Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The report highlights that despite the relaxation of purchase restrictions in Beijing, both new and second-hand housing transactions have declined [1][8] - The overall market performance is stronger than the broader market, with the Shenwan Real Estate Index rising by 2.16% compared to a 1.23% increase in the CSI 300 Index, resulting in a relative return of 0.93% [5][13] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 2.16%, outperforming the CSI 300 Index which rose by 1.23% [5][13] 2. Industry Fundamentals - For the week of August 1-7, the total number of new homes sold in 38 key cities was 19,984 units, a year-on-year decrease of 12% and a month-on-month decrease of 21.3% [6][21] - The total transaction area for new homes was 182.9 million square meters, with a year-on-year decrease of 15.5% and a month-on-month decrease of 27% [6][21] - In the same week, the total number of second-hand homes sold in 16 key cities was 15,748 units, with a year-on-year decrease of 1.7% and a month-on-month decrease of 8.2% [32][38] - The total transaction area for second-hand homes was 150.7 million square meters, with a year-on-year decrease of 2.4% and a month-on-month decrease of 8.7% [32][38] - The inventory of commercial housing in 17 key cities was 188.41 million square meters, with a month-on-month increase of 0.2% and a depletion cycle of 148 weeks [49] 3. Land Market Supply and Transaction Analysis - During the week, 2,497.7 million square meters of land were supplied, a year-on-year increase of 10.5% [7] - The average transaction price of land was 1,399 yuan per square meter, a year-on-year increase of 34.3% [7] 4. Real Estate Financing Analysis - Real estate companies issued a total of 17.76 billion yuan in credit bonds, with a year-on-year increase of 83.38% and a month-on-month increase of 108.18% [7]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The real - estate market shows a mixed performance in July 2025. Both second - hand and new home sales have different trends in terms of month - on - month and year - on - year changes, with significant variations among different city tiers [1][3]. 3. Summary by Content Second - hand Housing - **Overall Performance**: In the week of July 11 - 17, the second - hand housing transaction area in 15 cities increased by 2% month - on - month after two consecutive weeks of decline, but decreased by 3% year - on - year. From July 1 - 17, the cumulative year - on - year decline was 5%, slightly larger than the 3% decline in June [1]. - **City - tier Analysis**: First - tier cities' second - hand housing transaction area increased by 2% month - on - month but decreased by 9% year - on - year. Second - tier cities' transaction area increased by 11% month - on - month and 2% year - on - year. Third - tier cities' transaction area decreased by 17% month - on - month and 4% year - on - year [2]. New Housing - **Overall Performance**: In the week of July 11 - 17, the new housing transaction area in 38 cities decreased by 6% month - on - month and 14% year - on - year, with a cumulative year - on - year decline of 20% from July 1 - 17, weaker than previous months [3]. - **City - tier Analysis**: First - tier cities' new housing transaction area decreased by 24% month - on - month and 23% year - on - year. Second - tier cities' transaction area decreased by 1% month - on - month and 9% year - on - year. Third - tier cities' transaction area increased by 14% month - on - month but decreased by 10% year - on - year [3][4]. Key City Observation - **First - tier Cities**: In the week of July 11 - 17, first - tier cities' second - hand housing transaction area increased by 2% month - on - month but decreased by 9% year - on - year; new housing transaction area decreased by 24% month - on - month and 23% year - on - year. There were significant differences among Beijing, Shanghai, Guangzhou, and Shenzhen in terms of month - on - month and year - on - year changes [26]. - **Other Key Cities**: In Hangzhou, second - hand housing transaction area increased by 2% week - on - week, while new housing transaction area decreased by 44%. In Chengdu, second - hand housing transaction area increased by 5% week - on - week, and new housing transaction area decreased by 11% [28]. Housing Price Observation In the week of July 7 - 13, the second - hand housing listing prices in Shanghai increased by 0.46% month - on - month, while those in Beijing and Shenzhen decreased by 0.29% and 0.77% respectively. Compared with the week before the "924" policy last year, the second - hand housing listing prices in all three cities decreased [55].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The real - estate market shows a mixed performance. Second - hand housing transactions have weakened, with the year - on - year decline of 15 - city second - hand housing transactions continuing for four weeks and the decline rate expanding this week. New housing transactions are still affected by the end - of - quarter push, with the month - on - month increase for three consecutive weeks but the year - on - year still negative. Different cities at various levels also show different trends in second - hand and new housing transactions [1][3]. 3. Summary According to Related Catalogs 3.1 Second - hand Housing Transaction Situation - **Overall 15 - city situation**: From June 27th to July 3rd, the transaction area of 15 - city second - hand housing was 2.18 million square meters, a month - on - month decline of 9% and a year - on - year decline of 12%, with the decline rate expanding by 8 percentage points [1]. - **By city level**: - **First - tier cities**: The weekly transaction area of second - hand housing in first - tier cities increased slightly after six consecutive weeks of decline, with a month - on - month increase of 6% this week. However, it has declined year - on - year for four consecutive weeks, with a 13% decline this week. Among them, Beijing and Shanghai decreased by 13% and 18% respectively year - on - year, while Shenzhen increased by 5% [1]. - **Second - tier and third - tier cities**: The month - on - month of second - hand housing in second - tier and third - tier cities both changed from increase to decrease, with a decline of 18% and 21% respectively this week. Year - on - year, second - tier and third - tier cities' second - hand housing transactions decreased by 12% and 9% respectively [2]. 3.2 New Housing Transaction Situation - **Overall 38 - city situation**: This week, the transaction area of 38 - city new housing was 4.56 million square meters, a month - on - month increase of 20% and a year - on - year decline of 17% [3]. - **By city level**: - **First - tier cities**: The month - on - month of new housing in first - tier cities increased for three consecutive weeks, with an increase of 34% this week. However, it has declined year - on - year for four consecutive weeks, with a 10% decline this week. Among them, Guangzhou increased by 24% year - on - year, while Shanghai, Beijing, and Shenzhen decreased by 14%, 17%, and 47% respectively [3][4]. - **Second - tier and third - tier cities**: The month - on - month of new housing in second - tier cities increased for two consecutive weeks, and in third - tier cities for four consecutive weeks, with growth rates of 13% and 18% respectively this week. Year - on - year, second - tier and third - tier cities' new housing transactions decreased by 19% and 22% respectively [4]. 3.3 Key City Observation - **First - tier cities**: For second - hand housing, the weekly transaction area of Beijing, Shanghai, and Shenzhen increased by 4%, 21%, and 5% respectively month - on - month. For new housing, Beijing, Shanghai, and Guangzhou increased by 77%, 10%, and 44% respectively month - on - month, while Shenzhen decreased by 8% [23]. - **Hangzhou and Chengdu**: Hangzhou's second - hand and new housing transaction areas decreased by 5% and increased by 150% respectively compared with the previous week. Chengdu's second - hand and new housing transaction areas decreased by 16% and increased by 1% respectively compared with the previous week [25]. 3.4 Housing Price Observation From June 23rd to 29th, the weekly listing prices of second - hand housing in Shanghai and Shenzhen increased by 0.15% and 0.39% respectively month - on - month, while that in Beijing decreased by 0.06%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen still decreased, with declines of 5.9%, 0.8%, and 4.5% respectively [49].

1. Report industry investment rating No relevant content provided. 2. Core view of the report The real - estate market shows a mixed performance in June 2025. Second - hand housing transactions have a slight month - on - month increase but a continuous year - on - year weakening trend. New housing transactions have a month - on - month rebound mainly due to the end - of - month and end - of - quarter push - sales effect, but the year - on - year performance remains weak [1][2]. 3. Summary according to relevant content Second - hand housing transactions - This week (June 20 - 26), the transaction area of second - hand housing in 15 cities was 2.4 million square meters, a 3% month - on - month increase and a 4% year - on - year decline. From a monthly perspective, the cumulative year - on - year decline since early June was 1%, while it increased by 4%, 20%, and 38% in May, April, and March respectively [1]. - In terms of city tiers, the weekly transaction area of second - hand housing in first - tier cities has declined for six consecutive weeks, with a 1% week - on - week decline this week. In second - and third - tier cities, it has increased for the third consecutive week, with week - on - week growth rates of 3% and 12% respectively [1][2]. - In key first - tier cities, in the second - hand housing market from June 20 - 26, the weekly transaction area of Beijing, Shanghai, and Shenzhen decreased by 1% week - on - week. Shenzhen and Shanghai decreased by 8% and 3% respectively, while Beijing increased by 5%. Year - on - year, Shanghai and Shenzhen decreased by 23% and 2% respectively in the weekly comparison, and Beijing increased by 4%. From a monthly perspective (June 1 - 26), Beijing and Shenzhen increased by 8% and 11% respectively, while Shanghai decreased by 19% [24]. New housing transactions - This week, the transaction area of new housing in 38 cities was 3.81 million square meters, a 41% month - on - month increase and a 10% year - on - year decline. The month - on - month rebound was mainly due to the end - of - month and end - of - quarter push - sales effect [2]. - In terms of city tiers, the new housing transaction area in first - tier cities increased by 53% week - on - week, with all of Beijing, Shanghai, Guangzhou, and Shenzhen showing growth, with growth rates of 32%, 84%, 47%, and 1% respectively. In second - tier cities, the decline turned into an increase, with a 52% week - on - week growth rate, and in third - tier cities, it increased for the third consecutive week, with a 16% week - on - week growth rate [3][4]. - In key first - tier cities, from June 20 - 26, the weekly new housing transaction area increased by 53% week - on - week. Year - on - week, Beijing and Shanghai increased by 2% and 11% respectively, while Shenzhen and Guangzhou decreased by 39% and 8% respectively. From a monthly perspective (June 1 - 26), Beijing and Shanghai increased by 4% and 10% respectively, while Shenzhen and Guangzhou decreased by 30% and 16% respectively [24][25]. Housing price observation - From June 16 - 22, the weekly listing prices of second - hand housing in Shanghai and Shenzhen increased by 0.19% and 0.07% respectively month - on - month, while that in Beijing decreased by 0.22%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen all decreased, with declines of 5.8%, 1.0%, and 4.9% respectively [53].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The second - hand housing transaction in 15 cities increased slightly week - on - week but decreased year - on - year, and the year - on - year growth rate has narrowed since June. The new housing transaction in 38 cities increased week - on - week but the year - on - year decline widened [1][2]. - The second - hand housing in first - tier cities decreased week - on - week for five consecutive weeks, while the new housing increased week - on - week. The second - hand and new housing in second - and third - tier cities showed different trends [1][2][3]. - In key cities, the second - hand and new housing transactions in first - tier cities had different performance in terms of week - on - week and year - on - year changes. The housing prices in first - tier cities also showed a downward trend in May [24][50]. 3. Summary by Relevant Catalogs 3.1 Transaction Volume Observation 3.1.1 Second - hand Housing - In the week of June 13 - 19, the transaction area of second - hand housing in 15 cities was 2.34 million square meters, with a week - on - week increase of 3% and a year - on - year decrease of 5%. The year - on - year growth rate since June narrowed to 1% [1]. - First - tier cities' second - hand housing decreased week - on - week for five consecutive weeks, with a 2% decline. Among them, Shenzhen and Shanghai decreased by 10% and 4% respectively, while Beijing increased by 5%. Second - and third - tier cities' second - hand housing increased week - on - week for two consecutive weeks, with growth rates of 4% and 14% respectively [1][2]. 3.1.2 New Housing - In the week of June 13 - 19, the transaction area of new housing in 38 cities was 2.68 million square meters, with a week - on - week increase of about 5% and a year - on - year decrease of 14%. The year - on - year decline was larger than that in previous months [2]. - First - tier cities' new housing increased week - on - week by 2%, with Beijing, Guangzhou, and Shenzhen increasing by 32%, 8%, and 8% respectively, while Shanghai decreased by 16%. Second - tier cities' new housing decreased week - on - week by 1%, and third - tier cities' new housing increased week - on - week by 18% [2][3]. 3.2 Key City Observation 3.2.1 First - tier Cities - Second - hand housing: In the week of June 13 - 19, the transaction area of second - hand housing in Beijing, Shanghai, and Shenzhen decreased week - on - week by 2%. Shanghai and Shenzhen decreased year - on - week, while Beijing increased. In June 1 - 19, Beijing and Shenzhen increased year - on - month, while Shanghai decreased [24]. - New housing: In the week of June 13 - 19, the transaction area of new housing in first - tier cities increased week - on - week by 2%. Beijing, Guangzhou, and Shenzhen increased, while Shanghai decreased. In June 1 - 19, Beijing and Shanghai increased year - on - month, while Shenzhen and Guangzhou decreased [24][25]. 3.2.2 Other Key Cities - In Hangzhou, the second - hand and new housing transaction areas decreased week - on - week by 7% and 1% respectively in the week of June 13 - 19. In Chengdu, the second - hand housing transaction area increased week - on - week by 5%, and the new housing transaction area decreased week - on - week by 17% [24][25]. 3.3 Price Observation - In May, the second - hand housing price index in first - tier cities decreased both month - on - month and year - on - year. The month - on - month decline was 0.7%, and the year - on - year decline was 2.7%. The new housing price index in first - tier cities also showed a downward trend, with a month - on - month decline of 0.2% and a year - on - year decline of 1.7% [50].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The year-on-year growth rate of second-hand housing has significantly slowed down, and the new housing market has also shown a downward trend [1][2]. Summary by Relevant Catalogs Second-hand Housing Market - **Overall Performance**: In the week of May 9 - 15, the transaction area of 15 cities was 2.45 million square meters, a decrease of about 9.5% compared with the week before the holiday. The year-on-year growth rate also slowed down, with a 3.1% increase this week, significantly lower than 20% in April and 38% in March [1]. - **City - Level Analysis**: The second - hand housing in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a relatively smaller decline. First, second, and third - tier cities decreased by 6.2%, 11.2%, and 13.6% respectively. Among first - tier cities, Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Among second - tier cities, Suzhou had a large decline of 27%, and the declines of Qingdao, Xiamen, Chengdu, and Nanning were between 6% - 15%, and Hangzhou remained basically flat [1]. - **Year - on - Year Analysis by City Level**: This week, first - tier cities increased by 16%, with the growth rate significantly narrowing compared with 45% in March and 31% in April. Second - tier cities decreased by 1%, turning from growth to decline, having grown 36% and 11% in March and April respectively. Third - tier cities decreased by 13%, also turning from growth to decline, having grown 25% and 21% in March and April respectively [2]. New Housing Market - **Overall Performance**: In the week of May 9 - 15, the transaction area of 38 cities was 2.73 million square meters, a decrease of about 15% compared with the week before the holiday. The year - on - year decline was 12%, similar to the 13% decline in April, and there was a slight 1% increase in March [2]. - **City - Level Analysis**: The new housing transactions in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a larger decline. First, second, and third - tier cities decreased by 32%, 16%, and 11% respectively. Among first - tier cities, Beijing, Shanghai, and Shenzhen decreased by 28%, 33%, and 34% respectively. Among second - tier cities, Suzhou and Wuhan had large declines of 32% and 33% respectively [2]. - **Year - on - Year Analysis by City Level**: This week, first - tier cities decreased by 10.5%, with the decline similar to the 12.5% decline in April. Second - tier cities decreased by 22.9%, with the decline significantly expanding compared with the 10.1% decline in April. Third - tier cities decreased by 8.6%, with the decline narrowing compared with the 17.4% decline in April [2]. Key City Observations - **Beijing, Shanghai, and Shenzhen**: For second - hand housing from May 9 - 15, the weekly transaction area decreased by 6% compared with the week before the holiday. Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Compared with the high point last year, Shanghai was at 81%, Beijing was at 72%, and Shenzhen was at 64%. For new housing, the weekly transaction area decreased by 32% compared with the week before the holiday, with Beijing, Shanghai, and Shenzhen decreasing by 28%, 33%, and 34% respectively. Compared with the high point last year, they were between 24% - 45% [14]. - **Hangzhou**: The second - hand housing weekly transaction area remained flat compared with the week before the holiday, and the new housing weekly transaction area decreased by 31%, equivalent to 68% and 18% of the 2024 high point respectively [15]. - **Chengdu**: The second - hand housing weekly transaction area decreased by 6% compared with the week before the holiday, and the new housing weekly transaction area decreased by 15%, equivalent to 70% and 56% of the 2024 high point respectively [15]. Housing Price Observation - In the week of May 5 - 11, the weekly listing prices of second - hand housing in Beijing and Shenzhen decreased by 0.39% and 0.55% respectively, while that in Shanghai increased by 0.47%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen still decreased, with declines of 4.8%, 0.7%, and 3.2% respectively [39].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The real - estate market shows a mixed performance in the week from April 18 - 24, 2025. The second - hand housing market has a slight recovery in some areas, while the new housing market continues to decline [1][3] - There are significant differences in the performance of different - tier cities in both the second - hand and new housing markets [2][3] Summary by Related Catalogs Second - hand Housing Market - **15 - city overall situation**: The weekly transaction area of second - hand housing in 15 cities increased by 2% week - on - week this week (April 18 - 24), after three consecutive weeks of decline. The year - on - year growth was 21%, and the monthly growth from April 1 - 24 was also 21%. The performance was slightly weaker than the same period last year [1] - **City - tier performance**: Beijing, Shanghai, and Shenzhen's weekly transaction area decreased by 2% week - on - week, with Shanghai and Shenzhen down 6% and 7% respectively, and Beijing up 5%. Second - tier cities increased by 5% week - on - week, and third - tier cities increased by 8% week - on - week. Year - on - year, Beijing, Shanghai, and Shenzhen increased by 29% (with the growth rate narrowing), second - tier cities increased by 17% (with the growth rate expanding), and third - tier cities increased by 15% (with the growth rate expanding) [2] - **Specific city performance**: In Beijing, Shanghai, and Shenzhen, the monthly growth from April 1 - 24 was 22%, 39%, and 51% respectively. Hangzhou's second - hand housing transaction area decreased by 3% week - on - week for four consecutive weeks, and Chengdu's increased by 4% week - on - week for three consecutive weeks [15] New Housing Market - **50 - city overall situation**: The weekly transaction area of new housing in 50 cities decreased by 3% week - on - week, for the fourth consecutive week. The decline was narrower than last week. The year - on - year decline was 20% compared to 2024 and 51% compared to 2023. The monthly decline from April 1 - 24 was 15% compared to the past two years [3] - **City - tier performance**: Beijing, Shanghai, and Shenzhen's weekly transaction area increased by 7% week - on - week, with Beijing and Shanghai up 24% and 6% respectively, and Shenzhen down 13%. Second - tier and third - tier cities decreased by 5% and 11% week - on - week respectively. Year - on - year, Beijing, Shanghai, and Shenzhen decreased by 25%, second - tier cities decreased by 15%, and third - tier cities decreased by 25% [3] - **Specific city performance**: In Beijing and Shanghai, the monthly decline from April 1 - 24 was 10% and 20% respectively, and Shenzhen was basically flat. Hangzhou's new housing transaction area increased by 4% week - on - week after three consecutive weeks of decline, and Chengdu's decreased by 9% week - on - week for three consecutive weeks [15] Housing Price Observation - **Second - hand housing price**: From April 14 - 20, the weekly listing prices of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 0.3%, 0.02%, and 0.23% respectively week - on - week. Compared with the week before the "924" policy last year, they still decreased by 4.2%, 0.5%, and 2.4% respectively [38]