2025年11月3日，克而瑞携手深度智联，正式发布全新升级的房地产决策咨询系统 —— CRIC2025。 此次发布不仅是产品迭代，更标志着双方以AI技术对CRIC系统进行全链路重构，旨在打造不动产行 业的"决策大脑"，驱动行业决策迈向智能化新阶段。 推动工作流从"增强智能"到"自主智能" 自2006年首次上线以来，CRIC系统历经多次重要迭代，始终引领着地产数据服务的变革。此次推出 的CRIC2025，是其从信息化、数字化迈向AI智能化的关键一步。通过与深度智联的紧密合作， CRIC2025完成了对数据采集、研发流程到产品输出的全链路人工智能化重构。 CRIC2025以"AI数智"、"AI报告"和"AI任务"三大模块为核心，基于深度智联的专属数据库、知识 库、专家库和工程力库，构建起覆盖"数据-知识-报告-任务"全链路的AI专属空间，实现了对传统行 业工作流的根本性重构。这三大模块构建了一条从"增强智能"到"自主智能"完整演进路径，系统性地 重塑不动产行业的传统工作流。 ▶▶ AI数智：实现从"检索"到"洞察"的智能应答 AI数智作为核心模块，通过"问数"与"问知"两大功能重塑数据与知识获取方式。"问数"支持 ...

国家层面多次强调要 "努力让人民群众住上更好的房子" ，住建部亦明确提出要"建设好房子、好小区、好社区、好城区"。 这 一系列政策信号标志着中国房地产 业进入了以品质和用户体验为核心的新发展阶段。 或点击"阅读原文"获得问卷链接 课题组成员： 克而瑞 产品力研究中心 、 浙江大学 邹永华教授 团队（住房政策学者、钱学森城市学金奖得主） 当前， 建设"好房子"是房地产行业供给侧结构性改革的关键，是推动企业从"开发商"向"美好生活服务商"转型、实现行业高质量发展的必然路径。 了解何为市场 认可的"好房子"，对于企业精准定位产品、提升核心竞争力至关重要。 住房是最大的民生。 "好房子"直接关系到亿万家庭的幸福感、获得感和安全感。了解老百姓对"好房子"的真实期待，是解决当前住房领域主要矛盾、满足人民对 美好生活向往的根本前提。 因此， 克而瑞与浙江大学 联合发起本次大型调研，旨在通过科学、系统的研究，为"好房子"的建设、评价和政策制定提供坚实的理论与数据支撑。 我们坚信，每一份真诚的问卷反馈，都是构建未来理想家园的一块基石。能共同为中国"好房子"的建设绘就一幅基于真实、服务于美好的蓝图。 问卷将占用您5分钟，感谢对我 ...

2025年第44周，"十五五"规划建议全文正式发布，较四中全会公报而言，进一步明确阐述了推进房地产高质 量发展的相关建议。在其后中央政治局、国务院、住建部的相关解读发声中，也进一步进行了展开解读，并 明确了行业高质量发展的六大重点任务。 地方层面，周内地方稳市场政策发布频次略有回落，各类政策发布的频次均相对平均。较为值得关注的有广 州发文推进"好房子"建设，厦门宣布岛外落户全面放宽岛内逐步松绑，重庆创新存量用地盘活方式，全面推 行集体经营性建设用地入市等。 0 1 周度中央：全面推进房地产高质量发展，明确房地产高质量发展的六大重点任务 "十五五"规划建议全文在多处明确了房地产相关论述，核心包括： 推动房地产高质量发展， 同时加快构建房 地产发展新模式，完善商品房开发、融资、销售等基础制度。此外，优化保障性住房供给，以满足城镇工薪群 体和各类困难家庭的基本住房需求；并将因城施策增加改善性住房供给。具体将建设安全舒适、绿色智慧 的"好房子"，实施房屋品质提升工程与物业服务质量提升行动，同时建立房屋全生命周期安全管理制度。 在 风险防范方面，将提高重点领域风险化解能力， 统筹推进房地产、地方政府债务、中小金融机构等 ...

研究中心专题卡介绍 研究专题卡是克而瑞研究中心推出的一套系统化的房地产企业情报定制方案，旨在用专业的行业知识与精湛的 行业预判为房企预测走势、预警风险、提供借鉴。 每年为企业提供『宏观研究、市场研究、企业管控、项目借鉴、营销案例、产品案例、运营模式、企业深度、 企业融资及盈利模式』十大类、五十个专题的选择。 产品类型 服务形式 企业可根据自身需求从专题列表中选择适合专题打包组成定制专题卡，但全年累积不得超过会员自身等级规定数量。 2025年新增专题 点击 红色标题 阅读缩略版 专题 | 2025公募REITs发展现状与趋势 中国公募REITs进入新时代，或将助力房企完成战略转型。 专题 | 住宅产品会所与架空层核心功能研究 专题 | 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间 2025年中期5 0家典型上市房企的现金持有量为11867亿元，较期初减少了9. 4 9%。 专题 | 2025年上半年房企盈利能力报告——毛利率修复至10.87%，净利润维持亏损 期内确认存货跌价损失4 9 4亿，净利润亏损902亿。 未来，优秀的会所设计将更加注重与社区业主的适配性，不止提供丰富的场景， ...

Group 1 - The core viewpoint of the article emphasizes that the construction of "good houses" is a strategic development direction for residential products, transitioning from policy concepts to industry practices, and is expected to become a long-term trend in the real estate market [1][3][72] - The demand for better housing quality is driven by urbanization and changing consumer expectations, with buyers increasingly prioritizing quality, environment, and amenities over mere availability [3][5][6] - The implementation of price control policies has led to a decline in housing quality, prompting the industry to shift focus from scale to quality in response to growing consumer complaints and a crisis of trust [4][5][6] Group 2 - Leading real estate companies are launching "good house" strategies that focus on safety, comfort, green living, and smart technology, with measurable technical standards to ensure implementation [7][8][10] - Companies like China Overseas and Greentown are establishing comprehensive technical standards that cover the entire lifecycle of design, construction, and service, reflecting a trend towards refined management [8][9][10] - The shift from being mere "space providers" to "technology solution service providers" is evident, as companies leverage standardized technology and service ecosystems to create long-term value [9][10] Group 3 - The article outlines five key dimensions of "good houses": safety performance, comfort and livability, green and low-carbon design, smart technology, and community environment [3][31][54] - Innovations in spatial efficiency and flexible design are becoming critical indicators of housing quality, with companies optimizing building structures and multifunctional spaces to enhance living experiences [31][32][36] - Health and environmental quality are being addressed through comprehensive solutions that go beyond basic physical indicators, incorporating multi-sensory experiences to improve overall living conditions [45][49] Group 4 - The future of "good house" construction is expected to be a continuous process of deepening and refining, with policies evolving to support differentiated designs and technical standards for various market segments [72][73] - The industry is transitioning from traditional scale expansion to quality enhancement, with a focus on the four dimensions of safety, comfort, green living, and smart technology, leading to a more integrated and innovative development approach [72][73]

导 读 在10月重点监测的30家企业中，超过半数的企业未有拿地动作，仅有4家企业单月拿地金额 超过50亿元。 ☉ 文／克而瑞研究中心 | | 2025年1-10月 ·中国房地产企业 | | | --- | --- | --- | | | 新增货值TOP100 | | | | | 新增土地货值 | | 排名 | 企业名称 | (亿元) | | 1 | 中海地产 | 2170.0 | | 2 | 招商蛇口 | 1731.8 | | 3 | 保利发展 | 1287. 0 | | ব | 绿城中国 | 1209.0 | | 5 | 安润量地 | 941.0 | | 6 | 中国金茂 | 840. 8 | | 7 | 越秀地产 | 825. 3 | | 8 | 建发房产 | 819. 3 | | 9 | 中旅投资 | 703. 2 | | 10 | 徐汇城投 | 669.0 | | 11 | 滨江集团 | 580. 1 | | 12 | 中建智地 | 385. 1 | | 13 | 保利置业 | 314.9 | | 14 | 象屿地产 | 292.7 | | 15 | 国内中立 | 760 1 | | IU | | | ...

VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 排行榜 2025年1-10月中国房地产企业销售TOP100排行榜 百强房企1 0月销售操盘金额2530亿元，环比增0.1%，同比降41.9%；前1 0月30城累计成交9 8 2 5万平方米，累计 同比跌幅为7%。 市场与经营压力迫使房企考虑私有化退市。 观点 行业透视 | 京沪深新政余温延续，核心区强产品力改善盘领涨 新政对于二手房提振效果不及新房显著，整体成交规模在新政前后变化不大。 评司论企｜上坤退市、五矿私有化，房企退市潮何时休？ 土拍速递｜中建智地+未来科学城26亿竞得北京昌平宅地，天通苑板块时隔八年再迎宅地成交 北京市昌平区北七家镇歇甲庄村组合地块顺利完成出让，中建智地与北京未来科学城组成的联合体以 2 6 .01 亿元 底价竞得。 研报 土地月报｜成交同比降幅显著扩大，平均溢价率年内新低（2025年10月） 2 025年10月，土地成交规模环比回落，同比降幅亦显著扩大。据月末快报数据显示，当月土地成交建筑面积与金 额分别环比下降1 ...

Core Insights - The article highlights a significant decline in the sales performance of China's top real estate companies, with a 41.9% year-on-year decrease in sales turnover for October 2025, despite a slight month-on-month increase of 0.1% [3][19][18]. Sales Performance Overview - In October 2025, the top 100 real estate companies achieved a sales turnover of 253 billion yuan, marking a 41.9% decrease compared to the same month last year [3][19]. - Cumulatively, from January to October 2025, these companies recorded a total sales turnover of 25,766.6 billion yuan, which is a 16% year-on-year decline, with the rate of decline increasing by 4.2 percentage points compared to the previous nine months [19][22]. Market Trends - The new housing market supply has significantly decreased, reaching its second-lowest level of the year in October 2025, with a year-on-year decline of 36% in new home transactions [17][28]. - The cumulative transaction volume in 30 monitored cities for the first ten months of 2025 was 9,825 million square meters, reflecting a 7% year-on-year decline [3][28]. City-Level Analysis - In first-tier cities, the total transaction volume remained stable compared to the previous month, but year-on-year declines were substantial, with Guangzhou leading in transactions but still experiencing a 46% drop compared to last year [28][29]. - Second and third-tier cities showed a slight month-on-month increase in transactions, but year-on-year adjustments were deep, with some cities like Qingdao showing resilience with a 30% year-on-year growth [29][31]. Sales Thresholds - The sales thresholds for the top 100 real estate companies have decreased compared to the same period last year, with the threshold for the top 10 companies dropping by 9.4% to 678.9 billion yuan [22][24]. - The sales thresholds for the top 30 and top 50 companies also saw reductions of 5.4% and 11.6%, respectively [22][24]. Future Outlook - The article predicts that the absolute volume of new home transactions will continue to fluctuate at low levels, with potential further increases in year-on-year declines due to high base effects from the previous year [18][31].

Core Insights - The new policies have had a limited impact on the second-hand housing market compared to new homes, with overall transaction volumes showing little change before and after the policy implementation [1][18]. Group 1: New Housing Market Performance - After the implementation of new policies in August and September 2025, weekly transaction volumes for new homes in Beijing and Shanghai initially increased, while Shenzhen's new home sales remained stable, showing no significant change compared to pre-policy levels [4][5]. - In October, Shanghai's weekly transaction volume decreased by 17% compared to September, and was down 8% compared to the average weekly volume from July. Beijing's market remained relatively stable, with a slight increase of 3% from September and a minor decrease of 1% from July. Shenzhen maintained its momentum from September, with transaction volumes remaining flat compared to the previous month, reflecting a 25% increase from August [5][7]. Group 2: Project Absorption Rates - The absorption rates for new projects in Beijing, Shanghai, and Shenzhen have shown a downward trend post-policy implementation, with Shanghai and Shenzhen's rates declining to 36% and 21% respectively by late October. In contrast, Beijing experienced a temporary spike in absorption rates due to the launch of desirable projects in September [8][9]. Group 3: Second-Hand Housing Market Dynamics - The impact of the new policies on the second-hand housing market has been more pronounced, with weekly transaction volumes in October showing a decline compared to September across Beijing, Shanghai, and Shenzhen. This decline indicates a return to levels seen before the new policies were enacted [13][14]. - Specifically, the average weekly transaction volumes for second-hand homes in October were down 31% in Beijing, 16% in Shanghai, and 15% in Shenzhen compared to September [16][18]. Group 4: Market Outlook - The overall market for new homes in key cities like Beijing and Shanghai has seen some short-term benefits from the new policies, but the long-term effects have not met expectations, with transaction volumes reverting to pre-policy levels by October. The second-hand market is particularly struggling, with prices continuing to decline and a trend of price adjustments for less desirable properties [18].

Core Viewpoint - The article discusses the ongoing trend of delisting among real estate companies in Hong Kong and A-shares, highlighting the reasons behind privatization and delisting, as well as the potential future of this trend in the industry [2][9]. Group 1: Delisting Trends - On October 22, it was announced that Shangkun Real Estate would officially delist on October 27 due to failure to meet resumption guidelines, marking another case of a real estate company being forced to delist after Evergrande's delisting on August 25 [2]. - Since April 2023, a total of 11 H-share real estate companies have been mandated to delist, including major players like China Evergrande [4]. - As of September 2025, there are still 8 H-share real estate companies under suspension, with potential delisting risks if they do not resume trading [5]. Group 2: A-share vs H-share Delisting - A-share companies face delisting primarily due to stock prices falling below RMB 1 per share for 20 consecutive trading days, while H-share companies are more affected by liquidity crises and inability to publish annual reports [6]. - Following the favorable policies introduced in 2024, A-share real estate companies have seen a recovery in confidence, distancing themselves from the delisting risk associated with low stock prices [6]. Group 3: Reasons for Privatization and Delisting - The main reasons for privatization and delisting among real estate companies include insufficient stock liquidity, loss of financing capabilities, and continuous losses leading to debt crises [11]. - Privatization allows companies to implement long-term strategies and enhance operational flexibility, reducing regulatory burdens and costs associated with being a public company [11]. - The challenging market environment, characterized by declining sales and low valuations, further drives companies towards privatization to avoid valuation discounts [12]. Group 4: Future Outlook - The trend of passive delisting and privatization is seen as a necessary outcome during the deep adjustment period of the real estate industry, with expectations that this trend will continue for the next 2-3 years [12]. - Companies are urged to adapt to market changes through strategic adjustments and operational optimizations to address the challenges posed by declining valuations and potential delisting risks [12].