Investment Rating - The industry investment rating is "Positive" [4] Core Insights - In April, first-tier cities saw a month-on-month decline in second-hand housing prices, while second and third-tier cities continued to experience downward pressure [1][2] - The new residential sales price index for 70 large and medium-sized cities showed a month-on-month growth rate of -0.1% in April, consistent with the previous value [1] - The year-on-year decline in new and second-hand housing prices across all city tiers has narrowed in April compared to March [2] Summary by Sections Housing Price Trends - In April, the month-on-month growth rate for new residential sales prices in first-tier cities was 0.0%, with specific cities like Beijing and Shanghai showing slight increases of 0.1% and 0.5% respectively [1] - The second-hand housing price index for 70 cities decreased by 0.4% month-on-month, with first-tier cities experiencing a decline of 0.2% [1] Year-on-Year Price Changes - The year-on-year growth rate for new residential sales prices in April was -4.5%, an improvement from -5.0% in March [2] - First-tier cities reported a year-on-year decline of -2.1%, with Beijing and Guangzhou showing declines of -5.0% and -6.3% respectively [2] Investment Recommendations - Short-term focus on policy-driven valuation recovery opportunities, while long-term focus should be on leading companies with quality product resources and real estate operational capabilities in core cities [3] - Recommended companies include Poly Developments and New Town Holdings, with potential benefits for China Resources Land and Longfor Group [3]

4、100.89亿元市值限售股今日解禁 （原标题：今日看点｜国新办将举行2025年4月份国民经济运行情况新闻发布会；国内油价预计将迎年 内第五降） 经济观察网讯 5月19日重点关注的财经要闻与资本市场大事： 1、国新办将举行2025年4月份国民经济运行情况新闻发布会 5月19日上午10时，国新办将举行新闻发布会，国家统计局新闻发言人、国民经济综合统计司司长付凌 晖介绍2025年4月份国民经济运行情况，并答记者问。 2、4月70城房价数据将公布 5月19日，国家统计局将发布2025年4月份70个大中城市商品住宅销售价格变动情况。 3、国内油价预计将迎年内第五降 国内成品油新一轮调价窗口将于5月19日24时开启。综合机构观点，国内成品油价或将出现年内第五次 下跌。今年以来，国内油价已经历九轮调价窗口，分别为"三涨四跌两搁浅"。涨跌互抵后，国内汽、柴 油价格每吨较去年底分别下调425元、410元。若本轮调整落地，2025年调价格局将变为"三涨五跌两搁 浅"。 5月19日，共有12家公司限售股解禁，合计解禁量为3.51亿股，按最新收盘价计算，合计解禁市值为 100.89亿元。 从解禁量来看，5家公司解禁股数超千万股。 ...