2025年，中国住宅市场在政策持续优化调整与宏观经济复杂环境的双重作用下，总体呈现出"量价企稳、结构分化、预期重塑"的复杂态势。市场告别了 过去的高速增长模式，进入一个以"止跌回稳"为核心、推动高质量发展的新阶段。展望2026年，预计市场将继续在巩固调整中寻求新供求平衡，政策将 以巩固稳中有进态势、防范化解风险为主要方向，住宅市场成交规模将在低位筑底的基础上存在结构性回暖可能，而价格整体预计将保持窄幅盘整，城市 间的分化将进一步加剧。城市更新、好房子将成为行业重要的亮点，绿色、智能、健康、安全的产品将获得溢价，社区配套和服务的重要性凸显。 ◎ 文 / 克而瑞研究中心 总 结 01 市场综述 市场综述：全年总住房成交需求相对稳定 部分二三线城市同比正增长 2025年是中国房地产市场自深度调整周期迈入企稳修复阶段的关键一年。政策由"托底纾困"转向"优化提振"， 主基调延续了"因城施策"的灵活框架，从年初延续前 期"保交楼、稳需求、防风险"的托底措施，到年中以来，政策重心明显转向全面提振市场信心、激活合理住房需求。 行业发展新模式的内涵和外延进一步丰富完善，系统性政策支持框架成型。需求端支持全面强化：全国层面，首付 ...

这一鲜明对比，不仅揭示出行业内部的结构性分化，更标志着一个以城市更新为关键抓手、以"好房 子、好社区"为品质追求、以运营和服务为价值锚点的"新坐标"正在确立。 从中央到地方，从政策设计到市场实践，房地产行业正静水深流地迈向以人为本、可持续运营的高质量 发展新阶段。 中经记者 吴静 卢志坤 北京报道 2025年，房地产行业在持续调整中迎来结构性重塑。前11个月商品房销售面积同比下降7.8%，房地产 开发投资下滑15.9%，行业告别大规模增量扩张的"旧周期"，已然成为不争的事实。 在传统动能减弱的表象之下，一场以"存量提质"与"功能再生"为核心的深刻转型，正以前所未有的力度 重塑行业生态与发展逻辑。随着中央补助、预算内投资、国债、专项债、专项借款等多渠道发力，金融 机构在城市更新领域的信贷投放积极性明显增强。 回顾整个"十四五"时期，中国房地产行业在经历高速增长后，迎来了供求关系的根本性转变。2023年中 央政治局会议首次明确"房地产市场供求关系发生重大变化"，为行业转型定下基调。随后，"构建房地 产发展新模式"被正式提出，标志着行业顶层设计发生方向性调整。 中指研究院常务副院长黄瑜指出，过去五年，房地产工作思路 ...

Core Viewpoint - Tsinghua Design is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2][4]. Group 1: Investigation Details - On December 31, Tsinghua Design announced that it received a notice from the CSRC regarding the investigation due to suspected information disclosure violations [4]. - The company stated that all its business activities are currently operating normally and it will cooperate with the CSRC during the investigation [6]. Group 2: Accounting Errors and Corrections - Tsinghua Design has been subject to a quality inspection of its accounting information by the Ministry of Finance, which led to the discovery of accounting errors related to the understanding of accounting principles [8]. - The company identified issues involving fund occupation by a former director of its subsidiary, which contributed to the accounting discrepancies [8]. - Corrections have been made to previous accounting errors, and adjustments have been applied to the consolidated and parent company financial statements from 2020 to 2024 [8][9]. Group 3: Financial Impact - The adjustments resulted in significant changes to financial figures, including a reduction in asset impairment losses from approximately -603 million to about -259 million, and a change in net profit from approximately -438 million to about -94 million [10]. - Tsinghua Design confirmed that these corrections will not alter the profit or loss nature of previously disclosed annual financial statements [9]. Group 4: Company Overview - Tsinghua Design focuses on urban renewal, new urbanization construction, green buildings, and zero-carbon parks, providing integrated solutions around green building design and construction [10]. - As of December 31, the company's stock price was 13.85 CNY per share, with a total market capitalization of 2.41 billion CNY [11].

Core Insights - Urban renewal is identified as a core engine driving high-quality development and a key approach to enhancing public welfare in the city [1] - In 2023, the company has undertaken 17 projects with a total investment exceeding 7.2 billion yuan, achieving breakthroughs in four major areas: residential improvement, transportation accessibility, ecological enhancement, and cultural empowerment [1] Residential Quality Improvement - The company has renovated 119 old residential communities, benefiting 24,000 households and covering a renovation area of over 2.3 million square meters [1] - The company is simultaneously advancing four high-quality residential projects, including Lingwan Ruicheng, which has been selected as a smart construction project in Qingdao, and Heyue Ruicheng, which has received recognition as a demonstration-level standardized construction site [1] Infrastructure and Public Welfare Empowerment - The Wahan Road West Extension project, with a total investment of 840 million yuan and a length of 19.14 kilometers, aims to address construction challenges and accelerate implementation, becoming an important east-west transportation corridor in the Qingwei urban area [1] - The Jiang Road overpass for the oil company was completed eight months ahead of schedule, and micro-renewal projects like the Haixi Bay photovoltaic carport have been precisely implemented [1] - The second phase of the Chang'an Road area renovation has delivered 16 high-quality residential buildings, providing over 1,400 housing units, with more than 700 households successfully relocated [1] Integration of Industry and Culture - The Dahuangzhuang village renovation employs a "construction + investment + operation" model to create a community life square, which is expected to generate over 500 new jobs [1] - The investment of 126 million yuan in the Xihai Coast Senior University San Sha Road campus has been completed and has won provincial and municipal engineering awards [1] Future Outlook - The company will continue to fulfill its responsibilities as a state-owned enterprise, focusing on optimizing urban functions, enhancing living standards, and empowering industrial upgrades [2]

自"十四五"规划明确提出实施城市更新行动以来，关于城市更新的政策、法规、模式层出叠见。智通财 经旗下智库澎湃研究所以《城市更新·简报》这一形式搭建城市更新信息平台，聚焦城市更新试点及示 范城市，关注政府、市场与社会多元主体动态，精选各级政府及媒体一月（2025年12月1日-2025年12月 31日）重要政策及行动，呈现城市更新最新理念、策略及成效，推动城市可持续发展。 头条： 2025年城市更新取得重要进展，2026年抓好4方面工作 12月22日至23日，全国住房城乡建设工作会议在北京召开。 会议认为，2025年城市更新取得重要进展，包括：完善城市体检与更新一体化推进机制，推进建立城市 更新规划实施体系；城镇老旧小区改造、住宅老旧电梯更新、地下管网管廊建设改造、环卫污水处理设 备设施更新等一大批城市更新项目落地实施等。历史文化保护传承工作取得新成效，地方住建部门向本 级党委专题报告历史文化保护传承工作情况制度整体建立，组织对30座国家历史文化名城开展第三方评 估，对143座国家历史文化名城、400个中国历史文化名镇名村进行监测。完善"一委一办一平台"工作体 系，20多个省份开展城市管理进社区工作。 会议指出， ...

经历二十余年高速发展后，我国房地产行业的发展动能正在深度重构。 日前，全国住房城乡建设工作会议在京召开，"高质量开展城市更新"被列为2026年首要工作任务。在业 内分析人士看来，随着行业从增量扩张转向存量提质，城市更新已不仅仅是政策热词，更是房企寻找第 二增长曲线的关键路径。 当行业发展动能转换，房企如何应对这一大趋势？ 近日，远洋集团管理层表示，中国的建筑"老龄化"正在到来，随着行业进入存量提质新阶段，原有地产 开发的大逻辑需要重构，房企需具备"躬身入局"的定力，以专业能力投入到城市更新的"深水区"。 从追规模到做改造 从2021年至今，房地产行业经历了长达四年的风险出清与产能重构。随着新房增量规模见顶，曾经依赖 高杠杆推动规模扩张的旧模式已然失效，传统的地产开发商正站在发展的"十字路口"：一部分企业在周 期中隐退，而另一部分则试图在存量资产中挖掘新的价值。 "中国房地产未来的机会属于那些能够在存量中找增量，在旧壳子里做新文章的企业。"远洋管理层认 为。 然而，城市更新并非一条坦途。与一张白纸的新建项目不同，城市更新项目往往伴随着复杂的债权债 务、陈旧的物理结构或历史遗留问题。远洋管理层打比方称："这类似于 ...

Core Points - Beijing's Planning and Natural Resources Committee announced the auction of four land parcels with a total starting price exceeding 8.56 billion yuan [2] - The total area for the four parcels is 164,400 square meters, with a bidding deadline set for February 3, 2026 [2] Group 1: Land Parcels Overview - The Tongzhou District parcel (FZX-0703-6002) is designated for R2 residential use, covering 48,300 square meters with a starting price of 1.562 billion yuan [2] - The Shijingshan District parcel (SS00-1609-0012) is also R2 residential land, spanning 16,600 square meters with a starting price of 1.39 billion yuan [2] - The Shunyi District parcels (SY00-2301-0003, 0004, 0005) include both residential and commercial land, totaling 59,700 square meters with a starting price of 2.81 billion yuan [2] - The Haidian District parcels (HD00-1603-01, HD00-1603-03A) are for B4 commercial financial services, covering 39,500 square meters with a starting price of 2.8 billion yuan [3] Group 2: Market Implications - The four parcels emphasize residential and commercial functions, located in key urban development areas, reflecting Beijing's land supply strategy of "multi-point support and work-residence balance" [4] - The total bidding guarantee for these parcels amounts to 1.7124 billion yuan, indicating sustained market interest in core urban land resources [4]

2025年，中国经济顶压前行，向新向优。 新质生产力稳步发展，民生保障更加有力。 透过本刊梳理的十二个热词，我们共同回望2025年的中国经济。 "十五五"规划建议 2025年10月23日，党的二十届四中全会通过《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》。从基本实现社会主义现代化的历史进程看，"十五五"时期起着"承前启后"的重要作用。 党的二十大作出全面建成社会主义现代化强国"两步走"战略安排，其中第一步是到2035年基本实现社会 主义现代化。通过实施"十四五"至"十六五"三个五年规划，我们就能完成这第一步的历史任务。 从基本实现社会主义现代化的目标要求看，"十五五"时期是"夯实基础"的重要阶段。 从现在起到2035年，只有10年时间，前5年发展好了才能为后5年乃至更长远的未来争取更大主动。"十 五五"时期，加紧巩固拓展优势、破除瓶颈制约、补强短板弱项，正是要为2035年基本实现社会主义现 代化奠定更加坚实的基础。这是"夯实基础"的重要意义所在。 九三阅兵 9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆重举行。在盛 大阅兵仪式上，所有受阅武器装备都是国产现 ...

脚下是修复如旧的弹硌路，抬头是林立的商铺，身旁是练祁河的潺潺流水，对岸是重露飞檐的护国寺。 上海嘉定西大街，一条有着1500年历史的老街，带着无数嘉定人的记忆，迎来蝶变。 2025年12月31日上午，伴随着悠扬的钟声与缤纷的彩烟，上海嘉定西门历史文化街区"印象西大街"先行 启动区正式向公众敞开大门。这条被誉为"嘉定之根"的老街，作为全市五个新城10个示范样板区中唯一 的历史文化风貌区，其更新实践意义非凡。 街"先行启动区航拍。辛晓峰 图 如今，历经系统性保护更新，以"修旧如故、活化利用"为核心理念，嘉定西门历史文化街区实现了历史 文脉与现代生活的有机融合，成为上海新城发力和城市更新的又一标志性成果。 上海嘉定介绍，先行启动区28家商户已全部落位，可租面积商签率达100%。其中，慕古美学瓷器修复 工作室让破碎骨瓷重获新生；新中式品牌"宋袋子"以当代设计诠释东方美学；上海礼物@嘉有好店集中 展示嘉定非遗文创。这些店铺并非简单的商业进驻，而是成为古今对话的窗口，让乡愁与情怀转化为可 触摸、可体验、可消费的当下。 孕育深厚人文底蕴，在"修旧如故"中"微创更新" 当日，不少西大街的"原住民"也赶来一同"开街"。"这里原 ...

Core Viewpoint - Chengdu's economic work for 2026 will focus on seven key areas to enhance effective demand, deepen the integration of technology and industry, expand open cooperation, promote coordinated development, advance urban renewal, optimize the development environment, and improve public welfare and safety [1] Group 1: Expanding Effective Demand - The emphasis will be on expanding effective demand and creating new space for domestic demand growth, integrating consumption promotion with investment expansion [2] - Specific actions include implementing special initiatives to boost consumption, enhancing the second-hand car market, and improving investment mechanisms to support high-quality economic development [2][3] Group 2: Deepening Technology-Industry Integration - The goal is to foster new productive forces through organized innovation and effective transformation, with a focus on enhancing enterprise innovation capabilities [3] - A comprehensive service system for investment will be established to support technology transfer and innovation funding [3] Group 3: Expanding Open Cooperation - The strategy includes enhancing the open economy by coordinating foreign affairs, investment, trade, and promoting the capabilities of free trade zones and cooperation parks [5] - Plans to increase international cooperation and participation in overseas exhibitions will be implemented to boost local products' global presence [5] Group 4: Promoting Coordinated Development - The focus will be on regional collaboration and urban-rural integration, with strategies to strengthen the Chengdu-Chongqing economic circle and promote urbanization [6] - Specific initiatives will include optimizing the economic layout and enhancing the capacity for population and economic growth [6] Group 5: Advancing Urban Renewal - Urban renewal will be prioritized to improve city functionality and quality, with a focus on infrastructure safety and the renovation of old neighborhoods [7][8] - The aim is to create a comprehensive urban development model that integrates various aspects of city life [8] Group 6: Optimizing Development Environment - The city will enhance its business environment to stimulate high-quality development, focusing on legal protections for market entities and efficient service delivery [9] - Collaboration with educational institutions will be emphasized to attract high-end talent and foster innovation [9] Group 7: Enhancing Public Welfare and Safety - Efforts will be made to improve public services and enhance citizens' sense of happiness and security, with a focus on sports and cultural events to drive economic activity [10][11] - Long-term goals include significant improvements in economic strength, technological capability, and overall quality of life for residents [11]