银行"亲自"下场处置 从厂房、住宅、到特色物产、服装，在刚刚过去的电商购物节，银行也化身"卖家"，下场"吆喝"。一些零散、琐碎甚至"另类"的资产，如今正通 过阿里资产平台、京东资产交易等平台，以公开竞价的方式寻找新主人。 银行"卖房"这一稀奇事正引发多方关注，其中，多数房源为抵债资产。北京商报记者注意到，陕西镇巴农商行正在对位于汉中市卡斯迪亚小区的 一套商品住房进行公开挂牌竞价，该房产属陕西镇巴农商行名下抵债资产，住宅套内建筑面积158.44平方米，拍卖当前价约为76.38万元，共有超 6000次围观。 资产处置的范围不仅限于车辆、房产这样的常规资产，特色物产等"小众"标的也纷纷进入处置名单。宁安市农村信用合作联社对一项抵债资产进 行公开挂牌竞价，拍卖标的为坐落于宁安市马河乡12林班的2、3小班，占地面积达到96.2公顷，起拍价为171.9万元。 酒、收藏矿石、服装等抵债资产近期也登上拍卖台。内蒙古农商行宁城支行对位于内蒙古自治区赤峰市宁城县原宁城县隆泉酒业/76洞53度瓶装白 酒/495箱/6瓶装进行公开挂牌竞价，该行表示，本次竞买标的为该行抵债资产，系按照现状进行出让和交付，竞买标的以现状为准；这批白酒的 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The recent Central Committee meeting emphasized "promoting high-quality development" in real estate, indicating a focus on improving living standards and ensuring quality housing [1] - The report anticipates that the construction of "good houses" and urban renewal will be key focuses during the 14th Five-Year Plan period, with related content expected in the upcoming planning suggestions [1] - The report highlights that the current market is under pressure due to high inventory levels, declining prices, and weak consumer confidence, which may hinder transaction volumes [6] Summary by Sections 1. New Housing Market Tracking - In the 43rd week, new housing transaction volume in 40 cities was 24,000 units, down 9.5% month-on-month and 18.1% year-on-year [17] - New housing transaction area was 256.1 million square meters, down 7.8% month-on-month and 21.1% year-on-year [25] - Inventory levels in 12 cities decreased, with a total inventory of 13,371 million square meters, down 0.3% month-on-month and 13.2% year-on-year [41] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,101.96 million square meters, up 29.8% month-on-month but down 42.3% year-on-year [63] - Total land transaction value was 18.7 billion yuan, down 10.1% month-on-month and 55.0% year-on-year [70] - The average land price was 1,697.1 yuan per square meter, down 30.7% month-on-month and 22.1% year-on-year [65] 3. Policy Overview - The Central Committee's meeting called for promoting high-quality employment and improving the income distribution system, alongside advancing high-quality development in real estate [99] - Local policies in cities like Wuhan and Chengdu are providing interest subsidies and increasing loan limits to stimulate housing purchases [100]

中国楼市上演"硬着陆"现实剧！黄奇帆预言成真，这场价值重构风暴正在改变每个人的财富逻辑 数据惊雷：当楼市从ICU转入康复科 2024年的房地产数据，读起来像一份重症患者的出院报告： - **销售面积**：9.74亿平方米，较2020年巅峰期18亿平方米近乎腰斩 - **新开工**：7.39亿平方米，较22亿平方米高点蒸发三分之二 - **土地出让金**：4.87万亿元，相比8万亿黄金时代大幅缩水 这些数字背后，是过去那个靠杠杆驱动的楼市模式正式宣告终结。就像一位资深投行人士的调侃："这不是调整，这是一场器官移植手术。" 政策托底：3000亿再贷款点燃保障房革命 当2024年全国新房成交量定格在9.74亿平方米这个数字时，无数人才惊觉黄奇帆多年前的预言竟如此精准。那个曾经靠着"土地财政-高周转-全民炒房"飞轮 狂奔二十年的房地产市场，正在经历一场痛彻心扉的深度重塑。 北上深苏醒记 上海二手房单月成交突破2.6万套，深圳连续两个季度回暖，改善型需求带着真金白银回归市场。这些城市的优质地段正在完成价格重估，就像一位中介描 述的："好房子又开始抢手了，但投机客真的不见了。" 面对自由落体式的下滑，监管层打出了精心设计 ...

央视网消息：在北京8月出台的楼市新政推动下，9月，北京楼市成交量显著回升，新房、二手房9月网签成交套数分别为3464套和15843套，环比8月增 长约10%和17%。这个国庆中秋假期，北京楼市交易情况如何？来看报道。 此外，"好房子"政策的落地也在推动新房项目销售。在北京通州另一个新房项目，记者看到，实景示范区直观展示了北京"好房子"政策带来的房屋功能 和品质的升级。 假期期间 多个二线城市房地产市场活跃度提升 今年国庆中秋假期，多个二线城市也持续调整优化房地产政策，举办商品住房促销活动等，进一步提振房地产市场的活跃度。 9月30日，湖北武汉出台促进房地产市场平稳健康发展的八项政策，包括提高住房公积金贷款额度以及阶段性调整住房公积金贷款套数认定标准等举 措。 在北京市通州区一个新房项目，购房人郭女士和先生正在看房。 郭女士正在考虑的这个项目在9月下旬开盘销售，恰好赶上北京楼市新政策的落地。据项目方介绍，到目前为止，首批推出的760多套房源已网签超过 60%。 江苏南京和苏州今年先后取消商品住房限售政策，以此来增强二手房市场的流动性。记者了解到，这个假期，两地二手房市场咨询较为活跃，不少购房 人也利用假期实地看 ...

Core Insights - The "Youth Good House · Baiyun Real Estate Fair" and the 2025 Baiyun District Quality Living Festival successfully concluded, marking a significant step in promoting the real estate market in the region [1][9] Group 1: Event Outcomes - The event attracted a total of 734 groups and 1,407 visitors, resulting in 65 housing units being subscribed, amounting to 62.53 million yuan, with a total area of 6,772.29 square meters [4] - A total of 21 units were signed online, generating 27.46 million yuan in revenue [4] Group 2: Market Impact - The festival effectively boosted confidence in the regional real estate market through various promotional strategies, including the release of a "contract tax policy package" that subsidizes 50% of the paid contract tax in the form of consumption vouchers [6] - The integration of multiple sectors such as housing, automotive, home furnishings, cultural tourism, and dining into a consumption promotion platform has transformed the focus from single housing discounts to comprehensive lifestyle services [6] Group 3: Policy and Development Initiatives - Baiyun District showcased its livability and the "Youth Real Estate" development concept through innovative land value promotion and the establishment of a one-stop policy consultation window [7] - The event is seen as a key step in deepening the "Vibrant Baiyun" development label and implementing a new model for real estate development, contributing to the construction of a modern, resilient, and intelligent urban environment [9]

Core Insights - Shenzhen's real estate market has undergone significant policy adjustments, particularly in the core area zoning, which has attracted considerable attention [1][7]. Policy Changes - The new policy allows individuals to purchase up to two residential properties in specific districts, including Luohu, Bao'an (excluding Xin'an Street), Longgang, Longhua, Pingshan, and Guangming [3]. - In Yantian District and Dapeng New District, there will be no qualification review for purchasing residential properties [3]. - Single adults will be subject to the same purchasing limits as resident families [3]. Corporate Housing Policy Adjustments - Enterprises can purchase residential properties within the city to address employee housing needs, with specific conditions in districts like Futian, Nanshan, and Bao'an [4]. Personal Housing Credit Policy Optimization - Financial institutions will no longer differentiate between first and second home loans in terms of interest rate pricing, allowing for a more flexible approach based on market conditions and client risk profiles [5]. Market Dynamics - The adjustment of purchase limits has significantly reduced the restricted areas from multiple zones to just three, with Luohu being removed from the restricted list, contrasting with Bao'an's inclusion [7]. - Luohu, historically a central area for Shenzhen, has seen its status change due to slower industrial upgrades and urban renewal compared to other districts like Futian and Nanshan [8][9][10]. Future Outlook - Despite being removed from the core restricted zone, Luohu retains its historical significance and existing infrastructure, which may still attract buyers [12][13]. - The policy shift may stimulate the real estate market in Luohu, encouraging more purchasing activity and balancing development across Shenzhen's districts [15][16][17]. - Luohu's future positioning in Shenzhen's urban landscape remains a point of interest, as it seeks to redefine its role and capitalize on new opportunities [18].

Core Points - Shenzhen has announced a significant new policy for the housing market, allowing residents to purchase an unlimited number of homes in several districts starting from September 6, 2025 [1][2] - The policy includes provisions for using housing provident fund for down payments and introduces new withdrawal scenarios for the fund [6][7] Group 1: Policy Implementation - The new policy allows eligible residents to buy an unlimited number of homes in designated districts, while non-residents with less than one year of social insurance or tax payment in Shenzhen can buy up to two homes [2][5] - Single adults will be subject to the same housing purchase restrictions as families [3] - The policy also allows enterprises to purchase homes for employee housing needs without qualification checks in most areas [5] Group 2: Housing Loan Interest Rates - Banks will no longer differentiate between first and second home loans in their interest rate pricing, allowing for more flexible loan terms [4] Group 3: Provident Fund Withdrawal Changes - New provisions will allow employees to withdraw provident fund for down payments on first and second homes, with full withdrawal allowed for the first home and 60% for the second [7] - Additional scenarios for fund withdrawal include payment of housing taxes, repayment of loans for homes purchased outside Shenzhen, and compensation for increased housing area during relocation [10][11][12] - The policy aims to enhance flexibility in fund contributions, allowing employees to choose their contribution rates up to 12% [19]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Insights - The "anti-involution" policies in the building materials sector are being implemented, leading to improved industry profitability [2]. - Recent policy adjustments in major cities like Shenzhen are expected to stimulate short-term market activity, although long-term recovery will depend on sales data and corporate performance [2][25]. - The cement industry is showing signs of recovery due to self-regulation and cost optimization, with expectations for further profit increases in the second half of 2025 [2][44]. - The glass and fiberglass sectors are experiencing weak supply-demand balance, but potential improvements in demand could lead to price recovery [2][45]. Summary by Sections Real Estate Sector - As of September 11, 2025, the Shenwan Real Estate Index has increased by 2.86% over the past two weeks, outperforming the CSI 300 Index by 1.72 percentage points [11]. - The average price of new residential properties in 100 cities rose by 0.20% month-on-month and 2.73% year-on-year, while second-hand housing prices fell by 0.76% month-on-month and 7.34% year-on-year [23][25]. - Major real estate companies are facing continued pressure, with mid-year losses widening compared to the previous year [25]. - Recommended companies include Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) for their strong performance in first and second-tier cities [2][25]. Building Materials Sector - The Shenwan Building Materials Index has increased by 0.31% over the past two weeks, ranking 23rd among 31 sectors [26]. - The average price of cement is currently at 314 RMB/ton, with a slight decrease of 1 RMB/ton from the previous week [30]. - The glass industry is in a weak supply-demand balance, with limited price rebound potential in the short term, but a possible recovery as construction activity increases [45]. - Recommended companies in the cement sector include Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) for their solid fundamentals and attractive dividend yields [44][46].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Insights - The "anti-involution" policies in the building materials sector are being implemented, leading to improved industry profitability [2][4]. - Recent policy adjustments in major cities like Shenzhen are expected to stimulate short-term market activity, although long-term recovery will depend on sales data and corporate performance [2][4][23]. - The cement industry is showing signs of recovery due to self-regulation and cost optimization, with expectations for further profit increases in the second half of the year [2][4][41]. Summary by Sections Real Estate Sector - As of September 11, 2025, the Shenwan Real Estate Index has increased by 2.86% over the past two weeks, outperforming the CSI 300 Index by 1.72 percentage points [11]. - The average price of new residential properties in 100 cities rose by 0.20% month-on-month and 2.73% year-on-year, while second-hand housing prices fell by 0.76% month-on-month and 7.34% year-on-year [21][23]. - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) [2][23]. Building Materials Sector - The building materials sector has seen a 0.31% increase over the past two weeks, lagging behind the CSI 300 Index by 0.83 percentage points [24]. - The cement market is currently facing weak demand, with an average price of 314 RMB/ton, down 1 RMB/ton from the previous week [28][30]. - The glass industry is experiencing a weak supply-demand balance, with limited price rebound potential, but there are structural opportunities in the fiberglass sector due to growth in emerging fields like wind power and electric vehicles [42]. - Recommendations for cement companies include Anhui Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) due to their solid fundamentals and attractive dividend yields [41][42].

Core Viewpoint - The recent relaxation of housing purchase restrictions in Shenzhen has led to a mixed market response, with some anticipating a surge in activity while others believe the demand has already been sufficiently stimulated [2][3][11]. Market Dynamics - Following the new policy, there has been a notable increase in housing viewings and transactions, with significant growth in both second-hand and new home sales during the first weekend after the policy was implemented [6][8]. - Data from Beike Research Institute indicates that from September 6 to 7, the second-hand transaction volume increased by 33% compared to the average of the previous month, and new home purchases rose by 40% [6]. Policy Impact - The policy allows companies that meet certain criteria to purchase residential properties without restrictions, which has been positively received by some market participants [5]. - However, the actual implementation of the policy has not fully met the expectations set by earlier speculations, leading to a divided opinion on its effectiveness [3][11]. Sales Performance - Several developers reported strong sales figures, with some projects experiencing rapid sales shortly after the policy change, indicating a potential shift in market sentiment [8][14]. - For instance, a project in Nanshan sold 16 units in one weekend, generating significant revenue despite high price points [14]. Future Outlook - There is skepticism regarding whether the current market momentum can be sustained, as many believe that a complete lifting of restrictions may be on the horizon, which could affect immediate purchasing decisions [11][12]. - The market's response to the new policy suggests a cautious optimism, but the underlying demand dynamics remain complex and influenced by broader economic conditions [11][16].