NO.1 中央经济工作会议强调着力稳定房地产市场 12月10日至11日，中央经济工作会议在北京举行。会议确定，明年经济工作要抓好以下重点任务。其中 明确，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。 点评：此次会议延续"稳市场、防风险"核心导向，"因城施策"精准把握不同城市供需差异，存量商品房 转保障性住房的举措，既助力去库存又完善住房保障体系。公积金改革与"好房子"建设指向品质升级， 房地产发展新模式的加快构建，将推动行业从高速增长向高质量发展转型。同时联动化解地方债务风 险，为房地产市场平稳运行筑牢制度保障。 NO.2 北京国有建设用地使用权及房屋所有权首次登记实现"全程网办" 12月11日，北京市规划自然资源委印发通知，将企业住宅类不动产首次登记时限压缩至3个工作日，非 住宅类压缩至2个工作日。该市同步 ...

Core Viewpoint - The conference emphasized the need for modern urban governance to evolve from a focus on construction to a model that prioritizes continuous operation and management, integrating various social entities to enhance urban quality and livability [1][2]. Group 1: Urban Development Strategies - Urban high-quality development should transition from "single function" to "human-centered scenarios," highlighting the importance of ongoing management and operation [1]. - The path to urban high-quality development is seen as diverse and integrated, requiring operational thinking to combine spatial, ecological, and industrial resources [1][2]. - The shift from "incremental construction" to "stock activation" is a key challenge in urban governance, focusing on how to activate dormant resources and achieve "shared value" [2]. Group 2: Collaborative Models and Innovations - Poly Development introduced the "All-Domain Scenic City Service" model, which encompasses planning, operation, governance, and ecology, aiming for synergy between urban and scenic functions [2]. - A strategic partnership signing ceremony was held, involving Poly Property and various organizations, to promote an open, collaborative, and win-win industrial ecosystem based on planning, operation, and governance [2]. - The establishment of a smart urban joint laboratory by Poly City Construction Service Co., Ltd. and the Shenzhen Original Metaverse Research Institute aims to support the development and implementation of smart governance technologies for urban digital transformation [2]. Group 3: Policy and Community Engagement - There is a shift from policy guidance to social participation, focusing on enhancing services and creating value, with an emphasis on inclusive development and citizen satisfaction as benchmarks for urban construction [3]. - The modern urban construction landscape is evolving into a tangible reality that prioritizes stock utilization, shared resources, and vitality stimulation [3].

Group 1 - The core viewpoint of the article is that Poly Developments (600048) is currently operating normally and is confident in its ability to ensure debt repayment and incremental investments due to sufficient cash flow [1] - The company is actively promoting sales destocking and expanding high-quality projects, indicating a strategic focus on growth and financial stability [1] - New projects like Yuexi Bay have shown good initial performance, with market recognition of product quality and high compliance with project initiation standards [1]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 emphasizes stabilizing the real estate market and managing local government debt risks as key tasks for the upcoming year [1] Real Estate Development Sector - The policy aims to support financially sound state-owned and select private real estate companies, enhancing their project acquisition and sales capabilities [2] - Measures include controlling supply, reducing inventory, and encouraging the use of existing housing for affordable housing [1][2] Real Estate Services Sector - Increased market recovery expectations are likely to boost second-hand housing transaction volumes, benefiting real estate brokerage, property management, and consulting sectors [2] - Market share is expected to further concentrate among leading companies [2] Urban Renewal and Infrastructure Sector - "Urban village renovation" and "dual-use infrastructure" projects are identified as new growth points, providing significant order opportunities for construction, design, and infrastructure firms with relevant project experience [2] Building Materials and Home Furnishing Sector - Stabilization of the real estate market and the advancement of key projects will drive demand for upstream building materials like cement, steel, and glass, positively impacting downstream consumer sectors such as home appliances and furniture [2] REITs and Real Estate Asset Management Sector - The maturation of assets like affordable rental housing and industrial parks is expected to accelerate the expansion of the public REITs market, offering new exit channels and asset revitalization paths for real estate asset management companies [2] Company Analysis - Poly Developments (600048): As a leading state-owned enterprise, it shows resilience during industry adjustments and is actively involved in affordable housing and urban renewal projects [3] - China Merchants Shekou (001979): Backed by China Merchants Group, it has a unique comprehensive development model and is a core beneficiary of key projects [3] - Vanke A (000002): A benchmark enterprise focusing on development, operation, and service, with diversified business lines that help mitigate cyclical fluctuations [3] - Binjiang Group (002244): A quality real estate firm in the Yangtze River Delta, known for its product quality and financial stability, benefiting from local market recovery [3] - I Love My Home (000560): A leading comprehensive real estate service provider, expected to see rapid growth in brokerage income due to increased market activity [4] - Dongfang Yuhong (002271): A leader in the construction waterproofing industry, its product demand is anticipated to grow with the recovery of the real estate market and infrastructure projects [4]

Core Viewpoint - The "2025 China Real Estate Product Evaluation" has entered the project display phase, with the initial shortlisted projects announced on December 3rd, following a vigorous selection process involving industry experts and enterprises [1]. Group 1: High-End Projects - Guangzhou Poly Tianyao is recognized as a high-end project [2]. - Hangzhou Greentown Xijing Henglu combines romantic elements of Monet's garden with modern Eastern living [4]. - The project features super high-rise residential buildings with a modern architectural style [4]. Group 2: Light Luxury Projects - Hangzhou Poly Tianyi is highlighted for its modern high-rise residential design [5]. - Zhengzhou Gao Xin Hua Xi Fu is noted for its modern high-rise residential architecture [5]. - Nanning Bangtai Jinghe is recognized for its modern high-rise residential style [6]. Group 3: Quality Projects - Changsha Longhu Guancui emphasizes urban luxury and natural coexistence in its modern high-rise residential design [8]. - Shanghai Haishang Yuanshu showcases a blend of natural scenery and modern architecture [9]. - Nanning Bangtai Lan Jing is a significant urban renewal project covering approximately 3,000 acres, featuring modern high-rise residential buildings [10]. Group 4: Evaluation Process - The evaluation process combines expert reviews and online voting to determine the final awards, including "Top Ten High-End/Luxury/Quality Works" and "Best Houses" [1]. - The results of the 2025 China Real Estate Product Evaluation will be announced in early January 2026, with ongoing updates available through the WeChat account "Kerry Product Evaluation" [10].

（文章来源：证券时报网） 租售同权概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000002 | 万科A | -3.43 | 5.62 | -44618.28 | | 600895 | 张江高科 | -2.79 | 2.38 | -16441.70 | | 600048 | 保利发展 | -3.89 | 1.58 | -8322.72 | | 000560 | 我爱我家 | -3.92 | 7.39 | -6326.49 | | 000838 | 财信发展 | -3.77 | 12.78 | -4969.11 | | 002285 | 世联行 | 0.63 | 13.78 | -4545.18 | | 002208 | 合肥城建 | -4.55 | 7.60 | -4121.39 | | 600376 | 首开股份 | -4.33 | 4.26 | -4088.95 | | 000558 | 天府文旅 | -3.70 | 4.74 | -3307.02 | | 600604 | ...

地块位于千灯湖中轴大沥段沿江片区。该区域内，目前已有保利、建发等实力开发商进驻，打造多个高品质小区，如此次竞得者保 利就已建设了由全球建筑大师扎哈·哈迪德设计团队执笔的保利天瓒项目。同时，周边还集聚了石门灯湖中轴学校、灯湖中轴滨江 公园等城市配套。区域内的南海艺术中心项目、途经区域的佛穗莞城际轨道交通，也正在快速推进中。 千灯湖中轴中央时尚区，再有新动向。12月11日，佛山市南海区大沥镇佛山水道以北、河西社区黎边路以东地块（河西沿江4B地 块）由保利发展华南公司旗下佛山保玥置业有限公司竞得，地价219629.6856万元，楼面价约1.2万元/平方米。 | 交易方式: 网上拍卖 | | 是否设有底价: 是 | | | --- | --- | --- | --- | | 起始价: 219629.6856 万元 | | | | | 增价幅度: | 报价达到 | 增价幅度 | 单位 | | | 219629.6856 | 2200 | 万元 | | 楼面价:12000(元/平方米) | | 地面价: 31200(元/平方米) | | | 确定交易结果方式: 价高者得 | | | | | 竟得人：佛山保玥置业有限公司 ...

Core Viewpoint - The adjustment of the SSE 50 Index reflects a shift between traditional and emerging industries, indicating changes in market liquidity rather than a direct correlation with the fundamental performance of the companies involved [1][5]. Group 1: Index Adjustment Details - The SSE 50 Index will see the removal of China Mobile, Poly Developments, China Aluminum, and CRRC, while SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang will be added, effective December 12 [1]. - The index is based on the SSE 180 Index, selecting the top 50 securities with the largest market capitalization and liquidity, with adjustments occurring semi-annually [2]. Group 2: Performance of Removed Companies - China Mobile reported a net profit of 842 billion yuan in the first half of the year, a 5% increase year-on-year, but was removed due to low average daily trading volume [3]. - Poly Developments, despite being the highest market cap in the real estate sector with a market value of 760.12 billion yuan, was also removed for similar liquidity reasons, although it demonstrated strong sales recovery and cash flow capabilities [3]. - China Aluminum and CRRC's removal is attributed to decreased trading activity linked to macroeconomic cycles affecting their respective industries [4]. Group 3: Market Reactions and Future Outlook - Analysts view the index adjustment as a normal operation within the rules, emphasizing that it does not strongly correlate with the companies' fundamentals [5]. - Both China Mobile and Poly Developments remain industry leaders, with China Mobile having 980 million mobile users and a significant role in 5G infrastructure [5][6]. - Poly Developments is transitioning from merely selling properties to managing them, aligning with national economic goals, and continues to hold a substantial market share in the real estate sector [6]. - Historical data shows that companies removed from indices can still perform well based on their fundamentals, indicating that long-term value is determined by core business performance rather than index inclusion [7].

广州、深圳土地市场年末掀起小高潮。 12月10日下午，深圳市福田区梅林街道一宗地块完成竞拍，这宗地块属于福田核心区稀缺"迷 你宅地"，是福田区16年来首宗公开出让的纯住宅用地，也是深圳2025年最后一宗住宅用地。 该地块吸引了8家房企参与竞价，经过148轮激烈竞价，最终由中铁置业以7.92亿元总价竞得， 溢价率高达65%，折合楼面地价4.27万元/平方米。 就在这次土地出让之前，深圳还有另一宗土地出让也引发市场关注。12月8日，南山区深圳湾 超级总部基地一宗地块吸引6家房企参拍，中海地产成为最终赢家，以31.86亿元竞得，成交楼 面价7,74万元/平方米，溢价率42.49%，创深圳超级总部宅地溢价新高。 除了深圳以外，广州的土地市场也亮点频现。12月5日，广州市海珠区南泰路成功出让，成交 价为35亿元，由保利发展竞得，溢价率约27%，成交楼面价约2.44万元/平方米。 广州、深圳土地市场高潮迭起，一方面是受到推地节奏的影响，优质土地集中上架；另一方面 则是房企今年前期拿地普遍审慎，临近年关仍有部分额度可以用于投资，这也促使房企入市拿 地。 热门地入市 深圳梅林这宗地块，吸引到的房企不仅有国央企，还有深圳本土民 ...

Core Viewpoint - The opening pace of high-end real estate projects in Hangzhou has collectively slowed down, with developers taking longer from land acquisition to sales, reflecting a shift in market strategy and conditions [1][2][8]. Group 1: Project Timelines - The "Water Power New Village" project by Binjiang Group is expected to start sales in March 2026, indicating a one-year period from land acquisition to opening [1]. - Several high-end projects in Hangzhou, including the "Water Power New Village," have not yet opened despite being acquired in the first half of the year [5]. - The time from land acquisition to opening for various projects ranges from 165 days to 319 days, with most high-end projects anticipated to open next year [7]. Group 2: Market Conditions and Developer Strategies - Developers are investing more time in creating high-quality demonstration areas and innovative designs, which contributes to the extended timelines for project openings [8][10]. - The current market conditions, including a decline in prices and uncertainty about new pricing systems, lead developers to delay openings to choose more favorable market entry points [10][11]. - The high land acquisition costs for current projects, such as the "Water Power New Village" at 77,409 yuan per square meter, make it challenging to replicate the long development cycles of past projects [11]. Group 3: Historical Context - Historically, high-end residential projects in Hangzhou had longer development and sales cycles, with examples like the "Wulin No. 1" taking over a decade to complete [11]. - The current trend of delayed openings contrasts with the rapid sales seen in previous years, indicating a strategic shift in response to market pressures [11].