Report Industry Investment Rating - No relevant information provided Core Viewpoint - The silicon-manganese market is expected to oscillate weakly. The macro environment has a pessimistic market sentiment, with the weak reality dominating the market. The cost of chemical coke is weak. Fundamentally, manufacturers have cut production, and the operating rate has reached a low level in the same period, but the overall inventory is still high. The demand side of steel is in a seasonal off - season [7]. Summary by Directory 1. Week - to - Week Summary - **Macro Aspect**: Domestically, multiple regions have issued standards to support high - quality development of urban housing and the real estate market. The total profit of the ferrous metal smelting and rolling processing industry from January to April was 16.92 billion yuan, and new local government bonds worth 149.27 billion yuan were issued. Overseas, ASEAN has a five - year strategic plan, and Putin proposed conditions to end the Ukraine war [7]. - **Supply and Demand**: Manufacturers' production cuts have led the operating rate to a low level in the same period, but the overall inventory is still high. The port inventory of imported manganese ore has increased by 25,000 tons, and the downstream molten iron production has peaked and declined. The spot profits in Inner Mongolia and Ningxia are - 240 yuan/ton and - 430 yuan/ton respectively. Steel mills are cautious in procurement, and tender prices continue to fall [7]. - **Technical Aspect**: The weekly K - line of the silicon - manganese main contract is below the 60 - day moving average, indicating a bearish trend [7]. - **Strategy**: The market sentiment is pessimistic. Considering the weak cost of chemical coke, high inventory, and the seasonal off - season of steel demand, the silicon - manganese market should be treated as oscillating weakly [7]. 2. Futures and Spot Market - **Futures Market**: As of May 30, the position of silicon - manganese futures contracts was 626,100 lots, an increase of 7,224 lots. The spread between the 1 - 9 contracts was 40, a decrease of 22. The number of manganese - silicon warehouse receipts was 106,973, a decrease of 7,484. The spread between the September contracts of manganese - silicon and ferrosilicon was 306, an increase of 18 [13][17]. - **Spot Market**: As of May 30, the ex - factory average price of silicon - manganese in Inner Mongolia was 5,500 yuan/ton, a decrease of 150 yuan/ton. The basis was 22 yuan/ton, an increase of 90 [22]. 3. Industrial Chain Situation - **Production and Demand**: As of May 29, the national operating rate of 187 independent silicon - manganese enterprises was 34.77%, an increase of 0.59%. The daily average output was 24,275 tons, an increase of 675 tons. The weekly demand of five major steel grades for silicon - manganese was 126,886 tons, an increase of 0.23%. The weekly supply of national silicon - manganese was 169,925 tons, an increase of 2.86% [24]. - **Inventory**: As of May 22, the national inventory of 63 independent silicon - manganese enterprises was 201,100 tons, a decrease of 6,000 tons [29]. - **Upstream**: As of May 29, the price of South African manganese ore in Tianjin Port was 35 yuan/ton - degree, a decrease of 4. The price of Australian manganese ore was 43 yuan/ton - degree, unchanged. The port inventory of imported manganese ore increased by 25,000 tons. The arrival volume from South Africa increased by 30% week - on - week and 111% year - on - year [35][41]. - **Production Cost and Profit**: As of May 30, the spot production cost in the northern region of silicon - manganese was 5,765 yuan/ton, a decrease of 30. The profit was - 300 yuan/ton, a decrease of 70. In the southern region, the cost was 6,070 yuan/ton, a decrease of 70, and the profit was - 550 yuan/ton, an increase of 5 [48]. - **Downstream**: As of May 30, the daily average molten iron output of 247 steel mills was 241.91 tons, a decrease of 16,900 tons week - on - week. The tender price of Hebei Iron and Steel Group for silicon - manganese in May was 5,700 yuan/ton, a decrease of 250 yuan/ton compared to April [51].

当下，"好房子"成了高频词。"好房子"在今年首次被写进《政府工作报告》：适应人民群众高品质居住 需要，完善标准规范，推动建设安全、舒适、绿色、智慧的"好房子"。建造"好房子"，是政策层面的决 策部署，也是人民群众的殷切期盼，更应成为企业的主动选择。"好房子"建设不是一句口号，应在系统 行动方案规划中积极稳步推进，唯其如此，我们才能离美好居住生活越来越近。 "好房子"建设须构建支持住房品质提升的制度体系。住房和城乡建设部正在组织编制"好房子"建设指 南。全国"好房子"设计大赛将举办，以引导设计师针对多样化居住需求精心设计不同户型、不同面积 的"好房子"。"好房子"建设同样离不开地方统筹推进，各地多措并举加大对"好房子"建设的政策支持力 度，山东、山西、江苏、湖北、四川、宁夏、江西、海南、陕西等省份发布了专门的指导意见、实施方 案、工作方案等，提出具体支持措施和推进举措。如山东先后发布《山东省高品质住宅开发建设指导意 见》《关于支持"好房子"建设的若干政策措施》，明确高品质住宅的概念与发展路径。 "好房子"建设应标准先行。今年5月份，国家标准《住宅项目规范》开始实施。相较旧标准，《住宅项 目规范》在层高、电梯配套 ...

Core Insights - The latest report from the China Index Academy indicates a significant increase in the transaction share of residential properties over 120 square meters in 20 out of 30 major cities in the first four months of the year [1][2] - Notable cities such as Nanjing, Qingdao, Dongguan, Quanzhou, and Ganzhou have seen transaction shares for properties over 120 square meters rise by more than 8 percentage points year-on-year [1] Company Dynamics - Greenland Group launched the "Greenland Good House Product Standard" on April 8, focusing on four dimensions: green environmental protection, health and wellness, durable construction, and smart technology [1] - China Merchants Shekou has developed a technical system for "Good House" construction, emphasizing seven aspects: worry-free living, comfort and health, green and low-carbon, smart convenience, craftsmanship, aesthetic renewal, and attentive service [1] Product Design Innovations - Companies are enhancing product design through various features such as design craftsmanship, layout design, smart technology, and landscape architecture [2] - Specific projects highlighted include: - Chongqing Jinmao·Puyin Jinkai, which incorporates aluminum panels and panoramic glass curtain walls with flowing curves to reflect Eastern aesthetics [2] - Nanjing China Merchants·Jinling Sequence, featuring a 225-square-meter unit with south-facing terraces for enhanced views and social interaction [2] - Huafa·Zhuhai Bay, which integrates low-altitude economy, robotics, and green building to create a smart ecological community [2] - Chengdu Jinniu Xipai Yufu, which incorporates local cultural elements with double-layer water courtyards and homecoming systems [2] Project Highlights - The Hangzhou Jianfa Yunyun Zhijiang project covers approximately 151,000 square meters, with plans for 25 low-density buildings and a total of 1,086 units [2] - The project is strategically located near transportation hubs, with access to existing and planned metro lines [2]

近几年来，房地产市场逻辑发生改变，好房子建设潮流中，产品力成为未来市场的核心竞争力，置业者更愿意为真实 可感的品质买单，这也是一些新楼盘走热的重要逻辑。 坐落于西红门板块的壹品兴创·元启，在"五一"小长假期间收获了不错的市场表现，且近段时间以来都维持了较高人 气。而元启"吸睛"的核心，是开发商不惜成本的主动升级。据了解，面向全新的好房子建设标准，元启项目以六大维 度的产品升级，重塑居住体验，彰显责任企业的诚意与实力。 自我更新 正面应对"好房大考" "好房子"概念提出后，受到了全社会的共同关注，也得到了行业的积极响应。为了给好房子建设提供标准参考，近半 年来相关文件陆续发布，包括《北京市高品质商品住宅设计导则（试行）》《北京市平原多点地区"好房子"规划管理 相关技术要点（试行）》（以下简称《技术要点》）等。 其中，《技术要点》明确提出了按需设置封闭阳台或开敞阳台、丰富居住空间形式、增配邻里共享公共空间、提升建 筑立面品质等内容，让好房子更为具象化。 这些标准的提出，反映的是居住需求的升级和生活方式的转变。有业内人士表示，这些内容是能让置业者真实感知的 具体改变，在长久居住中，也能给业主带来实实在在的实惠。 （ ...

近日，北京市住房和城乡建设委员会发布《2025年北京市住房发展年度计划》，提出优化住房用地供 应。顺应房地产发展趋势，合理控制新增房地产用地供应，盘活存量用地。本年度安排商品住房用地 240—300公顷，保障性住房用地475公顷。 土地市场表现火热的杭州，供地量却明显回落。根据杭州发布的年度供地计划，2025年将年度供应下调 了30%以上，坚持以需定供，提高住宅用地供应精准性。而在深圳，2025年度供地计划也显示居住用地 计划供应100公顷，其中商品住房用地60公顷，同比下降幅度均在两成以上。 近段时间以来，多个城市发布2025年住房发展年度计划，明确计划年度内住房发展目标、重点任务和工 作要求等。在住房用地供应方面，各地纷纷明确合理控制新增房地产用地供应。尽管如此，"好房子"的 建设和推出正在加速。 尽管多个城市的土地供应量有所下降，但对于房子"质量"的要求明显提高。不少城市表示，要加快"好 房子"建设。例如，北京提出大力建设"好房子"，更好满足多样化住房需求。加大新开发居住区配套设 施建设力度，稳定市场预期。 据最新公布的全国70城房价数据，2025年4月新房价格环比上涨城市数量为22个，较上月减少2城； ...

Core Viewpoint - The real estate market in China is showing signs of stabilization, with improved transaction activity in some first and second-tier cities, driven by the implementation of supportive policies [1][2]. Group 1: Market Performance - In April, the real estate market transactions remained stable, with a slight recovery in sales due to the rollout of various policies aimed at stabilizing the market [1]. - From January to April, the sales area of new commercial housing decreased by 2.8%, but the decline was 0.2 percentage points less than the previous quarter [1]. - In 40 key cities, the sales area and sales revenue of new residential properties increased by 0.1% and 2% year-on-year, respectively, during the same period [1]. Group 2: Price Trends - Overall, housing prices remained stable, with new residential property prices in first and second-tier cities unchanged month-on-month in April, while third-tier cities saw a slight decline [2]. - Year-on-year, the price decline for new residential properties in first, second, and third-tier cities narrowed by 0.7, 0.5, and 0.3 percentage points, respectively [2]. - The decline in second-hand residential property prices also narrowed, with reductions of 0.9, 0.5, and 0.4 percentage points for the respective city tiers [2]. Group 3: Inventory and Construction - There has been an improvement in real estate inventory and new construction, with a decrease in unsold housing inventory as sales pick up [2]. - By the end of April, the area of unsold commercial housing continued to decrease compared to the end of March, marking two consecutive months of decline [2]. - From January to April, the year-on-year decline in the area of new housing starts narrowed by 0.6 percentage points compared to the previous quarter [2].

严控增量的导向之下，2025年多数城市住宅用地供应出现了缩减。 日前，杭州发布的2025年度建设用地供应计划显示，今年杭州住宅用地供应计划为521.16公顷，其中市区为517.32公顷；相比2024年同期的802.39公顷、 788.41公顷，分别下降35.05%、34.38%。 无独有偶。深圳在4月底发布的2025年度供地计划也显示，其年内居住用地计划供应100公顷，其中商品住房用地60公顷；但2024年这两项数值分别为180 公顷、80公顷，下降幅度均在两成以上。 克而瑞监测显示，2025年，全国宅地计划供应量同比下降20%，其中二线城市以31%的降幅领跑各能级。"这一变化既源于武汉、郑州等二线库存高压区 的主动减量，也折射出行业去库存加速背景下，地方政府主动收缩供地规模，加快建设房地产发展新模式的决心"。 宅地供应量少了20% 杭州今年土拍火热。 据中指研究院统计，截至4月22日，杭州宅地出让总金额已达775.2亿元。而2024年杭州全年宅地出让金1169亿元，以此计算，杭州今年前4个月土地出让 金已达到2024年全年的66%。与此同时，杭州的楼面价纪录已三次被刷新，从1月的6.48万元/平方米，飙升至 ...

山东16市全部出台"好房子"相关技术标准和导则 全方位提升住房品质 智通财经5月15日电，记者从5月14日召开的山东省"好房子"建设工作会上获悉，当前，山东正加快推 进"好房子"建设步伐，全省16市全部出台"好房子"相关技术标准和导则，全方位提升住房品质。其中， 济南市建立7类一级指标、20个二级指标、115项控制要素，明确硬性要求；青岛市在全国率先出台"好 房子"建设技术导则，明确5大类19项指标，从供地、规划、设计、施工、验收等环节配套出台16个文 件；淄博市创新"立体社区"开发模式；潍坊市建立"好房子"四个维度174条标准体系，全省初步形成了 上下协同联动、持续纵深推进的良好格局。 (大众日报) ...

什么样的房子是"好房子"？"好房子"应该具有安全、舒适、绿色、智慧的特征。 我国房地产市场发展已经进入新阶段，房地产市场供求关系发生重大变化，人民群众的住房需求正在 从"有没有"转向"好不好"。大家都希望住上"好房子"，建设"好房子"直接关系到人民群众的获得感、幸 福感。住房发展，归根到底就是要顺应人民群众的高品质居住需要，加快建设"好房子"。 建设"好房子"，正在成为很多企业的自觉选择。中国建筑集团近日发布了"好房子"营造体系，总结形成 了"六不六防三省三要"居民居住需求框架。"六不"是指不漏、不臭、不吵、不霉、不堵、不裂；"六 防"是指防灾、防盗、防火、防电、防摔、防撞；"三省"是省心、省钱、省地；"三要"是要实用、要健 康、要关怀。在细致了解居民"急难愁盼"问题的基础上，形成了以好集成、好标准、好设计、好材料、 好建造、好运维"六好"为手段来营造"好房子"的系统方法，为"好房子"全寿命周期建设服务提出了办 法，为建筑行业全产业链建设"好房子"提出了可行路径。 建设"好房子"应该是全方位的。建设"好房子"，不仅给新技术、新产品、新材料提供了广阔应用空间， 还能释放出扩内需、促消费的巨大潜能。倪虹表示，保障 ...

● 本报记者董添 近日，北京市住房和城乡建设委员会发布的《2025年北京市住房发展年度计划》提到，2025年供应商品 住房用地240公顷至300公顷，建设筹集保障性租赁住房5万套、竣工各类保障房8万套，加快"好房子"建 设步伐。 在此之前，广州、成都等地也发布了2025年住房发展计划。不少地方表示，要加快"好房子"建设。业内 人士表示，预计各地对"好房子"建设的细化指标将加快发布、落实。 热点城市发布住房发展计划 近期，多个热点城市陆续发布了住房发展计划。 《2025年北京市住房发展年度计划》明确了住房发展年度目标和重点任务，围绕优化住房用地供应、支 持合理住房需求、加强住房保障等八个方面，提出了具体任务、行动计划和工作举措，以巩固房地产市 场稳定态势，推进住房高质量发展，促进更高水平住有所居。合理控制新增房地产用地供应，盘活存量 用地。本年度安排商品住房用地240公顷至300公顷，保障性住房用地475公顷。根据保障性住房年度建 设计划，统筹安排各类保障性住房用地供应，稳步提升保障性住房空间供给质量。 中国证券报记者注意到，不少地方在2025年住房发展计划中提到，加快"好房子"建设。 北京市提出，加快"好房子 ...