本报（chinatimes.net.cn）记者 李贝贝 上海报道 "十四五"收官在即。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"，为"十五五"房地产行业发展定调。 58安居客研究院院长张波向《华夏时报》记者分析指出，四中全会公报中提出的"推动房地产高质量发 展"，标志着行业发展已明确进入下一个阶段，即从规模扩张转向聚焦于提升品质与内涵。推动行业 从"量"的扩张转向"质"的提升："这不仅是行业健康发展的必然要求，也是满足人民群众对美好生活向 往的关键路径。" 中原地产首席分析师张大伟认为，在房地产市场处于深度调整与转型关键期的背景下，本次会议以"推 动高质量发展"为核心的政策框架清晰落地，"从'严控增量、优化存量'的供需调节到'好房子'建设的品 质导向，从房企融资支持到城市更新提速，一系列政策组合拳既回应了当前市场的突出矛盾，更勾勒出 房地产发展新模式的清晰路径，为行业企稳回升注入强劲动力。" "十四五"房地产行业"很不平凡" 2025年，是"十四五"收官之年。10月11日，住房和城乡建设部部长倪虹在国务院新闻办公室举行的"高 质量完成'十四五'规划"系列主题 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes improving the quality of life for the people, focusing on social welfare and public services, particularly in the areas of employment, income distribution, education, social security, real estate, health, and population [1][2]. Group 1: Public Services and Social Welfare - The session highlights the need for increased investment in social security and public services, especially in education and healthcare, to address the key life stages of the elderly and children [2][3]. - The expansion of basic public services will focus on "one old and one young," including childcare and elderly care, to meet the needs of an aging population and declining birth rates [3][4]. - The government is encouraged to innovate funding models and enhance the quality of public services to ensure equitable access for all citizens [2][3]. Group 2: Economic Development and Common Prosperity - Achieving common prosperity is linked to high-quality economic development, which requires advancements in industry, technology, and employment to increase income for the populace [2][3]. - The reform of the household registration system and urban integration of migrant populations are essential for fostering a sense of belonging and promoting common prosperity [2][3]. Group 3: Housing and Real Estate - The emphasis on promoting high-quality development in the real estate sector reflects the need to address housing as a fundamental public service, ensuring that citizens have access to quality housing [5][6]. - The real estate sector is seen as crucial for economic and social development, necessitating a shift in development philosophy among real estate companies [6]. Group 4: Equalization of Public Services - The goal of equalizing basic public services involves ensuring that services are provided based on residency rather than household registration, allowing migrant populations to access the same rights as local residents [9][10]. - The transition to a system based on permanent residents will require comprehensive reforms in public service funding and resource allocation [9][10].

Economic Outlook - The "15th Five-Year Plan" is positioned as a critical phase for achieving basic socialist modernization, with an implicit growth target of approximately 4.7%[2] - The meeting emphasized the importance of maintaining strategic determination and confidence in overcoming external risks while leveraging internal advantages[2] - The projected average GDP growth rate from 2026 to 2035 should not be lower than 4.4%, considering the goal of doubling GDP by 2035 compared to 2020 levels[2] Key Focus Areas - The significance of technology and national security has been elevated, with "self-reliance in technology" and "national security" being newly highlighted as major goals[2] - The construction of a modern industrial system is prioritized, with a focus on manufacturing, quality, aerospace, and transportation industries[2] - Emphasis on original innovation and tackling key core technologies to avoid being "choked" in strategic areas[3] Domestic Demand and Supply - The plan advocates for a dual interaction between supply and demand, promoting consumption and investment to stimulate economic growth[3] - The importance of expanding domestic demand is underscored, with a strategic focus on enhancing the domestic market's reliability and dynamism[3] Short-term Economic Goals - The meeting aims to achieve the annual economic and social development goals, with a GDP growth of 5% for the year being feasible given the 5.2% growth in the first three quarters[3] - There is potential for further policy support in the fourth quarter, with expectations of fiscal tools amounting to 1 trillion yuan being implemented[3] Risks and Challenges - Risks include misinterpretation of the meeting's spirit, potential delays in domestic policy implementation, and unexpected pressures in the real estate sector[3]

Group 1: Economic Goals and Development Strategy - The "15th Five-Year Plan" aims for significant achievements in high-quality development and technological self-reliance, with seven major goals outlined for the next five years[4] - By 2025, China's GDP is expected to reach approximately 140 trillion yuan, emphasizing a shift from speed to quality in economic growth[7] - The plan includes a target for per capita GDP to reach the level of middle-income countries, indicating a need for sustained annual GDP growth in a reasonable range over the next decade[8] Group 2: Technological Innovation and Self-Reliance - The emphasis on "high-level technological self-reliance" is crucial for leading new productive forces, with a focus on original innovation and key core technology breakthroughs[9] - In 2024, China's R&D investment is projected to exceed 3.6 trillion yuan, with a patent application count of 70,000, surpassing the US and Japan by 30% and 45% respectively[9] - The "three new" economy's value added is expected to account for 18% of GDP by 2024, with high-tech manufacturing growing by 42% compared to the end of the 13th Five-Year Plan[10] Group 3: Domestic Demand and Consumption - Domestic demand has contributed an average of 95.3% to economic growth from 1978 to 2024, highlighting its importance as a fundamental driver[12] - In the first three quarters of this year, final consumption expenditure contributed 53.5% to economic growth, driving GDP up by 2.8 percentage points[13] - The proportion of household consumption in GDP was 39.9% in 2024, indicating significant potential for growth compared to the global average of 56%[13] Group 4: Urbanization and Real Estate Development - Urbanization rates have increased from 29% in 1995 to 67% in 2024, with a focus on quality improvement rather than mere expansion[18] - The government plans to enhance housing supply and improve land supply structures to meet public housing needs, emphasizing the social aspect of housing[19]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of promoting high-quality development in the real estate sector as a key strategy for improving people's livelihoods and achieving common prosperity [2][4]. Group 1: High-Quality Development Framework - The new framework integrates "promoting high-quality development" of real estate into the broader context of improving people's livelihoods, marking a shift from viewing real estate merely as a tool for economic stimulus to a critical component of national strategies [4]. - The concept of "high-quality development" is multi-dimensional and systematic, focusing on urban development and renewal, and aims to create a robust supply system, rational resource allocation, and sound regulatory frameworks [6]. Group 2: Key Components of New Development Model - The new model includes four main aspects: 1. Improving the housing supply system to ensure clear roles for both affordable and market-based housing, while fostering a professional rental market [6]. 2. Establishing a mechanism linking "people, housing, land, and finance" to balance supply and demand based on population changes [7]. 3. Reforming real estate development, financing, and sales systems to ensure compliance and protect investors [7]. 4. Promoting the construction of safe, comfortable, green, and smart homes, enhancing standards and operational management throughout the housing lifecycle [7][10]. Group 3: Future Policy Adjustments - Future policy adjustments will reflect three core changes: 1. A comprehensive push for high-quality development that encompasses supply, demand, and operation, shifting focus from new development to optimizing existing resources [12]. 2. Accelerating the formation of a coordinated urban and rural development pattern, enhancing housing demand through urbanization and rural revitalization [13]. 3. Balancing the attributes of public welfare and market functions, ensuring that housing policies remain focused on people's needs while maintaining market vitality [14][15]. Group 4: Significance of High-Quality Development - High-quality development in real estate is crucial for economic growth, enhancing living standards, and ensuring sustainable industry development, transitioning from scale expansion to quality improvement [17].

中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会听取和讨论了习近平受中央政治局委 托所作的工作报告，审议通过了《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》。二十届四中全会公报与房地 产相关的主要内容如下： 全会提出了"十五五"时期经济社会发展的主要目标：高质量发展取得显著成效，科技自立自强水平大幅提高，进一步全面深化改革 取得新突破，社会文明程度明显提升，人民生活品质不断提高，美丽中国建设取得新的重大进展，国家安全屏障更加巩固。在此基 础上再奋斗五年，到二〇三五年实现我国经济实力、科技实力、国防实力、综合国力和国际影响力大幅跃升，人均国内生产总值达 到中等发达国家水平，人民生活更加幸福美好，基本实现社会主义现代化。 全会提出，建设强大国内市场，加快构建新发展格局。坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人紧 密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和可靠 性。要大力提振消费，扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点。 全会提出，优化区域经济布局，促进区 ...

10月23日，金科智慧服务集团股份有限公司宣布，其H股在香港联合交易所有限公司暂停买卖。此次暂 停交易自2025年10月23日上午9时13分开始，原因是金科服务需根据香港公司收购及合并守则刊发一份 载有内幕消息的公告。 ｜2025年10月24日星期五｜ NO.1 二十届四中全会：推动房地产高质量发展 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会提出，加 大保障和改善民生力度，扎实推进全体人民共同富裕。坚持尽力而为、量力而行，加强普惠性、基础 性、兜底性民生建设，解决好人民群众急难愁盼问题，畅通社会流动渠道，提高人民生活品质。要促进 高质量充分就业，完善收入分配制度，办好人民满意的教育，健全社会保障体系，推动房地产高质量发 展，加快建设健康中国，促进人口高质量发展，稳步推进基本公共服务均等化。 点评：推动房地产高质量发展是适应我国房地产市场供求关系发生重大变化的新形势，着眼于破解房地 产发展难题和防范风险、促进房地产市场平稳健康发展的重要举措。 NO.2 重庆合川拟以11.75亿元回购13宗闲置土地 10月22日，重庆市合川区发布第二批拟使用土地储备专项债券收回闲 ...

Core Insights - The report emphasizes the importance of adaptability in the face of global uncertainties, highlighting the need for proactive policy-making during the "Fifteen Five" period from 2026 to 2030 [2] - It identifies key areas of focus for the upcoming period, including technological self-reliance, high-level openness, regional development, and national defense [2] Group 1: Technological Development - The report states that China aims to significantly enhance its level of technological self-reliance, which is seen as a strategic support for national development [2] - It mentions the six key future manufacturing directions outlined by the Ministry of Industry and Information Technology, including future materials and future health [2] Group 2: Economic Policy and Openness - The report discusses the acceleration of high-level openness, emphasizing the importance of maintaining a multilateral trade system and expanding international cooperation [2] - It highlights the need for a strong domestic market and improved income distribution to support economic growth [2] Group 3: Regional Development and Coordination - The report connects regional development strategies with anti-involution policies, focusing on optimizing productivity layout and enhancing regional growth [2] - It stresses the importance of combining investments in goods and people to create new demand and supply [2] Group 4: National Defense and Security - The report outlines the government's commitment to strengthening national defense through various initiatives, including the construction of a strong manufacturing base and high-level technological self-reliance [2] - It emphasizes the need for a comprehensive approach to national security, integrating defense with economic and social development [2] Group 5: Market Implications - The long-term significance of the "Fifteen Five" policy layout is highlighted, suggesting that it provides a clearer path for China's economic transformation [2] - The report indicates that the capital market may respond positively to the structured description of transformation paths, particularly in sectors like manufacturing and consumption services [2]

#观察 四中全会公报的部分表述边际变化任务分析：“十四五”时期——全面建设社会主义现代化国家开局起步的关键时期。“十五五”时期——基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程中具有承前启后的重要地位。思想：“斗争精神”到“历史主动精神”；安全：新增“国家安全屏障”；提高公共安全治理水平；科技：新增“加强原始创新”（强调基础研究，针对卡脖子问题）；民生：“房地产高质量发展”；“人口高质量发展”（针对老龄化、低生育）。外汇交易员 (@myfxtrader):#四中全会 #全文 中国共产党第二十届中央委员会第四次全体会议公报： https://t.co/wHXYw6xxvl ...

二十届四中全会公报：全会提出，加大保障和改善民生力度，扎实推进全体人民共同富裕。坚持尽力而 为、量力而行，加强普惠性、基础性、兜底性民生建设，解决好人民群众急难愁盼问题，畅通社会流动 渠道，提高人民生活品质。要促进高质量充分就业，完善收入分配制度，办好人民满意的教育，健全社 会保障体系，推动房地产高质量发展，加快建设健康中国，促进人口高质量发展，稳步推进基本公共服 务均等化。 ...