Core Insights - The real estate market in China continues to experience a downward trend in housing prices, with significant declines in both new and second-hand residential properties across various city tiers [1][2][4] Price Trends - In July, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, with Beijing remaining stable and Shanghai increasing by 0.3%, while Guangzhou and Shenzhen saw declines of 0.3% and 0.6% respectively [2] - Second-hand residential properties in first-tier cities experienced a month-on-month decline of 1.0%, with all major cities reporting decreases [2][3] - Year-on-year, new residential property prices in first-tier cities fell by 1.1%, with Shanghai showing a notable increase of 6.1% [2][3] Investment and Sales Data - From January to July, real estate development investment totaled 535.8 billion yuan, reflecting a year-on-year decrease of 12.0%, with the decline rate widening by 0.8 percentage points [4] - The area of new residential property sales from January to July was 51.56 million square meters, down 4.0% year-on-year, while sales revenue decreased by 6.5% to 495.66 billion yuan [4] Market Dynamics - The large volume of second-hand property listings poses a challenge to improving the supply-demand relationship in the real estate market [1][3] - The market is expected to see continued differentiation between cities, with first-tier cities maintaining some resilience due to favorable policy expectations [1][5] Policy and Future Outlook - Recent policy adjustments in Beijing, including reduced purchase restrictions and increased support for public housing loans, may influence other cities like Shanghai and Shenzhen to follow suit [5] - The core goal of real estate policy remains to stabilize the market, with potential interest rate cuts and other measures aimed at stimulating demand and optimizing supply [6]

Core Viewpoint - The recent policy changes in Beijing's real estate market have led to a stable overall transaction environment in the second-hand housing market, with an increase in inquiries and viewings, particularly in areas outside the Fifth Ring Road [1][2][3]. Group 1: Policy Changes - On August 8, Beijing's housing authorities issued a notification to further optimize housing purchase policies, allowing eligible families to buy an unlimited number of properties outside the Fifth Ring Road [2][4]. - The policy also applies to single adults, aligning them with family purchasing conditions for commodity housing [2]. Group 2: Market Response - As of August 14, the number of second-hand homes listed in Beijing reached 161,850, an increase of approximately 1,350 from the day the new policy was announced [2]. - There has been a noticeable rise in inquiries and viewings for properties outside the Fifth Ring Road, indicating a potential increase in transaction volumes in the coming weeks [2][3]. Group 3: Transaction Trends - Data shows that the number of second-hand residential contracts signed in Beijing for August reached 5,574, a year-on-year decrease of 3.78%, but an increase of 11.55% compared to the first 14 days of July [4]. - The new policy is expected to accelerate the absorption of properties outside the Fifth Ring Road, which has been a slower-moving segment of the market [3][5]. Group 4: Market Dynamics - The majority of new residential sales in Beijing from January to July were concentrated outside the Fifth Ring Road, accounting for over 80% of new builds and more than 50% of second-hand transactions [4]. - The policy change is anticipated to release pent-up demand, particularly for families looking to upgrade their housing situation by allowing them to purchase properties in the core areas without needing to sell their existing homes first [3][5].

Group 1 - The core viewpoint of the article highlights that the Beijing real estate market remains stable one week after the new policy announcement, with an increase in inquiries and viewings for properties outside the Fifth Ring Road [1][2] - The new policy allows eligible families to purchase an unlimited number of properties outside the Fifth Ring Road, which is expected to stimulate demand and improve transaction volumes over time [2][3] - Data from the Lianjia platform indicates that the number of second-hand homes listed in Beijing has increased to 161,850, up from 160,501 on the day the new policy was announced, reflecting a slight uptick in market activity [2][3] Group 2 - The report notes that approximately half of the listed second-hand homes are located outside the Fifth Ring Road, with a slower absorption rate in this area over the past two years, but the new policy may accelerate this process [3] - The Beijing Municipal Commission of Housing and Urban-Rural Development reported that the number of second-hand residential contracts signed in August reached 5,574, a year-on-year decrease of 3.78%, but an increase of 11.55% compared to the first 14 days of July [3][4] - The analysis from the China Index Academy suggests that the new policy aims to boost the market in peripheral areas, which could benefit families looking to purchase retirement or vacation properties, as well as those needing to diversify their real estate assets [4]

Core Insights - The real estate market in China is showing signs of stabilization in core cities while continuing to adjust in non-core areas, as indicated by the July housing price data [1][2] Group 1: Housing Price Trends - In July, new residential sales prices in first-tier cities decreased by 0.2% month-on-month, a slight improvement from the 0.3% decline in June [1] - Year-on-year, new residential sales prices in first-tier cities fell by 1.1%, but the decline was less severe than in June, which saw a 0.3% drop [2] - Second-tier cities experienced a month-on-month price decline of 0.4%, with the decline expanding by 0.2 percentage points compared to June [1] Group 2: Market Demand and Policy Impact - The demand for second-hand homes is weakening, as indicated by a decrease in search activity and longer listing durations, reflecting ongoing market fatigue [2] - Recent policy changes, such as the easing of purchase restrictions in Beijing, are expected to boost market activity in August, although the effectiveness of these policies remains to be seen [3] - The focus of real estate policy is on stabilizing the market, with an emphasis on urban renewal and effective implementation of existing policies [2][3] Group 3: Market Outlook - The traditional off-peak season from July to August has led to a seasonal decline in market transactions, but high-quality land auctions in core cities are maintaining market interest [3] - The real estate market is expected to show resilience in core cities due to policy improvements and strong fundamentals, although regional disparities are likely to persist [3]

各地要加大力度研究如何消化二手房房源，为新房市场提供更好的市场环境。 当前，房地产市场仍处于深度调整阶段，供需两端修复节奏放缓，止跌回稳工作仍需靶向发力、持续推 进。 8月15日，国家统计局发布最新房地产数据。数据显示，7月房地产开发投资、销售面积、销售金额等多 项指标同比降幅呈扩大态势，市场调整压力依旧存在。 从投资端来看，1-7月份，全国房地产开发投资53580亿元，同比下降12.0%，比1-6月份扩大0.8个百分 点；其中，住宅投资41208亿元，下降10.9%。 从销售端来看，1-7月份，新建商品房销售面积51560万平方米，同比下降4.0%，比1-6月份扩大0.5个百 分点；其中住宅销售面积下降4.1%。新建商品房销售额49566亿元，同比下降6.5%，比1-6月份扩大1个 百分点；其中住宅销售额下降6.2%。 对此，多位业内人士表示，最新数据反映出当前房地产市场仍面临需求释放不足、企业投资信心偏弱的 双重压力。短期来看，需进一步强化政策的精准性与协同性，推动供需两端形成良性互动。 一线城市新房市场显韧性上海领涨全国 中指研究院指数研究部总经理曹晶晶表示，本次北京楼市新政信号意义明显，限购政策优化也 ...

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Insights - Recent policy optimizations in various cities are expected to stimulate local housing market demand, with more cities likely to introduce new stimulus measures [4][27]. - The real estate sector has seen a slight decrease in sales momentum over the past two months, but there is optimism for a rebound in sales and improvement in the fundamentals of real estate companies [4][27]. - In the building materials sector, particularly cement, there is a strong inclination for price increases due to reduced inventory pressure and improved demand from infrastructure projects [5][48]. Summary by Sections Real Estate Sector Overview - As of August 14, 2025, the Shenwan Real Estate Index has increased by 3.99% over the past two weeks, outperforming the CSI 300 Index by 1.07 percentage points [14]. - The report highlights that the sales volume in key cities has increased by 10.8% year-on-year, indicating a recovery in market activity [24]. - Key companies to watch include Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979), which are expected to perform well in the current market environment [27]. Building Materials Sector Overview - The Shenwan Building Materials Index has risen by 1.77% over the past two weeks, with a year-to-date increase of 13.38% [28]. - Cement prices are expected to stabilize and potentially increase due to production cuts and rising demand from housing and infrastructure projects [5][48]. - Recommended companies in the cement sector include Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801), which are seen as having strong fundamentals and attractive dividend yields [48]. Key Data Points - The average price of cement in the national market is currently 316 RMB/ton, reflecting a slight decline due to weak demand [35]. - The report notes that the average price of flat glass has been under pressure, with production rates remaining low across various regions [40]. - The introduction of a fiscal subsidy policy for personal consumption loans is expected to boost demand for home improvement and building materials [49].

地方层面，7月，成都分批取消住房限售政策；荆门跟进落地现房销售；多地优化公积金贷款政策，其 中广州拟落地"商转公"；福建、山东、浙江、广东、湖南、安徽、四川发行超400亿元专项债券收回收 购闲置存量土地。8月8日，北京发布《关于进一步优化调整本市房地产相关政策的通知》，优化住房限 购政策并加大公积金贷款支持力度。曹晶晶表示，本次北京优化限购政策未对外地需求放开，仍以挖 掘"内需"为主，体现出一线城市渐进式的政策推进节奏。 政策方面，曹晶晶表示，8月上旬，北京率先出台楼市新政，信号意义明显，上海、深圳有望跟进。当 前，推动市场止跌回稳仍是房地产政策核心目标，短期政策预计将继续聚焦城中村和危旧房改造以及专 项债收储等已出台政策的有效落实。此外，下半年降息仍有一定空间。由此综合施策，激活需求，优化 供给，稳定预期。值得一提的是，城市更新已成为推动城市高质量发展的重点内容，预计下半年各项配 套政策有望加速落地。 （文章来源：新华财经） 新华财经北京8月15日电（记者高婷）15日，中指研究院指数研究部总经理曹晶晶表示，七八月份为市 场传统淡季，市场交易量出现季节性回落，而核心城市优质地块土拍保持较高热度，优质项目入市后 ...

Market Overview - A-shares saw all three major indices turn positive, with over 4,200 stocks rising in the market [1] - The Shanghai Composite Index rose by 0.17%, the Shenzhen Component Index increased by 0.55%, and the ChiNext Index gained 0.75% [1] - In the Hong Kong market, all three indices fell by over 1% [2] Sector Performance - The PEEK materials sector led the gains, with significant increases in stocks such as New Han New Materials and Hua Mi New Materials, both rising over 12% [9][10] - Real estate stocks experienced a surge, with companies like Quzhou Development and Xinda Real Estate hitting the daily limit [4][5] - The building materials sector also saw a rally, with International Composite Materials achieving a 20% limit up [6][7] - Non-ferrous metal stocks showed strong performance, with companies like Feili Hua and Nord Shares rising over 10% [12][13] Policy and Economic Indicators - Recent policy adjustments in Hainan and Beijing aim to optimize real estate regulations, which may boost market expectations and housing demand [8] - The National Bureau of Statistics reported a decrease in housing prices across 70 major cities, indicating a narrowing year-on-year decline [8] Investment Opportunities - The rapid development of humanoid robots is expected to significantly increase the demand for PEEK materials, which are lightweight and high-strength, suitable for various applications [11] - The automotive industry's trend towards lightweight and electrification is projected to drive explosive growth for high-performance engineering plastics like PEEK by 2025 [11]

Core Viewpoint - The new real estate policies in Beijing aim to optimize and adjust the housing market, allowing for more flexibility in purchasing and financing options, particularly for properties outside the Fifth Ring Road [1] Policy Adjustments - The new policies include lifting purchase restrictions outside the Fifth Ring Road, allowing for one loan record in the housing fund, and treating second homes as first homes [1] - The annual contribution limit for housing funds has increased from 100,000 to 150,000, and the loan limit for second homes has risen from 600,000 to 1,000,000 [1] Purchase Qualification Policies - For Beijing residents, married couples can purchase up to two homes within the Fifth Ring Road and unlimited homes outside [3] - Non-Beijing residents can purchase one home within the Fifth Ring Road if they have three years of continuous social security or tax records, and unlimited homes outside with two years of records [3] Housing Fund Policies - The loan amount for first homes is set at 120 million plus 40 million, with an 80% loan-to-value ratio at a 2.60% interest rate [4] - For second homes, the loan amount is 100 million plus 40 million, with a 70% loan-to-value ratio at a 3.075% interest rate [4] Market Reactions - The new policies are perceived as an attempt to "unshackle" the market, but there are concerns that they may distort price signals and lead to hidden demand [4][9] - Many potential buyers are currently adopting a wait-and-see approach, indicating a cautious market sentiment [5] Consumer Expectations - There is a prevailing expectation among homeowners that property prices will continue to decline, which affects their willingness to invest in renovations [6][8] - Consumers are increasingly favoring high-cost performance and durable building materials, showing a shift away from brand premium products [8] Industry Implications - The new policies aim to stimulate market activity, but if demand shifts towards rental rather than purchasing, it could lead to a significant contraction in the market [8] - The sentiment around price expectations poses a greater threat to the building materials and home furnishing sectors than to developers [7][8]

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - Recent policy adjustments in Beijing, such as the removal of purchase limits for eligible families outside the Fifth Ring Road, are expected to lead to a temporary increase in transaction volumes, further stabilizing the market [1] - The cumulative new housing transaction area in 30 major cities has reached 54.92 million square meters this year, with a year-on-year decrease of 4.2% [2][11] - The average transaction area for new homes in first-tier cities has decreased by 23.2% year-on-year, while second-tier cities have seen a 10.4% decline [2][11] Summary by Sections 1. Industry Fundamentals Tracking - New housing transaction area in 30 major cities last week was 1.22 million square meters, with a cumulative area of 54.92 million square meters this year, down 4.2% year-on-year [2][11] - The average transaction area for new homes in first-tier cities was 0.41 million square meters, down 23.2% year-on-year, while second-tier cities recorded 0.69 million square meters, down 10.4% [2][11] - The available residential area in 14 cities was 79.96 million square meters, down 9.93% year-on-year, with a de-stocking cycle of 17.37 months [14] 2. Market Review - The A-share real estate index rose by 2.16% last week, outperforming the CSI 300 index by 0.93 percentage points [4][27] - The Hong Kong property service and management index also increased by 2.16%, outperforming the Hang Seng Composite Index [4][27] - In the A-share market, real estate ranked 16th among 31 first-level industries last week [28]