广州市城市更新工作动员部署会4月27日召开。市委书记郭永航指出，把推进城市更新、城中村改造与 稳就业、稳企业、稳市场、稳预期结合起来，坚持"拆、治、兴"并举，有力有序推进城市更新和城中村 改造取得新的更大突破，加快实现老城市新活力，走出一条超大城市内涵式高质量发展的新路。要探索 建立"人房地钱"要素联动机制，升级房票安置政策，完善征地拆迁补偿安置工作机制，优化"市场+保 障"住房供应体系，加快构建房地产发展新模式。 ...

建筑材料 2025 年 04 月 27 日 政治局会议巩固地产稳定态势，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 建筑材料 沪深300 相关研究报告 《提振内需预期加强，关注建材投资 机会—行业周报》-2025.4.20 《对等关税利空落地，内需刺激值得 期待—行业周报》-2025.4.13 《建材出口区域多元化，"对等关 税"实际影响有限 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政治局会议巩固地产稳定态势，关注建材投资机会 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作，会议强 调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层 "三保"底线。会议并指出，继续实施地方政府一揽子化债政策，加快解决地方政 府拖欠企业账款问题。加力实施城市更新行动，有力有序推进 ...

广发宏观周度述评（第12期） 广发宏观周度述评（第1-11期，复盘必读） 内容 第一， 对中期影响深远的三个政策线索。 4月25日政治局会议明确指出"外部冲击影响加大"及"要强化底线思维"，并部署了一系列稳增长具体举措。从"加紧实 施"这一表述来看，目前稳增长具有一定的紧迫性，后续政策节奏有望加快。 值得注意的是，除了短期视角，本轮政策稳增长举措中也展现出一些新的中期线索。如去年底中央经济工作会议指出的，"实践中，我们不断深化对经济工作的规 律性认识"；以及3月5日国新办吹风会解读政府工作报告时指出的，"充分体现了9月26日中央政治局会议以来，党中央对宏观调控思路的创新"。 线索一：服务类消费可能成为新的风口。3月5日国新办发布会指出本轮稳增长"打破了消费是慢变量的常规"；而从本次政治局会议精神来看，政策侧重点可能已从 商品消费进一步扩展向服务类消费。在耐用消费品的政策红利释放之后，服务类消费空间更大。[1]2024年全国居民人均服务性消费支出占居民人均消费支出比重 达46.1%，而且部分商品消费是服务消费的场景带动的。要发展服务类消费，那么重要的不仅是有形商品创新，还包括应用场景和商业模式创新。[2]如《求 ...

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][32]. Core Insights - The recent statements from the Central Political Bureau emphasize the need to continuously consolidate the stability of the real estate market, affirming the effectiveness of previous policies [4][5]. - The trend of urban renewal is becoming clearer, with the transformation of urban villages identified as the most explicit policy direction for real estate in 2025 [12]. - Increasing the supply of high-quality housing is aimed at meeting the residential needs of the population and avoiding homogenization between new and second-hand housing [16][17]. Summary by Sections Policy Direction - The Central Political Bureau meeting highlighted the importance of preventing and resolving risks in key areas, implementing a comprehensive debt policy for local governments, and accelerating the resolution of overdue payments to enterprises [3]. - The meeting also called for the implementation of urban renewal actions and the promotion of the transformation of urban villages and dilapidated housing [3][12]. Market Stability - The updated statement regarding the real estate market reflects a commitment to maintaining stability, recognizing the positive effects of prior policies such as relaxed down payment ratios and reduced mortgage rates [5][12]. - Since October 2024, indicators of real estate sales have shown a significant recovery, with both the sales area of commercial housing and the sales revenue of the top 100 real estate companies improving year-on-year [5][8]. Investment Recommendations - The report suggests that the ongoing urban village transformation will stimulate housing demand, while the focus on high-quality housing will enhance the supply of new homes [32]. - Specific stock recommendations include Beike W, I Love My Home, Greentown China, and China Overseas Grand Oceans Group, indicating potential opportunities in the real estate sector [32].

Investment Rating - The report maintains a "positive" rating for the real estate and property management sectors [4]. Core Insights - The report highlights the increasing importance of real estate strategies, emphasizing the need for quality housing supply and urban renewal initiatives to stabilize the market [4][32]. - Recent policies aim to enhance the real estate market's stability, with a focus on optimizing existing housing stock and promoting high-quality housing [32][33]. Industry Data Summary New Housing Transactions - In the week of April 19-25, 2025, 34 key cities recorded a total new housing transaction volume of 206.4 million square meters, reflecting an 8.4% week-on-week increase [5]. - Year-on-year, April's new housing transactions in these cities decreased by 21.2% compared to the same period last year [7][8]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 key cities totaled 142.4 million square meters, marking a 6.5% increase from the previous week [13]. - Cumulatively, second-hand housing transactions for April showed a 1.5% year-on-year increase [13]. Inventory and Supply - In the week of April 19-25, 2025, 15 key cities launched 121 million square meters of new housing, with a sales-to-launch ratio of 0.68, indicating ongoing inventory reduction [23]. - The total available residential area in these cities reached 89.5 million square meters, with an average absorption period of 23.2 months [23]. Policy and News Tracking - The report notes that the central government is reinforcing economic stability measures, including urban renewal and high-quality housing supply [32][33]. - Local governments are implementing targeted policies, such as tax subsidies for home purchases in specific regions [33][35]. Company Performance Overview - The report provides a snapshot of key companies' performances, indicating mixed results with some companies like Lujiazui showing revenue growth of 33% in 2024, while others like Tianjian Group experienced a 21% revenue decline [39]. - The first quarter of 2025 saw Lujiazui's revenue increase by 41% year-on-year, reflecting a positive trend in the company's performance [39].

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Insights - The central political bureau meeting on April 25, 2025, emphasized the importance of "urban renewal" as a significant factor for the real estate market, indicating that stabilizing the real estate market is crucial for expanding domestic demand [1][5] - The meeting highlighted the need to accelerate the implementation of urban renewal actions, effectively and orderly promote the renovation of urban villages and dilapidated housing, and increase the supply of high-quality housing [5][8] - The report anticipates that the demand for "good houses" will drive sustainable development in the industry, with a focus on safety, comfort, and green living standards [5][8] Summary by Sections Policy and Market Dynamics - The report discusses the implementation of more proactive macro policies, including the issuance of local government special bonds and the potential for interest rate cuts to maintain liquidity [5][8] - It notes that as of April 10, 2025, approximately 850 projects for acquiring idle land have been proposed, covering over 40 million square meters and amounting to 128.2 billion yuan [5] Urban Renewal and Housing Quality - The report emphasizes that urban renewal will be a key policy focus for the year, with a significant portion of the existing housing stock eligible for renovation [5][8] - It states that about 31.9% of the existing urban residential stock was built before 2000, indicating substantial potential for urban renewal projects [5] Market Stability and Investment Opportunities - The report indicates that the real estate market has shown signs of stabilization, with average sales prices for commercial housing increasing by 0.7% and 0.9% year-on-year in Q4 2024 and Q1 2025, respectively [5][8] - It suggests that the market's stability will depend on the effective implementation of supportive policies in the second quarter of 2025 [5][8] - The report identifies four main investment lines: companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, companies with strategic changes, and real estate brokerage firms benefiting from the recovery of the second-hand housing market [5]

/ 首 / 席 / 财 / 经 / 融 / 媒 / 体 2025 年 4 月 28 日星 期 太期12版总第2283期 定价 · RMB5.00 HK$8 » 02 政经 土地收储等待"戈多" 地方专项债发行盼提速 目前,如同戏剧《崇待戈多》 中流浪汉等待一个随时会来、也 可能很久未至的"戈多"一样,各 个城市的士也收储也在等待基- 天才将到来的专面借"雨露"。在 机构人士丽计,2025年地方德罗 行高峰或发生在二三季度,届时 土地收储行动将加快落地。 » 03 政经 二手房成交量超新房接近32% 西安一二手房市场各领风骚 D 06 公司 珠江股份转型物企两年 被困对赌协议 虽然 2024年归属母公司净利 粗粗亏为盈,但珠江股份的未分 配利润为-616亿元,未弥补亏损 会躺超过宫的那大总题的三分之 一。诉讼包袱卸不掉,未分配利润 还是负数。 3月份,两安房价连涨60个 月后进入阶段性调整,没有出现 大跌也没有大涨。"从企业投资的 角度来看,稳就是一只'好股票'。 就值得长期持有。"一位房企人士 认为 > 05 公司 行业"新霸主"中国建筑 营收利润双下滑 中国建筑副总裁、财务总监督 杰表示,公司利润主要来源于 ...

□ 姚玲珍张莉 □ 房地产发展新模式是面向高质量发展、可持续发展要求的系统性改革与创新，以"房住不炒"为基本原 则，实现行业发展理念和运行机制的根本转变，旨在通过优化资源配置、重塑增长逻辑，推动行业从规 模扩张向质量提升转型，从短期逐利向长期价值创造转型，从粗放发展向精细化、专业化、绿色化发展 转型，构建市场供需动态平衡、行业运行安全稳健、居住品质持续提升的长效机制。房地产发展新模式 涵盖制度模式和企业模式两大维度 □ 制度模式方面：一是优化要素配置，城际人地挂钩，城内职住平衡；二是推动租购并举，市场与保障 统筹，补齐租赁短板；三是提升住房品质，增量提质增效，存量焕新赋能；四是完善调控机制，激活居 民需求，化解企业风险 □ 企业模式方面：一是模式重构，轻重并举，优化企业资产结构；二是产品创新，新旧结合，驱动居住 品质升级；三是服务升维，资源整合，构建全场景生活生态；四是科技赋能，数字化转型，重塑企业竞 争力 2024年，稳楼市政策频频出台，力度和密度空前，据中指研究院统计，各地出台房地产调控政策超800 次，涵盖需求端调减限制性措施、加大税费优惠力度、降低首付比例和房贷利率，以及供给端房企纾 困、存量房收储、 ...

导语 ：尚未度过寒冬的房企，今后要拼的是高质量，拼的是新科技，拼的是好服务。 限购时代结束，20年来行业最宽松的环境，给地产牛市画上了一个句号。 "筑底"，成为近几年政府给地产市场下判断的常用词。 筑底时期，政策也在发生新变：一边保交付、建好房，满足居民住房需求；一边寻找新发展模式， 帮助企业止损转盈。 对于近7成仍在亏损的房企来说，踩准时代与政策的脉搏，无疑是在激流中生存的关键。 三个维稳"必答题" 波动时期，地产行业最怕的，便是房子缺少流动性。 没有流动性，便意味着消费者不愿买房，房企的资金也难以回收。 有一个非常形象的比喻："增量时期流向房地产市场的钱，逐渐变成堰塞湖，变成一个黑洞。" 为了刺激房子的流动性，政府出台了一系列政策，汇总起来主要是三条：按期交付、财务安全与住 好房。 由于交付的滞后性，房企压力最大的交付时期，主要集中在2021年到2024年，行业普遍认为，2024 有可能是地产行业最后一个交付大年。 波动周期，持续做产品投入颇为不易。不过幸好政策的大手，给房企提供了足够的底气。 一位行业观察者对此感叹："在房企普遍追求降本增效的当下，龙湖敢开先河，不断自我革新，更 是斥资超千万营造示范区， ...

两会定调"稳楼市""好房子"，供需协同促转型 政策、行业、融资 政策：两会定调"稳楼市""好房子"，供需协同促转型 行业：市场企稳蓄动能，新模式发展稳中向好 融资：广东率先落地专项债收储，房企债务重组迎来进展 ◎ 文 / 克而瑞研究中心 壹 政策篇 2025年初，全国两会首次将"稳住楼市股市"写入总体要求，并明确"建设好房子"作为产业转型方向。城中村 改造提质扩面，带动增量需求提升、兼顾增加优质土地供给。推进保障房收储，优化库存结构。首次在促消 费文件中提出推动房地产市场止跌回稳，意在明确稳定楼市预期，并从供需两端协同发力，要求落实税收优 惠及公积金政策松绑，激活购房消费动能。房地产金融环境持续改善，融资协调机制进一步扩围增效。地方 层面，全国66个省市出台124次政策，积极落实中央稳市场要求，在保障合理刚需和改善需求的基础上，大 力推进好房子建设和供给侧优化管理。 展望2025年全年，预计中央政策将以"稳预期、防风险、促转型"为主线，通过供需两端协同管理、产品品质 升级、金融支持与风险防控并重、住房保障体系完善等四维发力，加速构建房地产发展新模式。地方层面， 重点城市将率先推动"好房子"建设标准落地，以产品 ...