报告指出，2025年上半年，政策端持续释放积极信号，核心城市新房及二手房市场整体平稳。根据中指 监测，2025年上半年全国有约170个地方出台房地产相关政策超340条，政策频次保持较高水平。由于目 前多数城市限制性政策已经放开，上半年各地政策优化力度趋缓。整体来看，地方主要围绕激活需求、 优化供给两大方向调整优化政策。 中指研究院4日发布的《2025年上半年中国房地产市场总结与下半年趋势展望报告》认为，下半年"好城 市+好房子"仍具结构性机会。 ...

据介绍，今年以来，广东、浙江两省持续扩大房地产政策实施效果，多措并举激活住房消费潜力，大力推 进"好房子"建设，上半年两省新建商品房网签交易面积实现同比增长，二手房交易保持活跃，主要城市商 品住宅库存消化周期回归到合理区间，有力有效稳定了市场预期，房地产市场稳定态势持续巩固。 广州市、深圳市积极推动城市房地产融资协调机制落地见效，授信和融资额度位于全国前列。宁波市、珠 海市实施"以旧换新""带押过户"等便民举措，举办"房交会""好房节"等推介活动，有效释放住房消费需 求。杭州市坚持以需供地、精准供地，建立人房地钱要素联动机制，促进房地产供需平衡、市场稳定。 住房城乡建设部调研组近日赴广东、浙江两省调研。调研组表示，促进房地产市场平稳、健康、高质量发 展具有重要意义。各地要切实扛起责任，充分用好房地产调控政策自主权，因城施策、精准施策，提升政 策实施的系统性有效性，持续巩固房地产市场稳定态势。 调研组要求，要加快建设安全、舒适、绿色、智慧的"好房子"，满足人民群众新期待。要多管齐下稳定预 期、激活需求、优化供给、化解风险，更大力度推动房地产市场止跌回稳。 记者了解到，调研组与当地政府及有关部门、专家学者、房地产 ...

Core Viewpoint - Tokyo's real estate market is experiencing significant price increases, driven by high demand from both local and foreign buyers, with the average residential land price rising 8.1% in 2025, three times the national average increase of 2.7% [3][4]. Group 1: Real Estate Price Trends - The average price of new homes in Tokyo's 23 wards for the fiscal year 2024 is projected to be 116.32 million yen (approximately 5.8 million RMB), reflecting an 11% increase from the previous year [4]. - The average land price in Tokyo has been rising for four consecutive years, reaching the highest growth rate since 2010 [3]. Group 2: Foreign Investment Impact - Foreign buyers account for 20-40% of new home purchases in prime areas like Chiyoda, Minato, and Shibuya, with this percentage increasing over time [4][6]. - The attractiveness of Tokyo's real estate is partly due to its international reputation and relatively lower prices compared to major cities like Hong Kong and New York [4]. Group 3: Population Dynamics - Future population growth in Japan is expected to be concentrated in Tokyo, with projections indicating that only Tokyo will see an increase by 2050, while other regions like Aichi and Osaka are expected to decline significantly [9]. - The influx of population into Tokyo is contributing to sustained demand for housing, which in turn supports rising prices [9]. Group 4: Regional Price Disparities - Significant price increases are also observed in suburban areas around Tokyo, with notable rises of 26% in Adachi and 24.7% in Nakano near major train stations [8]. - The disparity in real estate prices between Tokyo and other regions is likely to widen due to rising construction costs and labor shortages, making redevelopment in rural areas more challenging [8].

金十数据7月4日讯，住房城乡建设部调研组近日赴广东、浙江两省调研。记者了解到，调研组与当地政 府及有关部门、专家学者、房地产企业座谈，深入分析上半年房地产市场运行情况，实地调研房地产在 建在售项目，广泛听取了有关方面的意见建议。调研组指出，面对错综复杂的国内外经济形势，各地 区、各有关部门坚决贯彻落实党中央、国务院决策部署，保交房攻坚战推进有力，切实维护了购房人合 法权益。持续落实房地产政策"组合拳"，上半年全国新房和二手房交易总量同比增长，房地产市场总体 保持稳定态势。二手房交易占比逐步提高，多个省份二手房交易量超过新房，房地产市场呈现新的特 点。 （新华社） 上半年全国新房和二手房交易总量同比增长 多个省份二手房交易量超过新房 ...

Group 1 - The core viewpoint emphasizes the importance of promoting a stable, healthy, and high-quality development of the real estate market [1] - The research team urges local governments to take responsibility and effectively utilize real estate regulation policies, implementing city-specific and precise measures [1] - There is a call to accelerate the construction of safe, comfortable, green, and smart housing to meet the new expectations of the public [1] Group 2 - The research team advocates for a multi-faceted approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market [1] - A stronger effort is needed to push the real estate market towards stabilization and recovery [1]

【企业】 6月30日，新世界发展宣布，集团（新世界发展连同其附属公司）成功通过本公司、相关集团成员公司 与有关银行债权人签订了新的再融资定期贷款融资协议，对集团部分现有境外无抵押金融债务（包括银 行贷款）进行了再融资；并协调了集团其他境外无抵押银行贷款以与新银行融资的条款保证统一。协议 合同涵盖集团约882亿港元（约合112亿美元）现有境外无抵押金融债务。其中新银行融资包括多笔不同 期限的银行贷款，最早到期日为2028年6月30日。 7月3日，据北京规自委消息，中建方程5.6亿元底价摘得北京市延庆区延庆新城Y000-0205-0001地块R2 二类居住用地，楼面价约为1.55万元/平方米。该地块用地面积22306.634m，地上建筑规模36136.747 ㎡，容积率1.62，建筑高度24米局部30米)。其位于西北六环外延庆新城核心区，东至在建街坊路，南 至湖北东路，西至小营中路，北至小营东街，紧邻延庆体育中心、夏都公园，周边生活、教育配套完 善。 【政策】 万科再获大股东深铁集团超62亿元借款 7月3日，万科A公告称，公司第一大股东深铁集团拟向万科提供股东借款62.49亿元，用于万科偿还公司 到期公开债务。在 ...

Core Insights - The report indicates that the rental demand for commercial real estate in key cities is gradually recovering, with a noticeable reduction in rental declines for both retail and office spaces in the first half of 2025 [1][2] Group 1: Commercial Retail Rental Trends - In the first half of 2025, the average rental price for shops in the top 100 commercial streets was 24.16 yuan per square meter per day, reflecting a 0.35% decrease compared to the previous period, which is a 0.16 percentage point improvement from the second half of 2024 [1] - The average rental price for shops in the top 100 shopping malls was 27.05 yuan per square meter per day, with a 0.12% decrease, showing a 0.19 percentage point improvement from the second half of 2024 [1] Group 2: Office Rental Trends - In Q2 2025, the average rental price for office spaces in major business districts of key cities was 4.57 yuan per square meter per day, with a 0.34% decrease, leading to a cumulative decline of 1.06% in the first half of the year [2] - The outlook for the second half of 2025 suggests that macroeconomic policies will become more proactive, potentially leading to a sustained recovery in rental demand for retail spaces, while the office market may experience structural adjustments with growth in demand from high-tech manufacturing and information services [2]

房地产及建材行业 房地产-标配（维持） 建材材料-标配（维持） 2025 年 07 月 4 日 分析师：何敏仪 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 资料来源：iFind，东莞证券研究所 证 券 研 究 报 资料来源：iFind，东莞证券研究所 房地产及建材行业双周报（2025/06/20-2025/07/03） 行 业 双 周 二手房延续"以价换量"行情 销售回暖持续性仍需观察 投资要点： SAC 执业证书编号： 房地产周观点：根据中指院数据，6月百城二手住宅均价环比下跌0.75%， 同比下跌7.26%，当前多数城市二手房市场延续"以价换量"行情。百 城新建住宅均价受部分城市优质改善项目入市带动，环比上涨0.19%， 同比上涨2.59%。而根据媒体报道，北京、深圳等一线城市二手房成交 量同比涨幅明显。北京商报：1至6月，北京二手房网签量同比增长20.4%。 深圳中原研究中心：上半年，深圳一手住宅网签同比增长24.4%；二手 住宅过户同比增36.6%；上半年二手房同比增30.7%。高能级城市销售以 价换量促进成交明显。房企融资方面，上证报消息，房 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of glass remain weak. With supply declining to a relatively low level and demand in the seasonal off - season, downstream buyers purchase as needed, leading to continuous accumulation of glass factory inventories. It is expected that glass will mainly fluctuate at a low level in the short term [2][5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1052 yuan/ton to 1039 yuan/ton, a decline of 1.24%. The spot price of Shahe Safety large - board remained unchanged at 1056 yuan/ton. The main basis increased from 4 yuan/ton to 17 yuan/ton, a rise of 325.00% [6]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe was 1056 yuan/ton, remaining the same as the previous day [11]. Cost - side of Fundamentals - Glass production profit is at a low level, which has led to an increase in cold repairs in the industry, with the number of operating production lines and production volume dropping to historical lows. The national float glass production line has 222 operating lines, with an operating rate of 75.15%, and the daily melting volume is 15.68 tons, at the lowest level in the same period in history [21][23]. Demand - side of Fundamentals - In April 2025, the apparent consumption of float glass was 468.08 tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [27][4]. Inventory - side of Fundamentals - The inventory of national float glass enterprises is 69.085 million weight boxes, a decrease of 0.19% from the previous week, and the inventory is running above the five - year average [42]. Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have shown different trends. For example, in 2021, production increased by 9.88% and consumption increased by 6.87%, while in 2018, production decreased by 3.50% and consumption decreased by 2.64% [43]. Influencing Factors - **Positive factors**: The negative feedback of production profit is obvious, and glass production has continuously declined to a historical low. The photovoltaic glass industry is expected to implement a production - reduction plan, which boosts the market sentiment [3]. - **Negative factors**: The real - estate terminal demand is weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [4].

Group 1 - The total sales amount of the top 100 real estate companies in the first half of 2025 was 1,836.41 billion yuan, a year-on-year decrease of 11.8%, with the decline rate expanding by 1 percentage point compared to the first five months of the year [1] - In June alone, the sales amount of the top 100 real estate companies decreased by 18.5% year-on-year, with the decline rate increasing by 1.2 percentage points compared to May [1] - The top three companies by total sales were Poly Developments, Greentown China, and China Overseas Property, with sales amounts of 145.2 billion yuan, 122.1 billion yuan, and 120.14 billion yuan respectively [1][2] Group 2 - The contribution rate of sales from first-tier cities increased significantly, with 40.0% of sales coming from these cities, a year-on-year increase of 9.0 percentage points [3] - The top three cities contributing to sales in the first half of 2025 were Shanghai, Beijing, and Guangzhou, with contribution rates of 16.9%, 10.6%, and 9.0% respectively [4] - Shanghai's sales contribution rate increased by 4.5 percentage points compared to the same period in 2024, marking the largest increase among the top 10 cities [4] Group 3 - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, a year-on-year increase of 33.3% [5] - The top three companies by new land value added were Poly Developments, Greentown China, and China Jinmao, with new land values of 89.9 billion yuan, 83.1 billion yuan, and 74.9 billion yuan respectively [5] - The average premium rate for land sales in 300 cities exceeded 10%, showing a significant increase compared to the same period last year [6] Group 4 - The main players in land acquisition were state-owned enterprises, with eight out of the top ten land acquirers being state-owned [5][7] - Core cities such as Beijing, Shanghai, and Chengdu saw intense competition for quality land, while many third and fourth-tier cities continued to see land sold at base prices [6] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies in this region acquiring land worth 147 billion yuan [6]