Core Insights - The report by JLL indicates significant growth in both supply and transaction volume in Beijing's high-end residential market during Q2, driven by a favorable credit policy [1] - The luxury apartment market in Beijing saw new supply reach approximately 3,300 units in Q2, surpassing the total supply for the entire year of 2024, leading to a substantial increase in transaction volume [1] - The report highlights a trend of "increased volume and decreased prices" in the luxury apartment market, providing buyers with more options [1] Residential Market Summary - In Q2, approximately 2,100 luxury apartments were sold, marking the highest quarterly sales in the past two years, with new projects accounting for about 75% of the sales in the first half of the year [1] - The average price of comparable new luxury apartments in Beijing decreased by 2.3% quarter-on-quarter, while the secondary market is experiencing a trend of "price for volume" due to the influx of new supply [1] Credit Policy and Market Outlook - The monetary policy of continuous rate cuts and reserve requirement ratio reductions in May has created a very loose credit environment for the residential market [1] - The company anticipates that the overall transaction volume in the new housing market will significantly increase compared to last year, supported by current market supply-demand dynamics and price advantages [1] Commercial Real Estate Summary - The overall vacancy rate for Grade A office buildings in Beijing decreased by 0.4 percentage points to 12.0% in Q2, primarily due to large leasing transactions in Zhongguancun and Lize [1] - The company expects overall rental prices to continue to decline throughout the year, which may attract tenants to relocate to higher-quality office spaces at reasonable costs [1] - Increased competition among landlords for relocating tenants is anticipated due to more flexible lease terms [1]

尤其是文章最后有个重要提醒，千万别忘了看！ 一，缩量反弹唱的是哪出戏？ 昨天市场涨得不痛不痒，大伙分析原因越扯越远，从国际新闻到五月炒股魔咒全搬出来了。 说白了，行情波动就是在消化刚出的基金新规！ 别小瞧这个基金新规！它会慢慢重塑A股玩法。新规只罚不奖，基金经理为了保住收入，只能求稳，照着业绩基准买股票。 就说昨天银行股为啥突然大涨？因为公募基金之前在沪深300里配得最少的就是银行，现在为了达标，只能赶紧补仓，直接把股价拉起来了！ 反过来，那些被基金买超了的板块就惨了。像科技股，还有去年四季度猛加仓的港股，持仓比基准高太多，基金经理只能赶紧调仓。 这一卖一买，市场自然就乱了，短期抛压少不了。 难怪今天市场涨得磨磨唧唧，机构忙着卖多的、补少的，左手出货右手进货，股价能痛快涨起来才怪！ 二，这可是股债双牛 得说清楚，基金新规的影响不会一下子爆发，市场对新正策都需要时间消化。 不过它动摇不了大趋势，在宽松的货币正策和信贷环境下，股票和债券长期看涨。 按常理降息降准该利好债券，可长债价格却没怎么涨。 更有意思的是，昨天一年期存单利率跌破1.7%，说明央妈可能换了别的招释放资金，像加大银行间资金投放、直接买债券等。 但 ...