房地产行业 行业研究 | 行业周报 地产政策仍定位于托底和稳信心 核心观点 投资建议与投资标 ⚫ 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。会议指出 "加力实施城市更新行动，有力有序推进城中村和危旧房改造。"2024 年 10 月住 建部提出通过货币化安置房等方式新增实施 100 万套城中村改造、危旧房改造，并 于今年两会上表示将继续扩大规模。多城已出台放票安置政策，我们认为年内旧改 有望继续放量。针对部分项目"征收方案扎实"和"项目资金总体平衡"之间的矛 盾，不排除未来中央财政补贴资金缺口以及央行投放 PSL 以支持城中村改造。"加 快构建房地产发展新模式，加大高品质住房供给。"今年"好房子"首次被写入 《政府工作报告》，3 月底，住建部发布国家标准《住宅项目规范》。虽然新房市 场整体成交同比仍有下行压力，但在部分高能级城市，核心区域质量与得房率双高 楼盘陆续推出，释放改善型住房需求，在一定程度上给予新房销售支撑。未来随着 更多四代宅的推出，新房销售有望开始企稳。"优化存量商品房收购政策。"2024 年 10 月，财政部提出专项债收储商品房用作保障性住房；2025 年 3 月， ...

4月25日，中共中央政治局会议召开，分析研究当前经济形势和经济工作。 以存量撬动增量释放购房需求 持续稳定房地产市场 政治局会议提出，要加力实施城市更新行动，有力有序推进城中村和危旧房改造。城市更新是城镇化发展历史的必然过程。 关于房地产的表述又有了新的变化，具体来看： 加力实施城市更新行动，有力有序推进城中村和危旧房改造。加快构建房地产发展新模式，加大高品质住房供给，优化存量商品房收购政策，持续巩固房 地产市场稳定态势。 进一步拆解来看，政治局会议释放了三个重要信号： 首先，城市更新将全面提速，以存量撬动增量释放刚性和改善需求。 其次，政治局会议首次提出"加大高品质住房供给"，结合今年两会政府工作报告首次提出建设"好房子"的要求，2025年建设"高品质住房""好房子"将成为 推动房地产业转型新方向。 最后，存量商品房和存量闲置土地回购作为行业止跌回稳的核心引擎，在加速推进过程中将迎来进一步优化。 总的来看，政治局会议提出"持续巩固房地产市场稳定态势"，当前市场仍处于"L"型筑底阶段，仍需要持续用力推动房地产市场止跌回稳，后续政策尤为 关键。 01 通过专项债券收购存量商品房转为保障房，优化供需平衡，不过目前 ...

首先，加力实施城市更新行动，协同"优存量"与"拓增量"，激活居住新需求。从政策支持力度来看，城 市更新行动已经从"大力实施"进入"加力实施"阶段，成为2025年各地重要工作之一。 ■王丽新 4月25日召开的中共中央政治局会议指出，加力实施城市更新行动，有力有序推进城中村和危旧房改 造。加快构建房地产发展新模式，加大高品质住房供给，优化存量商品房收购政策，持续巩固房地产市 场稳定态势。 随着"稳楼市"一揽子政策持续推进，去年四季度以来，一线城市及重点城市楼市交易趋稳，高能级城市 土地市场趋热，"好房子"渐成市场供应主流产品。在笔者看来，在这一新形势下，"稳楼市"需兼顾短期 稳定与长期发展，加力巩固市场稳定态势，推动房地产行业进入"量稳质升"的新阶段。 5月1日，国家标准《住宅项目规范》将落地实施。当前，部分城市也发布了"好房子"建设相关标准。 但"好房子"绝不单纯指向高端住宅，"安全、舒适、绿色、智慧"是"好房子"的核心标准，更是高品质住 宅的总纲，强调的是对住房品质的要求。各地要加大力度供应户型优、功能全、得房率高且价格合理 的"均好型"住房，更要解决隔音、串味以及渗漏等基础质量问题，还可考虑将高品质住宅项目 ...

行业报告 | 行业研究周报 建筑材料 证券研究报告 建材板块 Q1 持仓环比略升，关注雅下水电站、高端 电子布等机会 行情回顾 过去五个交易日（0421-0425）沪深 300 涨 0.38%，建材（中信）涨 0.05%， 所有板块中其他专用材料板块涨幅最大为+3.21%，陶瓷板块则跌幅最大为 -4.31%。个股中，北京利尔（+11.5%），中旗新材（+11.3%），方大集团（+10.8%）， 豪美新材（+9.5%），海南发展（+7.9%），涨幅居前。上周我们重点推荐组合 的表现：华新水泥（-4.0%）、 三棵树(-1.6%)、濮耐股份（+6.8%）、中材科 技（+8.7%）、华润建材科技（+0.0%）、西部水泥(+6.8%)。 建材板块 Q1 持仓环比略升，关注雅下水电站、高端电子布等机会 据 Wind，0419-0425 一周，30 个大中城市商品房销售面积 154.15 万平米， 同比-19.48%。中共中央政治局 4 月 25 日召开会议，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 ...

Core Viewpoint - The meeting on urban renewal and village transformation in Guangzhou emphasizes the integration of urban renewal with employment stability, enterprise support, market stability, and expectation management, aiming for high-quality development in mega cities [1] Group 1: Urban Renewal and Village Transformation - The city aims to achieve significant breakthroughs in urban renewal and village transformation through a "demolition, governance, and revitalization" approach [1] - The focus is on revitalizing old cities to enhance their vitality and exploring new paths for high-quality development [1] Group 2: Policy and Mechanism Enhancements - The establishment of a "people, housing, land, and money" factor linkage mechanism is proposed to improve the housing supply system [1] - Upgrading the housing voucher policy and refining the compensation and resettlement mechanisms for land acquisition and demolition are key objectives [1] - The goal is to optimize a "market + guarantee" housing supply system and accelerate the construction of a new model for real estate development [1]

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]