Core Viewpoint - The second quarter's decline in premium rates does not overshadow the heat of quality residential land, and the supply of land is expected to continue optimizing and improving in the second half of the year [2][8]. Supply and Demand - The supply of land in June reached 52.53 million square meters, a month-on-month increase of 9%, but a year-on-year decrease of 12.2%. The transaction area was 45.7 million square meters, down 4% year-on-year, while the transaction amount was 157.3 billion yuan, up 22% year-on-year [5][11][16]. - The average premium rate in June fell to 4.2%, with first and second-tier cities seeing significant declines, both around 5%, marking the lowest levels since 2025 [6][19]. - In terms of distribution, first and second-tier cities saw increases in transaction area by 108% and 33% respectively, while third and fourth-tier cities experienced a 15% decline [7]. Market Heat - The average premium rate for June was 4.2%, continuing its downward trend. The premium rates in first and second-tier cities dropped to around 5%, while third and fourth-tier cities fell by 1.3 percentage points to 2.7% [19][20]. - Despite the overall decline in premium rates, individual high-quality land parcels continue to attract high premiums, particularly in core cities like Shanghai and Chengdu, as well as in some third and fourth-tier cities [8][9]. Future Outlook - In the second half of 2025, local governments are expected to further implement "controlling quantity and improving quality" in the land market, which will support the reduction of real estate inventory [9][20]. - The completion of urban renewal projects in the first half of the year is anticipated to lead to an increase in the supply of quality core land parcels in the second half, contributing to a more stable transaction scale and improved supply-demand expectations [9][20]. Key Land Parcels - In June, several high-value land parcels were sold, with Shanghai and Beijing each having parcels with transaction values exceeding 5 billion yuan. The highest total price was for a parcel in Shanghai's Baoshan district, totaling 8.195 billion yuan with a premium rate of only 1.2% [24][26]. - The average floor price in the first-tier cities reached 3,443 yuan per square meter, with a month-on-month increase of 23% and a year-on-year increase of 27% [16].

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读一本 书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投资的理 念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 财商教育的4个阶段 什么是客体永久性呢？ 比如说，小孩子看不到爸爸妈妈会哭闹。 因为他们觉得，看不到的东西，就不存在了。 这期螺丝钉带你读书，咱们来聊一个有意思的话题，孩子的财商教育。 螺丝钉2024年底，也添了宝宝，晋升成为奶爸。 宝宝的财商教育，跟成年人的财商教育，是截然不同的。 给成年人讲投资理财的书非常多。 不过给孩子这方面的好书不太多。 市面上常见的，是《小狗钱钱》《蓝筹孩子》《富爸爸穷爸爸》这几本。 这期螺丝钉带你读书，也不是讲解这些书里的内容。 实际上对成年人来说，这几本书里的内容是比较浅显的。 今天讲的，是不同年龄段，适合给孩子什么财商知识。 按照螺丝钉的 ...

证 券 研 究 报 告 【债券周报】 【债券周报】 "防空转"与"关注长端收益率"仍有定力 ——2025Q2 货政例会点评 债券研究 债券周报 2025 年 06 月 28 日 华创证券研究所 证券分析师：周冠南 电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 证券分析师：宋琦 电话：010-63214665 邮箱：songqi@hcyjs.com 执业编号：S0360523080002 相关研究报告 《【华创固收】2025年转债供给怎么看？——可 转债周报 20241230》 2024-12-30 《【华创固收】存单周报（1223-1229）：年初存单 走势关注供需格局及资金环境变化》 2024-12-29 《【华创固收】审计问题整改中的化债信号—— 信用周报 20241229》 2024-12-29 《【华创固收】假期效应渐显——每周高频跟踪 20241228》 2024-12-28 《【华创固收】政策双周报（1213-1226）：央行约 谈债券投资机构，专项债管理机制优化》 2024-12-26 证监会审核华创证券投资咨询业务资格 ...

证券研究报告|固收点评报告 [Table_Date] 2025 年 06 月 28 日 [Table_Title] 6 月二手房销售再下台阶 [Table_Title2] able_Summary] 地产周速达 二手房成交环比小幅增长，而同比持续转弱。本周（6 月 20-26 日），15 城二手房成交面积 240 万平，略高 于过去四周 224-235 万平区间，环比小幅增长 3%。同比来看，本周 15 城二手房成交表现较弱，下滑 4%；月度 来看，二手房成交由前几个月的增长态势转为小幅下滑，6 月初以来累计同比下滑 1%，而 5 月、4 月和 3 月分别 增长 4%、20%、38%，6 月增速继续下台阶。 分城市层级看，一线城市二手房周成交面积连跌六周，本周环比小幅下滑 1%。其中深圳环比下滑 8%，成 交 13 万平，过去四周介于 11-15 万平；上海环比下滑 3%，成交面积 39 万平，低于过去四周的 41-48 万平；北 京表现相对较好，环比增长 5%，成交面积 38 万平，处于过去四周 34-38 万平区间的上限附近。 风险提示 地产政策出现超预期调整。 SAC NO：S1120524030004 ...

Monetary Policy Outlook - The People's Bank of China (PBOC) signaled important adjustments in monetary policy and exchange rate management for the second half of the year, reflecting a more flexible approach in response to complex economic conditions [1][4] - The second quarter meeting emphasized maintaining an appropriately accommodative monetary policy while enhancing counter-cyclical adjustments and the dual function of monetary policy tools [5][6] Economic Growth Projections - Economic growth is projected at approximately 5.2% for the second quarter, with a target of around 4.7% for the second half to meet the annual growth goal, indicating manageable pressure under current policy measures [5] - Market analysts expect further policy adjustments, including potential reserve requirement ratio (RRR) cuts, to support liquidity and economic stability [6] Real Estate Market Stability - The meeting highlighted the need to implement existing financial policies effectively to stabilize the real estate market, focusing on revitalizing existing housing stock and land [9][10] - Data from January to May showed a year-on-year decline in new housing sales area and sales revenue by 2.9% and 3.8%, respectively, although some first- and second-tier cities experienced growth [9] Domestic Circulation Strategy - The PBOC emphasized strengthening domestic circulation as a strategic focus, coordinating supply and demand, and enhancing macro policy coordination to stimulate economic recovery [11] - Recent policies included lowering interest rates on housing provident fund loans and optimizing capital market support tools, with a total of 800 billion yuan allocated for securities and stock repurchase financing [11] Exchange Rate Management - The second quarter meeting shifted its focus from strict measures to enhancing the resilience of the foreign exchange market and stabilizing market expectations, aiming to maintain the yuan's stability at a reasonable level [12] - Historical data suggests the yuan may be entering a new appreciation cycle, which could help stabilize the global monetary system and support economic growth [12]

2025年已经过去大半年了，房地产市场的走向依然牵动着无数人的心。 根据中指研究院发布的数据，1月份百城二手房的平均价格降至14130元/平方米，环比下跌了0.51%，同 比降幅更是达到了7.22%。 到了2月份，百城二手住宅的平均价格继续下跌至14071元/平方米，环比跌幅为0.42%，同比跌幅进一步 扩大至7.26%。 未来5年，持有"两套房"的家庭，恐怕要面临3个棘手的难题。 第一个难题，就是资产大幅缩水。 在过去，房地产市场一片火热，房价蹭蹭往上涨，很多家庭觉得买房就是稳赚不赔的买卖，咬咬牙购置 了第二套房，想着资产能不断增值。 可如今这市场风向变了，房价不再只涨不跌。 就拿上海闵行区的高兴花园来说，巅峰时期房价高达9.6万/平米，现在呢，拦腰斩，只有4.8万/平米 了。 还有天津和平区的老破小，较2023年高点直接腰斩；深圳宝中片区豪宅跌幅也达到了30%。据统计，全 国超70%城市房价已跌回2016年水平。 对于持有两套房的家庭而言，房子可是家庭资产的大头，房价这样一降，资产跟着大幅缩水，心里能不 慌嘛。 第二个难题，房子变现困难。这几年，二手房挂牌量那叫一个激增。 重庆二手房挂牌量突破34万套，天 ...

债券研究 证 券 研 究 报 告 【债券周报】 政策双周报（0612-0627）：金融支持消费再升级， 货政例会关注长债利率 宏观基调：金融支持消费再升级，7 月将下达第三批以旧换新资金 （3）以旧换新：个别地区国补暂停是阶段性的，7月将下达年内第三批消费 品以旧换新资金，坚持更加注重时序性和均衡性原则，分领域制定落实到每个 月、每一周的国补资金使用计划。 财政政策：及时推出实施增量政策，财政注资大行规模使用过半 （1）政策基调：财政部部长蓝佛安作2024年中央决算的报告时表示"用好用 足更加积极的财政政策"，全国人大财经委副主任许宏才提出积极的财政政策 要适度加力、提质增效的要求，有效落实存量政策，及时推出实施增量政策。 （2）财政注资：财政部 5000亿注资规模落地过半，交行、中行率先完成超千 亿定增。 （3）偿还拖欠款：今年多地政府在预算调整方案中首次披露专项债券将用于 "解决拖欠企业账款"的进展。截至 6月 17日，地方政府单列出用于"清欠" 的专项债券额度合计 556亿元，专项债券资金用途包含"清欠"规模约为1465 亿元。 货币政策：买断式逆回购加场操作，陆家嘴论坛关注非银杠杆 （1）买断式逆回购 ...

Core Viewpoint - Shenzhen-based company Shen Zhen Zhen Ye A has successfully acquired land use rights in Guangming District for a total price of RMB 1.994 billion, indicating active participation in the local real estate market [1][2]. Group 1: Land Acquisition Details - Shen Zhen Zhen Ye A, in collaboration with Qianhai Tianjian Real Estate Development Co., Ltd. and Jianchen Development Co., Ltd., won the bidding for a land parcel in Guangming District, Shenzhen, with a total area of 34,995.97 square meters and a building area of 108,487 square meters [1]. - The land is designated for residential use with a usage period of 70 years and a plot ratio of ≤3.1 [1]. Group 2: Shareholding Structure - The shareholding distribution for the land acquisition is as follows: Shen Zhen Zhen Ye A holds 40%, Qianhai Tianjian 30%, and Jianchen Development 30% [2]. - Shen Zhen Zhen Ye A is primarily controlled by the State-owned Assets Supervision and Administration Commission of Shenzhen Municipal Government, which holds a direct stake of 21.93% [2]. Group 3: Financial Performance - In 2024, Shen Zhen Zhen Ye A reported a revenue increase of 115.79% to RMB 6.065 billion, while the first quarter of 2025 saw a staggering 540.28% increase to RMB 1.618 billion [2]. - Despite the revenue growth, the company recorded losses of RMB 1.568 billion in 2024 and RMB 25.94 million in the first quarter of 2025 [2]. Group 4: Future Outlook - The company aims to focus on innovation and reform, optimizing its investment layout in the Guangdong-Hong Kong-Macao Greater Bay Area, and accelerating project turnover to ensure stable cash flow [3]. - Shen Zhen Zhen Ye A plans to explore new business areas, including urban village renovation, to promote sustainable and healthy development [3]. Group 5: Market Position - As of June 27, the stock price of Shen Zhen Zhen Ye A was reported at RMB 6.69 per share, with a total market capitalization of RMB 9.031 billion [4].

Group 1 - The land auction in Hangzhou on June 27 saw a total transaction value of 151.15 billion yuan, with three plots sold at a premium of over 50% [1] - A total of six residential plots were auctioned, covering an area of 267 acres, with a starting price of 115.9 billion yuan, and all plots were sold at a premium [1] - The core plot in Qianjiang Century City attracted significant attention, sold for 55.78 billion yuan, achieving a floor price of 54,500 yuan per square meter, setting a new record for the area [1] Group 2 - The highest premium was recorded for the Shushan unit XS150201-42 plot, sold for 11.03 billion yuan, with a premium rate of 67.6% [2] - The Binhai Group also acquired another plot for 32.65 billion yuan, with a floor price of 38,600 yuan per square meter and a premium rate of 25.34% [2] - The Future Technology City plot was sold for 33.29 billion yuan, with a floor price of 30,100 yuan per square meter and a premium rate of 32.14% [2] Group 3 - In May, new home prices in Hangzhou increased by 0.8% month-on-month and year-on-year, ranking first in the country [3] - The second-hand housing market in Hangzhou has shown significant fluctuations, with a peak in March at over 12,000 transactions, but a decline in subsequent months due to external factors [4] - The second-hand market saw a drop to around 9,500 transactions in April and further down to 7,700 in May, with a continued downward trend expected in June [4]

Core Viewpoint - The real estate market in Guangzhou is undergoing a transformation, with consumers increasingly demanding diverse living quality and more rational evaluation standards for projects [1] Group 1: Market Trends - The market has seen high inventory turnover periods, particularly in the Nansha district, which reached a peak of 34 months in early 2023 [1] - Since September 2024, Nansha has lifted purchase restrictions, leading to increased market activity through various promotional events [1] - The inventory turnover cycle for new residential properties in Nansha has decreased to 20 months, down 40% from peak levels [7] Group 2: Project Highlights - The Binhai Huacheng project has achieved over 30 sales in May and June 2024, with an attractive price point of approximately 1.6 million yuan for a three-bedroom unit [4] - The Tianyue Yunqi project targets a market segment with unit prices ranging from 1.8 to 2.6 million yuan, appealing to professionals from nearby educational institutions and high-tech enterprises [7] Group 3: Expert Insights - Experts predict that by mid-2025, the Nansha real estate market will see improved transaction activity and inventory reduction due to favorable policies [8] - Key factors driving this market recovery include steady urban development, high-quality housing, and mature community services [8] - The shift towards selling completed properties rather than off-plan units has alleviated buyer concerns regarding investment risks [8]