Core Insights - In June, the second-hand housing transactions in Hangzhou (including Fuyang and Lin'an) totaled 7,335 units, representing a month-on-month decline of 4.9% and a year-on-year decline of 17% [1] - The market activity has shown a significant drop compared to the "golden three silver four" period, indicating a cooling trend in the real estate market [1] - The proportion of price-reducing communities among active second-hand housing projects in Hangzhou has increased, with the highest ratio found in the Shangcheng District, where the number of price-reducing communities is twice that of price-increasing ones [1] Transaction Data Summary - In June, the average transaction prices of various active communities in Shangcheng District showed mixed results, with some properties experiencing price increases while others saw declines. For example, Xinda Binjiang Yipin increased by 4.26% to 112,311 yuan/m², while Poly Binjiang Shangpin decreased by 5.74% to 108,726 yuan/m² [2][3] - The overall trend indicates a market correction, with many properties in different districts experiencing price drops, such as the average price in Xihu District for Green City Xixi Yunlu dropping by 8.83% to 108,972 yuan/m² [13] - In Yuhang District, the average price for Green City Peach Blossom Source rose by 8.32% to 136,830 yuan/m², indicating some pockets of resilience in the market [21]

Group 1 - The domestic market is facing a significant issue with declining trading volume, which has fallen below 1 trillion, creating downward pressure on market sentiment [3] - The market is currently lacking overall opportunities, with only specific sectors like nuclear energy and resources continuing to rise, while other sectors show limited performance [3] - There is a liquidity pressure reflected in the rise of the overnight borrowing rate (GC001) by 10%, indicating a tightening of short-term funds as the end of the month approaches [3] Group 2 - The market is expected to maintain a volatile and oscillating process, with the national team likely to stabilize the market if significant downturns occur [4] - Current support for upward breakthroughs is insufficient, with limited short-term policy benefits and ongoing preparations for new industrial policies that may focus on high-end manufacturing and critical areas like chips and artificial intelligence [4] - The anticipated new version of industrial policy, which may emerge around mid-2025, is still in its early stages and unlikely to create immediate market impact [4]