Group 1: Market Trends - The term "structural" has gained popularity in recent years, with A-shares previously experiencing a structural bull market led by high-dividend, low-valuation stocks, and more recently, sectors like chips, AI, and robotics driving a new structural bull market [3] - In August 2025, the average price index for second-hand residential properties in 70 major cities showed a challenging market environment, with most cities facing difficulties [4][5] - Despite a sluggish overall real estate market, high-end residential properties priced over 10 million yuan are experiencing a different narrative, with significant sales growth [6] Group 2: High-End Residential Market Performance - In the first half of 2025, 20 core cities saw a total of 21,000 high-end residential units (priced over 10 million yuan) sold, marking a 21% year-on-year increase [6] - The sales of luxury homes priced between 10 million and 30 million yuan increased by 25%, while those priced above 50 million yuan surged by 51% [7] - Shanghai stands out in the luxury market, accounting for 78% of the total sales of properties priced over 50 million yuan in the first half of 2025 [8][9] Group 3: Price Trends and Buyer Behavior - The average price of luxury properties in Shanghai's Huangpu District rose from 138,000 yuan per square meter in 2020 to 179,000 yuan per square meter in 2025, reflecting a nearly 30% increase [11] - High-end residential properties are characterized by significant demand, with many requiring buyers to queue for purchases, indicating a strong market appetite [12] - The appeal of high-end properties is driven by their upgraded features and the affluent buyer demographic, who prioritize comfort and innovation over price sensitivity [13][27] Group 4: Economic Context and Investment Behavior - The decline in investment returns has led to a sense of "asset scarcity" among the wealthy, prompting them to consider luxury real estate as a viable investment option [26][28] - The combination of high purchasing power and a concentration of wealth in first-tier cities supports the ongoing demand for luxury properties [14][16] - The luxury real estate market is expected to remain resilient due to its inherent scarcity and the continuous influx of new affluent buyers [29]