一、房地产开发投资完成情况 1—11月份，全国房地产开发投资78591亿元，同比下降15.9%(按可比口径计算，详见附注6)；其中，住 宅投资60432亿元，下降15.0%。 1—11月份，房地产开发企业房屋施工面积656066万平方米，同比下降9.6%。其中，住宅施工面积 457551万平方米，下降10.0%。房屋新开工面积53457万平方米，下降20.5%。其中，住宅新开工面积 39189万平方米，下降19.9%。房屋竣工面积39454万平方米，下降18.0%。其中，住宅竣工面积28105万 平方米，下降20.1%。 二、新建商品房销售和待售情况 1—11月份，新建商品房销售面积78702万平方米，同比下降7.8%；其中住宅销售面积下降8.1%。新建 商品房销售额75130亿元，下降11.1%；其中住宅销售额下降11.2%。 11月末，商品房待售面积75306万平方米，比10月末减少301万平方米。其中，住宅待售面积减少284万 平方米。 表1 2025年1—11月份全国房地产开发和销售情况 指标 绝对量 比 长 | 同比增长(%) | 房地产开发投资(亿元) | | | | --- | --- | -- ...

新华财经北京12月15日电国家统计局15日发布的数据显示，1—11月份，全国房地产开发投资78591亿 元，同比下降15.9%（按可比口径计算）；其中，住宅投资60432亿元，下降15.0%。 1—11月份，房地产开发企业房屋施工面积656066万平方米，同比下降9.6%。其中，住宅施工面积 457551万平方米，下降10.0%。房屋新开工面积53457万平方米，下降20.5%。其中，住宅新开工面积 39189万平方米，下降19.9%。房屋竣工面积39454万平方米，下降18.0%。其中，住宅竣工面积28105万 平方米，下降20.1%。 数据显示，1—11月份，房地产开发企业到位资金85145亿元，同比下降11.9%。其中，国内贷款13149 亿元，下降2.5%；利用外资23亿元，下降24.6%；自筹资金30628亿元，下降11.9%；定金及预收款 25098亿元，下降15.2%；个人按揭贷款11786亿元，下降15.1%。 数据还显示，11月份，房地产开发景气指数（简称"国房景气指数"）为91.90。 （文章来源：新华财经） 1—11月份，新建商品房销售面积78702万平方米，同比下降7.8%；其中住宅销 ...

格隆汇12月15日｜国家统计局：11月份，房地产开发景气指数(简称"国房景气指数")为91.90。 ...

1—11月份，全国房地产开发投资78591亿元，同比下降15.9%（按可比口径计算，详见附注6）；其中，住宅投资60432亿元，下降15.0%。 下降20.1%。 一、房地产开发投资完成情况 二、新建商品房销售和待售情况 1—11月份，房地产开发企业房屋施工面积656066万平方米，同比下降9.6%。其中，住宅施工面积457551万平方米，下降10.0%。房屋新开工面积53457万平 方米，下降20.5%。其中，住宅新开工面积39189万平方米，下降19.9%。房屋竣工面积39454万平方米，下降18.0%。其中，住宅竣工面积28105万平方米， 1—11月份，新建商品房销售面积78702万平方米，同比下降7.8%；其中住宅销售面积下降8.1%。新建商品房销售额75130亿元，下降11.1%；其中住宅销售 额下降11.2%。 全国新建商品房销 20 10 -2.6 -2.1 -2.8 0 -2.9 I -3.0 -3.2 -3.8 -5.1 -12.9 -- 14.3 -10 -20 -17.1 -19.2 -30 -40 2024年 1-12月 2025年 1-3月 1-4月 1-5月 1-11月 1-2月 ...

Group 1 - From January to October, the total construction area of real estate development enterprises reached 652.939 million square meters, a year-on-year decrease of 9.4%. The residential construction area was 455.253 million square meters, down 9.7% [2] - The new construction area for buildings was 49.061 million square meters, a decline of 19.8%, with residential new construction area at 35.952 million square meters, down 19.3% [2] - The completion area for buildings was 34.861 million square meters, a decrease of 16.9%, while the residential completion area was 24.866 million square meters, down 18.9% [2] Group 2 - In the same period, the sales area of newly built commercial housing was 71.982 million square meters, a year-on-year decrease of 6.8%, with residential sales area down 7.0% [2] - The sales revenue of newly built commercial housing reached 690.17 billion yuan, a decline of 9.6%, with residential sales revenue decreasing by 9.4% [2] Group 3 - By the end of October, the unsold area of commercial housing was 75.606 million square meters, a reduction of 3.22 million square meters compared to the end of September, with residential unsold area decreasing by 2.92 million square meters [5] - From January to October, the total funds available for real estate development enterprises amounted to 788.53 billion yuan, a year-on-year decrease of 9.7% [5] - Domestic loans accounted for 121.6 billion yuan, down 1.8%, while foreign investment utilization was 1.9 billion yuan, down 37.5% [5] Group 4 - The real estate development prosperity index, known as the "National Housing Prosperity Index," stood at 92.43 in October [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market for plastics L and PP has been showing a weak trend recently, with both futures and spot prices experiencing declines. The report provides daily market observations, important news, logical analyses, and trading strategies for these two products [2][3][4]. - Various factors, including domestic and international economic data, industry policies, and corporate news, influence the prices of plastics L and PP. These factors can be either positive or negative, and the report assesses their impact on the market [3][5][9]. 3. Summary by Relevant Catalogs Market Situation - **L Plastic**: The L2601 contract generally shows a downward trend, and the LLDPE market price is mostly weak, with prices in different regions fluctuating and some falling. Trade sentiment is often affected by futures trends, and downstream procurement is cautious [2][4][8]. - **PP Polypropylene**: The PP2601 contract also generally trends downward, and the domestic PP market is weak, with prices falling in parts. The futures trend impacts the spot market, and downstream procurement is limited [2][4][8]. Important News - **Industry - related Policies**: The government has introduced policies to support the development of the petrochemical and chemical industries, such as the "Work Plan for Stabilizing Growth in the Petrochemical and Chemical Industry (2025 - 2026)" [29]. - **Corporate News**: Many companies have made progress, such as Guangxi Petrochemical's successful commissioning of a new ethylene plant, and Liaoyang Petrochemical's successful start - up of a nylon 66 project [4][46]. - **Economic and Trade News**: Global economic and trade policies, such as US tariff policies and China's export control policies for rare earths, have an impact on the market [34][40][63]. Logical Analysis - **Positive Factors**: Some factors are favorable for the polyolefin market, such as an increase in domestic vehicle production, a rise in the US manufacturing PMI, and an increase in the profit - to - loss ratio of the domestic rubber and plastics industry [9][51]. - **Negative Factors**: Other factors are unfavorable, including a decline in the domestic manufacturing PMI, an increase in inventory, and a decrease in the international shipping freight index ratio [3][5][41]. Trading Strategies - **Single - side Trading**: For the most part, it is recommended to hold short positions in the L and PP main 01 contracts, with appropriate stop - loss settings. In some cases, there are suggestions to try short positions or hold long positions [3][5][9]. - **Arbitrage**: Generally, it is recommended to wait and see [3][5][9]. - **Options**: Usually, it is recommended to wait and see [3][5][9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides daily observations and analyses of the plastic (L) and polypropylene (PP) markets, including market conditions, important news, logical analyses, and trading strategies. The market trends of L and PP are affected by various factors such as futures prices, factory prices, downstream demand, and macro - economic indicators. Different trading strategies are proposed based on these factors, including holding or trying long/short positions, and setting stop - loss points [1][2]. Summary by Related Catalogs Market Conditions - **L Plastic**: In most cases, the L2601 contract showed small fluctuations, and the LLDPE market price had partial increases or decreases. Market trading sentiment was generally cautious, with downstream demand mainly based on orders. For example, on 25 - 11 - 04, the L2601 contract closed at 6859 points, down 29 points or - 0.42%, and the LLDPE market price continued to be weak [1]. - **PP Polypropylene**: The PP2601 contract also fluctuated slightly. The PP market price was mostly in a weak adjustment state, with some prices rising or falling. Downstream procurement was relatively cautious. For instance, on 25 - 11 - 04, the PP2601 contract closed at 6546 points, down 30 points or - 0.46%, and the PP market price was weakly sorted [1]. Important News - **Industry - related Policies**: The 7 - department issued the "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)", aiming to achieve an average annual growth of over 5% in industry added value from 2025 to 2026 and promote high - end, green, and intelligent transformation [22]. - **Company - related Developments**: For example, Liaoyang Petrochemical's 100,000 - ton/year nylon 66 project was successfully put into operation, and the 40,000 - ton/year ultra - high - molecular weight polyethylene transformation project was advanced simultaneously [40]. Logical Analysis - **Positive Factors for Polyolefins**: Some factors were positive for polyolefins, such as the increase in domestic automobile daily sales index in September, the increase in the China Logistics Industry Prosperity Index (business volume) in September, and the increase in domestic pipeline transportation industry fixed - asset investment completion in August [8][49][38]. - **Negative Factors for Polyolefins**: Some factors were negative, like the decrease in the Brent crude oil monthly average price in October, the decrease in the domestic real estate prosperity index in August, and the increase in the domestic automobile dealer inventory coefficient in September [32][49][38]. Trading Strategies - **Single - side Trading**: Strategies included holding long or short positions, trying long or short positions, or taking a wait - and - see approach. For example, on 25 - 11 - 04, it was recommended to hold short positions in the L main 01 contract and set the stop - loss at 6890 points; for the PP main 01 contract, it was advisable to try short positions and set the stop - loss at 6580 points [2]. - **Arbitrage Trading**: Most of the time, it was recommended to take a wait - and - see approach, and in some cases, hold or reduce positions. For example, on 25 - 10 - 20, the L2601 - PP2601 (1 - hand to 1 - hand) spread was reported at + 314 points and was recommended to be held with the stop - loss set at + 311 points [41]. - **Options Trading**: In most cases, it was recommended to take a wait - and - see approach, and in some cases, sell and hold options with stop - loss settings [19].

Core Viewpoint - The National Real Estate Development Prosperity Index in China fell to 92.78 in September, marking the sixth consecutive month of decline since April this year, after a period of 11 months of continuous recovery from May 2024 to March 2025 [1]. Group 1 - The National Real Estate Development Prosperity Index is based on 2012 as the base year, with a growth level set at 100 [3]. - A score of 100 indicates an optimal prosperity level, while scores between 95 and 105 represent moderate prosperity, below 95 indicates low prosperity, and above 105 indicates high prosperity [3].

Group 1: Real Estate Investment and Construction - From January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [1] - Residential investment amounted to 46,382 billion yuan, down 11.9% year-on-year [1] - The total construction area for real estate development was 643,109 million square meters, a decline of 9.3% year-on-year [1] - The new construction area was 39,801 million square meters, down 19.5% [1] - The completion area was 27,694 million square meters, a decrease of 17.0% [1] Group 2: Sales and Inventory of New Commercial Housing - From January to August, the sales area of new commercial housing was 57,304 million square meters, a year-on-year decrease of 4.7% [1] - The sales revenue of new commercial housing was 55,015 billion yuan, down 7.3% year-on-year [1] - As of the end of August, the inventory of unsold commercial housing was 76,169 million square meters, a decrease of 317 million square meters compared to the end of July [1] Group 3: Funding Situation for Real Estate Development - From January to August, the funds in place for real estate development enterprises totaled 64,318 billion yuan, a year-on-year decrease of 8.0% [2] - Domestic loans amounted to 10,232 billion yuan, showing a slight increase of 0.2% [2] - Personal mortgage loans were 8,857 billion yuan, down 10.5% [2] Group 4: Real Estate Market Sentiment - The real estate development prosperity index (National Real Estate Prosperity Index) for August was 93.05 [2]

Real Estate Development Investment - In the first seven months, national real estate development investment reached 53,580 billion yuan, a year-on-year decrease of 12.0%, with residential investment at 41,208 billion yuan, down 10.9% [2][13] Construction and New Starts - The total construction area for real estate development was 638,731 million square meters, a decline of 9.2% year-on-year, with residential construction area at 445,107 million square meters, down 9.4% [4][13] - New construction area was 35,206 million square meters, down 19.4%, with residential new starts at 25,881 million square meters, a decrease of 18.3% [4][13] - The completed construction area was 25,034 million square meters, down 16.5%, with residential completions at 18,067 million square meters, a decline of 17.3% [4][13] Sales of New Commercial Housing - In the first seven months, the sales area of new commercial housing was 51,560 million square meters, a year-on-year decrease of 4.0%, with residential sales area down 4.1% [5][13] - The sales revenue from new commercial housing was 49,566 billion yuan, down 6.5%, with residential sales revenue decreasing by 6.2% [5][13] Inventory Situation - As of the end of July, the inventory of unsold commercial housing was 76,486 million square meters, a decrease of 462 million square meters from the end of June, with residential unsold inventory down by 285 million square meters [7][13] Funding Situation for Real Estate Developers - In the first seven months, the funds available to real estate developers totaled 57,287 billion yuan, a year-on-year decrease of 7.5% [8][13] - Domestic loans amounted to 9,207 billion yuan, showing a slight increase of 0.1%, while self-raised funds decreased by 8.5% to 23,230 billion yuan [8][13] Real Estate Development Prosperity Index - The real estate development prosperity index (National Real Estate Prosperity Index) stood at 93.34 at the end of July [9][13]