"稳如泰山"是前几年很多投资者对于红利资产的由衷赞美。确实，在2022-2023年间市场震荡调整时，红 利资产凭借其确定的股息和抗跌属性，成为了权益资产不多的避风港。 然而风水轮流转，随着以AI为代表的科技成长主线强势崛起，市场风险偏好持续走高，这时，红利 的"稳"就从优点变成了被对比的"钝"，更有一些拿着红利资产的朋友忍不住吐槽"快拿不住了"，同在牛 市，看着别人大口吃肉，自己却连汤都没怎么喝上。 说实话，同为红利资产的持有者，这种强烈的对比感，小编特别懂！打开账户，一边是热门行业基金净值 的蹿升，另一边，自己精心挑选、耐心持有的红利资产却"稳如磐石"，就算上涨也不出众。那种感觉就好 像自己虽然见证了一场牛市，但却只是这场热闹中的气氛组成员，难免失落。 当"稳稳的幸福感"变成了"酸酸的对比感"，是时候再审视手里的红利资产了。 首先，不妨回想一下，我们当初投资红利资产的初衷是什么？如果这个"当初"是2022年前后，大概率买入 初衷不是为了短期资产的暴增，而是因为当时许多板块震荡不休，而红利资产却走出了不一样的风景。 所以，很可能是作为结果的相对收益和抗跌，是许多投资者对红利资产的"初印象"。 然而，红利策略并 ...

Core Insights - The luxury real estate market in Shanghai has shown significant resilience and growth, with transactions of luxury properties priced over 10 million yuan increasing by 21% year-on-year in the first half of 2025, compared to a mere 5% increase in ordinary new homes [2][17] - The majority of this growth is concentrated in Shanghai, where 80% of luxury homes sold for over 50 million yuan are located, and 15 out of 19 properties sold for over 100 million yuan nationwide are also in Shanghai [2][17] - The luxury market is evolving, with some buyers viewing luxury homes as consumables rather than investments, while others are opting to rent instead of purchase, indicating a shift in buyer sentiment [2][19] Market Dynamics - The luxury market has seen a surge in demand, with high-profile projects like the "Cuihu Huating" selling out quickly, indicating a strong appetite among wealthy buyers [4][10] - New luxury developments are emerging in previously limited supply areas, with a notable increase in new luxury homes being marketed as "pre-sale" properties [6][8] - The introduction of a points-based lottery system for new home purchases has created a competitive environment, further driving demand for luxury properties [9][10] Buyer Behavior - Wealthy buyers are increasingly viewing luxury homes as a means of asset allocation, with many opting for larger units to accommodate family needs, reflecting changing lifestyle preferences [10][11] - The perception of luxury homes is shifting, with some buyers now considering them as depreciating assets rather than purely investment vehicles, leading to a more cautious approach in purchasing [22][48] - The market is witnessing a diversification of buyers, with a significant proportion of non-local buyers, particularly from Zhejiang and Jiangsu provinces, becoming key players in the luxury segment [33] Supply and Pricing Trends - The supply of luxury homes is increasing, with a notable rise in projects priced above 10 million yuan, leading to a more competitive market environment [54] - The average price for high-end residential properties in Shanghai has reached record levels, with some areas seeing prices as high as 24.32 million yuan per square meter [17][39] - The traditional price premium of second-hand luxury homes over new builds is diminishing, as new luxury properties are now being offered at competitive prices [50][52] Developer Strategies - Developers are adapting to market changes by offering more flexible financing options and reducing entry barriers for buyers, indicating a shift in strategy to stimulate sales [52] - The competitive landscape among developers is intensifying, with major players like Greenland and China Overseas actively acquiring prime land parcels to bolster their luxury offerings [39][40] - The luxury market is becoming increasingly segmented, with a clear hierarchy emerging based on location and property features, influencing buyer preferences and pricing strategies [27][30]