其四，"好房子"建设按下"加速键"。今年，"好房子"首次被写入政府工作报告。倪虹此番进一步明确 了"好房子"标准，表示要从好标准、好设计、好材料、好建造、好运维五方面推动"好房子"建设。他也 表示，"好房子"的范围不仅局限于商品房，也包括保障房；不仅要将新房子建成"好房子"，还要将老房 子改造成"好房子"。(完) 中新社北京10月11日电 (记者 庞无忌)11日，中国住房和城乡建设部部长倪虹同三位副部长出席国务院 新闻办公室举行的"高质量完成'十四五'规划"系列主题新闻发布会。会上传递出中国房地产市场发展转 型的新趋势和新信号。 "十四五"时期，恰逢中国城市发展从大规模增量扩张阶段转向存量提质增效为主的阶段，房地产业发展 也从旧模式向新模式转型，既需要平稳过渡，也需为新的发展阶段"探路"。此间，已有一些新变化开始 发生。 其一，"存量"开始唱主角。一方面，新房和二手房的销售规模比重正在发生历史性转变。住房和城乡建 设部副部长董建国当日表示，中国存量住房市场规模持续扩大，目前，全国有15个省(区、市)二手住宅 交易量超过新房。这意味着约一半的省份二手房交易已成当地楼市"主力军"，仅从新房销售等指标出发 已无法全 ...

此外，倪虹透露，"十四五"期间，中国建设筹集各类保障性住房和城中村、城市危旧房改造等安置住房 1100多万套(间)、惠及3000多万民众。 城市人居环境质量进一步提升。倪虹表示，"十四五"期间，全国累计改造城镇老旧小区24万多个，惠及 4000多万户、1.1亿人；加装电梯12.9万部，增设停车位340多万个、养老托育等社区服务设施6.4万个； 更新改造供水、燃气、供热等地下管网84万公里；打造"口袋公园"1.8万多个、城市绿道2.5万公里， 以"小切口"改善"大民生"。(完) 来源：中国新闻网 编辑：熊思怡 "十四五"期间中国累计销售新建商品住宅面积约50亿平方米 中新社北京10月11日电 (记者 庞无忌)中国住房和城乡建设部部长倪虹11日在北京透露，"十四五"期间中 国累计销售新建商品住宅面积约50亿平方米。 国务院新闻办公室当日举行"高质量完成'十四五'规划"系列主题新闻发布会，倪虹在此间透露上述数 据。住房和城乡建设部副部长董建国补充道，与此同时，存量住房市场规模持续扩大，目前，全国有15 个省(区、市)二手住宅交易量超过新房。 广东省住房政策研究中心首席研究员李宇嘉分析，"十四五"期间全国累计销售新建 ...

[Table_Rank] 评级： 看好 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 -0.1 0 0.1 0.2 9-Oct 19-Dec 28-Feb 10-May 20-Jul 29-Sep 食品饮料 沪深300 资料来源：聚源数据 相关研究 [Table_Title] 食品饮料：存量时代的品牌突围路径 [Table_ReportDate] 食品饮料 | 行业深度报告 | 2025.10.10 核心观点 [Table_Authors] [Table_Summary] [Table_OtherReport] 白酒把握估值修复，食品聚焦成长赛 道 政策定调积极，继续看好食饮板块 ⚫ 存量时代下的食品饮料投资逻辑。由于食品饮料主要子行业人均消费量 已经见顶，以及近年来商务需求承压、消费平替现象加深的背景下，酒 水及大众品的价格体系出现下沉趋势，食品饮料整体面临量价双重压 制，行业阶段性进入到存量时代。在存量环境下，食品饮料板块的投资 逻辑也较以往有所变化，部分行业龙头强化股东回报，较高的 ...

Core Viewpoint - The real estate industry in Beijing is experiencing a significant shift with new regulations aimed at curbing unethical practices among real estate agents, coinciding with a notable increase in transaction volumes during the traditional peak season of "Golden September and Silver October" [1][4]. Group 1: Regulatory Changes - The Beijing Real Estate Brokerage Industry Association issued ten initiatives to regulate real estate brokerage behavior, prohibiting false showings, price manipulation, and unethical practices that harm homeowners' rights [1]. - The new regulations aim to address the high listing volumes and supply pressures in the second-hand housing market, emphasizing the need for fair pricing and ethical conduct among agents [2][7]. Group 2: Market Performance - In September, Beijing's second-hand housing market saw a daily average transaction of 525 units, a 22% increase from August and a 27% year-on-year growth [1]. - The total number of second-hand residential contracts signed in September reached 15,843, marking a 19.4% year-on-year increase and a 20.5% month-on-month increase [4]. - The increase in transactions is attributed to policy adjustments, an uptick in new housing supply, and a market trend of "price for volume" [4][5]. Group 3: Supply and Demand Dynamics - The high listing volume in the second-hand market is creating supply-side pressure, with 14.1 million units listed as of October 2 [1]. - The introduction of new housing projects, with nearly 6,000 units approved for sale in September, is providing buyers with more options and stimulating market activity [5]. - Analysts suggest that as supply continues to rise alongside demand, the market may stabilize, but prices are likely to remain under pressure due to competitive pricing strategies among sellers [5][6]. Group 4: Future Outlook - The real estate market is expected to maintain a high level of listing activity, with a moderate recovery in transaction volumes anticipated in the fourth quarter [6]. - The ongoing trend of "price for volume" is likely to persist in the short term, influenced by the high inventory levels and market expectations [6][7].

当前，我国房地产市场逐步迈入"存量时代"，二手房交易占比持续提升。随着挂牌量持续高企，成交周期不断拉长，购房者不再满足于"有房可买"，而是追 求"有好房可住"，卖房者则苦恼于如何让房屋在众多房源中脱颖而出，市场对更专业、高效的房产服务模式提出迫切需求。 面对这一趋势，房产中介行业迎来发展机遇，也面临服务升级的挑战。2025年3月，基于14年租赁市场深耕经验的自如，正式推出"自如美家二手房"业务， 以"客业单边服务+严选品质好房+买房佣金五折"为核心模式，试图为市场提供新答案。 单边管家服务 三大好房产品加速房源流通 在二手房市场中，房源质量参差不齐、老旧房源占比高是普遍存在的问题。自如美家在二手房中介服务的基础上增加了"家的打造"这一环节，通过"焕新好 房""清水好房""心舍好房"三大产品线，为房屋提供定制化改造方案，提升房源品质。 其中，清水好房主要针对老旧房屋做整体改造，彻底翻新结构和装修。自如美家上海杨浦区凤城三村的案例，生动诠释了"清水好房"的价值。 这套39平方米的老公房存在管道老化、动线布局不佳、厨房采光差等问题，业主是一位将房子托管给自如近七年的老房东，心理预期比当前市值高出不少， 挂牌半年无人 ...

撰文 / 莫 莉 编辑 / 黄大 路 设计 / 张 萌 十年前，婚礼头车是劳斯莱斯，车队排成长龙曾是标配，一辆光鲜的婚车是新人面子的硬通货；如今，在结婚降温、晚婚常态与预算挤压叠加下，曾 作为"结婚刚需"的婚车，正悄然退居配角。 事实上，"婚车"通常涵盖两类消费：一是婚礼当天租赁使用的车队，二是新人因结婚而购置的家庭用车。 从前者来看，婚车选择正日趋多元。早年间，大城市的劳斯莱斯、小城市的BBA（奔驰、宝马、奥迪）乃至帕萨特，曾共同构成婚车"鄙视链"。 一个周期闭合，又一个周期开启。婚车的未来，会指向哪里？ 从"三成多"退到"一成多" 随着消费观念变化和造车新势力崛起，新势力也成为新的选择：蔚来曾推出官方婚车服务，最低1699元起；婚庆公司借势推出"小米SU7婚车套餐"， 9辆车9万元寓意"长长久久"；还有些新人选择五菱宏光MINI EV甚至公交车队、自行车队，形式新鲜多样。 然而真正长期影响汽车消费市场的，并非这些"面子消费"，而是年轻人因安家需求而实际购入的那辆车，也是本文讨论的重点。 有报告显示，我国婚车年销量已从十年前的七百万辆峰值，滑落至如今不足三百万辆，占乘用车总销量的比重从"三成多"萎缩到"一成 ...

Core Viewpoint - China has transitioned from a growth phase in real estate development to a focus on asset operation, emphasizing the need for high-quality space that enhances "beautiful living" [1] Group 1: Company Strategy and Development - Bee Company has launched a new brand strategy, introducing a multi-brand matrix including BEEPLUS, CITYPLUS, and Hero+, marking a shift from single space operation to comprehensive space service [1] - The company aims to become the most innovative asset operator in China, focusing on breaking boundaries and integrating various business models [2] - Over the past decade, the company has expanded its operations from the Guangdong-Hong Kong-Macao Greater Bay Area to nine trillion GDP cities, establishing a national strategic layout [2] Group 2: Organizational Structure and Business Focus - The company has three independent operational segments: development, operation, and innovation, with a collaborative system across four business capabilities: asset management, property management, enterprise services, and industrial services [2][3] - The development segment focuses on planning, design, and construction in trillion GDP cities, creating high-quality industrial carriers for asset holders [3] - The operation segment is responsible for project opening, operation, leasing, property management, and enterprise services, aiming to activate the value of existing assets and attract quality industrial resources [3] Group 3: Market Positioning and Value Proposition - The company targets the emotional value of space sought by young people and the pursuit of high-quality living, positioning itself to leverage innovative design and refined operations [3] - The strategy aims to shift existing assets from a "cost advantage" to "technology premium," ultimately achieving "aesthetic premium" [3]

在一系列旨在盘活存量资产的利好政策密集出台的背景下，众多企业正积极行动，致力于深度挖掘存量 写字楼资产的内在潜力、高效盘活低效资产。 近日，蜜蜂公司在成立十周年之际宣布，公司多品牌矩阵启动，标志着蜜蜂将从单一空间运营，迈向更 广阔的全场景空间服务领域。未来，BEEPLUS将专注万亿GDP城市存量载体的改造运营，CITYPLUS 则针对一线城市甲级写字楼的运营管理，Hero则是提供智慧化方案。其中，BEEPLUS已服务超3546家 企业，客户复购率稳居行业前列。 目前，一线城市甲级写字楼普遍空置率偏高的问题，CITYPLUS为何选择针对一线城市甲级写字楼的运 营管理？"国内市场已从房地产开发的增量时代，全面进入以运营为核心的存量时代，海量低质、低效 资产亟待焕新，高品质不动产运营与国际成熟市场仍有差距。国内从不缺产业园区、写字楼与住宅，缺 的是能承载'美好生活'的高品质空间。蜜蜂公司创始人兼董事长贾凡表示，未来资产运营至关重要，房 地产及不动产过去的高周转模式已不可持续。如何通过精细化运营实现园区、办公楼宇资产保值增值， 是行业的关键问题。 ...

Core Viewpoint - The e-commerce agency industry is experiencing a "dual climate" in the first half of 2025, with significant performance divergence among listed companies, highlighting the need for transformation and adaptation to new market dynamics [1][2][12]. Group 1: Company Performance - Ruoyuchen achieved a remarkable revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, driven by a strong performance in its self-owned brand business [9][13]. - Liren Lizhuang reported a revenue decline of 13.98% to 830 million yuan, with a net loss of approximately 33.76 million yuan, marking a staggering year-on-year decrease of 1315.98% [6][12]. - Baozun E-commerce maintained a revenue increase of 5.63% to around 4.6 billion yuan but faced a net loss of 97.04 million yuan, which widened by 6.23% compared to the previous year [7][12]. - Yiwang Yichuang experienced a revenue drop of 14.3% to about 530 million yuan, while its net profit increased by 5.83% to approximately 71 million yuan [9][10]. - Qingmu Technology's revenue rose by 22.75% to 668 million yuan, but its net profit decreased by 22.96% to about 51.66 million yuan due to increased marketing expenses [10][12]. - Kaichun Co. reported a revenue decline of 21.67% to 162 million yuan, with a net profit decrease of 16.17% to approximately 300,890 yuan [10][12]. Group 2: Industry Trends - The e-commerce user growth rate is slowing, and competition for platform traffic is intensifying, leading to rising customer acquisition costs (CAC) and squeezing profit margins for agencies [2][11]. - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, has made it essential for agencies to adapt their service models beyond traditional "shelf e-commerce" [2][11]. - The shift towards a "stock era" in e-commerce emphasizes the importance of transformation and innovation for survival and growth, as evidenced by the performance disparities among companies [12][13]. - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a crucial role in the consumer market [14][16]. Group 3: Strategic Insights - Companies that successfully transition to self-owned brand operations and diversify their business models are likely to thrive, as seen with Ruoyuchen's significant growth in self-owned brands [9][13]. - The ability to leverage accumulated data and identify new market segments will be critical for agencies to navigate the evolving landscape and capitalize on emerging opportunities [16]. - The government's push for healthy e-commerce development aligns with the industry's need for innovation, suggesting a favorable environment for companies that can adapt quickly [14][16].

Core Insights - The article discusses how certain industries are thriving despite the overall economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [2][4]. Group 1: Key Industries - **Second-hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth [4][5][6]. - **Pet Economy**: With a decline in birth rates, spending on pets has increased. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend, with various pet brands seeing rising sales [8][9]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a significant opportunity for adult care products in China, particularly with brands like Kexin [10][11][12]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free products and functional beverages in both Japan and China, with brands like Dongfang Shuye and Jianchun gaining traction [15][16]. - **Beauty and Personal Care**: Despite economic constraints, spending on beauty products remains strong, with high-priced items like collagen supplements and home beauty devices seeing significant sales [19][20][21][22]. - **Outdoor Recreation**: The outdoor equipment market is booming, with brands like Snow Peak in Japan and various Chinese brands experiencing rapid sales growth [24][25][26]. - **Emotional Economy**: Products that provide emotional comfort, such as low-alcohol beverages and comfort foods, are gaining popularity among younger consumers [27][28][30]. - **Convenience Foods**: The demand for frozen foods and smart home appliances that save time is increasing, with brands like Anjiyuan and Kewotai seeing steady growth [34][35]. Group 2: Market Trends - **Consumer Behavior**: The article emphasizes that in a low-desire economy, consumers are prioritizing time-saving products over cost-saving ones, indicating a shift in purchasing priorities [35][38]. - **Investment Opportunities**: The current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, suggesting that companies that can identify and act on these trends will emerge as winners [38]. - **Educational Initiatives**: The article promotes a course aimed at helping businesses understand how to thrive in the current market, featuring insights from industry leaders on product innovation and brand expansion [39][40][47].