近年来，国内房地产市场正经历一场静默却深刻的转型。随着"十五五"规划将"推动房地产高质量发展"列为重点任务，行业重心从规模扩张转向品质提升与 模式创新。在这一背景下，两大现象尤为引人注目：一是多家银行开始批量出售房产，加速不良资产处置；二是以手拉手房产网为代表的平台，通过买卖直 联、技术赋能与新媒体营销，推动二手房交易效率显著提升，甚至跑出"加速度"。这不仅是市场行为的调整，更是房地产行业从"交易黑箱"走向"透明服 务"的必然趋势。 银行集中出售房产，并非偶然。在房地产存量时代，部分房企与个人贷款违约率上升，导致银行持有大量抵债资产。为优化资产负债表、提升资金周转效 率，银行通过京东资产等平台直接挂牌出售房产，形成"批量卖房"之势。这一行为背后，折射出两个行业深层逻辑： 其一，是房地产金融风险的逐步释放。银行主动处置抵债资产，既是响应监管要求、防范系统性风险的表现，也反映出市场正从"高杠杆、高周转"向"稳信 用、重质量"转变。其二，是供给结构的优化需求。银行直售房产虽价格优势明显，但成交率参差不齐，说明市场不再盲目追逐低价，而是更看重房产的区 位、品质与交易安全性。这也与"十五五"规划中"优化供给""完善商品 ...

Group 1: Industry Overview - The "license dividend" is no longer applicable, leading to a reshaping of the securities fund custody business landscape [1][2] - Six securities firms have withdrawn their applications for fund custody qualifications this year, indicating a shift in the industry due to new regulations [2] - The new regulations have raised the entry threshold for custody institutions, increasing the net asset requirement from 20 billion to 30 billion yuan [2] Group 2: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released a draft in April 2023 that enhances the entry requirements for fund custody institutions and improves the industry exit mechanism [2][3] - The new rules require a minimum of 5 billion yuan in custody assets for continued operation, which has led to some firms retracting their applications due to inability to meet these hard indicators [2] Group 3: Market Dynamics - The competition in the custody market has intensified, with a significant price war leading to declining fee rates [2][8] - The shift from basic custody services to "custody+" comprehensive services is becoming a consensus in the industry, as basic services no longer meet the needs of managers [4][5] Group 4: Service Transformation - Firms are focusing on enhancing customer service and response speed, with an emphasis on compliance and operational stability [4][5] - Companies like Guotai Junan Securities are actively transitioning to "custody+" services, offering value-added services such as investment performance analysis and risk monitoring [4][5] Group 5: Risk Management - The essence of custody business is balancing risk and efficiency, especially in complex scenarios like private equity funds [7] - Companies are elevating compliance and risk control to a strategic level, moving from passive compliance to proactive risk management [7][8] Group 6: Financial Pressures - The ongoing price war has led to custody fees for private equity funds dropping significantly below reasonable levels, creating financial pressure on both small and large custody institutions [8] - Many small custody firms may struggle to achieve profitability, raising concerns about the sustainability of investment in risk control capabilities across the industry [8]