The era of 'cheap imported batteries' is ending for the US energy storage sector as heavy tariffs and the OBBBA's strict sourcing requirements force a rapid shift toward domestic manufacturing. While storage fared better than solar under the new policy landscape, developers are grappling with rising upfront costs, long interconnection wait times, and revenue unpredictability. This high-risk environment led to the cancellation of 20 GWh in planned manufacturing capacity and 79 GW of battery storage projects in 2025. Industry leaders warn that a conservative shift in capital—favoring established multinationals over startups—threatens early-stage domestic innovation and risks ceding the US competitive edge to China.

The General Administration of Customs announced on the 9th that in the first five months of this year, China's total import and export value of goods trade reached 17.94 trillion yuan, up 2.5% YoY, continuing the growth trend. In May, import and export volume reached 3.81 trillion yuan, up 2.7%. In the same month, China's exports amounted to 2.28 trillion yuan, up 6.3%. Among them, exports to ASEAN, the EU, Africa, and the five Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8%, respectively.

①The adjustment window for distributed energy has entered a phase, and industry insiders predict that the adjustment will be completed in as quickly as one quarter. The fundamental logic from development to investment decision-making will undergo a complete transformation. ②The market space for the industrial and commercial sectors has further expanded. Domestic module producers have begun to focus on addressing the remaining challenges in developing rooftop resources and have launched targeted products. ③Competition in large-scale projects is fierce, and centralized products will also accelerate their development towards differentiation.

The State Council Information Office will hold a press conference at 10:00 a.m. on Tuesday, June 10, 2025. Deputy Secretary General Xiao Weiming of the National Development and Reform Commission (NDRC), along with relevant officials from the Ministry of Education, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the National Health Commission, will introduce policies on further safeguarding and improving people's livelihoods, and answer questions from journalists.

From June 4 to 5, Huatai Securities' 2025 Mid-Year Investment Summit was held in Shanghai. Themed "Seeking Certainty Amidst Order Reconstruction," the summit delved into the new logic of global order reconstruction and the revaluation of Chinese assets. The two-day event comprised a main forum and 11 industry sub-forums, focusing on growth opportunities in sectors such as New Consumption 2, AI+, humanoid robots, and energy transition. Nearly 500 publicly listed firms were invited to participate in closed-door exchanges, attracting over 2,500 professional investors and institutional clients from public funds, private funds, banks, insurance companies, and publicly listed firms to register for the event. Notably, the summit featured a special "China + Southeast Asia" sub-forum, exploring industrial breakthrough strategies and capital empowerment pathways amidst the reconstruction of trade order from an international perspective. Experts such as Liu Yuanchun, President of Shanghai University of Finance and Economics, former Vice President of Renmin University of China, and co-founder of the China Macroeconomic Forum (CMF); Wu Xinbo, Dean of the Institute of International Studies at Fudan University, Director of the Fudan University US Research Center (a key humanities and social sciences research base under the Ministry of Education), and member of the Foreign Ministry's Foreign Policy Advisory Committee; Wei Shaojun, Professor at Tsinghua University, member of the National Advisory Committee for the Development of the Integrated Circuit Industry, Vice Chairman of the China Semiconductor Industry Association, and Chairman of the China JSTC of the World Semiconductor Council; and Siregar, Chief Economist of Indonesia's sovereign wealth fund Danantara, delivered keynote speeches on hot topics such as AI technological development, new logic in China's economy, and new policy approaches. Exploring Certainty Opportunities Amidst Order Reconstruction in the Macro Context In her opening remarks, Liang Hong, Chair of Huatai Securities' Institutional Business Committee, stated that in the face of prolonged trade conflicts, investors are eager to see how China will formulate new economic development strategies, promote broader and deeper economic reforms, and thereby increase residents' incomes and consumption willingness, as part of their expectations for the "15th Five-Year Plan." Liang Hong suggested that investors should adopt a longer-term perspective to explore certainty opportunities amidst order reconstruction within macro contexts such as global order reconstruction, supply chain reorganization, and new directions in capital flows. This also represents the core logic for global investors to reevaluate the value of the RMB and RMB-denominated assets, particularly in China's competitive industries and high-quality enterprises. The Huatai Research Macro Team conducted a roundtable discussion on current macroeconomic and market concerns. Maintaining the Forecast of 5% Real GDP Growth in 2025 Amidst external disruptions, Huatai Securities' Macro Team maintains its forecast of 5% real GDP growth for this year. What policy and external environment assumptions underpin this forecast?What is the logical basis for the expectation of RMB appreciation? Yi Huan, Chief Macroeconomist at Huatai Securities, stated that since April, the US tariff policy has been full of twists and turns, with uncertainties still remaining. However, on the whole, the impact of tariffs is relatively small compared to expectations at the end of last year. Domestically, China's macro policies have shown notable highlights. The growth in fiscal expenditure for the entire year is expected to exceed the nominal GDP growth rate, surpassing market expectations. The accelerated development of the technology cycle, with new quality productive forces such as AI+ emerging as new highlights, has also alleviated the drag on the economy from the downturn in the real estate sector. In addition, the depreciation of the US dollar has provided a boost to the development of emerging economies. From the perspectives of economic fundamentals and the repatriation of de-dollarization funds, the RMB has the momentum for appreciation, while the RMB's movement against a basket of currencies has remained basically stable. Under the trend of de-dollarization, RMB assets and the offshore RMB capital market will face structural opportunities for revaluation and expansion. Asset allocation should abandon bear market thinking and emphasize trading and left-side positioning. What are the key points for asset allocation in the second half of this year? The bond market is expected to maintain a fluctuating trend. What are the operational suggestions? Zhang Jiqiang, Director of Huatai Securities Research Institute and Chief Fixed Income Analyst, stated that this year is a significant year for the macro cycle, with event-driven market trends being prominent and investors' allocations becoming more diversified and decentralized. In terms of asset allocation, investors should abandon bear market thinking, emphasize trading and left-side positioning, and focus on investment odds. In bond investment, the core contradiction in the bond market in the second half of the year is the "lack of certainty" amidst multiple intersecting variables. It is highly likely to continue exhibiting characteristics of a fluctuating market, with many disturbances and difficulties in judging the rhythm. The 10-year Treasury bond rate is expected to fluctuate between 1.5% and 1.8%. Strategically, it is necessary to emphasize swing trading, duration adjustment, and selection of bond types. The US stock market may face a concurrent downturn in three cycles. Lin Xiaoming, Chief Financial Engineering Analyst at Huatai Securities Research Institute, conducted research and judgment on asset allocation and the style of the A-share market in the second half of the year from the perspective of quantitative models. Lin Xiaoming pointed out that in the second half of the year, the global Kitchin cycle will enter a downturn phase, and the US stock market may face a concurrent downturn in the Kitchin, Juglar, and Kondratieff cycles. Against this backdrop, how to seek safe-haven assets amidst a liquidity crisis has become the key to asset allocation in the second half of the year. Unlike previous cycle downturns where safe-haven assets performed well, in this cycle downturn, it is possible that shorts in risky assets will outperform longs in safe-haven assets. Due to the constraints of US fiscal issues on US Treasuries, they may not be ideal safe-haven assets during this downturn period. Against the backdrop of increasingly unclear global trade and fiscal prospects, the long-term allocation value of gold will become more prominent. In the equity market, A-shares are likely to outperform overseas markets. It is recommended to adopt a barbell allocation strategy combining dividends and growth, and to pay attention to policy negotiation opportunities in the consumer sector. The revaluation process of Chinese assets has just begun. From a strategic perspective, given the expectation of RMB appreciation and the global de-dollarization process, will the pricing logic of A-shares change? What investment themes are worth paying attention to in H2? He Kang, Chief Strategist and Co-Head of Financial Engineering at Huatai Securities Research Institute, stated that in the long run, the revaluation process of Chinese assets has just started. Against the backdrop of RMB appreciation and global de-dollarization, the expectation of foreign capital inflows has strengthened, and their preferences may dominate the pricing power of A-shares. Index-weighted stocks and companies with excellent fundamentals are likely to benefit, corresponding to the finance, consumer, pharmaceutical sectors, and industry leaders. He Kang believes that multiple investment themes in the A-share market in H2 can be summarized as follows: After the trough of the real estate cycle, overlooked consumer demand and overlooked productivity improvements, especially capital expenditures in the high-tech sector, may gradually surface. H-shares show greater resilience amid the revaluation of RMB assets. This year, several top-tier enterprises have completed their H-share listings, injecting new vitality into the H-share market. Li Yujie, a strategy researcher at Huatai Securities, believes that factors such as Chinese enterprises going global, global reallocation driven by de-dollarization, and the internationalization of the RMB are highlighting the importance of the H-share market. In the medium and long-term, the expansion of the H-share market implies a need for increased capital allocation. It is recommended to pay attention to two trend changes: First, the technology sector corresponding to improved growth prospects. Global capital is more overweight in US technology stocks but remains underweight in Chinese ones. Second, with improved liquidity, the AH premium is expected to narrow. Scarcity plays in industry leaders, large-cap stocks, and active stocks under the Stock Connect scheme are worth noting. In the short term, external market disturbances may affect the performance of H-shares, but there are differences between Hong Kong and the US in terms of economic cycles and market positions. Moreover, H-shares show greater resilience amid the revaluation of RMB assets. The main driver of H-share performance in H2 may come from a "U"-shaped recovery in earnings.

US President Donald Trump stated in a new executive order on Tuesday that he would raise the tariff rates on steel and aluminum products from 25% to 50% to support the US steel industry. However, this policy, which is essentially arbitrary, has sparked significant discontent in both North America and Europe. According to data, most of the steel imported by the US comes from its two neighboring countries, Canada and Mexico, which are also the two countries that have been the most vocal in criticizing Trump's new policy. In a media statement, the office of Canadian Prime Minister Justin Trudeau stated that the Trump administration's move to raise steel tariff rates is both illegal and unreasonable. The Canadian government is engaging in intensive negotiations with the US to eliminate the tariffs. Mexican Minister of Economy Marcelo Ebrard publicly criticized at an event that Trump's tariffs are unfair and unsustainable, and that Mexico imports more steel from the US. He is committed to seeking tariff exemptions for Mexico. Officials from the European Commission revealed that the Commission is in the final stages of consultations on expanding countermeasures. If no agreement can be reached with the US, existing and additional retaliatory measures by the EU will automatically take effect on July 14 or earlier. Huge Losses Data shows that over 90% of Canada's steel and aluminum exports go to the US. In a statement, the Canadian aluminum industry warned that the additional tariffs have made Canadian exports to the US economically unviable. The Canadian steel industry, on the other hand, stated that the country will face catastrophic unemployment, production slowdowns, and supply chain disruptions. The German Steel Producers' Association, WV Stahl, also warned that Trump's announcement of imposing tariffs on US steel imports marks an escalation of transatlantic trade conflicts to a new level. Kerstin-Maria Rippel, the director of the association, pointed out that the European Commission must find a balance between strict trade protection and reasonable negotiations. The European steel industry needs an effective trade protection tool in the near term; secondly, it is also crucial to continue negotiations with the US on a bilateral steel agreement. European Commission spokesperson Maroš Šefčovič told the media that the European Commission has consistently made it clear that it is willing to take action to defend the EU's interests. The EU's top priority is to create space for negotiations, with lowering tariffs as its long-term goal. Currently, the EU is facing 25% import tariffs on US steel and automobiles, as well as 20% reciprocal tariffs covering most EU goods, and a 10% across-the-board tariff. In response, the EU has imposed countermeasures on US goods worth 21 billion euros and is planning to impose additional tariffs on goods worth 95 billion euros.

As the world places increasing emphasis on sustainable development, battery recycling has emerged as a crucial component in driving the green energy revolution. The SMM 2025 Lithium Battery Recycling Annual Conference has been launched in response, scheduled for October 21-22, 2025, in Xiamen, Fujian. This year's conference has scaled up to accommodate over 600 attendees! 35% are chairmen and general managers! 39% are sales (procurement) executives, 17% are technical executives, and 9% are other personnel. Join us in Xiamen this October to explore boundless business opportunities! Register before June 30 to enjoy a super early-bird discount of 800 yuan off! The conference boasts numerous highlights: 01 Establishment of a procurement and sales trading matching session This session provides a dedicated platform for attendees, bringing together enterprises with procurement needs and suppliers with sales capabilities. Through face-to-face exchanges and product demonstrations, it facilitates transaction cooperation and enhances the efficiency of supply and demand matching! 02 Two special keynote speech sessions The conference features two specialized forums: the Recycling Entrepreneurs' High-Level Forum (focusing on interpretations of new domestic and overseas policies, capital empowerment, corporate operations, going global, cooperation models, and ESG) and the Low-Carbon ESG Technology Innovation Forum (focusing on lithium battery recycling technology innovation, cost reduction and revenue increase, breakthroughs in new technologies, and pre-research on new technologies). These forums gather industry elites to forge a consensus on development, guiding the recycling industry towards green transformation and high-quality development under the guidance of new policies, leveraging capital empowerment and technological innovation! 03 On-site Q&A sessions with guests After the guests complete their designated keynote speeches, attendees can ask questions related to the guests' speeches or relevant topics, with the guests providing on-site answers to enhance audience engagement! 04 Free one-stop company tours and exchanges After the conference, there will be no additional charges. Participants will be organized to visit top-tier enterprises in the industry. During the tours, participants can engage with the enterprises, learn about their operational models, technological achievements, etc., to gain experience and explore cooperation opportunities for their own enterprises! 05 Closed-door meetings Restricted to specific participants, these meetings provide a platform for free and open discussions in a non-public setting, allowing for in-depth exploration of key issues and the formulation of development strategies, further ensuring the depth of the discussions! Get a sneak peek at the conference agenda! DAY 1 | 10.21 · Morning: Registration + Procurement and Sales Trading Session (Participants: grinding mills, wet-process plants, cathode material plants, battery plants, traders) · Afternoon: Recycling Entrepreneurs' High-Level Forum 01 13:30-14:00 "The World Map" of Lithium Battery Recycling - How to Build a Transnational Resource Recycling System? 02 14:00-14:30 How to Guide Capital Flow to Compliant Enterprises Through Policy, Addressing the Inverted Pricing of End-of-Life Batteries and Disorderly Capital Competition Exacerbating Industry Chaos 03 14:30-15:00 China's New Policy on Black Mass Import: Opportunities, Challenges, and Global Supply Chain Reconfiguration 04 15:00-15:30 ESG Track: How Can Lithium Battery Recycling Attract Sustainable Investment? 05 15:30-16:00 Overcapacity in Hydrometallurgical Plants: How Should Enterprises Transform? 06 16:00-16:30 Lithium Battery Recycling Technologies, Pricing, and New Industry Regulations in European and North American Markets 07 16:30-17:00 Amid Global Fluctuations in Lithium, Cobalt, and Nickel, How Can Recycling Serve as the "Ballast Stone" of the Supply Chain? ·Evening: Conference Banquet DAY 2 | 10.22 01 09:30-09:50 Exploration of Technological Innovation and Low-Carbon Cost-Reduction Models in Lithium Battery Recycling 02 09:50-10:10 Strategic Leap from Policy Dividends to Technological Breakthroughs 03 10:10-10:30 How to Improve Disassembly and Crushing Through Technological Innovation to Enhance Recovery Rates and Reduce Costs 04 10:30-10:50 Comparison of Full-Component Recycling Technology Paths for LFP Black Mass 05 10:50-11:10 Pre-Research on Recycling Technologies for Sodium-Ion Batteries and Solid-State Batteries 06 11:10-11:30 Technological Breakthroughs and Industrial Synergy: Enhancing Resource Utilization Through Technologies Such as Low-Energy Disassembly and Efficient Metal Extraction 07 11:30-11:50 How to Achieve "Regeneration" Rather Than "Recycling" of LFP Cathode Materials ·Afternoon: Free On-Site Enterprise Visits and Exchanges Gather in Xiamen in October, Enjoy the Scenery of Egret Island, and See You at the Lithium Battery Recycling Annual Conference! Scan the QR Code for Conference Details

The 2nd Global Recycled Metal Industry Summit will be held at the Hyatt Regency Suvarnabhumi Airport Hotel in Bangkok, Thailand on June 12-13, 2025. This conference will bring together associations, leading enterprises, research institutions, industry experts, and policymakers from the global recycled metal sector to discuss new trends, technologies, and policies in the industry. It has attracted over 600 global industry leaders from more than 20 countries, 30+ world-class guest speakers, and 30+ premium exhibitors, jointly promoting resource sharing, collaborative innovation, and the global green economy transition! Limited booths remaining! Check out the latest booth map! Booth reservations are in high demand! Only 4 spots left for Class A printed booths and Class B standard booths! Book your booth now to enjoy the following benefits (limited to the first three): A one-month "SMM Recycled Metals" official account poster advertisement worth 3,500 yuan! Targeted followers! Vertical communities! We will enhance your corporate influence! Why are the booths so popular? 1. Full of benefits · Class A 3*3 printed booth You will receive the following benefits: 1. 3 conference tickets 2. Printing, display stands, and booth setup, showcasing products and technologies to create business opportunities 3. 1 reception table with logo, 1 round table, 4 chairs, and 1 TV · Class B 3*3 standard booth You will receive the following benefits: 1. 2 conference tickets 2. Lintel printing, display stands, and booth setup to attract attention and facilitate in-depth exchanges and negotiations 3. 1 reception table with logo, 1 round table, and 4 chairs 2. Market insights, unlimited opportunities 3. The necessity of purchasing a booth · Stay updated with industry trends: The recycled metal industry changes rapidly. A booth keeps you at the forefront of communication, enabling timely access to new policy, technology, and market trends, and planning your company's direction in advance. · Expand cooperation resources: Gather upstream and downstream enterprises of the global industry chain. A booth helps you attract potential partners, achieve cooperation, and realize business growth. ·Enhance brand visibility: Setting up a booth at the forum allows for a direct display of a company's strength and characteristics, effectively increasing brand awareness and influence. These companies will see your booth! · List of Participating Companies (Version 2) · The list is being continuously updated...

On February 9, China’s National Development and Reform Commission (NDRC) and National Energy Agency (NEA) jointly published the Notice on Deepening Market-Based Reform of Renewable Energy On-Grid Tariffs to Promote High-Quality Renewable Energy Development.

Against the backdrop of profound adjustments in the real estate market, local housing policies have witnessed significant breakthroughs. Recently, Xinyang City in Henan Province has introduced measures to fully implement the sale of completed residential properties for newly transferred land developments. Analysts have noted that Xinyang has become the first city in the country to implement this model this year. "This measure in Xinyang not only boosts the confidence of homebuyers but also attempts to drive the industry towards a new model by reshaping sales rules," a real estate analyst pointed out. "The sale of completed residential properties can significantly reduce the potential delivery risks borne by homebuyers, safeguard residents' rights and interests, and optimize the industry ecosystem. In the long run, it is conducive to promoting the stable and healthy development of the housing market and accelerating the construction of a new model for real estate development," said Xu Changjie, an analyst at Huachuang Securities. Why did Xinyang fire the "first shot" for the sale of completed residential properties this year? According to the public announcement on the official website of the Xinyang Housing and Urban-Rural Development Bureau, in order to continuously promote the stabilization of the real estate market, effectively manage market-oriented risks in the real estate sector, destocking, and control incremental supply, the Xinyang Housing and Urban-Rural Development Bureau has drafted the "Several Measures on Strengthening the Management of Pre-sale of Commercial Housing (Trial)," which is now open for public consultation. The public consultation period for these measures is from May 6, 2025, to May 15, 2025. The aforementioned document outlines six measures. The first measure, "Strictly Control Pre-sale Permit Conditions," states that "for commercial housing developments on newly transferred land after the issuance of this document, the sale of completed residential properties shall be uniformly implemented." Meanwhile, the document clarifies that the time of newly transferred land shall be based on the signing date of the land transfer contract. "This measure shall be implemented from the date of issuance and shall apply to the central urban area. Other counties may refer to and implement it accordingly." "Xinyang's explicit announcement to implement the sale of completed residential properties for newly transferred plots in the central urban area is the first city nationwide to clearly and comprehensively implement this model recently," said Chen Wenjing, Director of Policy Research at the China Index Academy. Regarding why Xinyang has chosen to fully implement the sale of completed residential properties for newly transferred plots in the central urban area, Yan Yuejin, Deputy Dean of the E-House China Research Institute, believes that Henan faced challenges with the delivery of pre-sale properties in 2022, with many cases emerging in cities like Xinyang. Therefore, Xinyang's move to "uniformly implement the sale of completed residential properties for newly transferred land" is essentially based on the new situation to mitigate risks associated with the pre-sale model. "Under the pre-sale model, issues such as developers' high-leverage expansion and misappropriation of funds may lead to project stalls, severely damaging the rights and interests of homebuyers. Xinyang's measures, with the core objectives of 'mitigating risks, destocking, and controlling incremental supply,' aim to cut off the risk transmission chain of pre-sale properties at the source by strictly controlling pre-sale conditions for newly transferred land. This is regarded by the industry as a crucial step in mitigating systemic risks."The industry analyst mentioned above stated. The analyst pointed out that the Xinyang market is still in the adjustment phase, with significant pressure on inventory reduction. Currently, many new housing projects are already in the state of selling completed properties, and the overall impact of the new policy on the short-term market operation in Xinyang is relatively small. Yan Jinjin believes that the completed property sales model mentioned in Xinyang this time will have a more direct impact on developers. Real estate companies need to objectively evaluate and better grasp the cost-effectiveness and financial calculations when acquiring land. It should be noted that the promotion of completed property sales in Xinyang this time is only targeted at newly transferred land, while land transferred before the issuance of the previous document will still be executed according to the original rules. Can the completed property sales model be fully implemented? Recently, the completed property sales model has received significant attention from the market. Multiple insiders told reporters that some high-energy cities are also studying methods to pilot completed property sales on newly transferred land. Before this, many regions across the country actively explored and promoted completed property sales. Chen Wenjing introduced that in Hainan, commercial residential buildings constructed on land transferred after March 2020 have all implemented completed property sales, which has been in place for over five years, making it the first province to implement completed property sales. According to incomplete monitoring by the China Index Academy, since the end of 2022, over 30 provinces (cities) across the country have issued policies related to completed property sales. For example, Hefei, Zhengzhou, and Changsha have clearly designated some projects for completed property sales pilots; Jingmen is the only city in Hubei Province to pilot completed property sales. In April this year, one of the city's first batch of pilot projects entered the market, with all shops sold out and over 80% of residential units signed, while another project is nearing completion with a subscription rate of nearly 90%. In addition, many regions have introduced supporting policies for completed property sales. For example, several districts and counties in Ganzhou have extended the payment period for land transfer fees for completed property sales projects, several districts and counties in Jiujiang have provided deed tax subsidies for buyers of completed property sales projects, and multiple regions in Shandong have increased the provident fund loan limits for purchasing completed properties. "From a long-term perspective, the completed property sales model is continuously advancing, and the trend cannot be ignored." Chi Tianhui, an analyst at Guojin Securities, believes that the real estate market has continued to decline in recent years, and after the small spring this year, real estate data has weakened again. The continuous bottoming of housing prices and the wait-and-see sentiment towards pre-sale properties (concerns about poor quality, rights protection, and unfinished projects) have constrained the release of demand, diverting a large amount of demand to the second-hand housing market. He further stated that under the framework of the new development model for real estate, commercial housing needs to be fully marketized, advocating for what you see is what you get, and determining success by quality, thereby promoting industry transformation and upgrading and rebuilding the trust of homebuyers. "From the perspective of residents, the sale of completed homes helps avoid project stagnation, reduces disputes arising from false advertising or information asymmetry, and lowers the cost of safeguarding rights. At the same time, residents do not need to make large upfront payments for completed homes while waiting for delivery, effectively reducing their financial pressure," said Xu Changjie. From the perspective of industry development, he believes that the sale of completed homes will facilitate the industry's further transition towards being "product-driven," compelling real estate enterprises to prioritize the construction of "high-quality homes." It also reduces their reliance on pre-sale funds, curbs excessive expansion driven by high leverage, and mitigates systemic financial risks. However, several analysts have pointed out that the sale of completed homes may also bring about other impacts, necessitating the implementation of supporting policies in pilot regions to offset these effects. It is anticipated that a comprehensive rollout will not occur in the short term. In Chen Wenjing's view, under the model of completed home sales, there are still several issues that need to be addressed. Firstly, as the sales time node for completed homes is later than that for pre-sale homes, the sales payment collection cycle for real estate enterprises will be longer, posing a financial challenge for them. Secondly, the sale of completed homes will, to a certain extent, affect the scale of new home supply. For regions with relatively small housing inventories, local governments need to exercise precise control over the pace and intensity of implementation. Thirdly, the sale of completed homes will also increase the capital requirements for financial institutions. "From a market perspective, it is recommended to prioritize pilot implementation of completed home sales in cities or regions with large housing inventories, while accelerating the improvement of real estate financing systems suitable for the completed home sales model, in order to gradually achieve a transition from pre-sale to completed home sales," said Chen Wenjing.