以下文章来源于真叫卢俊 ，作者真叫卢俊团队 真叫卢俊 . 认认真真聊地产，实实在在谈买房。 本文来自微信公众号： 真叫卢俊 ，作者：有漾，原文标题：《「附赠率」不该也不能成为主旋 律》，题图来自：AI生成 "您这房子建筑面积100平，我们实际交付的使用面积能到140平，得房率绝对超过100%。"这样的销 售话术，在2025年的楼市中在很多城市几乎成为常规。 现在没有赠送面积的项目根本上不了牌桌，飘窗、阳台、露台是普通手段，其中送面积最多的已经 是"四代宅"。 "四代宅"的面积赠送是一种开发商的竞赛： 你送20%，我就送30%；你送30%，我就加码送40%。 我统计了一下西安近三年的四代宅产品赠送率，直观能看到附赠率越来越高。到了今年， 实得率全 部超过100%。 | | 项目 | 附赠率 | 得房率 | 露台进深 | | --- | --- | --- | --- | --- | | 2022年 | 金地玖峯悦 | 6.02% | 91% | 1.5m | | | 华润紫云府 | 4.52% | 85% | 1.5m | | 2023年 | 绿城海棠三章 | 18. 60% | 96% | 3.3m | | ...

关于延长招商局蛇口工业区控股股份有限公司 2025 年面向专业投 资者公开发行公司债券（第三期）簿记建档时间的公告 招商局蛇口工业区控股股份有限公司（以下简称"发行人"）面向专业投资者 公开发行面值不超过 129.30 亿元的公司债券已获得中国证券监督管理委员会证 监许可[2025] 1210 号文注册。 根据《招商局蛇口工业区控股股份有限公司 2025 年面向专业投资者公开发 行公司债券（第三期）发行公告》，发行人、簿记管理人将于 2025 年 11 月 24 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果在预设的利率区间内确定本期债券的最终票面利率。 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限公司 2025 年面向 专业投资者公开发行公司债券（第三期）簿记建档时间的公告》之盖章页） 招商证券股份有限公司 年 月 日 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限公司 2025 年面向 专业投资者公开发行公司债券（第三期）簿记建档时间的公告》之盖章页） 中信证券股份有限公司 年 月 日 （本页无正文，为《关于延长招商局蛇口工业区控股股份有限 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [8]. Core Insights - The report highlights a divergence from market sentiment, suggesting that a reduction in industry risk assessment and increasing confidence in a medium to long-term recovery path are the main drivers for the recovery of real estate stocks. Despite a short-term acceleration in market decline, expectations for enhanced real estate policies in December and the first quarter of 2026 are strengthening the investment value of quality real estate stocks [2][4]. Summary by Sections Policy Expectations - Recent reports indicate that the Chinese decision-makers are considering a new round of real estate policies, including interest subsidies for new personal housing loans, increasing personal income tax deductions for mortgage payments, and further reducing housing transaction taxes. This has led to a rise in real estate stock prices. The effectiveness of such policies, particularly interest subsidies, is crucial for short-term market recovery, depending on the magnitude and duration of the subsidies [3][4]. Market Data - In October, the real estate market showed significant declines, with a 19% year-on-year drop in sales area (61.47 million square meters) and a 24% decrease in sales value (CNY 597.7 billion), marking the largest declines since the second half of 2024. New personal mortgage loans fell by 30% year-on-year to CNY 95 billion, and development investment decreased by 23% year-on-year. The market sentiment remains pessimistic, and the report emphasizes the need for substantial fiscal policies, such as interest subsidies, to restore market confidence [4][5]. Investment Recommendations - The report recommends specific stocks for investment: China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Binjiang Group (002244, Not Rated), and Jindi Group (600383, Accumulate) [5].

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Group 1 - The real estate sector remains active, with the CSI 800 Real Estate Index rising by 2% during intraday trading, led by Zhangjiang Hi-Tech with an increase of over 8% [1] - Other notable stocks such as Binjiang Group, China Merchants Shekou, and Shanghai Lingang also saw gains exceeding 2% [1] - The only ETF tracking the CSI 800 Real Estate Index, the Real Estate ETF (159707), experienced a 2% increase, with a net subscription of 45 million units in real-time, accumulating over 41 million yuan in the previous week [1] Group 2 - Ping An Securities highlights that short-term market volatility is increasing, and expectations for policy improvements are rising, emphasizing the value of quality real estate investments [2] - Quality real estate stocks are relatively underperforming, and the ongoing recovery in the housing market remains uncertain, but the cost-effectiveness of policy speculation is improving [2] - In the medium term, the trend for "good properties" is expected to remain unchanged despite short-term market adjustments, with quality real estate companies likely to benefit first [2] Group 3 - Zhongyin Securities expresses confidence in the future recovery of the real estate industry, noting that optimization policies are likely to be implemented [3] - The focus should be on real estate companies with secure liquidity, strong presence in high-energy cities, and outstanding product capabilities, as well as commercial real estate companies that are adapting to new consumption trends [3] - The Real Estate ETF (159707) tracks the CSI 800 Real Estate Index, which includes 13 leading real estate companies, demonstrating a significant concentration of top-tier firms [3]

行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年11月23日 请务必阅读正文后免责条款 1 核心摘要 证券研究报告 政策预期升温，优质地产配置价值凸显 地产行业周报 2 周度观点：政策预期升温，降低房贷利率仍有必要。随着2024年四季度销售基数抬升，10月全国商品房销售面积同比降18.8%，70个大 中城市新房/二手房价环比降0.5%和0.7%，且降幅较9月有所扩大。楼市量价承压背景下，近期市场政策预期有所升温。我们在2024年9 月18日发布的专题报告《供需框架下楼市趋势探讨》提到，海外楼市企稳关键在于居民购房意愿与能力的提升、最终带来供需格局的改 善。展望国内楼市，一方面仍需宏观政策发力稳定居民收入预期，提升购房能力，另一方面2025Q3加权房贷利率（3.06%）仍高于10月 百城住宅租金回报率（2.36%），通过降息/房贷加点变化/政府贴息等方式降低房贷利率增强购房相对吸引力仍有必要。 短期大盘波动加剧，优质地产配置价值凸显。1）优质地产相对滞涨，叠加楼市复苏仍不明朗，短期政策博弈性价比提升；2）中期维度 来看，"好房子"的趋势并不会因短期楼市调整发生改变，历史包袱较轻的品质房企有望 ...

Summary of Conference Call on Real Estate and Related Industries Industry Overview - The conference call primarily discusses the real estate industry and its related sectors, particularly focusing on the current economic pressures and the need for policy interventions to stabilize the market [1][5][4]. Key Points and Arguments 1. **Economic Downturn**: There is increasing downward pressure on the macro economy in Q4, with weak real estate data indicating a decline in both sales area and amount year-on-year and month-on-month. Housing prices are accelerating downward, necessitating intervention through stable real estate policies [1][3][4]. 2. **Policy Intervention**: The current timing is deemed appropriate for the introduction of new real estate policies to alleviate pressures on banks' net interest margins and mortgage delinquency rates. High-quality leading real estate companies are already showing upward momentum, suggesting a high credibility of policy rumors [1][5]. 3. **Investment Value**: The real estate and its industrial chain are considered to be at a long-term bottom with a favorable chip structure. In a declining risk appetite environment, these sectors possess investment value, particularly benefiting from demand-side policies like loan interest subsidies [1][6]. 4. **Building Materials Sector**: The building materials industry is not uniform; segments such as cement are showing profit improvements, while coatings have been recovering for nearly a year. Waterproof materials are also showing signs of improvement, indicating potential investment opportunities [1][8]. 5. **Government Policies**: Local governments are actively introducing policies for quality housing construction, raising standards for green building materials and waterproof materials. The waterproof materials price index has bottomed out, signaling an industry clearing phase where leading companies have begun to raise prices [1][9]. Additional Insights 1. **Market Sentiment**: Despite a generally low market sentiment, the real estate and building materials sectors are performing relatively well, driven by rumors of three key policy points: interest subsidies for new personal housing loans, increased personal income tax deductions for mortgage borrowers, and reduced housing transaction taxes [2]. 2. **Sales Data**: In October, sales area decreased by 19% year-on-year and 8% month-on-month, while sales amount fell by 24% year-on-year and 13% month-on-month. The average selling price has dropped by 6.9% this year, with a month-on-month decline of 5.4% in October [3][4]. 3. **Future Opportunities**: There are potential opportunities for mergers and acquisitions in the building materials and real estate sectors due to increased fiscal pressure on local governments, which may lead to higher government asset securitization ratios. Companies with state-owned backgrounds, such as Donghu Gaoxin and Gaoxin Development, are highlighted as potential beneficiaries [3][13]. Noteworthy Companies and Performance 1. **Oriental Yuhong**: The company reported a positive revenue growth in Q3, with improving gross margins and net profits. It has also reduced management costs through layoffs and is expanding into new business areas and overseas production [10]. 2. **North New Materials**: This company is noted for its low valuation (approximately 10 times earnings), a dividend yield of about 3%, and significant cash reserves for capital expenditures. Expected performance for the year is around 3.6 billion yuan, with revenue between 33-35 billion yuan [10]. 3. **Three Trees**: The coatings sector, represented by Three Trees, has shown continuous performance improvement, with stock prices doubling over the past year due to cost reductions enhancing gross margins [11]. Sector-Specific Trends 1. **Tile Industry**: Although currently less favorable, companies like Dongpeng Holdings are expected to benefit from market recovery due to pre-allocated channel expenses that could convert into profits when the market rebounds [12]. 2. **Investment Recommendations**: The focus should be on leading companies in waterproofing, coatings, and board materials, as these sectors are showing signs of recovery and potential growth [12].

分析师及联系人 丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 定向降低购房负担意味着什么？ ——房地产行业周度观点更新 报告要点 [Table_Summary] 深度降息在宏观和银行层面有较多约束，贴息或者抵税是定向降息的主要手段。怎么贴是关键， 持续性比幅度和范围更重要，如果只是补贴有限年份，本质与一次性优惠没有区别，稳价效果 可能相对有限。如果只补贴新房，初期政策成本较小，但后期将逐步累加，并且加大新房对存 量的替代；如果兼顾存量，政策成本则明显提高。关于房价，收入预期比利率本身更重要，贴 息可逐步解决回报率倒挂问题，但收入预期有赖于总需求扩张或分配改革。综合而言，定向降 低购房负担，对好房子的"小循环"有一定支撑，有助于"增量带动存量"逻辑的进一步演绎。 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 定向降低购房负担意味着什么？ 2] ——房地产行业周度观点更新 ...

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Core Viewpoint - The real estate industry is experiencing a significant wave of executive changes, with over 10 companies announcing core position shifts since early September, highlighting the sector's response to performance pressures and strategic realignment [1][6]. Group 1: Executive Changes - Jiang Tiefeng, the former Deputy General Manager of China Merchants Group, has been appointed as the Chairman of China Nanshan Group, marking a rapid career progression within two months [1][5]. - China Nanshan Group has seen frequent changes in its leadership, with the Chairman position changing three times since December of the previous year and its listed platform, Nanshan Holdings, replacing 10 core executives within a year [3][4]. Group 2: Performance Challenges - China Nanshan Holdings is projected to experience a 30% decline in revenue for 2024, amounting to 8.398 billion yuan, with a net loss of 1.773 billion yuan, representing a staggering drop of over 13 times year-on-year [3][4]. - The company's gross profit margin for its main business is only 21.85%, down from the previous year, and it has a high debt-to-asset ratio of 73.92%, significantly above the industry average, indicating long-term solvency risks [3][4]. Group 3: Industry Trends - The recent executive changes reflect a broader trend in the real estate sector, with state-owned enterprises becoming the focal point of leadership adjustments, emphasizing resource optimization and enhanced operational accountability [6][7]. - The trend of "cross-group mobility" is emerging, breaking traditional personnel cycles, as seen with executives moving between major state-owned enterprises, injecting new management perspectives and resource integration capabilities [7][8]. Group 4: Strategic Implications - The ongoing executive reshuffle is viewed as both a reactive measure to market pressures and a proactive strategy to adapt to a new economic cycle, particularly for state-owned enterprises aiming to consolidate resources and strengthen professional capabilities [8]. - The ability of Jiang Tiefeng to lead China Nanshan towards a new development path is a focal point of market attention, as the industry navigates through significant adjustments [8].