季度走势而言，2025年前三季度单季度的中标数量持续走高，并且在第二季度、第三季度中标数量连续创新高，其中第三季度中标数量 达到172个，同、环比增幅分别达到37%和17%。 总体来看， 前三季度头部代建企业强烈的扩张意愿有效推动了中标数量的显著增长。 在代建市场逐渐成为红海、增量空间减少的环境 下，已经具备规模优势和品牌效应的企业仍在加速拓展，稳固自身优势。 ◎ 文/ 谢杨春、吴嘉茗 2025年1-9月，头部代建企业扩张的意愿强烈，新增规模TOP20企业新增签约建面为15771万平方米，同比增幅达到31%。在头部企业的积 极拓展带动下，前三季度代建项目的中标数量呈现稳步增长态势，尤其在第三季度，中标项目数量再创新高。 前三季度代建项目中标量同比增长18% 连续两个季度稳步抬升 01 根据招标网数据显示，2025年1-9月代建中标项目约为432个，同比增长18%，增速比2024年同期下降10个百分点，但是与半年度相比，增 速有所回升。 从监测的中标数据来看，绿城管理的中标数量断层领先其他企业，第三季度公开中标项目接近20个，其次龙湖龙智造、蓝城集团、旭辉 管理、金地集团等中标数量也显著高于其他企业。第三季度中 ...

重点供应地块方面，本周共有7宗宅地起拍价超过20亿元， 其中北京海淀区上地板块地块起拍价最高，达到84.22亿元。 该地块由三个子地块组成，综合容 积率约2.92（居住部分2.2，商业部分3.8），总建筑面积22.5万平方米，起拍楼板价3.7万元/平方米。居住部分建筑面积9.3万平方米，限高30米，商业部分 13.2万平方米，限高36米，需自持50%商业面积、至少20年。地块北侧紧邻中关村软件园，百度、腾讯、网易等互联网巨头云集，提供稳定高收入客群；且 位于海淀学区最佳的上地板块，教育配套优势突出；周边环境宜居、且商业配套完善，临近华联上地购物中心、清河万象汇、上地公园，且自身规划大型商 业综合体。地块西侧的和樾玉鸣与和樾望雲于2025年3月开盘，认购均价为10.5万元/平方米，当天成交超1000套，开盘当日去化率在八成以上。 三亚在本周也挂牌了一宗高总价商住地块， 容积率2.2，建筑面积22.28万平方米，起拍底价29.49亿元，起拍楼板价1.3万元/平方米。地块要求竞买人须为 《财富》世界500强或省/市属国企，未来5年内在三亚投资总额不低于100亿元。地块位于三亚湾海坡片区，距海岸线约300米，是三亚近 ...

Core Viewpoint - The article discusses the recent land auction in Hangzhou, where five plots were sold at a total price of 5.4 billion yuan, all at the base price, indicating a cooling market for high-value residential land [2][14]. Summary by Sections Land Auction Overview - On November 25, Hangzhou auctioned five plots of land, totaling 5.4 billion yuan, with three residential plots accounting for 4.33 billion yuan and two commercial office plots for 1.07 billion yuan [2]. Detailed Analysis of Residential Plots - **Future Technology City Plot**: - Sold for 1.8 billion yuan, with a floor area ratio of 1.05 and a floor price of 35,000 yuan/m². The plot is notable for its scenic views and proximity to a planned subway station, but faces challenges with surrounding infrastructure [5]. - **Shiqiao Unit Plot**: - Acquired by Vanke and Hangzhou Anju for 1.01 billion yuan, with an average floor price of 15,000 yuan/m² and a floor area ratio of 2.0. The plot is strategically located near major transportation and educational resources, though it may experience noise issues from nearby facilities [8]. - **Zhuantang Unit Plot**: - Sold for 1.52 billion yuan, with a floor price of 16,000 yuan/m² and a floor area ratio of 1.7. This plot is situated in a prime area with good access to public transport and medical facilities, but surrounding new housing projects have mostly sold out [10][11]. Market Trends and Insights - The article notes that high-value residential land sales have decreased in frequency, with only seven instances of total sales exceeding 1 billion yuan in the second half of the year compared to twenty in the first half. This trend reflects a broader cooling in the market, with recent plots facing unique challenges that led to their sale at base prices [14].

2025年第47周，住建部两度发声推进城市更新工作，要求把城市更新摆在更加突出的位置，要因地 制宜、探索创新，着力在规划、资金、运营、治理4个方面下功夫。地方层面，政策发布频次明显加 快，且各方面政策类型均有所涉及：如郴州鼓励现房销售；杭州余杭区推出购房补贴新政，实施让利 促销的项目每套补助3万元；成都允许存量自持租赁住房转变属性，转为普通商品住房上市交易。 01 周度中央：住建部就推进城市更新工作两度发声 11月20日"中国经济圆桌会"： 住房城乡建设部建筑节能与科技司副司长张雁在会上表示，要把城市更新摆在 更加突出的位置，系统推进好房子、好小区、好社区、好城区"四好"建设，为人民群众高品质生活、新业态新 产业发展提供空间载体，为城市高质量发展提供有力支撑。张雁说，住房城乡建设部已经印发城市更新规划编 制导则和手册，指导各地依据城市体检结果，科学制定城市更新专项规划，建立完善从专项规划到片区策划， 再到项目实施方案的规划实施体系，形成发现问题、解决问题、评估成效、巩固提升的工作路径，确保城市更 新项目落地落实落细。 11月21日全国城市更新工作推进会： 会议指出，要因地制宜、探索创新，着力在4个方面下功夫： ...

时代正在向前，我们清晰地看到， 不动产行业正迎来智能化转型的重要时刻。 人工智能正在改变各行各业。 在不动产领域，我们看到许多同行仍受限于分散的数据、复杂的决策流程、有限的专业人力。 这些挑战，需要的不仅是工 具，更是系统性的解决方案。 我们认为，这并非一场简单的技术迭代，而是一次深入业务肌理的系统性重构。 为此，深度智联选择躬身入局，希望将我们多年积累的行业经验，以 AI 原生的方式重新呈现。 这些年来，我们的同事在一线与客户的深入沟通中，带回了大家最真实的困惑与需求；这一年时间以来，我们的研发团队为此日以继夜，不断试错与迭 代。我们深知，真正的人工智能能力，除了先进的技术，更离不开对行业的深刻理解、海量的数据资产和系统化的知识沉淀。 正是基于易居过去三十年 穿越周期的行业洞察与克而瑞二十年孜孜不倦的数据积累，我们才有了持续创新的底气。 本期编辑：花卷 克而瑞地产研究 专注于房地产行业和企业课题的深入探究 系统性结构化数据库 是熔炉，基于克而瑞数据库，我们更新升级炼成AI可用的"钢筋铁骨"； 知识库 是引擎，我们将非结构化知识锻造成可追溯的"智慧 罗盘"； 专家库 是传承，我们将克而瑞行业专家们的地产思维" ...

Group 1 - The core viewpoint of the article emphasizes the ongoing fluctuations in the real estate market, particularly in the second-hand housing sector in major cities like Beijing, Shanghai, and Shenzhen, where new listings have decreased both month-on-month and year-on-year [5][6]. - The article highlights that the proportion of transactions for properties priced below 2 million yuan is increasing, indicating a trend of "price for volume" in the short term as the market continues to experience a downward cycle [6]. - In the land auction segment, two residential plots in Beijing were successfully sold for a total price of 3.27 billion yuan, with one plot designated for the construction of traditional courtyard houses [7]. Group 2 - The land supply remains at a high level, with the total supply area reaching 1.433 million square meters, while the transaction area increased by 70% week-on-week, although the bidding enthusiasm appears to be declining [10]. - Recent policy updates from the central bank and the National Bureau of Statistics indicate a cautious approach to interpreting market fluctuations, with an acknowledgment that the real estate market is in a transitional phase that requires time for adjustment [11][12].

Group 1 - Shaoxing Jiaojian Company signed a strategic cooperation agreement with Greentown Management, focusing on construction management and consulting services [1][3] - Jinjian Group and China State Construction International City Construction Co., Ltd. also signed a strategic cooperation agreement to explore innovative models for high-quality development [2][3] - Jindi's Shenzhen regional company successfully won the bid for the demolition and resettlement housing project in Dongguan Dalang Town, marking its second resettlement housing project in Dongguan [4] Group 2 - Jindi Management's Wenzhou Future Summit project achieved the best opening record in Longgang City in the past three years, with a first opening sales of 1.67 billion [7] - Phoenix Zhituo successfully signed a comprehensive management service project for Ningde Huaxi Public House, aiming to create a demonstration of "four generations of housing" in Ningde City [5][6] - New City Construction Management's project in Cangzhou Yunxi Yingyue achieved strong sales of 1.67 billion during its first opening [1][8]

Core Viewpoint - China Resources Land has significantly increased its financing activities in 2025, achieving a record high in public market financing, primarily to optimize debt structure, invest in core city real estate projects, and support asset management operations [2][6][10]. Group 1: Financing Overview - In the first ten months of 2025, China Resources Land's public market financing reached 546.13 billion RMB, leading among 65 major real estate companies [2][6]. - The total public market financing for the company has exceeded 600 billion RMB, marking the highest level since 2013 [2][6]. - The company completed a placement of 49.5 million shares of China Resources Mixc Lifestyle Services, raising approximately 2.061 billion HKD [2]. Group 2: Financing Utilization - A significant portion of the raised funds is allocated for debt repayment and restructuring, with 253.58 billion RMB of financing maturing in 2025 [6]. - The company has invested approximately 62.7 billion RMB in new land reserves in the first ten months of 2025, including major projects in Shanghai, Shenzhen, and Beijing [7]. - Asset management operations have seen an increase of 21.4 billion RMB compared to the beginning of the year, indicating a focus on quality project investments [10]. Group 3: Industry Trends - The financing landscape in the real estate sector has shifted towards state-owned enterprises, which accounted for over 75% of financing in the first ten months of 2025, while private enterprises' share dropped to less than 7% [12][15]. - State-owned enterprises are leading in acquiring new land reserves, holding an 81.1% share of the total value among the top 100 companies [13]. - The ongoing liquidity risks faced by private real estate firms have resulted in a consolidation of financing, land acquisition, and sales towards state-owned enterprises, enhancing the overall resilience of the industry [15].

Core Viewpoint - The article highlights the rapid growth and effective community engagement of Huayouhui, which has successfully created a vibrant ecosystem for over 120,000 members through various activities and initiatives, leading to increased customer satisfaction and project reputation [1][2]. Group 1: Community Engagement and Activities - Huayouhui has organized over 1,800 events, benefiting more than 120,000 community members and covering various fields such as public welfare, sports, and technology [1]. - The community's activities have resulted in a significant increase in traffic and transactions, with a 222% increase in traffic and a 51% increase in transactions in the Zhuhai region [1]. - The community operates under a "who advocates, who is responsible, who benefits, who pays" principle, promoting sustainable operations through user participation and self-funding [5]. Group 2: Operational Model - Huayouhui employs a three-dimensional operational model of "top-level design + refined operations + resource integration," achieving a cost per visitor of only 155 yuan, significantly lower than media advertising costs [2]. - The operational structure consists of a three-tier management system that includes headquarters coordination, regional implementation, and user autonomy, maximizing resource value [4]. - The community management team integrates local cultural elements into activities, enhancing local engagement and participation [4]. Group 3: Diverse Community IPs - Huayouhui has developed four core community IPs: "Huayou Growth," "Huayou Sports," "Huayou Lifestyle," and "Huayou Health," catering to diverse age groups and interests [9][10]. - The "Huayou Growth" segment focuses on families with children, offering educational and exploratory activities [9]. - The "Huayou Health" segment targets the elderly, providing wellness programs and activities tailored to their needs [10]. Group 4: Competitive Advantages - Huayouhui's competitive edge lies in its differentiated content design, deep integration with local culture, and collaboration with other segments of Huafa Group [11]. - The community leverages existing assets by utilizing various spaces for events, optimizing resource use [11]. - The company has established a systematic KPI assessment framework for community operations, ensuring long-term sustainability and effectiveness [12].

Core Viewpoint - The second-hand housing market in key cities like Beijing, Shanghai, and Shenzhen is experiencing a slowdown in transaction momentum, with a notable shift in buyer preferences towards lower-priced properties and specific property types [2][13]. Group 1: Transaction Structure Changes - The proportion of transactions for properties priced below 2 million yuan is increasing, indicating a significant diversion of first-time homebuyers to the second-hand market. For instance, in Shanghai, the share of transactions for properties under 2 million yuan reached 48.72% in October 2025, up by 2.16 percentage points month-on-month and 8.93 percentage points year-on-year [2][4]. - In contrast, the high-end segment of the new housing market is drawing buyers away from the second-hand market, particularly for properties priced above 8 million yuan in Shanghai and Shenzhen, where transaction shares have either stabilized or declined [3][4]. Group 2: Property Size Preferences - The majority of transactions in the second-hand market are still concentrated in smaller units, particularly those under 70 square meters, which accounted for over 30% of transactions in October 2025. In Shanghai, this segment is seeing an upward trend [7][8]. - There is also a growing interest in compact units (90-100 square meters) and larger comfortable units (140-160 square meters), which cater to buyers looking for more spacious living arrangements [8][13]. Group 3: Regional Transaction Trends - The transaction share in suburban areas of Shanghai is declining, while core urban areas in Beijing, Shenzhen, and Hangzhou are also seeing a drop in transaction shares. Notably, Shenzhen's main areas are experiencing an increase in transaction concentration, with districts like Luohu and Longgang showing significant month-on-month growth [11][12]. Group 4: Market Outlook - The second-hand housing market is expected to continue its downward trend in November, with a persistent "price-for-volume" strategy. The ability of mid-to-high-end properties to gain traction will largely depend on the volume of new listings and the quality of new housing products entering the market [14].