证券研究报告 2025 年 07 月 06 日 湘财证券研究所 行业研究 房地产行业周报 新房、二手房成交同比放缓，政策端仍需发力 相关研究： 1.《周度观点：西安发布新政加大 贷款支持力度、优化土地供应》 2025.6.22 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2 -5 -6 绝对收益 1 -2 9 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/7/4 2024/9/2 2024/11/1 2024/12/31 2025/3/1 2025/4/30 2025/6/29 沪深300 房地产(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 政策跟踪：北京将不断优化房地产政策，优化土地供应 7 月 1 日，北京市政府召开常务会议，研究推进"住有所居"有关工作等 事项。房地产政策方面，会议提到要加快健全多主体供给、多 ...

（2）改善"供需比"：那么高的实物增长，应转化为可持续的利润增长。 我们的工业生产维持较高增速，2022年-2025年（前5个月），我国规模以上工业增加值 同比分别为3.6%、4.6%、5.8%、6.3%；同期规模以上工业企业利润同比却分别为-4.0%、-2.3%、-3.3%、-1.0%。为什么产出并不低，利润却持续负增 长？直接原因就是工业价格负增长；而它背后深层次的原因则是供需关系失衡。供需比失衡不仅约束了盈利、税收等名义指标；同时也带来了实际利率偏高等宏观 问题。所以去年底中央经济工作会议明确指出"必须统筹好总供给和总需求的关系"。 （3）终结"竞底竞争"：综合化的全球供给能力，必须超越单一的规模经济。 从全球视角看，中国企业具备超强的全球化供给能力，[2]制造业增加值占全球比重 约三成。这一供给能力的背后包含多个内生要素优势，我们曾总结为存量人口红利、工程师红利、延迟满足红利。但在"出海"的过程中，部分企业习惯于"竞底竞 争"（race to the bottom）。我们理解"竞底竞争"的逻辑是极致性价比，它背后是规模经济；但国内企业可利用的优势不止是规模经济，还包括研发、技术、品 牌、供应链效率等。 ...

本周热点：再提反"内卷式"竞争，调整优化生猪产能。7 月 1 日，中 央财经委员会第六次会议召开，强调依法依规治理企业低价无序竞争，引 导企业提升产品品质，推动落后产能有序退出等。而在二季度农业部也一 直提到持续调整优化生猪产能，生猪产业降重稳产持续进行。 根据涌益咨询数据，集团降重明显，本周集团出栏体重 124.59 公斤，较 上周下降 0.25 公斤；整体生猪出栏均重 128.64 公斤，较上周增加 0.50 公 斤，环比增长 0.39%，主要是周内价格上涨，散户及二育大猪出栏积极性 提升带动整体体重上升，较上月同期下降 0.53 公斤，下降-0.41%。后续 看，随着气温升高，生猪增重速度下降，体重有望持续下降。其次从产能 来看，农业部联合五部委发布 2025 年 5 月生猪产品数据，2025 年 5 月末 能繁母猪存栏 4042 万头，环比上涨 0.1%，相当于正常保有量的 103.6%， 较去年年末高点减少 38 万头。从后续看，目前行业仍处于盈利情况，根 据涌益咨询，本周自繁自养模式母猪 50 头以下规模出栏肥猪利润为 189.1 元/头，较上周增加 62.24 元/头，本周外购仔猪育肥出栏利润为 ...

Core Insights - The rise of AI search ranking has become a crucial tool for companies to enhance online competitiveness and expand market share in the digital era [1] - Wuhan Shangnazhao Education Technology Co., Ltd. has emerged as a leading player in the AI search ranking field, setting a benchmark for discussions on effective AI search ranking companies [2][8] Company Overview - Wuhan Shangnazhao Education Technology Co., Ltd. has focused on reconstructing the enrollment value chain using AI since 2018, achieving significant technological capabilities [2] - The company has developed an "AI Smart Enrollment Office" system that has improved enrollment efficiency by over 40% through data-driven strategies [2] - AI-driven tools have reduced human labor costs by 50% and increased student conversion rates by an average of 35% [2] Technological Advancements - The company has transitioned from education-specific applications to a comprehensive intelligent optimization model, adapting to the explosive growth of generative AI [3] - Key technological modules developed include a semantic understanding engine, a dynamic content generation system, and a knowledge graph platform, which have been upgraded for broader search optimization applications [4] - The company has launched the "GEO All-Domain Intelligent Optimization Solution," which extends its capabilities to various industries beyond education [4] Strategic Developments - The transition to a new generation of intelligent optimization is seen as a natural evolution rather than a mere business change, focusing on the generalization of technical capabilities and value release [6] - The company aims to deepen its AI Smart Enrollment Office 4.0 system while embedding GEO technology to help educational institutions capture AI enrollment opportunities [6] Competitive Landscape - Other notable companies in the AI search ranking space include Zhiyun Cloud Technology Co., Ltd., Suyou Linghang Network Technology Co., Ltd., and Yousou Zhichuang Information Technology Co., Ltd., each offering unique solutions and strengths [8] - Zhiyun Cloud Technology focuses on data-driven models for precise search ranking predictions, while Suyou Linghang emphasizes real-time algorithm adjustments and content marketing [7][8] - Yousou Zhichuang provides comprehensive search ranking optimization services, leveraging advanced AI technologies and a customer-centric approach [8]

7月6日，中国民航局发布消息，为进一步优化空域环境、提升运行效率，即日起，民航将启用M503航 线W121衔接线。(央视新闻) ...

Group 1 - The wig industry is a distinctive sector in Juancheng County, Shandong Province, with an annual processing capacity of 5,000 tons and production of 30 million wig products in 2024, with over 90% of products exported to more than 80 countries and regions across six continents [1] - The wig products account for 90% of the domestic market share and over 70% of the global market share [1] - The local government has implemented measures to optimize the business environment, including a "clean wind protection" initiative to address prominent issues and establish a reporting platform for businesses [1] Group 2 - The Juancheng County Discipline Inspection Commission has streamlined administrative approval processes, reducing the number of required windows from four to one, allowing for faster processing within one working day [2] - Five special inspection teams have been formed to conduct on-site visits to wig enterprises, addressing difficulties faced by businesses [2] - The county has organized participation in major domestic and international exhibitions, with the transaction volume exceeding $100 million for the first time in 2024, while also encouraging brands to expand their export market share [2]

Core Viewpoint - The article discusses the joint issuance of measures by four departments in Jiangsu Province aimed at enhancing the quality and efficiency of government services, aligning with national directives to reform and optimize the business environment [1] Group 1: Measures Implemented - The measures include 15 specific actions to improve project approval processes within government service centers [1] - Provincial government apps are required to open usage permissions downward, preventing redundant construction below the provincial level [1] - There is a push to consolidate government service applications under the "Su Service Office," with a ban on developing new government service apps at the county level and below [1] Group 2: Compliance and Deadlines - Existing comprehensive government service apps at the county level and below must complete migration and consolidation by the end of December [1] - Failure to comply with the consolidation requirements will result in no allocation of operational maintenance funds for the following year [1]

《若干措施》要求，以"高效办成一件事"为理念，在政务服务大厅设立"高效办成一件事"综合窗 口，对办件频次低、时效性要求不高的窗口撤并整合。建设企业综合服务中心（专区），8月底前，在 市、县政务服务中心试点建设民营企业金融服务中心。围绕"一件事"办理，开展跨部门系统协同和数据 共享，重塑业务流程，大幅压减办理时长和办事成本。针对各进驻部门窗口咨询电话多、呼入等待时间 长、群众诉求登记不规范等问题，将省、市两级政务服务大厅的进驻部门窗口咨询电话统一由12345热 线接听。 《若干措施》还明确，省级政务APP须向下开放使用权限，杜绝省级以下重复建设。推动政务服务 类应用向"苏服办"整合，县级以下禁止开发政务服务APP，已建县级及以下的综合类政务服务APP在12 月底前完成迁移归并，未整改到位的不再安排下一年度运维经费。 《若干措施》还提出建立健全政务服务监督检查机制。建设省级政务信息化项目管理平台，以信息 化手段规范并跟踪项目规划、设计申报、审核审批、采购实施、资源使用、资金使用、绩效评价等环 节，实施全量、全流程、全生命周期项目管理。充分发挥审计监督作用，加强对政务信息化项目规划、 建设、运维，以及项目资金管理和 ...

Core Insights - China has transformed from being labeled as an "oil-poor country" to a global energy powerhouse, overcoming significant challenges in oil exploration and development [1][8] - The advancements in technology, particularly in shale oil and deep-sea oil field development, have played a crucial role in this transformation [3][5] - China's strategic partnerships with major oil-producing countries have enhanced its influence in the international energy market [5] Group 1: Technological Advancements - The rapid progress in technology has provided strong support for oil exploration and development in China, particularly in the shale oil sector [3] - Chinese researchers and engineers have achieved significant milestones, with shale oil production ranking among the top globally in the first quarter of 2024 [3] - The development of the "integrated underwater wellhead system" has enabled efficient extraction from deep-sea oil fields, showcasing China's capabilities in this area [3] Group 2: International Strategy - China has shifted from being a mere demand-side player in the global energy market to establishing a significant presence through strategic collaborations with countries like Russia and Saudi Arabia [5] - This shift has allowed China to enhance its bargaining power and influence in international energy discussions [5] Group 3: Energy Structure Optimization - In response to global energy demand changes and environmental pressures, China is actively optimizing its energy structure [7] - The country is balancing traditional energy extraction with the development of renewable energy sources to create a diversified and cleaner energy supply system [7]

Group 1 - The core project of Zhongzhe Group for high-end synthetic rubber in Ningbo Beilun District is progressing rapidly, with construction starting six months ahead of schedule due to efficient government services and approvals [1] - The project is expected to generate an annual output value of 3.5 billion yuan, enhancing regional industrial competitiveness [1] - The Beilun District has implemented a "full-chain" supervision system to optimize the business environment, focusing on key project construction nodes and issues [1] Group 2 - Beilun District has introduced an "enterprise worry index" to address daily operational challenges faced by businesses, connecting over 200 "friendly managers" with nearly 6,000 enterprises [2] - The district has collected over 700 enterprise concerns this year and resolved more than 580 of them, reflecting a proactive approach to business support [2] - Beilun District has launched 18 measures to optimize the business environment, focusing on legal services, administrative services, resource support, and free trade services [2] Group 3 - The business environment in Beilun District has been continuously improving, with the district ranking first in industrial added value in Zhejiang Province for seven consecutive years [3] - The regional economy demonstrates strong resilience and vitality, placing Beilun in the top tier of Zhejiang's business environment monitoring [3]