Core Viewpoint - The Jinan Municipal Government is implementing measures to optimize the real estate market during the "14th Five-Year Plan" period, focusing on land supply, utilization efficiency, and public service improvements [1][2]. Group 1: Land Supply and Utilization - Jinan's natural resources and planning bureau is committed to the national policy of "strictly controlling increments, optimizing stock, and improving quality" in the real estate market [1]. - The city has introduced 15 measures to optimize the land market, including innovative land acquisition methods and mixed-use land functions, aiming to stimulate market investment [1]. - A total of 44,000 acres of residential land have been supplied, maintaining stable land prices and meeting both rigid and improved housing demands [1]. Group 2: Idle Land and Low-Efficiency Land Development - Jinan has developed "one land, one case" disposal plans for idle land, completing the disposal of 21,300 acres of idle land [2]. - The city is a pilot for low-efficiency land redevelopment, with policies supporting the revitalization of 27,000 acres of low-efficiency land [2]. - The natural resources and planning bureau aims to establish a new model for high-quality real estate development, aligning land supply with market demand and urban population [2]. Group 3: Future Development Goals - Looking ahead to the "15th Five-Year Plan," Jinan plans to enhance public service infrastructure, including education, healthcare, and transportation, through prioritized land supply [2]. - The city will incorporate affordable housing land into its annual supply plan and promote mixed-use development to support high-quality public service provision [2].

12月22日至23日，全国住房城乡建设工作会议在北京召开。会议指出，2026年，要着力抓好4方面工 作。 ——推进现代化人民城市建设，重点是：高质量开展城市更新，编制实施"十五五"城市更新专项规划， 抓好城市体检、更新试点，实施一批民生工程、发展工程、安全工程。以"绣花"功夫精细化推进城镇老 旧小区改造、完整社区建设、口袋公园建设、绿地开放共享、"温暖工程"建设、城市小微公共空间改 造，提升无障碍适老化环境品质。高质量实施"两重"、"两新"项目建设，持续开展地下管网改造和综合 管廊建设，常态化推进城市燃气管道老化更新改造，力争完成改造各类燃气管道3万公里。积极开展新 型城市基础设施建设。持续建设城市排水防涝工程体系、城市基础设施生命线安全工程；高效能推进城 市治理，推动建立城市管理统筹协调机制，发挥好"一委一办一平台"作用，深入开展城市管理进社区工 作，运用好"吹哨报到"、"接诉即办"等工作机制，深化城市管理和执法体制改革，持续推进城市管理执 法队伍标准化规范化建设；高标准建设文明城市，完善历史文化保护传承体系，全力抓好老城区和老街 区专项调查，深入开展国家历史文化名城专项评估和监测，完善城市风貌管理制度，以 ...

——夯实高质量发展基础支撑， 重点是：提升法治建设水平，完善标准体系，加快推出一批工作急需 的工程建设标准。加强统计分析，推动优化现行统计指标，强化统计数据分析应用。提升数智化水平， 加力推进城市信息模型（CIM）建设，推进人工智能与住房城乡建设领域深度融合。加强科技人才支 撑，谋划一批重点科技攻关项目，组织开展"建设英才"选拔。强化新闻宣传，统筹发挥中央主流媒体、 部新闻媒体和地方新闻媒体作用，营造良好社会氛围。加强国际交流合作，提升"中国建造"在国际市场 中的地位和竞争力。 12月22日至23日，全国住房城乡建设工作会议在北京召开。会议指出，2026年，要着力抓好4方面工 作。 ——推进现代化人民城市建设， 重点是： 高质量开展城市更新， 编制实施"十五五"城市更新专项规 划，抓好城市体检、更新试点，实施一批民生工程、发展工程、安全工程。以"绣花"功夫精细化推进城 镇老旧小区改造、完整社区建设、口袋公园建设、绿地开放共享、"温暖工程"建设、城市小微公共空间 改造，提升无障碍适老化环境品质。高质量实施"两重"、"两新"项目建设，持续开展地下管网改造和综 合管廊建设，常态化推进城市燃气管道老化更新改造，力争完 ...

Core Viewpoint - The article emphasizes the need to stabilize the real estate market in China through targeted policies and measures, focusing on inventory reduction, supply optimization, and the promotion of affordable housing initiatives [1]. Group 1: Policy Measures - The Ministry of Housing and Urban-Rural Development stresses the importance of city-specific policies to control supply, reduce inventory, and optimize housing supply [1]. - There is a push for the acquisition of existing commercial housing for use as affordable housing, relocation housing, dormitories, and talent housing [1]. - The article highlights the need for a quality improvement initiative for housing and the orderly promotion of "good housing" construction [1]. Group 2: Financing and Development - The article discusses the role of the "white list" system for real estate projects to support reasonable financing needs of real estate companies [1]. - It calls for city governments to effectively utilize their autonomy in real estate regulation, adjusting policies to support both rigid and improved housing demands [1]. - The article proposes a new model for real estate development, emphasizing the establishment of a project company system and a main bank system for financing [1]. Group 3: Sales and Consumer Protection - The promotion of a "see it, buy it" approach in property sales aims to fundamentally mitigate delivery risks [1]. - For those continuing with pre-sales, there will be a focus on regulating pre-sale fund supervision to protect the legal rights of homebuyers [1]. Group 4: Community and Service Improvement - The article mentions the deepening of housing provident fund system reforms and the implementation of property service quality enhancement actions [1]. - It explores new operational models for community organizations, including coordination between community committees, homeowners' committees, and property service companies [1]. - The article advocates for a "property service + life service" model to promote property services directly into households [1].

Core Viewpoint - The national housing and urban construction meeting highlighted the focus on high-quality development in housing and urban construction by 2025, with significant progress in urban renewal and the completion of housing delivery tasks by 2026 [1] Group 1: Urban Renewal and Housing Development - The implementation of the "14th Five-Year" urban renewal special plan will be prioritized, focusing on urban health checks, pilot updates, and various public welfare projects [2] - The city will enhance the quality of life through the renovation of old urban communities, construction of complete communities, pocket parks, and the improvement of barrier-free environments for the elderly [2] - Aiming to complete the renovation of 30,000 kilometers of aging gas pipelines, the city will also promote new urban infrastructure construction and improve urban drainage and flood prevention systems [2] Group 2: Real Estate Market Stabilization - The strategy will include controlling new supply, reducing inventory, and optimizing supply through urban renewal and the revitalization of existing land [2] - The government will support reasonable financing needs of real estate companies and adjust real estate policies to support residents' housing demands [2] - A new model for real estate development will be established, focusing on project company systems, main bank systems for financing, and promoting the sale of existing homes to mitigate delivery risks [2]

Core Viewpoint - The National Housing and Urban-Rural Development Work Conference emphasizes stabilizing the real estate market through targeted policies and measures to manage supply and demand effectively [1] Group 1: Policy Measures - The Ministry of Housing and Urban-Rural Development, led by Minister Ni Hong, focuses on city-specific strategies to control new supply, reduce inventory, and optimize supply [1] - There is a push for utilizing existing land through urban renewal and village redevelopment, including acquiring existing commercial housing for affordable housing and other uses [1] - The government aims to enhance the quality of housing supply and implement a housing quality improvement project to promote the construction of "good houses" [1] Group 2: Financing and Sales - The conference highlights the importance of the "white list" system for real estate projects to support reasonable financing needs of real estate companies [1] - Local governments are encouraged to utilize their autonomy in real estate regulation to adjust policies that support both rigid and improved housing demands [1] - The introduction of a main bank system for real estate financing and a shift towards selling existing homes to mitigate delivery risks are also emphasized [1] Group 3: Institutional Reforms - The reform of the housing provident fund system is set to deepen, aiming to improve service quality in property management [1] - New operational models are being explored for community organizations and property service companies under the leadership of community party organizations [1] - The initiative to integrate property services with daily life services aims to enhance the overall living experience for residents [1]

Core Viewpoint - The national housing and urban-rural construction work conference emphasized the completion of housing delivery tasks by 2025 and the need to stabilize the real estate market through a combination of policies [1] Group 1: Housing Delivery and Market Stabilization - The conference set a goal to fully complete housing delivery tasks by 2025 [1] - There is a focus on stabilizing the real estate market and winning the battle for housing delivery [1] - A "policy combination" will continue to be implemented to support these efforts [1] Group 2: Housing Supply and Financing - The approach to housing construction and purchase will be based on demand, with an increase in the supply of affordable housing [1] - The expansion and efficiency of the real estate financing "white list" projects will be promoted [1] - 38 cities will engage in self-renovation and original reconstruction of old housing [1] Group 3: Management and New Development Models - There will be improvements in the management and service efficiency of the housing provident fund [1] - A pilot program will be deepened to allow flexible employment individuals to participate in the housing provident fund system [1] - The conference aims to accelerate the establishment of a new model for real estate development [1]

【环球网财经综合报道】在12月10日至11日召开的中央经济工作会议上，针对房地产市场提出：着力稳定房地产市 场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保障性住房等；深化住房公积金制度改革，有 序推动"好房子"建设。加快构建房地产发展新模式。 《南华早报》近日发文称，中国房地产市场正在经历一场痛苦的重构。过去的市场改革释放了城市化进程和土地收入 依赖，推动了经济重塑。然而，自2015年至2021年的超级周期后，房价下跌、建设放缓和消费者信心受挫，对经济产 生负面影响。中国试图转向高科技制造业，但历史经验表明，房地产对经济的贡献不可忽视。 报道中也提到，建设中国的任务并未完成，政府推动"好住房"的新政策不仅仅是一句口号，中国正面临从量的短缺向 质的提升的转变，这标志着行业进入新的发展阶段，而非终结。 另据数据显示，部分城市凭借扎实的基本面、精准的政策支持和有效的市场供给，率先展现出趋稳向好的积极态势。 今年1-11月，深圳、南昌等七个城市新房与二手房交易总量同比实现超5%的增长，部分三四线城市也出现新房成交面 积增速正的增长。 ...

今年以来，各地公积金在加大对居民住房支持力度、扩大政策覆盖范围、推进异地互认等方面动作频 频。 各地正在密集优化公积金政策。 近日，石家庄出台公积金新政，提高租房提取额度，年度累计提取金额最高2.4万元/人；增加支付物业 费的提取项目，每人每年最高提取2000元；取消"商转公"不动产权证"两年"的限制条件，并优化房屋套 数认定标准。 根据中指研究院不完全统计，截至12月22日，2025年以来各地公积金优化政策约270条。该机构预计， 2026年政策优化的趋势将延续。 前不久中央经济工作会议召开，将深化住房公积金制度改革纳入明年房地产工作的重点任务。这意味着 这一长期被忽视的民生金融工具正被赋予助力稳定房地产市场、构建房地产发展新模式的新使命，也意 味着2026年公积金政策优化空间将进一步打开。 对此，中国社会科学院研究员、国家未来城市实验室副主任王业强向21世纪经济报道记者表示，这标志 着公积金制度从地方性技术调整升级为国家层面的系统性改革工程。公积金制度的改革潜力，核心在于 打破"属地封闭、功能单一"的结构性桎梏，向多功能、跨区域、全周期的综合保障平台演进，有望成为 构建房地产发展新模式的核心支点。 公积金 ...

2025 年 12 月 22 日 宏观深度研究 研究所： 证券分析师： 夏磊 S0350521090004 xial@ghzq.com.cn [Table_Title] 2026 年房地产展望 宏观深度研究 最近一年走势 相关报告 《宏观点评：中央经济工作会议的六大关键词*夏 磊》——2025-12-12 《2026 年宏观经济展望：变局中的突围*夏磊》— —2025-11-20 《宏观深度研究：从成交结构看购房者行为变化* 夏磊》——2025-10-29 《学习四中全会精神的五点心得*夏磊》—— 2025-10-24 《美联储议息会议点评：一次风险缓释的美联储降 息*夏磊》——2025-09-18 一线城市新房销售面积下降源于土地供应减少。自 2021 年起连续 四年土地供应大幅下滑，市场新增供给明显减少。这一现象在 2025 年延续，2025 年 1-10 月，一线城市月均土地成交建筑规划面积 104 万平方米，较前 4 年月均成交减少 65%。我们预计全年土地成交规 划建筑面积约 1268 万平方米，同比下降 28%。 2026 年，是"十五五"的开局之年。在促进房地产市场止跌回稳的 总基调之下，房地产 ...