免责声明 国际影院有限公司是经业新览在立构架经营物流，已展商联治安深海边贸易衔、本诺石贸易强度等原应（以下简称" 本公同" ）的机构和个人都一 (以下简称" 每年"） 电用，本公司"બ细硬八和均标标而和质 为雷门，知趣收-{利润或吸货率户，滴及时温四用微电，本相色量于本公司认为可能的三环值量，但本次可保证券商量创钢器在完整批，和五分和印度的 或所减述的意见并不得成的任何人被纷资建议。在任何简况下，本公司不知任何人困倾用本润告中的任何内容所导致的任何损失负任何责任。本报告可说能"得笑它网站她也过起超级链接。本公司不对其内容的真实性，合法性、完整任机构融企负 贵，本相浩把税达挡边边越级疑触的目的非用土了客户使用力便，随差的设的农商不购或本报告的任何部分，客户需自行承担划员这些网站也费用或见验，本报告的规尺位本公司时，本公司对村相诺保留一切权利，除彩异有遇显示，西则 本报告中的所有材料的板仍均属本公司，未经本公司等完书面授权，本报告的任何部分的不得以任何方式制作任何形式的择风，复印书提房网。威腾灭分 地产月月览: 2025年1-10月 �� 回投期货 黑金研投团队 2025/11/14 主要指标 累计值 累计同比 ...

证券研究报告 | 行业定期报告 2025 年 11 月 09 日 10 月样本城市二手带看人数同比转负 表 1：样本城市新房及二手房网签面积同比（截至 11 月 6 日） | 新房（11 | 月 | 1 日-11 月 | 6 日） | 二手房（11 | 月 | 1 日-11 月 | 6 日） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | 较 | 10 月 | 城市能级 | 同比 | 较 | 10 月 | | | 样本城市 | | | | 样本城市 | -21% | -收窄 | | +1 PCT | | 城） （39 | -43% | -扩大 | -16 PCT | 城） （16 | | | | | | 一线城市 | -42% | -扩大 | -7 PCT | 一线城市 | -23% | -收窄 | | +4 PCT | | （4 城） | | | | （2 城） | | | | | | 二线城市 | -43% | -扩大 | -26 PCT | 二线城市 | -30% | -收窄 | | +4 PCT | | ...

Real Estate Development Investment Completion - From January to September, the total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9% (on a comparable basis) [1] - Residential investment amounted to 52,046 billion yuan, down 12.9% [1] - The total construction area for real estate development enterprises was 648,580 million square meters, a decline of 9.4% year-on-year [1] - The new construction area was 45,399 million square meters, down 18.9%, with residential new construction area at 33,273 million square meters, a decrease of 18.3% [1] - The completed area was 31,129 million square meters, down 15.3%, with residential completed area at 22,228 million square meters, a decline of 17.1% [1] New Commodity Housing Sales and Inventory Situation - From January to September, the sales area of new commodity housing was 65,835 million square meters, a year-on-year decrease of 5.5%, with residential sales area down 5.6% [1] - The sales revenue of new commodity housing reached 63,040 billion yuan, a decline of 7.9%, with residential sales revenue down 7.6% [1] - As of the end of September, the inventory of commodity housing was 75,928 million square meters, a decrease of 241 million square meters compared to the end of August, with residential inventory down by 292 million square meters [1] Real Estate Development Enterprises' Fund Availability - From January to September, the funds available to real estate development enterprises totaled 72,299 billion yuan, a year-on-year decrease of 8.4% [2] - Domestic loans amounted to 11,294 billion yuan, down 1.4% [2] - Foreign investment was 18 million yuan, a significant decline of 37.3% [2] - Self-raised funds reached 26,111 billion yuan, down 9.3% [2] - Deposits and advance payments totaled 21,138 billion yuan, a decrease of 10.3% [2] - Personal mortgage loans were 9,884 billion yuan, down 10.6% [2] Real Estate Development Prosperity Index - In September, the real estate development prosperity index (National Real Estate Prosperity Index) was recorded at 92.78 [3]

兔费声明，留恐视货有限公司是经中国沉盆会创作街立立地期线经营物物。已具舞龄部投资咨询业务资降，本报告仅供闯招期货有哪公司（以下都的：本公司"）的机构或个人客户（以下都称："客户"） 使用，本公司不会困接怎么收到本报告而现到 为密户 如果的 共+国驻联赛官户 莆及知显四用物等。本院是是手本公司认为可能配送等度给跑到了。 除本公司于发布4院当日的潮饰。本提手播放到第5章探索的动入可官购已分行信息，但本公司不但放弃年度治死害控用、意见及魁/配件与波尔登产品学。在第一座，在20周家，成都会浏览。 廊本公司于发布4院当日的潮，本提并所能购得货或明化的作。价官网络会成动， 竞，本相告提供这些地址或超级链接的目的软年是为了每户使用力便，链接网站助中购不符成本报告的任何部分，客户南自行闭相浏览达您都体故费用或00验，本报告的板风风本公司所有，本公司对本报告保留一切况利，除彩另有书面是示，西则 本报告中的所有材料的版权均属本公司，未经本公司郭先书面授权，本标告的任何部分均不得以任何方式制作任何疗式的排贝、展印件或复制品，或再次分类培任何英他人，或以任何侵犯本公司版权的英他方式选用, 2025/10/20 地产月月览: 2025 ...

国家统计局发布数据显示，2025年1—9月份全国房地产市场基本情况。 一、房地产开发投资完成情况 住宅投资52046亿元，下降12.9%。 1—9月份，房地产开发企业房屋施工面积648580万平方米，同比下降9.4%。其中，住宅施工面积452165万平方米，下降9.7%。房屋新开工面积45399万平方 米，下降18.9%。其中，住宅新开工面积33273万平方米，下降18.3%。房屋竣工面积31129万平方米，下降15.3%。其中，住宅竣工面积22228万平方米，下 降17.1%。 二、新建商品房销售和待售情况 1—9月份，新建商品房销售面积65835万平方米，同比下降5.5%；其中住宅销售面积下降5.6%。新建商品房销售额63040亿元，下降7.9%；其中住宅销售额 下降7.6%。 1—9月份，全国房地产开发投资67706亿元，同比下降13.9%（按可比口径计算）；其中，住宅投资52046亿元，下降12.9%。 9月末，商品房待售面积75928万平方米，比8月末减少241万平方米。其中，住宅待售面积减少292万平方米。 三、房地产开发企业到位资金情况 1—9月份，房地产开发企业到位资金72299亿元，同比下降 ...

人民财讯9月15日电，国家统计局发布2025年1—8月份全国房地产市场基本情况，1—8月份，全国房地 产开发投资60309亿元，同比下降12.9%；其中，住宅投资46382亿元，下降11.9%。1—8月份，房地产 开发企业房屋施工面积643109万平方米，同比下降9.3%。其中，住宅施工面积448460万平方米，下降 9.6%。房屋新开工面积39801万平方米，下降19.5%。其中，住宅新开工面积29304万平方米，下降 18.3%。房屋竣工面积27694万平方米，下降17.0%。其中，住宅竣工面积19876万平方米，下降18.5%。 1—8月份，新建商品房销售面积57304万平方米，同比下降4.7%；其中住宅销售面积下降4.7%。新建商 品房销售额55015亿元，下降7.3%；其中住宅销售额下降7.0%。 ...

Group 1: Real Estate Development Investment - In the first seven months, the total real estate development investment in Henan Province decreased by 8.0% year-on-year, with residential investment declining by 9.7% [2] - The total construction area of real estate development enterprises fell by 4.9% year-on-year, with residential construction area down by 4.6% [2] - The new construction area for real estate dropped by 21.0%, with residential new construction area decreasing by 21.6% [2] - The completed construction area decreased by 40.2%, with residential completed area also down by 40.2% [2] Group 2: New Commodity Housing Sales and Inventory - In the first seven months, the sales area of new commodity housing decreased by 1.0% year-on-year, with residential sales area down by 1.4% [3] - The sales revenue of new commodity housing fell by 0.2%, with residential sales revenue decreasing by 0.8% [3] - As of the end of July, the inventory of commodity housing increased by 13.7% year-on-year, with residential inventory up by 21.9% [3] Group 3: Funding Situation of Real Estate Development Enterprises - In the first seven months, the funds available to real estate development enterprises increased by 0.3% year-on-year, with domestic loans decreasing by 15.2% [4] - Self-raised funds grew by 1.7%, while deposits and prepayments increased by 7.1% [4] - Personal mortgage loans saw a decline of 7.1% [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - From the July data, the decline in real estate sales area is gradually expanding, the investment side continues to be weak, and the new construction and construction areas continue to decline significantly. Attention should be paid to policy changes and the restoration of the market's internal driving force [1] Group 3: Summary by Relevant Indicators Development Investment - The cumulative development investment completion amount is 535.8 billion yuan, with a year-on-year decrease of 12.9%. The single - month growth rate in July was - 11.2%, showing a continuous weak trend [1] New Construction Area - The cumulative new construction area of houses is 35.206 million square meters, with a year - on - year decrease of 19.4%. The single - month growth rate in July was - 15.4%, continuing to decline significantly [1] Sales Area - The cumulative sales area of commercial housing is 51.56 million square meters, with a year - on - year decrease of 4.0%. The single - month growth rate in July was - 7.8%, and the decline is gradually expanding [1] Construction Area - The cumulative construction area of houses is 638.731 million square meters, with a year - on - year decrease of 9.2%. The single - month growth rate in July was - 9.1%, showing a large - scale decline [1] Completion Area - The cumulative completion area of houses is 25.034 million square meters, with a year - on - year decrease of 16.5%. The single - month growth rate in July was - 14.8%, and the decline is significant [1]

Real Estate Development Investment - In the first seven months of 2025, national real estate development investment reached 53,580 billion yuan, a year-on-year decrease of 12.0% [1] - Residential investment accounted for 41,208 billion yuan, declining by 10.9% [1] Construction Activity - The total construction area for real estate development was 638,731 million square meters, down 9.2% year-on-year [3] - New construction area was 35,206 million square meters, a decrease of 19.4%, with residential new construction area at 25,881 million square meters, down 18.3% [3] - 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% [3] Sales and Inventory - Newly built commercial housing sales area was 51,560 million square meters, down 4.0% year-on-year, with residential sales area decreasing by 4.1% [3] - The sales revenue for new commercial housing was 49,566 billion yuan, a decline of 6.5%, with residential sales revenue down 6.2% [3] - 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 [5] Funding Situation - Real estate development enterprises' available funds totaled 57,287 billion yuan, a year-on-year decrease of 7.5% [5] - Domestic loans amounted to 9,207 billion yuan, showing a slight increase of 0.1% [5] - Self-raised funds were 23,230 billion yuan, down 8.5%, while personal mortgage loans decreased by 9.3% to 7,918 billion yuan [5] Market Sentiment - The real estate development prosperity index (National Housing Prosperity Index) stood at 93.34 in July [6]

二、新建商品房销售和待售情况 1—7月份，新建商品房销售面积51560万平方米，同比下降4.0%；其中住宅销售面积下降4.1%。新建商品房销售额49566亿元，下降6.5%；其中住宅销售额 下降6.2%。 国家统计局发布2025年1—7月份全国房地产市场基本情况。 一、房地产开发投资完成情况 1—7月份，全国房地产开发投资53580亿元，同比下降12.0%（按可比口径计算，详见附注6）；其中，住宅投资41208亿元，下降10.9%。 1—7月份，房地产开发企业房屋施工面积638731万平方米，同比下降9.2%。其中，住宅施工面积445107万平方米，下降9.4%。房屋新开工面积35206万平方 米，下降19.4%。其中，住宅新开工面积25881万平方米，下降18.3%。房屋竣工面积25034万平方米，下降16.5%。其中，住宅竣工面积18067万平方米，下 降17.3%。 1—7月份，房地产开发企业到位资金57287亿元，同比下降7.5%。其中，国内贷款9207亿元，增长0.1%；利用外资17亿元，增长3.2%；自筹资金23230亿 元，下降8.5%；定金及预收款16815亿元，下降9.9%；个人按揭贷款79 ...