■王丽新 6月16日，国家统计局公布最新数据，2025年5月份，70个大中城市中，各线城市商品住宅销售价格环比 下降，同比降幅继续收窄。 在笔者看来，尽管5月份房价出现短暂波动，但市场"止跌回稳"的核心趋势未发生改变。在政策环境逐 步改善的背景下，"稳楼市"还需继续努力。下一阶段，各地要积极主动适应房地产市场供求关系发生重 大变化的现实，稳中求进，持续夯实三大动力，支撑市场走出平稳曲线。 6月13日召开的国务院常务会议强调，要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统 筹，在规划、土地、财政、金融等方面予以政策支持。 "好房子"以住宅品质为切入点，可提升城市品质，比如老旧小区改造、完整社区建设、市政设施修缮更 替以及公共配套补短板等；拉动新增投资和消费，比如推动产城融合、住宅销售、家装改造等多方面消 费。 第三，"盘存量""优增量"有序落实，打通梗阻。厘清不同区域房地产市场特征与问题，是"稳楼市"、化 解风险的关键点。这意味着要对全国房地产已供土地和在建项目进行摸底，更精准地盘活存量，保证交 付，同时优化增量供应，更为顺畅地加快风险出清。此前，处置存量商品房、盘活存量用地和商办用房 等工作已有序推 ...

2025.06.17 导读 ： 脑机接口迎来新进展；机构看好房地产行情机会 ； 解锁【第一财经智享会 员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1、脑机接口迎来新进展，该技术正快速走向商业化应用 2、房地产市场继续朝止跌回稳方向迈进，机构看好7月中旬行情机会 1、脑机接口迎来新进展，该技术正快速走向商业化应用 消息上，据央视新闻，近日，中国科学院脑科学与智能技术卓越创新中心联合复旦大学附属 华山医院，与相关企业合作，成功开展了我国首例侵入式脑机接口的前瞻性临床试验。该成 果标志着我国在侵入式脑机接口技术上成为全球第二个进入临床试验阶段的国家。 今 年 以 来 ， 药 监 局 、 医 保 局 等 多 部 门 牵 头 ， 频 频 推 出 鼓 励 发 展 脑 机 接 口 技 术 、 建 立 行 业 标 准、加速临床应用等多方面政策。今年2月，国家药监局批准《采用脑机接口技术的医疗器 械 用 于 人 工 智 能 算 法 的 脑 电 数 据 集 质 量 要 求 与 评 价 方 法 》 医 疗 器 械 行 业 标 准 制 修 订 ...

义乌某楼盘实景图 杭州某楼盘实景图 天津某楼盘效果图 分户墙降噪示意图 楼板隔声示意图 编者按 6月13日召开的国务院常务会议提出，要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统 筹，在规划、土地、财政、金融等方面予以政策支持。2025年政府工作报告首次以"安全、舒适、绿 色、智慧"四大标准定义"好房子"，5月施行的《住宅项目规范》将"好房子"概念落地为具体的国家标 准。当房子被赋予"美好生活载体"的使命时，中国房地产行业将如何重构价值坐标？近日，上海证券报 记者深入一线进行调研采访。 ◎记者 张良 傍晚时分下班回家，智能门锁3D人脸识别轻松开启入户门，家里的照明、新风、空调、外窗等设备随 即智能联动，营造出舒适的空间氛围。打开家里的可移动书墙，将儿童房与客厅连通敞开，让孩子在更 大的空间自由玩耍，安全感在空间中自然流动…… 在龙湖集团产品策略负责人林仕聪看来，"好房子"是从客户的真实生活需求出发，以业主不同需求层级 下的生活半径为标尺去逐层落实产品价值，将业主的生活场景放到放大镜下去研究，在"好房子"这条新 赛道上，打造符合"好房子（高品质强功能）、好小区（红线内的公共空间）、好社区（社区配套与运 ...

6月16日，《每日经济新闻》记者获悉，由成都市住房和城乡建设局（以下简称"成都市住建局"）打造的"成都住建 房产超市"正式上线运营。 据成都市住建局公布的数据，首批近30家房企已入驻"成都住建房产超市"，包括招商蛇口、越秀集团、轨道城市、 兴城人居、城投置地、中国铁建、保利发展、华润置地、万科、建发房产、天投、国贸等，基本囊括了目前成都楼 市的主要在售项目。 据成都市住建局相关负责人介绍，"成都住建房产超市"通过整合房地产资源，为购房者提供更加便捷、高效、透明 的购房渠道，将降低购房成本，提高购房效率。平台上线后将承载起三大功能： 一是"权威政策中心"——政府惠民、精准直达。官方唯一入口：成都市及各区（市）县可通过小程序的"线下活 动""购房政策""房产资讯"等板块，集中发布购房支持政策、特色区域介绍、人才安居计划等信息，打通政府利好政 策常淹没在海量信息中，群众难获取、难理解的堵点。 二是"精确房源展示"——数据直连、准确权威。全生命周期管理："成都住建房产超市"依靠成都市住建局的全生命 周期管理系统，将实现项目数据直连，实时展示楼盘的预售信息、一房一价、销售情况等相关信息，确保展示房源 信息的准确、可靠、 ...

Group 1: Real Estate Development - The State Council emphasizes the importance of constructing a new model for real estate development to promote stable, healthy, and high-quality market growth, focusing on long-term strategies and systematic institutional frameworks [2][7] - The new model includes increasing the proportion of existing home sales, which rose from 10% in 2020 to 27% in 2024, indicating a gradual establishment of long-term mechanisms [7][9] - The government aims to support the construction of high-quality housing through urban renewal initiatives, with policies in planning, land, finance, and other areas to accelerate development [8][10] Group 2: Smart Home Industry - The smart home industry is transitioning to a 3.0 phase, focusing on overall system intelligence enhancement, with AI technology penetrating various products [11][12] - The Chinese smart home market is expected to exceed 1 trillion yuan by 2025, with significant growth in AI technology integration, particularly in smart appliances [11][12] - A total of 12 companies in the North Exchange are involved in the smart home sector, indicating a growing industry landscape [11] Group 3: Pesticide Industry - The global pesticide market has seen a compound annual growth rate of 3.3% from 2017 to 2023, with China being the largest exporter, reaching an export value of 8.1 billion USD in 2023 [17][18] - The domestic pesticide market is expected to recover, with a projected increase in both quantity and value of exports in 2024, driven by strong global demand for crop protection products [17][18] - Ying Tai Biological, a leading company in the pesticide sector, reported a revenue of 1.387 billion yuan in Q1 2025, reflecting a year-on-year growth of 0.96% [17][18] Group 4: Media and Entertainment - The media industry is experiencing strong performance from new product launches, particularly in gaming and film, which are expected to drive company valuations and market dynamics [29][30] - Key gaming titles are set for release, with significant testing and launch events scheduled, indicating a robust pipeline for the gaming sector [30][31] - The summer film season is anticipated to boost box office performance, with over 60 films already scheduled for release, suggesting a positive outlook for the cinema industry [31][32]

Core Viewpoint - The recent favorable policies in the real estate market, including interest rate cuts and increased housing demand, have led to a stabilization of the market, particularly in Guangzhou, where high-quality residential projects are experiencing significant sales success [1][29]. Group 1: Market Trends - The People's Bank of China announced a 10 basis point reduction in both the one-year and five-year Loan Prime Rates (LPR) on May 20, contributing to a more optimistic outlook for the real estate market [1]. - During the "May Day" holiday, Guangzhou's real estate market saw a 30% increase in the number of visits to residential projects and a 73% increase in sales [1]. - The luxury real estate market in Guangzhou is showing signs of recovery, with a total of 510 high-end properties sold in the first four months of 2025, averaging 127 sales per month at a price of approximately 69,000 yuan per square meter [29][30]. Group 2: Company Performance - Poly Developments' "Tian" series projects have dominated the luxury market in Guangzhou, with significant sales figures, including nearly 10 billion yuan in sales for the Poly Zhujiang Tianyue project and 33 billion yuan for the Poly Tianyao project within just two days [3][7]. - Poly Developments has consistently ranked first in Guangzhou for land acquisition and sales volume, showcasing its strong market presence and brand reputation [5][6]. - The company's focus on high-quality product design and customer-centric services has contributed to its success in the competitive luxury real estate market [6][9]. Group 3: Product Features - The "Tian" series projects are strategically located in high-demand areas such as Zhujiang New Town and Pazhou, benefiting from unique geographical advantages and comprehensive amenities [9][20]. - Poly's projects emphasize high-quality materials and innovative designs, such as the use of luxury stones and unique architectural features, enhancing the overall living experience for residents [20][23]. - The company is committed to providing a holistic living experience, integrating customer feedback into product design and service delivery, which is reflected in the high demand for its properties [32][34].

Group 1 - Middle Eastern stock markets experienced a significant decline on Sunday, while oil prices surged in early Asian trading on Monday, and gold prices increased, indicating volatility in the commodities market [1] - China's social financing increased by 2.29 trillion yuan in May, with new RMB loans amounting to 620 billion yuan and new RMB deposits nearing 2.18 trillion yuan, suggesting a tightening of the M2-M1 spread [1] - The State Council is researching measures to optimize the procurement of drugs and medical supplies, emphasizing the need to advance the construction of "good houses" [1] Group 2 - Ongoing military exchanges between Iran and Israel, with Iran considering a blockade of the Strait of Hormuz, while Israel attacked Iran's largest gas field [1] - Israeli Prime Minister stated that Israel is willing to cease actions if Iran agrees to abandon its nuclear program as per U.S. demands [1] - Reports indicate a failed assassination attempt on a senior Houthi leader by Israel, which the Houthi forces denied [1] Group 3 - The UK Prime Minister announced that there are no "obstacles" remaining to finalize the US-UK trade agreement [1] - A phone call between Japan and the US agreed to accelerate ministerial-level consultations to reach a mutually beneficial agreement, with Japan stating that the deadline of July 9 for the Basent has not been extended [1] - Upcoming release of China's May industrial output and retail sales data is anticipated [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [6]. Core Insights - The recent State Council meeting emphasized the importance of constructing a new development model for real estate to promote stable, healthy, and high-quality market growth. The focus is on long-term strategies, maintaining stability while progressing, and establishing foundational systems in an orderly manner [4][8]. - The term "stop the decline and stabilize" has been reiterated, suggesting that further supportive policies may be introduced to enhance market stability. This reflects the central government's ongoing commitment to stabilizing housing prices and addressing the current market challenges [6]. - The "Good Housing" initiative is gaining traction, with increased support from various provinces and a shift in policy focus from mere housing availability to creating livable environments. This initiative is expected to accelerate development and improve the quality of housing [6][8]. Summary by Sections Policy Insights - The report highlights the need for a comprehensive approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market. This includes a thorough assessment of existing land and ongoing projects to refine current policies [4][6]. - The new development model aims to be a long-term mechanism rather than a short-term fix, with an emphasis on gradual implementation and avoiding abrupt changes in policy [6][8]. Market Analysis - The report notes that while transaction volumes in the primary and secondary housing markets have stabilized over the past three years, price and volume have not entered a positive cycle as expected. Therefore, it is deemed necessary to enhance policy support [6]. - The anticipated new round of supportive policies may include measures such as mortgage rate reductions, increased "Good Housing" initiatives, and optimized land storage policies, which are expected to benefit quality real estate companies [6][8]. Investment Recommendations - The report recommends focusing on quality real estate companies that are likely to lead the market recovery, including firms like China Resources Land, China Overseas Land & Investment, and Poly Developments. It also suggests monitoring second-hand housing intermediaries and property management companies for potential investment opportunities [6][11][12].

楼市正迎来更积极的止跌回稳信号。 老房子、旧房子也要变成"好房子" 会议指出，要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、金 融等方面予以政策支持。 上海易居房地产研究院副院长严跃进通过微信告诉每经记者："'好房子'工作尤其强调城市更新的内 容，说明城市更新和'好房子'建设的关系会更加紧密。" 6月13日，国务院常务会议指出，构建房地产发展新模式，对于促进房地产市场平稳、健康、高质量发 展具有重要意义，要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制度。要扎实有力推 进"好房子"建设，纳入城市更新机制加强工作统筹。要对全国房地产已供土地和在建项目进行摸底。 当前，多地存量政策应出尽出，在此背景下，国务院常务会议提出先立后破、把"好房子"纳入城市更新 机制、摸底已供土地和在建项目传递出了什么信号？ 中指研究院政策研究总监陈文静向《每日经济新闻》记者表示，本次国常会定调"更大力度推动房地产 市场止跌回稳"，为市场释放了政策进一步加力的积极信号，对当前市场预期将产生积极影响。同时， 本次也明确了政策发力的四个方面，稳定预期、激活需求、优化供给、化解风险的各项政策落实和跟进 ...

Group 1: Free Trade Zone Initiatives - The State Council is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone to enhance institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [3][4] - Since 2013, China has established 22 Free Trade Zones across various regions, creating a comprehensive reform and opening-up innovation framework [3] - In 2024, the Shanghai Free Trade Zone is projected to achieve an import and export volume of 2.25 trillion yuan, a year-on-year increase of 2.1%, accounting for 52.7% of Shanghai's total import and export value [3] Group 2: Real Estate Development - The meeting emphasized the importance of constructing a new model for real estate development to ensure a stable and healthy market, focusing on long-term strategies and systematic policy support [6] - Various regions, including Hunan and Jiangsu, have introduced specific plans for "good housing" construction, aiming to meet diverse housing needs and improve residential quality [7] - Recent reports indicate that the total transaction volume of new and second-hand homes in China has stabilized, suggesting a potential bottoming out of the real estate market [7] Group 3: Credit Repair Mechanism - The meeting highlighted the need to establish a unified and efficient credit repair mechanism to assist entities in rebuilding their credit [9] - Efforts are being made to enhance data sharing and collaboration among departments to streamline the credit repair process [9] - In 2023, initiatives in various regions have successfully helped thousands of enterprises restore their credit through improved services and innovative processes [9] Group 4: Drug and Medical Supplies Procurement - The meeting called for the evaluation and standardization of drug and medical supplies procurement policies to ensure effective collaboration in the healthcare sector [12] - By 2025, the National Medical Insurance Administration plans to continue promoting centralized procurement of drugs and medical supplies, with significant participation from numerous enterprises [12] - As of May 23, 2023, 136 drug varieties have met the conditions for procurement, indicating a robust market for pharmaceutical products [12]