Core Viewpoint - The real estate sector is experiencing a significant rally in both the Hong Kong and A-share markets, driven by unconfirmed positive news from foreign media, leading to substantial gains for major real estate companies [3][7][10]. Market Performance - In the Hong Kong market, Sunac China surged over 12%, while Country Garden rose over 9%. Other companies like China Vanke and Beike also saw notable increases [3][7]. - In the A-share market, "I Love My Home" stock jumped from a -1% position to a 10% limit-up in just 2 minutes, with other stocks like World Union and Fuxing Development also hitting their limits [5][7]. Industry Trends - The real estate market is shifting towards a focus on second-hand housing, with second-hand transactions accounting for 44.8% of total transactions from January to October, reflecting a 4.7% year-on-year increase [7][8]. - National policies are being adjusted to support the real estate market, including the implementation of purchase subsidies and the optimization of land supply [8][11]. Policy Implications - The Central Committee's recent proposals emphasize high-quality development in real estate, aiming to enhance housing supply for various demographics and improve living conditions [11][12]. - Analysts suggest that the current market conditions and policy adjustments may lead to a recovery in the real estate sector, particularly for leading companies with strong operational capabilities [12][13].

黄力平向股东介绍，对于万科未来工作，将从三方面着手。一方面，万科将坚持战略聚焦，按照《十五 五规划建议》中"推动房地产高质量发展"的工作要求，在稳定住宅开发业务的基础上，推动业务布局优 化和结构调整，从城市聚焦、业务组合、发展模式、产品定位、科技赋能等五个发面综合施策。另一方 面，万科将坚持规范运作，健全"治理规范、内控有效、阳光透明"的管理机制，将"强化管控"与"保持 活力"有机结合，主动开展组织优化工作，压缩管理层级，缩短管理链条，整合事业部资源，持续构建 更加规范、高效的治理机制。此外，万科还将坚持科技赋能。充分应用新一代信息技术、绿色低碳技 术、新型建造技术，打造具有竞争力的产品与服务，并携手合作伙伴，加快场景培育，开放推动新场景 的规模化应用，持续提升多元场景的开发和经营能力。 11月20日，万科举行2025年第一次临时股东会。会上，万科董事长黄力平表示，对于当前工作，要凝心 聚力，有序化解风险。在房地产新旧发展模式的转换过程中，要消化过去"三高"阶段形成的负担，必然 有一个阵痛期，公司发展面临严峻挑战，经营业绩也会持续承压，对此，需要凝聚众人智慧和力量，需 要各方相向而行，共同应对，保持坚定的信心 ...

Q&A 房地产行业 2025 年 10 月楼市、地市、政策、房企全扫 描 20251119 摘要 10 月新房成交面积环比增长 7%，但同比下降 19.5%，三四线城市降 幅更大。一线城市表现分化，深圳同比降幅高达 61%。二线城市中，南 宁是唯一实现同、环比正增长的城市。 10 月二手房市场整体走弱，成交面积环比减少 15%，同比减少 30%。 一线城市降幅略小于二线城市。北京、深圳等热点城市 1-10 月仍保持 正增长，但三四线城镇整体呈现负增长态势。 截至 10 月底，重点监测城市库存规模与去化周期小幅回落，整体去化 周期为 18.2 个月。新盘开盘去化率平均值为 34％，一线城市仅为 22％，北京、上海等热点区域热度回落。 受优质土地供应节奏放缓影响，全国 300 城土地交易量同比下降 13%。一类城镇交易量大增，但楼面价下跌 30%。全国平均溢价率仅 3.5%，土地市场整体疲软。 10 月百强企业销售额同比大跌 40%。2025 年 1 至 10 月，百强房企的 拿地金额达到 1.03 万亿元，同比增长 45%。中海地产、招商蛇口领衔 拿地金额榜单。 10 月份房地产市场的新房成交情况如何？ 10 ...

Core Viewpoint - The second-hand housing market in key cities is expected to continue its adjustment trend in the short term, despite a slight increase in transaction volume in the first ten months of the year. The market activity decreased in October, and while a month-on-month recovery in transaction volume is anticipated for November, year-on-year comparisons will still face pressure due to last year's high base [1]. Policy Developments - On October 28, the Central Committee released recommendations for the 15th Five-Year Plan, emphasizing "promoting high-quality development of real estate" and outlining five key tasks, including optimizing housing supply and implementing city-specific policies [1]. - Local governments have introduced various policies to support the construction of "good houses," with cities like Chengdu, Shenzhen, and Guangzhou issuing guidelines and optimizing housing loan policies [2]. Market Performance - In October, the average price of second-hand housing in 100 cities fell by 0.84% month-on-month and 7.60% year-on-year, while the top ten cities saw a month-on-month decline of 0.96% and a year-on-year drop of 4.77% [4]. - Major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen experienced varying degrees of price declines and transaction volume changes in October, with most cities showing a downward trend in both metrics [5][9][12][15]. City-Specific Insights - **Beijing**: In October, 12,087 second-hand homes were sold, with prices down 0.87% month-on-month and 4.82% year-on-year [6]. - **Shanghai**: The city recorded 16,374 transactions in October, with prices decreasing by 0.85% month-on-month and 4.56% year-on-year [9]. - **Guangzhou**: The transaction volume fell to 6,245 units in October, with prices down 1.00% month-on-month and 5.49% year-on-year [12]. - **Shenzhen**: The market saw 4,196 transactions in October, with a price decline of 0.63% month-on-month and 3.13% year-on-year [15]. - **Chengdu**: The city had 16,994 transactions in October, with prices down 0.50% month-on-month and 1.14% year-on-year [20]. - **Nanjing**: The market was relatively subdued, with 5,295 transactions in October and prices down 1.80% month-on-month and 10.25% year-on-year [22]. - **Wuhan**: The city recorded 7,703 transactions in October, with prices down 1.68% month-on-month and over 10% year-on-year [24]. - **Chongqing**: The average price was 11,174 yuan/m², with a month-on-month decline of 1.25% and a year-on-year drop of 6.26% [27]. - **Tianjin**: The city saw 9,890 transactions in October, with prices down 1.25% month-on-month and 6.88% year-on-year [29].

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Views - The real estate market is experiencing a decline in sales, with new home transaction volume turning negative year-on-year due to high base effects from the previous year and weakening policy impacts [2][3] - The "14th Five-Year Plan" emphasizes high-quality development in real estate, indicating a shift in focus from speculative investment to improving living conditions [2][3] Summary by Sections New Home Transactions - In October, new home transaction area increased by 3.6% month-on-month but decreased by 26.6% year-on-year, with a cumulative year-to-date decline of 7.2% [3][12] - First-tier cities saw a significant year-on-year decline in new home transactions, with Beijing down 28%, Shanghai down 32%, and Shenzhen down 61% [3][13] - Second-tier cities experienced a 19.5% year-on-year decline, while third and fourth-tier cities saw a 26.7% decrease [3][14] Second-Hand Home Transactions - Second-hand home transaction area decreased by 14.8% month-on-month and 30.0% year-on-year in October, with a cumulative year-to-date increase of 3.4% [20][21] - First and second-tier cities also reported negative year-on-year growth in second-hand home transactions, with notable declines in cities like Beijing and Shenzhen [20][21] Inventory and Absorption - New home inventory and absorption cycles decreased, with a total inventory area of 11,291.6 million square meters, down 1.3% month-on-month and 12.3% year-on-year [3][9] - The overall absorption cycle is 18.2 months, indicating a slight improvement in inventory management [3][9] Land Market - The land market saw a 12.5% year-on-year decline in transaction volume, with average land prices decreasing by 14.7% [3][10] - The average land premium rate was 3.5%, reflecting a slight increase from the previous month but a decrease year-on-year [3][10] Real Estate Companies - The top 100 real estate companies reported a 39.8% year-on-year decline in total sales in October, with a cumulative decline of 16.7% year-to-date [3][10] - However, land acquisition amounts increased by 8.2% year-on-year, indicating a potential recovery in land investment [3][10] Policy Developments - The "14th Five-Year Plan" emphasizes high-quality development in real estate, with specific strategies to improve housing quality and meet the needs of urban workers [3][20] - Local policies are being optimized to support the construction of quality housing, with cities like Chengdu and Guangzhou implementing new design standards [3][20] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [3][20]

Group 1 - The core viewpoint of the news is that China State Construction (601668.SH) has shown stable growth in its business operations for the first ten months of 2025, with a total new contract amount of 36,065 billion yuan, reflecting a year-on-year increase of 1.0% [1] - In the construction business, the new contract amount reached 33,194 billion yuan, up 2.0% year-on-year, with the housing construction business contributing 21,991 billion yuan (1.5% increase) and infrastructure business 11,103 billion yuan (3.1% increase) [1] - Domestic business accounted for 31,502 billion yuan, a year-on-year growth of 1.9%, while overseas business reached 1,691 billion yuan, growing by 3.2%, indicating a coordinated effort between domestic and international operations [1] Group 2 - In the real estate sector, the company reported a contract sales amount of 2,871 billion yuan and a contract sales area of 1,070 million square meters for the first ten months of 2025 [1] - The company acquired land reserves of 732 million square meters, bringing the total land reserves to 7,482 million square meters by the end of the reporting period [1] - Recently, the company disclosed significant project wins totaling 9.85 billion yuan, including two housing construction projects and one infrastructure project, focusing on key developments in Fujian and Shaanxi provinces [1] Group 3 - The 20th Central Committee of the Communist Party of China emphasized accelerating the construction of a manufacturing powerhouse and promoting the high-quality development of the real estate sector, which is expected to provide sustained growth momentum for the construction and real estate industries [2] - The goals set forth by the Party are likely to lead to structural and long-term benefits for China State Construction, ensuring the company's high-quality development [2]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract amount of 3,606.5 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 1.0% [1] - The construction business segment achieved a new contract amount of 3,319.4 billion yuan, with a year-on-year increase of 2.0% [1] - The real estate business recorded a contract sales amount of 287.1 billion yuan, with a contract sales area of 10.7 million square meters [1] Construction Business Performance - The new contract amount for housing construction reached 2,199.1 billion yuan, growing by 1.5% year-on-year [1] - Infrastructure business contracts totaled 1,111.0 billion yuan, marking a 3.1% year-on-year increase [1] - Domestic business accounted for 3,150.2 billion yuan, up 1.9% year-on-year, while overseas business reached 169.1 billion yuan, increasing by 3.2% [1] Physical Indicators - The total construction area for housing reached 158,811 million square meters [1] - New construction area was 21,178 million square meters, while completed area was 15,820 million square meters [1] Land Acquisition and Sales - The company acquired land reserves of 732,000 square meters, bringing total land reserves to 7,482,000 square meters [1] - The contract sales area in the real estate sector was 10.7 million square meters [1] Recent Major Projects - CSCEC recently secured significant projects totaling 9.85 billion yuan, including two housing projects in Xiamen and Xi'an, and one infrastructure project in Sichuan [2] - The projects align with national goals to enhance manufacturing and urban development, which are expected to provide sustained growth momentum for the construction and real estate sectors [2] Industry Outlook - The 20th Central Committee's Fourth Plenary Session emphasized accelerating the construction of a strong manufacturing and quality nation, which is anticipated to drive structural and long-term benefits for CSCEC [2] - The focus on high-quality development in real estate is expected to foster deep transformation and innovation within the industry, supporting the company's sustainable growth [2]

Core Viewpoint - The article emphasizes the need for high-quality development in the real estate sector, transitioning from rapid growth to a focus on quality and sustainability, aligning with the evolving housing demands of the population [1][5][8]. Group 1: Current State of Real Estate - The real estate market in China has seen significant growth, with urban housing conditions improving, as evidenced by an average urban housing area exceeding 40 square meters per person and over 50 billion square meters of new residential sales during the 14th Five-Year Plan [3][5]. - The demand for housing has shifted from mere availability to quality, reflecting changing demographics and lifestyle preferences [3][5]. Group 2: Key Tasks for Development - Six key tasks have been identified to promote high-quality real estate development: optimizing affordable housing supply, ensuring sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a comprehensive safety management system for housing [8][9]. - The optimization of affordable housing supply is prioritized, with a focus on meeting the needs of various demographics, including new citizens and young people [9]. Group 3: Future Potential and Opportunities - The real estate sector is projected to maintain a significant contribution to GDP, with the combined value of the real estate and construction industries expected to reach 13% by 2024 [5][6]. - Urbanization and the need for housing upgrades present ongoing opportunities for growth, as the urbanization rate is expected to reach 67% in 2024, indicating room for further development [6][8]. Group 4: Quality Improvement Initiatives - The implementation of the "Residential Project Standards" aims to ensure the construction of safe, comfortable, and environmentally friendly housing, addressing community needs through comprehensive urban renewal efforts [10]. - The focus on creating "good houses" involves collaboration among government, enterprises, and society to enhance standards, design, materials, construction, and services [10].

Core Viewpoint - The recent introduction of the "current housing sales system" across multiple regions aims to enhance the quality of real estate development and address delivery risks, as emphasized by the Minister of Housing and Urban-Rural Development, Ni Hong [2][4] Group 1: Real Estate Development Strategy - The article outlines six key tasks to promote high-quality real estate development, including optimizing the supply of affordable housing and reforming the sales system [5][6] - Ni Hong highlights the need for a shift from rapid growth to high-quality development in the real estate sector, focusing on product quality and service enhancement [4][5] Group 2: Housing Demand and Supply - The current housing demand has shifted from "availability" to "quality," reflecting changing consumer expectations and demographic trends [3][4] - By 2024, the combined value added of the real estate and construction industries is projected to account for 13% of GDP, indicating significant economic integration [3][4] Group 3: Urbanization and Housing Quality - The ongoing urbanization process and the need for urban renewal present substantial opportunities for the real estate market, with a projected urbanization rate of 67% by 2024 [4][5] - The focus on improving housing quality aligns with the broader goal of enhancing living standards and meeting the diverse needs of the population [6][7] Group 4: Collaborative Efforts in Housing Development - The construction of "good houses" is identified as a systematic project requiring collaboration among government, enterprises, and society, emphasizing standards, design, materials, and services [7][8] - The implementation of the "Residential Project Standards" aims to ensure safety, comfort, and sustainability in housing development [7][8]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Shijiazhuang for the period of January to October 2025 Core Insights - The "14th Five-Year Plan" emphasizes the importance of real estate in improving people's living standards and promoting high-quality development, indicating a long-term positive direction for the industry [3][12] - In the short term, increased supply in core cities is expected to support new home sales, while second-hand home transactions are anticipated to maintain a certain scale, although prices may continue to face pressure [3][4] Sales Performance Summary - The top 10 real estate companies in Shijiazhuang achieved a total sales amount of 35.598 billion yuan, with the threshold for entry being 657 million yuan. Shijiazhuang Chengfa Investment Group led with sales of 15.112 billion yuan, followed by Poly Development at 6.360 billion yuan and Greentown China at 6.300 billion yuan [4][5] - The total sales area for the top 10 companies reached 2.2902 million square meters, with Shijiazhuang Chengfa Investment Group also leading in this category at 1.1397 million square meters [4][5] - The top 20 projects in Shijiazhuang recorded a total sales amount of 19.180 billion yuan, with the highest-performing project being Chengfa Investment's Yunhefu, achieving sales of 2.556 billion yuan [7][8] Market Trends - The average transaction price for commercial residential properties in Shijiazhuang was 14,707 yuan per square meter in October 2025 [21] - The most significant proportion of transactions in the residential market was for properties sized between 120-160 square meters, accounting for 41.47% of total transactions [22] - The report highlights a focus on urban renewal and the promotion of high-quality housing, aligning with national policies aimed at improving living conditions and urban infrastructure [10][15][16]