智通财经APP获悉，天风证券发布研报称，政策表态"促进房地产行业止跌企稳"，基本面拐点或将近， 增量政策预期持续。交易端，市场"底部共识"增强，"短线政策博弈+中长期估值修复"逻辑更加顺畅。 配置方向上，天风证券建议优先考虑①非国央企受益于化债、政策纾困、需求改善等多重逻辑下的困境 反转；②具备投资及改善产品优势的龙头房企独有的周期韧性；③区域型企业其城市基本面分化及市占 率提升逻辑；④二手中介受益于存量交易景气度提升。其中，低估值优质非国企及地方型企业受益于融 资、收储等政策的弹性空间或更大。 天风证券主要观点如下： 行业追踪（2025.5.4-2025.5.10） 降息注入需求企稳"强心针"。5月7日，央行国新办新闻发布会宣布下调政策利率0.1个百分点，即公开 市场7天期逆回购操作利率从目前的1.5%调降至1.4%；降低个人住房公积金贷款利率0.25个百分点，五 年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整。本次政策利率调整有望推动5年期LPR 稳步下行，公积金贷款利率一次性大幅调降25bp为商贷利率锚定较充足调降空间（0.1-0.25bp）。从可 比指标看，截止25Q1末，一线城市租 ...

Core Insights - The Shenzhen second-hand housing market has shown a significant recovery post-holiday, with a week-on-week increase of 106.6% in recorded transactions [1] Group 1: Market Performance - In the 19th week of 2025, a total of 1,407 second-hand homes were recorded in Shenzhen, indicating a strong rebound after the holiday period [1] - The recorded volume of second-hand homes has returned to normal levels following fluctuations influenced by the May Day holiday [1] Group 2: Inventory Data - As of May 12, 2025, there are 71,832 effective second-hand housing listings available in Shenzhen, which is a decrease of 499 units compared to the previous week [1]

大家都知道我在处理家庭房产，五一期间处理掉的这套是自主房，房子保养得很好，但所处 的位置有硬伤，旁边主干道有车流噪音，很多客户介意这一点。 晚上，在客户到来之前，中介告诉我老婆这个客户的心理预期是 780，实际上这是谎言。中 介建议老婆以 858 开价。 双方见面，交流了最初的报价之后，中介就将老婆与客户隔开，中介来回传话交流。这个时 候，中介跟老婆说客户不愿加价，并问我们的底价情况，然后问如何支付中介费，最后跟老 婆商量好，如果能谈成800 以上的价格，超过 800 的部分作为中介费。 老婆觉得不可能谈成多高，就同意了， 然后，中介再将双方拉到一起，告诉老婆，客户同意 848 成交... 于是，它们在这笔交易中，狠赚48万以上。至于它们问客户还收取了多少中介费，我不知道。 我心里真实很同情这对客户，你跨区看房，要多看看了解下市场定位啊！女方处于怀孕状 态，以前居住条件不好，现在急于购房，有点着急，唉！另外，买房子还价怎么能只还 10 万！以前的客户都是七八十万砍价！这对客户是第一次购房，完全没经验！ 800 实收这个价格，我和老婆没什么不满意，这个价格符合我们的预期。我们生气的原因主 要是中介在交易过程中的 ...

Core Viewpoint - The second-hand housing market in key cities has shown significant year-on-year growth in transaction volume in April, indicating a recovery in market confidence and a positive outlook for May [1][2][3]. Summary by Sections Transaction Volume Growth - In April, key cities experienced a notable increase in second-hand housing transactions, with Shenzhen up 37%, Shanghai up 30%, Beijing up 17%, and Guangzhou up nearly 13% [2][3]. - In second-tier cities, Chengdu, Hangzhou, and Nanning saw transaction increases of 20%, 16%, and 14%, respectively [2][3]. Market Activity and Confidence - The real estate market in Shenzhen maintained a strong performance in April, with the "Silver Four" period showing robust activity [4]. - Analysts suggest that the ongoing positive trend in transaction volume reflects effective policies and an active market environment, with Shanghai's transaction volume remaining high for seven consecutive months [4]. Future Market Outlook - The real estate industry anticipates a continued upward trend in May, driven by improved market conditions and supportive policies [5][6]. - The Guangzhou Real Estate Association reported that despite seasonal factors affecting April's market, the transaction volume remained above 10,000 units, boosting confidence for May [5]. Recent Transaction Data - During the "May Day" holiday, transaction volumes in key cities showed significant year-on-year increases, with Beijing's transactions up nearly 93% and Shanghai's up 56% compared to the same period last year [7]. Potential Market Adjustments - Analysts caution that after a phase of demand release, there may be a short-term decline in transaction volume as the market adjusts [8].

深圳市房地产中介协会表示，当前，房地产市场筑底恢复企稳态势已清晰明朗，在政策环境将继续保持 稳定和支持情况下，预计深圳5月房地产市场有望延续一季度以来积极向好的发展态势。二手房市场在 前期活跃度提升的基础上，预计交易量将持续增长，价格趋稳，市场交易活跃度持续增强。 据深圳市房地产中介协会统计，2025年4月深圳市二手房录得6597套，环比下降14.4%，同比增长 33.5%。4月二手房市场继续保持较好的市场行情，"银四"成色足。截至2025年4月30日，据深圳市房地 产信息平台公开在售二手房数量统计，全市有效在售二手房源72391套，对比上月同期统计的71590套在 售房源增加801套，环比增长1.1%，业主委托出售意愿持续保持较高水平。 ...

Core Insights - The second-hand housing market in Shenzhen showed strong performance during the recent May Day holiday, with significant increases in transaction volumes compared to the previous year [1][2] - The market is experiencing a mix of increased listings and stable prices, with buyers remaining cautious and seeking better deals [2] Group 1: Market Performance - During the May Day holiday, the second-hand housing transaction volume in Shenzhen increased by 66% year-on-year, while new housing transactions rose by 17% [1] - The number of property viewings for second-hand homes increased by 14% year-on-year, with a notable 27.7% rise in signed contracts from the previous year [1] - From May 1 to May 5, major real estate agencies in Shenzhen recorded 20,684 viewings and facilitated 367 transactions, with 63 contracts signed, marking a 36.96% increase compared to the same period last year [1] Group 2: Market Trends and Buyer Sentiment - There is a notable increase in property listings, with some sellers eager to sell due to market policies and financial pressures, leading to more competitive pricing [2] - The Shenzhen housing market has seen a cooling off from its peak in March, with a 37% year-on-year increase in second-hand transactions, but overall market activity is characterized by a "price for volume" strategy [2] - Expectations for policy support and the introduction of high-quality projects are anticipated to stimulate demand for upgrades and replacements in the housing market [2]

Core Viewpoint - The Central Plains City Leading Index (CCL) has shown a slight increase of 0.25% to 136.71 points, reflecting a cautious market sentiment amid ongoing trade tensions between China and the U.S. [1] Group 1: Market Trends - The CCL has risen for two consecutive weeks, totaling an increase of 0.26%, but the growth remains modest as the index has fluctuated around the 136-point level for five weeks [1] - Concerns over escalating trade conflicts have led to a cautious attitude among buyers, while sellers are optimistic about potential interest rate cuts, resulting in a stalemate in negotiations [1] - The market has seen a significant reduction in second-hand transactions due to the depletion of affordable listings, leading to price contention [1] Group 2: Price Index Performance - The CCL is currently 3.71 points or 2.71% above the second-quarter target of 133 points, remaining at an 8.5-year low [1] - The CCL has decreased by 0.68% in 2025, with specific declines noted in various categories: CCL Mass down 0.75%, CCL (small units) down 0.56%, and CCL (large units) down 1.21% [2] - The CCL Mass index stands at 137.09 points, having dropped 0.11% weekly and 0.84% over four weeks, while the CCL (small units) has stabilized after three weeks of decline [2]

Core Viewpoint - The article discusses the evolution of real estate transaction security in China, highlighting the shift from a seller's market to a buyer's market, and the subsequent improvements in transaction safety measures implemented by platforms like Beike [2][4][11]. Group 1: Transaction Security Improvements - The real estate market has transitioned to a buyer's market, leading to increased risks for sellers due to inadequate security measures in transactions [2][4]. - Beike has introduced a service commitment titled "房产资金'汉'卫安全," which extends security guarantees throughout the entire transaction process, not just during fund custody [3][11]. - A survey indicated that over 70% of consumers are unaware of common risks in second-hand property transactions, with 39.08% having experienced fund security issues [4]. Group 2: Enhanced Risk Management - Beike has implemented a comprehensive risk management system that includes dynamic monitoring and proactive alerts to ensure transaction safety [12][13]. - The platform has defined five categories of potential financial loss risks and established a city-level risk management organization to standardize processes [12]. - Beike's commitment includes a compensation mechanism for consumers in case of fund risks, ensuring that losses are addressed within 15 days [12][13]. Group 3: Collaboration with Financial Institutions - The new service model is expected to reduce risks for banks, as it enhances data accuracy and security in transactions, thereby improving loan processing efficiency [13]. - Beike's training programs for agents ensure that they are well-versed in the new service rules and can effectively communicate risks and commitments to clients [13].

Group 1 - The core viewpoint indicates a decline in transactions in the secondary property market, with a notable drop of 12.5% week-on-week, as only 7 transactions were recorded in the top ten estates [1] - The new development SIERRA SEA saw a strong response, with all 318 units sold out on the first day, contributing to over 350 transactions in the primary market during the weekend [1] - The secondary market remains subdued, particularly affecting lower-priced properties, as the primary market continues to dominate [1] Group 2 - Following the holiday period, the return of many homeowners and buyers has led to a stabilization in secondary property viewings and transactions [2] - Despite the recovery in secondary market activities, the expectation of new developments entering the market and developers actively promoting remaining inventory suggests that primary market demand will remain strong [2] - There are still buyers looking for good deals in the secondary market, indicating ongoing interest despite the current market conditions [2]

Core Insights - The upcoming May Day holiday has prompted many real estate companies and agencies to launch new promotional activities [1] - Beike Shenzhen has officially initiated the "Beike New House Festival, May Day Shopping Spree" event, which will run from April 27 to May 5 [1] - The event aims to integrate platform resources and collaborate with well-known developers to provide multiple benefits for homebuyers [1] Promotional Activities - The promotional activities will cover the entire country and include various methods such as lotteries, red envelope rain, home purchase vouchers, exclusive discounts on JD appliances, and renovation subsidies [1] - Discounts can reach over one million yuan, directly addressing consumer needs [1] - Beike has selected over 500 quality special-priced homes in Shenzhen, including entry-level, upgraded residential, and school district properties, with unprecedented time-limited discounts [1] Service Commitment - Beike Shenzhen has previously announced the "B-end Peace of Mind Service Commitment," which covers key aspects such as commission settlement, advance payment efficiency, and reporting guarantees [1] - The commitment aims to create a positive, transparent, and secure working environment for service providers [1]