证券研究报告：房地产|行业周报 发布时间：2025-12-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2249.53 | | 52 周最高 | 2506.48 | | 52 周最低 | 1870.99 | 行业相对指数表现 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《有序推进现房销售试点 恢复居民购 房信心》 - 2025.12.03 房地产行业报告 （2025.12.1-2025.12.7） 推动高质量转型 多地"因城施策"稳预期 ⚫ 投资要点 国务院近期强调"深入实施城市更新行动"，将其与稳楼市、消除 安全隐患结合，要求 2026 年底前完成地市级城市更新专项调查，划 定保护底线。同时，"好房子"建设标准进一 ...

12月8日，张家堡十字车辆有序通行。 卸下环岛重任，十字焕新启程。12月8日8时05分，记者驾车沿未央路向北行驶，顺畅驶入正式通车的张 家堡十字——新铺设的沥青路面宽阔平整，车道行驶方向预告标志醒目，直行、左转，右转交通标线清晰， 告别昔日围着环岛"绕圈圈"的拥堵，"直来直往"的张家堡十字，跑起车来十分"丝滑"。 张家堡十字通车高效通行获市民点赞 "环岛改十字，是破解该区域交通痛点的精准选择。"西安城市建设规划设计院有限公司副总经理龙刚介 绍，张家堡片区改造是聚焦道路交通、行政服务、轨交融合、休闲设施等多维度升级的城市公共空间更新系 统工程。 记者观察到，改造后的张家堡十字采用双向不对称车道布局，通行效率实现精准升级：南北方向车道规 划为"七进五出"，东西方向则为"六进五出"，每个方向均为左转与掉头车辆设置了"专用车道"。同时，宽敞 的车道布局为车辆行驶预留了充足空间，即便早高峰时段多车并行也毫无局促之感，密集的车流在各方向有 序分流、顺畅通过。 "以前绕环岛行驶视野受限，早晚高峰堵上十分钟是常事，不同方向的车流总'打架'，特别是驶出环岛容 易剐蹭。现在环岛改十字后，直来直往不用绕圈，一脚油门就通过了！"在保 ...

办法很实在，行动很给力，执行很琐碎、很辛苦，但黄埔人就是靠着这种"绣花精神"把城市 更新这一袭华美的袍子给做了出来，还挺好看。 作者：施南（抱朴财经评论员） 育、交通、医疗资源比原居住地还要好。 这种好事在全国很多地方都发生了，但广州黄埔区比较突出，因为黄埔有两个第一： 2024年4月，黄埔区发出全国首张"依法征收、净地出让"城中村改造项目房票，率先打响全区房票安置 工作"第一枪"。 什么是房票？最常见的定义就是拆迁住宅的货币补偿金，它是一张具备货币价值的票，但不能变现，只 能用于购房。 在没有房票的年代，如果村子里拆迁，村民能做的唯一事情就是等——等新房子建好，然后回迁。 现在不同了，有房票了，市场的情况也发生变化了，于是新的又快又好，多方受益的解决方案出来了： 市场上有商品房，村民可以在几十个楼盘里选，还可以跨区，再也不用苦等回迁房，而且有些楼盘的教 ▲南岗街道西路片区房票。李剑锋 摄 同年11月，又是黄埔在广东省率先打通使用城中村改造专项借款购买存量商品房，用于房票安置的实施 路径。 截至2025年11月30日，黄埔区房票认购已突破5000套，面积突破50万平方米，总金额超88亿元，短短一 个月实现认购 ...

Group 1: Infrastructure REITs - The National Development and Reform Commission has released the "2025 Industry Scope List for Infrastructure REITs," expanding the range of projects eligible for REITs to include sports venues, commercial complexes, four-star hotels and above, and urban renewal projects [6][7]. - The expansion of the REITs issuance scope is expected to facilitate project applications, enhance efficiency, and stimulate market activity, particularly in urban renewal and consumption sectors [7]. Group 2: Insurance Industry - Five Chinese insurance companies made it to the 2025 Global Top 50 Property Insurance Companies list, with China Life Insurance being the only one in the top ten [8]. - The rankings of China Life, China Ping An, and China Reinsurance have declined compared to last year, prompting a need for these companies to rethink their international strategies [8]. Group 3: Urbanization and Real Estate - Premier Li Qiang emphasized the importance of new urbanization as a vehicle for expanding domestic demand and promoting industrial upgrades, highlighting the need for urban renewal actions [9]. - The focus on addressing housing issues for the large population of rural migrants is expected to create opportunities for real estate development in the coming years [9]. Group 4: Securities Industry - The Chairman of the China Securities Regulatory Commission indicated a policy shift towards enhancing capital efficiency for quality securities firms by loosening capital space and leverage restrictions [10][11]. - This policy aims to transition the industry from scale competition to value competition, addressing the low return on equity (ROE) issue [10][11]. Group 5: Insurance Risk Factor Adjustment - The National Financial Regulatory Administration has adjusted risk factors for insurance companies, reducing capital requirements for certain stock investments, which is expected to enhance capital utilization efficiency [12]. - The adjustment allows for a potential influx of capital into the market, estimated to bring in hundreds of billions [12]. Group 6: IPO Market - Moore Threads' IPO on the STAR Market achieved a market capitalization exceeding 300 billion yuan, marking the largest IPO on the STAR Market this year [13]. - This listing signifies a milestone in domestic GPU technology and reflects the capital market's support for high-tech industries [13]. Group 7: Central Bank Operations - The People's Bank of China conducted a 10 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a consistent approach to liquidity management [14]. - This operation is part of a broader strategy to stabilize liquidity expectations and interest rates, supporting economic stability [14].

Core Viewpoint - The article emphasizes the importance of urban renewal and the integration of safety hazard elimination and real estate market stabilization, aiming for high-quality development in the housing sector [2][3]. Group 1: Government Policies - The State Council highlighted the need to combine urban renewal with safety hazard elimination and real estate market stabilization, promoting the construction of quality housing [2]. - The People's Bank of China (PBOC) called for enhanced macro-prudential management in real estate finance to ensure a stable and healthy market, supporting the establishment of a new development model for real estate [4]. - Local governments have been actively releasing policies to stabilize the market, with a focus on housing provident funds, quality housing, and affordable housing initiatives [5][16]. Group 2: Local Initiatives - Zhejiang Province plans to complete and deliver 150,000 units of various types of affordable housing by 2026, alongside urban village renovations and improvements to old residential elevators [7]. - Nanning introduced eight new policies to stabilize the market, including subsidies for newlyweds and families with two or three children, offering 20,000, 30,000, and 60,000 yuan respectively for home purchases [8][10]. - Changzhou announced a subsidy of up to 200,000 yuan for first-time homebuyers purchasing properties under 75 square meters, aimed at supporting families in need [11]. Group 3: Policy Trends - The frequency of policy releases aimed at stabilizing the market remains high, with a notable emphasis on housing provident funds and affordable housing as key areas of focus [16][21]. - The recent "14th Five-Year Plan" proposals from various provinces stress the need for a new development model in real estate, indicating a shift towards high-quality development [6][18]. - The PBOC's ongoing adjustments to housing provident fund policies reflect a significant potential for further optimization, which is crucial for market stability [21].

Core Insights - Shenyang Financial and Trade Economic and Technological Development Zone has been upgraded to a national-level economic and technological development zone, marking a significant transition from "urban renewal" to "industrial landmark" [1] Group 1: Strategic Planning and Resource Activation - The development zone is located in the core area of Shenyang, benefiting from a robust transportation network, including the Shenyang North Station and multiple subway lines, facilitating efficient connectivity [2] - It houses over 20,000 enterprises and accounts for more than 60% of the city's financial institutions, totaling 726, creating a vibrant financial ecosystem [2] - The zone generates nearly half of the city's financial value-added and manages over 70% of the city's loan resources, dominating sectors like securities and insurance [2] - A comprehensive financial service system has been established, supporting various financing needs, including over 200 billion yuan in credit through innovative financial solutions [2] Group 2: Reform and Development Enhancement - The upgrade to national-level status opens new opportunities, with initiatives like the Northeast Asia Financial Conference aimed at fostering regional cooperation [3] - Plans for the 14th Five-Year Plan include exploring "technology finance demonstration zones" and "cross-border financial cooperation zones" to deepen the integration of finance and the real economy [3] - The development zone aims to enhance trade through new business models, including cross-border e-commerce and high-end supply chain management, while promoting digital product and technology trade [3] Group 3: Talent Acquisition and Development - The development zone is focused on innovative talent management and incentive mechanisms to enhance performance and service efficiency [4] - Initiatives like the "Xingliao Talent Plan" and "Xingshen Talent Plan" aim to create a comprehensive talent development ecosystem, emphasizing the cultivation of skills relevant to industry and management [4] - The zone is committed to empowering its development through talent, positioning itself as a leader in the revitalization of Northeast China [4]

Core Viewpoint - The completion and opening of the Palette Garden underground parking garage in Shijingshan District is a significant achievement in urban renewal and static traffic construction in Beijing, serving as a model for similar projects in the city [1][2] Group 1: Project Overview - The Palette Garden underground parking garage has a total construction area of approximately 53,600 square meters and provides 1,660 parking spaces [1] - The project utilizes an innovative "layered land supply" model, with a park above ground for residents' leisure and a modern public parking facility underground, promoting efficient land resource utilization [1] Group 2: Impact on Local Community - The new parking garage addresses the long-standing "parking difficulty" issue in surrounding old residential areas, creating an integrated function of "park + parking + public services" [1] - The addition of 1,660 parking spaces and 104 fast charging stations enhances parking convenience for residents and supports the promotion of electric vehicles, thereby improving the area's static traffic service capacity [2] Group 3: Operational Model - The project follows a "build-operate-transfer" model, where the district government authorizes the urban management committee to select social capital for investment, construction, and operation, ultimately transferring the facility back to the government after the cooperation period [1] - This operational model alleviates financial pressure while leveraging professional expertise to enhance service efficiency, achieving a win-win for public welfare and economic benefits [1]

Core Viewpoint - The article discusses the 2025 City Brand Forum, emphasizing the importance of city branding for sustainable urban development and the need for standardized frameworks to enhance livability and quality of life in cities [3][10][19]. Group 1: Forum Overview - The 2025 City Brand Forum, hosted by China Urban Daily, focused on the theme "Brand Strong City, Livable Coexistence," bringing together leaders and experts from various sectors to explore new paths for urban development [3][6]. - The forum highlighted that city branding is not merely a slogan but a reflection of a city's spirit, quality of development, and a vehicle for public welfare [7][8]. Group 2: Key Insights and Standards - The forum introduced the national standard "Sustainable Development of Cities and Communities: General Requirements for Livable Cities," marking a milestone in establishing a clear framework for assessing livability in urban areas [10][12]. - The release of the "2025 National Prefectural City Brand Index" provided a standardized analysis of 293 prefectural cities, serving as a diagnostic tool for cities to identify strengths and weaknesses in their development [12][14]. Group 3: Future Directions and Strategies - Experts proposed a clear path for urban branding, emphasizing the need for a shift from traditional promotion to engaging narratives that resonate with the public [17]. - The forum concluded with various city representatives showcasing their unique branding practices, indicating a diverse and vibrant landscape of urban development across China [18][19].

12月3日，国务院进行第十七次专题学习，总理李强在会上强调，要深入实施城市更新行动，把城市更新和消除安全隐患、稳楼市等工作结合起 来，扎实推进好房子建设和房地产高质量发展。 可以说，在新的房地产发展语境之下，房价已经逐渐退化为结果性指标。非唯一目标。 不同城市、群体之间的居住需求差异还在不断放大，价格上涨没涨，已不再是市场的真实面貌！ 从过往经验来看，近几年围绕房地产的所有举措几乎都围绕一个核心，那就是先托底，再重构。 根据国家统计局的数据显示，截止10月，全国商品房销售面积及销售金额仍在小幅回落，整体修复节奏偏缓。 也正是在这样的现实背景之下，稳楼市的意义反而愈发凸显。 在今年内中央遴选了20个城市更新示范城市，在财政层面累计投入超过200亿，重点用于老旧小区，城中村基础建设等方向。 当然这也并不是要让房地产重回高歌猛进的老路，而是在历经多年的下探和挤压之后，通过更系统有序的方式为市场寻找一套可持续的运行逻 辑。 与过去相比，本轮的稳楼市路径也将发生改变，在两三年前，更多体现在政策松绑以及需求刺激上。 例如限购松动，首付下降，利率下调，补贴支持等手段更为直接。 但这些工具逐步用尽后，边际效应开始显现，单纯从 ...

编辑：张芬 12月4日，游人在西安时光文化公园消费休闲（无人机照片）。这座公园是由西安国营第一钟表机械厂旧 厂区改建而来的。 近年来，西安市持续推进城市更新，对老街区、老厂区、老校区等一些老旧城市区域进行改造建设，通过保 护历史文化遗存、引入创新文化消费业态等方式，打造出一个个活力焕发的"新社区"。在这些"新社区"里， 咖啡餐饮、时尚潮玩、非遗体验、城市记忆展览等年轻化元素与市井烟火相融共生，不但提升了城市面貌， 也为居民和游客带来全新体验。 ...