政策效果已初步显现。钢铁、水泥、光伏设备、能源金属等反内卷主题板块近期表现强劲，多数跑赢大 盘。虽然七月底煤炭、建筑装饰等板块出现回调，但多家机构强调，反内卷并非短期主题，背后是行业 盈利改善与竞争生态优化的中长期逻辑。 近日，六部门联合召开光伏行业座谈会，再次强调要规范市场竞争秩序，防范"内卷式"恶性竞争。自 2024年7月中央政治局会议提出相关要求以来，一套多层次、跨领域的反内卷治理体系正在加快构建。 多家机构分析认为，伴随政策持续落地，行业竞争格局有望优化，部分板块将迎来中长期价值重估。 华创证券研究所副所长张瑜指出，本轮政策围绕"盘活存量"与"做优增量"双主线推进，旨在推动传统产 业升级与鼓励新质生产力创新发展，手段包括优化竞争秩序和打破地方保护等。证监会也明确支持传统 行业兼并重组，释放出资本市场结构性优化的积极信号。 "兼并重组与升级转型是摆脱内卷的根本路径，"中信建投分析师夏凡捷团队表示，"通过减少竞争者、 抬高门槛，才能重构供需平衡，实现减量提质。"若光伏领域试点成功，类似模式或扩展至其他行业。 天风证券、中信建投等机构认为，随着政策逐步进入执行与成效验证期，"涨价潮"与企业盈利修复将成 为下 ...

来看海南楼市新政。 8月15日，海南省发布9条楼市新政，其中在需求端提出，取消普通住宅和非普通住宅标准、支持多孩家庭购房、支持居民换购改善住房、支持引进人才申 领购房及住房租赁补贴等，多方面释放并满足引进人才和本地居民家庭住房需要。 业内人士认为，本次海南楼市政策优化从供给和需求两端进行调整，其中，提升对多孩家庭购房的支持力度，强化对引进人才的购房、租房支持，有利于 需求进一步释放，预计未来随着政策落地落实，将对海南房地产市场回稳起到一定积极效果。 海南取消普通住宅和非普通住宅标准 中指研究院政策研究总监陈文静指出，优化多孩家庭住房套数认定，给予信贷支持，有助于降低多孩家庭的购房成本，释放购房需求。持续为引进人才发 放购房补贴，并明确对租赁保障性租赁住房的给予住房租赁补贴，进一步降低人才购房、租房压力。满足条件的购房者给予个税退税优惠，继续落实此前 全国性政策。取消普宅标准主要影响房企的土地增值税计算，对于二手房交易无直接影响。 在供给端，新政提出，支持盘活存量房地产用地和用房。一是加大专项债、公积金增值收益等政策工具支持力度，对收购存量商品房用作保障性住房、公 共租赁住房以及保障性租赁住房等方面提出支持政策 ...

Group 1 - The core viewpoint of the news is that Shangshi Development is significantly reducing its project inventory in Quanzhou through the sale of residential properties and related assets, expecting to achieve revenue of 1.883 billion yuan and a net profit of 163 million yuan [1][2] - The transaction involves the sale of residential units and parking spaces from the Shangshi Haishang project in Quanzhou to Quanzhou Kaiyuan Real Estate Group for a total of 2.053 billion yuan, with a notable premium of 59.97% over the book value [1][2] - The project has contributed significantly to the company's performance over the years, with a cumulative signed area of approximately 450,000 square meters and a total signed amount of about 5.8 billion yuan, although inventory reduction has slowed due to market conditions [2] Group 2 - The financial implications of the transaction are substantial, as it is expected to account for approximately 75.51% of the company's revenue for 2024, while also helping to improve cash flow and meet operational funding needs [2] - The company aims to focus its development strategy on Shanghai and the Yangtze River Delta region, aligning with the interests of all shareholders [2] - Recent policies from central and regulatory authorities aimed at revitalizing idle land and properties are expected to accelerate the local land market's inventory reduction, improving market supply-demand dynamics and corporate financial conditions [3]

Core Viewpoint - The real estate market in China is undergoing a "reduction in quantity and improvement in quality" as it accelerates inventory reduction, with a focus on optimizing existing policies to stabilize the market [1][7][11] Land Market Performance - In the first half of 2025, the transaction volume of operating land in 300 cities decreased by 8% year-on-year, with an average premium rate of 9.2%, an increase of 4.8 percentage points compared to the previous year [1][2] - Major cities like Chengdu and Hangzhou have seen land auction premium rates exceeding 50%, indicating a strong demand for quality land despite overall reduced supply [2][3] Inventory Reduction Efforts - The State Council has emphasized the need to assess existing land and ongoing projects to further optimize policies aimed at reducing inventory and stabilizing the real estate market [7][8] - As of May 2025, the narrow inventory of residential properties in 100 cities was 4.63 billion square meters, showing a downward trend, while the broad inventory remains a concern due to many undeveloped land parcels [5][6] Role of Local Government and State-owned Enterprises - Local governments are controlling land supply while enhancing quality, with state-owned enterprises playing a significant role in land acquisition, particularly in second and third-tier cities [3][11] - The proportion of land acquired by local investment platforms has remained above 50% from 2021 to 2024, peaking at 64% in 2024 [3] Policy Measures for Land Utilization - The Ministry of Natural Resources has introduced measures to address challenges related to idle land, including policies for reasonable adjustments and support for enterprises facing financial difficulties [8][10] - The use of special bonds for land storage has been reintroduced, allowing local governments to recover idle land effectively [10][11]

Core Viewpoint - China Jinmao is transitioning from a loss-making state to a proactive land acquisition strategy, aiming to leverage new land to improve cash flow and profitability amidst a challenging real estate market [1][5][30]. Group 1: Company Strategy - The new chairman, Tao Tianhai, has initiated comprehensive reforms in organization, investment, product, and operations, summarized as the "three axes" of Jinmao's turnaround: organizational streamlining, aggressive land acquisition, and product optimization [2][5]. - Jinmao's land acquisition strategy has seen it become the top acquirer in the industry, with a reported land acquisition value of 356 billion yuan from January to April 2025, surpassing major competitors [3][4][20]. - The company aims to create a positive feedback loop where increased land acquisition leads to new cash flow and profits, which in turn supports further land purchases [2][5]. Group 2: Financial Performance - In 2023, Jinmao reported a significant loss of 6.9 billion yuan, but turned around to achieve a profit of 1.07 billion yuan in 2024, indicating a successful recovery [5][8]. - The company’s sales figures have shown a downward trend over the past four years, dropping from 235.6 billion yuan in 2021 to 98.3 billion yuan in 2024, highlighting the challenges faced [8][9]. - Jinmao's land acquisition intensity has been notably high, with a ratio of 1.4 in early 2025, indicating a strong commitment to expanding its land bank despite previous losses [4][5]. Group 3: Market Context - The real estate market is currently in a downturn, but Jinmao is focusing on core first- and second-tier cities where demand remains relatively strong, providing opportunities for growth [21][22]. - The company is strategically shifting away from lower-tier cities, which have higher inventory and lower sales rates, to focus on more profitable markets [23][24]. - Jinmao's approach to land acquisition is supported by recent policy changes that have lifted price restrictions, allowing the company to leverage its high-end product capabilities [22][30].

Group 1 - The core viewpoint emphasizes the importance of both incremental and stock optimization in driving economic growth in China [2][4] - The logistics industry is experiencing significant improvements, with delivery efficiency increasing fourfold due to the integration of drones and autonomous vehicles [1] - The express delivery volume has surpassed 50 billion packages, indicating a robust growth trajectory in the logistics sector [1] Group 2 - The silver tourism sector is evolving, with a 30% year-on-year increase in railway tourism train operations, reflecting a shift towards quality and comfort to attract older travelers [2] - The integration of new technologies, such as AI and robotics, is creating new consumer experiences and driving market demand [3] - The potential of dormant assets, such as unused patents and vacant buildings, is being recognized, with initiatives in Shanghai and Fujian aimed at revitalizing these resources for economic growth [3]