销售端：第33 周新房成交环比下降2%，二手房成交环比上升2%。1）本周20 城商品房成交面积140 万 方，商品房日平均成交面积20.0 万方，环比下降2%，同比下降21%。2）从累计数据来看，年初至今20 城商品房成交面积6380万方，累计同比下降8%。3）第33 周11 城二手房成交面积173 万方，日平均成 交面积24.8 万方，环比上升2%，同比下降2%。4）从累计数据来看，年初至今11 城二手房成交面积 6413 万方，同比上升13%。 投资策略：部分核心城市新房、宅地成交热度较高均为优质供给驱动，但优质供给也会挤压老库存和二 手房去化，二者仍面临一定价格下行压力。有效的政策关键在于广义财政发力，期待城中村改造和收储 进一步推进；二手房价或为地产见底的观测指标，核心逻辑是当前城市是二手房决定整体房价锚，新房 基于高品质有溢价空间，二手房价企稳后才有量价回升的基础。建议关注：1）具备好产品护城河房 企，有望表现出较强alpha 属性；2）优质商业地产公司的租金稳定性；3）存量房中介业务方向。重点 关注绿城中国、华润置地、太古地产、华润万象生活、贝壳-W 等。 风险提示：产业、人口兑现不及预期，广义财 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, specifically recommending China Merchants Shekou's issuance of 1 billion yuan in medium-term notes [2]. Core Insights - The real estate sector index increased by 3.9% in the 33rd week, ranking 6th among 31 primary industry sectors [8]. - New home transactions in 20 monitored cities decreased by 21% year-on-year, while second-hand home transactions in 11 cities saw a slight decline of 2% year-on-year [21][29]. - The report emphasizes the importance of effective policies and broad fiscal measures to support the market, with a focus on urban village renovations and inventory management [29]. Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 1,198.27 billion yuan and a circulating market capitalization of 1,148.68 billion yuan [2]. Sales Performance - In the 33rd week, the average daily transaction area for new homes in 20 cities was 20.0 million square meters, reflecting a 2% decrease from the previous week and a 21% decrease year-on-year [19]. - The total transaction area for new homes in the first seven months of the year was 63.8 million square meters, down 8% year-on-year [21]. Financing Activities - Most bond issuances in the week were from local state-owned enterprises, with China Merchants Shekou and Poly Real Estate issuing the largest amounts [27][28]. Investment Recommendations - The report suggests focusing on companies with strong product moats, stable rental income from quality commercial real estate, and the stock brokerage business in the existing housing market. Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Mixc Life, and Beike-W [29].

Core Viewpoint - The recent data from the National Bureau of Statistics indicates a decline in residential sales prices across major cities, prompting a renewed focus on stabilizing the real estate market through supportive policies [1][4]. Group 1: Policy Direction - The recent high-level meeting emphasized the goal of "stopping the decline and stabilizing" the real estate market, which is expected to positively influence market expectations [1]. - Experts anticipate a new round of supportive policies for the real estate sector, with cities like Beijing already implementing optimized purchasing policies and increased support for housing funds [1][2]. - The urgency and proactivity of policy measures are highlighted, with expectations for local governments to accelerate the introduction of policies that exceed previous measures [1][3]. Group 2: Urban Renewal and Housing Demand - The central government has repeatedly stressed the importance of high-quality urban renewal, with potential financial and land policies in the pipeline to support this initiative [2]. - The linkage between urban village renovations and the release of housing demand is becoming clearer, with mechanisms established for using housing vouchers to address high inventory areas [3]. - The upcoming "Golden September and Silver October" traditional peak season is seen as a critical window for boosting housing sales, particularly in key areas undergoing urban renewal [3]. Group 3: Demand-Side Strategies - Various strategies are being considered to enhance housing demand, including increasing housing fund loan limits, lowering down payment ratios, and providing greater subsidies for families with multiple children [4]. - The promotion of "old-for-new" housing exchanges and support for green and prefabricated buildings are also expected to stimulate demand for improved housing [4]. - Overall, the meeting signals that the real estate sector remains crucial for stabilizing the macro economy, with a clear focus on "stopping the decline and stabilizing" as a primary objective [4].

Group 1 - The project involves the demolition and reconstruction of approximately 103,000 square meters of residential and collective properties in Shipaicun, Tianhe District, Guangzhou, using a "demolition and reconstruction" model [1] - The Guobao Toyota reconstruction site covers an area of about 14,000 square meters, with a total reconstruction area of approximately 117,200 square meters, including 66,100 square meters of residential space, 14,700 square meters of commercial space, 7,300 square meters of public service facilities, and 29,100 square meters of underground parking [1] - The Panci reconstruction site has an area of about 5,400 square meters, with a total reconstruction area of approximately 26,800 square meters, including 21,200 square meters of commercial space and 5,600 square meters of underground parking [1] Group 2 - The project will also construct approximately 1.64 kilometers of internal village roads, classified as urban branch roads, with a planned width of 15-20 meters and an implementation width of 6-7 meters, designed for one-way traffic at a speed of 20 km/h [1] - Accompanying infrastructure works will include drainage, traffic engineering, lighting, and electrical duct engineering [1]

南都讯 罗冲围是广州这一轮城中村改造四大重点片区中进展最快、拆迁最快的地区，在近日广州城市 更新媒体采访调研活动中，市区参与该项目的相关单位透露，能够取得这么快的进展主要是政府主导的 改造模式给了村民极大信心。率先实施的松溪项目安置房户型先后6次征求村民意见，最终按照三梯4-6 户、得房率约100%的高标准进行建设并配全各种生活设施。这么好的回迁房也让村民十分满意，当时 项目签约第一天倾盆大雨，但有村民上午7点就已经到场排队，最终取得了项目改造意愿征询一次同意 率全市最高的成绩。 安置户型先后6次征询村民意见 罗冲围改造效果图 获得村民认可也让松溪片区的进展格外顺利，白云区松洲街党工委副书记曹阳还记得当时项目签约的情 景，"签约第一天倾盆大雨，有村民上午7点就已经到场排队。我们的工作人员没有休息，通宵签约，最 后改造意愿征询一次同意率全市最高，螺涌村和松南村改造意愿征询同意率平均达到98.44%。" 松溪项目安置房建设现场 松溪项目安置房效果图 罗冲围片区城中村改造项目总面积22.8平方公里，现状建筑面积2136万平方米，实有人口60万人，涉及 城中村14条、需改造旧厂39个和旧城1247万平方米，计划分近期 ...

上周（2025年8月4日-10日），昆明楼市高均价项目加推带动整体均价上涨5%，新规住宅项目持续畅 销。盘龙区政府批复麦溪村城改项目分三期开发方案，小窑村、大波村城中村改造配套基础设施建设工 程（八期）施工启动招标；昆明市首个市场化经营的保租房试点项目正式落地；滇池草海第3座浮桥， 预计9月下旬建成。 （图源：克而瑞） 从"双榜"情况来看，华润中心调规后加推持续热销，分别位列第一、第五。单周销售0.52亿元，成交16 套，成交均价约18440元/㎡，套均价约327万/套，价格十分坚挺。 呈贡首个第四代住宅项目——邦泰春华序持续首开备案，分别位列第二、第一。单周销售0.42亿元，成 交31套，成交均价约9960元/㎡，套均价约136万/套。 近期纯新入市加推的龙湖峯萃、东方润麒再度上榜，销售金额均为0.36元，成交均价分别为21250元/ ㎡、10945元/㎡。高端改善品质盘与新规刚需产品的价格差距明显，接近10000元/㎡。 价格最高的楼盘则是位于会展板块的山海湾8号，单周销售金额约0.3亿元，成交均价高达26527元/㎡， 套均价约597万/套。 雅居乐中央雅府、邦泰映悦则作为低总价、高性价比的代表上榜，单 ...

Group 1: Trade and Economic Data - In July, China's exports grew by 6.7% year-on-year, with total trade value reaching 3.91 trillion yuan, including exports of 2.31 trillion yuan and imports of 1.6 trillion yuan [2] - High-tech product trade contributed significantly to overall growth, with a total of 5.1 trillion yuan in the first seven months, marking an 8.4% increase [2] - ASEAN became China's largest trading partner, with trade value of 4.29 trillion yuan, a 9.4% increase, while trade with the US decreased by 11.1% [2] Group 2: Brain-Computer Interface Industry - Seven Chinese government departments issued guidelines to support the development of the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [4] - The industry is expected to grow significantly, with plans to establish 2-3 development clusters and cultivate globally influential companies by 2030 [4] - China focuses on semi-invasive technologies, while the US emphasizes invasive methods, indicating different strategic approaches in the development of brain-computer interfaces [5] Group 3: Urban Renewal Projects - Shanghai plans to initiate comprehensive urban village renovation projects by 2026, with a focus on improving living conditions and optimizing real estate supply [6][7] - The project aims to address local government financial pressures and improve the housing environment, although its impact on the real estate market may be limited [6][7] Group 4: Apple Manufacturing Investment - Apple announced a commitment to invest an additional $100 billion in US manufacturing, aiming to localize more supply chain processes [8][9] - This investment is part of a broader strategy to mitigate potential tariffs and enhance domestic production capabilities [8][9] Group 5: Fast Food Industry Performance - Yum China reported a 4% year-on-year revenue increase in Q2, with KFC's same-store sales growing by 1% and delivery sales accounting for 45% of total revenue [10][11] - The competitive landscape in the food delivery market has led to increased sales but also rising labor costs for delivery services [10][11] Group 6: AI Talent Recruitment - Major tech companies like Tencent and Alibaba are ramping up recruitment for AI-related positions, reflecting a strong demand for AI talent in the industry [12][13] - The average salary for AI engineers is significantly higher than other professions, indicating a competitive job market [12][13] Group 7: DJI's Entry into Home Robotics - DJI launched its first series of robotic vacuum cleaners, leveraging its expertise in technology from the drone industry [14][15] - The market for robotic vacuums is crowded, and while DJI has technological advantages, its success will depend on effective marketing strategies [14][15]

万江街道新村现代化产业园区(新村城中村片区)效果图。图源"魅力万江"公众号 8月7日，位于东莞万江街道新村社区的一宗住宅用地正式挂牌。该宗地为万江新村安置房项目用地，地 块住宅、商业物业设定购买价格为13200元/平方米。另据公开信息，万江新村安置房建设项目作为新村 现代化产业园的一部分，将进一步提升万江新村现代化产业园的竞争力、吸引力，提升城市居住品质。 据东莞市公共资源交易网信息，该宗地位于万江街道新村社区，面积13217.79平方米，起拍价27800万 元。根据规划建设要求，该地块开发建设期为30个月，宗地建设项目在2026年4月8日前开工，在2028年 10月8日前竣工。 需要指出的是，该地块为万江街道新村安置房项目用地。其中地块住宅、商业物业设定购买价格为 13200元/平方米，产权车位设定购买价格为132000元/个。《回购物业移交协议》还明确，住宅和商业 物业均为毛坯销售，其他公建配套为精装。 记者了解到，万江新村安置房建设项目也是新村现代化产业园的一部分。去年，《万江街道新村现代化 产业园区（新村城中村片区）统筹规划》获批，标志着该项目进入了至关重要的实施与发展阶段。去年 10月，万江街道新村 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index fell by 3.4%, ranking 29th among 31 industry sectors [8] - New home sales in 20 monitored cities increased by 16% week-on-week, but year-on-year sales decreased by 21% [19] - Second-hand home sales in 11 monitored cities decreased by 8% week-on-week and 4% year-on-year [23] - The report highlights the importance of effective policies and fiscal measures to stabilize the market [32] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,159.996 billion - Circulating market value: 1,111.33 billion [2] Sales Performance - New home sales in the 31st week amounted to 184 million square meters, with a daily average of 26.3 million square meters [19] - Year-to-date new home sales in 20 cities totaled 60.97 million square meters, down 8% year-on-year [19] - Second-hand home sales in the 31st week totaled 174 million square meters, with a daily average of 24.9 million square meters [23] Financing Activities - New City Holdings issued 1 billion in medium-term notes with a coupon rate of 2.68% [28] - The majority of bond issuances this week were from local state-owned enterprises [31] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [32] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Vientiane Life, and Beike-W [32]

Summary of Conference Call on Urban Renewal in Guangzhou Industry Overview - The conference call focuses on urban renewal, specifically the transformation of urban villages in Guangzhou, China, with significant government involvement and funding from policy banks. Key Points and Arguments 1. **Funding and Financial Support** - Guangzhou has secured 409.6 billion yuan in loans from policy banks, which constitutes approximately 80% of the total funding for urban village renovations [1][5][6]. - The government allows urban renewal projects to apply for special bonds as capital, addressing some funding challenges [1][6]. 2. **Urban Renewal Progress** - The city has initiated a large-scale urban village transformation since 2020, with significant acceleration noted in 2023 and 2025, particularly after the high-quality development conference [2][3]. - By 2025, 52 new model projects have been confirmed, with rapid progress in preliminary work [1][2]. 3. **Compensation Schemes** - Compensation for residents includes physical resettlement (up to 280 square meters), monetary compensation, and housing vouchers, with a high acceptance rate among citizens [1][2][10]. - The standard for physical resettlement has been set at a maximum of 280 square meters, with any excess compensated monetarily [8][12]. 4. **Impact on Real Estate Market** - The transformation of urban villages is expected to positively influence the secondary real estate market, particularly if all 52 projects are fully developed and released [17][18]. - The quality of land available for future auctions is anticipated to improve due to the urban renewal efforts [17]. 5. **Challenges and Future Directions** - Despite progress, challenges remain in the secondary market, with limited land supply affecting auction quality [18]. - The government aims to enhance the speed of urban renewal projects through continued leadership and support [7][19]. 6. **Changes in Resettlement Methods** - The acceptance of housing vouchers is gradually increasing, although monetary compensation remains more prevalent [10]. - The government has implemented a unified standard for physical resettlement, which has improved resident cooperation with urban renewal projects [15]. 7. **Policy Shifts** - The 2025 urban renewal policy emphasizes high quality, public welfare, and operational efficiency, moving from a focus on investment to a focus on sustainable development [13]. - The policy aims to revitalize existing assets and improve living conditions through infrastructure upgrades and community engagement [13]. 8. **Construction and Demolition Relationship** - There is currently no clear relationship between demolition and construction phases, with many projects still in the initial stages of resettlement housing construction [19]. - Future coordination among multiple projects could lead to positive outcomes in housing supply and market dynamics [19]. Additional Important Content - The urban renewal projects are expected to stimulate new private investments and consumer spending, contributing to economic growth [16]. - The government’s approach to urban renewal is characterized by a balance between public needs and market dynamics, aiming to enhance community trust and participation [20][21]. - The overall sentiment among residents has improved, with increased cooperation observed in urban renewal initiatives [15].