深圳中心区商品房林立，时代财经摄 因为家里空间不够，这位客户不得不在离家三公里的另一个小区租房居住。直到今年9月中旬，转机才出现。"有业主挂出一套价格很实惠的房子，他主动 联系我们，说有时间来看房，看完第二天就成交了。" 从去年春天到今年秋天，胡道兵的这位客户终于结束了在两套房之间的摇摆生活。在合同上落笔的那一刻，胡道兵感到市场的风向似乎悄悄生变，改善型 买家重新活跃起来。 西乡新盘销售刘明也有同样的体感，他所在的华联峦山府于10月12日启动认购登记，售楼处到访客户多为携家带口的三口之家或四口之家。 50公里外的龙岗大运，改善型新盘中海大运玖章小户型冻资门槛30万元，大户型则高达100万元——这样的认购要求，在这两年的市场中实属罕见。 成交回暖的背后，是价格换来的量。 深圳楼市"9·5新政"发布后，不少业主主动下调报价，新盘也加大优惠力度。价格的松动，带动观望买家的入市情绪。成交量上升的同时，房价仍维持在 低位，市场复苏的底色依然是"以价换量"。 胡道兵是深圳链家领航城旗舰店的商圈经理，去年8月从宝中片区转到西乡片区。西乡是深圳楼市"9·5新政"的主要获益片区之一——符合条件的居民家庭 在辖区内购买商品住房不 ...

Core Viewpoint - The absolute volume of new home transactions is expected to remain at a low level, with the possibility of further expansion in the year-on-year decline due to a high base from October last year. The differentiation between cities and projects will continue to intensify [1][29]. Market Performance - In September, the new home market saw steady supply and demand during the "Golden September" marketing season, with a slight month-on-month decrease in project sales rates, but a year-on-year increase, maintaining high volatility [3][5]. - The average sales rate for new homes in 30 key cities in September was 39%, a slight decrease of 3 percentage points month-on-month but an increase of 10 percentage points year-on-year [5][4]. City-Specific Trends - Cities such as Beijing, Chengdu, Xiamen, Changsha, and Hangzhou had sales rates exceeding 60%, while cities like Nanjing, Kunming, and Jinan had rates below 20%, indicating a continued low market performance [7][8]. - The sales rates for new projects in Wuhan showed a strong performance, with new regulation projects achieving a first-day sales rate of 40%, while traditional projects lagged significantly [9][13]. High-End Market Dynamics - The introduction of high-end luxury properties in cities like Shanghai and Hangzhou has led to increased market activity, with some projects experiencing a "buy more as prices rise" phenomenon [14][15]. - Notable luxury projects in Shanghai, such as Jinling Huating, achieved record sales, with the second phase selling out quickly and generating over 98 billion yuan in sales [19]. Price Adjustment Strategies - In weaker second-tier cities like Xi'an, Suzhou, and Zhengzhou, some projects have adopted price reduction strategies to boost sales, with significant discounts leading to improved sales performance [24][25][26]. - Projects in Fuzhou have also seen notable sales increases due to price adjustments, demonstrating the effectiveness of "price for volume" strategies [26]. Future Outlook - Looking ahead to October, the absolute volume of new home transactions is likely to continue at low levels, with potential for further year-on-year declines. Differentiation among cities and projects is expected to persist, with core cities maintaining high market activity while others may struggle [29].

首先，头部科技企业的大规模办公需求在上半年已集中释放，导致三季度新增需求动力不足；其次，科 技企业聚集的中关村等区域可租赁面积快速减少，限制了该区域的新租活动。此外，部分大面积办公需 求开始向周边商务园区转移；再加上整体市场中，更多业主在续租或重组租约时愿意提供更优惠条件， 一定程度上延缓了新租决策；最后，市场需求结构呈现小型化趋势，进一步影响了新租总面积的统计。 从租赁类型来看，搬迁需求仍是市场主流，占新租总面积的75%。租户流动路径呈现出鲜明特点：金融 街、通州等区域以区内流动为主；中关村、望京、奥体等科技中心子市场之间的流动较为活跃；而 CBD和丽泽则成为跨区搬迁的主要承接区域。 2025年第三季度，北京办公楼市场整体呈现出新租活跃度阶段性回落的态势。尽管部分行业仍显示出一 定的扩张意愿，但受多重因素影响，整体市场仍处于缓慢复苏的通道之中。结构性调整持续深化，甲级 写字楼表现相对稳健，而乙级楼宇则面临较大去化压力。 在世邦魏理仕日前举行的三季度北京商办市场分享会上，华北区研究部负责人孙祖天向包括《中国经营 报》在内的媒体指出，当前市场"以价换量"效果分化。科技、金融、消费等行业仍有扩张计划，但受整 体经 ...

Core Viewpoint - Ansh Biotech is facing significant financial challenges despite rapid revenue growth from its core product, Beruatinib, which has been listed and included in the medical insurance catalog. The company is heavily reliant on external financing to sustain operations due to ongoing losses and cash flow pressures [1][12]. Financial Performance - Ansh Biotech's revenue has shown a sharp increase, from 12.96 million yuan in 2023 to 71.66 million yuan in 2024, and 64.04 million yuan in the first quarter of 2025. However, the company has reported continuous net losses, with figures of -1.64 billion yuan, -2.83 billion yuan, -4.79 billion yuan, and -916.53 million yuan for the respective periods [2][3]. - Cumulative losses reached 7.82 billion yuan by the end of the first quarter of 2025, indicating a severe financial strain [2][4]. Cost Structure - The company has been experiencing high costs in both research and sales. R&D expenses increased from 145 million yuan in 2022 to 326 million yuan in 2024, with a significant portion of costs attributed to clinical trial services and employee salaries [6][10]. - Sales expenses surged from 3.61 million yuan in 2022 to 102 million yuan in 2024, reflecting aggressive marketing strategies [6][10]. Cash Flow and Financing - Operating cash flow has consistently been negative, with figures of -166 million yuan, -294 million yuan, -356 million yuan, and -74 million yuan over the reporting periods, indicating reliance on external financing [10][12]. - As of March 2025, the company had cash reserves of 529 million yuan, which may only sustain operations for one to two years at the current loss rate [10]. Inventory and Sales Efficiency - The company faces challenges in sales efficiency, with a sales expense of 102 million yuan in 2024, significantly exceeding the revenue of 71.66 million yuan for that year. The accounts receivable turnover rate was only 3.94 times, below the industry average of 7.02 times [11][12]. - High inventory levels have been noted, with inventory amounting to 74.65 million yuan by the end of 2024, representing 4.3% of total assets, compared to just 0.3% in 2022 [13][14]. Market Strategy and Risks - The company's strategy of "price for volume" has led to a significant price reduction of over 60% for Beruatinib, which has resulted in increased sales volume but has also compressed profit margins, with gross margins declining from 84.93% to 80.28% [13][14]. - Ansh Biotech is also facing competition from multiple approved MET-TKI drugs in the market, which could further impact its market share and revenue potential [15]. Goodwill and Financial Health - The company has a substantial goodwill of 927 million yuan, which constitutes 56.64% of total assets. This raises concerns about potential impairment risks that could adversely affect financial performance [15].

记者查询多家机构发布的最新统计数据发现，国庆中秋长假后，深圳二手房市场的活跃度快速回升。 深圳贝壳研究院最新监测的数据显示，10月12日贝壳深圳合作门店二手房签约量创下"905新政"以来的 单日新高，与新政出台首周周日（9月7日）相比增长12%。上周，深圳二手房市场回归常态，买卖双方 入市意愿同步增强，直接推动成交快速回升。据深圳贝壳研究院数据统计，上周（10月6日至10月12 日）贝壳深圳合作门店二手房签约量较前一周（9月29日至10月5日）增长44%，这一增幅创下今年2月 底以来的最高水平。 乐有家研究中心的数据也显示，上周深圳楼市活跃度明显提升，乐有家门店二手住宅看房量环比上涨 26%，签约量环比上涨17%，周度看房量达到3月底以来的最高值，签约量也处于高位。新政效应叠加 年底购房旺季，有望迎来翘尾行情。 编辑：王菁 不过，尽管成交量迅速回升，但记者在多家二手房中介门店采访时，多位房产中介经理表示，对于需求 相对明确的客户，决策速度和信心都有明显提升，与此同时，目前深圳二手房市场还是"以价换量"，价 格变化不大。 中原地产首席分析师张大伟分析称，今年以来全国新房市场整体平稳，但二手房市场仍以"以价换量" ...

不知道你们发现没有，现在聊起买房，那感觉跟三五年前完全是两码事了。 以前是闭眼冲，想着"今天不买，明天更贵"；现在是睁大眼睛反复掂量，琢磨"这房子我买了，真的适合住吗？"。 市场的风向，是真的变了。 如果你仔细观察，会发现眼下的二手房市场，被两个关键词牢牢占据：一个是"以价换量"，另一个是"K型分化"。 先说"以价换量"。 这四个字听起来有点专业，说白了就是：想卖房？不拿出点"诚意价"来，门儿都没有。 最新的市场数据很能说明问题。 根据机构统计，今年三季度全国重点城市的二手房成交量，比起二季度是有所回落的。为啥呢？一方面，七八月本来就是楼市的传统淡季，大家忙着避暑度 假，看房的心思自然淡了。 另一方面，各种松绑政策的"药效"过了劲，市场的真实反应——信心不足，就显露出来了。 但有意思的是，如果你跟去年同期比，成交量其实还是涨的。 这种"环比降、同比升"的拧巴状态，恰恰印证了市场正在"以价换量"的通道里艰难前行。背后的推动力是什么？是房价实实在在的下跌。数据显示，百城二 手房价格已经连续跌了快三年半了！ 9月份同比又跌了超过7%。房东们要想把房子换成现金，除了在价格上"割肉"，似乎没有更有效的办法了。 所以，" ...

Core Insights - The Shenzhen second-hand housing market has seen a rapid recovery in activity following the National Day and Mid-Autumn Festival holidays, with significant increases in transaction volumes reported by various research institutions [1][2]. Group 1: Market Activity - According to Beike Research Institute, the number of second-hand home transactions on October 12 reached a new daily high since the implementation of the "905 New Policy," showing a 12% increase compared to the first Sunday after the policy was introduced on September 7 [1]. - The total number of second-hand home transactions in Shenzhen for the week of October 6 to October 12 increased by 44% compared to the previous week, marking the highest growth rate since February of this year [1]. - The LeYoujia Research Center reported a 26% increase in viewing activity and a 17% increase in transaction volume for second-hand homes, with viewing numbers reaching their highest level since March [1]. Group 2: Policy Impact - The Shenzhen Real Estate Brokerage Association noted that the rapid recovery in transaction volumes is attributed to the effective implementation of the new policy in September, which has improved market expectations and activated demand [2]. - The association anticipates that the continued release of policy effects, combined with the traditional sales peak in the fourth quarter, will maintain high transaction volumes in the Shenzhen housing market [2]. Group 3: Market Sentiment - Despite the increase in transaction volumes, real estate agents indicated that the market is still characterized by "price for volume," with little change in prices [2]. - Analysts from Zhongyuan Real Estate and China Index Academy suggest that the second-hand housing market remains cautious, with prices under downward pressure due to high listing volumes, indicating that a full recovery in market confidence will require both policy support and improvements in the economic fundamentals [2][3].

Group 1 - The core viewpoint of the articles indicates a significant rebound in the Shenzhen second-hand housing market following the National Day and Mid-Autumn Festival holidays, driven by the effects of new policies and seasonal demand [1][2]. - According to Beike Research Institute, the second-hand housing transaction volume in Shenzhen reached a daily high of 905 units on October 12, marking a 12% increase compared to the first week after the new policy was implemented [1]. - The transaction volume for the week of October 6 to October 12 increased by 44% compared to the previous week, representing the highest growth rate since February of this year [1][2]. Group 2 - The Shenzhen Real Estate Brokerage Association reported a total of 1,219 second-hand housing transactions last week, reflecting a remarkable 233.1% increase week-on-week, with daily transactions exceeding 300 units in the first two days after the holiday [2]. - The market is experiencing a "price-for-volume" trend, where prices remain stable despite increased transaction volumes, indicating a cautious buyer sentiment [2][3]. - Analysts suggest that while the market is showing signs of recovery, the overall confidence remains low, with the market confidence index for September at -0.85, indicating a prolonged period of market stagnation [3].

以下文章来源于36氪财经 ，作者丁卯 张帆 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 "以价换量"是特斯拉巩固领先优势、 支撑"能源科技巨头"叙事逻辑的基础。 文 ｜ 丁卯 编辑 ｜ 张帆 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ IC photo 国庆假期期间，特斯拉在北美市场推出两款平价版车型。分别为售价39990美元的Model Y Standard和36990美元的Model 3 Standard。 相比之前的长续航版本，这两款平价版车型分别便宜了5000和5500美元，直接将特斯拉的起售价格拉入了3.5万-4万美元的区间。 在售价下探的同时，平价版特斯拉的配置也做了一些减法。例如，标准版取消了车头与车尾的光条灯、内饰使用织物材质、方向盘与外后视镜需手动调 节、且仅前排座椅支持加热等。而在辅助驾驶配置上，两款车型也仅搭载了交通感知巡航控制系统，而均未配备特斯拉的Autopilot自动辅助驾驶。 对于特斯拉此次的"降价+减配"措施，市场似乎并不买账。消息发布后，特斯拉股价下跌近5%，市值一度蒸发约670亿美元。 那么，特斯拉能否凭借平价版车型延续高销量神 ...

Core Viewpoint - DJI has announced significant price reductions on several of its products, including the Osmo Pocket 3, Action 4, and Mini 4K drone, with discounts reaching up to 1,478 yuan, as part of a regular promotional strategy for the upcoming "Double Eleven" shopping festival [1][3][5]. Group 1: Price Reduction Details - The price cuts include the Osmo Pocket 3 standard version dropping by 700 yuan and the all-around kit by 900 yuan, while the Mini 3 drone sees a reduction of 900 yuan and the Mini 4 PRO by 1,478 yuan [5][8]. - The promotional period for these discounts is from October 9 to October 14 [5]. Group 2: Market Competition and Strategy - The price reduction is seen as a response to intense competition in the consumer electronics market, where DJI faces challenges from both traditional smartphone manufacturers and emerging competitors like Insta360 [3][11]. - Experts suggest that the price cuts may be a strategy to maintain market share and buy time for research and development efforts, reinforcing DJI's technological leadership [3][16]. Group 3: Consumer Reactions - The price drop has led to a surge in demand, with the Osmo Pocket 3 quickly selling out in stores and online [8]. - Some consumers who purchased products shortly before the price drop expressed dissatisfaction, feeling "betrayed" by the sudden price changes [8][9]. Group 4: Product Lifecycle and Future Outlook - The Osmo Pocket series typically sees new releases every 2-3 years, with speculation that the Pocket 4 may be launched in Q1 2026 [10][11]. - DJI's market share in the consumer drone sector remains strong at over 70%, but growth is slowing, with projections indicating a decrease in the growth rate of the Chinese civilian drone market from 32% in 2023 to 20% by 2025 [11][12]. Group 5: Challenges from Competitors - DJI is facing increasing competition from companies like Insta360 and traditional brands like GoPro, which are encroaching on its market share in the handheld imaging device sector [11][12]. - The entry of smartphone manufacturers into the imaging device market poses additional challenges, as they leverage their software ecosystems to offer seamless user experiences [13][16].