各城供地延续“提质缩量” 头部房企重仓核心城市

Group 1 - The core viewpoint of the articles highlights the significant impact of land market supply, transaction prices, and policy adjustments on the real estate market, with a trend of "reduction in quantity and improvement in quality" emerging nationwide [1][3] - In 2025, the total planned construction area for residential land transactions in 300 cities was 620 million square meters, a year-on-year decrease of 13.5%, with the total land transfer revenue at 2.3 trillion yuan, down 10.6% year-on-year [1] - Major cities like Nanjing, Beijing, Shanghai, and Hangzhou have seen record high land prices, with a core plot in Nanjing sold for over 45,000 yuan per square meter, setting a ten-year record [1] Group 2 - The proportion of residential land with a plot ratio below 2.0 reached 42.3% in 2025, an increase of 7.7 percentage points from 2024, marking the highest level in the past decade [2] - Central and state-owned enterprises dominate land acquisition, with 84 out of the top 100 land-acquiring companies being state-owned, while some private enterprises are also increasing their land acquisition activities in key cities [2] - The recent land auction in Shanghai yielded a total of 4.57 billion yuan from two plots, maintaining Shanghai's leading position in terms of land supply and total revenue [2] Group 3 - The investment focus of real estate companies is shifting towards land parcels with strong de-risking capabilities and profit margins, particularly those with industrial support and convenient transportation [3] - The average annual sales area of new residential properties is expected to remain between 70 million and 80 million square meters over the next five years, with a gradual stabilization anticipated in the latter half of the "14th Five-Year Plan" period [3] - The real estate policy is expected to enter a new phase aimed at stabilizing expectations and shortening adjustment periods [3]