Investment Rating - The report does not explicitly provide an investment rating for the new housing market [1]. Core Insights - The new housing market is experiencing a decline in the number of available projects, with a 2.7% decrease in the number of projects for sale in 66 monitored cities in May [6][11]. - The demand side shows a slight increase in online search heat for new homes, with a heat index of 60, up by 1 point from April, although it is down 9.2% year-on-year [6][19]. - The average price of new homes in 60 key cities is 19,568 CNY per square meter, showing a negligible decrease of 0.01% month-on-month [6][25]. Summary by Sections 1. Key Policies in May - Central policies focus on financial liquidity and urban renewal initiatives, including a reduction in housing loan rates [7][8]. - Local policies emphasize urban renewal, housing subsidies, and incentives for home purchases, with various cities implementing supportive measures [9][10]. 2. New Housing Market Trends 2.1 Supply Trends - The number of new housing projects for sale has decreased, with a total of 10,853 projects in May, down 2.7% from April [11]. - The number of unsold projects has also significantly dropped by 11.9% due to reduced launches and increased sales [15]. 2.2 Demand Trends - The online search heat index for new homes in 66 cities is 60, reflecting a slight increase from April but a significant year-on-year decline [19]. - The search heat for larger homes (120-140 square meters) has increased from 20.5% to 20.8% [23]. 2.3 Price Trends - The average price for new homes in 60 cities is 19,568 CNY per square meter, with 33 cities experiencing price increases while 26 saw declines [25][27]. - The price changes vary across city tiers, with three to four-tier cities showing a 0.9% increase, while first-tier cities saw a 0.8% decrease [27][28].

Group 1 - The subsidy for purchasing new residential properties is effective from June 1, 2022, to December 31, 2025, with tax payment due by July 31, 2027 [2][8] - Eligible families can receive a subsidy of 50% of the total paid deed tax, while families with two or three children can receive 80% and 100% respectively during the specified period [3][9] - Each family can only receive the subsidy once, and those who signed contracts before June 1, 2022, are not eligible if they cancel and re-sign [3][10] Group 2 - Required documents for applying for the subsidy include identification, marriage certificate, housing contract, property certificate, bank card, and proof of compliance with national childbearing policies [4][11] - The subsidy does not apply to real estate projects other than new residential properties, such as commercial spaces or historical issues [6][13] - The maximum subsidy for families with two children is capped at 20,000 yuan, while for families with three children, it is capped at 30,000 yuan [9]

Core Viewpoint - The Chongqing Municipal Housing and Urban-Rural Development Committee, in collaboration with the Chongqing Municipal Finance Bureau and the People's Bank of China Chongqing Branch, has issued a notification aimed at better meeting housing consumption needs and stabilizing the real estate market until December 31, 2025 [1] Group 1 - From now until December 31, 2025, a subsidy of 1% of the total purchase price will be provided by the local government for new residential properties purchased in the central urban area, provided that the buyer sells their existing property in the central urban area within one year [1] - For new residential properties in the central urban area with a building area of over 140 square meters, a subsidy of 0.5% of the total purchase price will be granted by the local government [1] - The subsidies can be issued in cash or in the form of consumption vouchers, with specific processes to be determined by each district in the central urban area [1]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For soda ash, on the macro - level, the national economy maintained stable growth in April. Fundamentally, soda ash device fluctuated slightly, with supply decreasing narrowly due to planned maintenance in Qinghai and expected maintenance in the middle and late period. Downstream demand was tepid, with more wait - and - see sentiment, mainly replenishing inventory at low prices. High inventory pressure persisted, suppressing price increases. It is recommended to short on rallies for soda ash [2]. - For glass, on the supply side, the overall profit of glass made from natural gas, coal, and oil decreased slightly due to falling spot prices while production remained stable. On the demand side, there was a lack of positive news, and demand remained weak. Some original sheet enterprises might operate flexibly and offer discounts to avoid high - inventory pressure. The futures price was close to the production cost, and cost support might work in the short - term. It is recommended to buy on dips for glass [2]. Summary by Related Catalogs Futures Market - The closing price of the soda ash main contract was 1,288 yuan/ton, up 8 yuan; the closing price of the glass main contract was 1,034 yuan/ton, up 9 yuan. The price difference between soda ash and glass was 254 yuan/ton, down 1 yuan [2]. - The position volume of the soda ash main contract was 1,465,721 hands, down 32,407 hands; the position volume of the glass main contract was 1,484,264 hands, up 1,681 hands [2]. - The net position of the top 20 soda ash traders was - 270,580, up 10,693; the net position of the top 20 glass traders was - 164,811, up 6,861 [2]. - The exchange warehouse receipts of soda ash were 2,317 tons, down 453 tons; the exchange warehouse receipts of glass were 3,568 tons, down 10 tons [2]. - The price difference between the September and January soda ash contracts was 9 yuan, up 3 yuan; the price difference between the September and January glass contracts was - 54 yuan, up 2 yuan [2]. Spot Market - The price of North China heavy soda ash was 1,320 yuan/ton, unchanged; the price of Central China heavy soda ash was 1,400 yuan/ton, unchanged [2]. - The price of East China light soda ash was 1,400 yuan/ton, unchanged; the price of Central China light soda ash was 1,335 yuan/ton, unchanged [2]. - The price of Shahe glass sheets was 1,076 yuan/ton, unchanged; the price of Central China glass sheets was 1,130 yuan/ton, unchanged [2]. - The basis of soda ash was 40 yuan/ton, up 4 yuan; the basis of glass was 51 yuan/ton, down 7 yuan [2]. Industry Situation - The operating rate of soda ash plants was 80.27%, down 7.47 percentage points; the operating rate of float glass enterprises was 75%, down 0.24 percentage points [2]. - The in - production capacity of glass was 15.63 million tons/year, up 0.11 million tons; the number of in - production glass production lines was 222, unchanged [2]. - The inventory of soda ash enterprises was 168.75 tons, down 2.45 tons; the inventory of glass enterprises was 68,082,000 weight boxes, up 522,000 weight boxes [2]. Downstream Situation - The cumulative value of the newly started area of real estate was 12,996.46 million square meters, up 6,382.46 million square meters; the cumulative value of the completed area of real estate was 13,060.27 million square meters, up 4,296.27 million square meters [2]. - From January to April, the state - owned land use right transfer income was 934 billion yuan, a year - on - year decrease of 11.4% [2]. Industry News - Guangdong encourages local governments to support farmers in buying houses in cities by issuing housing subsidies, housing vouchers, etc [2]. - Shantou plans to supply 161.4 hectares of housing land and renovate 58 old communities in 2025 [2]. - Shanghai's housing and urban - rural construction and management commission investigated the housing provident fund situation of some enterprises [2].

苏州买房补贴新政：5月1日-6月30日买新建商品住房，可享受购房合同金额的0.5%的补贴 金十数据5月3日讯，据微信公众号"苏州发布"5月2日消息，为满足居民刚性和改善性住房需求，在"苏 心购房季"活动期间（2025年5月1日-2025年6月30日），江苏省苏州全市范围实施购房补贴政策。购买 苏州市新建商品住房（不包括人才房、拆迁安置房等）的购房家庭，可享受购房合同金额的0.5%的补 贴（以网签备案合同金额为准）。购房家庭取得不动产权证后，由购买的新房所在县级市（区）负责按 程序发放补贴。 ...

Core Viewpoint - Wuhan has introduced new real estate policies aimed at stabilizing the housing market and enhancing support for families with multiple children, thereby stimulating housing demand [1][4]. Group 1: Policy Adjustments - The new policies include a subsidy of 60,000 yuan for families with two children and 120,000 yuan for families with three children purchasing new homes from May 1 to December 31, 2025 [4]. - The maximum loan limit for the second home using housing provident fund loans will be aligned with that of the first home, and support for converting rental payments into home purchases will be increased [4][5]. - The city plans to purchase 3,000 second-hand homes for various rental and resettlement purposes, promoting the "old for new" housing exchange [4]. Group 2: Financial Support and Incentives - From May 1 to December 31, 2025, individuals purchasing new commercial or office properties for non-business purposes will receive a 50% subsidy on the paid deed tax, with the minimum down payment for commercial loans reduced from 50% to 45% [5]. - The policies aim to enhance the service level of housing transactions through a "one-stop" service platform, facilitating online signing and mortgage processes [5]. Group 3: Broader Market Trends - Other cities, such as Kunming and Shaoguan, have also announced similar measures, including increasing the maximum housing provident fund loan limits and providing subsidies for families with multiple children [6][7]. - Qingdao has introduced a set of 12 new real estate policies, including subsidies for families with two and three children, and promoting low monthly payment housing loan products [7].

Core Viewpoint - Wuhan city is implementing various financial incentives and support measures to stabilize the real estate market and encourage home purchases, particularly for families with multiple children [1] Group 1: Housing Purchase Subsidies - Families with two children will receive a subsidy of 60,000 yuan, while families with three children will receive 120,000 yuan when purchasing new residential properties [1] - The subsidies are available for purchases made between May 1, 2025, and December 31, 2025 [1] Group 2: Housing Loan Policies - The maximum limit for the second personal housing provident fund loan will be aligned with that of the first home [1] - Commercial banks are encouraged to offer specialized housing loan products and diverse repayment methods for young people working and starting businesses in Wuhan [1] Group 3: Support for Second-Hand Housing - The city plans to purchase 3,000 second-hand homes to support various rental and resettlement housing initiatives [1] - There will be full tax reimbursement for families selling their own homes and purchasing new ones within specified timeframes [1] Group 4: Commercial Property Support - From May 1, 2025, to December 31, 2025, individuals purchasing new commercial or office properties for non-business purposes will receive a 50% tax reimbursement [1] - The minimum down payment for commercial loans will be reduced from 50% to 45%, with interest rates determined by banks based on risk management principles [1]

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the macroeconomic environment and fiscal policies in China, with a focus on the impact of external factors on exports and economic stability. Core Points and Arguments 1. **Fiscal Policy Preparedness**: The central government has reserved sufficient fiscal tools to address potential external uncertainties, indicating a proactive approach to economic management [1][2][9]. 2. **Deficit and Debt Levels**: The government has set a deficit target of 4% and plans to issue 4.4 trillion yuan in bonds, reflecting a cautious stance on future economic conditions [1][2]. 3. **Export Concerns**: There is significant concern regarding the potential impact of U.S. trade policies on Chinese exports, with a focus on tariffs and their implications for trade dynamics [3][4][5]. 4. **Policy Timing**: The timing of potential policy interventions is linked to the performance of exports, suggesting that measures may be implemented if export data shows significant weakness [4][9]. 5. **Consumer Subsidies**: The government is considering expanding consumer subsidies, particularly in sectors like automotive and home appliances, to stimulate demand [10][12]. 6. **Service Sector Support**: There is a lack of specific mention of support for the service sector in recent policy discussions, despite its potential for economic growth [12][13]. 7. **Investment in Major Projects**: The government is planning to prioritize major projects as part of its long-term economic strategy, with an emphasis on infrastructure and energy [22][24]. 8. **Monetary Policy Coordination**: The central bank is expected to maintain a flexible monetary policy to support fiscal measures, with potential interest rate adjustments depending on economic conditions [26][30]. Other Important but Possibly Overlooked Content 1. **Dynamic Evaluation of Policies**: The government is adopting a dynamic approach to evaluate the effectiveness of policies, particularly in relation to consumer subsidies and fiscal measures [19][20]. 2. **Regional Variations in Policy Implementation**: Different regions are implementing varied approaches to subsidies and support, reflecting local economic conditions and pressures [14][15][17]. 3. **Long-term Economic Planning**: The discussions highlight the importance of planning for the 14th and 15th Five-Year Plans, indicating a focus on sustainable economic growth and development [22][23]. 4. **Impact of External Economic Conditions**: The notes emphasize the influence of external economic conditions, particularly U.S. policies, on China's economic outlook and the need for adaptive strategies [28][29][33]. This summary encapsulates the key insights from the conference call, focusing on the macroeconomic context, fiscal strategies, and potential impacts on various sectors within the Chinese economy.

Core Points - Yiwu City in Zhejiang Province has launched a housing subsidy policy to support first-time homebuyers and families with multiple children, with a total subsidy amount of 80 million yuan [1] - The subsidy for first-time homebuyers is set at 1,000 yuan per square meter for new residential properties with a maximum area of 150 square meters and a total price not exceeding 3.5 million yuan [1] - Families with two children can receive a subsidy of 100,000 yuan, while families with three children can receive 200,000 yuan, with each family eligible for only one subsidy [1][5] - The total subsidy amount for each home is capped at 250,000 yuan, and the subsidies can be combined [2][5] Summary by Sections Subsidy Details - The "Housing for All" policy allows for a subsidy of 1,000 yuan per square meter for eligible first-time homebuyers [1] - Families with multiple children can receive additional subsidies based on the number of children [5] - The total subsidy for each home cannot exceed 250,000 yuan, and applicants must not have any property registered under their name [2][5] Policy Context - This initiative is part of a broader trend, as multiple cities have recently introduced housing subsidy policies to stimulate the real estate market [7] - Other cities, such as Suzhou and Nanjing, have also announced significant housing subsidies for qualified individuals, with amounts reaching up to 200 million yuan [8][9] Application Process - The subsidy funds cannot be used for down payments and must be applied for after the contract signing [6] - Successful applicants must complete the contract signing within one month to avoid forfeiting the subsidy [6]

为进一步促进房地产市场平稳健康发展，近日，浙江省义乌市发布了关于支持刚性和改善性需求购房的通知，共 计6条措施，于3月28日起施行。 根据通知，义乌实施"住有所居"首次置业购房补贴。个人及配偶名下在义乌市行政区域内无商品住房的（以不动产 登记和网签备案为准），购买建筑面积小于150平方米且预（现）售备案总价不超过350万元的一手新建商品住房， 给予1000元/平方米补贴。 实施多孩家庭购房补贴。符合国家全面两孩、三孩政策实施后生育的多孩家庭，购买一手新建商品住房时给予补 贴。其中：两孩家庭每套补贴10万元，三孩家庭每套补贴20万元，每个家庭仅可享受一次。 通知明确，"住有所居"首次置业和多孩家庭购房补贴可叠加使用，每套补贴总额度不超过25万元。补贴额度共8000 万元，先购先得，用完即止。 义乌市住房和城乡建设局解读表示，只要在申请补贴时，个人及配偶名下在义乌市行政区域内无商品住房的均可享 受。商品住房是指房地产开发企业取得商品房预（现）售许可后，通过市场化销售的住房。"住有所居"政策对社 保、户籍没有限制。 符合多孩家庭购房补贴政策的多孩家庭，是指符合国家政策和《浙江省人口与计划生育条例》相关规定，在201 ...