以下文章来源于普睿地产研究 ，作者普睿数智研究中心 普睿地产研究 . 涵盖市场、企业等八大研究方向，专注房地产市场发展、房企运营、产品力及多元化与代建课题探究。常规研究成果按日度、周度、月度定期发布，每年 亦推出上百篇重磅专题，为行业提供专业决策参考。 导 读 头部企业强者恒强，投资集中度超七成，其中央企投资保持领先，民企信心随市场筑底不断 修复。 ☉ 文／ 克而瑞深度咨询·普睿数智研究中心 | 4 | 绿城中国 | 1300.0 | | --- | --- | --- | | 5 | 束润置部 | 1243.2 | | 6 | 中国金茂 | 953.8 | | 7 | 越秀地产 | 855.4 | | 8 | 建发房产 | 854.6 | | 9 | 中旅投资 | 703.21 | | 10 | 滨江集团 | 667.8 | | 11 | 中建智地 | 411.7 | | 12 | 保利置业 | 350.4 | | 13 | 武汉城建 | 330.0 | | 14 | 象屿地产 | 295.9 | | 15 | 邦泰集团 | 293.2 | | 16 | 国贸地产 | 269.4 | | 17 | 联发集团 ...

Core Insights - The real estate market continues to show signs of bottoming out, with 10 companies achieving over 100 billion yuan in sales for the year [3] - 24 companies reported year-on-year growth in performance, with some experiencing significant recovery [3] - Central and state-owned enterprises performed well overall, with 42% of them reporting performance growth [3] - High-quality properties and urban renewal have become new focal points, prompting companies to enhance their internal capabilities [3] Company Performance - The top companies by operational amount include: - Greentown China: 251.9 billion yuan - China Overseas Land & Investment: 239.2 billion yuan - Poly Developments: 232.8 billion yuan - China Resources Land: 210.1 billion yuan - China Merchants Shekou: 185.8 billion yuan [5][6] - The top companies by operational area include: - Greentown China: 1,208 million square meters - Poly Developments: 1,126.2 million square meters - China Overseas Land & Investment: 1,044.2 million square meters - Vanke: 950.7 million square meters - China Merchants Shekou: 688 million square meters [5][6] Market Trends - The overall market is characterized by a continued bottoming trend, with a focus on quality properties and urban renewal as key areas for growth [3] - Companies are encouraged to strengthen their internal capabilities to adapt to changing market conditions [3]

2025年，中国住宅市场在政策持续优化调整与宏观经济复杂环境的双重作用下，总体呈现出"量价企稳、结构分化、预期重塑"的复杂态势。市场告别了 过去的高速增长模式，进入一个以"止跌回稳"为核心、推动高质量发展的新阶段。展望2026年，预计市场将继续在巩固调整中寻求新供求平衡，政策将 以巩固稳中有进态势、防范化解风险为主要方向，住宅市场成交规模将在低位筑底的基础上存在结构性回暖可能，而价格整体预计将保持窄幅盘整，城市 间的分化将进一步加剧。城市更新、好房子将成为行业重要的亮点，绿色、智能、健康、安全的产品将获得溢价，社区配套和服务的重要性凸显。 ◎ 文 / 克而瑞研究中心 总 结 01 市场综述 市场综述：全年总住房成交需求相对稳定 部分二三线城市同比正增长 2025年是中国房地产市场自深度调整周期迈入企稳修复阶段的关键一年。政策由"托底纾困"转向"优化提振"， 主基调延续了"因城施策"的灵活框架，从年初延续前 期"保交楼、稳需求、防风险"的托底措施，到年中以来，政策重心明显转向全面提振市场信心、激活合理住房需求。 行业发展新模式的内涵和外延进一步丰富完善，系统性政策支持框架成型。需求端支持全面强化：全国层面，首付 ...

2025年第52周 Weekly 2025年12月22日-2025年12月28日（第52周），土地新增供应规模低位回升，成交规模延续年内高位， 整体土拍热度仍在年末低位徘徊。本周重点城市监测范围内，土地供应建筑面积347万平方米，环比上 升83%；成交建筑面积1627万平方米，连续3周在1600万平方米以上；本周平均溢价率为1.3%，较上 周微增0.2个百分点。 供应：本周土地供应建筑面积347平方米，环比上升83%，仍在年内低位。 一线城市本周上海有3宗宅地 供应，均在城市外围区域。本周供应含宅用地共33幅，平均容积率1.8。 本周上海供应地块中，2宗青浦区地块出让底价均在17亿元以上，其中赵巷板块宅地出让底价更高，达到 17.99亿元，地块容积率1.33，起拍楼板价2万元/平方米。地块由4宗子地块构成，其中2宗子地块容积率 低至1.02，限高20米，另两宗容积率1.8，限高40米。地块位于虹桥国际开放枢纽拓展区，距17号线嘉松 中路站约700米，可通过崧泽高架、沪渝高速快速连接市区，地块周边有百联奥莱、合生新天地等商业配 套，产业支撑方面依托嘉松中路科创走廊发展。目前周边华发虹桥四季售价在5.5万元/平方 ...

Core Viewpoint - The 2025 China Real Estate Product Power TOP100 conference will focus on the evolving trends in industry product power, emphasizing the importance of product innovation and service upgrades for future competitiveness in the real estate sector [4][5][7]. Group 1: Event Overview - The conference is scheduled for January 8, 2026, in Shanghai, under the theme "For a Better Start" [6]. - The event will gather industry leaders and experts to share practical experiences and insights, aiming to foster consensus and initiate a new chapter in high-quality development [7]. Group 2: Research and Evaluation - The conference will release several key evaluation and research results, including: - 2025 China Real Estate Enterprises Product Power TOP100 - 2025 National Top Ten Product Systems - 2025 National Top Ten Works - 2025 China Good Houses - A white paper on product power achievements will also be published [8]. - The evaluation process has attracted nearly 100 real estate companies and over 400 projects, covering numerous cities with excellent product power, indicating a steady deepening of industry influence [9].

2025年第52周， 住建部召开全国城乡建设工作会议，明确来年将着力稳定房地产市场，加快构建房地产发展新 模式。央行发布金融稳定报告，将实施更加积极有为的宏观政策，做好房地产金融宏观审慎管理。 地方层面，北京进一步调整优化房地产限制性政策：其一，非京籍购房社保要求减一年；其二，商贷利率不分首 套二套；其三，二套房公积金首付降至25%。上海在本周审议通过了"十五五"规划建议，明确将推动城市高质 量、内涵式发展。河南省发布新规建设生育友好型社会，多子女家庭购买二套房可视为首套房。 01 周度中央： 住建部落实经济工作会议房地产相关要求，央行表示将持续防范化解重点领域风险 对比"十五五"规划建议和中央经济经济工作会议的相关内容来看，2025年末的住建部会议对相关内容进行了进一步深 化落实，并将"加快构建房地产发展新模式"明确分解为"做实房地产开发项目公司制、推行主办银行制、推行现房销售 制、规范预售资金监管"等多个方面。构建行业新模式，既是促进行业加快降风险进程的有效举措，也是满足新时代行 业发展的必经之路。预计来年将有更多城市跟进推行现房销售，项目的开发和预售资金也将得到更为全面的管理。 对于未来五年行业的发展趋 ...

Core Viewpoint - The 2025 China Real Estate Product Power TOP 100 conference will focus on the sustainable development of real estate companies through product strength, aligning with the new national real estate development model and the "good housing" construction strategy [4][5]. Group 1: Event Overview - The conference is scheduled for January 8, 2026, in Shanghai, aiming to initiate a new chapter in the industry [6]. - The event will gather industry leaders and experts to share practical experiences and insights, fostering consensus for high-quality development [7]. Group 2: Research and Evaluation - The conference will release several key evaluation and research results, including four major lists: 1. 2025 China Real Estate Enterprise Product Power TOP 100 2. 2025 National Top Ten Product Systems 3. 2025 National Top Ten Works 4. 2025 China Good Housing [8]. - A white paper titled "2025 China Real Estate Enterprise Product Power White Paper" will also be published [8]. Group 3: Participation and Impact - The evaluation process has attracted nearly 100 real estate companies and over 400 projects, covering numerous cities with excellent product power, indicating a steady increase in industry influence [9].

Core Viewpoint - A profound transformation in corporate structure is occurring in Silicon Valley, where AI agents are evolving from mere tools to autonomous colleagues, significantly impacting the real estate industry [1][3]. Group 1: AI Transformation in Real Estate - The real estate industry, characterized by high capital intensity and long decision chains, is becoming a breakthrough point for AI applications, with digital employees capable of performing tasks traditionally requiring multiple human roles [3][11]. - Deep Intelligence's "Kerry Digital Employee" has been recognized for its real industry value and scalable application capabilities, winning the "2025 Outstanding AI Product Award" [4]. - The introduction of digital employee teams, such as the "Gold Medal Case Field" team, showcases a collaborative approach to cover the entire process from market analysis to customer service in new housing projects [7][8]. Group 2: Cost Efficiency and Organizational Change - Traditional real estate marketing teams typically require 6-8 personnel with a monthly cost exceeding 150,000 yuan, while digital employees can cover the same functions for around 2,500 yuan, reducing labor costs by over 90% [11]. - The shift towards AI-native organizations emphasizes a model where human experts focus on high-value tasks while digital employees handle standardized, time-consuming tasks, creating a synergistic collaboration [11]. Group 3: Unique Industry Advantages - Deep Intelligence's AI solutions are tailored to the real estate sector, integrating industry knowledge, business processes, and proprietary data to create a specialized AI space that overcomes traditional barriers to high-end capabilities [13][16]. - The company has established four unique advantages: a vast structured database, a knowledge graph from unstructured documents, expert thinking encoding, and a stable multi-agent architecture for collaborative tasks [16]. Group 4: Broader Implications and Future Outlook - The trend of integrating digital employees is not limited to real estate; leading companies across various sectors are adopting similar strategies, with the AI digital human market in China projected to reach 4.12 billion yuan in 2024, growing by 85.3% [19]. - The future competitiveness of enterprises will depend on their ability to leverage top-tier professional capabilities through AI in a cost-effective and sustainable manner [20]. - The introduction of digital employees in real estate represents a significant opportunity for companies to break through the barriers of high-end capability scarcity, positioning them for success in the evolving market landscape [21].

Core Viewpoint - The 2025 China Real Estate Product Power TOP 100 conference will focus on the evolving trends in industry product power, emphasizing the importance of product innovation and service upgrades for sustainable development in the real estate sector [2][3]. Group 1: Event Overview - The conference is scheduled for January 8, 2026, in Shanghai, aiming to gather industry leaders and experts to share practical experiences and insights [3]. - The event will feature the release of four major rankings: 2025 China Real Estate Enterprise Product Power TOP 100, 2025 National Top Ten Product Series, 2025 National Top Ten Works, and 2025 China Good Houses, along with a white paper on product power [4]. Group 2: Industry Context - The evaluation process has attracted nearly 100 real estate companies and over 400 projects, covering numerous cities with excellent product power, indicating a deepening industry influence [6]. - The conference will explore the vitality of product power under the context of "good houses," discussing how to integrate product-centric approaches throughout the development cycle [2][6].

Group 1 - The core viewpoint of the article is that the Chinese public REITs are entering a new era, which may assist real estate companies in completing their strategic transformation [1] - The government continues to support the development of public REITs in 2025, with a positive market response [1][27] - The 782 document introduces four innovations to promote the normalization of public REITs development, focusing on expanding the asset scope and accelerating the approval and issuance of REITs [1][27] Group 2 - The asset scope has been expanded to include new types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [3][4] - The expansion support mechanism has been optimized, simplifying the application process for newly acquired projects and allowing cross-regional integration of existing assets [3][4] - The 782 document emphasizes the importance of project quality, prioritizing applications for high-quality projects that contribute to national strategic goals [4] Group 3 - Over 87% of the listed public REITs reported profits in the first half of 2025, with stable returns [7][27] - By October 21, 2025, a total of 415.38 billion yuan has been raised for public REITs, with more listings expected by the end of the year [7][27] - The total scale of listed public REITs in China has reached 2,075.72 billion yuan [7] Group 4 - Eight real estate companies have issued public REITs, primarily in the consumer infrastructure sector [16][17] - China Resources REIT is expected to expand by over 5 billion yuan annually, providing a development model for the industry [18] - The listing of CapitaLand REIT serves as a test case for foreign institutions participating in the Chinese REITs market [18] Group 5 - State-owned enterprises are actively exploring public REITs, leveraging policy benefits to transform their roles [20][21] - Private enterprises also have opportunities to participate in public REITs, with a focus on owning quality properties [23] - Public REITs enhance the commercial independence of real estate companies and optimize liquidity to support transformation and upgrading [23][24]