这些实践充分印证了行业的一个共识：在土地红利逐渐消退的当下，建筑企业唯有深度重构产品力、技 术力和服务力，才能在激烈的市场竞争中赢得未来。以《青岛市"好房子"建设技术导则（试行）》为 例，该导则明确提出，住宅建筑在设计、生产、建造、交付、运行维护等全过程中，宜采用建筑信息模 型（BIM）技术。近年来，在与海尔、保利、华润等企业合作的多个高档住宅项目中，德才股份对BIM 技术进行了娴熟应用，充分展现了其技术实力。 作为山东省首家A股上市建筑企业，德才股份的核心竞争力在于其全建筑产业链布局。目前，公司拥有 1项特级资质和34项壹级（甲级）资质，能够提供从可研论证、规划设计、方案策划，到建筑设计、幕 墙设计、景观设计、装饰装修设计等全产业链一体化设计以及全生命周期服务。这种以设计为核心的全 产业链布局，使得新技术能够更加精准地应用于"好房子"的建设中。凭借35项顶级资质构建的技术矩 本报记者刘钊 《住宅项目规范》国家标准即将于5月1日正式实施。这份文件从层高、隔音、适老化等多个维度， 为"好房子"建设划定了清晰的基准线，成为推动建筑业向"安全、舒适、绿色、智慧"全面升级的关键力 量。此前，北京、山东、江苏等近十个省 ...

Core Viewpoint - The Beijing housing market has shown significant growth in both new and second-hand home transactions in the first quarter, driven by strong product offerings and price adjustments, indicating a favorable time for buyers [1][2][4]. Group 1: Market Performance - In Q1, Beijing's new home transactions reached 9,700 units, a year-on-year increase of 12.3%, while second-hand home transactions totaled 43,000 units, up 31.9% [2]. - March saw particularly high activity, with new home sales at 4,850 units, a month-on-month increase of 111% and a year-on-year increase of 36%. Second-hand home sales were 19,234 units, up 62% month-on-month and approximately 35% year-on-year [2]. - As of April 23, new home sales in April were 2,503 units, and second-hand home sales were 11,255 units, totaling 13,758 units [5]. Group 2: Price Trends - New home prices in Beijing decreased by 0.2% month-on-month and 5.7% year-on-year in March, with a cumulative decline of 5.6% year-on-year in Q1 [2]. - The price adjustments have led to increased market activity, with some previously stagnant projects gaining traction through competitive pricing strategies [4]. Group 3: Policy and Market Dynamics - The "Good House" policy is expected to provide further support to the Beijing housing market, with local authorities emphasizing the importance of stabilizing the market and enhancing housing quality [5]. - New residential projects entering the market are creating a "catfish effect," prompting developers to improve product quality to meet discerning buyer expectations [6]. Group 4: Competitive Landscape - Developers are increasingly focusing on product differentiation, with new projects featuring superior designs and amenities to attract buyers [6]. - The recent launch of the Jianfa Jinmao Guancheng project has been well-received, achieving a sales volume of 22.4 billion yuan with 207 units sold out of 282 available [7]. - Conversely, other projects like Jingtou Sen and Tianceng have struggled, with only 393 out of 1,094 units sold, indicating a competitive market where quality and pricing are critical [8].

昼间卧室的噪声限值不大于40dB（分贝）、层高不小于3米且不大于3.6米⋯⋯ 今年2月，重庆版"好房子"新规——《住宅设计标准》正式实施。该标准明确指出，住宅层高不应小于3米，且不宜大于3.6米。据克而瑞监测数据，自2024 年以来，重庆典型住宅项目的平均层高已达到3.06米。 《每日经济新闻》记者注意到，近期重庆购房者对"好房子"的讨论热情高涨，期待值也极高。以龙湖·观萃、金茂·璞印金开等为代表的项目咨询量显著增 加。据铭腾机构预测，到2025年，重庆的第四代住宅可能会迎来快速增长，未来两年内将突破80个。 典型项目平均层高达3.06米 与5月1日开始实施的住建部《住宅项目规范》相比，重庆的"好房子"标准已经执行了两个多月。 实际上，早在2024年10月，重庆就启动了"好房子""好小区""好社区"标准的编制工作。同年11月，重庆市住房城乡建委发布了推荐性地方标准——《住宅设 计标准》（以下简称《标准》），鼓励大家积极选用。其中对重庆市城镇新建的住宅建筑，改建、扩建住宅建筑的层高作出了具体要求：住宅层高不应小于 3米，且不宜大于3.6米。该《标准》于今年2月起正式施行。 来源：重庆市住房和城乡建设委员会官网 ...

Core Viewpoint - The recent launch of the "XU" series product by China Merchants Shekou in Beijing emphasizes a comprehensive value system for housing, focusing on safety, comfort, sustainability, and intelligence in residential development [1] Group 1: Product Features - The "XU" series product is designed based on the national housing strategy, incorporating seven dimensions: worry-free living, health and comfort, low-carbon sustainability, smart convenience, craftsmanship, aesthetic renewal, and attentive service [1] - The architectural planning includes units ranging from approximately 91 to 165 square meters, with a maximum efficiency rate of 96% for usable space [2] - The project features three storage systems that utilize scientific zoning, modular combinations, and smart solutions to create an efficient storage environment [3] Group 2: Design and Amenities - The design is inspired by the flight posture of swallows, featuring spaces like sunken clubs, sunken courtyards, and weatherproof corridors, all reflecting a dynamic aesthetic [1] - The community includes a dual clubhouse vertical social system, a heated swimming pool, fitness areas, squash courts, children's activity zones, a reading room, and a tea room, catering to diverse age groups [1] - A "deep sleep room" is integrated with advanced soundproofing technologies to create a tranquil sleeping environment [3] Group 3: Smart Community Features - The smart community employs facial recognition for door access and elevator controls, enhancing the homecoming experience with seamless technology [3] - A comprehensive safety system is established with six intelligent shields, including real-time monitoring of personnel and equipment, ensuring a secure living environment [3] Group 4: Upcoming Developments - The demonstration center for the "XU" series is set to open in the near future, showcasing the product's features and design [4]

4月27日，第三十六届国际制冷、空调、供暖、通风及食品冷冻加工展览会(简称"2025中国制冷展")在 上海新国际博览中心拉开帷幕。展会首日，松下举办2025年商住产品发布会，面向低碳社会，介绍 EMS能源管理系统助力环境友好型店铺的实例，重磅推出6恒气候站全新升级系列等产品，商住双擎发 力，共绘绿色人居未来。 松下控股株式会社全球副总裁、集团中国东北亚总代表本间哲朗，松下电器中国东北亚公司总裁CEO木 下步，松下电器(中国)有限公司总裁赵炳弟，松下电器中国东北亚公司执行副总裁、住建空间事业部事 业部长中山正春等出席发布会。 松下自进入中国市场以来，始终以消费者的切实需求为出发点，持续深耕中国市场。近5年，松下在中 国新建扩建19个事业网点，中国已经成为松下在海外最重要的事业基地。松下控股株式会社全球副总 裁、集团中国东北亚总代表本间哲朗在开幕致辞中表示：松下依托百年积累的技术底蕴，发挥全品类家 电与空间设计融合的优势，为中国消费者带来"安全・安心・舒适"的居住体验，更通过节能环保技术积 极推动中国"双碳"目标的实现，让科技与绿色共生。未来，松下将继续以创新驱动发展，以技术赋能生 活。 图：松下举办2025年商 ...

Core Insights - The implementation of the national standard "Good House" has led to a significant increase in new home transactions in Beijing, with a total of 7,855 units sold from March 1 to April 26, marking a 55.92% increase compared to January and February [1][3] - The focus on high occupancy rates and quality public spaces is becoming a new competitive arena as the market approaches saturation in terms of basic housing standards [1][11] Sales Performance - The new home market in Beijing has shown traditional seasonal characteristics during March and April, with a cumulative online signing volume of 7,855 units, reflecting a significant increase from the 5,038 units sold in January and February [3] - The "Good House" projects have gained a competitive edge in the market, attracting buyers who prioritize higher occupancy rates [3][4] Buyer Preferences - High occupancy rates have become a primary concern for buyers, with some projects achieving rates as high as 100%, significantly influencing purchasing decisions [1][7] - The demand for new homes remains strong, with projects like Zhonghai Lijinfu attracting high visitor numbers even before official openings, indicating robust buyer interest [5][6] Market Dynamics - Existing projects need to reassess their market strategies to remain competitive, potentially through price adjustments and diversified marketing approaches [4] - The introduction of "Good House" standards has revitalized the market, enhancing buyer interest and improving transaction activity [4][9] Competitive Landscape - As more "Good House" projects enter the market, competition is intensifying, particularly in terms of design and quality, leading to a potential homogenization of offerings [11][13] - The focus is shifting towards enhancing community public spaces as a key differentiator, with developers encouraged to innovate in this area to attract buyers [11][14]

Core Viewpoint - The new national standard for "good houses," the revised "Residential Project Specification," will be officially implemented on May 1, emphasizing safety, comfort, green technology, and intelligence in housing construction [2][3]. Group 1: New Standards and Guidelines - The revised "Residential Project Specification" defines "good houses" across four dimensions: safety, comfort, green, and smart, with specific standards for ceiling height, elevator installation, sound insulation, and facilities for the elderly [3][4]. - Compared to the previous version from 2011, the new standards raise requirements, such as increasing residential ceiling height from 2.8 meters to 3 meters and mandating elevators in buildings of four stories or more [3][4]. - Various cities, including Chengdu, Hangzhou, Shenzhen, and Beijing, are developing local guidelines based on the new standards, with specific requirements for green space, facilities, and elderly-friendly designs [4]. Group 2: Market Dynamics and Demand Shifts - The housing demand is shifting from "availability" to "quality," with an increasing focus on high-quality residential options, particularly in the context of improving living standards [6][8]. - The introduction of the "good house" standards and the relaxation of price controls have led to a noticeable increase in the supply of safe, comfortable, green, and smart housing [7]. - The market is witnessing a surge in demand for high-quality residential projects, with a reported average initial sales rate of 43% for new housing projects in 15 cities since the beginning of 2024 [7]. Group 3: Implications for Construction and Design - The new standards will transform the construction industry, moving from traditional development models to a focus on quality and service, thereby reshaping the competitive landscape of real estate [10]. - The design of residential buildings is evolving from merely meeting functional needs to optimizing user experience, necessitating enhanced design capabilities and technical skills [11]. - The construction sector will need to adopt advanced industrialized building methods to meet the new standards, which include higher requirements for safety, durability, and sustainability [11]. Group 4: Opportunities for Related Industries - The building materials and home furnishings industry is expected to experience growth due to increased demand for high-performance green materials and smart home technologies [11]. - Property management companies will face higher service standards, requiring the integration of smart management systems and a focus on green property management practices [12].

Group 1 - The concept of "Good House" is transforming the real estate industry and is now a significant policy focus for improving living quality and stabilizing the housing market [1][2] - Vanke is actively exploring and implementing the "Good House" concept, emphasizing product quality and service through its "Three Goods" philosophy [1][2] - Vanke's new project, Vanke Yinyue, features innovative customizable housing designs, marking a departure from traditional high-profit, low-cost strategies [2][5] Group 2 - The development of "Variable Housing" at Vanke Yinyue involves significant design and construction efforts, leading to higher costs but enhanced living experiences for residents [4][5][6] - Vanke Yinyue incorporates unique cultural elements, such as a reading space inspired by local heritage, enhancing community engagement and cultural resonance [7][8][11] - The project aims to create a vibrant community atmosphere through various amenities and services, fostering connections among residents [12][14] Group 3 - Vanke's approach extends beyond housing to community building, focusing on residents' lifestyle needs and creating spaces for social interaction [12][17] - Initiatives like community markets and seasonal services aim to enhance residents' daily experiences and strengthen community ties [21][23] - Vanke's strategy aligns with urban development goals, contributing to the revitalization of Northeast China through integrated community services and urban renewal projects [25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is recognized as a benchmark enterprise for quality housing, demonstrating sustained high-quality growth [6] - The company has a strong market position in Hangzhou, with significant sales performance and a focus on land acquisition in the region [6] - Financial forecasts indicate a slight decline in revenue but an increase in net profit over the next few years, reflecting operational resilience [5][6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 70,443 million, with a year-on-year growth rate of 69.7%. However, a decline to 65,708 million is expected in 2025, representing a -5.0% change [5][7] - The net profit attributable to the parent company is forecasted to increase from 2,546 million in 2024 to 2,810 million in 2025, reflecting a growth rate of 10.4% [5][7] - The company maintains a healthy gross margin of 12.5% in 2024, with expectations for slight improvements in subsequent years [5][6] Sales and Market Position - In 2024, the company achieved sales of 1,116 million, with an average selling price of 47,000 per square meter, significantly higher than the industry average [6] - The company plans to maintain its sales target at around 1,000 million for 2025, aiming to stay within the top 15 nationally [6] - The company has increased its market share in Hangzhou from 25% in 2023 to 38% in 2024, indicating strong competitive positioning [6] Land Acquisition and Debt Management - The company acquired land worth 448 million in 2024, with a focus on the Hangzhou market, which accounted for 97% of total acquisitions [6] - The company has successfully reduced its interest-bearing debt, with a financing cost decreasing to 3.4% [6] - The company plans to further decrease its interest-bearing debt to below 30 billion by 2025, ensuring financial stability [6]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes the need for continuous efforts to prevent and resolve risks in key areas, with a focus on implementing a comprehensive debt policy for local governments and accelerating the resolution of overdue payments to enterprises [6] - The report highlights the acceleration of urban renewal initiatives and the optimization of existing housing acquisition policies, indicating a significant expansion in the scope of urban renewal projects [6] - The report notes the clear objectives of stabilizing the real estate market and capital markets, with expectations for further supportive policies if market conditions weaken [6] - There is a strong emphasis on increasing the supply of high-quality housing, with the potential for significant growth in this new development track [6] Summary by Sections Urban Renewal and Housing Policies - The report discusses the government's commitment to urban renewal, particularly in transforming urban villages and dilapidated housing, with expectations for accelerated progress in these areas [6] - It mentions the government's intention to provide local governments with greater autonomy regarding the acquisition of existing housing, which is expected to lead to more flexible compensation methods [6] Market Stability and Future Policies - The report indicates that the central government has consistently emphasized the importance of maintaining stability in the real estate market since September 2024, with a focus on timely implementation of policies to support employment and economic stability [6] - It anticipates that if real estate market indicators continue to decline, additional supportive measures will be introduced [6] High-Quality Housing Supply - The report highlights the government's push for the construction of safe, comfortable, green, and smart housing, indicating a shift in market demand towards high-quality housing [6] - It suggests that the current housing demand is at a low point, but the structural demand is diversifying, creating opportunities for companies that can deliver high-quality housing [6] Investment Recommendations - The report recommends focusing on real estate companies with strong land acquisition capabilities and product quality, such as Binjiang Group, Jianfa Co., and Greentown China [6] - It also suggests monitoring second-hand housing intermediaries and property management companies as potential investment opportunities [6]