Group 1 - The Shenzhen second-hand housing market has been continuously warming up this year, with a recorded transaction volume of 1,680 units from January 19 to 25, reflecting a week-on-week increase of 1.6%, marking three consecutive weeks of rising transaction volumes [1] - Newly built residential properties also saw an increase, with 637 units sold, representing a week-on-week growth of 9.8% [1] - The demand side shows a slight increase in new purchase contracts, with a week-on-week growth of 3.3%, indicating a recovery in both supply and demand in the market [1] Group 2 - Structural characteristics of the market are emerging, with properties priced below 3 million yuan accounting for 29.5% of transactions, up 1.4 percentage points from December 2025, reaching a near one-year high [1] - High-end properties priced above 15 million yuan also saw a slight increase in transaction share, driven by demand from first-time buyers and high-end improvement needs [1] - The entry of four luxury properties into the market since late November has boosted second-hand transactions in luxury areas, particularly in the Shenzhen Bay area, where viewing volumes have increased by approximately 40% since November [1] Group 3 - Market analysis indicates that with the continuous optimization of the policy environment, the positive effects of real estate policies will become more apparent [2] - It is anticipated that in 2026, the Greater Bay Area real estate market will gradually stabilize amidst fluctuations, transitioning from a "policy-driven market" to a "demand-driven market," with genuine residential and improvement needs becoming the dominant forces [2]

1月25日晚11点半，位于北京团结湖锦湖中心的链家签约服务中心灯火通明，已连续工作近10个小时的 签约经理张超仍在有序地为购房者办理手续。"这个周末明显感觉到市场热度在回升，客户咨询和签约 量都有所增加。"张超的直观感受，折射了近期房地产支持政策落地后一些城市楼市活跃度的逐步提 升。 链家数据显示，新政满月后，市场表现较为积极，二手市场交易量显著提升，政策调整后1个月（2025 年12月24日至2026年1月25日），北京链家交易量较政策出台前（2025年11月24日至2025年12月23日） 增长33%；同期，市场活跃度显著提升，新增客源量、带看量分别增长14%和18%。 北京链家研究院院长高原表示，近期政策的密集出台带动市场景气指数（房源中调涨比例）有所提升， 表明市场预期转好。此外，一季度市场存在自然回暖的季节性规律，加之本年度春节时间偏晚，多重因 素共同带动市场活跃度回升。 （来源：经济参考报） 除了一线城市外，部分热点城市的房地产市场也有回暖迹象。58安居客数据显示，1月前两周，用户主 动发起微聊（与经纪人线上沟通）次数同比增长8.6%，留电咨询用户数同比增长7.1%，用户留电意愿 持续增强，尤其是 ...

据深圳市房地产中介协会统计，2026年第4周全市二手房（含自助）共计录得1,680套，环比增长1.6%。 进入2026年，市场进入稳步回升通道，二手房录得量已连续3周保持上升趋势，且单周录得量再次突破 1,600套。 二手房周录得量 从需求端（委买合同）来看，市场新增需求量小幅上升，本周环比增长3.3%。结合二手录得量持续走 高，表明当前市场供需两端均呈现回暖态势，后续成交量有望延续稳中有升的走势。 （作者：深圳特区报&读特记者 窦延文） ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [6]. Core Insights - Recent signs of recovery in certain cities' transaction volumes should not be hastily interpreted as a definitive market stabilization. The report highlights two types of policies that may influence the market: interest rate cuts and direct financial support for distressed entities [1][2]. - The Ministry of Housing and Urban-Rural Development has introduced measures to enhance urban renewal policies, which include a flexible five-year transition period for revitalizing existing assets [3]. - Data from the National Bureau of Statistics indicates a narrowing decline in new housing sales for 2025, with a reported sales area of 880 million square meters, down 8.7% year-on-year, and a sales value of 8.4 trillion yuan, down 12.6% [4]. Summary by Sections Market Recovery - Some core cities, such as Shanghai and Shenzhen, have shown significant increases in second-hand housing transactions, with Shanghai's sales exceeding 16,000 units for three consecutive months and Shenzhen's sales reaching 4,000 units in January, reflecting a year-on-year decline narrowing to 9% [2]. Policy Impact - The report anticipates that the market's recovery may be influenced by several factors, including previous price declines leading to panic selling, preemptive demand due to the late timing of the Spring Festival, and a positive wealth effect from the stock market [2]. Sales and Construction Data - The report notes that the decline in new housing sales is expected to continue, with a projected decrease in new construction area by 20.4% in 2025, although the decline is slightly less than in 2024. The completion area is also expected to drop by 18.1% [4]. Investment Recommendations - The report suggests focusing on three categories of investment opportunities: high-quality developers with low historical burdens, commercial real estate operators benefiting from a "Matthew Effect," and real estate brokerage platforms that leverage scale and brand advantages [5].

各地"好房子"普遍呈现热销状态 换购住房退还个人所得税政策第二次延期、存量个人公积金贷款利率下调、北京放宽非京籍家庭购房条 件……近期，一系列着力稳定房地产市场的政策不断落地，部分城市二手房交易更加活跃，楼市区位分 化特征更加明显。 购房成本降低带动优质房源热度 在北京链家富力爱丁堡一店，经纪人张浩告诉记者："最近我们板块内不满2年房源的关注度和线上浏览 量都有增加。之前一些客户因为看中的房子不满2年、税费高而较为犹豫，国家推出减税政策、北京出 台楼市新政策后，购房成本降低，带动了一些优质房源的热度，政策出来当周，我们店就成交了3 套。"张浩说。 一段时间以来，北京、深圳、成都等地因城施策调整优化房地产政策，降低购房门槛、提高交易效率。 北京链家研究院院长高原说，政策调整有利于刚需客户积极入市，并为置换、改善型客户提供良好的外 部市场条件。由于春节前市场活跃度本身存在季节性抬升特点，政策影响更有可能在一二季度市场中持 续显现。 随着住房市场进入存量时代，二手房市场规模正在上升。数据显示，2025年二手房成交面积在新房和二 手房交易总量中占比升至44.6%，较2024年提升2.7个百分点。北京、上海、广州、重庆 ...

资料图 本文综合第一财经、北京商报、南方都市报、智通财经等 自2022年以来，中国房地产已经经历约4年的深度调整。目前，全国房价已普遍跌回2016年的水平，市场对房地产行业未来走向的关注不断升温。 2026年楼市将走向何方？能否升温反弹？是延续底部徘徊，还是迎来稳步升温？刚需一族可以出手了吗？有业内人士表示，从多项核心指标来看，本轮国内 房价调整幅度已明显超过国际平均水平，多指标预示二手房价调整已进入底部区间。 1 克而瑞统计数据显示，2025年国内商品房全年成交面积约为8.9亿平方米，大致相当于2009年的水平；成交金额约8.4万亿元，接近2015年的规模。其中，商 品住宅成交面积为7.4亿平方米，回到了2007年的水平。2025年，30个重点城市二手房全年成交面积达到2.14亿平方米，创下历史新高。但与此同时，价格调 整幅度也相当显著。 丁祖昱认为，从国际比较来看，本轮国内房价调整幅度已明显超过国际平均水平。综合1970年以来57个国家和地区的最长房价调整周期，国际房价平均调整 周期约4.5年，平均回调幅度约22%。相比之下，国内核心城市二手房的调整幅度已"明显偏深"。 业内人士：国内房价调整幅度明显超过 ...

Core Viewpoint - The real estate market in China shows a mixed trend with new housing prices increasing while second-hand housing prices are declining, indicating potential instability in the market [1][3][5]. Group 1: New Housing Market - In December 2025, the average price of newly built residential properties in 100 cities was 17,084 yuan per square meter, reflecting a month-on-month increase of 0.28% and a year-on-year increase of 2.58% [1]. - The recent increase in new housing prices is attributed to previous significant declines, which may not indicate a genuine recovery in market sentiment [5][6]. Group 2: Second-Hand Housing Market - The average price of second-hand residential properties in December 2025 was 13,016 yuan per square meter, showing a month-on-month decrease of 0.97% and a year-on-year decrease of 8.36% [1]. - The decline in second-hand housing prices is more significant than the increase in new housing prices, suggesting that demand for improved living conditions is still lacking [5][6]. - The stability of the real estate market is more accurately reflected by the second-hand housing prices, as they indicate market activity and consumer sentiment more effectively than new housing prices [3][8]. Group 3: Market Outlook - The current real estate market is still in an overall downward trend, particularly in the second-hand housing sector, due to insufficient demand for improved living conditions and unstable income levels [8]. - Optimistically, it is projected that by mid-2026, second-hand housing prices may stabilize and potentially increase by around 2%, which could enhance market activity by 3-5% [10].

（原标题：中原：本周末香港十大屋苑预约看楼量按周升6.5% 重上400组水平） 智通财经APP获悉，中原地产十大屋苑本周末录得407组预约看楼量，按周上升6.5%，重上400组水平。 中原地产亚太区副主席兼住宅部总裁陈永杰表示，进入新一年，圣诞节及新年长假期刚结束，买卖双方 陆续回流市场，加上周末未有新盘抢客，看楼量回升，预计本周末过后，买卖活动将会恢复正常。 港岛区方面，中原地产太古城东山阁资深区域营业董事赵鸿运表示，圣诞及新年长假期告一段落，加上 未有一手新盘抢客，市场目光聚焦二手。太古城看楼气氛逐步回暖，本周末录24组预约看楼，按周增加 9.1%，每呎实用叫价徘徊于18500元(港元，下同)。 九龙区方面，中原地产西九龙美孚万事达第三分行分区营业经理冯健平表示，踏入2026年，美孚新邨暂 录得1宗成交，平均实用呎价10232元。本周末区内看楼气氛亦平平，美孚新邨本周末预约看楼量录60 组，按周持平，每呎实用叫价则维持11100元，料假期过后，看楼活动会重拾活跃。 新界区方面，中原地产沙田置富第一城分行副区域营业董事吴焯诚表示，近期市场多正面消息，增强买 家入市信心，不过近期新界东市场焦点落于西沙一手新盘 ...

周二亚洲时段，黄金现货价格（XAU/USD）小幅回升至4350美元上方。 此前，金价在周一遭遇大幅抛售，单日跌幅达4.5%，创下去年10月以来的最大单日下跌。 这一波动主要源于芝加哥商品交易所（CME）宣布提高黄金与白银期货的保证金要求，从而触发了市场的大规模获利了结与投资组合再平衡。 短期波动并未削弱金价的中期支撑。 市场对美联储或在2026年开启降息周期的预期仍在升温，利率下行有助于降低持有黄金的机会成本。此外，全球经济前景的不确定性与地缘政治紧张局势， 也为黄金作为传统避险资产提供了持续的需求基础。 CME 上调黄金、白银等品种保证金要求以防范交割违约风险，短期内推高持仓成本并导致部分资金撤离。 美国 11 月成屋签约销售指数环比增长 3.3% 远超预期，显现房地产市场回暖态势，经济韧性或对市场关于降息时点的预期产生影响。 当前市场对美联储降息预期仍存分歧，据 CME FedWatch 工具数据，市场预计美联储 1 月降息概率仅 16.1%，反映出交易者对短期政策转向仍持谨慎态度。 技术分析： 日线图显示，金价目前仍守稳于100日指数移动平均线（EMA）上方，整体结构尚未破坏。布林带呈现扩张态势，表明波 ...

Core Viewpoint - The real estate market in Datong County, Xining City, is showing signs of recovery, with a focus on stabilizing the market, promoting consumption, and benefiting people's livelihoods [1] Group 1: Market Performance - As of December 24, the cumulative sales of commercial housing reached 112,200 square meters, representing a year-on-year increase of 3.41%, indicating a noticeable improvement in market conditions [1] - The "Send Houses to the Countryside" promotional campaign has effectively stimulated consumer activity in the real estate market [1] Group 2: Project Highlights - The Tianqi Jinxiu Huafu Phase III project launched with diverse housing layouts and rich business combinations, successfully meeting market demands [1] - Within just four days of its opening, over 90 units were pre-sold, totaling more than 11,000 square meters, reflecting strong consumer enthusiasm and the robust potential of the county's real estate market [1] Group 3: Future Strategies - The Datong County Housing and Urban-Rural Development Bureau plans to continue aligning with market demand, enhancing policy support, optimizing service guarantees, and expanding promotional activities to further stimulate housing demand [1]