Group 1 - Beijing has listed two residential land plots for pre-application, with a total starting price of 3.93 billion yuan [1] - The land in Fengtai District covers approximately 21,800 square meters, with a planned construction area of 58,000 square meters and a starting price of 2.9 billion yuan [1] - The construction of residential properties on the Fengtai plot is expected to be 57,700 square meters, including a 300 square meter public facility [1] Group 2 - The number of housing sources for the direct payment of rent using housing provident fund in Beijing has increased to 330,000 units [2] - The trial now includes four rental agencies, with the new addition being Ziroom, which provides around 200,000 units, accounting for nearly 60% of the total [2] - The trial covers 1,500 units each of public rental and guaranteed rental housing [2] Group 3 - In Hubei Province, the sales area of newly built commercial housing reached 25.15 million square meters, reflecting a year-on-year growth of 5.9% [3] - The province's GDP for the first half of 2025 was reported at 29,642.61 billion yuan, with a growth rate of 6.2% [3] Group 4 - Chongqing has introduced measures to promote healthy housing consumption, including optimizing the recognition of personal housing units [4] - From May 30 to December 31, 2025, buyers of new homes in central Chongqing can receive a subsidy of 1% of the total price if they sell their previous home within a year [4] - A 0.5% subsidy is available for new homes over 140 square meters in central Chongqing [4] Group 5 - Beijing Construction has announced a public bond issuance of 1.5 billion yuan, with a maturity of five years and an interest rate of 3.44% [5] - The bond interest payment is scheduled for July 25, 2025, with a record date of July 24, 2025 [5] - Each bond has a face value of 1,000 yuan, with an interest payout of 34 yuan per bond [5]

Group 1 - The core viewpoint of the article is that Beijing's government has released a special action plan aimed at boosting consumption through reforms, particularly in the housing sector [1] - The action plan includes optimizing the supply of housing and housing provident fund policies, which is expected to stimulate housing consumption demand [1] - The plan is seen as a model for policy adjustments in other cities, indicating a potential ripple effect across the country [1]

Core Viewpoint - Recent adjustments in housing provident fund policies across multiple cities have expanded the scenarios for its use, allowing contributors to withdraw funds for down payments on homes [1][2]. Group 1: Policy Changes - On June 24, the Jinan Housing Provident Fund Center announced that contributors can withdraw funds to pay for down payments on affordable housing, with a minimum down payment ratio of 15% [1]. - The Hangzhou Housing Provident Fund Management Center introduced a direct payment service for down payments, allowing contributors to use their provident fund directly for new homes, with online processing support [1]. - A joint announcement from four departments in Xi'an included measures to increase support for housing provident funds, allowing withdrawals for down payments on new homes [1]. Group 2: Market Impact - A report from Shanghai E-House Real Estate Research Institute indicated that at least six cities introduced policies in June allowing provident fund withdrawals for down payments, effectively reducing the financial burden on homebuyers [2]. - The policy aligns with national strategies to boost income and enhance consumer spending capacity, indirectly increasing residents' disposable income and willingness to purchase homes [2]. - The support for various housing types, including new homes, second-hand homes, and rental properties, is expected to stimulate overall housing consumption [2]. Group 3: Local Characteristics - The housing provident fund has strong local attributes, with significant autonomy for local governments, and its low-interest nature caters to local demand for housing [2]. - The primary demand in the housing market comes from first-time buyers and those seeking to upgrade, who are sensitive to housing prices and costs [2].

Core Insights - The recent implementation plan for boosting consumption in Guangzhou emphasizes housing consumption as a key area for economic stimulation, aligning with national and provincial strategies to treat housing as a major consumer good [1][2]. Group 1: Housing Consumption Initiatives - The plan includes measures to enhance housing consumption through old community renovations, stock acquisitions, and public fund support, focusing on meeting the demand for improved living conditions [1]. - Guangzhou aims to complete a fixed asset investment of 100 billion yuan in urban village renovations by 2025, which will involve both micro-renovations and new constructions to address historical issues and improve living standards [2]. Group 2: Policy Optimizations - The plan proposes to optimize housing provident fund policies, allowing contributors to withdraw funds for down payments while applying for personal housing loans, thereby lowering the barriers to home ownership for new residents and young people [3]. - Guangzhou has already lifted restrictions on home purchases, sales, and pricing as of September 2024, which is expected to facilitate the free flow of resources and enhance the supply of high-quality housing [3].

Core Viewpoint - The article discusses Guangzhou's newly proposed consumption stimulation plan, which aims to activate the consumer market through various measures, particularly focusing on housing consumption as a significant component of overall consumer spending [1][2]. Group 1: Policy Changes - The plan includes the complete removal of purchase restrictions, sales limits, and price caps in the real estate sector, alongside lowering down payment ratios and interest rates [2][3]. - Guangzhou has already eliminated purchase restrictions for both local and non-local residents, making it the first tier city to do so [2]. Group 2: Housing Consumption Focus - Housing consumption is emphasized, with specific measures targeting the renovation of old neighborhoods and urban villages, as well as optimizing housing fund policies to support lower-income groups [1][4]. - The plan aims to enhance the living experience for residents and reduce housing costs, reflecting a shift in housing from a luxury to a general consumer good [1][4]. Group 3: Urban Renewal and Investment - The plan outlines a commitment to accelerate the renovation of urban villages and old neighborhoods, with a target of investing 100 billion yuan in fixed assets for these projects by 2025 [4][5]. - The Huangpu District has seen significant progress in urban renewal projects, with a reported investment of 10.5 billion yuan in the first quarter of the year, marking a 6% year-on-year increase [5]. Group 4: Market Dynamics - The removal of restrictions and the push for urban renewal are expected to stimulate the second-hand housing market, with some areas experiencing over a 60% increase in transaction volumes [5]. - The plan also includes provisions for using special loans to purchase existing properties for resettlement, which may lead to new housing demand in conjunction with urban village renovations [6].

Core Viewpoint - The real estate market in major Chinese cities is experiencing a moderate recovery driven by policy support, with new home sales showing significant year-on-year growth, while the second-hand home market is facing seasonal fluctuations and varying performance across cities [1][3][4]. Group 1: New Home Market Performance - In Beijing, from May 1 to May 28, new home transactions reached 3,340 units, representing a month-on-month increase of 3.5% and a year-on-year increase of 32.9% [1]. - The cumulative new home sales in seven key cities (Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu, Nanjing, and Qingdao) totaled 29,000 units in the same period, indicating a better performance compared to the previous year [3]. - Shanghai's new home sales were 10,891 units, with a month-on-month increase of 12.5% and a year-on-year increase of 3.6% [3]. Group 2: Second-Hand Home Market Trends - In Beijing, the second-hand home market saw a total of 12,257 transactions from May 1 to May 28, which is a month-on-month decrease of 12.9% but a year-on-year increase of 10.5% [2]. - Other cities like Shanghai and Shenzhen also experienced month-on-month declines in second-hand home sales, with Shanghai down 11.7% and Shenzhen down 21.1%, while both cities showed year-on-year increases [3]. Group 3: Policy Support for Housing Consumption - Recent policies across various provinces, including Fujian, Henan, and Shanghai, aim to boost housing consumption by reducing restrictive measures and enhancing purchasing incentives [6][7]. - The adjustment of public housing fund loan rates and the reduction of mortgage rates are expected to lower the cost of home purchases for residents [6]. - The central government's emphasis on stabilizing housing consumption is seen as a crucial part of broader economic stimulus efforts, with expectations for more detailed policies to emerge [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices generally closed lower with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 4,400 stocks fell. Currently, the domestic economic fundamentals are slightly weak, which has a negative impact on market sentiment. Although domestic macro - support policies have been introduced, it is necessary to wait for the policy effects. In the short term, the market is expected to remain volatile, and it is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The latest price of the IF main contract (2506) is 3879.6, down 2.0; the IH main contract (2506) is 2715.4, up 2.6; the IC main contract (2506) is 5614.8, down 39.6; the IM main contract (2506) is 5950.0, down 48.6 [2]. - **Futures Spreads**: The IF - IH current - month contract spread is 1164.2, down 4.4; the IC - IF current - month contract spread is 1735.2, down 39.2; the IM - IC current - month contract spread is 335.2, down 9.8 [2]. - **Futures Term Spreads**: IF current - quarter minus current - month is - 72.0, up 0.2; IH current - quarter minus current - month is - 38.2, down 1.8; IC current - quarter minus current - month is - 188.6, up 6.2; IM current - quarter minus current - month is - 241.8, up 0.8 [2]. - **Futures Net Positions**: The net position of the top 20 in IF is - 30,286.00, up 141.0; the net position of the top 20 in IH is - 10,988.00, down 889.0; the net position of the top 20 in IC is - 14,118.00, up 274.0; the net position of the top 20 in IM is - 35,623.00, down 45.0 [2]. - **Futures Basis**: The basis of the IF main contract is - 34.3, up 0.9; the basis of the IH main contract is - 18.2, down 2.4; the basis of the IC main contract is - 88.5, up 13.8; the basis of the IM main contract is - 116.1, up 15.5 [2]. 3.2 Market Sentiment - The A - share trading volume is 11,397.05 billion yuan, down 746.67 billion yuan; the margin trading balance is 18,111.84 billion yuan, down 16.56 billion yuan; the north - bound trading volume is 1287.83 billion yuan, down 8.46 billion yuan [2]. - The proportion of rising stocks is 16.30%, down 13.55 percentage points; the Shibor is 1.465%, down 0.044 percentage points; the closing price of the IO at - the - money call option (2506) is 51.40, down 0.60; the implied volatility of the IO at - the - money call option is 13.67%, up 0.52 percentage points [2]. 3.3 Industry News - Eight departments including the National Administration of Financial Regulation jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing to increase the issuance of first - time loans, credit loans, medium - and long - term loans, corporate - type loans, and private - type loans. Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, meeting housing consumption needs, and increasing bond products for individual investors [2]. 3.4 Key Data to Watch - May 22, 21:45, US May SPGI Manufacturing PMI preliminary value; May 23, 7:01, Japan's April core CPI annual rate; May 23, 14:00, UK's April seasonally - adjusted retail sales monthly rate; May 23, 22:00, US April new home sales annualized total (in ten thousand households); May 26, 21:00, ECB President Lagarde's speech [3].

Group 1 - Shanghai government issued a plan to boost consumption, focusing on meeting housing demand and constructing a new real estate development model that emphasizes safety, comfort, sustainability, and intelligence [1] - The plan includes expanding the scope of comprehensive renovations for old neighborhoods and increasing the supply of affordable rental housing, particularly for young people [1] - The government aims to support residents' rigid and improvement housing needs and implement favorable tax policies for the stable and healthy development of the real estate market [1] Group 2 - Chengdu's plan emphasizes improving housing consumption and controlling new real estate supply while implementing a "three-color management" system for housing land transfer [2] - The strategy aims to direct housing land supply towards key development areas, industrial clusters, and subway lines [2] Group 3 - Vanke signed a loan agreement with Shenzhen Metro Group for up to 4.2 billion yuan and has received the funds [3] - A supplementary agreement was made to pledge up to 6 billion yuan of Vanke's stock as collateral for the loan, with a pledge rate of 70% [3] - If the shareholders' meeting does not approve the stock pledge, Vanke will need to provide alternative guarantees or repay the loan in full [3] Group 4 - Shoukai Co. announced the resignation of director Jiang Xiangyu due to personal reasons, and he will no longer hold any position in the company [4] - Greenland Holdings announced the retirement of Zhang Yun, who stepped down from his roles as director and executive president upon reaching the legal retirement age [5]

Group 1: Housing Loan Rate Adjustments - The interest rate for first-time personal housing provident fund loans for 5 years or less has been adjusted from 2.35% to 2.1%, and for over 5 years from 2.85% to 2.6% [1] - The interest rate for second-time personal housing provident fund loans for 5 years or less has been adjusted from 2.775% to 2.525%, and for over 5 years from 3.325% to 3.075% [1] - It is expected that the reduction in housing provident fund loan rates will save residents over 20 billion yuan in interest payments annually, supporting housing demand and stabilizing the real estate market [1] Group 2: Real Estate Market Activity in Hubei - During the "May Day" holiday, new residential property sales in Hubei increased by 52.5% year-on-year, indicating a robust supply and demand dynamic in the housing market [2] - Various promotional activities and housing expos were organized to stimulate market activity, focusing on core demands such as returning home for property purchases and educational needs [2][3] Group 3: Support for Homebuyers - Hubei has implemented "nanny-level" services for returning home buyers, including free transportation and online viewing options to facilitate property selection [3] - Educational resources have been emphasized as a key consideration for families purchasing homes, with initiatives to improve school access for buyers [4] Group 4: Cross-Industry Collaboration - Cities like Wuhan and Shiyan are promoting targeted housing support for young entrepreneurs and industry talents, including diverse housing loan products and incentives for home purchases [5] - The integration of various sectors, such as home buying, home furnishing, technology, and automotive, has created a comprehensive consumer experience, enhancing buyer engagement [6][7]

Core Viewpoint - The "May Day Good Housing Festival" in Shenzhen attracted significant public interest, with approximately 40,000 attendees on the first day, highlighting a strong demand for housing, particularly for improved and policy-based housing options [1][3]. Group 1: Event Overview - The event featured the launch of 250 residential units in the popular Pengchen Yunzhu project, achieving a sales rate of approximately 92% on the opening day [1][3]. - Various exhibitors, including Deep Rail Group, showcased six residential projects covering a full product line to meet diverse housing needs [3]. Group 2: Promotions and Incentives - Deep Rail Group initiated a "全民推荐享3-5万元奖励" program and offered various limited-time purchasing incentives, including discounts and exclusive gifts for attendees [4]. - Special incentives for out-of-town buyers were introduced, including a range of welcome gifts and one-stop consultation services [5]. Group 3: Financial Services - A housing finance zone was established, providing one-stop financial services, including loan policy explanations and rate discounts, attracting considerable interest from attendees [7]. - Several banks introduced innovative financial products to support diverse consumer needs, such as home renovation loans with competitive rates and flexible repayment options [7].