规模收缩，价值聚焦 房地产行业土地市场 2025 年总结 本报告导读： 2025 年土地市场呈现 "提质缩量" 特征，成交建面与金额同比下滑但楼面均价上涨， 投资向一二线城市聚焦。央国企为拿地主力，头部房企拿地强度提升，行业格局持 续调整。 投资要点： 核心城市土地出让金占比稳定过半，一二线城市溢价率仍维持相对 高位。2025 年全国样本城市的平均溢价率为 5.3%，同比上涨 1.1pct， 其中一线/二线/三四线城市分别为 10.7%/6.2%/3.1%，分别同比 +3.8pct/+2.3pct/-0.6pct，且上海/深圳/杭州/成都全年溢价率突破 10%，分别为 15.3%/26.9%/25.4%/10.3%。从单季度表现看，年内溢 价率前高后底，年初在优质地块及房企项目周期等因素的多重刺激 下，土拍市场大幅升温，年中以来，投资逐步回归理性，热度回落， 溢价率也同步下滑。此外，从城市集中度上，2025 年全国 TOP10、 TOP20 城市宅地出让金额在全国比重分别为 37%、52%，较 2024 年 分别提升 3pct、1pct。 重点房企投资策略趋同，央国企和头部房企在投资端更为积极。从 权益拿地金 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Views - The fundamentals of the real estate industry are still bottoming out, but positive policy factors are accumulating. Recent policies include extending loan financing for whitelist projects from 2 years to 5 years and various local government initiatives to support housing and talent retention [2][26]. - The report highlights that the real estate market has undergone a deep adjustment, and with recent central government calls to stabilize the market, there is an expectation for positive policy changes ahead. The current valuation levels for quality companies are attractive [2][26]. Industry Data Summary New Home Transaction Volume - For the week of January 3-9, 2026, new home transactions in 34 key cities totaled 1.784 million square meters, a decrease of 57.3% week-on-week. Among these, first and second-tier cities saw a 58.2% decline, while third and fourth-tier cities experienced a 40.2% drop [3][4]. - Year-on-year, new home transactions in January (up to January 9) decreased by 40.9% compared to the same period last year, with first and second-tier cities down 40.6% and third and fourth-tier cities down 44.2% [4][6]. Second-Hand Home Transaction Volume - For the same week, second-hand home transactions in 13 key cities totaled 1.26 million square meters, reflecting a week-on-week increase of 12.6%. However, year-on-year, January's cumulative transactions were down 23.3% compared to last year [10]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 key cities launched 770,000 square meters of new homes, with total sales of 640,000 square meters, resulting in a sales-to-launch ratio of 0.83. The average monthly inventory turnover for the last three months was 21.6 months, a decrease of 0.24 months [19]. Policy and News Tracking - Recent policies include the Shanghai announcement for tax relief on land use for eligible taxpayers, and Nanjing's new talent policies offering living subsidies and expanded housing rental support [26][29]. - The establishment of the first local government-guided REITs fund in Xiamen, with a target size of 5.5 billion over 10 years, aims to revitalize existing assets [26][30]. Company Dynamics - December sales data for major real estate companies showed significant declines, with China Overseas Development reporting 39.83 billion yuan (-1%), and CIFI Holdings down 58.3% to 1 billion yuan [35]. - Notable changes in shareholding include the reduction of shares by the controlling shareholder of Binhai Group, decreasing their stake to 60% [35].

上海2026年首拍收金45.7亿元，越秀地产拿下浦东新区地块 1月6日，上海2025年第十批拟出让住宅用地正式开拍。据悉，此批次仅推出2宗涉宅地，分别位于浦东 新区和闵行区，宗地总用地面积8.92公顷，总建筑面积约12.7万平方米，起始总价为45.7亿元。最终， 越秀地产以底价25.61亿拿下浦东新区地块，紫竹置业以底价20.09亿元拿下闵行区地块。 瑞房联合体"尝鲜"，上海召稼楼古镇改造首宗宅地 2025年最后一天，上海召稼楼城中村改造项目迎来了首宗住宅用地的出让。12月31日，闵行区MHP0- 1322单元05-02地块完成协议出让，上海召楼天地有限公司以6.64亿元总价取得该地块。 北京丰台区2026年计划供应10宗地块，多为城中村、棚户区改造项目 1月7日消息，2026年北京丰台拟供地计划于近日出炉，拟供应10宗地块。 据了解，该10宗地块集中于三环一带，多为城中村、棚户区改造项目，具体位置包含万泉寺、太平桥、 分钟寺、蒲黄榆等板块。 广州番禺157公顷莲花枢纽片区土地储备方案通过，将造湾区中央科创区 近日，广州市规划和自然资源局披露，《番禺区莲花枢纽片区土地储备实施方案》已获市土地管理委员 会审议通 ...

Core Viewpoint - In 2025, the real estate industry is transitioning from quantity expansion to quality enhancement, with the concept of "good housing" becoming a national strategy, marking a new development stage focused on product strength as the core competitive advantage [2]. Group 1: Rankings Release - The "Top 100 Real Estate Companies by Product Strength" list has been published, highlighting leading companies in the industry [4][5]. - The list includes prominent companies such as Greentown China, Poly Developments, and China Overseas Land & Investment, among others [5][6]. Group 2: Product Series and Works - The "Top 10 Product Series" and "Top 10 Works" lists have been introduced, showcasing the best residential product series and projects in the industry [8][12]. - The top luxury product series include offerings from companies like New Hope Real Estate and China Overseas Land & Investment [8]. - The top high-end works feature projects such as Beijing Run Garden and Chengdu China Merchants Xi [13][15]. Group 3: Good Housing Strategy Characteristics - Major real estate companies like Poly, China Resources, and Yuexiu have launched "good housing" strategies focusing on safety, comfort, green living, and smart technology [29]. - These strategies extend to refined values such as craftsmanship, service, low carbon, and health, implemented through quantifiable technical standards [29][33]. - Companies are establishing comprehensive technical standard systems that cover physical space and service ecology, reflecting a meticulous management approach [33]. Group 4: Trends in Residential Projects - There is a trend towards high aesthetic appeal and high performance in residential projects, with a focus on features like full-house water purification, noise reduction, and safety [37][50]. - The use of environmentally friendly materials is emphasized, with projects achieving near-zero pollution standards [51]. - Different project tiers exhibit unique characteristics, with high-end projects focusing on cultural integration and personalized services [52][63].

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].

1月7日，港股早盘低开低走，低位窄幅震荡，截止午盘，恒生指数跌1.01%报26439.68点，恒生科技指 数跌1.65%报5729.41点，国企指数跌1.11%报9141.25点，红筹指数跌0.64%报4114.5点。 盘面上，大型科技股集体走低，阿里巴巴跌4.05%，腾讯控股跌1.98%，京东集团跌1.47%，小米集团跌 1.34%，网易跌2.18%，美团跌2.17%，快手跌2.78%，哔哩哔哩跌3.54%；生物医药股延续涨势，康方生 物涨超6%；有色金属板块走强，洛阳钼业涨超5%；石油股走弱，中石油跌超3%；汽车股跌幅居前，蔚 来跌超3%。 企业新闻 雅迪控股(01585.HK)：预计2025年净利润不少于人民币29亿元，上一年同期为12.7亿元。主要由于电动 两轮车销售增加及优化产品结构所致。 保利置业集团(00119.HK)：2025年累计实现合同销售金额约502亿元，同比减少7.38%。 绿城管理控股(09979.HK)：2025年度新拓代建项目代建费预估为93.5亿元，同比增长约0.4%。 越秀地产(00123.HK)：附属上海樾恒竞得上海市浦东新区地块，涉资25.61亿元。 九方智投控股(096 ...

张文静表示，闵行兰香湖地块坐拥显著的产城融合优势。依托紫竹园区产业基础，区域内高校科研与产 业集聚带来了旺盛的产居服务需求。兰香湖北街商业、瑞金医院闵行院区等项目进一步提升了片区综合 服务能级。占地约600亩的兰香湖湖区，也显著增强区域宜居性。 紫江集团作为上海本土企业，对紫竹片区开发节奏与客群结构较为熟悉，本次拿地也体现出"就地深 耕、滚动开发"的特点。 2026年1月6日，上海2026年首场土拍落下帷幕。本次共出让浦东新区高行镇森兰板块、闵行区兰香湖板 块两宗地块，合计成交金额约45.7亿元，均以底价成交，拿地价格整体匹配当前市场预期。 从成交结果看，房企参与理性，延续了"聚焦确定性，控制投资节奏"的拿地思路。 具体来看，浦东新区森兰板块地块规划住宅建筑面积约6.73万平方米，由越秀地产股份有限公司以25.6 亿元底价竞得，成交楼面价约3.8万元/平方米。 2025年，越秀地产全口径销售金额位列上海房企TOP7。此次斩获浦东森兰核心地块，也将进一步巩固 公司在上海核心区域的产品认知和影响力。 中指研究院上海数据总经理张文静向《证券日报》记者表示，浦东森兰地块是该区域近三年来首次推出 的普通商品房用地，叠加 ...

Major Events - Brain动极光-B (06681) signed important business cooperation agreements with Peking University Sixth Hospital and Shandong Mental Health Center [1] - Cohere New Energy (00182) successfully completed a secondary listing on the Singapore Stock Exchange [1] - Bole康视云-B (02592) submitted a clinical trial application for the new drug CBT-009 to the Drug Evaluation Center [1] - Yingtong Holdings (06883) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its high-end fragrance distribution network in China [1] - Weimeng Group (02013) initiated a business cooperation with Taobao Flash Purchase [1] - Dali普控股 (01921) officially became a qualified supplier for Saudi Aramco [1] - Yiming Anke-B (01541) regained global rights for IMM2510 and IMM27M [1] - Yuexiu Property (00123) subsidiary Shanghai Yuheng won a land parcel in Shanghai's Pudong New District [1] Operating Performance - Jinxin Reproductive (01951) reported a further narrowing of the overall decline in IVF egg retrieval cycles to -1.4% for 2025 [1] - Poly Real Estate Group (00119) achieved a cumulative contract sales amount of approximately 50.2 billion yuan for 2025, a year-on-year decrease of 7.38% [1] - Yadea Holdings (01585) issued a profit warning, expecting annual net profit to be no less than 2.9 billion yuan [1] - Jindi Commercial Real Estate (00535) reported a cumulative contract sales total of approximately 10.696 billion yuan for 2025, a year-on-year decrease of 47.33% [1] - Greentown Management Holdings (09979) estimated the construction fee for newly developed projects in 2025 to be 9.35 billion yuan, a year-on-year increase of approximately 0.4% [1] - Sunac China (01918) achieved a cumulative contract sales amount of approximately 36.84 billion yuan for 2025, a year-on-year decrease of 21.85% [1]

董事会认为，本公司以合理成本收购上海市浦东新区地块，将增加本公司的优质土地储备，并进一步巩 固本公司在上海的战略地位。 上海市浦东新区地块占地面积约26,931.62平方米，总可建筑面积约108,957.9平方米，其中计容建筑面积 约67,329.05平方米。上海市浦东新区地块拟为住宅用地。上海市浦东新区地块所建住宅物业拟用于出 售。 根据规划限制条件，上海市浦东新区地块内配建公共服务设施计容面积约1260平方米，建成后无偿移交 给政府指定部门。 上海市浦东新区地块位于中外环间，浦东高行板块，紧邻金桥及外高桥（600648）产业区，是森兰国际 社区的拓展片区。周边配套方面，上海市浦东新区地块的生态环境资源优越，附近森兰绿地是城市稀缺 的大型绿地。交通方面，地块距离地铁6号线洲海路站约700米，可便捷到达陆家嘴、金桥及杨浦等核心 区域。教育资源方面，周边学校有上海市第六师范附属小学芳菲校区、上海市浦东新区进才森兰实验中 学、上海浦东新区民办正达外国语学校、上海哈罗国际学校等。周边聚集多个大型商业体，预计今年年 初将有更多的大型综合体施工完成及开业，商业配套方面进一步完善。 越秀地产(00123)发布公告，于20 ...

智通財經APP訊，越秀地產(00123)發佈公告，於2026年1月6日，透過上海樾恆企業管理有限公司(本公 司實際擁有95%權益的附屬公司)(上海樾恆)，通過公開掛牌方式以人民幣2560,860,000元成功競得上海 市浦東新區Y00-0402單元E04B-10地塊 (上海市浦東新區地塊)。 本公司透過上海樾恆，通過公開掛牌方式以人民幣2,560,860,000元成功競得上海市浦東新區地塊。 上海市浦東新區地塊佔地面積約26,931.62平方米，總可建築面積約108,957.9平方米，其中計容建築面積 約67,329.05平方米。上海市浦東新區地塊擬爲住宅用地。上海市浦東新區地塊所建住宅物業擬用於出 售。 根據規劃限制條件，上海市浦東新區地塊內配建公共服務設施計容面積約1260平方米，建成後無償移交 給政府指定部門。 上海市浦東新區地塊位於中外環間，浦東高行板塊，緊鄰金橋及外高橋產業區，是森蘭國際社區的拓展 片區。周邊配套方面，上海市浦東新區地塊的生態環境資源優越，附近森蘭綠地是城市稀缺的大型綠 地。交通方面，地塊距離地鐵6號線洲海路站約700米，可便捷到達陸家嘴、金橋及楊浦等核心區域。教 育資源方面，周邊學 ...