改善型需求集中释放高端楼盘热销成亮点 "好房子"陆续入市带动房地产市场回暖 今年以来，各地"因城施策"出台相关措施推动房地产市场止跌回稳。其中，多地大力推进"好房子"建 设，旨在有力有效稳预期，激发房地产市场新活力。从统计数据来看，相关政策措施成效明显，上半年 房地产市场虽有所波动，但总体上还是朝着止跌回稳的方向迈进。 展望下半年，中指研究院指数研究部总经理曹晶晶认为，下半年高品质项目入市有望带动核心城市新房 市场保持平稳，预计城市之间及项目之间分化行情将延续，"好城市+好房子"具备结构性机会，而市场 全面止跌回稳仍需政策进一步加力。 利好政策助力 带动市场回暖 从市场层面来看，今年上半年，核心城市在优质供给和改善需求支撑下表现出较强韧性，率先回暖；强 二线城市在核心区供应加持下，成交保持平稳增长，改善型需求的集中释放、高端楼盘热销成为亮点， 印证了"好城市+好房子"的结构性韧性。 从新房成交特征来看，今年以来，核心城市改善型项目入市节奏加快，带动改善性需求持续释放，北 京、上海、南京、成都等多个城市高总价项目去化表现较好。从中指研究院监测重点城市来看，1至5 月，30城90平方米至120平方米新房成交套数占 ...

同时，万科积极构建绿色、低碳及智慧的住宅技术体系，参与中国工程建设标准化协会相关技术导则的 研发和编制，建立了全屋智能及智慧社区技术体系，持续推广成熟绿色低碳技术，积极运用"未来生活 理想单元"最新技术。 此外，万科适应当地政策，打造了品质与效率兼备的产品标杆。如万科在海南开展现房开发与销售实 践，三亚湾项目成为三亚市首个全现房销售的项目，2024年12月入市后，截至目前已售52.8亿元，接近 清盘。 6月27日，万科在深圳召开2024年度股东会。就开发业务板块的相关工作，万科表示，目前正在积极构 建适应房地产发展新模式的三大核心能力。 在打造"好房子、好社区、好服务"方面，万科基于"好房子"安全、舒适、绿色、智慧理念，以"安全安 心、舒适宜居、智慧便捷、绿色低碳、活力多元、城市共生"6个一级指标为引导，迭代万科"三好"产品 体系，共形成约520项设计要求和技术措施。 ...

Group 1: Market Overview - In July, the Chinese real estate market entered a traditional off-season, with a general decline in second-hand housing transaction volumes in core cities, continuing the "price for volume" phenomenon [1][2] - The average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [1][2] - Major cities like Wuhan and Nanjing experienced significant price drops, with month-on-month declines of 1.17% and 0.95%, respectively [1] Group 2: Policy Developments - On July 15, the Central Urban Work Conference was held for the first time in ten years, signaling a shift in urban development focus from large-scale expansion to improving existing stock [2] - The State Council introduced the "Housing Rental Regulations" to encourage families to rent out their properties and support the revitalization of old buildings for rental purposes [2] - Local governments, such as Chengdu, have begun to lift housing sales restrictions, while various cities are optimizing housing loan policies [2] Group 3: City-Specific Insights - In Beijing, second-hand housing transactions fell to 12,784 units in July, down 15.6% month-on-month and 17.9% year-on-year, with prices decreasing by 0.61% month-on-month and 4.91% year-on-year [7][8] - Shanghai's second-hand housing market saw 16,597 transactions in July, a decrease of 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices fell by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure due to high inventory levels [23] - Shenzhen's second-hand housing market showed a slight increase in transactions, with 4,656 units sold, up 3.4% month-on-month and 1.8% year-on-year, despite a price drop of 0.55% month-on-month [27] - Nanjing's second-hand housing transactions decreased by 2.6% month-on-month and 27.1% year-on-year, with prices down 0.95% month-on-month and 9.52% year-on-year [37]

Core Viewpoint - The head of the Financial Regulatory Administration, Li Yunzhe, emphasized the need to strengthen the implementation of established policies and accelerate the introduction of new financing systems tailored to the real estate sector to support market stability [1] Group 1: Policy Implementation - The Financial Regulatory Administration will intensify efforts to ensure that existing policies are effectively implemented [1] - There is a focus on accelerating the development of new incremental policy reserves [1] - Continuous improvement of response plans is a priority to solidify the economic recovery [1] Group 2: Real Estate Sector Support - A series of financing systems compatible with new models of real estate development will be introduced soon [1] - The aim is to assist in maintaining a stable trend in the real estate market [1]

Core Viewpoint - The real estate market in China is showing signs of stabilization and recovery due to effective policy adjustments and improvements in both supply and demand dynamics [1][6]. Group 1: Market Activity - In major cities, the new housing market has seen increased activity, with Shanghai reporting a 38% year-on-year increase in daily sales volume, and Beijing's new residential contracts rising by 11.9% [2][3]. - The second-hand housing market is also active, with a reported average of 35 transactions per day in Beijing since July [2][3]. - Nationally, the transaction volume of second-hand homes has increased, with Chengdu seeing a 19.8% year-on-year growth in transactions [3]. Group 2: Policy Measures - Various local governments are implementing policies to enhance housing supply, including the construction of affordable rental housing and the introduction of financial incentives for homebuyers [4][5]. - The introduction of policies such as "带押过户" (mortgage transfer) in Chengdu has facilitated smoother transactions in the second-hand market [3]. - The central government is advocating for a new real estate development model that emphasizes structural reforms in land supply and housing demand forecasting [8]. Group 3: Supply and Demand Balance - The construction of affordable housing is being prioritized, with significant numbers of new units being built across various regions, including 10.3 million units in Guangdong and 2.7 million in Beijing [4][5]. - Efforts to improve housing quality are underway, with policies aimed at enhancing the construction of high-quality homes [5][6]. - The overall funding situation for real estate developers is improving, with a reduction in the decline of funds available to developers by 16.4 percentage points year-on-year [6]. Group 4: Future Outlook - The ongoing urbanization process is expected to create new housing demands, particularly in lower-tier cities, as more people return to their hometowns [7]. - Experts believe that the real estate market still has significant growth potential, driven by structural changes in population and housing needs [7][8]. - The government is focused on stabilizing the market and ensuring a balanced supply-demand relationship through targeted reforms and policies [8].

Financial Overview - As of June 30, the total social financing stock in Shanxi Province reached 6.9 trillion yuan, a year-on-year increase of 8.7% [1] - The balance of various loans from financial institutions in the province was 4.8 trillion yuan, growing by 7.6% year-on-year, which is 0.8 percentage points higher than the national average [1] Financial Support for Key Areas - Financial institutions signed loan contracts worth 24.84 billion yuan with enterprises in technology innovation and technological transformation, with 8.19 billion yuan disbursed [2] - Green loan balance reached 549.76 billion yuan, an increase of 46.7 billion yuan since the beginning of the year [2] - Loans for agriculture, private economy, and inclusive small and micro enterprises grew by 1.6%, 9.3%, and 21.6% year-on-year, respectively [2] Policy Initiatives - The People's Bank of Shanxi Province has drafted measures to support high-quality economic development, focusing on green finance, pension finance, and digital finance [2] - A communication mechanism has been established with 14 departments to coordinate financial support and policy information dissemination [2] Technological and Green Finance - A 'dual leadership' mechanism with the provincial science and technology department has been established to support financial supply to technology enterprises [3] - Financial institutions are guided to allocate more resources to green low-carbon development and to innovate green financial products [3] Real Estate Development - The People's Bank has initiated a 30 billion yuan re-loan for affordable housing, supporting the acquisition of existing properties for rental housing [4] - As of June 30, the balance of real estate loans in the province was 610.64 billion yuan, with a year-on-year growth of 2.9% [6] Consumer Spending Support - The focus on boosting consumption is a priority for economic work in 2025, with measures to enhance financial support for consumer goods and services [7] - A total of 10 billion yuan has been allocated for re-loans to support service consumption and the elderly care sector [8] - Personal consumption loans in the province reached 690.12 billion yuan, a year-on-year increase of 6.1%, surpassing the national average by 3.1 percentage points [8]

全国百城新房和二手房价格继续分化。 中指研究院最新数据显示，7月份，全国百城新建住宅均价为16877元/平方米，环比上涨0.18%，同比上涨2.64%；百城二手住宅均价为13585元/平方米， 环比下跌0.77%，同比下跌7.32%。 其中，一线城市新房价格表现尤为突出，7月环比上涨0.36%。高端改善项目持续发力，成为拉动房价上涨的重要力量。 例如，上海中海·云邸玖章、广州保利天奕、北京和樾玉鸣、深圳深湾玖序等项目，销售均价普遍超过10万元/平方米。 凭借优越的地理位置、完善的配套设施以及高品质的建筑设计，这些高端项目吸引了大量改善型购房者，也在一定程度上推高了所在城市的整体房价水 平。 二线城市7月新房价格环比上涨0.23%。其中，杭州新房价格环比上涨1.51%，位居榜首；成都紧随其后，环比上涨1.3%。 如杭州招商蛇口杭序府、锦上万象府，成都龙湖泊萃、华润天宸上院等优质改善项目，均表现亮眼。 从城市层面来看，一线及部分强二线城市新房市场表现相对稳健；核心城市二手房市场成交保持一定活跃度，但价格短期仍有压力。 中指研究院研究主管陶淑茹分析指出，短期内，房地产市场仍处于波动调整阶段，城市间分化行情预计将持续 ...

Investment Rating - The industry investment rating is "Overweight" [2][24]. Core Viewpoints - The construction and decoration sector has shown a weekly increase of 1.75%, outperforming the Shenzhen Component Index and the Small and Medium Enterprises Board [3][4]. - The establishment of the Xinjiang Tibet Railway Co., Ltd. with a registered capital of 95 billion RMB is expected to accelerate investment in the central and western regions [11][12]. - The Ministry of Housing and Urban-Rural Development has indicated a shift in the real estate sector towards a new development model focused on high-quality urban renewal [11][12]. Industry Performance - The construction sector's weekly performance was +1.75%, with the international engineering sub-sector leading at +3.77% [4][5]. - The top three sub-sectors for weekly growth were international engineering (+3.77%), professional engineering (+3.40%), and decorative curtain walls (+3.35%) [5][9]. - Year-to-date, the ecological landscaping sub-sector has seen the highest growth at +28.69% [5][9]. Key Company Developments - Tengda Construction won a bid for a new primary school project in Taizhou, Zhejiang, valued at 118 million RMB, representing 3.17% of its 2024 revenue [13][15]. - Chengdi Xiangjiang signed a contract for the "Hutai Smart Cloud Valley Digital Technology Industry Park Data Center" project, totaling 4.527 billion RMB, which is 279.27% of its 2024 revenue [13][15]. - The company Shenghui Integrated reported a 39.04% increase in H1 revenue to 1.295 billion RMB [15].

Economic Overview - In 2025, China's economy faces a more complex external environment, with increased trade protectionism prompting the government to enhance counter-cyclical adjustments and implement more proactive fiscal and moderately loose monetary policies [1] Construction Steel Demand - In the first half of 2025, demand for construction steel continues to decline, with the real estate sector stabilizing while infrastructure investment plays a stabilizing role [2] - Infrastructure investment growth has slowed, with a fiscal deficit rate planned at around 4%, increasing the deficit scale to 5.66 trillion yuan, and public budget expenditure rising to 29.7 trillion yuan [3] Infrastructure Investment - Infrastructure investment (including electricity) grew by 8.9% year-on-year in the first half of 2025, while investment excluding electricity grew by 4.6% [3] - The government plans to issue 4.4 trillion yuan in special bonds for local governments, an increase of 500 billion yuan from the previous year, focusing on investment construction and debt repayment [3] Real Estate Market - The real estate market shows initial signs of stabilization, with various indicators of decline narrowing, although real estate investment still decreased by 11.2% year-on-year [4][6] - New housing starts fell by 20.0%, with the rate of decline narrowing by 3.0 percentage points compared to the previous year [6] Future Outlook for Steel Demand - In the second half of 2025, construction steel demand is expected to stage a temporary recovery, supported by strong domestic demand policies and increased infrastructure investment [9] - The issuance of special bonds is accelerating, with 28.02 billion yuan issued by August 7, 2025, which is 63.7% of the annual total, indicating a potential increase in infrastructure investment growth [9] Overall Market Trends - The real estate sector is expected to continue a "weak recovery, slow stabilization" trend, with new construction and completion indicators likely to see reduced year-on-year declines but not achieve positive growth [10] - Infrastructure investment is anticipated to accelerate, becoming a key driver for economic growth, although upward potential remains limited due to local fiscal constraints [10]

Core Viewpoint - The shift in China's real estate market from "incremental expansion" to "stock quality improvement" emphasizes the importance of "good housing" as a key driver for economic recovery and industry transformation [1][2]. Group 1: Significance of "Good Housing" Construction - "Good housing" is essential for addressing structural contradictions in the market, driving enterprise transformation, and promoting green and low-carbon development [2][4]. - The construction of "good housing" reflects a people-centered approach, aiming to meet the growing demand for high-quality living environments [3]. - The focus on "good housing" is a critical path to resolving the main contradictions in the current real estate market, shifting from quantity to quality [4]. Group 2: Green and Sustainable Development - The push for green and low-carbon transformation is a national strategy and a necessary choice for the long-term health of the real estate industry [5][6]. - "Good housing" integrates sustainable development concepts, requiring the use of green materials and energy-efficient technologies throughout the building lifecycle [5]. Group 3: Economic Recovery and Industry Transformation - The stabilization of the real estate sector is crucial for economic recovery, with the industry contributing 6.3% to GDP in 2024 [6][7]. - "Good housing" projects demonstrate strong market competitiveness, improving cash flow for companies and supporting industry stabilization [7]. Group 4: Demand for New Construction and Renovation - The implementation of the national standard "Residential Project Specification" is expected to create a trillion-level demand for new construction and renovation [8][9]. - The new standards will enhance safety, comfort, and sustainability in housing, driving market growth in related sectors such as building materials and smart home technology [9][10]. Group 5: Policy Support System - A systematic policy support framework is needed to align with high-quality housing supply, focusing on top-level regulatory design, innovative incentive mechanisms, and accelerated technology implementation [14][15]. - Strengthening regulations and quality supervision will ensure the successful construction of "good housing" [15][16].