Core Viewpoint - The Beijing real estate market is showing signs of recovery, with significant increases in new residential property transactions following favorable government policies aimed at boosting credit and lowering mortgage rates [1][2]. Group 1: Market Trends - From May 1 to May 5, the net signed transactions for new residential properties in Beijing reached 302 units, a year-on-year increase of 114%, with a total area of 34,200 square meters, up 107% [1]. - In the first four months of the year, the cumulative transaction volume for new residential properties in Beijing was 12,689 units, nearly flat compared to the previous year [1]. - The market is experiencing a trend of differentiation, with a growing demand for high-quality properties, indicating a shift towards a "good house" era where competition intensifies [1][5]. Group 2: Consumer Demand - Over 70% of current market transactions are driven by buyers seeking improved living conditions, who have higher expectations regarding location, price, and property quality [5]. - The demand for properties with features such as ceiling height, layout, usable area, and landscaping design is increasing, which challenges developers' capabilities [5]. Group 3: Product Innovation - The "Zhaoshang Sequence" project is positioned as a "good house" in Yizhuang, featuring innovative designs such as balconies, elevated first floors, and weather-protected corridors [8]. - The project has incorporated extensive market research, analyzing over 200 potential buyers to understand their housing needs [8][10]. - The design includes a 150-meter covered corridor connecting various community facilities, enhancing social interaction and usability during harsh weather [10]. Group 4: Educational Value - Yizhuang's educational resources have become a significant draw, with substantial annual investments in education and a strong network of quality schools [14][19]. - The area has seen a consistent economic growth rate, with a GDP of 364.93 billion yuan in 2024, marking a 9% increase, and attracting over 1,300 foreign enterprises [19]. - The combination of product innovation and educational certainty is reshaping the market, as buyers increasingly value these factors over traditional location-based metrics [19].

Core Viewpoint - The implementation of the new "Residential Project Standards" starting May 1 aims to enhance living quality and drive transformation in the real estate industry, focusing on safety, comfort, sustainability, and innovation in residential construction [1][5][8]. Group 1: New Regulations and Market Response - The new regulations mandate a minimum ceiling height of 3 meters and require elevators in residential buildings with four or more floors, which is expected to improve living conditions [1][5]. - The launch of projects that meet the "good housing" standards has attracted significant buyer interest, as seen in Shanghai and Yantai, where new developments sold out quickly [1][3]. - Developers are increasingly focusing on high-quality housing that emphasizes smart home features, green living, and comprehensive amenities to meet evolving consumer demands [3][4]. Group 2: Quality and Innovation in Housing - The new standards are anticipated to drive further upgrades in housing quality and innovation, with a focus on flexible layouts and shared community spaces [5][7]. - The regulations also emphasize the importance of natural light, sound insulation, and energy efficiency, which are critical for modern residential design [5][6]. - The shift towards "good housing" reflects a broader trend in the industry, moving from basic housing needs to a focus on livability and environmental integration [4][9]. Group 3: Impact on Real Estate Market - The elevation of national housing standards is expected to compel real estate companies to innovate in product development and construction techniques, potentially stimulating demand for improved housing options [8][9]. - The new regulations may create a divide in the market, benefiting high-quality developments while potentially disadvantaging lower-quality projects that do not meet the new standards [10][11]. - The focus on upgrading older housing stock through renovations and improvements aligns with the new standards, potentially increasing the market value of older properties [10][11].

证券研究报告 房地产 行业点评报告 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com hyzqdatemark 2025 年 05 月 08 日 公积金利率下调，稳楼市股市意义重大 投资评级： 看好（维持） ——国新办新闻发布会点评 本报告是机密文件，仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司客户。本报告是基于本公司认为可靠的已公开信 息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工具、意见及推测等只提供给客户作参考之用，并非作为或被视为 出售或购买证券或其他投资标的的邀请或向人作出邀请。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求， 在任何时候均不构成对任何人的个 ...

每经记者｜包晶晶 每经编辑｜陈梦妤 "房企不再唯销售金额论，在销售策略方面也开始'一城一策'，聚焦高质量发展，提升签约回款率，以优质项目修复毛利率。"中指研究院研究主管王琳在5 月6日举行的中指市场形势及企业研究成果分享会上分析。 今年前4个月，百强房企累计销售总额约11198.6亿元，同比下降10.2%，降幅较1～3月基本持平。4月单月，百强房企销售额同比下降16.9%，较3月单月降幅 有所扩大。 但从5月首周市场情况来看，北京、上海、杭州、南京、成都等重点城市仍有多个优质项目入市，以中高端改善产品为主。加之央行降准降息"靴子落地"， 多家机构均认为5月房地产市场有望继续修复。 房企不再唯规模论 "无论投资、营销还是产品，房企都选择了精准投资，效率为先，同时聚焦好房子，加速去化增量与存量。上市房企已鲜少提及具体销售目标，大多以近年 平均水平为基准，说明房企不再唯销售金额论。"王琳说。 据中指研究院统计，今年前4个月，保利发展累计销售额876亿元，领跑百强；绿城中国和华润置地累计销售额分别为710.2亿元和685亿元，排在第二和第三 位；中建壹品、中国中铁、鸿荣源集团等累计销售额进入前20名。 | 排名 | ...

华夏时报（www.chinatimes.net.cn）记者 刘诗萌 北京报道 过去几年来，在房地产供求关系发生重大变化的背景下，好房子、好小区、好社区、好城区"四好"技术标准体系 成为房地产行业转型升级、构建新发展模式的重要政策抓手。2025年3月，"好房子"首次写入政府工作报告，住建 部部长倪虹也在民生记者会上预告，在组织编制《好房子建设指南》、修订《住宅项目规范》时，将住宅的层高 标准提高到不低于3米。 5月1日，作为"好房子"的国家标准，新版《住宅项目规范》（下称《规范》）正式实施。过去两年间，北京、深 圳、杭州、成都等热门城市都曾出台"好房子"相关标准，而此次新规的实施，意味着一场居住革新行动将在全国 范围内全面开展，以住房建设的品质化升级，重新塑造房地产行业生态。 住宅基础性要求提升 "好房子"是今年以来房地产政策着墨最多的重点之一。不过，回顾近几年的政策脉络会发现，"好房子"概念本身 就是在当前市场发展新阶段应运而生的。2023年年初的全国住房城乡建设工作会议上，建筑业被单独强调，要求 建筑业作为重要的实体经济，守住为社会提供高品质建筑产品的初心。其中也提到，要下功夫抓住宅，开展设计 竞赛，打造优 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the real estate market activity in Guangzhou during the "May Day" holiday, with notable increases in both visitor numbers and sales transactions compared to the previous year [4][11] - The number of visits to major residential projects in Guangzhou increased by 30% year-on-year, while the subscription volume surged by 73% during the holiday period [4][11] - Several projects reported impressive sales figures, such as the Poly Tianyao with 5,000 visits and over 200 units sold, and the sales revenue of the Guangzhou Metro Real Estate projects exceeding 15 billion yuan [6][10] Group 2 - Developers actively promoted new products and sales activities, with over 3,700 new homes registered before the holiday, indicating a strategic push to attract buyers [5][9] - The competitive landscape among developers intensified, with major players like Yuexiu Real Estate and Poly Group reporting over 6,000 visits and sales exceeding 1,000 units during the holiday [9][10] - The market is characterized by a focus on high-quality properties, with developers responding to consumer demand for better quality and value, leading to a "quality over quantity" approach in new home offerings [11][17] Group 3 - The second-hand housing market also showed resilience, with an average daily transaction volume of 371 units during the holiday, despite facing competition from new homes [12][16] - The average transaction price for second-hand homes in Guangzhou fluctuated between 23,700 yuan and 31,100 yuan per square meter, reflecting a diverse pricing landscape [12][16] - The overall market sentiment remains positive, with expectations of a rebound in second-hand transactions following the holiday, supported by ongoing policy measures aimed at stabilizing the housing market [17]

热点城市平均涨幅超80% 中原地产统计数据显示，热点城市五一假期整体楼市相比去年同期平均涨幅都超过80%，但环比4月则 均有下调。以北京为例，5月5日北京二手房网签28套，5月共网签109套，同比上涨接近100%。 实际上，五一假期前市场就出现了先行指标季节性盘整。中原地产数据显示，在新房方面，重点40城周 度成交量环比上升23%；新房来访指数为0.36，处于历年长假前夕的平均水平。在二手房方面，市场总 体平稳且优于去年同期，重点15城周度成交量环比上升8%，一线城市中原报价指数总体微升。 广东省住房政策研究中心首席研究员李宇嘉称，今年五一假期，广州楼市新房成交明显好于去年。广州 贝壳数据显示，4月27日—5月3日，贝壳广州新房成交超过1000套，明显高于去年同期。从广州市场来 看，中心区几个改善型新盘五一假期的来访、认购量均较为火热。比如，广州保利9个项目五一假期来 访超过5000组，认购超过15亿元，约在150—200套。 今年以来，一些重点城市楼市逐步回暖。以北京市场为例，数据显示，4月1日至29日，北京新建商品房 网签成交3010套，同比上涨30%；网签成交均价为65178元/平方米，同比上涨15%。 ...

部分城市持续加大住房补贴、住房"以旧换新"等优惠支持力度；多地提高公积金贷款最高额度，降低公积金贷款首付比例；国家标准《住宅 项目规范》5月1日起施行……记者"五一"假期走访上海、深圳、成都、南京、青岛等地看到，政策利好下，多地楼市带看量、成交量明显上 涨，"好房子"令人期待。 "五一"假期多地楼市活跃度提升 5月1日10时许，在位于山东青岛的海信·君玺项目，讲解问答声打破了售楼处的寂静。记者在现场看到，前来看房、签约的市民中，既有"全 家福"式的看房阵容，也不乏刚下火车便拎着箱子前来签约的年轻人。 据这个项目的营销经理朱文祥介绍，目前小区的去化率已达80%，"假期首日前来复看的购房者已达25组，预计签约量较去年同期上涨 30%。" 新华社北京5月7日电 题：活跃度提升 "好房子"受期待——"五一"假期多地楼市观察 新华社记者 5月1日，在山东青岛的海信·君玺项目售楼处，购房者正在咨询。新华社记者 张钟仁 摄 同样在"五一"假期，位于成都市青羊区的建发书香云锦项目样板间人来人往。记者了解到，"五一"期间，该项目每天大约接待客户百余组， 成交以建面143平方米以上的改善型户型为主。 记者走访深圳、青岛、南京等地 ...

今年五一假期期间整体楼市表现略显平淡。 CRIC监测的19个重点城市认购面积同比微降4%，但仍有部分热点城市认购面积同环比齐增。 一方面，假期居民外出旅游热情显著高于购房热情，据文化和旅游部数据中心测算，假期五天全国有3.14亿人次出游，同比增长6.4%，国内游客出游总花 费1802.69亿元，同比增长8.0%，一部分购房需求被假期出游分流。 另一方面，不同城市呈现出显著的差异化行情，新政利好型城市北京、上海、深圳均有不同程度回调，广州、天津、武汉等城市延续弱修复行情，合肥、 南京、长沙等城市整体认购面积同比降幅均在4成以上。 仍有一部分城市新房保持一定热度，比如核心区域改善盘以及一些折扣力度较大的刚需盘，另外部分城市四代宅等新规项目入市带动短期市场热度回升。 01 19城新房认购同比微降4% 不同城市行情分化 考虑到备案数据或将延迟，CRIC结合克而瑞城市机构调研数据显示，19个重点城市五一假期认购面积仅为122.2万平方米，环比下降35%，同比下降4%， 回暖动力略有不足，五一整体认购表现较为平淡。 不过在差异化行情下，仍有部分城市认购面积同环比齐增，比如广州五一期间认购同环比分别增长27%和40%，武汉 ...

Group 1 - The real estate market in Beijing experienced a significant surge in activity during March and April, with over 19,000 second-hand homes signed in March and more than 15,000 in April, indicating a strong market performance referred to as "golden March and silver April" [1][6] - The introduction of "special price" homes during the May Day holiday has proven effective for sales, with properties like a 140 square meter unit priced at 9.8 million yuan and a 93 square meter unit at 6.45 million yuan, showcasing competitive pricing in the market [2][3] - The overall market heat continued into April, with a reported 15,569 second-hand home transactions, reflecting a year-on-year increase of 16.59%, despite a month-on-month decrease of 19.05% [6][7] Group 2 - The easing of credit policies and the optimization of purchase restrictions have contributed to a recovery in buyer confidence, leading to increased demand in the housing market [6][10] - The trend of "price for volume" is expected to continue in the second-hand housing market, as inventory levels rise and sellers face pressure to reduce prices to stimulate sales [7][10] - The recent land auction activity indicates a growing interest in high-quality projects, with significant transactions such as a 12.6 billion yuan land deal in Chaoyang District, suggesting a robust outlook for future developments [9][10]