Core Viewpoint - The introduction of the "Good House" national standard marks a significant shift in China's real estate development from scale expansion to quality improvement, impacting the living conditions of 1.4 billion people [1] Group 1: Policy and Standards - The "Good House" national standard, officially implemented on May 1, aims to enhance residential quality, transitioning from "housing for all" to "livable housing" and then to "high-quality housing" [1] - Since 2025, over 15 provinces have included the promotion of "Good House" construction in their government work reports, indicating a nationwide commitment to this initiative [1] Group 2: Market Outlook - The Central Economic Work Conference in 2026 emphasized the need to stabilize the real estate market, orderly promote "Good House" construction, and accelerate the establishment of a new development model for the real estate sector [1]

随着城市发展从大规模增量扩张阶段转向存量提质增效为主的阶段，房地产行业也站在了转型关键节点 上。2025年是"十四五"规划的收官之年，在这一年中，城市更新取得重要进展，以高杠杆、高周转、高 负债为特性的房地产发展旧模式逐步退场。与此同时，面对房地产市场供求关系的重大变化，房地产发 展新模式也正加快构建，行业高质量发展的基础不断夯实。 展望2026年，大力推进现代化人民城市建设，推动房地产高质量发展将是住房城乡建设工作的重点发力 方向。统筹防风险和促转型、惠民生和稳增长，在推动新旧模式平稳转换的同时，着力推动房地产市场 平稳运行，城市更新行动将进一步加大实施力度，房地产行业也将加快高质量发展的步伐，为实现"十 五五"良好开局作出贡献。 转变城市发展方式 今年以来，城市更新工作在中央及地方得到系统推进，取得重要进展。在推进现代化人民城市建设的大 背景下，城市更新的重要性正不断凸显。 2025年，面对房地产市场供求关系的重大变化，政策在发力稳市场的同时，也加快构建房地产发展新模 式，优化供给结构，健全住房制度，推动房地产业转型升级，更好满足居民刚性和多样化改善性住房需 求。 随着人民群众住房需求从"有没有"转为"好 ...

Group 1 - The core viewpoint of the article highlights Guangzhou's achievements in urban construction during the "14th Five-Year Plan" and outlines the key tasks for the "15th Five-Year Plan" and 2026 [2][3] - During the "14th Five-Year Plan," Guangzhou initiated the construction of 40.62 million square meters of commercial housing and sold 66.79 million square meters of new commercial housing [2] - The city established 2,370 owner organizations and planned to build 48,900 public rental housing units and 11,700 units of affordable housing [2] Group 2 - For 2025, Guangzhou aims to stabilize the real estate market, complete housing delivery tasks, and construct 137,400 units of affordable rental housing [2][3] - The city invested 750 billion yuan in urban renewal during the "14th Five-Year Plan," completing renovations in 734 old communities benefiting 1.3187 million residents [2] - The investment in urban renewal for 2026 is projected to reach 200 billion yuan, with plans to initiate over 30 urban renewal projects [3]

Core Viewpoint - Shenzhen's new five-year plan emphasizes high-quality development in the real estate sector, focusing on affordable housing and improved commodity housing to meet the needs of various demographics, including new citizens and young workers [1][2]. Group 1: Policy Initiatives - The Shenzhen Municipal Committee's proposal outlines a dual approach to real estate development, distinguishing between "guarantee track" for basic housing needs and "market track" for improving housing quality [1]. - The plan aims to enhance the construction, allocation, and management of affordable housing, ensuring that basic housing needs are met for low-income groups [1][2]. Group 2: Achievements in Affordable Housing - During the 14th Five-Year Plan, Shenzhen has established 632,000 units of affordable housing, surpassing the total from the previous two five-year plans combined [2]. - The city has maintained an annual construction scale of over 150,000 units of affordable housing, accounting for more than 40% of the total new commodity housing during the same period [2]. Group 3: Market Dynamics - The development of improved commodity housing is seen as a key driver for enhancing living standards and meeting diverse housing needs, which is crucial for urban stability and social equity [2][3]. - The focus on both affordable and improved housing is expected to stimulate market activity and support the overall real estate market's healthy cycle, helping to stabilize housing prices and market expectations [3].

2025年第52周， 住建部召开全国城乡建设工作会议，明确来年将着力稳定房地产市场，加快构建房地产发展新 模式。央行发布金融稳定报告，将实施更加积极有为的宏观政策，做好房地产金融宏观审慎管理。 地方层面，北京进一步调整优化房地产限制性政策：其一，非京籍购房社保要求减一年；其二，商贷利率不分首 套二套；其三，二套房公积金首付降至25%。上海在本周审议通过了"十五五"规划建议，明确将推动城市高质 量、内涵式发展。河南省发布新规建设生育友好型社会，多子女家庭购买二套房可视为首套房。 01 周度中央： 住建部落实经济工作会议房地产相关要求，央行表示将持续防范化解重点领域风险 对比"十五五"规划建议和中央经济经济工作会议的相关内容来看，2025年末的住建部会议对相关内容进行了进一步深 化落实，并将"加快构建房地产发展新模式"明确分解为"做实房地产开发项目公司制、推行主办银行制、推行现房销售 制、规范预售资金监管"等多个方面。构建行业新模式，既是促进行业加快降风险进程的有效举措，也是满足新时代行 业发展的必经之路。预计来年将有更多城市跟进推行现房销售，项目的开发和预售资金也将得到更为全面的管理。 对于未来五年行业的发展趋 ...

今天分享的是：2026年房地产展望 报告共计：27页 2026年房地产市场展望：止跌回稳下的结构分化与品质升级 2026年作为"十五五"开局之年，房地产市场将在"止跌回稳"的总基调下，呈现需求稳步释放、供需关系逐步调节的态势，同时 伴随明显的城市分化与行业高质量转型趋势。 销售规模方面，预计2026年全国商品房销售面积约7.8亿平方米，同比下降10.9%，不同能级城市表现差异显著。一线城市受土 地供应连续四年下滑影响，新增供给减少，预计销售面积3992万平方米，占全国5.1%，但人口流入、改善需求旺盛及政策优化 将支撑新房价格表现优于二手房。二线城市需求依赖人口净流入与政策宽松，合肥、杭州等人口增量显著的城市市场表现较 好，预计销售面积22682万平方米，占比29.1%，城市间分化持续加剧。三四线城市新增需求有限，销售面积占比将微降至 65.8%，库存高位下去化压力仍存。 库存方面，三类库存均呈改善态势，现房库存已连续8个月下降，截至2025年10月末为7.6亿平方米，在建库存25.7亿平方米，土 地库存约23亿平方米。城市间库存分化明显，上海、杭州等热点城市去化周期在18个月以内，处于良性区间；部分非热点二 ...

12月29日，《中共甘肃省委关于制定国民经济和社会发展第十五个五年规划的建议》发布。 实施房屋品质提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 其中提到，推动房地产高质量发展。加快构建房地产发展新模式，完善商品房开发、融资、销售等基础 制度，形成供应体系健全、要素配套合理、监管制度规范、行业经营稳健的房地产发展新格局。优化保 障性住房供给，满足城镇工薪群体和各类困难家庭基本住房需求。有序推进"好房子"建设，持续满足居 民改善性住房需求。结合推进新型城镇化，完善农业转移人口住房消费支持政策。实施房屋品质提升工 程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 ...

Core Insights - The Sichuan Provincial Economic Work Conference outlined six key tasks for economic development in 2024, focusing on expanding effective demand and enhancing innovation [1] Group 1: Economic Development Strategies - The first task is to expand effective demand and continuously explore new spaces for domestic demand growth [1] - The second task emphasizes the integration of technological innovation and industrial innovation to foster new productive forces [1] - The third task involves deepening reforms and expanding openness to enhance the momentum for high-quality development [1] Group 2: Social and Regional Development - The fourth task focuses on promoting coordinated development, deepening urban-rural integration, and regional collaboration [1] - The fifth task aims to ensure the improvement of people's livelihoods and enhance the quality of life [1] Group 3: Risk Management - The sixth task is to actively and prudently address risks in key areas, ensuring safety in development [1] - Specific measures include controlling increments, reducing inventory, and optimizing supply in the real estate sector [1] - The conference also highlighted the importance of utilizing various support policies to systematically resolve debt risks and stabilize energy prices [1]

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry. Core Insights - In November, the average price of new residential properties in 100 cities increased by 0.37% month-on-month and 2.68% year-on-year, reaching 17,036 CNY per square meter. In contrast, the average price of second-hand residential properties decreased by 0.94% month-on-month and 7.95% year-on-year, standing at 13,143 CNY per square meter [3][12]. - The rental market showed a decline, with the average rent in 50 cities falling by 0.60% month-on-month and 3.57% year-on-year, averaging 34.36 CNY per square meter per month [17][19]. Summary by Sections New Residential Prices - The average price of new residential properties in 100 cities was 17,036 CNY per square meter, with a month-on-month increase of 0.37% and a year-on-year increase of 2.68%. Among first-tier cities, prices rose by 0.75% month-on-month and 6.66% year-on-year [8][10]. - In November, 31 cities experienced a month-on-month price increase, while 64 cities saw a decrease. The cities with the highest month-on-month increases included Shanghai (1.39%), Chengdu (1.34%), and Hangzhou (1.27%) [9][11]. Second-hand Residential Prices - The average price of second-hand residential properties in 100 cities was 13,143 CNY per square meter, with a month-on-month decrease of 0.94% and a year-on-year decrease of 7.95%. First-tier cities saw a month-on-month decline of 1.15% and a year-on-year decline of 5.62% [12][14]. - All 100 cities reported a month-on-month decline in second-hand residential prices, with Nanjing experiencing the largest drop at 1.83% [13][15]. Rental Market - The average rent in 50 cities was 34.36 CNY per square meter per month, reflecting a month-on-month decline of 0.60% and a year-on-year decline of 3.57% [17][19]. - Only one city saw a month-on-month rent increase, while 49 cities experienced declines, with the largest drop in Xi'an at 1.32% [18][19].

Core Viewpoint - The People's Bank of China emphasizes the importance of monitoring the real estate market and financial conditions, aiming to implement policies that support stable and healthy development in the real estate sector [1] Group 1 - The People's Bank of China will continue to implement the directives from the Central Committee and the State Council regarding financial stability [1] - There will be a focus on the marginal changes in the real estate market and financial conditions [1] - The bank plans to enhance macro-prudential management of real estate finance and improve the foundational credit system for real estate [1] Group 2 - The implementation of financial policies such as the re-loan for affordable housing will be prioritized [1] - The goal is to promote a new model of real estate development [1]