12月22日，港股股指高开冲高后大幅回撤，午前再度震荡上行，截止午盘，恒生指数涨0.2%报25742.24 点，恒生科技指数涨0.89%报5528.05点，国企指数涨0.27%报8925.39点，红筹指数涨0.37%报4066.49 点。 盘面上，大型科技股走势分化，阿里巴巴涨0.83%，腾讯控股跌0.08%，京东集团涨0.99%，小米集团跌 2.12%，网易跌0.75%，美团跌0.1%，快手涨0.6%，哔哩哔哩涨0.73%；芯片股走强，中芯国际涨超 7%，华虹半导体涨逾5%；黄金股普涨，灵宝黄金、中国黄金国际涨超6%，山东黄金、赤峰黄金涨逾 4%；新消费概念多数上涨，蜜雪集团涨超9%；今日四只新股上市，印象大红袍、华芢生物、明基医 院、南华期货挂牌，集体破发。 企业新闻 顺丰控股(06936.HK)：11月速运物流业务、供应链及国际业务合计收入为271.73亿元，同比增长 7.85%。其中速运物流业务收入同比增长9.88%，业务量同比增长20.13%。 首都创投(02324.HK)：预计截至2025年9月30日止年度(本年度)取得未经审核综合净溢利约1.15亿港元至 1.4亿港元，同比扭亏。主要由于上市股权 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 如何理解高质量发展的政策导向和内涵？ ——房地产行业周度观点更新 报告要点 [Table_Summary] 房地产行业高质量发展，要系统性处理好长期和短期、顶层设计与因城施策、市场和保障、增 量和存量、促发展与防风险等关系，短期、因城施策和防风险等维度的政策指向依然比较清晰， 需求端的支撑不可或缺。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中央：住建部长发表署名文章指出，党的十八大以来，我国房地产市场快速发展，城镇人均住 房建筑面积超过 40 平方米，户均住房超过 1.1 套，建设各类保障性住房和棚改安置住房 6800 多万套。全面落实推动房地产高质量发展的重点任务，提出几点要求：优化保障性住房供给， 完善以公租房、保租房和配售型保障房为主的多层次住房保障体系；科学安排土地供应、引导 配置金融资源，坚持因城施策、精准施策、一城 ...

Core Viewpoint - The 2025 National Top Ten Works selection process has commenced, with public voting starting from December 19 to December 25, 2023, following expert evaluations held on December 18-19, 2023 [1][3]. Group 1: Voting Process - The public voting channel for the 2025 annual evaluation of Chinese real estate products is officially open, allowing participants to vote for their preferred high-end, light luxury, and quality residential products [3][4]. - Each participant can vote once per category using the same WeChat ID, with a maximum of ten projects allowed per category [12]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, with results to be announced in early January 2026, highlighting the top ten high-end/light luxury/quality works and the comprehensive and individual awards for "China's Good House" [11]. Group 3: Industry Engagement - Since 2018, the Product Power 100 Working Group has conducted ongoing evaluations of Chinese real estate companies, emphasizing the importance of product quality and addressing residential pain points [11].

Core Viewpoint - The 2025 National Top Ten Works selection process has commenced, with public voting starting from December 19 to December 25, 2023, following expert evaluations held on December 18-19, 2023 [1][3]. Group 1: Voting Process - The public voting channel for the 2025 annual evaluation of Chinese real estate products is officially open, allowing participants to vote for their preferred high-end, light luxury, and quality residential products [3][4]. - Each participant can vote once per WeChat ID, selecting up to ten projects in each category, with the final vote count being the cumulative total of valid votes from all participants [10]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, with results to be announced in early January 2026, featuring awards for the "Top Ten High-end/Light Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Awards" [9]. Group 3: Project Showcase - The selected projects will be showcased online for detailed understanding, highlighting their architectural styles and development companies [7][11]. - A variety of projects are included, such as high-rise residential buildings with modern architectural styles from various developers, showcasing a commitment to enhancing residential quality and addressing living challenges [9][12][13][19][21][23][25][26][28][30][32][34][36][38][41][43][45][47][49][51][53].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

他不愿意过那种朝九晚五的日子，也不甘于拿着固定的薪水度过一生。对于他来说，这样的生活就像一 池死水，平静而无趣。而蔡奎本性喜欢冒险，渴望挑战，他希望能有一片可以大展拳脚的天地。 时机 来了，蔡奎遇上了中国科技产业的快速发展。在一次深圳的出差中，他看到了属于自己的机会。深圳作 为改革开放的前沿城市，发展速度远远超过内地。蔡奎的眼光十分独到，他敏锐地抓住了计算机产业的 商机。 当时，深圳的电子元件和重庆之间存在着较大的价格差距。蔡奎利用这一差距，开始在深圳购 买电子元件，并将这些零部件带回内地进行组装，制造电脑出售。这一切不仅让蔡奎找到了商机，也积 累了人生的第一桶金。 然而，随着内地经济的追赶，这个行业逐渐不再那么赚钱。蔡奎认识到，单靠 差价的盈利方式并不可持续，未来这个行业的风险会越来越大。因此，他决定结束自己的公司，重新回 到重庆，开始新的创业之路。 **成家立业** 回到重庆后，蔡奎加入了一家航空公司，成为一名普通职 员。曾经在深圳小有成就的他，如今只能在职场上任人差遣。但他并没有放弃，而是在这里遇到了改变 他人生的女人——吴亚军。吴亚军的家境比蔡奎好很多，她的家族是做裁缝的，吴亚军自己也擅长做旗 袍。她 ...

| | 11月滨江区成交活跃楼盘均价涨跌情况 | | | | --- | --- | --- | --- | | 小区 | 11月成交均价 10月成交均价 (元/㎡) | (元/㎡) | 环比涨跌情 | | 杭州壹号院 | 83120 | 81245 | 2.31% | | 绿城晓风印月 | 79200 | - | | | 水晶城 | 60630 | | | | 保利天汇 | 52510 | 55500 | -5.39% | | 滨江建杭江晖府 | 47980 | 52020 | -7.77% | | 明月江南 | 47120 | | | | 寰宇天下 | 46730 | 47512 | -1.65% | | 彩虹豪庭 | 46370 | l | | | 春江彼岸 | 42750 | 43521 | -1.77% | | 东方郡 | 42490 | 43080 | -1.37% | | 绿地旭辉城 | 415 | 40540 | 2.54% | | 水印城 NEWS | 41130 润 | [ 38020 | 8.18% | | 白金海岸 | 38140 | 38560 | - 1.09% | | 示台大馬 ...

近日，济南一新楼盘明确要求， 访客需出示500万元流动资产证明，才可进入样板间。 值得注意的是，该项目除500万元流动资产证明这道"硬门槛"外，还设置了特殊接待流程： 访客验资通过后手机需交由工作人员封存，样板间内全程禁止 拍照录像。 作为奥体文博板块与CBD交汇核心区的低密改善项目，该项目规划有200—400㎡全改善户型矩阵，主打低容积率的低密居住体验，配套高端会所及全屋 高端精装体系，被称为济南首家纯千万级大平层社区。该准入门槛的设定消息一出，便迅速引发济南房地产市场及高端置业群体的广泛关注与讨论。 有 市民直言这是高端项目的"圈层筛选利器"，也有市民称这是"人为制造购房壁垒，暗藏隐私泄露风险"。 实际上，济南的"验资看房"并非首次出现，早在2018年前后，随着一批高端楼盘的集中入市，这种模式就已在当地楼市留下过印记。当时泰禾·济南院 子、龙湖·景粼原著一期、金科琼华九章等多个项目均推出过类似政策，其中泰禾·济南院子的联排别墅产品验资门槛高达1000万元，洋房产品也需500万元 流动资产证明。 记者了解到，尽管都采用了验资模式，但这些项目的市场表现却截然不同。其中，龙湖·景粼原著一期凭借成熟的园林景观和品 ...

12月19日起，2025年全国十大作品入围项目大众网络票选环节开启。 当前，2025年度中国房企产品测评进入角逐阶段，即日起， 12月19日至25日中午12点 ，大众网络票选通道正式开启。在此之前， 为期两天的入围项目专家评审已于 12月18-19日顺利举行。 为你心中高端、轻奢、品质住宅产品的典范投票 选出你心目中的 " 好房子 " 规则： 与此同时，为方便详实地了解项目情况，本次入围的项目也将再次通过线上进行集中展示。 在"好房子"的全面引领下，房企以更积极的姿态投身产品力建设，致力于解决居住痛点、提升住宅产品品质，提供优异的生活方案。自2018年起，产品力100工作组连 续八年开展中国房企"产品力100"测评研究工作。 目前，2025年度产品力测评工作已经开展，"全国十大作品""中国好房子"测评经组委会初评，现已产生入围项目，并进入专业评审与大众票选环节。 入围项目将经过专家评审、大众票选、测评模型等环节，最终于2026年1月初发布《全国十大高端/轻奢/品质作品》《中国好房子综合奖/单项奖》。 本次十大作品高端/轻奢/品质三大类别票选使用同一通道； 同一微信ID仅限投票一次 ，每人每个类别最多选十个项目 ...

Core Viewpoint - The 2025 National Top Ten Works public voting phase has commenced, allowing the public to vote for their favorite high-end, light luxury, and quality residential products from December 19 to 25, 2023 [1][3]. Group 1: Voting Process and Timeline - The public voting channel is officially open from December 19 to 25, 2023, at noon [3]. - Prior to the public voting, expert evaluations of the shortlisted projects took place on December 18-19, 2023 [3]. - The final results will be announced in early January 2026, including the "National Top Ten High-end/Light Luxury/Quality Works" and "China Good House Comprehensive Award/Individual Award" [9]. Group 2: Project Evaluation and Categories - The evaluation process includes expert reviews, public voting, and assessment models [9]. - The voting for the top ten works is categorized into high-end, light luxury, and quality, using the same voting channel [10]. - Each participant can vote once per category, selecting up to ten projects [10]. Group 3: Industry Impact - The initiative aims to enhance product quality in the real estate sector, addressing living challenges and providing superior living solutions [9]. - Since 2018, the "Product Power 100" research has been conducted annually to assess the product strength of Chinese real estate companies [9].