Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased year-on-year, promoting urban construction and quality improvement. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process [5][63] - The land transaction area has decreased year-on-year, while the premium rate has increased month-on-month. The domestic credit bond issuance scale has increased compared to the previous month [5][51] - The Shanghai land auction market is active, with significant transactions and high premium rates observed [5][41] Summary by Sections 1. Urban Construction and Quality Improvement - The central government is focused on creating a comfortable living environment and improving urban governance systems. Local governments are also implementing policies to lower down payment ratios and stimulate housing demand [6][15][16] 2. Sales Performance - In the 30th week of 2025, the total residential transaction area in 68 cities was 1.88 million square meters, a year-on-year decrease of 16% but a month-on-month increase of 19%. Cumulatively, the transaction area from the beginning of the year to date is 70.76 million square meters, down 9% year-on-year [7][18][29] - The second-hand housing transaction area in 20 cities was also 1.88 million square meters, with a year-on-year growth of 2% [35] 3. Investment Performance - In the 30th week of 2025, 100 major cities released land planning areas of 2.03 million square meters, with a transaction area of 1.75 million square meters, down 8% year-on-year. The premium rate for land transactions was 7.8% [41][43] 4. Financing Performance - In the 30th week of 2025, the issuance of credit bonds reached 14.6 billion yuan, a year-on-year increase of 208% and a month-on-month increase of 300% [8][51] 5. Market Review - The real estate index rose by 4.07% in the week of July 21-27, 2025, outperforming the CSI 300 index, which increased by 1.69% [56][58]