每日经济新闻资料图 近期，多地出台住房公积金优化政策，公积金的使用场景进一步拓宽。 6月20日，长沙市住房公积金管理委员会发布《关于调整住房公积金业务政策的通知》（以下简称《通知》），放宽住房公积金贷款条件，缴存时间要求 从12个月缩短至6个月，取消两次以上贷款记录限制。同时，取消提取次数限制，单身及异地缴存职工均可申请贷款。 6月19日，西安市住房和城乡建设局等多部门联合印发《西安市关于促进房地产市场平稳健康发展的若干措施》，其中提到，加大住房公积金支持，允许 公积金直接支付新建商品住房首付款。公积金异地贷款范围扩大至关中平原城市群及省内缴存职工。 6月份以来，北京、上海、广州、深圳、济南、青岛等地亦调整住房公积金相关政策，推出了更多便民措施，方便缴存人办理相关业务。除了传统的提高 贷款额度和放款提取要求等内容，各地的公积金政策越来越精细化。 愈发精细化和多元化 从长期来看，住房公积金政策越来越精细化和多元化，可以更大程度稳定居民的购房信心。 记者梳理各地近期发布的住房公积金政策发现，有些城市二手房纳入首付款提取范围；针对需要改造的住房，有些城市还允许提取公积金用于加装或更新 电梯，有城市推出"公积金直付房 ...

证券研究报告·固定收益·固收点评 固收点评 20250622 绿色债券周度数据跟踪 （20250616-20250620） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250616-20250620）银行间市场及交易所市场共新发行绿色债券 26 只，合计发行规模约 431.52 亿元，较上周增加 26.20 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、央企子公司、中央国有企业、 大型民企、其他企业；主体评级多为 AAA、A1 级；发行人地域为福建 省、北京市、广东省、天津市、河北省、湖北省、江苏省、广西壮族自 治区、海南省、山东省、上海市、云南省、浙江省；发行债券种类为中 期票据、交易商协会 ABN、企业 ABS、超短期融资券、科创债、私募 公司债。 ◼ 二级市场成交情况： 本周（20250616-20250620）绿色债券周成交额合计 873 亿元，较上周增 加 251 亿元。分债券种类来看，成交量前三为金融机构债、非金公司信 用债和利率债，分别为 427 亿元、310 亿元和 119 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比 ...

Group 1 - The core viewpoint of the article emphasizes the need for policies to stimulate housing consumption and stabilize the real estate market in China, particularly in the context of recent economic challenges [19][21][22] - The average housing prices in Zhongshan are significantly lower compared to core cities in the Greater Bay Area, making it an attractive location for living and entrepreneurship [2] - The city of Guangzhou is leading in the acquisition of existing housing stock, which helps to address housing needs and reduce inventory pressure [3] Group 2 - The urban renewal market in China is projected to reach a scale of 8.6 trillion yuan by 2025, with an annual growth rate of 18.3%, indicating a significant opportunity for investment [4] - The real estate service platform in China is facing challenges, with a reported loss of 20 billion yuan over four years, highlighting the need for a restructuring of business models [5] - Shanghai's land sales have exceeded 21.2 billion yuan, reflecting a differentiated supply strategy that aims to maintain market activity while responding to changing market demands [6] Group 3 - The Chinese government is implementing measures to boost housing consumption, including the removal of purchase restrictions and the reduction of down payment ratios and interest rates [19][21] - The focus on improving the quality of housing and promoting "good housing" construction is seen as essential for meeting the demand for better living conditions [20][22] - The city of Dalian has introduced eight policy measures to support the stable development of the real estate market, including financial incentives for homebuyers and increased supply of affordable housing [15][16]

Market Overview - The Hang Seng Index (HSI) experienced a slight decline of 0.12%, closing at 23,864.2 points, while the Tech Index rose by 0.15%, ending at 5,247.45 points [1] Sector Performance - The energy equipment and services sector continued its upward trend, with shale gas and natural gas sectors showing significant gains [1] - The real estate services sector faced a downturn, and pharmaceutical stocks also saw declines [1] Notable Stock Movements - Shandong Molong (00568.HK) surged by 33.66% - Jinhui Holdings (09993.HK) increased by 68% - Baikin Oilfield Services (02178.HK) rose by 55% - Hongye Futures (03678.HK) gained 14.4% - Kingsoft Corporation (03888.HK) climbed by 10.8% - Chow Tai Fook (01929.HK) increased by 6.5% - Xiaomi Group (01810.HK) rose by 3.85% - WuXi Biologics (02269.HK) fell by 6.4% [1]

Group 1 - The average house price index in the UK for June, as reported by Rightmove, decreased by 0.3% month-on-month, compared to a previous increase of 0.6% [1]

Group 1 - The average house price index in the UK for June, as reported by Rightmove, shows a year-on-year increase of 0.8%, down from the previous value of 1.2% [1]

Summary of Key Points Core Viewpoint - Huangting International (000056) has announced a share buyback and cancellation of 15,212,600 restricted shares due to its subsidiary's failure to meet performance conditions for the second phase of the incentive plan [1] Company Announcements - The company’s stock closed at 3.09 yuan on June 13, 2025, down 0.64% from 3.11 yuan the previous week, with a market cap of 3.654 billion yuan, ranking 6th in the real estate services sector and 3743rd in the A-share market [1] - The highest intraday price for the week was 3.28 yuan on June 11, while the lowest was 3.07 yuan on June 13 [1] - The total share capital will decrease from 1,182,528,220 shares to 1,167,315,620 shares following the buyback [1] - Creditors have a 45-day window from the announcement date to claim debts or request guarantees, with specific instructions provided for the submission of claims [1]

近段时间以来，多地住房公积金政策再迎优化，包括进一步拓宽使用场景、打破区域壁垒、扩大 覆盖人群等，住房公积金的作用也进一步增强。 证券时报记者获悉，深圳、梅州、惠州、汕尾、东莞五市住房公积金区域协同发展第二次联席会议近日在梅州 召开。据了解，自2024年12月19日深圳、梅州、惠州、汕尾、东莞签署《推动住房公积金区域协同发展合作协 议》（简称《合作协议》）并召开第一次联席会议以来，五市公积金中心坚持以服务缴存职工为本，携手探索 推进住房公积金"政策趋同、业务协同、服务同城、信息互通、风险联防"的区域协同发展新路径，目前基本实 现五市住房公积金异地无差别服务、贷款互认互通、信息联查共享，为缴存职工异地使用住房公积金提供了极 大便利，为人才等要素跨区域自由流动和资源优化配置奠定了坚实基础。 据悉，本次联席会议，五市公积金中心围绕落实《合作协议》，探索破解跨区域业务协同中的数据壁垒、服务 差异、风险管控等方面问题，深化建立了一系列区域间住房公积金政策趋同、服务协同、数据共享、风险联防 的体制机制。会议审议通过了"三制度一方案"，包括《住房公积金跨域风险联查联办制度》《住房公积金跨域 逾期贷款协同处置管理制度》《区域 ...

Core Viewpoint - The article highlights the successful implementation of an integrated real estate service model in Tai'an, which is being promoted across the province as a best practice for enhancing efficiency and convenience in property transactions [2][3]. Group 1: Integrated Service Model - Tai'an has established a unique "integrated office" model for real estate services, focusing on efficient management throughout the entire lifecycle of real estate operations [2][3]. - The city has created a one-stop service ecosystem by consolidating various service points such as banking, tax, and property registration into a single location, enhancing accessibility for citizens [3][4]. - The "four ones" service model includes "one window integration, one chain processing, one-stop service, and one-time completion," which aims to streamline the property transaction process [3][8]. Group 2: Performance Metrics - In the first quarter, Tai'an reported a total sales area of 645,800 square meters for existing homes, marking a year-on-year increase of 45.33%, the second-highest growth rate in the province [4]. - The integrated service model has significantly improved transaction safety and convenience, with measures in place to ensure secure fund transactions during property sales [5][8]. Group 3: Business Optimization - The city has optimized four key business processes to enhance transaction security, including the implementation of fund supervision for existing home transactions [5][8]. - A new electronic tax window has been established to facilitate online tax payment for property transactions, further improving service efficiency [5][8]. Group 4: Lifecycle Management - The integrated service model extends to the entire lifecycle of property management, including automatic name changes for maintenance funds, which will be operational by June [7][8]. - The collaboration between housing and property management departments has led to the integration of utility services, allowing for a streamlined process that reduces transaction time and enhances service quality [7][8].

Investment Rating - The industry investment rating is "Overweight" for both Real Estate Development and Real Estate Services [6]. Core Insights - The U.S. housing market is experiencing a mixed performance between new and existing homes, with new home sales showing improvement while existing home sales continue to decline [1][2]. - Housing affordability remains low, and the recovery of the U.S. housing market faces uncertainties due to high prices and interest rates [1][4]. - The inventory of existing homes has increased, alleviating some pressure, but this has not led to a decrease in home prices [1][3]. Summary by Sections New Home Sales - In April, new home sales reached 62,000 units, with year-on-year growth of 10.9% and month-on-month growth of 3.3% [2]. - The median price for new homes was $407,000, showing a year-on-year decrease of 2.0% but a month-on-month increase of 0.9% [3]. Existing Home Sales - Existing home sales totaled 333,000 units in April, reflecting a decline of 2.4% year-on-year and a slight decrease of 0.5% month-on-month [2]. - The existing home sales contract index was 71.3, down 6.3% month-on-month, indicating ongoing challenges in the market [2]. Inventory and Prices - As of April, the inventory of new homes was 497,000 units, and existing homes stood at 1,450,000 units, representing increases of 3.1% and 27.2% respectively compared to the end of 2024 [3]. - The median price for existing homes was $414,000, with year-on-year growth of 1.8% and month-on-month growth of 2.7% [3]. Mortgage Rates - The average 30-year mortgage rate in May was 6.82%, reflecting a month-on-month increase of 7 basis points, and is at the 87th percentile since 2000 [4]. - The outlook for mortgage rates remains uncertain, with expectations that they will stay high in the short term due to economic resilience and inflation concerns [4].