Core Viewpoints - Evergrande's delisting continues to cause significant pain, with massive debts needing to be addressed, indicating that the societal impact is far from over [5] - The special bonds for urban village renovation have seen a year-on-year increase of 487%, driving a 33% overall growth in affordable housing projects [6] - In some second-tier cities, properties with over 100% usable area are still struggling to sell, highlighting the need for projects with multiple competitive advantages [7] Land Transactions - The land transaction scale remains low, with Shenzhen's Bao'an district setting a new record for land prices [9] - In the 33rd week, land supply increased slightly by 9% to 3.03 million square meters, while transaction area decreased by 6% to 2.97 million square meters [9] Policy Developments - The central government is enhancing the foundational financial systems for real estate, with multiple regions implementing new policies to strengthen supply-side management [10][11] - Cities like Hainan, Fuzhou, Yancheng, and Changsha County are rolling out comprehensive new policies to stabilize the market, focusing on revitalizing existing land and commercial conversions [11] Project Management - Greentown Management has expanded its project management fees to approximately 5 billion yuan in the first half of 2025, while Xuhui Construction Management has initiated its first new national standard project in Dalian [12] Residential Design Trends - The fourth-generation residential design is focusing on balancing openness and privacy, addressing the need for improved living conditions [14] - The residential storage system is evolving from passive space configuration to actively providing solutions for daily living, reflecting a shift in consumer needs [16]

Core Viewpoint - The new housing transaction area has increased month-on-month, while the real estate financial system is being improved to stabilize the market [1][39]. Policy Aspect - The People's Bank of China has implemented a moderately loose monetary policy, emphasizing the importance of maintaining liquidity and aligning social financing with economic growth [2][8]. - Local governments are introducing measures to facilitate housing fund withdrawals for down payments, such as in Tianjin and Zhengzhou [2][9]. Market Aspect - In the 33rd week of 2025, the transaction area of new homes in 68 cities was 1.68 million square meters, a year-on-year decrease of 12% but a month-on-month increase of 4% [3][10]. - The transaction area of second-hand homes in 20 cities was 1.69 million square meters, with a year-on-year decline of 6% [23][20]. - Land transaction area in 100 major cities increased by 33% year-on-year, with a premium rate of 1.9% [26][32]. Investment Aspect - The land auction market in Shenzhen was active, with a plot sold for 8.64 billion yuan, achieving a premium rate of 34.81% [4][39]. - The total land area sold in first-tier cities increased by 100% year-on-year, while second-tier cities saw a slight decline [26][39]. Financing Aspect - The issuance of domestic credit bonds decreased significantly, with a total of 3.66 billion yuan issued, down 53% year-on-year and 81% month-on-month [5][32]. Weekly Market Review - The real estate index rose by 3.94% in the week, outperforming the broader market [36]. Investment Recommendation - The industry maintains a "positive" rating, anticipating further stabilization in the real estate market due to ongoing policy support [39][41].

Monetary Policy Implementation - The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to align with domestic and international economic conditions, ensuring ample liquidity and matching social financing scale and money supply growth with economic growth and price level expectations [1][2][3] - The report highlights the importance of monitoring the execution of monetary policy measures and maintaining a balance in interest and exchange rates to support economic recovery [3][4] Support for Consumption - The report outlines a focus on enhancing financial support for consumption by improving the supply of high-quality services, which is seen as a critical area for stimulating consumer demand [4][5] - It suggests expanding financing channels for consumption, reinforcing credit support, and increasing financial resources for service consumption supply enterprises [4][5] Real Estate Financial System - The report calls for the improvement of the foundational financial system for real estate, emphasizing the need for stable financing and the implementation of policies to support affordable housing [2][3] Policy Coordination - The report stresses the importance of policy coordination among fiscal, employment, and social security measures to enhance consumer capacity and willingness, particularly for low-income groups [5]