Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - Real estate sales remain sluggish, with a cumulative year-on-year decline of 5.5% in sales area and 7.9% in sales revenue for the first three quarters of 2025. The decline has widened compared to the end of August [3][26]. - The report highlights a shift in the real estate sector towards "quality, service, and sustainability," moving away from high leverage and high turnover models. It emphasizes the importance of urban renewal to unlock potential in existing stock [3][27]. - The building materials sector is expected to see a steady recovery in profitability, with a target of exceeding 300 billion yuan in revenue from green building materials by 2026 [3][51]. Summary by Sections Real Estate Sector Overview - As of October 30, 2025, the Shenwan Real Estate Index has increased by 0.31% over the past two weeks, underperforming the CSI 300 Index by 4.03 percentage points [13]. - In September 2025, new residential prices in first-tier cities fell by 0.3% month-on-month, while second-tier cities saw a 0.4% decline [24][26]. - The report identifies key companies to watch, including Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the current market environment [3][27]. Building Materials Sector Overview - The Shenwan Building Materials Index rose by 2.19% over the past two weeks, ranking 16th among 31 sectors [28]. - The report notes a significant decline in national cement production, down 5.2% year-on-year to 1.259 billion tons, marking the lowest level since 2010 [48][52]. - Companies such as Conch Cement, Taipai Group, and Huaxin Cement are highlighted for their strong fundamentals and high dividend yields [52]. Specific Material Insights - The glass and fiberglass sectors are facing pressure with low prices, but the report anticipates a long-term improvement in competition due to supply constraints [5][52]. - The report suggests that the photovoltaic glass industry is transitioning towards a model driven by technology and sustainability, which is expected to enhance profitability [5][52]. - Consumer building materials are seeing improved margins due to price increases and demand from urban renewal projects, with companies like North New Materials and Rabbit Baby recommended for attention [53].

Core Viewpoint - The article emphasizes the importance of promoting high-quality development in the real estate sector as a necessity for meeting people's aspirations for a better life, advancing Chinese-style modernization, and facilitating the transformation of the real estate industry [1][2]. Group 1: Importance of High-Quality Development - Promoting high-quality development in real estate is essential for satisfying the public's desire for better living conditions [1]. - It is also a requirement for advancing modernization in China and transforming the real estate industry [1]. Group 2: Key Tasks for High-Quality Development - **Optimizing Housing Supply**: Establish a multi-tiered housing security system focusing on public rental housing and affordable housing to meet the basic housing needs of urban workers and disadvantaged families [2]. - **Promoting Sustainable Market Development**: Implement housing development plans and establish a mechanism linking population, housing, land, and finance to balance supply and demand in the real estate market [3]. - **Reforming Development, Financing, and Sales Systems**: Strengthen the project company system in real estate development, implement a lead bank system for financing, and promote the sale of existing homes to mitigate delivery risks [3]. - **Enhancing Housing Quality**: Focus on building safe, comfortable, and green homes while improving community infrastructure and living conditions [4]. - **Improving Property Service Quality**: Encourage property service companies to expand their services and enhance the quality of property management to meet diverse resident needs [5]. - **Establishing Safety Management Systems**: Develop a comprehensive safety management system for the entire lifecycle of buildings, including safety inspections and insurance mechanisms [5].

Core Viewpoint - The article emphasizes the importance of promoting high-quality development in the real estate sector as a necessity for meeting people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [1][2]. Summary by Sections Importance of High-Quality Development - High-quality development in real estate is essential for satisfying the public's desire for better living conditions, supporting the modernization of China, and aiding the transformation of the real estate industry [1]. Key Tasks for High-Quality Development - The article outlines several key tasks, including optimizing the supply of affordable housing, promoting sustainable market development, reforming real estate development and financing systems, enhancing housing quality, improving property service quality, and establishing a comprehensive safety management system for housing [2][3][4][5]. Optimizing Affordable Housing Supply - A multi-tiered housing security system will be established, focusing on public rental housing, affordable rental housing, and shared ownership housing. Local governments are encouraged to increase the supply of affordable housing based on actual needs, ensuring fairness and transparency in the application and allocation processes [2]. Promoting Sustainable Market Development - The establishment of a linkage mechanism among population, housing, land, and finance is crucial. Policies will be tailored to local conditions, allowing city governments to adjust real estate policies as needed. The rental market will be regulated to foster professional housing rental enterprises [3]. Reforming Development, Financing, and Sales Systems - The article advocates for a project company system in real estate development, where project companies operate independently. A lead bank system will be implemented for financing, ensuring that project companies can meet their financing needs while sharing risks with banks. The promotion of a "sell what you see" approach in property sales aims to mitigate delivery risks [3]. Enhancing Housing Quality - Initiatives will focus on constructing safe, comfortable, green, and smart homes, improving standards across the entire housing lifecycle, and addressing urban renewal challenges [4]. Improving Property Service Quality - The article calls for enhanced coordination among community organizations and property service companies, promoting self-regulation within the property service industry to improve service quality and address residents' daily concerns [4]. Establishing a Safety Management System - A comprehensive safety management system for housing will be developed, including safety inspections, funding for repairs, and quality insurance to ensure the safety and longevity of existing housing stock [5].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [4][16][30]. Core Insights - The 15th Five-Year Plan presents clearer demand-side expressions for real estate compared to the 14th Five-Year Plan, emphasizing the removal of unreasonable restrictions and linking real estate risk resolution with national security [4][16][17]. - The industry is anticipated to stabilize, with an ongoing improvement in the blue-chip competitive landscape [4][16]. - Key recommendations include major developers such as China Vanke, Poly Developments, and China Merchants Shekou, among others, across various segments including residential, commercial, property management, and cultural tourism [4][16]. Summary by Sections Demand-Side Policies - The 15th Five-Year Plan proposes the removal of unreasonable restrictions on consumption, including housing, and aims for balanced development between finance, real estate, and the real economy [4][17]. - It emphasizes the need for improved policies on mergers, bankruptcies, and the activation of inefficient land and idle properties [4][17]. Urban Development - Urban village renovation is expected to accelerate, with a focus on the economical use of rural collective land and the activation of idle properties [4][18]. - The plan highlights the importance of urbanization for the agricultural transfer population, suggesting continued urbanization dividends over the next five years [4][18]. High-Quality Development - The report outlines five feasible paths for promoting high-quality real estate development, including improved fund supervision and enterprise financing [4][19][20]. - It indicates a shift from incremental to stock mode in the industry, aligning affordable housing construction with urban renewal and urbanization needs [4][19][20]. - The focus will also be on enhancing the quality of new housing products and maintaining existing housing [4][19][20].

Core Viewpoint - The article emphasizes the importance of promoting high-quality development in the real estate sector as a necessity for meeting people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [1] Group 1: Key Tasks for High-Quality Development - Optimize the supply of affordable housing by establishing a multi-tiered housing security system, focusing on public rental housing and affordable rental housing to meet the basic housing needs of urban workers and disadvantaged families [2] - Promote the sustainable and healthy development of the real estate market by implementing housing development plans and establishing a mechanism that links population changes with housing demand, land supply, and financial resource allocation [3] - Reform and improve the systems for real estate development, financing, and sales, including establishing a main bank system for project financing and promoting the sale of existing homes to mitigate delivery risks [3][4] Group 2: Quality Improvement Initiatives - Implement housing quality enhancement projects to build safe, comfortable, green, and smart homes, while improving urban renewal efforts and addressing issues like elevator installation and parking [4] - Enhance property service quality by promoting community organization coordination and improving service standards, while expanding service coverage to meet diverse resident needs [4][5] Group 3: Safety Management Systems - Establish a comprehensive safety management system for the entire lifecycle of buildings, including safety inspections, management funds, and quality insurance to address safety risks in existing housing [5][6]

Group 1 - A-share market sees a rise in certain real estate stocks, with Da Ming City hitting the daily limit, followed by increases in Zhujiang Shares, Yunnan Chengtou, and China Merchants Shekou [1] - The central bank governor Pan Gongsheng emphasizes the need for a scientific and robust monetary policy system and comprehensive macro-prudential management to support the stable and healthy development of the real estate market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, advocates for reforms in real estate development, financing, and sales systems, promoting the sale of existing homes to fundamentally mitigate delivery risks [1]

Core Viewpoint - The article emphasizes the need for high-quality development in the real estate sector, focusing on reforms in sales, financing, and development systems to enhance market stability and protect consumer rights [1]. Group 1: Reform and Regulation - The article advocates for the implementation of a "current housing sales system" to ensure transparency and reduce delivery risks, allowing buyers to see what they are purchasing [2]. - It highlights the importance of regulating pre-sale funds to protect the legal rights of homebuyers [2]. Group 2: Key Tasks for High-Quality Development - The article outlines several key tasks for promoting high-quality development in real estate, including optimizing the supply of affordable housing and ensuring the sustainable health of the real estate market [3]. - It calls for reforms in real estate development, financing, and sales systems, as well as initiatives to improve housing quality and property service standards [3]. Group 3: Demand and Supply Management - The article stresses the need to align housing demand with population changes and to scientifically arrange land supply, creating a linkage mechanism among population, housing, land, and finance [4]. - It advocates for tailored policies based on local conditions, granting city governments the autonomy to adjust real estate policies accordingly [4]. - The article also emphasizes the importance of developing a regulated rental market and fostering professional rental enterprises to enhance industry oversight and service capabilities [4].

据证券时报，近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读 本》中刊登了住房和城乡建设部部长倪虹题为《推动房地产高质量发展》的署名文章。倪虹表示，要全 面落实推动房地产高质量发展的重点任务：一是优化保障性住房供给；二是促进房地产市场持续健康发 展；三是改革完善房地产开发、融资、销售制度；四是实施房屋品质提升工程；五是实施物业服务质量 提升行动；六是建立房屋全生命周期安全管理制度。 ...

Core Viewpoint - The Ministry of Housing and Urban-Rural Development emphasizes the need to accelerate the construction of a new model for real estate development, focusing on optimizing the supply of affordable housing to meet the basic housing needs of urban workers and various disadvantaged families, thereby promoting high-quality development in the real estate sector [1][2]. Group 1: Affordable Housing Supply - The meeting highlighted the importance of optimizing the supply of affordable housing, which is crucial for high-quality development in the real estate market [1]. - During the 14th Five-Year Plan period, over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - The focus for the 15th Five-Year Plan period will be on further optimizing the supply of affordable housing, including aspects such as scale, regional distribution, product structure, and quality [1]. Group 2: Demand for Improved Housing - There is a shift in real estate market demand from "availability" to "quality," with a continuous increase in demand for improved housing [2]. - Data from the China Index Academy indicates that by the third quarter of 2025, the sales proportion of housing units sized between 120 to 144 square meters in 30 key cities will rise to 30%, indicating a trend towards larger units becoming mainstream in the new housing market [2]. - Experts believe that the 15th Five-Year Plan period will see a significant push for improved housing supply, which is essential for stabilizing and promoting the recovery of the real estate market [2][3]. Group 3: Structural Changes in Housing Demand - The demand for improved housing is a key focus due to significant changes in the housing supply-demand relationship [3]. - The potential for demand in improved housing is substantial, but actual demand may be influenced by factors such as income levels, market expectations, and the pace of buying and selling [3]. - Experts agree that high-quality development in real estate will play a vital role in promoting common prosperity, with policies focusing on new development models, optimizing affordable housing supply, and implementing urban renewal initiatives [3].

从上周四到本周三（10月23日-10月29日），哪些楼市动态值得重点关注？来看本周楼市周报。 每周四，封面天天见之"封面会买房"都会带来最新楼市资讯与行业观察，敬请关注。 一、土地市场 10月27日，据成公资土拍告(2025)59号，成都金牛区一宗约23.4亩的住兼商用地，将于11月21日出让，该地块靠近三环路，周边配套丰富，住宅部分起拍 价13900元/㎡。 | 宗地编号 | 地块位置 | 面积 | 起始价 成交价 | | 竞得人 | 用地性质 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亩) | 元/m² | 元/m² | | | | | PZ2025- | 彭州市天彭街道九峰北 路以南、龙塔北路以西 | 57.8 | 407万元/ 407万元/ | | 彭州市龙兴置业有限公 | 住宅 | 10. 24 | | 9 (070102) | (龙安社区3组、4组) | | 面 | 面 | 리 | | | | DY2025- 008 (252) | 大邑县安仁镇五星社区5 组（原安仁镇五星村八 、九社） | 60. 4 | ...