CMSK(SZ:001979) Bei Jing Shang Bao·2025-12-11 09:46Core Insights - The Beijing real estate market in 2025 is characterized by a complex "new normal," with structural differentiation replacing market volatility, as developers adjust strategies in response to policy guidance and market demand [1] Group 1: Concept of "Good Housing" - The definition of "good housing" is shifting from a focus on numerical metrics to an emphasis on living experience, requiring comprehensive indicators to meet buyer expectations [3] - High efficiency in space utilization alone is no longer sufficient; factors such as window-to-wall ratio, storage systems, noise reduction, and the practicality and aesthetics of public spaces are now critical in decision-making [3] - The competitive landscape has evolved, with a focus on minimizing systemic shortcomings rather than highlighting individual strengths, leading to a shift from marketing-driven showcases to engineering and experience-driven solutions [3] Group 2: Market Segmentation Logic - The current Beijing real estate market features diverse buyer profiles, with distinct decision-making processes for first-time buyers and those seeking improvements in living conditions [5] - First-time buyers operate under strict budget constraints, prioritizing functionality over comfort, while improvement-seeking buyers are more flexible and willing to pay a premium for innovative products and community aesthetics [5][6] - Developers are tailoring product styles and communication strategies to attract specific buyer segments, demonstrating the need for a clear understanding of value creation for targeted demographics [6] Group 3: Land Market Dynamics - The logic for land acquisition among developers has fundamentally shifted from optimistic expectations of location potential to a more cautious evaluation of regional fundamentals [8] - Developers are now prioritizing risk avoidance by assessing overall supply-demand dynamics and avoiding areas with prolonged inventory turnover, as even well-executed projects can be dragged into price wars in oversupplied markets [8] - A comprehensive evaluation grid is employed for land parcels, considering factors such as industrial base, supporting infrastructure, and the financial model, with areas like Yizhuang being favored for their solid purchasing power and educational resources [8][9] Group 4: Balancing Policy and Market Demand - Developers face the challenge of balancing high policy standards with genuine market demand, requiring a synthesis of regulatory compliance and customer experience [11] - The integration of policy requirements with market sensitivities is essential, with a focus on creating community spaces and optimizing living scenarios during the planning and design phases [11][12] - The competition will ultimately hinge on the ability to understand and merge policy intentions with deep customer needs, leading to sustainable living solutions that withstand the test of time [12]