返乡客流高峰，通过线上线下联动开展购房促销活动，市场销售火爆。 龙舟赛现场搭台推盘 据"湖北住建"微信公众号消息，端午小长假期间，武汉市通过"政策+服务+场景"有机联动，进一步降低安居成本。中建壹品汉韵公馆和汉芯公馆等热门楼 盘推出"浓情端午、棕享童趣"活动， 为看房购房群体送上不同体验。 襄阳市节日期间政策叠加企业优惠，在"襄十二条"政策框架下，首套房补贴、多孩家庭补贴等政策生效，最高享11万元购房奖励。企业更是推出各类跨界 联动的促销活动，例如襄投置业推出认购即享双人5天4夜亚洲游轮旅行活动。 十堰市抓住端午节返乡客流高峰，在高铁站、汽车站等人流密集区域设置咨询点，安排专车接送看房；同时推出"教育基金补贴"，每平方米优惠200～500 元，购房额外赠送最高1万元的教育基 ...

5月楼市依旧在上演"冷热不均"的分化戏码。 据中指研究院数据显示，5月，百城新建住宅均价为16815元/平方米，受部分城市优质改善项目入市带 动，环比结构性上涨0.30%，同比上涨2.56%。 二手房方面，挂牌量持续高位下，"以价换量"现象持续主导市场，5月百城二手住宅均价为13794元/平 方米，环比跌幅扩大至0.71%，同比下跌7.24%。 进一步细分来看，上海、广州凭借高端改善盘入市，新房价格分别以1.47%、1.25%的环比涨幅领跑核 心城市。尽管核心城市二手房成交保持一定活跃度，但价格短期仍有压力，不同能级城市二手住宅价格 环比均呈降势。 "6月楼市政策环境预计将保持宽松基调，关键在于专项债收储、城中村改造等政策落实进展。"中指研 究院表示，同时随着年中销售节点的来临，房企推盘节奏及促销力度或将加大，核心城市市场有望保持 修复，但各城市之间、新老项目之间分化行情仍将延续。 上海新房价格涨幅领跑百城 分梯队看，新建住宅方面，5月，一线城市新房价格环比上涨0.90%，其中上海新房价格涨幅居百城首 位，一线城市中仅深圳下跌，环比下降0.09%；二线城市新房价格环比上涨0.06%；三四线城市新房价 格环比下 ...

证券研究报告 | 2025年06月03日 社会服务行业双周报（第 107 期） 优于大市 从需求分化、竞争演变、修复节奏维度复盘本轮教育板块分化行情 本轮教育板块行情思考：2025 年初以来，教育板块个股表现分化显著，其 中中国东方教育（+139%）、高途集团（+74%）、希教国际控股（+47%）、 卓越教育集团（+44%）、宇华教育（+41%）涨幅显著领先。本轮个股表现分 化可从三个角度理解： 1）需求旺盛程度随赋能就业升学性价比而分化，阶段性来看高中教育（学 科培训+学历学校）、K9 高年龄段＞K9 低年龄段＞民办本科＞研考/公考/ 职业培训＞中职学校/留学，具体来看：高中教育业务伴随普高扩招，高考 竞争激烈短期难以缓解，且人口冲击相对滞后，需求刚性最突出（但高中相 关业务由于 21-24 年间受政策影响较小，VSK9 校外培训的爆发性复苏，短期 来看增速要相对平缓）；K9 低年龄段以素质培训为主、高年龄段升学竞争压 力逐步放大，以学习机等合规供给学科学习资源需求更刚性；中职学校及留 学受宏观环境及就读意愿变化影响需求承压。大学生&成人教育需求弹性则 更显著。应对中职招生压力积极求变的中国东方教育以及愈发 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][46]. Core Insights - The education sector has shown significant stock performance differentiation since early 2025, with notable gains from companies like China Oriental Education (+139%) and Gaotu Group (+74%) [1][11]. - Demand differentiation in education services is driven by the effectiveness in enhancing employment and academic opportunities, with high school education showing the most rigid demand [1][11]. - The K12 education sector is entering a new phase of competition, emphasizing brand and teaching capabilities as key drivers for growth [2][28]. - The recovery pace varies among companies, with some like China Oriental Education and Gaotu Group showing strong performance due to strategic focus on K12 education [2][33]. Summary by Sections Demand Differentiation - Demand for education services varies significantly based on the perceived value in enhancing academic and employment outcomes, with high school education and K9 high-age training showing the strongest demand [1][11]. - The consumer willingness to invest in children's education remains high, with nearly half of families allocating extra funds for this purpose [11][27]. K12 Education Competition - The K12 education sector is experiencing a slowdown in the rapid expansion of physical locations, shifting focus to enhancing existing outlets [2][28]. - The number of new K9 profit-oriented non-academic training institutions has decreased significantly in early 2025 compared to the previous year [2][28]. Recovery Trends - Since the implementation of the "Double Reduction" policy in May 2022, the K12 education sector has gradually recovered, with companies like Zhuoyue Education focusing on compliant high school-related businesses [2][33]. - Companies like China Oriental Education are expected to see a gradual easing of pandemic-related impacts as they adapt to new market conditions [2][33]. Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Ctrip Group, and Meituan, among others, as potential investment opportunities in the current economic environment [3][46].