（日前，中建东孚发布了"好房子Joylife"价值系统。受访者/图） 日前，中国共产党第二十届中央委员会第四次全体会议公报正式发布。其中，房地产相关的表述置 于"加大保障和改善民生力度"部分，明确提出要"推动房地产高质量发展"。 《中国经营报》记者注意到，今年以来，在房地产领域"好房子"频频被提及。今年5月，住房和城乡建 设部相关负责人透露，有关部门正在组织编制《好房子建设指南》。 此外，今年5月1日起开始实施的《住宅项目规范》也以住宅项目整体为对象，规定了住宅项目的规模、 布局、功能、性能和关键技术措施，有力支撑城镇住宅项目高质量发展。 对此，龙头房企也开始加速布局谋篇。记者从中建东孚方面获悉，日前中建东孚已经发布了Joylife好房 子价值系统。该系统满足中建好房子营造体系中101项基础需求，完善59项提升需求，定制27项特色需 求，能够显著升级居住舒适度与功能完善度。 中经记者 杨让晨 上海报道 中建东孚党委副书记、总经理张涛表示，中建东孚凝聚全国多个重点城市的丰富开发经验，聚焦人居体 验本质、回归家庭生活本真，此次精心定制、全新打造推出了好房子Joylife系统，将为"好房子"衷心奉 上中建东孚的答案 ...

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证券研究报告：房地产|行业周报 发布时间：2025-10-27 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2370.55 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1870.99 | 行业相对指数表现 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《投资与销售双降 楼市调整压力持 续》 - 2025.10.20 2025 年 10 月 23 日，中国共产党第二十届中央委员会第四次全 体会议公报明确提出"推动房地产高质量发展"，标志着"十五五"时期 房地产行业正式从规模扩张转向品质提升的新阶段。"推动房地产高 质量发展"被纳入"保障和改善民生"框架，政策重心从"稳增长"转向"促 品 ...

Core Viewpoint - The recent Fourth Plenary Session of the Central Committee has marked a significant shift in the approach to real estate, emphasizing the need for high-quality development within the framework of improving people's livelihoods, indicating a strategic integration of real estate with national development goals [2][3]. Group 1: Policy Developments - The Fourth Plenary Session's communiqué is the first to explicitly mention real estate, integrating it into the broader context of improving living standards and promoting common prosperity [2]. - The central bank has reiterated its commitment to maintaining financial stability and addressing risks in the real estate market for two consecutive weeks [5]. - Local governments have been actively releasing policies to stabilize the market, with 13 provinces and cities announcing measures to support the real estate sector [6][11]. Group 2: Economic and Social Implications - High-quality development in real estate is seen as a crucial pillar for stabilizing the macro economy and driving sustainable growth through consumption upgrades and effective investment [3][4]. - Establishing a comprehensive housing supply system is essential for addressing urgent public needs, thereby enhancing the quality of life and social cohesion [3]. Group 3: Industry Transformation - The focus on high-quality development represents a fundamental shift for the real estate industry, moving away from reliance on scale expansion towards quality enhancement, aiming for a more resilient and sustainable growth phase [4]. - Policies promoting "good housing" and ensuring affordable housing are increasingly being emphasized, with various local initiatives aimed at improving housing quality and accessibility [7][12]. Group 4: Local Initiatives and Innovations - Cities like Hangzhou are implementing innovative subsidy models, such as "home purchase + consumption vouchers," to stimulate both real estate sales and consumer spending [8][11]. - Specific measures in cities like Shanghai and Guangzhou are aimed at enhancing the quality of construction and service in the real estate sector, indicating a trend towards higher standards in housing development [7][12].

Core Insights - The real estate market in Weihai is experiencing a positive trend, with new residential property signing area increasing by 5.7% year-on-year from September to early October, surpassing the provincial average growth rate by 4.5 percentage points [5][4][6] - High-quality housing, referred to as "good houses," is becoming the main driver of sales in the Weihai real estate market, with significant interest from buyers [2][4] Market Performance - During the National Day holiday, new residential property transactions in Weihai increased by 8.36% year-on-year, indicating a steady growth trend in the market [5] - Specific projects like Haier's Guo Lan and Shengze Jiayuan have seen high customer engagement, with over 40 units sold since September [4][2] Quality Standards and Initiatives - Weihai has implemented the "Weihai Good House Lifecycle Standard Guidelines," which includes 28 specific standards across six dimensions, focusing on quality, safety, health, comfort, and environmental sustainability [5] - The guidelines categorize standards into basic, differentiated, and characteristic types, emphasizing green building and community amenities [5] Promotional Activities - Over 20 promotional events have been organized since September to enhance market confidence and showcase the appeal of Weihai's residential offerings [6][8] - Activities include property tours combined with local sightseeing, attracting potential buyers from outside the region [8][9] Future Plans - Weihai plans to continue promoting high-quality housing and will develop a comprehensive real estate development plan to guide future projects [11] - The city aims to enhance its real estate brand by focusing on market demand and improving housing quality and services [11]

不仅是北京，近一段时间以来，各地"好房子"相关政策的落地，给新房市场带来了显而易见的变化。在 武汉，记者走访多个楼盘项目发现，"好房子"成了激活市场的关键，有的项目开盘就售罄。在广东，当 地房企新推的项目也纷纷将"好房子"作为宣传重点，而且推新的节奏明显加快，还加大了促销力度。 在北京，记者近日分别走访了多个在售楼盘后发现，最近一段时间以来，选择工作日去看房的客户，就 有不少。在这个五环外的在售楼盘，销售人员告诉记者，9月底开盘以来，他们的客流就很不错。 北京市民 万女士：就是有政策的加持，然后再有"好房子"的出现，我们就马上做决定了。 国家统计局日前发布了9月份70个大中城市商品住宅销售价格变动情况，数据显示，9月份70个大中城市 中，商品住宅销售价格环比下降，同比降幅继续呈收窄的态势。进入十月，各地楼市又有哪些新变化 呢？记者在多地走访后发现，近来各地房企促销和优惠的态度更加积极，叠加近期的楼市政策，促使楼 市长期下行压力进一步缓解。 房企促销优惠更加积极 提振成交热度 深圳市某楼盘销售经理 王一勇：在购房的优惠力度上面，我们也有一定加码，对购房者购买商品房也 是有一定的利好刺激作用。 除了促销和推介的力 ...

Group 1 - The core point of the article is that the Chinese real estate industry is transitioning from "scale expansion" to "quality improvement," with a focus on "good housing" as defined by the recent policy changes [1] - The market is experiencing a shift in logic from "having a house to live in" to "living in a good house," indicating a significant change in consumer preferences and market dynamics [1] - Concerns have been raised about whether the emphasis on "good housing" will significantly impact the second-hand housing market [1] Group 2 - In Beijing, the land supply structure indicates that new housing is primarily located outside the Fifth Ring, leading to a scarcity of new homes in core areas, which drives demand for second-hand homes [3] - The transaction data shows that in September 2025, new home sales in Beijing reached 460,000 square meters, a 21% month-on-month increase and a 22% year-on-year increase, while second-hand home transactions were 16,000 units, also reflecting a 19% increase [3][4] - The differentiation in sales speed between core and suburban areas reinforces the value of second-hand homes in prime locations, as new homes struggle to compete with the established advantages of older properties [4] Group 3 - In smaller cities, the increase in new housing supply tends to negatively impact the second-hand housing market due to the similarities in functionality and the more attractive features of new homes [5][6] - The overlap between new and second-hand homes is higher in lower-tier cities, with a reported 16.5% overlap in third and fourth-tier cities compared to 8.6% in first-tier cities, indicating a more competitive environment for second-hand homes [7][8] - The fundamental logic for homebuyers remains focused on "cost-performance," with larger cities prioritizing location and amenities, while smaller cities emphasize the product itself [9] Group 4 - Two critical variables affecting the relationship between new and second-hand homes are the age and quality of second-hand properties and the influence of policies and population movement [10] - In cities with aging second-hand homes, new properties can significantly disrupt the market, while in areas with newer second-hand homes, competition remains balanced [10] - The core market contradiction is shifting from "new versus old" to "supply versus demand," highlighting the complexity of the housing market dynamics [11][12]

Core Insights - The real estate market is showing signs of recovery, driven by promotional activities and favorable policies, leading to a reduction in long-term downward pressure on housing prices [1][6]. Group 1: Market Trends - In September, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, but the year-on-year decline is narrowing [1]. - Recent visits to various cities indicate that real estate companies are more actively promoting sales and offering discounts, which has positively impacted market activity [2][4]. Group 2: Policy Impact - The introduction of "good housing" policies has significantly influenced the new housing market, with some projects selling out quickly upon opening [4]. - Various cities are implementing "old-for-new" housing initiatives to stimulate market activity, with successful examples including Shandong's multiple models and Zhejiang's recent campaign that gathered over 8,100 new residential units from 38 developers [4][6]. Group 3: Consumer Preferences - There is a noticeable shift in consumer preference towards smaller, more affordable units and improved housing options, with increased demand for 100 square meter new homes and well-located two-bedroom apartments [7]. - In Guangzhou, the policy allowing public housing funds to be used for down payments on second-hand homes has broadened the scope of financing options for buyers [8].

国家统计局日前发布了9月份70个大中城市商品住宅销售价格变动情况，数据显示，9月份70个大中城市中，商品住宅销售价格环比下降，同比降幅继续呈收 窄的态势。进入十月，各地楼市又有哪些新变化呢？记者在多地走访后发现，近来各地房企促销和优惠的态度更加积极，叠加近期的楼市政策，促使楼市长 期下行压力进一步缓解。 房企促销优惠更加积极 提振成交热度 在北京，记者近日分别走访了多个在售楼盘后发现，最近一段时间以来，选择工作日去看房的客户，就有不少。在这个五环外的在售楼盘，销售人员告诉记 者，9月底开盘以来，他们的客流就很不错。 北京市民 万女士：就是有政策的加持，然后再有"好房子"的出现，我们就马上做决定了。 不仅是北京，近一段时间以来，各地"好房子"相关政策的落地，给新房市场带来了显而易见的变化。在武汉，记者走访多个楼盘项目发现，"好房子"成了激 活市场的关键，有的项目开盘就售罄。在广东，当地房企新推的项目也纷纷将"好房子"作为宣传重点，而且推新的节奏明显加快，还加大了促销力度。 深圳市某楼盘销售经理 王一勇：在购房的优惠力度上面，我们也有一定加码，对购房者购买商品房也是有一定的利好刺激作用。 除了促销和推介的力度更积 ...

Group 1 - The core viewpoint is that the 20th Central Committee's Fourth Plenary Session emphasizes promoting high-quality development in the real estate sector, with a focus on creating "good houses" and urban renewal during the 14th Five-Year Plan period [1] - The real estate market in China is currently in an adjustment cycle, and the development will revolve around achieving a higher level of housing quality [1] - The industry should enhance risk prevention by strengthening regulation throughout the entire process of real estate development, financing, and sales [1] Group 2 - The future of the real estate industry should focus on lifecycle services rather than just development, emphasizing the importance of both hardware and software in housing [2] - The property service sector has significant growth potential that has been largely underestimated, and there is a need to improve service levels in areas such as elderly care, childcare, and domestic services [2] - Implementing actions to enhance residential services will not only improve living conditions for citizens but also expand new growth opportunities for the industry [2]