证券研究报告 | 行业深度报告 2025 年 06 月 22 日 销量同比震荡回落，新开工同比负增长收窄 房地产行业最新观点及 25 年 1-5 月数据深度解读 总量研究/房地产 5 月房地产开发投资金额基期调整同比增速为-12.0%（较上月减少 0.7pct）， 投资同比同步于施工面积同比回落，过去一段时间销售市场热度回升带动下 的施工强度提升或相对有限，或反映去库存仍是房企的重要目标； ❑ 5 月到位资金基期调整同比增速为-10.1%（较上月减少 4.8pct），结构上， "国内贷款"同比增速持续高于"新开工"或与"白名单"融资模式下部分 房企借新还旧以及调整融资渠道等有关，"自筹资金"同比增速趋势与"新 开工"基本一致；"销售类到位资金"同比同步于"销售金额"回落； 5 月末房地产资金链指数趋势回落（111%），当前仍处于历史较低水平，往 后看，在供需两端政策逐步落地下，部分企业资金面有望进一步改善； 5 月 70 城新房房价环比跌幅扩大。5 月 70 城新房房价环比-0.22%（环比负 增速幅度较上月扩大 0.10pct），其中，新房房价一线城市环比-0.2%，二线 环比-0.2%，三线环比-0.3% ...

Core Viewpoint - The high-end elderly care industry is facing significant challenges in sales performance, with no single institution achieving sales exceeding 100 million yuan, leading to concerns about cash flow and sustainability [2][4]. Sales Performance - In 2024, no elderly care institution in Shanghai has surpassed 100 million yuan in sales, highlighting a stark contrast to the substantial investments made in the sector [2]. - Many elderly care institutions are struggling with actual sales returns, relying on trial stays and temporary accommodations to maintain operations [3]. - The average monthly salary for elderly care planners is approximately 10,634 yuan, with 55% earning between 7,000 and 12,000 yuan, indicating that claims of planners earning 100,000 yuan monthly are rare [9]. Sales Commission Structure - Commission rates for high-end elderly care institutions typically range from 3,000 to 5,000 yuan per person, with some institutions offering commissions as high as one month's fee during initial marketing phases [11]. - To achieve a monthly income of 100,000 yuan, sales personnel would need to recommend at least 20 elderly clients per month or sell seven 1 million yuan membership cards [12]. Customer Acquisition Channels - Elderly care institutions are utilizing both online and offline channels for customer acquisition, including keyword searches, social media, and partnerships with senior associations [14]. - The average conversion rate for elderly care institutions is around 2%, with decision-making periods averaging 35.8 days for elderly clients [21][22]. Sales Skills and Customer Interaction - Sales personnel must effectively address clients' concerns and provide personalized experiences to enhance conversion rates [25][26]. - The emotional connection established by sales personnel can significantly influence clients' decisions, as they often turn to their initial sales contact for assistance after moving in [30]. Departmental Challenges - There is often a disconnect between sales and service departments, leading to issues with customer retention and satisfaction [33][36]. - High turnover rates among sales personnel and a lack of proactive customer engagement can hinder the effectiveness of sales strategies [45]. - The ultimate goal is to ensure that elderly clients are satisfied with their living arrangements, which requires a focus on service quality rather than just sales tactics [46][47].

声明: 本文不是给理想献策，而是分析为什么理想暂时实现不了自身目的。 理想销售近期一系列改革目的是让销售专注价值传递，从而形成良性订单循环。 TOP2下两个判断： 1.理想目前解决问题的思路暂时无法实现其目的。(本文会详细论述原因) 理想本轮改革在形式上做了很多点尝试让销售专注价值传递，包括但不限于 取消销售PIP制度，更严 格抓返佣， 强要求全员更细化掌握产品知识 全员(含店长、销售经理、片区总，及中台人员) 等。 但是，面对实际存在的订单压力，理想目前的现状五大战区总高频逼单下面的战区总，下面的战区总 高频逼单销售经理，销售经理高频逼单店长，店长实际上也只能高频逼单销售。 层层加码下，高的店每小时要被逼一次单，少的店一天也要被逼一次单。 越逼单，越在意短期立马成交，越没法向客户价值传递。 2.理想经过一段时间后，一定可以实现自身目的，时间有可能会比较长，在此之前销量会受影响。 (由于种种原因，不方便进行论述。) 要让大量销售专注价值传递，核心要以店长为中心形成3个观点共识： 1.店长从心底里认同专注传递价值，一定能让订单形成良性循环。 2.天天催，每小时催订单，一定会让订单恶化，动作变形。 3.店长内心要 ...

Core Viewpoint - The natural gas heavy truck market in China has experienced a significant decline in sales, with a year-on-year decrease of 34% in May 2025, marking the third consecutive month of decline, indicating a challenging market environment for the industry [2][6][10]. Sales Performance - In March and April 2025, the natural gas heavy truck market saw year-on-year declines of 26% and 35%, respectively, leading to a total sales volume of 14,000 units in May, which is a 34% decrease compared to the same month last year [2][6][10]. - The overall heavy truck market sold 63,100 units in May, showing an 18% year-on-year increase, while the natural gas heavy truck segment lagged behind, capturing only 22.10% of the market share in May, down from 24.86% in April [10][24]. Market Trends - The first five months of 2025 saw a cumulative sales volume of 78,000 units for natural gas heavy trucks, reflecting a 16% year-on-year decline, with a notable decrease of 14,600 units compared to the same period last year [29][33]. - The market share of natural gas heavy trucks has decreased from 36.47% in the same period last year to 27.33% in 2025 [10][33]. Regional Analysis - Sales distribution across regions remains uneven, with Hebei, Shanxi, Henan, Shandong, and Xinjiang accounting for a significant portion of the sales, with Hebei alone contributing nearly 15% [16][18]. - Some regions, such as Xinjiang, Sichuan, Inner Mongolia, Gansu, Chongqing, Jilin, and Beijing, have shown growth in sales during the first five months of 2025, while major provinces like Hebei and Shanxi have experienced declines [18]. Company Performance - In May 2025, the top-selling companies in the natural gas heavy truck market included FAW Jiefang, Dongfeng, and China National Heavy Duty Truck, with sales of 3,382, 2,966, and 2,963 units, respectively [20][22]. - Among the top ten companies, five experienced sales growth, while eight saw declines, with the most significant drop being 86% for one company [24][27]. Price Influence - Natural gas prices have remained relatively stable, averaging around 4,400 yuan/ton in January and February, rising to nearly 4,600 yuan/ton in March and April, before decreasing to approximately 4,500 yuan/ton in May [13][14]. - The narrowing price gap between natural gas and diesel, with diesel prices dropping below 6.5 yuan/L in many northern regions, has diminished the competitive advantage of natural gas heavy trucks [14].

加拿大4月核心零售销售环比 -0.3%，预期 -0.2%，前值 -0.7%。 ...

加拿大4月零售销售环比 0.3%，预期 0.4%，前值 0.8%。 ...

Core Insights - Canada's core retail sales in April decreased by 0.3%, contrasting with the expected increase of 0.2% and a prior value that was revised from -0.7% to -0.8% [1]

Group 1 - Canada's retail sales in April increased by 0.3%, which was below the expected increase of 0.5% and lower than the previous month's increase of 0.8% [1]

Group 1 - Canadian retail sales for April and the U.S. June Philadelphia Fed manufacturing index are set to be released in ten minutes [1]

中国建筑（601668）公告，2025年1-5月新签合同总额18412亿元，同比增长1.7%。其中，建筑业务新签 合同额17108亿元，同比增长2.2%。具体来看，房屋建筑新签合同额11120亿元，同比下降4.0%；基础 设施新签合同额5939亿元，同比增长16.2%；勘察设计新签合同额49亿元，同比下降15.3%。分区域 看，境内新签合同额16324亿元，同比增长3.5%；境外新签合同额784亿元，同比下降19.7%。此外，房 屋建筑施工面积14.77亿平方米，同比下降0.3%；新开工面积1.08亿平方米，同比增长3.0%；竣工面积 5497万平方米，同比下降17.2%。地产业务方面，合约销售额1304亿元，同比下降4.0%；合约销售面积 455万平方米，同比下降6.4%。期末土地储备7625万平方米，新购置土地储备271万平方米。 ...