Core Viewpoint - The Wuhan Municipal Housing and Urban Renewal Bureau has announced an extension of certain real estate policy deadlines to promote stable and healthy development in the local real estate market [1] Group 1: Policy Extension - The deadline for the policy regarding the optimization of new residential property project approval services has been extended to December 31, 2025 [1] - From October 1, 2024, to December 31, 2025, purchasing new residential properties in Wuhan will qualify as a first home for families, allowing for a full rebate on the paid deed tax [1] - For families purchasing a second home, a 50% rebate on the paid deed tax will be provided [1]

Core Viewpoint - The overall performance of real estate companies in the first half of 2025 shows signs of stabilization, with nearly 45% of the top 100 companies experiencing year-on-year growth, although challenges remain due to buyer confidence and inventory pressures [1][9][13]. Group 1: Sales Performance - The cumulative sales amount of the top 100 real estate companies from January to May 2025 was 13,137.2 billion yuan, a decrease of 7% year-on-year, while the total sales amount was 14,113 billion yuan, down 8.4% [3]. - The threshold for the top 10 companies in terms of total sales increased to 43.26 billion yuan, an 8.1% rise year-on-year, contrasting with a 13.1% decrease in the threshold for the top 20 companies, which fell to 15.15 billion yuan [4]. - Among the top 100 companies, 45% reported year-on-year growth, with 20 companies achieving growth rates exceeding 30% [9]. Group 2: Company Classification and Performance - In the top 100 companies, there are 47 private enterprises, a decrease of one compared to the entire year of 2024. Only one private company is in the top 10, indicating a trend where capital favors state-owned and large enterprises amid ongoing liquidity crises for many private firms [6]. - The performance of state-owned enterprises is notably stronger, with 70% of central enterprises and 53% of state-owned enterprises reporting growth, compared to only 38% of mixed-ownership companies and 32% of private companies [9]. Group 3: Market Outlook - The market is in a phase of bottoming out, with local policies being optimized and some restrictions being eased in key cities, signaling a potential stabilization in the real estate market [13]. - Despite the positive signals, challenges remain as buyer confidence is still recovering, and companies face increasing inventory pressures, necessitating proactive measures in marketing and product innovation to capture market opportunities [13].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The rebar futures market rose slightly. The May steel market was in a situation of weak supply and demand. It is expected that the short - term rebar futures will mainly operate in a low - level consolidation [1]. - Iron Ore: The iron ore futures price rose. With supply decreasing and demand and inventory showing mixed trends, it is expected that the iron ore futures price will show a narrow - range oscillation [1]. - Coking Coal: The coking coal futures price rose. Affected by supply, demand, and policy expectations, it is expected that the short - term coking coal futures will oscillate [1]. - Coke: The coke futures price rose. Due to environmental protection and demand factors, it is expected that the short - term coke futures will oscillate [1]. - Manganese Silicon: The manganese silicon futures price strengthened. Driven by short - term market sentiment, the price center may move up, but it should be treated as a rebound [3]. - Ferrosilicon: The ferrosilicon futures price strengthened. With limited fundamental improvement, the short - term price increase is driven by market sentiment and should be treated as a rebound [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2510 contract was 2990 yuan/ton, up 21 yuan/ton or 0.71%. The spot price rose slightly, and the trading volume increased. From January to May, national fixed - asset investment increased by 3.7% year - on - year, with real estate investment down 10.7%, infrastructure investment up 5.6%, and manufacturing investment up 8.5%. In May, the production of crude steel, pig iron, and steel decreased or increased year - on - year, and the daily average production decreased month - on - month [1]. - **Iron Ore**: The closing price of the iron ore i2509 contract was 704.5 yuan/ton, up 1.5 yuan/ton or 0.2%. Port spot prices rose. In May, pig iron production decreased year - on - year. The global iron ore shipment volume decreased, the blast furnace operating rate decreased, and inventory increased [1]. - **Coking Coal**: The closing price of the coking coal 2509 contract was 795.5 yuan/ton, up 21 yuan/ton or 2.71%. Some coal mines stopped production, and the market procurement sentiment was weak. It is in the seasonal demand off - season [1]. - **Coke**: The closing price of the coke 2509 contract was 1371 yuan/ton, up 21.5 yuan/ton or 1.59%. Environmental protection inspections were tightened, and coke enterprises' production enthusiasm declined. The blast furnace operating rate was stable, and the market had a downward expectation for future demand [1]. - **Manganese Silicon**: The manganese silicon futures price rose by 2.35%. The real estate market had positive signals, but the fundamental support was weak, and it should be treated as a rebound [3]. - **Ferrosilicon**: The ferrosilicon futures price rose by 2.04%. The market sentiment improved, but the fundamental drive was limited, and it should be treated as a rebound [3]. 3.2 Daily Data Monitoring - **Contract Spread**: Data on the contract spreads of steel, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, including the latest values and their month - on - month changes [4]. - **Basis**: Data on the basis of various varieties are provided, including the latest values and their month - on - month changes [4]. - **Spot Price**: The latest spot prices of various varieties in different regions and their month - on - month changes are provided [4]. - **Profit and Spread**: Data on the profits and spreads of various varieties are provided, including the latest values and their month - on - month changes [4]. 3.3 Chart Analysis - **Main Contract Price**: Charts show the closing prices of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][13][16]. - **Main Contract Basis**: Charts show the basis of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [19][20][23][25]. - **Inter - period Contract Spread**: Charts show the inter - period contract spreads of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [27][29][31][34][36][37][39]. - **Inter - variety Contract Spread**: Charts show the inter - variety contract spreads of main contracts, including the spread between hot - rolled coils and rebar, the ratio of rebar to iron ore, the ratio of rebar to coke, the ratio of coke to iron ore, the ratio of coking coal to coke, and the spread between manganese silicon and ferrosilicon from 2020 to 2025 [42][44][46]. - **Rebar Profit**: Charts show the main contract's coal - coke ratio, double - silicon spread, rebar's main contract's disk profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][50]. 3.4 Black Research Team Member Introduction - Qiu Yuecheng: Current Assistant Director of Everbright Futures Research Institute and Director of Black Research. With nearly 20 years of experience in the steel industry [52]. - Zhang Xiaojin: Current Director of Resource Product Research at Everbright Futures Research Institute. With rich experience in the field of resource products [52]. - Liu Xi: Current Black Researcher at Everbright Futures Research Institute. Good at fundamental supply - demand analysis based on industrial chain data [52]. - Zhang Chunjie: Current Black Researcher at Everbright Futures Research Institute. With experience in investment trading strategies and spot - futures trading [53].

Core Viewpoint - The real estate market in China is experiencing a downward trend in housing prices, with a need for more effective policies to stabilize market confidence and demand [1][9][10]. Group 1: Housing Price Trends - In May 2025, new residential sales prices in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [3][4]. - The second-hand housing market in first-tier cities experienced a month-on-month price drop of 0.7%, with Beijing, Shanghai, Guangzhou, and Shenzhen declining by 0.8%, 0.7%, 0.8%, and 0.5% respectively [3][6]. - Year-on-year, new residential prices in first-tier cities fell by 1.7%, with Shanghai showing a 5.9% increase, while Beijing, Guangzhou, and Shenzhen saw declines of 4.3%, 5.8%, and 2.6% respectively [4][6]. Group 2: Market Analysis and Expert Opinions - Analysts suggest that the marginal effects of policies introduced since Q4 2024 are diminishing, leading to renewed risks of price declines in the housing market [1][9][10]. - Zhang Dawei emphasizes the need for more targeted real estate policies to stabilize market confidence, particularly in third- and fourth-tier cities [10][11]. - The market is expected to enter a seasonal downturn from June to August, with potential price adjustments exceeding those seen in April and May if no strong policies are implemented [10][14]. Group 3: Future Outlook - Zhang Bo predicts that despite the recent price fluctuations, the overall trend of stabilizing the market remains intact, with potential increases in transaction volumes in the second half of the year [12][13]. - The government is expected to introduce a series of policies aimed at stabilizing the market from various dimensions, including supply and demand, financial support, and market structure optimization [14].

Core Viewpoint - The real estate market is stabilizing and recovering due to various policy measures implemented this year, including the acquisition of idle land and properties, promotion of "good housing" construction, and optimization of housing provident fund loan policies [1][2]. Policy Optimization - A series of policies have contributed to the stability of the real estate market, with new residential property sales area from January to April reaching 28,262 million square meters, a year-on-year decrease of 2.8%, which is a slight improvement compared to earlier months [2]. - Since May, multiple policies have been enacted, including the implementation of national standards for "good housing," interest rate cuts, and reductions in personal housing provident fund loan rates, which have boosted market confidence and reduced home-buying costs [2]. - Over 50 policies have been introduced nationwide to support the real estate market, although the efficiency of some policies still requires improvement [2]. Land and Project Assessment - The recent State Council meeting emphasized the importance of assessing the supply of land and ongoing projects, which is crucial for revitalizing existing resources and optimizing new land supply [3]. - This assessment will help identify bottlenecks in various stages such as land supply, development approvals, sales, and delivery, thereby guiding policy optimization [3]. Future Policy Directions - The State Council meeting outlined four key areas for future policy focus: stabilizing expectations, activating demand, optimizing supply, and mitigating risks [4]. - Collaboration among multiple departments is necessary to enhance the systematic effectiveness of policy implementation [4]. - Promoting housing consumption has become a vital aspect of stabilizing the real estate market, with cities like Guangzhou proposing to optimize real estate policies by removing purchase restrictions and lowering loan down payment ratios [5]. Demand Activation and Supply Optimization - Future efforts to activate demand may include improving housing vouchers, optimizing provident fund loans, and increasing home purchase subsidies [5]. - The supply of high-quality housing is expected to stimulate demand for improved housing, with supportive policies for "good housing" construction anticipated to take effect [5].

Group 1 - Guangzhou has optimized its real estate policies by canceling purchase restrictions, sales restrictions, and price limits, while also lowering down payment requirements and interest rates [1][2] - The city plans to invest 100 billion yuan in the renovation of old urban villages and upgrade over 9,000 old elevators, indicating a significant commitment to improving housing conditions [2] - The removal of restrictions is seen as a way to facilitate the exchange of housing among residents, particularly for those who have been unable to buy due to previous limitations [7] Group 2 - The current real estate policy is viewed as the most lenient in history, prompting potential buyers to consider purchasing now as it is perceived to be a bottoming out of the market [5] - There are contrasting opinions on homeownership versus renting, with some arguing that owning a home provides a sense of security and belonging, while others highlight the financial burden of mortgage payments [11] - The discussion reflects a broader sentiment about the importance of housing stability for families and the potential impact on community dynamics [11]

Macro Dynamics - The People's Bank of China reported that as of the end of May, the broad money supply (M2) stood at 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [1] - The narrow money supply (M1) was 108.91 trillion yuan, with a year-on-year increase of 2.3% [1] - The currency in circulation (M0) reached 13.13 trillion yuan, showing a year-on-year growth of 12.1% [1] - A net cash injection of 306.4 billion yuan occurred in the first five months of the year [1] Automotive Industry - Eight departments, including the Ministry of Industry and Information Technology, are soliciting public opinions on the "Automotive Data Export Security Guidelines (2025 Edition)" [2] - Automotive data processors must declare data export security assessments under specific conditions, such as providing important data to overseas entities or exceeding certain thresholds of personal information [2] Employment and Pension - The Ministry of Human Resources and Social Security clarified that the location for receiving basic pension benefits for individuals with cross-province employment depends on where their pension insurance relationship is registered [3] - Three scenarios were outlined for pension distribution based on the location of the insurance relationship and duration of contributions [3] Real Estate Policy - Guangzhou has optimized its real estate policies by fully canceling purchase, sale, and price restrictions, as well as lowering down payment ratios and interest rates [4][5] - The city plans to invest 100 billion yuan in the renovation of urban villages and old residential areas by 2025, with over 150 old residential area renovations and more than 9,000 old elevators updated [5] Company Dynamics - Nezha Automobile's parent company, Hozon New Energy Automobile Co., has entered bankruptcy reorganization, with management by Zhejiang Zicheng Law Firm [16] - Tencent has no plans to acquire Nexon, as confirmed by sources close to the company [17] - AstraZeneca announced the launch of Truqap® in China, providing a new treatment option for HR-positive advanced breast cancer patients [17]

【导读】广州市拟全面取消限购、限售、限价，降低贷款首付比例和利率 近日，广州市商务局发布《广州市提振消费专项行动实施方案（征求意见稿）》（以下简称《征求意见稿》），致力于优化房地产政策，全面取消限购、 限售、限价要求等，降低贷款首付比例和利率。 《征求意见稿》提到，在限制措施清理优化行动中，要有序减少消费限制。优化房地产政策，全面取消限购、限售、限价，降低贷款首付比例和利率。 《征求意见稿》表示，要更好满足住房消费需求。扎实推进城中村及老旧小区改造，2025年计划推进新开工老旧小区改造超150个，更新住宅老旧电梯超 9000台，完成城中村改造固定资产投资1000亿元。推进利用专项借款购买存量商品房作为安置房。持续优化住房公积金使用政策，支持缴存人在提取住房 公积金支付购房首付款的同时申请住房公积金个人住房贷款，进一步优化租房提取政策措施。 《征求意见稿》还表示，研究推动通过出租、入股、合作等方式盘活利用农村集体闲置土地和农户合法拥有的住房。 《征求意见稿》提出，加大生育养育保障力度。落实国家育儿补贴政策，加大对符合条件家庭的生育支持力度。按规定将符合条件的参加职工基本医疗保 险的灵活就业人员、农民工、新就业形 ...

《广州市提振消费专项行动实施方案（征求意见稿）》公开征求意见。 其中提到，有序减少消费限制。 优化房地产政策，全面取消限购、限售、限价，降低贷款首付比例 和利率 。 更好满足住房消 费需求。 扎实推进城中村及老旧小区改造， 2025年计划推进新开工老旧小区改造超150 个，更新住宅老旧电 梯超9000台，完成城中村改造固定资产投资1000亿元。 推进利用专项借款购买存量商品房作为安置房。持续优化住房公积金使用政策，支持缴存人在提取 住房公积金支付购房首付款的同时申请住房公积金个人住房贷款，进一步优化租房提取政策措施。 ...

Group 1: Market Conditions - The real estate industry in Chongqing and the Southwest region is showing a positive trend following the new policies implemented on 924926 [2] - Chongqing has optimized real estate policies, including adjustments to housing transaction management and support for housing "old-for-new" exchanges, which have boosted confidence [2] - The second-hand housing market in Chongqing faces significant inventory pressure, requiring time for digestion [2] Group 2: Acquisition and Merger Plans - The company maintains a cautious and professional approach to industry developments and market investment opportunities, including mergers and acquisitions [3] - Decisions regarding mergers and acquisitions will consider strategic alignment, financial feasibility, and risk management, adhering to necessary internal and external approval processes [3] Group 3: Business Focus and Strategy - The company's main business remains real estate development and sales, with no significant changes to its core competitiveness [3] - Efforts will be made to accelerate the sale of existing inventory and broaden sales channels while enhancing project support [3] - The company aims to improve its governance system and service capabilities, focusing on becoming a leading modern enterprise with a strong market competitiveness [3]