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].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Insights - The real estate market is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2][31]. Industry Data Summary New Housing Transaction Volume - In the week of November 15-21, 2025, 34 key cities recorded a total new housing transaction volume of 2.54 million square meters, a week-on-week increase of 26.3%. The transaction volume for first and second-tier cities rose by 28.6%, while third and fourth-tier cities saw a decline of 5% [3][4]. - For November 2025, the total new housing transaction volume in 34 cities was 6.348 million square meters, a year-on-year decrease of 32.7% [4][6]. Second-hand Housing Transaction Volume - In the week of November 15-21, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.073 million square meters, a week-on-week decrease of 12.8%. The cumulative transaction volume for November was 3.412 million square meters, a year-on-year decrease of 13.8% [10][11]. Inventory and Market Dynamics - In the week of November 15-21, 2025, 15 key cities had a total of 890,000 square meters of new housing launched, with a corresponding transaction volume of 920,000 square meters, resulting in a transaction-to-launch ratio of 1.04. The average monthly inventory turnover period was 23.3 months, a decrease of 0.17 months from the previous period [20][22]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting on November 21, 2025, emphasizing the need for innovative approaches in planning, funding, operation, and governance [31][32]. - Guangzhou is actively promoting the acquisition of existing commercial housing for use as affordable housing, with specific policies being implemented in various cities to support housing supply [31][32]. Company Dynamics - Major real estate companies are actively engaged in financing, with several issuing bonds and short-term financing instruments. For instance, China Merchants Shekou issued bonds totaling 5.04 billion yuan [36][38]. - The real estate sector underperformed the broader market, with the SW Real Estate Index declining by 5.83% compared to a 3.77% drop in the CSI 300 Index [42][45].

房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 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 A0230125070004 guzheng@swsresearch.com 本期投资提示： 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 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

Group 1 - The Beijing International Urban Design Conference aims to explore the reform of the training model for outstanding engineers in the construction sector, with the establishment of the "Joint Training Alliance for Outstanding Engineers in the Construction Field" led by Beijing University of Civil Engineering and Architecture [1] - The conference emphasizes the importance of serving national housing and urban construction development, aligning with the strategic goals outlined in the 14th Five-Year Plan and the decisions made during the Central Urban Work Conference [1] - The university plans to leverage the conference platform to enhance urban governance and contribute to the modernization of cities in China [1] Group 2 - The Joint Training Alliance will focus on creating a collaborative education platform that integrates government, industry, academia, research, and application, addressing key industry needs such as urban renewal, smart construction, and green low-carbon development [2] - The newly established Beijing Urban Renewal Research Institute will serve as a collaborative platform to tackle urban renewal challenges, aiming to develop a replicable "Beijing model" for urban renewal [2] - The training system will emphasize project-driven and school-enterprise collaboration to cultivate versatile leaders with strong theoretical foundations and industry foresight [2] Group 3 - The conference theme "Revitalizing Stock, Improving Quality and Efficiency" will facilitate discussions among experts on urban renewal, heritage protection, digital empowerment, and urban resilience [3] - The event aims to create a high-level dialogue platform to gather global insights and explore new mechanisms, technologies, and pathways for high-quality urban development in the context of existing urban stock [3]

及 产 业 建筑装饰 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 11 月 23 日 住建部召开城市更新工作推进会，强调"四 好"建设 看好 ——申万宏源建筑周报（20251117-20251121） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-6.11%，沪深 300 指 数-3.77%，相对收益为-2.34pct。周涨幅最大的三个子行业分别为国际 工程（-2.37%）、基建央企（-4.69%）、基建国企（-5.64%），对应 行业内三个公司：北方国际（+5.89%）、中国交 ...

转自：北京日报客户端 图则是在2025（第九届）北京国际城市设计大会上发布的。北建大卓越工程师学院、北京市城市更新研 究院同期成立。研究院由北建大和市住房城乡建设委共建，将聚焦城市更新重点难点问题，为首都城市 更新工作提供智力支持与技术支撑。卓越工程师学院则构建"项目驱动、校企协同"的创新培养体系，培 养具备扎实理论功底与卓越工程素养、拥有前瞻行业视野与深厚家国情怀的复合型领军人才。 另外，北建大城市设计学生交流工作营亮出设计成果——以"日常性街区的多维焕新"为主题，清华大 学、东南大学、同济大学等9所高校师生围绕新街口大街"后街·里巷"空间进行了更新设计。 《北京市历史建筑保护图则 东城区·西城区》发布 来源：北京日报客户端 11月22日，《北京市历史建筑保护图则 东城区·西城区》发布，更新和完善了274栋（座）历史建筑的信 息档案。 这些历史建筑分为近现代公共建筑、合院式建筑、工业遗产、居住小区4类，包含天安门观礼台、人民 大会堂、百万庄小区等历史建筑。"近两年，我们对这些建筑开展了详细的现状调查，逐一收集其地理 位置、照片、平面图等信息，详细记录具有保护价值的部位。"北京建筑大学建筑与城市规划学院副院 ...

2023年6月30日，天美艺术街区更新项目启动，项目以天津美术学院周边区域为更新范围。"我们通过对 项目范围内5片、17块闲置零散地块的规划调整、土地置换、资源盘活，最终'化碎为整'形成4片可开发 利用的规整地块，增补产业空间载体约6.87万平方米。"河北区住房和建设委员会主任罗云说。 在项目更新过程中，河北区与天津美术学院紧密合作，深入挖掘区内丰富的文化艺术资源，通过对壁画 系、雕塑系和石膏馆等教学空间的修缮改造，打破传统艺术教育的场域边界。 初冬时节，阳光正好。位于天津市河北区的天美艺术街区内，游人们三三两两，有说有笑。街区内，巨 型艺术雕塑、复古红砖建筑、公共艺术作品等引来不少市民游客。 在天美艺术街区的西南入口，一座昂首阔步向前的"行走巨人"艺术雕塑引来很多市民游客驻足拍照。市 民陈晓菲一边模仿巨人大步流星的样子，一边催促着朋友赶快摁下手机快门。"咖啡、红砖、涂鸦、雕 塑、画廊，这里的艺术氛围感简直太棒了。"她点赞说。 天美艺术街区位于河北区天纬路与三马路交口，这里曾经是产权混乱、历史遗留问题突出的老旧片区。 据了解，近年来，河北区以"实施一批、报审一批、谋划一批"的模式扎实有序推进城市更新工作。目 ...

11月21日，北京商报记者从首都"十四五"规划高质量收官系列主题新闻发布会——住有所居专场上获悉，"十四五"期间，北京市不断增加保障性住房有效供 给，全市共建设筹集各类保障性住房67万余套（间），竣工43万套（间）。在城市更新方面，"十四五"期间北京已累计实施市属老旧小区改造7800万平方 米，完成核心区平房院落申请式退租9700余户，启动实施危旧房改建104万平方米，全面推进D级危楼解危。 保障民生的同时，北京也积极推动战略性新兴产业、商业的快速落地及升级。王飞表示，"十四五"期间北京已实施老旧厂房更新项目300余个、重点产业园 区提升12个，支撑清华国重、火箭大街、氢能示范区等战略性新兴产业快速落地。完成西单、王府井等40个传统商圈改造提升，引导业态升级、挖掘新消费 潜力。推出亮马河、清河、京张铁路遗址公园等标杆项目，不断营造花园城市建设和美丽经济发展新场景，为经济高质量发展注入动力。 以首创繁星十八里店项目为例，杨家骥介绍，该项目是北京市目前规模最大的集体土地租赁住房项目，过去是华北地区最大的石材加工集散地，交通拥堵、 环境脏乱，建成后可提供租赁房源6500多套，还配套建设了餐饮商超、图书阅览室、健身房 ...

现在的楼市有点反常。 一边是开发商降价促销没人看房，一边是二手房挂牌不断攀升，另一边却悄悄冒出一股奇怪的风潮：越来越多的内行人，正在拼命扫货老旧小区 的"顶楼房"。 那种大家嫌弃、看不上、不愿多看一眼的"老破小"顶楼，现在成了投资圈的新贵。 某些内行人，已经把整个小区的顶楼一口气扫了五套，还能开价压到15万一套。 那些正在被疯狂扫货的顶楼，背后到底藏着什么局？ 又热又晒，漏水频发，没有电梯还得天天爬七八层，住得比蜗居还难受。老旧小区里的顶楼更惨，屋顶防水年久失修，冬天冷得像冰窖，夏天热 得能烤鸡蛋。就这种房子，放在十年前，你贴钱都没人接手。 但2025年，这些顶楼却成了市场上的"抢手货"。原因不复杂，三个字：政策变了。 从2023年底开始，全国范围的老旧小区改造拉开大幕。到2025年，住建部公布的数据里，全国有超过20万个老旧小区被纳入城市更新计划。 加装电梯、旧房翻新、立面整治这些工程全都上马。你要是觉得这只是为了"改善民生"，那你真的低估了政策的底层逻辑。 对政府来说，老旧小区就是城市里的"沉没资产"，不动它，市政管理麻烦；一旦激活，就是一块块待开发的黄金地皮。而对投资者来说，这就是 一场看得见的政策红利 ...

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by integrating urban health assessments into the planning and execution of urban renewal projects, emphasizing a systematic approach to address identified issues and enhance urban living standards [1][4][6] Group 1: Urban Health Assessment and Integration - The Ministry is promoting the establishment of a unified mechanism for urban health assessments and urban renewal, ensuring that the findings from health assessments are directly translated into urban renewal plans and projects [1] - The approach includes a comprehensive methodology of "monitoring, evaluation, early warning, and feedback" throughout the urban renewal process to assess effectiveness and address shortcomings [1] Group 2: Policy and Planning Framework - The Ministry plans to enhance top-level design for urban renewal, focusing on the development of the national "14th Five-Year" urban renewal plan, and will collaborate with relevant departments to refine supportive policies across land, planning, finance, and taxation [4] - The principle of "health assessment first, then renewal" will guide local governments in formulating specialized urban renewal plans and establishing implementation systems [4] Group 3: Progress and Achievements - As of this year, 449 cities have initiated urban health assessments, with significant progress made during the "14th Five-Year" period, including the renovation of over 240,000 old urban residential communities and the creation of nearly 3,000 complete community models [6] - A total of 840,000 kilometers of underground pipelines for gas, water, drainage, sewage, and heating have been renovated, alongside 2,387 urban village renovation projects and over 6,500 old street and 700 old factory area renovations, significantly improving urban livability [6]