1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the issuance of the second batch of Sci - tech Bond ETFs, the "over - rising" spread of component bonds remained stable at around 7 - 8bp, with no "front - running" phenomenon. If the scale of the second - batch ETFs expands rapidly, component bonds with a smaller "over - rising" margin may experience an excessive decline in valuation. Bonds with a maturity of more than 5 years or perpetual bonds have a smaller "over - rising" margin [5][8]. - Although the bond market fluctuated last week, credit bonds performed relatively stably. Credit bonds are still a choice for pursuing certainty, and medium - term bonds of 2 - 3 years can be quickly deployed. It is recommended to use the idea of mining based on the issuer's yield curve [5][12]. - Credit bonds are still the choice for pursuing certainty, and the 2 - 3Y medium - term can be quickly deployed. The idea of mining based on the issuer's yield curve is continued to be recommended, and riding opportunities or "convex points" of individual bonds can be found during the exploration towards the medium - and long - term [5][12]. 3. Summary According to the Directory 3.1 Credit Bond Weekly Viewpoint - The second batch of Sci - tech Bond ETFs completed fundraising on September 12, with a total issuance of approximately 40.8 billion yuan and are scheduled to be listed on September 24. The "over - rising" spread of component bonds is stable, and the probability of large - scale redemptions and negative feedback is low. Component bonds with a smaller "over - rising" margin may see an excessive decline in valuation if the ETF scale expands [5][8]. - Last week, the bond market fluctuated, but credit bonds were stable. Credit bonds are a good choice for certainty, and 2 - 3Y medium - term bonds can be deployed. The idea of mining based on the issuer's yield curve is recommended [5][12]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - From September 15 to September 21, 2025, Wuhan Contemporary Technology Investment Co., Ltd. failed to pay the principal and interest of bond H20 Technology 4 on time. Shanghai Shimao Construction Co., Ltd., Sichuan Bluetown Development Co., Ltd., and Shanghai Shimao Co., Ltd. had major negative events such as overdue debts, being included in the list of dishonest被执行人, and large - scale litigation [16][17]. 3.2.2 Primary Issuance - From September 15 to September 21, the primary issuance of credit bonds was 326.1 billion yuan, a 25% increase from the previous period. The total repayment amount increased to 236.5 billion yuan, and the net inflow was 89.6 billion yuan, remaining the same as the previous period. The cost of new bonds for high - grade issuers increased, and 3 bonds were cancelled or postponed for issuance, with a total scale of 1.55 billion yuan [17][18][20]. 3.2.3 Secondary Trading - The valuation of credit bonds was generally stable, fluctuating within ±2bp, and credit spreads were passively narrowed by about 4bp. The 5Y - 1Y term spreads of all grades widened, while the 3Y - 1Y spreads were flat or slightly narrowed. The AA - AAA grade spreads were stable or declined. The credit spreads of urban investment bonds in each province narrowed by about 1bp on average, and only Ningxia widened. The spreads of industrial bonds in each industry also narrowed by about 1bp, with the media industry having the largest narrowing of 2bp. The liquidity of credit bonds improved, with the turnover rate increasing by 0.24pct to 1.77%. The top five real - estate companies with widening spreads were Times Holdings, Country Garden, Rongqiao, Logan Group, and Pearl River Investment [22][26][29].

位于上海市松江区外青松公路9258号上海佘山国家旅游度假区190套别墅，如今芳草萋萋。 从上海顶奢别墅到人迹罕至，曾以"亿元别墅"登顶全国最贵豪宅的上海紫园别墅项目，在楼市逐渐复苏的大背景下，竟然停售4年多仍未"解封"，令人啧 啧称奇。 而随着9月8日，上海紫园的开发商嘉城兆业背后的股权和债权纠纷案，在上海市高级人民法院再次开庭审理，上海紫园别墅停售背后的家族内斗也浮出水 面。 上海佘山国家旅游度假区是上海市唯一国家4A级度假区，曾以"亿元别墅"登顶全国最贵豪宅的上海紫园别墅就位于该度假区内。在汤臣一品入市之前， 上海紫园一度稳居国内豪宅首席。早在2004年，上海紫园就登顶《中国超级豪宅排行榜》榜首，其中的上海紫园1号别墅曾以1.3亿元的天价成为当时全国 最昂贵的豪宅。 上海紫园背后的开发商是上海嘉城兆业房地产有限公司（简称"嘉城公司"），创始人是现年77岁高龄的高家仁，目前嘉城公司由他的独子David Golden （入籍新加坡，中文名"达伟"）实际运营。 图源：凤凰网房产频道上海紫园实景图 2020年，已经72岁高龄的高家仁和妻子胡兰（持香港身份）突然起诉了达伟及其实控的嘉城公司，要求达伟"返还"嘉城公司 ...

为了把房子卖给更多的港澳居民，侨乡中山调动了民间的"人脉"。 9月17日，中山市住房和城乡建设局正式启动2025年港澳市场全民营销活动，同时扩大2025年"新中山人 安家中山"活动奖补范围。 全民营销是一种打破传统房地产销售模式的卖房方式，核心逻辑是将返佣范围从专业群体扩大到社会公 众，借助公众的人脉网络为房地产项目引流获客，最终促进成交。 根据通知，2025年9月17日至2026年3月31日，凡成功推荐港澳居民在中山范围内购买新建商品房（限住 宅、公寓、商业办公）的推荐人，中山住建局按购房发票票面金额1%（税前）给予现金奖励，房企则 按购房发票票面金额原则上不低于2%（税前）给予现金奖励。按此计算，推荐成功者至少可以获得合 计3%现金奖励。 也就是说，若推荐港澳居民购买了总额100万元的新建商品房，推荐人可至少获得3万元现金。 与此同时，已经实施将近2个月的"新中山人安家中山"活动，购房补贴范围由在中山"购买新建商品住房 且在中山就业的外地户籍人"，扩大至"所有在我市购买新建商品住房的购房人"，购房人最高可获得由 中山财政局按购房发票票面金额2.5%补贴的电子消费券。 相较与香港接壤的深圳和与澳门接壤的珠海 ...

2025年9月16日上海市财政局、国家税务总局上海市税务局发布《关于优化调整本市个人住房房产税试点有关政策的通知》，符合条件的非本市户籍居民 家庭，暂免征收房产税。 符合条件的非本市户籍居民家庭包括： 1. 持有本市居住证并在本市工作生活的符合国家和本市有关规定引进的高层次人才、重点产业紧缺急需人才； 2. 持有本市居住证满3年并在本市工作生活的购房人。 暂免征收房产税的范围包括： 1、在本市新购住房，且该住房属于家庭第一套住房的，暂免征收房产税。 2、在本市新购且属于家庭第二套及以上住房的，合并计算的家庭全部住房面积，人均不超过60平方米的，暂免征收房产税；人均超过60平方米的，对属 新购住房超出部分的面积，按暂行办法的规定计算征收房产税。 上海自2011年1月宣布启动"房产税"试点，对个人住房征收"房产税"。一直到今天，上海和重庆仍是全国唯二的"房产税"试点城市，其中重庆于2025年5月 16日发布《关于市外人员购买普通住宅免征个人住房房产税的通知》调整房产税政策，调整后仅新购的独栋商品住宅、高档住房需缴纳房产税。 此次上海房产税调整政策落地主要是对2025年8月25日上海新政的落地响应，从结果来看，主要 ...

今年兰州的土拍市场，可太热闹了。 疯狂的调规、出地、拿地，感觉是把这些年的库存全给拿出来了。 就在刚刚，七里河龚家湾又一居住用地成功出让。 9月18日，兰州景嘉置业有限公司以4570万元，成功拿下兰州七里河龚家湾片区约12.951亩的居住用地。 该地块位于七里河龚家湾片区，龚家湾小区以东、兰州胶鞋厂以西、龚家湾消防队以南、龚家湾路以北。 G2525号宗地位置示意 制图 @指兰针 地块成交单价：352.8685万元/亩，楼面地价：2940.64元/m²，地块详情如下： | 宗地编号 | 宗地位置 | 出让面积 | | 土地用途 | 出让年限 | 规划指标 | | | 成交价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | m | | | 南 | | | 容积率 建筑密度 | 绿地率 | 限高 | (万元) | | 七里河区龚家湾片区，龚家湾小 | | | | | | | | | | | G2525 区以东、兰州胶鞋厂以西、龚家 8688.8 | | | 12.951 | 居住用地 | 70年 | 1-1.8 ≤28% | ≥30 ...

记者观察发现，上海外环外房源的咨询量和成交量有明显提升，尤其在近几周的周末成交量呈现一波小高 峰。"因为有VR看房功能，上班族平时线上看房、线上咨询比较多。'沪六条'新政出台后，我们平台上线的外环 外房源浏览量同比增长22%，咨询量同比增长26%。"浦东新区世纪公园地铁站附近一链家门店业务员表示。 家住杨浦区的市民唐女士告诉记者，婚后一直有换房需求，但由于此前的限购政策，只能卖掉原有房子才能置换 新房。"沪六条"新政出台之后，目前住所就不着急出手了，可以等有了合适的房子之后再出售用以还贷。 此外，"沪六条"新政的公积金政策得到多重优化。购买二星级及以上新建绿色建筑住房的，住房公积金最高贷款 额度上浮15%。首套最高贷款额度从160万元提高至184万元，多子女家庭首套可达216万元。新政还支持提取住房 公积金支付购房首付款，并允许"又提又贷"。这意味着购买上海市新建预售商品住房的缴存人，可提取本人及配 偶的公积金支付首付款，且不影响公积金贷款额度计算。 央广网上海9月17日消息（记者林馥榆）8月26日，上海出台被称为"沪六条"的房地产新政，对住房限购、公积 金、住房信贷和住房税收等进行六项调整。紧接着，9月15 ...

五年后，你的200万房产值多少？大佬们的共识预示房价新格局！ "这套房子现在值200万？五年后，或许能涨到240万，也可能跌到160万。"一位资深地产分析师近日与我闲谈时，抛出了这样的疑问，他一语双关地补充 道："关键还在于地段，以及房子的'成色'。"他这番话，恰恰印证了地产界两位领军人物——王健林和孙宏斌——早已不谋而合的观点，未来房价的走向似 乎已然明朗。 当下，房地产市场的未来走向，无疑是人们茶余饭后的热门话题。是该当机立断，迅速入市？还是静观其变，再做打算？在犹豫不决之时，两位在中国房地 产界举足轻重的人物，王健林与孙宏斌，不约而同地释放了相似的信号。他们的洞见不仅揭示了不同城市房价分化的必然趋势，更传递了一个关键的讯息： 房产的"优劣"之分正日益凸显，并非所有房子都能抵御时间的考验，实现保值增值。今天，就让我们用最通俗易懂的语言，一同探讨一番，在未来的楼市浪 潮中，哪些房产值得我们倾囊相购，又有哪些是必须避开的"雷区"。 大佬们的预判：城市有别，房产亦分"三六九等" 然而，即便是同一线城市，其内部的"差房子"则面临截然不同的命运。例如，上海内环以内的一些老旧小区，因缺乏电梯、小区环境不佳等硬伤，在2 ...

作为西安楼市头部板块的能源金贸区，随着起步区一期住宅用地步入供应尾声，板块开发重心已逐步转移至金湾科创区二期 ，也就是今年年初陕西鑫 苑、万晖置业成功摘地的那片区域。 就在今日，金湾科创区二期再迎新地块，一宗43.698亩的住宅用地顺利成交。 与此同时，今天沣西新城也打破了土地市场久违地沉寂，迎来了今年首批4宗住宅用地集中成交。 此外，备受关注的高新"软东"区域，也迎来一宗住宅用地的规划公示，为接下来"软东"板块增加了新的期待。 01 能金区新宅地成交 先来重点关注能源金贸区今日成交的这宗住宅用地。 这宗地籍编号XXFD-JM02-124号地块，位于西咸新区能源金贸区金科四路以东、金科三路以西、沣湾三路以北、沣湾四路以南。 土地面积约43.70亩，容积率在2.0-2.5之间，绿地率不小于35%，建筑密度不大于20%。 最终，该地块由西安中天尚玺实业有限公司（中天西北）以底价4.09亿元摘地，成交地价936万元/亩、成交楼面价5616元/㎡。 值得一提的是，这并非西安中天尚玺实业有限公司首次布局能金区，此前就已在同区域打造了中天宸悦项目。 不仅如此，西安中天尚玺实业有限公司在今年西安土地市场表现活跃，今年7月， ...

Group 1 - The core viewpoint of the article is that China's real estate market is transitioning from a "universal rise era" to a "structural differentiation era," with significant variations in property value retention across different cities [3][10][19] - The article emphasizes that the long-term outlook for real estate is influenced by population trends, medium-term factors are related to land, and short-term factors are driven by financial conditions [3][9] - The report identifies the top ten cities with the highest property value retention rates as Urumqi, Shanghai, and Beijing, all exceeding 80% [4][11][12] Group 2 - Urumqi's property value retention is supported by its strategic position as a core node in the "Belt and Road" initiative and its low bubble property characteristics [5][20][24] - Shanghai's high property value retention is attributed to its unique economic foundation and the concentration of global capital, with a retention rate of 89.4% [5][27][30] - Beijing benefits from its capital status, high-quality population, and irreplaceable educational resources, resulting in a property value retention rate of 85% [5][33][37] Group 3 - The article discusses the differentiation in property value retention across regions, with the Yangtze River Delta and Pearl River Delta cities performing better than those in the Northeast [13][14] - It highlights that the property value retention rates in the western cities are generally higher due to their economic resilience and population attraction [14][19] - The report notes that the historical peak of property prices significantly affects retention rates, with cities that peaked later showing stronger retention capabilities [16][19] Group 4 - The article suggests that the medium to long-term real estate market still has development potential, with a projected housing demand of approximately 5.5 billion square meters from 2025 to 2030 [52][53] - It outlines three potential measures to revitalize the real estate sector, including the establishment of a large housing bank and continued interest rate cuts [55]

Core Viewpoint - The Chinese real estate market is undergoing a significant adjustment, moving towards a more balanced and reasonable state reminiscent of 2016, driven by various economic and demographic factors [3][4][5]. Market Performance - In the first half of 2025, the national sales area of commercial housing decreased by 8.3% year-on-year to 562 million square meters, while sales revenue fell by 12.5% to 5.83 trillion yuan [4]. - The number of cities experiencing a decline in new residential prices reached 53, and 58 cities saw a drop in second-hand housing prices, indicating a widespread market downturn [4]. Historical Context - The year 2016 is highlighted as a pivotal point, with commercial housing sales area at 1.573 billion square meters and sales revenue at 11.76 trillion yuan, alongside a reasonable price-to-income ratio [4]. - Current price-to-income ratios have improved, with first-tier cities at approximately 13:1, second-tier cities at 9:1, and third and fourth-tier cities at 6:1, moving closer to the 6-8 range considered reasonable [5][7]. Demographic and Economic Factors - Population aging and negative growth are expected to reduce annual housing demand to around 8 million units by 2030, a decrease of about 30% from 2016 levels [7]. - Urbanization is slowing, with the urbanization rate projected to grow by less than 0.5 percentage points annually over the next decade, compared to 1.2 percentage points from 2010 to 2020 [7]. Investment Trends - There is a shift in asset allocation among residents, with investments in deposits, financial products, and stocks surpassing real estate for the first time in 2025 [7]. - The financial environment for real estate is becoming more rational, with the growth rate of real estate loans declining from double digits to single digits [7]. Supply and Demand Dynamics - The supply-demand imbalance is easing, with new residential supply in first-tier cities increasing by 5.3% while decreasing by 7.8% in third and fourth-tier cities [8]. Future Market Characteristics - Regional differentiation is expected to become more pronounced, with stable prices in first-tier and strong second-tier cities, while third and fourth-tier cities face greater price adjustment pressures [9]. - The market is anticipated to return to a focus on residential needs rather than speculative investments, with a growing emphasis on the intrinsic value of housing [9]. - The secondary market and rental market are projected to dominate, with second-hand transactions expected to account for over 65% of total transactions by 2030 [9]. - Quality competition will replace price competition, as consumer preferences shift towards better quality and services in housing [10].