Core Viewpoint - The second-hand housing market in major cities continued to decline in July, with transaction volumes dropping further, reflecting a complex situation in the real estate market and raising concerns about the market trend for the second half of the year [1] Group 1: Market Performance - In July, the transaction volume of second-hand houses decreased by 4% year-on-year, a decline greater than the 3% drop in June [1] - In first-tier cities like Beijing and Shanghai, the decline in transaction volume is relatively mild due to the irreplaceable quality of educational resources and the value retention of properties in core locations [3] - In contrast, second-tier cities such as Zhengzhou and Wuhan experienced a more significant cooling in the second-hand housing market, with year-on-year declines ranging from 5% to 8% [3] - Third and fourth-tier cities faced even greater pressure, with some cities seeing declines exceeding 10% and an increasing inventory digestion cycle [3] Group 2: Factors Influencing the Market - The decline in the second-hand housing market is attributed to several factors, including policy influences, such as the central government's acknowledgment of significant changes in the real estate market supply-demand relationship [5] - Some cities tightened second-hand housing transaction tax policies in July, which has suppressed market sentiment [5] - A strong wait-and-see attitude among buyers is a key reason for the continued low transaction volume, influenced by employment pressures and income expectations [7] - The ongoing promotional policies in the new housing market have diverted some demand away from second-hand homes [7] Group 3: Market Dynamics - The number of second-hand housing listings in multiple cities has risen, with cities like Chongqing and Chengdu seeing increases of over 30% year-on-year [9] - The influx of second-hand housing listings has enhanced buyers' bargaining power, leading to price reductions by sellers [9] - In July, the average transaction price of second-hand homes decreased by 0.5% compared to June, with the decline expanding by 0.2% [9] Group 4: Future Outlook - Experts in the real estate industry believe that the market may gradually stabilize in August following the clarification of national policies at the end of July [11] - There are expectations for more cities to optimize purchase and sale restrictions and reduce transaction taxes, along with increased financial support from commercial banks for reasonable housing consumption [11] - However, restoring market confidence will take time, and transaction volumes may remain low in the short term [11] - Overall, the decline in transaction volume and prices in July reflects both short-term market pressures and long-term transformation characteristics of the real estate industry [13] - It is anticipated that the second-hand housing market may exhibit a "first decline, then rise" trend in the second half of the year as policy effects become evident and the market adjusts [13]

价格指标显现筑底期特征，平均议价空间再创新低 ◎ 文 / 马千里 为探析二手房成交价格的动向，研究中心以北京、上海等11个典型城市的二手房小区为样本，为避免单套异常成交影响较大，每个月样本小区的选取标准，均为近2 个月交易量不小于5套。 从统计结果来看，5月有44.9%的小区成交价格环比上升，较上月回落了7个百分点，高频交易小区数量仍处于高位，连续两个月在5000个以上。在上月房价上涨小 区占比过半之后，本月再度进入价格调整期， 2025年以来，涨价小区占比已经在50%上下"一涨一跌"连续波动了5个月，筑底期信号愈发明确。 结合成交数据来 看，5月份核心城市二手房交易量同比增长2%。二手房价格走向虽出现反复，但交易量已实现同比止跌，这也进一步说明，当前的二手房价正在越来越接近阶段性 底部。得益于央行一揽子金融政策的推动，以及各地积极出台促消费政策提振住房需求，5月份重点城市二手房价格暂缓上行，但交易量仍持续高位，印证当前市 场信心仍在持续恢复。 与买方出价意愿波动不同，卖方价格仍在持续下调。 2025年5月，有34.1%的小区挂牌价上涨，较上月再度回落了1.1个百分点。不论买方出价意愿如何波动，2025 年以 ...

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 一个关于市场信心逐渐恢复的信号正在浮现。 作者丨 杨博宇 来源丨 东四十条资本 唯品会再次把目光瞄向股权投资。 这家在消费互联网时代大火的电商公司，在本月初低调地注册了一家新公司——唯品会（珠海）投资合伙企业（有限合伙）。 这家机构注册地在珠海横琴，出资额为 10 亿元。由 VIPSHOP FINANCIAL SERVICE LIMITED 发 起 设 立 ，管理 人 为 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 。虽然目前这家机构的投资动向暂未披露，但从过往的投资历史看，唯 品会在一级市场有过多笔出资，是电商中股权投资的老手之一。 据了解，新基金管理人 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 是唯品会的国际业务平台，负责唯品会在海外市 场的投资、并购和业务拓展。不过 2019 年 7 ...