Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a decline in new housing transaction volume and value, with a year-on-year decrease of 4.0% in sales area and 6.5% in sales value for the first seven months of 2025 [5][14] - The report indicates a continued downward trend in sales data, with July showing a significant drop of 7.8% in sales area and 14.1% in sales value compared to the previous year [5][14] - The report notes that the construction data shows a narrowing decline, with new construction area down 19.4% year-on-year, while completion area decreased by 16.5% [6][20] - The report emphasizes that the investment in real estate development has seen an increasing decline, with a 12.0% drop in investment amount for the first seven months of 2025 [7][24] - The report mentions that the funding available to real estate developers has decreased by 7.5%, with only personal mortgage loans showing a month-on-month increase [7][27] Summary by Sections Sales Data - In the first seven months of 2025, the total sales area of commercial housing was 516 million square meters, down 4.0% year-on-year, with residential sales area down 4.1% [5][14] - The sales value for the same period was 4.96 trillion yuan, a decrease of 6.5% year-on-year, with residential sales value down 6.2% [5][14] Construction Data - The new construction area for the first seven months was 352 million square meters, down 19.4% year-on-year, with residential new construction down 18.3% [6][20] - The completion area was 250 million square meters, down 16.5% year-on-year, with residential completion down 17.3% [6][20] Investment Trends - Real estate development investment for the first seven months was 5.36 trillion yuan, down 12.0% year-on-year, with residential investment down 10.9% [7][24] - The funding available to developers was 5.73 trillion yuan, down 7.5% year-on-year, with domestic loans and personal mortgage loans showing slight increases [7][27] Investment Recommendations - The report suggests that the traditional off-season in July and August will see continued weakness in supply and demand, with a recommendation for strong credit real estate companies that can capture improvement-driven customer demand [8][33] - It also highlights companies benefiting from both residential and commercial real estate recovery, as well as those with high-quality property management services [8][33]

卖房子的又忙得顾不上吃饭了，这是北京8月8日公布9号五环外将执行符合限购条件的不再限制购买套数后，身边很多人的真实情况。因为新政一出，咨询 的看房的瞬间爆发了。 据一财报道，新政发布后市场反应迅速，五环外一处楼盘工作人员表示，新政发布当晚就成交3套房。新政执行首日，部分五环周边的售楼处确实人流量不 小，即便在气温最高的正午，也陆续有购房者前来看房，还不时传出"砸金蛋"的声音。 据了解，有些房子周末到访量提升了20%-25%左右。我想这也是此次政策调整赶在周五出台的很重要一个原因。就是希望效果能在周末瞬间体现出来。 我看很多开发商的消息，有的在政策当晚就提出要连夜涨价，这也是过去经常采用的手段，毕竟利好来临，开发商信心大增，按理说涨价无可厚非。 而且我看到的不少置业顾问还是保持了理性的状态，对于政策会有多大刺激作用，他们并没有表现出特别兴奋，纷纷表示还需要时间观察。他们跟我理解的 也是一样，客观而言，北京五环外有很多优质楼盘，放在全国市场来看，可以作为优质资产配置的选择。如果后续能放开社保年限等要求，或许能吸引更多 周边有资金实力的人前来买房。 说白了，这次政策调整并没有太扩大符合限购条件的范围，还是那个池子里 ...

嘿，最近刷新闻没？房地产那边又有新动静了，限购、限贷、限售这老三样好像又有变化。我跟你说， 上次我一个朋友正打算换房呢，听说这事儿，天天愁眉苦脸的，不知道自己那房子还能不能顺利出手， 新的又能不能买上。 先说限购吧，之前有些城市管得可严了，不是本地户口还不让买，或者买了一套就不让买第二套。我记 得前几年去南方一个城市出差，打车的时候司机师傅就跟我唠，说他们那儿想再买套房，得等上好几 年，不然就没资格。现在听说有些地方放宽了，好像是说只要你有钱，想买几套买几套？不过也不一 定，每个城市的情况都不一样，有的松有的紧，这事儿真得自己去当地房管局问问才靠谱。 说真的，买房卖房这事儿真不容易，尤其是现在政策又这么多变。我觉得吧，要是你是刚需，比如要结 婚、要生孩子，需要买房，那就别想那么多，只要你有钱，有资格，啥时候买都行。要是你想炒房，那 我劝你还是算了，现在这政策可不太支持炒房，弄不好还会赔钱。 对了，还有个事儿我得提醒大家，不管政策怎么变，买房的时候一定要谨慎。得好好看看房子的质量、 地段、周边环境啥的，别光看价格。我一个同学就买了个便宜的房子，结果住进去之后才发现，小区环 境差得不行，周边配套也不完善，后悔都来 ...

Core Viewpoint - The real estate market in China is showing signs of stabilization, with a narrowing decline in housing prices and sales, driven by targeted policies implemented by local governments [1][2]. Policy Effectiveness - The macroeconomic policies aimed at regulating the real estate market have shown significant effects, with a reduction in the year-on-year decline of new residential sales prices across first, second, and third-tier cities [1]. - In June, the year-on-year decline in new residential sales prices for first, second, and third-tier cities narrowed by 0.3, 0.5, and 0.3 percentage points respectively compared to the previous month [1]. - The year-on-year decline in second-hand residential sales prices in second and third-tier cities also narrowed, with reductions of 0.3 and 0.2 percentage points respectively [1]. Market Trends - The overall trend indicates a stabilization in the real estate market, with new housing sales area and value experiencing a narrowing decline, suggesting a potential bottoming out [2]. - In the first half of the year, the national new residential sales area decreased by 3.5%, a reduction of 15.5 percentage points compared to the same period last year, while sales value fell by 5.5%, narrowing by 19.5 percentage points [2]. - The transaction volume in the real estate market has improved, particularly in the second-hand housing sector, which has seen an increase compared to the previous year [2]. Future Support Policies - It is anticipated that real estate support policies will be further intensified in the second half of the year, focusing on increasing the acquisition of affordable housing and expediting loan disbursements for key projects [3]. - There is an expectation for a potential reduction in mortgage rates in line with policy interest rate adjustments [3].

Group 1 - The core viewpoint of the articles indicates that the real estate market in China is showing signs of improvement, with a narrowing decline in both sales volume and sales value compared to previous periods [1][2][3] - In the first half of the year, the sales area of new commercial housing reached 45,851 million square meters, a year-on-year decrease of 3.5%, but the decline has narrowed by 15.5 percentage points compared to the same period last year [1] - The sales value of new commercial housing was 44,241 billion yuan, down 5.5%, with the decline narrowing by 19.5 percentage points year-on-year [1] Group 2 - The number of cities with rising new residential sales prices increased to 14 in June, with Shanghai and Changsha showing the largest month-on-month increases of 0.4% [1] - The average sales prices of new residential properties in first, second, and third-tier cities fell by 1.4%, 3.0%, and 4.6% year-on-year, respectively, but the declines were smaller than in previous months [2] - Real estate companies are progressing in debt reduction, with funds in place for real estate development down 6.2% year-on-year, but the decline has narrowed significantly compared to last year [2] Group 3 - The inventory of unsold commercial housing decreased to 76,948 million square meters by the end of June, marking a reduction of 479 million square meters from the end of May [2] - Core cities are continuing to optimize real estate policies, including adjustments to housing fund loan policies to better meet the reasonable housing needs of buyers [3] - It is expected that local governments will actively implement policies to stimulate the real estate market in the second half of the year [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Insights - The report highlights that the Ministry of Housing and Urban-Rural Development is committed to stabilizing the real estate market, with new policies being introduced in Hainan and Guangdong to facilitate the conversion of commercial loans to provident fund loans [9][16] - The report notes a decline in both new and second-hand housing transactions, with first-hand housing transactions down by 40.8% year-on-year and second-hand housing transactions down by 13.7% year-on-year [7][36] - The report emphasizes the importance of financially stable leading real estate companies, suggesting that investors focus on firms like Yuexiu Property, China Merchants Shekou, Poly Developments, and others that can effectively respond to market fluctuations [9] Summary by Sections 1. Weekly Market Review - The real estate index increased by 0.29%, while the CSI 300 index rose by 1.54%, indicating underperformance of the real estate sector compared to the broader market [6][14] 2. Industry Fundamentals - In the week of June 27 to July 3, a total of 39,921 first-hand homes were sold across 38 key cities, reflecting a year-on-year decrease of 40.8% and a month-on-month increase of 3.1% [7][22] - The total area sold was 4.553 million square meters, with a year-on-year decrease of 33.3% and a month-on-month increase of 21% [7][22] - For second-hand homes, 18,203 units were sold, down 13.7% year-on-year and 10.9% month-on-month, with a total area of 178.6 million square meters sold [36][47] 3. Company Announcements - Poly Developments reported a signed area of 152.33 million square meters in June 2025, a decrease of 26.20% year-on-year, with a total signed amount of 290.11 billion yuan, down 30.95% [20][21] - China Merchants Shekou and Yuexiu Property also reported declines in their sales figures for June 2025, with year-on-year decreases of approximately 29.4% and 39.7% respectively [20][21]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5][6]. Core Insights - The real estate market is still in a destocking trend, with new housing market dynamics showing signs of stabilization. The report emphasizes the importance of maintaining stable housing prices for both the real estate sector and consumer confidence [5][6]. - The report highlights that the central government is expected to increase policy support for the real estate sector, including measures such as mortgage rate cuts and promoting the sale of quality housing [5][6]. Industry Data Summary New Housing Transactions - In the week of May 24-30, 2025, new housing transactions in 34 key cities totaled 2.76 million square meters, a decrease of 3% week-on-week. First and second-tier cities saw a 5% decline, while third and fourth-tier cities experienced a 34% increase [5][6]. - In May, the total transaction volume for new homes in 34 cities was 10.03 million square meters, a year-on-year decrease of 7%. First and second-tier cities saw a 9% decline, while third and fourth-tier cities recorded a 7% increase [9][10]. Second-Hand Housing Transactions - In the week of May 24-30, 2025, second-hand housing transactions in 13 key cities totaled 1.27 million square meters, a decrease of 1% week-on-week. Cumulatively, transactions in May were down 5% year-on-year [14][5]. Inventory and Supply - In the week of May 24-30, 2025, 15 key cities launched 1.07 million square meters of new housing, with a corresponding transaction volume of 1.15 million square meters, resulting in a transaction-to-launch ratio of 1.07. The available residential area in these cities was 89.27 million square meters, a slight decrease of 0.1% [23][5]. Policy and News Tracking - The People's Bank of China reported that as of the end of Q1 2025, the balance of real estate loans was 53.54 trillion yuan, a year-on-year increase of 0.04%. The report also outlines various local government initiatives aimed at stabilizing the housing market, including adjustments to housing loan policies and tax rates [33][34].

Core Viewpoint - The company is facing significant challenges in its real estate and air conditioning segments, with a notable decline in sales and profits due to market conditions and competition [6][18][19]. Meeting Details - The annual shareholders' meeting is scheduled for May 22, 2025, at the Taizhou Hotel, Jiangsu Province, with both on-site and online voting options available [2][3]. Financial Performance - The company reported a net profit of 133.34 million yuan, a decrease of 9.97% compared to the previous year, primarily due to a significant drop in real estate sales [6][7]. - Total operating revenue decreased by 46.83% to approximately 91.98 million yuan, with operating costs also declining by 37.16% [8][10]. - The air conditioning segment generated revenue of 32.69 million yuan, down 13.91% year-on-year, while real estate sales plummeted by 75.38% to 22.09 million yuan [7][10]. Business Segment Analysis - The air conditioning segment's profitability is under pressure due to reduced sales prices and competition, while the real estate segment is struggling with low demand and cautious buyer sentiment [18][19]. - The company is focusing on enhancing its product competitiveness and market expansion strategies to improve sales performance [19]. Future Outlook - The air conditioning industry is expected to face intensified competition, with larger brands dominating the market, while smaller brands must innovate to survive [18]. - The real estate market is anticipated to remain sluggish, with ongoing promotional activities from various developers to attract buyers [19]. Strategic Initiatives - The company plans to improve its product offerings and marketing strategies to boost sales, particularly in the air conditioning sector [19]. - There is an emphasis on enhancing customer service and maintaining long-term relationships in the real estate business [19].