Middle Finger Research Institute: Market differentiation continues. "Good city + good house" still has structural opportunities.

According to the Securities Times APP, on July 21st, China International Research Institute released the ranking of the scale of delivery of real estate enterprises in the first half of 2025. In the first half of 2025, the combination of "good cities + good houses" supported the overall stability of the new housing market, with the market continuing to repair in the first quarter but showing a marginal weakening in the second quarter. It is expected that governments at all levels will make full efforts to implement the policies that have been introduced in the second half of the year. Currently, residents' income, housing price expectations, and the supply of quality housing in the market are still weak, while the "substitution effect" of second-hand housing for new housing in key cities is still evident. It is expected that the new housing market will continue to fluctuate and adjust in the second half of the year. Market differentiation will continue, and "good cities + good houses" still present structural opportunities.