行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 行 业 及 产 业 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 2025 年 12 月 07 日 证监会表态稳步发展不动产 REITs，发改委进一步拓 宽 REITs 底层资产范围 看好 —— 地产及物管行业周报（2025/11/29-2025/12/5） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 1．行业数据 1.1 新房成交量 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 房地产 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.29- 12.5)34 个重点城市新房合计成交 276.2 万平米，环比+9%，其中，一二线环比+9%，三四线环比 +9.7%。12 月(1 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

Core Insights - The report maintains a "stronger than market" rating for the real estate sector, indicating a positive outlook despite ongoing challenges in the market [1] - The real estate market in 2025 is characterized by an initial recovery followed by a decline, with high inventory levels and weak demand impacting overall performance [4][13] - The report anticipates that the supportive policies for the real estate market will continue into 2026, although market confidence will take time to recover [4][5] Market Review - In 2025, the national real estate market experienced a decline in sales, with a 9.6% year-on-year drop in sales amount from January to October, although the decline was less severe than in 2024 [13] - The second-hand housing market outperformed the new housing market, with a reported 8% increase in transactions for the top ten cities compared to a 10.5% decline in new homes [13][46] - The overall market remains in an adjustment phase, with supply-demand relationships still needing improvement [13] 2026 Outlook - Positive factors are expected to converge, leading to a gradual stabilization of the real estate market, particularly in core urban areas and quality housing [4][5] - The report predicts a 6% decline in sales area and an 8.5% decline in investment for 2026, reflecting ongoing market pressures [4][5] Investment Opportunities - The demand for "good houses" is projected to grow, with an average annual improvement demand of 590 million square meters from 2025 to 2030, representing 67% of total demand [4] - Quality real estate companies with strong land acquisition and product capabilities are expected to benefit first from the "good house" trend, with companies like China Overseas Development and China Resources Land highlighted as potential beneficiaries [5][6] - The Hong Kong real estate market is showing signs of stabilization, with a 20.3% year-on-year increase in transaction volume for the first ten months of 2025, presenting investment opportunities for Hong Kong-based real estate firms [4][5][52] Key Company Forecasts - The report includes earnings forecasts for several key companies, indicating a positive outlook for firms like Poly Developments and China Overseas Development, with expected earnings per share (EPS) growth over the next few years [6][7] - Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property, are also recommended for investment consideration [5][6]

（文章来源：证券日报） 证券日报网讯 12月3日，滨江集团在互动平台回答投资者提问时表示，公司在杭州高端住宅领域的占有 率保持行业领先地位，目前公司运营正常。 ...

Core Insights - Binjiang Group successfully acquired the land use rights for a state-owned construction site in Hangzhou, marking a significant step in its strategic layout in the core area of the city [1] - The land, designated for residential use, covers an area of 26,008 square meters with a total transaction price of 136.119 million yuan, reflecting the company's confidence in the land's value and the local real estate market [1][4] - The economic development in Hangzhou High-tech Zone (Binjiang) is robust, with a projected GDP exceeding 280 billion yuan in 2024, contributing 13.2% to the city's economy despite occupying only 0.5% of its land area [2] Land Acquisition Strategy - The company's strategy focuses on securing high-quality land, particularly in prime areas of Hangzhou, demonstrating a commitment to valuable land resources [2][4] - Prior to this acquisition, the company spent 2.462 billion yuan to secure two other prime residential plots in Hangzhou, indicating a proactive approach to land acquisition [2] - The recent land acquisition in the Pujiang area is part of a broader strategy to deepen its presence in high-potential urban areas [4] Financial Health - Binjiang Group has seen a continuous decline in financing costs, from 5.2% in 2020 to 3.4% in 2024, with an average financing cost of 3.1% as of mid-2025 [3] - The company has a substantial credit reserve, with total bank credit reaching 129.02 billion yuan, of which 97.9 billion yuan remains available, providing ample liquidity for future projects [3] - The company has registered an unissued short-term financing bond quota of 3.3 billion yuan, allowing for flexible financing based on market conditions [3] Market Position and Outlook - In the first three quarters, the company acquired land worth 35.26 billion yuan, with a land acquisition rate of 45%, primarily in Hangzhou and Jinhua [4] - The company's land reserves are heavily concentrated in Hangzhou, accounting for 73% of its total, which positions it favorably for sustainable growth [4] - The strong economic momentum and comprehensive living facilities in Binjiang District provide a favorable environment for future project development, enhancing the company's prospects for high-quality growth [4]

21世纪经济报道记者吴抒颖 2025年的最后一个季度，各地土地市场全面开仓放粮。 克而瑞数据显示，2025年11月，土地成交规模环比回升，当月土地成交建筑面积和金额分别环比增长 39%和57%。供地规模进入年末放量周期，截至11月25日，全国土地供应建筑面积2.9亿平方米，当月环 比上升250%。 进入2025年最后一个月，全国各地加速冲刺。克而瑞统计显示，今年12月，22个重点城市计划出让125 宗含宅土地，起拍总价达1723亿元。本月计划出让的土地中，底价超过100亿元城市为广州、武汉、重 庆、北京、无锡。 上海、广州等一线城市热度也持续回升，今年11月，一线城市土地成交量价同比回升。截至11月24日， 全国商住办类招拍挂成交建筑面积8604万平方米，其中一线城市上升36%。成交金额方面，一线城市同 比上升43%。 与此同时，民营企业在土地市场更趋活跃。接近年底，大华集团、佳运置业在上海落子；懋源股份也在 北京斩获一宗土地，滨江集团也持续加码土地市场，在杭州、成都等地有所收获。 今年年底土地市场热度有所回升，一方面是各地加快土地供应，另一方面则是临近年关，房企抓紧补仓 完成投资任务。从当前的市场情况来看， ...

滨江集团公告称，2025年12月2日，公司竞得杭政储出130号地块国有建设用地使用权，规划用途为住 宅，建设用地面积26008㎡，容积率2.5，土地总价136119万元，土地权益100%。公司在该项目中所占 权益比例可能变化，上述比例仅供阶段性参考。 ...

| 序号 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]130 | 号 | 住宅 | 26008 | 2.5 | 136119 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 杭州滨江房产集团股份有限公司 证券代码：002244 证券简称：滨江集团 公告编号：2025-055 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 12 月 2 日，公司竞得下述地块的国有建设用地使用权： 二○二五年十二月三日 董事会 ...

（文章来源：新京报） 中指研究院华东大区常务副总高院生分析，该地块位于浦沿核心区，靠近地铁4号线杨家墩站。浦沿板 块在短期内连续出让多宗宅地，对比10月份板块内成交的2宗宅地（大家、英冠竞得）楼面价分别为 25317元/平方米、25108元/平方米且溢价率均超19%，今日该地块底价成交（楼面价低于大家、英冠项 目4000元/平方米左右），反映板块热度有所回落，房企拿地更趋理性。 新京报贝壳财经讯 12月2日，杭州滨江区浦沿单元一宗涉宅地块出让。该地块出让面积26008平方米， 容积率2.5，建筑面积65020平方米，经过1轮报价，最终由滨江集团以底价13.61亿元竞得，楼面价20935 元/平方米。 ...

12月2日，滨江集团（002244）以底价13.6亿元竞得杭州浦沿单元BJ040301-05(1)地块，楼面价20935元/ ㎡。该地块出让面积26008平方米，容积率2.5，其位于明德路与生地街交叉口，垃圾街美食广场的南 侧，距离地铁4号线杨家墩站直线距离约500米。此次成交地价较同今年10月出让的大家地块(楼面价 25317元/㎡)及英冠地块(楼面价25108元/㎡)相比，在容积率同为2.5的条件下，楼面价降了约5000元/ ㎡。 楼面价降了约5000元/㎡。 ...