Core Insights - The new real estate policy in Shenzhen has shown positive effects within a week of implementation, with a notable increase in second-hand housing transactions and viewing activities [1][7] Market Performance - The second-hand housing market recorded 1,531 transactions from September 6 to 12, representing a 19.9% increase compared to the previous week [1][7] - Daily average transactions increased by 28.7% compared to August and surged by 72.2% compared to the daily average in September of the previous year [7] Regional Activation - Areas with relaxed purchase restrictions, such as Dapeng New District and Yantian District, experienced significant growth, with Dapeng seeing over 100% increase in transactions and Yantian achieving a 43.3% increase [3] - In Luohu District, transactions increased by 41.0%, with a remarkable 109% surge in second-hand contracts compared to the six days prior to the policy [3] Buyer Behavior - The new policy has led to a 40% increase in customer visits at the Jingji Jingyu Mansion project, with sales also rising [2] - In Longgang District, customer inquiries and visits increased by over 30% following the policy change, indicating heightened interest from potential buyers [2] Credit Policy Impact - Adjustments in credit policies and the introduction of single-person purchase policies have expanded the potential buyer pool, particularly in restricted areas [4] - The new policy allows single buyers to have similar purchasing qualifications as families, leading to increased consultations for larger units [4] Expert Opinions - Industry experts believe that the significant increase in transaction data validates the effectiveness of the new policy in stimulating market demand [7] - The market is currently characterized as "active and stable," with rising customer inquiries and viewing activities supporting transaction growth [7]

Core Viewpoint - Shenzhen Metro Group has lost its title as the "most profitable metro company" in 2024, with significant declines in revenue and net profit reported for the first half of 2025 [1] Financial Performance - For the first half of 2025, Shenzhen Metro Group reported operating revenue of 7.284 billion yuan, down 21.7% from 9.299 billion yuan in the same period last year [1] - The net profit for the period was -3.268 billion yuan, with a net profit attributable to the parent company of -3.361 billion yuan, compared to -3.793 billion yuan in the previous year [1] - Total assets reached 793.232 billion yuan, with total liabilities of 479.620 billion yuan and total equity of 313.611 billion yuan [1] Investment in Vanke - Shenzhen Metro holds a 27.18% stake in Vanke, making it the largest shareholder, and has provided substantial financial support, totaling 24.369 billion yuan over eight loans in 2025 [1][2] - Cumulatively, from 2017 to 2025, Shenzhen Metro has invested nearly 95 billion yuan in Vanke through equity investments and debt financing [2] Construction and Real Estate Challenges - The company faces challenges in aligning metro construction with real estate revenue, as the effectiveness of the "real estate supports metro" model is being questioned amid a downturn in the real estate sector [2] - Fixed asset investment for the period was 44.282 billion yuan, a 34% increase year-on-year, with ongoing projects requiring continuous funding [2] Station-City Integration Development - The station-city integration development business generated 1.625 billion yuan in revenue, a 63% decrease year-on-year, primarily due to cyclical impacts in real estate [3] - The revenue contribution from this segment fell to 22.3%, marking the first time it dropped below 30% [3] - Despite the revenue decline, the business managed to reduce costs significantly, leading to an increase in gross profit margin to 48.38% [3] Real Estate Highlights - Shenzhen Metro's real estate segment showed some positive developments, with notable sales in talent housing projects, including the successful launch of the "Yueyunjing" project, which sold out within an hour [4] - The company aims to launch 4,300 housing units in 2025, including talent housing and commercial properties, with sales performance in the second half of the year yet to be revealed [4]

Core Viewpoint - The real estate market in Shenzhen shows a significant recovery, with both new and second-hand housing transactions increasing, particularly driven by demand for affordable and mid-range properties [3][31]. Group 1: New Housing Market - New housing transactions in Shenzhen have seen a year-on-year increase in both area and value, with new housing transaction area reaching 239 million square meters (up 25%) and transaction value at 1,446 billion (up 19%) [3]. - The structure of new housing transactions indicates a strong demand for affordable properties, particularly in the price range of 300-400 million, which has increased its market share from 16.31% to 20.89% [9]. - The average price of new housing projects is competitive, with some projects priced below surrounding competitors, enhancing their attractiveness to buyers [17]. Group 2: Second-Hand Housing Market - The second-hand housing market is characterized by a strategy of "price for volume," with a notable increase in transactions for properties priced below 300 million, which now accounts for 19.18% of total transactions [21]. - The average transaction size for second-hand properties is shifting towards larger units, with properties over 100 square meters seeing an increase in transaction share [22]. - Key areas for second-hand transactions include Longgang and Yantian districts, where the market is focusing on high-value, affordable properties [24]. Group 3: Market Trends and Predictions - The overall transaction volume for both new and second-hand homes in Shenzhen has increased by 27%, with the second-hand market showing more resilience compared to new homes [31]. - The market is expected to continue its weak recovery trend in the fourth quarter, with sustained demand for affordable and mid-range properties [31].

Group 1 - The total number of second-hand housing transactions in Shenzhen recorded 1,265 units from August 11 to August 17, 2025, representing a 4% increase week-on-week, marking three consecutive weeks of growth in second-hand housing transactions [1] - As of August 18, 2025, there are 76,399 valid second-hand housing listings available in Shenzhen, a decrease of 92 units from the previous week [1] - The top three districts for second-hand housing transactions are Longgang Central City, Nanshan Qianhai, and Longgang Shuangcheng, with recorded transactions of 49, 43, and 41 units respectively [1] Group 2 - The new housing transactions (including pre-sale and current sale) in Shenzhen for the week totaled 652 units [1] - The introduction of innovative marketing strategies, such as the aerial live broadcast event by Shenzhen Metro Group, showcases a new approach to real estate marketing, highlighting key projects in Longgang, Bao'an, and Guangming [1] - The recent favorable real estate policies have increased market activity, with Shenzhen Metro projects launching large-scale offerings that aim to provide high-quality living and promote urban collaborative development [2]