记者丨张敏 编辑丨张伟贤 11月11日，郑州住房公积金管理中心发布通知，正式开通住房公积金个人住房贷款网上申请渠道，缴存 职工可通过"郑好办"APP网上申请公积金贷款，实现贷款服务从"人工受理"向"网上受理"的数字化转 型。经此渠道，缴存人员申请公积金贷款的周期将大大缩短。 同样在河南省，洛阳、驻马店两地也于近期优化公积金政策。驻马店提高了公积金贷款最高额度，并延 长贷款期限。洛阳则在提高公积金贷款最高额度的同时，强调住宅老旧电梯更新可提取公积金。 重庆、南京等二线城市，以及湖北黄冈等三线城市，也于近期优化了公积金政策。 多地优化公积金政策，是近期楼市政策利好持续释放的一个侧面。随着"十五五"规划建议公布，房地产 业继续迎来政策窗口期。 近期出台的楼市政策，也呈现出愈加深化和细化的特征。一方面，楼市政策进一步下沉至区级行政单 位，"因区施策"的局面开始形成；另一方面，除短期利好外，一些着眼中长期的制度建设也在推进。 分析人士指出，临近年末，房企推盘力度加大，在各项利好政策的推动下，楼市有望出现"翘尾"行情。 公积金政策仍是重要抓手 这也是近期出台的公积金政策中，最全面、完备的一项。 本月以来，公积金政策仍是出 ...

11月11日，郑州住房公积金管理中心发布通知，正式开通住房公积金个人住房贷款网上申请渠 道，缴存职工可通过"郑好办"APP网上申请公积金贷款，实现贷款服务从"人工受理"向"网上 受理"的数字化转型。经此渠道，缴存人员申请公积金贷款的周期将大大缩短。 同样在河南省，洛阳、驻马店两地也于近期优化公积金政策。驻马店提高了公积金贷款最高额 度，并延长贷款期限。洛阳则在提高公积金贷款最高额度的同时，强调住宅老旧电梯更新可提 取公积金。 重庆、南京等二线城市，以及湖北黄冈等三线城市，也于近期优化了公积金政策。 多地优化公积金政策，是近期楼市政策利好持续释放的一个侧面。 随着"十五五"规划建议公 布，房地产业继续迎来政策窗口期。 近期出台的楼市政策，也呈现出愈加深化和细化的特征 。 一方面，楼市政策进一步下沉至区 级行政单位，"因区施策"的局面开始形成；另一方面，除短期利好外，一些着眼中长期的制度 建设也在推进。 分析人士指出，临近年末，房企推盘力度加大，在各项利好政策的推动下， 楼市有望出现"翘 尾"行情 。 公积金政策仍是重要抓手 贷款政策上，取消首套房和二套房公积金贷款额度差异，最高可贷额度统一；购买"好房子"高 品 ...

同样在河南省，洛阳、驻马店两地也于近期优化公积金政策。驻马店提高了公积金贷款最高额度，并延 长贷款期限。洛阳则在提高公积金贷款最高额度的同时，强调住宅老旧电梯更新可提取公积金。 重庆、南京等二线城市，以及湖北黄冈等三线城市，也于近期优化了公积金政策。 多地优化公积金政策，是近期楼市政策利好持续释放的一个侧面。随着"十五五"规划建议公布，房地产 业继续迎来政策窗口期。 近期出台的楼市政策，也呈现出愈加深化和细化的特征。一方面，楼市政策进一步下沉至区级行政单 位，"因区施策"的局面开始形成；另一方面，除短期利好外，一些着眼中长期的制度建设也在推进。 分析人士指出，临近年末，房企推盘力度加大，在各项利好政策的推动下，楼市有望出现"翘尾"行情。 由于直接关联住房消费、覆盖群体广且资金规模可控可调，公积金政策一直是楼市调控的重要抓手。根 据中指研究院监测，今年10月，各地出台楼市政策超30条，其中约有半数涉及公积金政策，优化方向主 要包括提高额度、优化提取、延长还款期限、扩大提取适用范围等。 21世纪经济报道记者 张敏 11月11日，郑州住房公积金管理中心发布通知，正式开通住房公积金个人住房贷款网上申请渠道，缴存 职工 ...

Group 1 - The core viewpoint of the articles indicates that the real estate market in Liuzhou is experiencing a steady recovery with increased transaction volume and prices during the traditional "Silver October" season [1] - New project approvals, such as those from Lianfa and other key developments, are injecting fresh supply into the market, contributing to the overall positive sentiment [1] - The opening of new marketing centers and product launches during the recent holidays has led to significant sales achievements, with some projects reporting over 3.5 million in sales within the first three days of the holiday [4] Group 2 - The launch of the first fourth-generation residential project in Liujang, "Teng'an·Jiuqu Impression," features unique Su-style gardens and innovative housing designs, attracting considerable attention [2] - Several real estate companies in Liuzhou have been reported for tax arrears, highlighting potential financial challenges within the sector [6] - The introduction of new housing regulations has led to innovative designs in residential projects, such as "Fuli·Colorful," which adheres to the "good housing" policy and offers improved living conditions [13] Group 3 - The auction of over 144 assets, including commercial and residential properties, has garnered interest, with a total transfer amount exceeding 1 billion and a total area of over 11,000 square meters [15] - The demolition of the original Xijiang Post Office building marks a significant change in the urban landscape, with future development plans yet to be confirmed [17][18] - The increasing demand for school district housing in Liuzhou is driven by parents from surrounding cities seeking better educational opportunities for their children, indicating a growing trend in the local real estate market [21]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future opportunities despite current challenges [4][5]. Core Insights - The report highlights a transition from the old development model in the real estate sector to new opportunities, particularly through the "Good House" policy, which is expected to create new products, pricing strategies, and business models [4][5]. - The report emphasizes that the real estate sector remains a crucial pillar of the national economy, and stabilizing the sector is essential for overall economic stability [5]. Summary by Sections 1. Revenue and Profit Trends - In Q1-Q3 2025, the overall revenue of the real estate sector decreased by 10.4% year-on-year, with a notable decline in first-tier cities at 15.4% [12][13]. - The net profit for the sector saw a significant drop of 125.1% year-on-year, with first-tier companies experiencing a 144.1% decline [13][16]. 2. Margins and Costs - The gross margin for Q1-Q3 2025 was reported at 14.9%, a slight increase from the previous year, with third-tier companies leading at 18.4% [18][19]. - The net margin was negative at -6.6%, although the decline was less severe compared to the previous year, with third-tier companies showing the best performance at -1.1% [22][23]. - The overall expense ratio increased to 11.7%, with first-tier companies maintaining the lowest ratio at 8.2% [26]. 3. Debt and Liquidity - The overall debt-to-asset ratio for the sector was 73.7%, slightly down from the previous year, with first-tier companies at 71.8% [37][38]. - The net debt ratio rose to 89.4%, indicating increased leverage across all tiers of companies [47]. - The cash-to-short-term debt ratio was reported at 0.9, reflecting a slight decline, with first-tier companies at 0.9 and second-tier at 0.6 [54]. 4. Sales and Pre-sales - Sales cash inflow for Q1-Q3 2025 decreased by 15.5% year-on-year, although the decline rate has narrowed [58]. - The pre-sales lock-in rate fell to 0.53, indicating a continued downward trend, with second-tier companies performing better at 0.73 [61]. 5. Investment Recommendations - The report recommends focusing on quality companies under the "Good House" initiative, including Jianfa International, Binjiang Group, and China Resources Land [4][5]. - It also suggests looking into undervalued commercial real estate firms such as Xincheng Holdings and China Merchants Shekou [4].

行 业 及 产 业 房地产 2025 年 11 月 02 日 行 业 研 究 / 行 业 点 评 10 月销售降幅扩大，政策亟待进一步呵护 看好 ——2025 年 10 月房企销售数据点评 事件： ⚫ 10 月 31 日，克而瑞发布 2025 年 10 月房地产公司销售排行，保利单月销售排名第一，实现销售金 额 210 亿元，中海、招蛇单月销售额分别为 186、154 亿元，排名第二、三位，前三门槛从去年同 期 310 亿元下降至 154 亿元。10 月单月销售过百亿房企为 9 家，较 2024 年同期减少 4 家。 点评： 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 (8621)23297818× guzheng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 10 月房企销售额单月同比-42%/累计同比-20%，分别较前值-32pct/-20 ...

Core Viewpoint - The real estate market in Beijing is experiencing intensified competition, leading developers to adjust their project plans to enhance product appeal and align with the "good housing" policy, aiming to improve sales performance [1][7]. Group 1: Project Adjustments - The Qingyuefu project in Changping has reduced the number of buildings from 28 to 26 and increased the usable area ratio to approximately 90% [1]. - Other projects, such as Jiahuatianjun in Haidian and Manyun ONE in Tongzhou, have also made similar adjustments, including reducing the proportion of large units and enhancing community amenities [1][6]. - The Qingyuefu project, which has been slow in sales, reported a cumulative sales rate of 49% for its first phase, with a current average price of 4.3 million yuan per square meter, significantly lower than the initial guidance price [2][4]. Group 2: Market Conditions - The Changping area is facing pressure on new home sales due to an oversupply of new developments, leading to a dilution of potential buyers [4][5]. - The overall sales performance of Beijing Zhuzong's real estate business has been underwhelming, with a revenue of 2.763 billion yuan in the first half of the year, a year-on-year increase of 10.6%, but a net profit drop of 54.8% [5]. - The market is characterized by fierce competition among new projects, with many developers enhancing their offerings in terms of area and community facilities to attract buyers [5][7]. Group 3: Regulatory Influence - The "good housing" policy has prompted developers to align their new projects with higher standards for usable area and community quality, leading to significant adjustments in project designs [7][9]. - The adjustments are driven by both regulatory requirements and real market demand, with developers responding to customer feedback by reducing larger unit sizes and increasing smaller units [9].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for quality real estate companies in core cities [5]. Core Insights - In September 2025, the decline in sales for real estate companies narrowed, with a year-on-year decrease of 10% for monthly sales and 17% for cumulative sales, showing an improvement compared to previous months [5]. - The top three companies in monthly sales for September were Poly Developments (20.5 billion), China Overseas (20.2 billion), and China Resources (17.6 billion), with several companies like Jianfa and Jinmao showing growth against the trend [5]. - The report highlights a structural differentiation in the domestic sales market, with first and second-tier cities performing better than third and fourth-tier cities, suggesting a "structurally strong and weak overall" market outlook [5]. Summary by Sections Sales Performance - In September 2025, 50 real estate companies achieved a total sales amount of 180.2 billion, with a year-on-year decrease of 10% [5]. - Cumulative sales from January to September 2025 reached 1,740.3 billion, reflecting a 17% year-on-year decline [5]. Policy Impact - The report notes that government policies aimed at stabilizing the market have begun to take effect, leading to a significant narrowing of the sales decline in Q4 2024 [5]. - Policies include increased support for quality housing and the relaxation of purchase restrictions in major cities [5]. Investment Recommendations - The report recommends focusing on quality real estate companies such as Jianfa International, Binhai Group, China Resources, and others for potential investment opportunities [5]. - It also suggests looking into undervalued commercial real estate firms and property management companies for investment [5].