缦云上海此次"亮底牌"的勇气，实则源于其产品底气。 随着2025年5月《住宅项目规范》国家标准的正式落地实施，中国房地产行业正式迈入"好房子"新时 代。这一被誉为"住宅品质革命"的国家标准，从层高标准、电梯配置、隔声性能到智慧化系统等多个维 度重新定义了高品质住宅的建设规范。 在此背景下，合生创展旗下缦云上海项目近期凭借过硬的产品力，成功入选由政府主管部门指导，联合 上海房地产行业协会发起的首批"好房子案例"，也是杨浦滨江少有的2个入选项目之一。该项目创新性 地打造实体工法展示馆，将建筑结构、隐蔽工程等核心工艺透明化呈现，通过"开卷式"的产品展示方 式，让购房者零距离见证品质细节。这既是对国家"好房子"标准的超前响应，也折射出合生创展作为行 业标杆的产品力及市场信心。 "好房子"实践 在房地产行业，工法展示并非新鲜事物，但往往流于形式，只展示表面工艺，回避核心结构和隐蔽工 程。缦云上海此次"亮底牌"的勇气，实则源于其产品底气。 超越国家标准的品质追求 2025版《住宅项目规范》以"安全、舒适、绿色、智慧"为核心目标，对住宅建设提出了全方位升级要 求。其中最引人注目的变化包括：新建住宅建筑层高不低于3米、4层及 ...

Core Insights - The concept of "good housing" has been officially included in the government work report for the first time during this year's national two sessions, with the Ministry of Housing and Urban-Rural Development releasing the "Residential Project Specifications" to establish a foundational framework for "good housing" [1] - The "fourth generation housing" (referred to as "fourth generation residences") is emerging as a new trend in the Ningbo real estate market, with four plots of land designated for "high-quality residential area pilot" standards already successfully auctioned [1][9] - The introduction of "fourth generation residences" aims to redefine traditional housing limitations, particularly through the innovative design of sky gardens, which raises questions about maintenance costs and privacy concerns [2][5] Group 1: "Fourth Generation Residences" Features - The most notable feature of "fourth generation residences" is the sky garden, which has sparked significant discussion regarding its benefits and drawbacks [2] - The design allows for a high usable area ratio, potentially reaching 100% to 120% due to new regulations, which do not count the sky garden area towards building area or volume [3] - The design aims to enhance living experiences by breaking traditional spatial limitations and creating richer living scenarios [3] Group 2: Challenges and Considerations - The sky garden design raises concerns about privacy and natural light, as open balcony designs may compromise these aspects [5] - Coastal weather conditions, such as typhoons, pose challenges for the maintenance and protection of the sky gardens, leading to potential long-term costs and complexities [5] - Developers need to carefully balance these challenges during the design phase to ensure the viability of the "fourth generation residences" [5] Group 3: Comprehensive Standards for "Good Housing" - The construction of "good housing" is a systematic project, with Ningbo's "High-Quality Residential Design Requirements" outlining comprehensive standards, including minimum ceiling heights and the use of green building materials [6] - The standards mandate a minimum ceiling height of 3.1 meters, the installation of smart home systems, and a green material usage rate of over 70% [6] - These rigorous standards are intended to embed the essence of "good housing" into the planning and design of residential projects [6] Group 4: Market Response and Future Prospects - Although pure "fourth generation residence" projects have not yet entered the market, previous projects inspired by this concept have received positive feedback [9] - Key pilot plots include the Ningbo Real Estate Minghu Project, which has a total area of 320,439 m² and a floor price of 12,157 yuan/m², with a successful bid of 3.896 billion yuan [9][11] - The ongoing development of "fourth generation residences" in Ningbo is seen as a significant exploration of the national "good housing" blueprint, with potential implications for the local real estate market and broader industry perceptions [21]

Group 1: Real Estate Industry - The real estate market is still in a correction phase, with a slight year-on-year decline in new and second-hand home transactions in May, indicating that supply and demand dynamics need improvement [3][8] - The State Council emphasized the need for multi-faceted approaches to stabilize expectations, activate demand, optimize supply, and mitigate risks, indicating ongoing policy support for the real estate market [3][9] - Investment opportunities are emerging as mainstream developers' valuations are at low levels, with a focus on companies with lighter historical burdens and optimized inventory structures, such as China Overseas Development and China Resources Land [3][10] Group 2: REITs Market - The existing performance compensation clauses for public REITs should fully compensate investors' expected returns, enhancing dividend stability [4][15] - The original rights holders typically hold 30%-50% of REITs shares, and when the distribution completion rate is between 50%-70%, the compensation clauses can fully cover investor returns [4][15] - The trend of implementing performance compensation clauses is increasing, with a focus on reducing management fees and enhancing the responsibilities of fund managers [4][13] Group 3: Pension Insurance System - The investment management of China's three-pillar pension insurance funds and social security funds is operating well, with a stable investment performance across the three pillars [5][17] - The basic pension insurance fund has achieved an average annual return of 5.00% through entrusted investments, significantly higher than the guaranteed rate of 2.88% [5][17] - The national social security fund has an impressive annualized return of 7.36%, with a strategy focused primarily on domestic markets [5][17] Group 4: Market Trends and Projections - The real estate market is expected to stabilize as high-quality properties gradually enter the market, which may lead to a restructured pricing system [10][11] - The land market continues to focus on destocking, with core cities maintaining high demand for quality land parcels [10][11] - The corporate land acquisition intensity has decreased, with a focus on projects that ensure high cash flow and return certainty [11][12]

■王丽新 6月16日，国家统计局公布最新数据，2025年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。 在笔者看来，尽管5月份房价出现短暂波动，但市场"止跌回稳"的核心趋势未发生改变。在政策环境逐 步改善的背景下，"稳楼市"还需继续努力。下一阶段，各地要积极主动适应房地产市场供求关系发生重 大变化的现实，稳中求进，持续夯实三大动力，支撑市场走出平稳曲线。 6月13日召开的国务院常务会议强调，要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统 筹，在规划、土地、财政、金融等方面予以政策支持。 "好房子"以住宅品质为切入点，可提升城市品质，比如老旧小区改造、完整社区建设、市政设施修缮更 替以及公共配套补短板等；拉动新增投资和消费，比如推动产城融合、住宅销售、家装改造等多方面消 费。 第三，"盘存量""优增量"有序落实，打通梗阻。厘清不同区域房地产市场特征与问题，是"稳楼市"、化 解风险的关键点。这意味着要对全国房地产已供土地和在建项目进行摸底，更精准地盘活存量，保证交 付，同时优化增量供应，更为顺畅地加快风险出清。此前，处置存量商品房、盘活存量用地和商办用房 等工作已有序推 ...

2025.06.17 导读 ： 脑机接口迎来新进展；机构看好房地产行情机会 ； 解锁【第一财经智享会 员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1、脑机接口迎来新进展，该技术正快速走向商业化应用 2、房地产市场继续朝止跌回稳方向迈进，机构看好7月中旬行情机会 1、脑机接口迎来新进展，该技术正快速走向商业化应用 消息上，据央视新闻，近日，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属 华山医院，与相关企业合作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成 果标志着我国在侵入式脑机接口技术上成为全球第二个进入临床试验阶段的国家。 今 年 以 来 ， 药 监 局 、 医 保 局 等 多 部 门 牵 头 ， 频 频 推 出 鼓 励 发 展 脑 机 接 口 技 术 、 建 立 行 业 标 准、加速临床应用等多方面政策。今年2月，国家药监局批准《采用脑机接口技术的医疗器 械 用 于 人 工 智 能 算 法 的 脑 电 数 据 集 质 量 要 求 与 评 价 方 法 》 医 疗 器 械 行 业 标 准 制 修 订 ...

义乌某楼盘实景图 杭州某楼盘实景图 天津某楼盘效果图 分户墙降噪示意图 楼板隔声示意图 编者按 6月13日召开的国务院常务会议提出，要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统 筹，在规划、土地、财政、金融等方面予以政策支持。2025年政府工作报告首次以"安全、舒适、绿 色、智慧"四大标准定义"好房子"，5月施行的《住宅项目规范》将"好房子"概念落地为具体的国家标 准。当房子被赋予"美好生活载体"的使命时，中国房地产行业将如何重构价值坐标？近日，上海证券报 记者深入一线进行调研采访。 ◎记者 张良 傍晚时分下班回家，智能门锁3D人脸识别轻松开启入户门，家里的照明、新风、空调、外窗等设备随 即智能联动，营造出舒适的空间氛围。打开家里的可移动书墙，将儿童房与客厅连通敞开，让孩子在更 大的空间自由玩耍，安全感在空间中自然流动…… 在龙湖集团产品策略负责人林仕聪看来，"好房子"是从客户的真实生活需求出发，以业主不同需求层级 下的生活半径为标尺去逐层落实产品价值，将业主的生活场景放到放大镜下去研究，在"好房子"这条新 赛道上，打造符合"好房子（高品质强功能）、好小区（红线内的公共空间）、好社区（社区配套与运 ...

6月16日，《每日经济新闻》记者获悉，由成都市住房和城乡建设局（以下简称"成都市住建局"）打造的"成都住建 房产超市"正式上线运营。 据成都市住建局公布的数据，首批近30家房企已入驻"成都住建房产超市"，包括招商蛇口、越秀集团、轨道城市、 兴城人居、城投置地、中国铁建、保利发展、华润置地、万科、建发房产、天投、国贸等，基本囊括了目前成都楼 市的主要在售项目。 据成都市住建局相关负责人介绍，"成都住建房产超市"通过整合房地产资源，为购房者提供更加便捷、高效、透明 的购房渠道，将降低购房成本，提高购房效率。平台上线后将承载起三大功能： 一是"权威政策中心"——政府惠民、精准直达。官方唯一入口：成都市及各区（市）县可通过小程序的"线下活 动""购房政策""房产资讯"等板块，集中发布购房支持政策、特色区域介绍、人才安居计划等信息，打通政府利好政 策常淹没在海量信息中，群众难获取、难理解的堵点。 二是"精确房源展示"——数据直连、准确权威。全生命周期管理："成都住建房产超市"依靠成都市住建局的全生命 周期管理系统，将实现项目数据直连，实时展示楼盘的预售信息、一房一价、销售情况等相关信息，确保展示房源 信息的准确、可靠、 ...

Group 1: Real Estate Development - The State Council emphasizes the importance of constructing a new model for real estate development to promote stable, healthy, and high-quality market growth, focusing on long-term strategies and systematic institutional frameworks [2][7] - The new model includes increasing the proportion of existing home sales, which rose from 10% in 2020 to 27% in 2024, indicating a gradual establishment of long-term mechanisms [7][9] - The government aims to support the construction of high-quality housing through urban renewal initiatives, with policies in planning, land, finance, and other areas to accelerate development [8][10] Group 2: Smart Home Industry - The smart home industry is transitioning to a 3.0 phase, focusing on overall system intelligence enhancement, with AI technology penetrating various products [11][12] - The Chinese smart home market is expected to exceed 1 trillion yuan by 2025, with significant growth in AI technology integration, particularly in smart appliances [11][12] - A total of 12 companies in the North Exchange are involved in the smart home sector, indicating a growing industry landscape [11] Group 3: Pesticide Industry - The global pesticide market has seen a compound annual growth rate of 3.3% from 2017 to 2023, with China being the largest exporter, reaching an export value of 8.1 billion USD in 2023 [17][18] - The domestic pesticide market is expected to recover, with a projected increase in both quantity and value of exports in 2024, driven by strong global demand for crop protection products [17][18] - Ying Tai Biological, a leading company in the pesticide sector, reported a revenue of 1.387 billion yuan in Q1 2025, reflecting a year-on-year growth of 0.96% [17][18] Group 4: Media and Entertainment - The media industry is experiencing strong performance from new product launches, particularly in gaming and film, which are expected to drive company valuations and market dynamics [29][30] - Key gaming titles are set for release, with significant testing and launch events scheduled, indicating a robust pipeline for the gaming sector [30][31] - The summer film season is anticipated to boost box office performance, with over 60 films already scheduled for release, suggesting a positive outlook for the cinema industry [31][32]

Core Viewpoint - The recent favorable policies in the real estate market, including interest rate cuts and increased housing demand, have led to a stabilization of the market, particularly in Guangzhou, where high-quality residential projects are experiencing significant sales success [1][29]. Group 1: Market Trends - The People's Bank of China announced a 10 basis point reduction in both the one-year and five-year Loan Prime Rates (LPR) on May 20, contributing to a more optimistic outlook for the real estate market [1]. - During the "May Day" holiday, Guangzhou's real estate market saw a 30% increase in the number of visits to residential projects and a 73% increase in sales [1]. - The luxury real estate market in Guangzhou is showing signs of recovery, with a total of 510 high-end properties sold in the first four months of 2025, averaging 127 sales per month at a price of approximately 69,000 yuan per square meter [29][30]. Group 2: Company Performance - Poly Developments' "Tian" series projects have dominated the luxury market in Guangzhou, with significant sales figures, including nearly 10 billion yuan in sales for the Poly Zhujiang Tianyue project and 33 billion yuan for the Poly Tianyao project within just two days [3][7]. - Poly Developments has consistently ranked first in Guangzhou for land acquisition and sales volume, showcasing its strong market presence and brand reputation [5][6]. - The company's focus on high-quality product design and customer-centric services has contributed to its success in the competitive luxury real estate market [6][9]. Group 3: Product Features - The "Tian" series projects are strategically located in high-demand areas such as Zhujiang New Town and Pazhou, benefiting from unique geographical advantages and comprehensive amenities [9][20]. - Poly's projects emphasize high-quality materials and innovative designs, such as the use of luxury stones and unique architectural features, enhancing the overall living experience for residents [20][23]. - The company is committed to providing a holistic living experience, integrating customer feedback into product design and service delivery, which is reflected in the high demand for its properties [32][34].

Group 1 - Middle Eastern stock markets experienced a significant decline on Sunday, while oil prices surged in early Asian trading on Monday, and gold prices increased, indicating volatility in the commodities market [1] - China's social financing increased by 2.29 trillion yuan in May, with new RMB loans amounting to 620 billion yuan and new RMB deposits nearing 2.18 trillion yuan, suggesting a tightening of the M2-M1 spread [1] - The State Council is researching measures to optimize the procurement of drugs and medical supplies, emphasizing the need to advance the construction of "good houses" [1] Group 2 - Ongoing military exchanges between Iran and Israel, with Iran considering a blockade of the Strait of Hormuz, while Israel attacked Iran's largest gas field [1] - Israeli Prime Minister stated that Israel is willing to cease actions if Iran agrees to abandon its nuclear program as per U.S. demands [1] - Reports indicate a failed assassination attempt on a senior Houthi leader by Israel, which the Houthi forces denied [1] Group 3 - The UK Prime Minister announced that there are no "obstacles" remaining to finalize the US-UK trade agreement [1] - A phone call between Japan and the US agreed to accelerate ministerial-level consultations to reach a mutually beneficial agreement, with Japan stating that the deadline of July 9 for the Basent has not been extended [1] - Upcoming release of China's May industrial output and retail sales data is anticipated [1]