当实现短期目标存在压力时，政策会加码；反之，政策会更加侧重于长期目标 。 文：国金宏观宋雪涛/联系人张馨月 去年以来，政策的核心逻辑始终围绕平衡短期目标和长期目标展开 。短期目标是稳增长、稳预期，最 直接的目标是实现5%的经济增速。长期目标是推动改革、加快转型，通过科技创新和市场化改革提高 经济要素的配置效率，打开经济潜在增长空间。去年"9.24"以来，短期目标的紧迫性明显上升，但长 期目标的重要性依然不容忽视。当实现短期目标存在压力时，政策通常会加码；反之，政策会更加侧重 于长期目标。 从当前内外部环境看，实现短期目标的压力较小 。外交方面，中美之间的不确定性从日内瓦协议到伦 敦高会谈以来持续减弱；中国与非美特别是周边国家外交取得积极进展。国内方面，上半年消费表现亮 眼，5月社零同比增长6.4%，创2024年以来新高；出口仍有韧性，5月出口同比增长4.8%；二季度经 济增速有望延续一季度5.4%的表现，全年实现5%增长目标的压力不大。 近期，消费、地产、改革、科技等领域的政策声音都传递出由短期刺激转向长期支持的信号。 （一）消费："以旧换新"强调节奏"平稳有序"，整治套补骗补 6月以来，各地陆续暂停国补，原 ...

房地产市场回暖了吗？当然没有！如果按照今年上半年几个月的楼市态势，还真有希望，不过刚过去的月份显示，楼市又出现了下行波动。 官方给出的解读是，今年以来，随着各项稳定房地产政策的加快落实，房地产市场持续朝着止跌回稳的方向发展。但需要注意的是，房地产市场仍处于调整 过程中，市场信心有待持续修复，市场供求关系也有待改善，要实现房地产止跌回稳还需要继续努力。 所以，这才是最客观的说法，楼市向好也罢，没有回暖也罢，其实都是对的，尽管向好，也并没有达到预期，也就意味着楼市要想回暖还有很长的路要走。 就在刚刚，6月24日新华社消息，央行等六部门联合发布《关于金融支持提振和扩大消费的指导意见》，《意见》指出，要夯实宏观经济金融基础，支持居 民就业增收，优化保险保障，积极培育消费需求，共19项重点举措。这些措施的实施将有助于释放消费潜力，促进经济健康发展。 虽然并非针对房地产的政策，但是如果经济能够得到持续恢复，那么将与房地产形成良好的互动关系，相辅相成。而且接下来的细则中一定会有跟房地产直 接有关的利好政策出台，这是毫无疑问的。 这一轮房价下调从2021年7月下行周期开启已长达4年，那么这种调整什么时候会止跌回稳呢？2025 ...

Group 1: Iron Ore Market Overview - Recent spot transactions for iron ore have been weak, with the basis continuing to narrow, and the overall market maintaining a fluctuating pattern [1] - The overall supply of iron ore is gradually recovering, with significant support from new production capacity projects coming online [3] Group 2: Global Manufacturing and Economic Indicators - Global manufacturing is showing weak recovery, with JPMorgan's global manufacturing PMI at 49.6%, down 0.2 percentage points month-on-month, remaining in contraction territory for the second consecutive month [2] - China's official manufacturing PMI increased by 0.5 percentage points to 49.5%, indicating a weak recovery [2] Group 3: Steel Production and Market Dynamics - Steel mills are actively squeezing coking coal profits, leading to a fourth round of price reductions for coking coal, which has improved the profitability of steel mills [4] - The operating rate of 247 steel mills has increased by 0.41 percentage points to 83.82%, with daily molten iron production at 2.4218 million tons, showing resilience despite the seasonal downturn [4] Group 4: Port Inventory Trends - Iron ore port inventory has been decreasing, with a total drop of 389,800 tons to 138.9416 million tons as of June 20, while steel mills' imported ore inventory increased by 1.3756 million tons to 89.3624 million tons [5] - The supply-demand balance for iron ore is expected to weaken in July, with port inventories likely to accumulate slightly, potentially reaching 150 million tons in the second half of the year [5]

加快建设全国统一大市场 全国政协常委曹卫星（代表民盟中央） 面对国内外形势新变化，我国积极构建多元化市场，在深化与各方合作的同时，通过纵深推进全国统一 大市场建设，不断增强自身发展的韧性。如何发挥好经济体制改革的牵引作用，推动有效市场和有为政 府更好结合，强化竞争政策基础地位，建设高效规范、公平竞争、充分开放的全国统一大市场尤为关 键。为此，建议： 强化公平竞争审查刚性约束，打通制约经济循环堵点。着力纠治限制企业迁移、歧视性对待外地企业等 突出问题，全面清理资质认定等各种显性隐性进入壁垒，破除地方保护。增强制度衔接，将公平竞争审 查制度同约谈、行政垄断执法等结合起来，形成合力破除体制机制障碍。 加强竞争执法和合规引导，用好超大规模市场优势。一体推进法治监管、信用监管和智慧监管，增强监 管穿透力，通过有力监管破除统一市场建设的桎梏。加强对企业的竞争合规宣导和培训，鼓励企业通过 自主创新获取市场优势。 完善要素市场化体系建设，扩大统一大市场影响力。优化技术和数据要素市场配置机制，推动区域或行 业技术交易平台互联互通，健全数据资源产权、交易流通、跨境传输和安全等基础制度和标准规范。破 除各种政策壁垒，促进国内市场和 ...

Core Viewpoint - The land market in China is experiencing a trend of reduced transaction volume but improved quality, with a year-on-year decrease of 8% in land transaction scale in the first half of 2025, reaching a new low. However, average floor prices across various city tiers have increased, and premium rates have significantly rebounded, indicating a recovery in enterprise investment and positive signals for industry stabilization [1][3][22]. Summary by Sections Land Market Trends - In the first half of 2025, the total land transaction area across 300 cities was 250 million square meters, marking an 8% decline compared to the same period in 2024, the lowest since 2010. The transaction scale has consistently decreased month-on-month, with a notable acceleration in the decline since the second quarter [3][22]. - The average premium rate for land transactions reached 9.2% in the first half of 2025, an increase of 4.8 percentage points from the previous year, reflecting a recovery in market activity supported by government policies [8][22]. City-Level Performance - There is a clear divergence in land transaction performance among different city tiers. First and second-tier cities have seen a rebound in transaction area and value, with transaction amounts increasing by 52% and 37% year-on-year, respectively. In contrast, third and fourth-tier cities continue to experience declines in both volume and price [4][5][22]. - The top three cities—Shanghai, Beijing, and Hangzhou—accounted for 35% of the national land transaction value, with total transactions reaching 345.1 billion yuan, an increase of 10 percentage points from the previous year [14][16]. Investment Trends - The investment from leading real estate companies has shown a significant recovery, with the top 100 companies' new land reserves totaling 939.3 billion yuan in the first five months of 2025, reflecting a year-on-year increase of 21.1% in value [19][20]. - Central state-owned enterprises continue to dominate the land market, focusing on acquiring high-quality land in core urban areas, while many private enterprises remain cautious in their land acquisition strategies [20][27]. Future Outlook - In the second half of 2025, local governments are expected to further implement "control quantity and improve quality" policies, which, along with the easing of local debt indicators by the central government, will support a continued reduction in land supply [23][25]. - The overall market is anticipated to remain in a state of adjustment, with a focus on inventory reduction and debt optimization, as most real estate companies prioritize cash flow and sales recovery over aggressive land acquisition [27].

Core Viewpoint - Nanjing Pharmaceutical (600713) plans to lease a property located at 27 Yanling Lane, Qinhuai District, Nanjing through a public listing, with an estimated first-year rental value of 7.1155 million yuan based on the assessment date [1] Summary by Relevant Sections - **Property Details** - The total area of the property is 13,325.11 square meters [1] - The lease term is set for 13 years (156 months), with a 6-month rent-free period [1] - **Financial Projections** - Rent will be paid quarterly, with the rental price remaining unchanged for the first three years [1] - Starting from the fourth year, the rent will increase by 5% every three years based on the previous year's rent [1] - The total expected rental income over the 13-year lease period is approximately 97.0973 million yuan [1] - **Transaction Process** - The final transaction price and the lessee will be determined based on the results of the public listing [1]

Core Viewpoint - The newly listed residential land in Yiwu is strategically located in the city center, near key amenities, indicating strong investment potential due to its scarcity and high demand in the area [1][2][5]. Group 1: Land Details - The listed land has an area of 22,786.63 square meters with a floor area ratio of 1.8, allowing for a total buildable area of 36,254.2 square meters [3][4]. - The starting total price for the land is 55,033 million yuan, translating to a starting floor price of 15,180 yuan per square meter [3][4]. - The land will feature high-rise residential buildings with commercial and supporting facilities on the lower levels, including a maximum commercial area of 3,000 square meters [3]. Group 2: Market Context - The area is recognized as the core district of Yiwu, with a historical significance and a strong reputation among local residents, making it a top-tier market for real estate [2][5]. - Recent projects in the area, such as Yiwu No. 1 Courtyard and Huayuan Yuefu, have set benchmarks for quality, reflecting the high demand and market acceptance [2][7]. - The current residential inventory in the area is low, with only 62,000 square meters available, indicating a potential supply gap as existing projects are sold out [7]. Group 3: Future Outlook - The upcoming land sale is expected to be the only new supply in the market for a considerable time, ensuring strong absorption rates due to the limited availability of residential properties [7]. - The land is scheduled for auction on July 25, 2025, and is anticipated to attract significant interest from developers and investors [7].

在城市发展的滚滚浪潮中，武陟房地产市场正迎来一场意义深远的变革。因城市规划调整与政策优化， 自即日起，武陟房地产市场将不再出现赠送面积的产品，那些曾经备受购房者青睐的"附加值"即将成为 历史。这场变革不仅关乎房产价值，更影响着无数家庭的置业选择，值得每一位购房者深入关注。 武陟房地产市场的这一变化，既是城市发展的必然趋势，也为当下购房者带来了难得的置业机遇。曾经 唾手可得的赠送面积，即将成为稀缺臻品。请珍惜现存产品，把握置业良机，不要让犹豫与观望错过最 佳时机。武陟保值恒产，真的是抢到即赚到。错过即绝版。 告别"赠送"，当下高赠送产品更显珍贵 在赠送面积即将退出历史舞台的当下，武陟现存大赠送面积的楼盘显得尤为珍贵。这些楼盘不仅拥有实 实在在的空间优势，更凝聚了开发商在产品设计上的巧思。例如，某楼盘的经典户型，通过大横厅设 计，将室外美景引入室内，既拓展了视觉空间，又增加了采光面积；还有的项目，将设备平台改造为灵 动空间，可根据家庭需求变身为书房、儿童房或储物间，为生活创造更多可能。 除了空间优势，这些楼盘的配套与区位价值同样不容忽视。许多项目占据城市核心地段，周边交通路网 发达，临近学校、医院、商业综合体等优 ...

2025.06. 25 本文字数：3493，阅读时长大约6分钟 作者 | 第一财经 郑娜 多数购房者不知道，冠以龙湖、绿城名字的楼盘，可能并不是他们自己的项目。 在山东省博兴县，绿城管理代建的项目半年销售400套，独占博兴县1/3市场份额；在广州，龙湖龙 智造代建的央璟颂首开1小时热销超8亿去化率约75%；在苏州，旭辉建管代建的相城区蠡堂森屿在4 月底首开销售额超6亿元，位居5月苏州改善项目销售金额、套数、面积三项榜首…… 上述这些在各地热卖的项目，都是由几家老地产品牌开发商"代建"的。早些年，尤其在一二线大城 市，代建的项目数量并不多，但最近几年来，这样的项目逐渐开始站到市场的C位，成为一股不容忽 视的存在。 或许，在见证了高杠杆给行业带来的巨大伤害之后，幸存的民营房企走上代建这种轻资产输出的发展 路径，在一定程度上，不失为一种新的存活方式。 赢来一席之地 2024年12月初，一家名为南通亚伦的房企出现在了广州土地市场，以约12.35亿元的总价竞得番禺 区一宗地块，成交楼面价约1.47万/平方米，规划建面约8.4万平方米。这是当年首个在穗拿地的民营 企业。此后，该地块交由南通亚伦的"老朋友"龙湖龙智造代建开 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has proposed a draft to reform foreign exchange management for cross-border investment and financing, which includes lifting restrictions on foreign capital's use of foreign exchange income for purchasing non-self-occupied residential properties in China [3][4][5]. Group 1: Policy Changes - The proposed changes will allow foreign enterprises and multinational companies to directly convert foreign exchange into RMB for investment in the domestic residential market, thus encouraging international capital to enter the housing market [3][4]. - The lifting of restrictions on foreign investment in residential properties reflects a need for capital influx to stabilize the market, as current market conditions appear somewhat cold [5][23]. Group 2: Market Implications - The entry of foreign capital may lead to a more pronounced market differentiation, with foreign investors likely targeting recognized core quality assets, potentially increasing their prices while less popular properties may continue to struggle [6][23]. - Recent transaction data indicates a downward trend in housing prices, although the rate of decline is slowing, particularly for larger units in newly built communities [7][19]. Group 3: Housing Price Trends - Specific examples of housing price changes show significant declines, such as a 40% drop in the price of a 57㎡ unit in Zhichun East from 2021 to 2025 [14]. - The overall trend in Beijing's housing market indicates a substantial decrease in prices for school district properties, with the premium associated with such properties beginning to diminish [12][23]. Group 4: Economic Context - The current global economic environment presents limited attractive investment channels outside of the stock and real estate markets, making the relaxation of foreign investment restrictions a strategic move to attract more international capital [23]. - The potential expansion of local government bond issuance to support urban redevelopment could further enhance the likelihood of foreign capital inflow into the real estate sector [23].