Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

◎ 文/ 沈晓玲 在房地产行业步入存量时代，越来越多的房地产企业开始关注业主的居住体验。亲子类社群IP凭借覆盖范围广、家庭参与度高的优势，成为众多头部房企的布局重 点。比如已经 坚持了17年的绿城"海豚计划"，华润的"达尔文课堂"、"小企鹅计划"等等 ，这些各具特色的亲子社群IP，背后蕴藏着房企怎样的定位逻辑与运营巧 思？ 绿城"海豚计划"，"泳池"资源让夏日约定坚持了17年的 01 绿城的"海豚计划"源于2009年，在闲谈中一则关于儿童溺亡的新闻让大家唏嘘不已。宋卫平随后在董事会上提议， 教会所有绿城社区的3-18岁的孩子游泳，期间产生的费用，由绿城一力承担。 房企找到能够匹配自身资源，符合自身品牌定位的亲子类社群，是当前要做好社群运营的主要问题之一。 在"海豚计划"实施8年后，2017年"海豚计划"作为当时国内规模最大、影响力最终的社区公益服务项目， 被上海大世界吉尼斯总部授予"在中国最多城市举办的青少 年游泳培训公益活动"的记录。 伴随着这17年前的美好承诺，绿城的"海豚计划"怀着"让每个孩子都学会游泳"的初心，从最初覆盖5000多小学员，再走向全国， 到如今已经覆盖全国70余座城市、 300多个园区， ...

上海静安里 日前，"2025年中国房企产品测评"全国入围项目进入项目展示阶段。 2025年中国房企产品测评 工作启动于9月中下旬，收到 企业及业内专家推选的优秀项目踊跃参评， 初选的入围项目已于12月3日揭晓。 详情请戳 《2025年十大作品全国20强揭晓》 本次所有入围项目仍将采用专家评审和网络票选结合的评选方式，最终评出 2025年 "全国十大高端/轻奢/品质作品""全国好房子"等奖项 ，目前相关测评工作正在有序进行 中。 点击图片查看入围项目详情 高端入围项目 厦门保利安控御宸天悦 领御湾海悦传奇 开发企业：保利发展、厦门 安控地产 产品类型： 高层住宅 建筑风格： 现代 珠海华发香山湖畔 华发科技+好房子迭代力作 国际酒店化智慧住区 开发企业：华发股份 产品类型： 高层/超高层住宅、商业 建筑风格：现代 与城市开放共融，营造充满礼序友爱与生机活力的尊贵生活境界 开发企业： 绿城中国、保利置业、瑞马集团 产品类型： 中高层、小高层住宅 建筑风格：现代 品质入围项目 天津保利珺璟和煦 天津新政下的全新立体折叠重构全洋房社区 开发企业：保利发展 产品类型：小高层住宅 建筑风格：现代 北京长安华曦府 长安为序 ...

金吾财讯 | 内房股普涨，截至发稿，融信中国(03301)涨5.26%，万科企业(02202)涨4.03%，雅居乐集团 (03383)涨3.28%，融创中国(01918)涨3.09%，世茂集团(00813)涨2.30%，旭辉控股集团(00884)涨2.78%， 绿城中国(03900)涨2.69%。 消息面上，中央经济工作会议12月10日至11日在北京举行。会议确定，明年经济工作抓好以下重点任 务。坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产市场，因城施策控增量、去库存、优 供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建 设。加快构建房地产发展新模式。积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增 隐性债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。 金吾财讯 | 内房股普涨，截至发稿，融信中国(03301)涨5.26%，万科企业(02202)涨4.03%，雅居乐集团 (03383)涨3.28%，融创中国(01918)涨3.09%，世茂集团(00813)涨2.30%，旭辉控股集团(00884)涨2.78%， 绿城中国( ...

立足大湾区，共筑"好房子"。在以质破局的浪潮中，房地产行业正经历一场深刻的自我革新。作为经济 活力最为澎湃的开放高地，大湾区也成为房地产"韧性向上 质见未来"的生动实践场。 一批扎根湾区、深耕市场的标杆房企，以多维创新凝聚发展韧性。从产品力的精研、科技与住宅的深度 融合，到全周期服务体系的构建，他们不再局限于空间的建造，更致力于营造安全、舒适、绿色、智慧 的人居体验。 以"韧性向上 质见未来"为精神内核，2025南都地产湾区美好生活年度评选荣耀启动。哪些房企穿越周 期，在产品打造、品牌建设、交付能力等维度表现亮眼，成为湾区房地产行业的中坚力量？重磅奖项已 正式揭晓！ 保利发展广东公司、越秀地产、新世界中国获评"年度湾区力量"，绿城中国华南区域公司、珠实地产拿 下"年度湾区品牌影响力企业"，广州地铁地产、新鸿基地产、龙湖荣获"年度湾区高质量交付房企"。 年度湾区力量 企业 保利发展广东公司 获奖理由 保利发展不断提升产品与服务的质量,获得社会广泛认 可。保利发展广东公司作为其一级平台央企,践行"三好 理念"与"好房子战略",构筑韧性发展生态,树立行业 高质量发展典范。2025年,凭借保利玥玺湾等标杆项 目,以硬 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 12月12日，港股内房股盘初拉升上涨，其中，世茂集团、融信中国、万科企业涨超5%，融创中国涨 4.5%，绿城中国、雅居乐集团、金辉控股、碧桂园皆涨超3%，旭辉控股、中国金茂、龙湖集团、新城 发展涨超2%。 消息上，中央经济工作会议12月10日至11日在北京举行。会议确定，明年要坚持守牢底线，积极稳妥化 解重点领域风险。着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点 用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建设。加快构建房地产发展新模式。 积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增隐性债务。优化债务重组和置换办 法，多措并举化解地方政府融资平台经营性债务风险。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00813 | 世茂集团 | 0.218 | 5.31% | | 01918 | 融创中国 | 1.380 | 4.55% | | 03301 | 融信中国 | 0.160 | 5.26% | | 02202 | 万科企业 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00813 | 世茂集团 | 0.218 | 5.31% | | 01918 | 融创中国 | 1.380 | 4.55% | | 03301 | 融信中国 | 0.160 | 5.26% | | 02202 | 万科企业 | 3.910 | 5.11% | | 03900 | 绿城中国 | 8.840 | 3.51% | | 03383 | 雅居乐集团 | 0.315 | 3.28% | | 02007 | 碧桂园 | 0.500 | 3.09% | | 09993 | 金辉控股 | 2.120 | 3.41% | | 00884 | 旭辉控股集团 | 0.185 | 2.78% | | 01030 | 新城发展 | 2.120 | 2.42% | | 00817 | 中国金茂 | 1.280 | 2.40% | | 00960 | 龙湖集团 | 9.560 | 2.25% | | 00081 | 中国海外宏洋集 | 2.040 | 1.49% | | 03377 | 远洋集团 | 0.112 | 1 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [2][4]. Core Insights - The Central Economic Work Conference emphasized stabilizing the real estate market and managing risks in key areas, with a focus on city-specific policies to control supply, reduce inventory, and improve quality [2][4]. - The report highlights two major opportunities: the rise of "good housing" policies and the potential for value reassessment in commercial real estate, particularly during a period of monetary easing [4][12]. - The report anticipates further supportive policies for both supply and demand in the real estate market, including potential reductions in mortgage rates and optimization of purchase restrictions [4][12]. Summary by Sections Macroeconomic Policy - The report underscores the implementation of more proactive macroeconomic policies to promote stable economic growth and achieve a good start for the 14th Five-Year Plan [4][6]. - It suggests that fiscal and monetary policies will become more aggressive, with expectations for further interest rate cuts [4][8]. Real Estate Market - The report notes that the emphasis on stabilizing the real estate market reflects a dual focus on halting price declines and addressing existing risks [4][12]. - It mentions the introduction of policies aimed at controlling supply, reducing inventory, and encouraging the acquisition of existing properties for affordable housing [4][12]. - The report also discusses the need for reform in the housing provident fund system and the promotion of high-quality housing development [4][12]. Investment Recommendations - The report recommends focusing on the value reassessment of shopping centers and the new "good housing" sector, maintaining a "positive" rating for real estate and property management [4][12]. - Specific companies to watch include: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Hang Lung Properties and Swire Properties [4][12]. - Good housing companies: Jianfa International, Binjiang Group, Greentown China, China Jinmao [4][12]. - Undervalued companies: Jianfa Co., China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments [4][12]. - Property management: China Resources Vientiane, Greentown Service, China Merchants Jinling, Poly Property, China Overseas Property [4][12]. - Second-hand housing intermediaries: Beike-W [4][12].

日前，"2025年中国房企产品测评"全国入围项目进入项目展示阶段。 2025年中国房企产品测评 工作启动于9月中下旬，收到 企业及业内专家推选的优秀项目踊跃参评， 初选的入围项目已于12月3日揭晓。 详情请戳 《2025年十大作品全国20强揭晓》 本次所有入围项目仍将采用专家评审和网络票选结合的评选方式，最终评出 2025年 "全国十大高端/轻奢/品质作品""全国好房子"等奖项 ，目前相关测评工作正在有序进行 中。 点击图片查看入围项目详情 高端入围项目 广州保利天曜 一朝开光曜 开发企业：保利发展 产品类型： 超高层住宅 建筑风格： 现代 杭州·绿城溪径恒庐 莫奈花园的浪漫与现代东方的生活情景交融 开发企业：绿城中国 产品类型：合院 、叠墅 建筑风格：浪漫法式与现代东方融合 轻奢入围项目 杭州保利天奕 高新主城电建TOP系轻奢住区 开发企业：中国电建地产、河南颐城控股有限公司 产品类型：高层住宅 建筑风格：现代 南宁邦泰·璟和 开发企业：邦泰集团 一座划时代的改善样板 产品类型：高层住宅 建筑风格：现代 品质入围项目 长沙龙湖·观萃 城市隐奢・自然共生的理想松弛人居 开发企业：龙湖集团 产品类型：高层住宅 ...