Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The new - home market shows signs of marginal repair with four consecutive weeks of环比 growth, but the year - on - year readings are under pressure due to high - base effects. The second - hand housing market has certain resilience, though it also experiences fluctuations [1][2]. - There are significant structural differences in the real - estate market across different city tiers. First - tier cities have a mixed performance in new - and second - hand housing, while second - and third - tier cities also show different trends in new - and second - hand housing transactions [3][6]. - The second - hand housing listing prices show a differentiated trend among different city tiers, with first - tier cities stabilizing, and second - and third - tier cities continuing to decline [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - **New Homes**: In the week from November 28 to December 4, the transaction area of new homes in 38 cities reached 2.92 million square meters, a 5%环比 increase, and the absolute scale is higher than the past four weeks, indicating a gradual recovery [1]. - **Second - hand Homes**: The transaction area of second - hand homes in 15 cities was 2.14 million square meters, a 3%环比 decline after two weeks of high - level consolidation. However, the trading volume in the past four weeks remained relatively stable [1]. - **Year - on - year**: Affected by high - base effects, both new - and second - hand home transactions declined year - on - year, with the decline in second - hand homes expanding significantly [1]. 3.2 Monthly Data - **New Homes**: In November, the transaction area of new homes in 38 cities decreased by 35% year - on - year, a further decline from the 27% drop in October, mainly due to the high - base effect of the same period last year [2]. - **Second - hand Homes**: In November, the transaction area of second - hand homes in 15 cities decreased by 20% year - on - year, the same as in October, showing stronger resilience compared to the new - home market [2]. 3.3 First - tier City Performance - **New Homes**: The new - home market in first - tier cities continued to recover, with a 7%环比 increase in weekly transactions, but the growth rate narrowed. There was significant differentiation among cities, with Beijing showing a large increase due to a low - base effect, while Guangzhou and Shenzhen declined [3]. - **Second - hand Homes**: The second - hand housing market cooled down, with a 4%环比 decline in the combined transactions of Beijing, Shanghai, and Shenzhen. All three cities experienced declines [3]. - **Year - on - year**: Both new - and second - hand home transactions in first - tier cities declined year - on - year, with the decline in second - hand homes expanding significantly. Shenzhen was particularly affected by the high - base effect [4]. 3.4 Second - and Third - tier City Performance - **Second - tier Cities**: New - home transactions increased slightly by 6%环比, but the recovery momentum was weak. Second - hand home transactions decreased by 7%环比 [6]. - **Third - tier Cities**: New - home transactions increased for three consecutive weeks, with a 3%环比 increase this week. Second - hand home transactions increased by 11%环比, approaching the annual high [6]. - **Year - on - year**: In second - tier cities, the decline in both new - and second - hand home transactions expanded. In third - tier cities, the decline in new - home transactions narrowed marginally [6]. 3.5 Housing Price Observation - **Overall**: From November 24 to December 1, the listing prices of second - hand homes in first - tier cities stabilized, while those in second - and third - tier cities continued to decline [7]. - **First - tier Cities**: Shenzhen's listing price rebounded, while other first - tier cities declined. Guangzhou had the deepest year - on - year decline [7]. - **Second - tier Cities**: Xi'an and Wuhan had relatively strong环比 performance, but their long - term prices were still in a downward adjustment channel. Hangzhou was relatively resistant to decline [7].

Core Insights - The Shenzhen real estate market performed better in the first half of the year compared to the same period last year, with new residential sales reaching 15,101 units, a 24.4% increase year-on-year [1][2] - The second-hand housing market recorded 35,106 transactions, marking a 30.7% increase compared to the previous year [1][2] - The overall market maintained a good operational trend, with a notable recovery in the second-hand housing market after the Spring Festival [1] Sales Performance - In June 2025, the city recorded 5,546 second-hand housing transactions, reflecting a month-on-month decrease of 3.2% but a year-on-year increase of 4.5% [1][2] - The average monthly sales of second-hand homes exceeded 5,000 units in the first half of the year, indicating a stable market performance [1] New Housing Market - In the first half of 2025, pre-sale new homes totaled 16,522 units, a year-on-year increase of 11.9%, with 2,054 units sold in June alone [2] - The demand for smaller residential units remains strong, with homes under 90 square meters accounting for 55.9% of total transactions, although this is a decrease from 61.4% in the same period last year [2] Inventory Trends - As of June 30, 2025, there were 73,858 effective second-hand housing listings, an increase of 2.9% from the previous month [2] - The willingness of homeowners to sell has increased, contributing to the rising inventory levels in the second-hand housing market [2]

Group 1 - Qingdao Housing "Old for New" implementation steps have been clarified, requiring local housing departments to report details of old and new housing transactions to the municipal housing authority for public disclosure and funding application [1] - In April, Shenzhen's second-hand housing transaction volume reached 6,597 units, a year-on-year increase of 33.5%, while new housing transactions totaled 2,845 units, showing a slight year-on-year growth of 0.7% [2] - Changchun has optimized its housing provident fund policies, allowing families with multiple children to increase their loan limit by up to 40% when using the fund for the second time [3] Group 2 - China’s top 100 real estate companies acquired land worth 360.8 billion yuan in the first four months of 2025, marking a year-on-year increase of 26.6% [5] - In a recent announcement, China Merchants Shekou provided a guarantee of up to 357 million yuan for a 700 million yuan development loan requested by Nantong Zhaochuang [4]