2025 年 10 月 12 日 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 册 寂寞诗 顾铮 A0230125070004 quzhenq@swsresearch.com 联系人 顾铮 (8621)23297818× quzheng@swsresearch.com 住建部明确"好房子"五项工作，高质量 地开展好城市更新 ―地产及物管行业周报（2025/10/04-2025/10/10） 地产行业数据：一二手房成交跌幅扩大，成交推盘比回升。上周(10.4-10.10)34 个重点 城市新房合计成交 98 万平米，环比-61.3%，其中，一二线环比-63.1%，三四线环比- 18.7%。10 月(10.1-10.10)34 城一手房成交同比-33.5%，较 9 月同期环比-56%。其 中，一二线同比-32.2%，三四线同比-45.3%，分别较 9 月同期环比-56.6%和-48.8%。 上周 13 城二手房合计成交 48.7 万平米，环比-32%; 10 月累计成交同比-18.8%, 较 9 月同期环比-62.9%。库存方面，上周 15 城合计推盘 20 万平 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][27]. Core Insights - The "Good House" policy is expected to create new pathways for growth, leading to a rebound in core cities and introducing new products, pricing, and business models [2][27]. - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 61.3% week-on-week [2][3]. - The report emphasizes the importance of high-quality urban renewal and effective city governance as outlined by the Ministry of Housing and Urban-Rural Development [2][27]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 980,000 square meters, down 61.3% week-on-week, with first and second-tier cities seeing a 63.1% decline [2][3]. - Year-on-year, new home sales in October are down 33.5% compared to the same period last year [2][5]. - The inventory of unsold residential properties in 15 cities stands at 90.27 million square meters, with a slight decrease of 0.2% [2][19]. Policy and News Tracking - The Ministry of Housing and Urban-Rural Development has outlined five key areas for the "Good House" initiative, focusing on standards, design, materials, construction, and operation [2][27]. - Local policies include Guangzhou's measures to optimize land use and Longchun's reduction of down payment ratios for housing loans [2][29]. Company Dynamics - Poly Developments reported a 25.1% decrease in sales volume for the first nine months of the year, totaling 10.104 million square meters [2][33]. - New City Holdings issued offshore bonds worth $160 million at a rate of 11.9% [2][33]. Sector Performance Review - The SW Real Estate Index fell by 0.82%, underperforming the broader market, which saw the CSI 300 Index decline by 0.51% [2][38]. - The report identifies top-performing real estate stocks, including Hefei Urban Construction and Zhongrun Resources, while noting significant declines in others like Shenzhen Deep Housing [2][40].

Group 1 - The Ministry of Industry and Information Technology and six other departments issued a plan to enhance the role of service-oriented manufacturing in high-quality development by 2028, aiming to establish 20 standards, create 50 leading brands, and build 100 innovation development hubs [2] - Shanghai government announced a future industry fund of approximately 15 billion yuan to focus on key areas such as controllable nuclear fusion and brain-computer interfaces, promoting innovation resource aggregation [3] - The Ministry of Housing and Urban-Rural Development emphasized the importance of "good housing" and urban renewal as future construction priorities, with plans to accelerate the establishment of a new real estate development model [4] Group 2 - Guangdong Province appointed Meng Fanli as the acting governor, following the resignation of Wang Weizhong [5] - Three gold jewelry companies in Shenzhen's Shui Bei area were investigated for suspected illegal gambling activities, leading to criminal measures against their executives [6] - The National Olympic Sports Center's former director is under disciplinary review and investigation for serious violations of discipline and law [6] Group 3 - The U.S. government shutdown entered its 11th day, with President Trump ordering the Defense Secretary to ensure military personnel are paid during the shutdown [8] - A significant explosion at a military explosives factory in Tennessee has resulted in at least 18 missing persons, with no survivors found so far [8] Group 4 - Tianan Insurance announced it would be unable to repay a 5.3 billion yuan bond due to insufficient solvency, raising concerns about its financial stability [12] - Shenzhou Digital's controlling shareholder was recently divorced, with potential implications for the company's ownership structure due to previously frozen shares valued at approximately 3.39 billion yuan [13] Group 5 - Dongfeng Motor Group appointed Feng Changjun as the new general manager, which may impact the company's strategic direction and governance structure [10][11] - Ansteel Group appointed Guo Bin as the new general manager, indicating potential changes in the company's operational strategy [14] - Xiang Dang was officially appointed as the chairman of Great Wall Asset Management, which has over 570 billion yuan in total assets, suggesting a focus on stability and strategic development [15] Group 6 - Country Garden is undergoing a debt restructuring process for nine domestic bonds, with eight bonds' restructuring plans approved, totaling approximately 13.42 billion yuan [16]

在今天上午举行的国务院新闻办"高质量完成'十四五'规划"系列主题新闻发布会上，住房城乡建设部部 长倪虹在回答第一财经记者提问时表示，"好房子"承载着千家万户对美好生活的向往。住房城乡建设部 重点抓好标准、好设计、好材料、好建造、好运维等五个方面工作。通过推动这五项工作，相信在"十 五五"期间，"好房子"会展现在消费者面前。 ...

Core Insights - The Chinese real estate market is undergoing a transformation, shifting from a phase of large-scale expansion to one focused on improving existing stock and efficiency during the "14th Five-Year Plan" period [1] Group 1: Market Trends - The "stock" market is becoming the main focus, with 15 provinces reporting that second-hand housing transactions have surpassed new housing sales, indicating a significant shift in market dynamics [1] - The supply of housing is increasingly coming from the renovation and upgrading of existing properties, with over 2,387 urban village renovation projects and more than 2.3 million housing units constructed for resettlement during the "14th Five-Year Plan" [1] Group 2: Sales Dynamics - The proportion of existing home sales is expanding, reflecting deeper reforms in real estate development, financing, and sales systems. In the first eight months of this year, existing home sales increased by 11.7% year-on-year, while pre-sale housing sales decreased by 11.8% [2] - Existing home sales accounted for 35.4% of total sales in the first eight months, an increase of 4.6 percentage points compared to the entire year of 2024 [2] Group 3: Resource Allocation - The interconnection of "people, houses, land, and money" is crucial for the transformation of the real estate market. The Ministry of Housing and Urban-Rural Development will guide local governments to determine housing demand based on population changes and to arrange land supply and financial resources accordingly [2] Group 4: Quality Housing Initiatives - The concept of "good housing" has been emphasized, with standards for "good housing" being defined in terms of design, materials, construction, and maintenance. This initiative aims to improve both new and existing housing [3]

Core Insights - The "14th Five-Year Plan" period has seen significant achievements in high-quality housing and urban construction, with a focus on sustainable development and improving living conditions for citizens [2][4]. Housing Market Performance - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold nationwide, with over 11 million units of various types of affordable housing constructed, benefiting over 30 million people [2]. - The secondary housing market is expanding, with 15 provinces and cities reporting higher transaction volumes than new homes [2]. Construction Industry Transformation - The construction industry is undergoing a transformation towards industrialization, digitalization, and sustainability, with a total output value reaching 32.7 trillion yuan and an added value of 9 trillion yuan by 2024 [3]. Urban Renewal and Community Development - Over 240,000 old urban communities have been renovated, benefiting more than 40 million households and 110 million people [4]. - Significant infrastructure improvements include the installation of 129,000 elevators and the addition of over 340,000 parking spaces [4]. Quality Housing Standards - New housing standards have been implemented, raising the minimum floor height from 2.8 meters to at least 3 meters and mandating elevators in buildings over four stories [7]. - A national housing design competition has attracted nearly 2,000 proposals, focusing on both new constructions and renovations [8]. Innovative Building Materials and Techniques - The promotion of new building materials, including green materials, aims to enhance housing quality and reduce waiting times for residents [9]. - A comprehensive operational manual has been developed to ensure that new housing meets specific quality and safety standards [10]. Lifecycle Management and Community Services - A safety management system for the entire lifecycle of buildings is being established, alongside initiatives to improve property services and address residents' concerns [11]. Real Estate Market Stability - The stability of the real estate market relies on the effective allocation of resources related to people, housing, land, and finance, with ongoing efforts to develop housing plans based on population changes [12].

Policy, Industry, and Land - The central government is focusing on high-quality urban development and market-oriented reforms, with a policy collaboration aimed at stabilizing the real estate industry [2] - The real estate market is showing signs of stabilization, with a narrowing decline in sales and prices compared to the same period in 2024, although new home sales continue to face challenges [3] - The land market is experiencing a trend of reduced volume and improved quality, with a 9% year-on-year decline in the transaction scale of operating land in 300 cities, marking the lowest level since 2019 [4] City and Product - New home supply and demand have both decreased by 20% year-on-year, but first-tier cities are showing resilience with positive cumulative year-on-year transaction growth [6] - The "good housing" initiative is being actively promoted, with various regions implementing policies to enhance standards and regulations, indicating a potential "golden era" for the industry [7] Performance and Financing - The overall performance of real estate companies continues to stabilize, with about 30% of the top 100 companies reporting year-on-year growth, although challenges remain due to buyer confidence and inventory pressures [9] - Financing remains low, with a 30% year-on-year decline in financing volume, but several companies have successfully restructured their debts [10]

（原标题：老百姓最关心的"好房子"要解决什么问题？归纳叫"6633"） 住房城乡建设部部长倪虹10月11日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，老百姓最关心的"好房子"要解决什么问题，归纳叫"6633"。其中第一个"6"是有"六不"，不霉、不 堵、不漏、不吵、不裂、不臭，第二个"6"是这个房子要"六防"，能防电、防火、防灾、防盗、防撞、 防摔。两个"3"，第一个"3"是"三省"，要省心、省地、省钱。第二个"3"是"三要"，要健康、要实用，还 要有关怀。这才是好房子。 ...

在城市人居环境质量提升方面，倪虹介绍，"十四五"期间，全国累计改造城镇老旧小区24万多个，惠及 4000多万户、1.1亿人；加装电梯12.9万部，增设停车位340多万个、养老托育等社区服务设施6.4万个； 更新改造供水、燃气、供热等地下管网84万公里；打造"口袋公园"1.8万多个、城市绿道2.5万公里， 以"小切口"改善"大民生"。 同时，住房城乡建设领域改革进一步深化。"我们深化住房和房地产领域改革，加快构建房地产发展新 模式，完善住房供应体系，改革完善房地产开发、融资、销售等基础性制度，建立人、房、地、钱要素 联动新机制。"倪虹说，五年来，我国深化城市建设领域改革，健全城市体检和城市更新一体化推进机 制，建立城市建设运营投融资新体系，构建城市高效能治理新模式，努力形成适应城市高质量发展的政 策制度和法规体系。 新华社北京10月11日电（记者王优玲）住房城乡建设部部长倪虹11日在国新办举行的"高质量完成'十四 五'规划"系列主题新闻发布会上介绍，"十四五"期间，人民群众住房条件进一步改善。全国累计销售新 建商品住宅面积约50亿平方米；建设筹集各类保障性住房和城中村、城市危旧房改造等安置住房1100多 万套（ ...

建设人民满意的"好房子" 从五个方面发力 中新网10月11日电 国新办11日上午举行"高质量完成'十四五'规划"系列主题发布会，介绍"十四五"时期 住房城乡建设高质量发展成就。 住房城乡建设部部长倪虹表示，"好房子"承载着千家万户对美好生活的向往。党中央、国务院作出了建 设安全、舒适、绿色、智慧"好房子"的决策部署，住房城乡建设部抓这项工作，重点抓五个方面。第 一，建设"好房子"得有一个好的标准，第二得有好的设计，依照好的标准，做出好的设计，才能保证这 个房子从起点上好。第三，好的设计得有好的材料来建造。第四，有好的建造，得做到人民群众想要的 不漏、不堵。第五，得有好的运维，保证房屋全生命周期能够保持在良好的应用状态。所以，我们就从 这五个方面来推动工作。 倪虹表示，全文强制的《住宅项目规范》已经于今年5月1日正式实施，全国住宅设计大赛也已开展，将 在今年底评出获奖的方案。同时，住房城乡建设部还通过"揭榜挂帅"的方式，推动研发适用于"好房 子"的新型建材，很多建筑企业、设计单位现在也都在下功夫研究建造"好房子"。为了在"好房子"的运 维上下功夫，未来一方面要建立房屋全生命周期的安全管理制度，另一方面将对物业服 ...