Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7]. Core Insights - The central economic work conference emphasizes the need to stabilize the real estate market, indicating that the task of "stabilizing the market" is ongoing and requires sustained efforts [2][3]. - Policies aimed at controlling new supply, reducing inventory, and optimizing supply will be further implemented in 2026, potentially supported by interest rate cuts [1][3]. - The report highlights the importance of product strength as a core competitive advantage for real estate companies to navigate through market cycles [1]. Summary by Sections Market Stability - The conference reiterates the importance of addressing issues in the real estate market as a key focus for risk mitigation in critical areas [2]. - The transition period for the real estate market is acknowledged, suggesting that stabilization will take time and require ongoing policy support [2]. Inventory Reduction - The conference introduces measures such as city-specific policies to control new supply and reduce inventory, encouraging the acquisition of existing properties for affordable housing [3]. - The concept of "inventory reduction" is highlighted as a significant focus, marking its first mention since 2016, and aligns with previous discussions on optimizing housing policies [3]. Housing Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to enhance the efficiency of fund utilization and lower housing costs [4]. - Over 260 policies related to housing provident funds have been introduced since 2025, focusing on expanding coverage and easing usage conditions [4]. Investment Recommendations - The report recommends real estate stocks with strong credit, location, and product quality, such as China Overseas Development and China Resources Land [5]. - Companies with robust operational capabilities that manage cash flow effectively during market adjustments are also highlighted, including Longfor Group and New Town Holdings [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties, are recommended [5]. - Property management companies with stable cash flow and dividend advantages, like Greentown Service and China Resources Vientiane Life, are also suggested [5]. Key Company Recommendations - The report lists specific companies with target prices and investment ratings, including: - Wanwu Cloud (Buy, target price 32.29 HKD) [9] - Longfor Group (Buy, target price 15.21 HKD) [9] - Greentown China (Buy, target price 13.69 HKD) [9] - China Overseas Development (Buy, target price 19.08 HKD) [9] - Greentown Service (Buy, target price 6.56 HKD) [9] - Link REIT (Buy, target price 50.59 HKD) [9] - China Resources Land (Buy, target price 36.45 HKD) [9] - New Town Holdings (Buy, target price 18.90 HKD) [9] - China Jinmao (Increase, target price 1.81 HKD) [9]

人民财讯12月12日电，企查查APP显示，近日，杭州滨颖房地产开发有限公司成立，法定代表人为刘 奇，注册资本为1亿元，经营范围包含房地产开发经营，由滨江集团全资持股。企查查显示，滨江集团 还投资成立了杭州滨齐房地产开发有限公司、杭州滨湾房地产开发有限公司，注册资本均为1亿元。 转自：证券时报 ...

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].

城市更新与基建板块："城中村改造"和"平急两用"基础设施建设成为新的增长点，具备相关项目经验和 资源整合能力的建筑、设计及基建企业将迎来大量订单机会。 建材与家居板块：房地产市场企稳及"三大工程"的推进，将带动水泥、钢铁、玻璃等上游建材需求，并 传导至下游的家电、家具、装饰等消费端，行业景气度有望同步修复。 据智通财经12月11日消息，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。 相关市场板块分析 房地产开发板块：政策托底意图明确，融资"白名单"和"三大工程"直接利好财务稳健、资质优良的国有 房企及部分优质民营房企，其项目获取和销售去化能力有望得到提升。 房地产服务板块：市场回暖预期增强，二手房交易量有望回升，利好房地产 ...

沪指12月11日下跌0.70%，申万所属行业中，今日上涨的有1个，涨幅居前的行业为银行，涨幅分别为 0.17%。跌幅居前的行业为综合、通信，跌幅分别为4.31%、3.14%。房地产行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出744.67亿元，主力资金净流入的行业仅有1个，银行行业净流入 资金6748.93万元。 主力资金净流出的行业有30个，电子行业主力资金净流出规模居首，全天净流出资金135.86亿元，其次 是通信行业，净流出资金为113.40亿元，净流出资金较多的还有计算机、传媒、商贸零售等行业。 房地产行业今日下跌3.06%，全天主力资金净流出21.01亿元，该行业所属的个股共100只，今日上涨的 有6只，涨停的有1只；下跌的有94只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有25只，其中，净流入资金超千万元的有10只，净流入资金居首的是先导基电，今日净流入资金 6725.79万元，紧随其后的是滨江集团、京投发展，净流入资金分别为5769.42万元、2704.49万元。房地 产行业资金净流出个股中，资金净流出超亿元的有6只，净流出资金居前的有万科A、中国武夷、万通 ...

12月初，滨江集团与兴耀地产合作的锦上观澜预售证价格获批。一直关注该盘的客户发现，这一号称萧山区"市北板块风向 标"项目，价格比之前存在落差：16层的高层均价3.6973万元/平方米，8层的小高层均价3.5672万元/平方米。这一价格水平比11 月份项目开放示范区时的放风价低了3000元-4000元/平方米。 21世纪经济报道记者唐韶葵 年关将至，滨江集团（002244.SZ）将"以价换量"的营销策略贯彻到底。其计划于本周六（12月13日）首开的两个全新盘——锦 上观澜与浩运府，预售证均价低于此前项目放风价大约3000—4000元/平方米左右。一套房源按100平方米计算的话，客户的预 算可以减少三四十万元。 这两个全新盘分别位于萧山区市北板块与区政府板块，是承接钱江世纪城、奥体核心区和滨江区等楼市高端板块外溢效应的关 键区域。从地段上来看，去化并非最迫切的问题，但是滨江集团仍然采取了"低开"加快现金回笼的策略。该公司相关人士对此 回应称：新盘并非降价，而是"按照当前市场能接受，去化速度比较快的价格开盘了"。 同策研究院联席院长宋红卫指出，锦上观澜项目的体量并不小，规划有650套住宅，项目首次取证仅88套房源。 ...

记者丨唐韶葵编辑丨张伟贤 该公司相关人士对此回应称：新盘并非降价，而是"按照当前市场能接受，去化速度比较快的价格开盘了"。 同策研究院联席院长宋红卫指出，锦上观澜项目的体量并不小，规划有650套住宅，项目首次取证仅88套房源。当市场行情有压 力的时候，以低价入市是很好的营销策略，为后期销售策略调整打开了空间。 年关将至，杭州房企"一哥"滨江集团（002244.SZ）将"以价换量"的营销策略贯彻到底。其计划于本周六（12月13日）首开的两 个全新盘——锦上观澜与浩运府，预售证均价低于此前项目放风价大约3000—4000元/平方米左右。一套房源按100平方米计算 的话，客户的预算可以减少三四十万元。 这两个全新盘分别位于萧山区市北板块与区政府板块，是承接钱江世纪城、奥体核心区和滨江区等楼市高端板块外溢效应的关 键区域。从地段上来看，去化并非最迫切的问题，但是滨江集团仍然采取了"低开"加快现金回笼的策略。 他认为，项目此前放出的吹风价也是试水价，估算市场接受程度，一旦行情好，项目接受度高，后期可以适度提升价格，营造 价格不断上升的氛围，有利于销售去化，"大体量项目，如果开盘定价高，后期再下调价格时，会有很多麻烦。" ...

Core Viewpoint - The article discusses the "price-for-volume" marketing strategy adopted by Hangzhou's leading real estate company, Binjiang Group, as it prepares to launch two new projects at significantly lower prices than previously indicated, aiming to accelerate cash flow and sales [1][11]. Group 1: Pricing Strategy - Binjiang Group plans to launch two new projects, Jinshangguanlan and Haoyunfu, with average pre-sale prices approximately 3000-4000 yuan per square meter lower than earlier estimates, potentially reducing buyer budgets by 300,000-400,000 yuan for a 100 square meter unit [1][6]. - The pricing strategy is described as not a price cut but rather a response to current market conditions, aiming for quicker sales [1][2]. - The Jinshangguanlan project has a total of 650 residential units, with only 88 units available for the initial sale, indicating a strategic approach to manage inventory and cash flow [1][6]. Group 2: Market Context - The average pre-sale price for Jinshangguanlan is set at 36,766 yuan per square meter, which is lower than the previous market cap of 37,500-39,500 yuan per square meter in the area, making it competitive against some second-hand properties priced above 48,000 yuan per square meter [6][7]. - The pricing reflects a significant adjustment, bringing prices back to levels seen approximately six years ago, indicating a broader market correction [7]. Group 3: Cash Flow Focus - Binjiang Group's strategy of launching projects at lower prices is part of a broader trend in the industry, where companies are prioritizing cash flow amid tightening liquidity and extended sales cycles [11]. - The company has previously employed similar low-opening strategies for other projects in the region, indicating a consistent approach to attract buyers and improve cash flow [9][10]. - The overall sales performance of Binjiang Group for the year reached 94.53 billion yuan, with ongoing efforts to maintain a competitive pricing stance as they aim for a sales target of 100 billion yuan in 2025 [11].

潮新闻客户端 记者 詹慧雯 武恒光 近日，有投资者向滨江集团提问，滨江拿下的"水电新村"项目将何时开始销售？滨江的回答是，该项目预计2026年3月开盘销售。 作为杭州的高层地王项目，该地块于今年3月25日出让。也就是说，从拿地到开盘，"水电新村"项目要花整整一年的时间。 除了"水电新村"项目，杭州在限价放开后的一批最高端项目，纷纷采取了慢节奏。 杭州的高端项目 开盘节奏集体放缓 保利天珺 潮新闻美好生活研究院数据显示，目前杭州宅地地楼面价排名前5的项目，包括蒋村的鹭栖湖云庄、滨江水电新村项目、湖墅板块的滨杭传麒府、钱江世纪 城奥映世纪轩和天珺，均在上半年拿地，但至今没有开盘。 水电新村项目效果图 截至12月9日，滨杭传麒府拿地已有319天；滨江水电新村项目拿地259天；鹭栖湖云庄拿地256天；天珺拿地225天；奥映世纪轩拿地165天。还有滨江区政府 板块的万潮玖序，在2024年12月31日拿地，到现在快一年时间还没有开盘。据了解，这些高端项目基本要到明年才开盘。 这和限价时代的高端项目节奏截然不同。如拱墅申花板块的馥香园，2022年9月拿地，2022年12月开盘，2023年3月实现清盘，从拿地到售罄只用了5个 ...

（文章来源：证券日报） 证券日报网讯 12月9日，滨江集团在互动平台回答投资者提问时表示，"滨江中国一号"项目预计2026年 3月份开盘销售。 ...