1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The report presents a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market information. It shows that the global economic situation is complex, with various factors influencing different markets. For example, the Sino - US economic and trade consultations have reached a series of consensus, which will have an impact on trade and related industries; the gold market is in a high - frequency volatile stage, and the demand and price trends are affected by multiple factors; the bond market has different trends at home and abroad, and the currency and exchange markets also show certain fluctuations [1][2][25] 3. Summary by Relevant Catalogs 3.1 Macro Data - In September 2025, GDP growth rate decreased to 4.8% from 5.2% in the previous quarter, but was higher than 4.6% in the same period last year. Manufacturing PMI rose to 49.8% from 49.4% in the previous month, and non - manufacturing PMI decreased to 50.0% from 50.3%. Social financing scale, M0, M1, M2, and other indicators also showed different trends. CPI was - 0.3% year - on - year, and PPI was - 2.3% year - on - year. Fixed - asset investment decreased by 0.5% year - on - year, while social consumer goods retail sales increased by 4.46% year - on - year. Exports and imports increased by 8.3% and 7.4% respectively year - on - year [1] 3.2 Commodity Investment 3.2.1 Comprehensive - The Sino - US economic and trade consultations in Kuala Lumpur reached a series of consensus, including the cancellation of 10% "fentanyl tariff" on Chinese goods by the US, the suspension of some export control and investigation measures, and the expansion of agricultural product trade. The Ministry of Commerce issued an implementation plan for expanding green trade, promoting the greening of foreign trade transportation and the use of clean energy. On October 30, 39 domestic commodity varieties had positive basis, and 28 had negative basis. The Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.25% [2][3][4] 3.2.2 Metals - The Ministry of Commerce formulated the application conditions and procedures for tungsten, antimony, and silver export state - owned trading enterprises from 2026 - 2027. Gold entered a high - frequency volatile stage, and many banks adjusted the purchase rules of gold accumulation products. In the third quarter of 2025, global central banks increased their gold purchases, with a net purchase of 220 tons, an increase of 28% from the second quarter and 10% year - on - year. China's retail gold investment and consumption demand reached 152 tons in the third quarter, a 7% year - on - year decrease, but the amount reached 120.4 billion yuan, a 29% year - on - year increase. The target price range of gold at the end of 2026 was raised by Wells Fargo. The inventories of some metals such as tin, zinc, and aluminum decreased [6][7] 3.2.3 Coal, Coke, Steel, and Minerals - Henan Province issued an action plan for the quality improvement and upgrading of the steel and coal industries, aiming to promote enterprise restructuring and integration, and improve the level of clean development and intelligent construction [8] 3.2.4 Energy and Chemicals - The World Bank predicted that global commodity prices may decline for the fourth consecutive year in 2026. The US Treasury Secretary mentioned issues such as the integration of the shipbuilding industry, Japan's energy dependence, and potential investment. The US Energy Secretary said that the US could supply natural gas and oil to South Korea. Ukraine will resume importing natural gas through the Trans - Balkan route in November, and Nigeria approved a 15% import tariff on gasoline and diesel [9][10][12] 3.2.5 Agricultural Products - As of October 30, 113 A - share food and beverage listed companies' Q3 2025 reports showed that the total revenue was 630.845 billion yuan, a year - on - year increase of 1.99%, and the net profit was 137.676 billion yuan, a year - on - year decrease of 0.26%. India will impose a 30% import tariff on yellow peas from November 1. The EU Commission adjusted the forecast of ordinary wheat production and maintained the forecasts of other indicators [14][15] 3.3 Financial News 3.3.1 Open Market - On October 30, the central bank conducted 342.6 billion yuan of 7 - day reverse repurchase operations, with an operating interest rate of 1.40%, and the net investment was 130.1 billion yuan [16][17] 3.3.2 Important News - The leaders of China and the US held a meeting, and the economic and trade teams reached a consensus on resolving issues. The Sino - US economic and trade consultations in Kuala Lumpur achieved multiple consensus results. Five departments jointly issued a document to improve the duty - free shop policy from November 1. 500 billion yuan of new policy - based financial instruments have been fully invested, which is expected to drive the total project investment to exceed 7 trillion yuan. The central bank released the 2025 RMB internationalization report. The weighted average interest rate of newly issued commercial personal housing loans in Q3 2025 was 3.07%. The pilot area of pension wealth management products was expanded to the whole country. The Ministry of Housing and Urban - Rural Development proposed to build a new real estate development model. 21 troubled real estate enterprises completed debt restructuring, with a total debt resolution scale of about 1.2 trillion yuan. The Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points. The US federal government shutdown may cause economic losses. The US Treasury Secretary mentioned the selection of the Fed Chairman. The central banks of Japan and Europe maintained their benchmark interest rates unchanged. Meta Platforms' corporate bond issuance received a large - scale subscription. Some companies had bond - related major events, and overseas credit ratings of some companies were adjusted [18][19][22] 3.3.3 Bond Market Summary - The sentiment in the inter - bank bond market was warm, with bond yields falling, and most Treasury bond futures rising. The money market interest rates mostly declined. The yields of some financial bonds of policy - based banks were determined. The yields of European and US bonds rose [25][28][29] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1107, down 116 points from the previous trading day. The US dollar index rose, and most non - US currencies fell [30] 3.3.5 Research Report Highlights - CITIC Securities believed that the bond market had insufficient odds and winning rates in 2025, and a defensive strategy was more advantageous. It also expected the Fed to cut interest rates by 25 bps in December. Huatai Fixed Income thought that Hong Kong - style urban investment institutions had investment value [31][32][33] 3.4 Stock Market - A - shares declined with heavy trading volume, with technology - related stocks falling and the lithium - battery industry chain rising. The Shanghai Composite Index fell 0.73%, the Shenzhen Component Index fell 1.16%, and the ChiNext Index fell 1.84%. The total trading volume was 2.46 trillion yuan. Hong Kong stocks also declined, with the Hang Seng Index falling 0.24%. Southbound funds had a net purchase of 13.641 billion Hong Kong dollars. The margin trading balance of A - shares exceeded 2.5 trillion yuan, and the semiconductor industry received significant net purchases from margin funds [34][35]

Core Viewpoint - The financial performance of Shoukai Co., Ltd. has shown significant improvement in the third quarter of 2025, with substantial growth in revenue and a notable recovery in profitability, indicating a strong foundation for high-quality development [1][2]. Financial Performance - In the first three quarters, the company achieved operating revenue of 23.186 billion yuan, representing a year-on-year increase of 60.31% [2]. - The net profit attributable to shareholders saw a significant reduction in losses, improving by over 1.1 billion yuan compared to the previous year [2]. - The gross profit margin increased by 4.12 percentage points to 11.03%, positioning the company at a leading level within the industry [2]. Cash Flow Improvement - The net cash flow from operating activities turned positive, reaching 5.049 billion yuan, marking a fundamental shift from significant outflows to positive inflows [3]. - This improvement in cash flow alleviates short-term liquidity pressures and provides a solid financial foundation for future project development and debt repayment [3]. Funding Support - The company benefits from strong support from its major shareholder, Shoukai Group, which plans to provide up to 3 billion yuan in perpetual bond financing [4]. - The company has also enhanced its financing capabilities, successfully issuing private bonds totaling 1.206 billion yuan at a low interest rate of 2.79% [4]. - The backing from state-owned enterprises and a solid operational foundation help the company withstand industry uncertainties [4]. Strategic Development - The company has made strategic land acquisitions, including a key plot in Beijing's Chaoyang District for 446 million yuan, which is expected to enhance its competitiveness in the high-end residential market [5]. - In the first three quarters, the company recorded a total of 847,000 square meters of project completion, with a balanced layout focusing on both Beijing and surrounding high-quality areas [6]. - The recent policy guidance from the 14th Five-Year Plan emphasizes high-quality development in the real estate sector, aligning with the company's strategic direction [6]. Future Outlook - With ongoing project advancements in core areas of Beijing and a favorable policy environment, the company is positioned to capitalize on market recovery and transition from stable recovery to high-quality growth [6].

Core Insights - The land auction market in October showed a mixed performance, with a decline in overall transaction scale but instances of high premium land sales [1][2][4] Group 1: Market Performance - In October, the national operating land transaction area decreased by 13% month-on-month and 25% year-on-year, totaling 60.57 million square meters [1] - The transaction amount for the same period was 151.9 billion yuan, reflecting a month-on-month decline of 20% and a year-on-year decline of 35% [1] - The average premium rate for land auctions fell to 2.7%, marking a new low for the year, with a land abandonment rate of approximately 5% [1][2] Group 2: High Premium Transactions - Despite the overall market contraction, core cities maintained high transaction activity, with several key cities witnessing high total prices, premiums, or unit prices for residential land [2] - The highest total price for a land parcel in October was in Shanghai's Jing'an district, where a consortium won the bid for 7.737 billion yuan with a premium rate of 9.03% [2] - The highest unit price was recorded in Shanghai's Xuhui district at 148,500 yuan per square meter, with a total transaction price of 4.465 billion yuan and a premium rate of 10% [2][3] Group 3: Regional Highlights - Other cities also experienced high premium land sales, such as Changsha, Hangzhou, and Chengdu, with premium rates exceeding 18% in several cases [3] - In Qingdao, a land auction involved intense competition, resulting in a premium rate of 25.77% for a parcel won by Hisense [3] Group 4: Future Outlook - The recent release of the "15th Five-Year Plan" emphasizes the need for a new model in real estate development, focusing on optimizing housing supply and improving quality [6] - The market is expected to see further optimization in land supply, with a focus on quality improvement and meeting demand [6]

10月28日，"十五五"规划建议全文公布，将"推动房地产高质量发展"放在了"加大保障和改善民生力度，扎实推进全体人 民共同富裕"，强化了房地产的民生属性，以及在保障和改善民生中的地位。 出品 | 搜狐财经 作者 | 王泽红 对于推动房地产高质量发展，《建议》明确了五个方向： 一是加快构建房地产发展新模式，完善商品房开发、融资、销售等基础制度； 二是优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本住房需求； 三是因城施策增加改善性住房供给； 四是建设安全舒适绿色智慧的"好房子"，实施房屋品质提升工程和物业服务质量提升行动。 五是建立房屋全生命周期安全管理制度。 房地产新模式显"雏形"，高质量发展不仅是建"好房子" 实现房地产高质量发展的主要抓手，就是房地产发展新模式，自2021年12月经济工作会议提出到2025年10月25日，差不 多过去四年时间，一直不断提出探索、推动、构建发展新模式。10月11日，住建部进一步明确新模式的内涵，并且提出 了新的说法。 "新模式的根基包含三大块：基础性制度、供应体系、人房地钱要素联动。" 广东省住房政策研究中心首席研究员李宇嘉 总结道，其中基础性制度主要是针对过去旧模式下 ...

Group 1: Economic Development Goals - The "15th Five-Year Plan" outlines key economic and social development goals, emphasizing high-quality growth, technological self-reliance, and the expansion of the middle-income group [2][3] - The plan aims for economic growth to remain within a reasonable range, with a focus on improving total factor productivity and synchronizing income growth with economic growth [2][4] Group 2: Modern Industrial System - The plan emphasizes the construction of a modern industrial system centered on advanced manufacturing, highlighting the importance of maintaining a reasonable proportion of manufacturing in the economy [4][5] - It aims to enhance the resilience and competitiveness of the industrial system in response to global technological and trade challenges [4][6] Group 3: Technological Innovation - The plan calls for accelerating high-level technological self-reliance, focusing on original innovation and key core technology breakthroughs [6][7] - It promotes the integration of technological and industrial innovation, advocating for a collaborative mechanism among government, industry, academia, and finance [6][7] Group 4: Domestic Market Expansion - The plan stresses the importance of building a strong domestic market and enhancing the interaction between supply and demand [8][9] - It aims to increase residents' disposable income and stimulate consumption while optimizing government investment structures [8][9] Group 5: Open Economy - The plan outlines a strategy for gradually expanding institutional openness and maintaining a multilateral trade system [9][10] - It emphasizes optimizing trade development pillars, including goods, services, and digital trade, to enhance competitiveness [9][10] Group 6: Employment and Housing - The plan focuses on promoting high-quality and sufficient employment, addressing structural employment issues while ensuring income stability [11][12] - It aims to establish a new model for real estate development, emphasizing high-quality housing supply and meeting diverse housing needs [12]

Core Viewpoint - The meeting emphasized the importance of high-quality development in the housing and urban construction sector, focusing on new models for real estate development and enhancing the supply of affordable housing to meet the needs of urban workers and families in difficulty [1][3]. Group 1: High-Quality Development - The meeting highlighted the need to accelerate the construction of a new model for real estate development, improving the basic systems for commodity housing development, financing, and sales [1][3]. - It stressed the importance of optimizing the supply of affordable housing and increasing the supply of improved housing based on local conditions [3]. Group 2: Modernization and Innovation - The meeting called for the promotion of intelligent construction and green building methods, aiming for the industrialization, digitalization, and greening of the construction industry [1][3]. - It aims to consolidate and enhance the construction industry's position and competitiveness in the global industrial division of labor [1][3]. Group 3: Urban Development and Governance - The meeting underscored the need for urban development to focus on quality, advocating for urban renewal as a key approach to optimize urban structure and enhance quality [3]. - It emphasized the importance of modernizing governance in mega cities, improving community management, and enhancing the scientific, refined, and intelligent levels of urban governance [3][4]. Group 4: Implementation and Planning - The meeting identified the need to integrate the spirit of the 20th Central Committee's Fourth Plenary Session into the housing and urban construction work, ensuring that the decisions and deployments of the Central Committee are implemented [3][4]. - It called for high-quality preparation of the "14th Five-Year" plan for the housing and urban construction sector, aligning with national development goals and tasks [4].

记者丨李莎 编辑丨李果 日前，《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》（后简称《建 议》）公布。 与"十四五"规划纲要在新型城镇化的框架中部署房地产工作不同， 《建议》对房地产的安排 主要集中在民生保障部分内容 ，核心任务是推动房地产高质量发展。 为落地这一方向，《建议》部署了五方面具体任务：加快构建房地产发展新模式，完善商品房 开发、融资、销售等基础制度。优化保障性住房供给，满足城镇工薪群体和各类困难家庭基本 住房需求。因城施策增加改善性住房供给。建设安全舒适绿色智慧的"好房子"，实施房屋品质 提升工程和物业服务质量提升行动。建立房屋全生命周期安全管理制度。 清华大学土木水利学院院长吴璟向21世纪经济报道记者表示， 《建议》单独用一段话来论述 推动房地产高质量发展，而且将其放在保障和改善民生部分，这释放出重要信号 ："十五 五"时期房地产高质量发展，将回归住房相关产业的初心与使命，即服务居民家庭对更高品质 居住生活的需求。这是"十五五"时期房地产业发展的首要目标，也是理解和把握房地产高质量 发展的首要出发点。 吴璟认为，《建议》对房地产的部署，总体延续了近期有关部门已在开展的工作思路，" ...

Core Viewpoint - The report emphasizes the importance of improving the financing system for real estate development to support high-quality growth in the sector, with a focus on the urban real estate financing coordination mechanism and the "white list" project loan approval system [1][2][3] Group 1: Financing System Improvement - The improvement of the real estate financing system is a crucial task in constructing a new model for real estate development and promoting high-quality growth [1] - The "white list" project loan approval amount has exceeded 7 trillion yuan, effectively supporting the construction and delivery of commercial housing projects [1] - The guidance for commercial banks to provide an additional 2.2 trillion yuan in loans through the "white list" mechanism has been highlighted as a significant achievement in financial work since November 2024 [1] Group 2: New Financing Model - The new financing system under the real estate development model includes a lead bank system, ensuring that funds for project development, construction, and sales are managed by a designated bank or syndicate [2] - The focus for the 15th Five-Year Plan period will be on establishing a clear responsibility and risk isolation framework within the real estate financial and operational order [2] - Effective measures such as the urban real estate financing coordination mechanism and the project "white list" system will be promoted to provide stable and predictable financing channels for compliant projects [2] Group 3: Policy Direction - The implementation of project development company systems and urban real estate financing coordination mechanisms will remain key policy directions during the 15th Five-Year period [3] - Efforts to regulate fund supervision and improve the financing environment for enterprises are expected to be further implemented, ensuring project construction and delivery while protecting the legal rights of homebuyers [3]

Core Viewpoint - The recently published "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the high-quality development of real estate, focusing on improving people's livelihoods rather than urbanization frameworks as seen in the previous plan [1][3]. Group 1: Key Tasks for Real Estate Development - The "Suggestions" outline five specific tasks for real estate development: constructing a new development model, optimizing the supply of affordable housing, increasing the supply of improved housing, building safe and comfortable "good houses," and establishing a safety management system for the entire lifecycle of housing [1][3][4]. - The emphasis on "good houses" indicates a shift towards quality in housing, aligning with the needs of residents for better living conditions [8][10]. Group 2: Policy Continuity and Stability - The approach taken in the "Suggestions" reflects a continuation of recent policy directions, ensuring coherence and stability in real estate policies during the 15th Five-Year Plan period [2][3]. Group 3: Housing Attributes and Quality - The document highlights the residential and livelihood attributes of real estate, marking a transition from viewing housing primarily as an economic asset to recognizing it as a fundamental aspect of people's lives [3][6]. - The focus on optimizing the supply of affordable housing signifies a strategic shift from merely increasing quantity to enhancing quality and structure in housing supply [6][7]. Group 4: New Development Model - The priority of constructing a new real estate development model includes reforms in pre-sale systems, enhancing housing quality, and optimizing financing structures to reduce systemic risks [4][5]. - The introduction of a risk warning mechanism for real estate companies is aimed at preventing cross-market risk transmission [4]. Group 5: Localized Policy Implementation - The "Suggestions" advocate for localized policies to increase the supply of improved housing, emphasizing the need for tailored approaches based on specific city conditions [5][7]. - This approach aims to balance market dynamics with social guarantees, enhancing the living standards of residents [5][6]. Group 6: Quality Improvement Initiatives - The emphasis on the construction of "good houses" and the implementation of quality improvement projects for existing housing reflects a commitment to elevating living standards [8][10]. - The establishment of a comprehensive safety management system for housing throughout its lifecycle is a significant institutional advancement for ensuring quality [11].

Core Viewpoint - The recently published "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the high-quality development of the real estate sector, focusing on improving people's livelihoods rather than urbanization frameworks as in the previous plan [1][2]. Group 1: Key Tasks for Real Estate Development - The "Suggestions" outline five specific tasks for promoting high-quality real estate development: constructing a new development model, optimizing the supply of affordable housing, increasing the supply of improved housing, building safe and comfortable "good houses," and establishing a safety management system for the entire lifecycle of housing [1][2][3]. - The emphasis on "good houses" indicates a shift towards quality in housing supply, reflecting the need to meet the demands of residents for better living conditions [7][8]. Group 2: Policy Continuity and Focus - The approach in the "Suggestions" continues the recent work of relevant departments, ensuring policy coherence and stability in the real estate sector during the 15th Five-Year Plan period [2]. - The term "housing" appears 13 times in the document, highlighting the focus on housing's role in living conditions and its significance as a social issue [2][4]. Group 3: New Development Model - The first priority in the "Suggestions" is to accelerate the construction of a new real estate development model, which includes reforms in pre-sale systems and enhancing housing quality through comprehensive quality control standards [3][4]. - The financing aspect emphasizes optimizing the financing structure and establishing risk warning mechanisms to mitigate systemic risks in the industry [3][4]. Group 4: Housing Supply Optimization - The shift from "effectively increasing the supply of affordable housing" to "optimizing the supply" reflects a strategic transition towards quality and structural improvements in housing policy [5][6]. - The focus on "increasing the supply of improved housing" tailored to city-specific needs indicates a more precise approach to housing supply during the 15th Five-Year Plan [6][8]. Group 5: Quality and Lifecycle Management - The "Suggestions" stress the importance of enhancing the quality of existing housing and services, marking a significant increase in attention to improving the quality of the housing stock [8][9]. - Establishing a safety management system for the entire lifecycle of housing is seen as a crucial institutional support for ongoing quality improvements in the real estate sector [9].