Investment Rating - The report indicates a "weak recovery" in the real estate brokerage industry as of September 2025, with a景气度指数 of 49.11, which is still below the neutral line of 50, suggesting ongoing challenges in growth [5][8]. Core Insights - The real estate brokerage industry has shown signs of a "weak recovery" since March 2025, with the景气度指数 gradually increasing from 46.31 in August to 49.11 in September, indicating a slight improvement in market conditions [5][9]. - The increase in the景气度指数 is attributed to a combination of factors including an increase in supply, enhanced activity from brokers, and improved circulation efficiency, which have collectively offset the weakening demand [9][10]. - Despite a decline in demand indicators, such as the房源找房热度 index dropping from 0.53 in August to 0.43 in September, the overall positive factors have outweighed the negative impacts [9][10]. Summary by Sections National Real Estate Brokerage Industry Overview - As of September 2025, the industry continues to experience a "weak recovery" with a景气度指数 of 49.11, indicating a slight upward trend from previous months [5][8]. - The景气度指数 is calculated using various indicators including demand, supply, inventory, broker activity, and circulation efficiency, with values above 50 indicating growth [7][9]. Key Cities Real Estate Brokerage Industry Overview - Among the 46 monitored cities, over 30% have a景气度指数 above 50, with more than 60% showing improvement compared to the previous month, signaling a recovery trend [8][15]. - The report highlights that in September, 15 cities had景气度指数 above 50, with notable increases in cities like 石家庄 (59.20) and 合肥 (56.49) [16][19]. - The report emphasizes that the industry is adopting a strategy of "quality first" to stimulate potential demand, focusing on enhancing service quality and transaction efficiency [19].

Group 1: Industry Overview - The real estate brokerage industry experienced a decline in the business climate index, dropping to 45.2 in June 2025, remaining below the neutral line for three consecutive months, indicating insufficient market activity despite some improvements in certain indicators [1][2][5] - The average index for the first half of 2025 was 47, reflecting a year-on-year decrease of 1.5, with expectations for a potential rebound in the second half of the year, particularly after July [2][13] Group 2: Market Activity Indicators - The decline in the business climate index is attributed to significantly reduced market activity, with the operational vitality index falling to 0.43, the lowest level since February, driven by seasonal factors and economic conditions [5][6] - The time properties remain on the market has increased, with the index rising from 0.38 in May to 0.40 in June, indicating longer transaction cycles and reduced market liquidity [5][6] Group 3: City-Level Analysis - Among the 46 monitored cities, only Wuxi had a business climate index above the neutral line at 55.7, while all first-tier cities were below 50, with an average index of approximately 45.5 [9][12] - The performance varied significantly across city tiers, with first-tier cities showing more resilience, while third and fourth-tier cities exhibited the weakest market conditions, with 83% of these cities experiencing a decline in their indices [10][13] Group 4: Future Outlook - The industry is currently in a contraction phase, and key indicators such as operational vitality and time on the market need to be closely monitored for signs of recovery [5][13] - Historical trends suggest that July may serve as a turning point for the industry, warranting attention from market participants [13]

Investment Rating - The investment rating for the real estate brokerage industry is currently below the neutral line, indicating a downward trend in the market [6][9]. Core Insights - As of May 2025, the real estate brokerage industry’s prosperity index stands at 45.3, slightly up by 0.7 points from April, but still below the critical threshold of 50, suggesting ongoing issues with insufficient demand and transaction activity in the second-hand housing market [6][9]. - The report indicates a mixed performance across 46 key cities, with only 10 cities surpassing the 50 mark, while the remaining 36 cities are experiencing contraction [9][18]. - The report highlights that while the overall market remains under pressure, there are signs of stabilization at the bottom, particularly in certain smaller cities benefiting from policy support and local demand [18]. Summary by Sections National Real Estate Brokerage Industry Overview - The prosperity index for the national real estate brokerage industry in May 2025 is 45.3, indicating a slight improvement but still reflecting a downward trend overall [6][9]. - The index's increase is attributed to a reduction in the decline of housing search enthusiasm and improved transaction efficiency, despite a continuous rise in total housing listings [10][11]. Key Cities' Real Estate Brokerage Industry Prosperity - Among the 46 cities analyzed, only 10 have a prosperity index above 50, with first-tier cities facing significant pressure and second-tier cities showing considerable challenges [9][15]. - The report notes that third and fourth-tier cities are performing well, with cities like Yichang leading with a prosperity index of 68.15, driven by local demand and supportive policies [15][18]. Market Dynamics - The report identifies a "partial recovery and increasing differentiation" in the market, with over half of the 25 cities showing an increase in their prosperity index, while 21 cities experienced a decline [15]. - The average prosperity index for third and fourth-tier cities is 51.56, outperforming first-tier cities at 46.41, indicating a significant disparity in market performance across different city tiers [15][18].