Group 1 - Xi Jinping emphasized the importance of moral education for minors as a strategic foundational task, aiming to create a favorable social environment for their healthy growth [1] - The article highlights the need for a collective effort to support the healthy development of minors [1] - Xi Jinping's call to expand domestic demand is framed as a strategic move for economic growth [1] Group 2 - The State Council issued the "Regulations on Promoting National Reading" to enhance reading culture [1] - The Central Military Commission and the State Council released guidelines on military registration [1] - A joint announcement from the National Development and Reform Commission and other departments introduced rules for pricing behavior on internet platforms [1]

记者了解到，本次大会聚焦推动行业高质量发展，助力稳预期、促需求、增信心，深度解读四中全会精神，分享好产品、好服务、好 运营的优秀案例和实践经验，探索新形势下房地产业高质量发展模式和路径，搭建美好生活全产业创新、交流、合作平台，凝聚行业 智慧、探索新发展机遇。 "日本房地产发展历程对我国具有重要启示意义。"12月18日，在"广东省房地产行业协会2025年度会员大会暨第三届美好生活全产业 创新大会"上，住房和城乡建设部原总经济师赵晖提出上述观点。 赵晖认为，我国仍具备坚实的住房需求基础：户籍城镇化率仅为48%，人口持续向中心城市集聚；居民改善性住房需求旺盛；大量存 量住房亟待更新，部分新市民居住条件仍需提升；同时，居民购房能力不断增强，政策优化空间依然充足。因此，中国住房市场仍将 长期保持相当规模。 他表示，未来城市分化趋势将更加明显，一线和重点二线城市有望率先复苏并保持长期向好态势。这些城市将逐渐成长为具有全球影 响力的中心城市，发展潜力巨大。 赵晖特别强调，"好房子"正在成为市场新趋势。他指出，建筑质量是行业长远发展的基石，必须着力打造建造精致、功能稳定的高品 质住宅。此外，日本完善的住宅修缮机制值得借鉴，其 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement [3][29]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [3][29]. - The report suggests that while the real estate market continues to stabilize, core cities are expected to recover sooner [3]. Industry Data Summary New Housing Transactions - In the week of December 13-19, 2025, 34 key cities recorded a total new housing transaction volume of 3.095 million square meters, a week-on-week increase of 26.3% [4][6]. - Year-to-date, the total transaction volume for December is 7.416 million square meters, representing a year-on-year decrease of 30% [6][7]. - The transaction volume for new homes in first and second-tier cities was 6.866 million square meters, down 29.4% year-on-year [6][7]. Second-Hand Housing Transactions - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.192 million square meters, a week-on-week increase of 6.4% [12]. - The cumulative transaction volume for December is 3.29 million square meters, reflecting a year-on-year decrease of 32.9% [12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new housing, with a transaction volume of 1.07 million square meters, resulting in a transaction-to-launch ratio of 0.83 [22]. - The total available residential area in these cities is 90.354 million square meters, with a month-on-month increase of 0.2% [22]. Policy and News Tracking - The report highlights the Ministry of Housing's commitment to promoting high-quality development in the real estate sector, with a focus on maintaining market balance and stability [29][30]. - The Central Financial Office has proposed three measures to stabilize the real estate market for 2026, including controlling supply and supporting the transformation of real estate companies [30][32]. - Local policies, such as Shenzhen's focus on risk management for key enterprises and Shandong's "old-for-new" housing policy, are also noted [30][32].

一、常州购房资助政策升级！覆盖期房与二手房，最高补贴20万元。12月1日，江苏省常州市召开进一 步资助住房困难工薪群体购买商品住房政策吹风会。为让住房困难工薪群体享受"购房资助政策"购买商 品住房有更多房源选择，切实保障其刚性住房需求，常州市将在2025年实施"支持住房困难工薪群体购 买自住新建商品住房现房"政策的基础上，进一步加大力度，支持购买新建商品住房现房，拓展至既资 助购买新建商品住房现房，也资助购买新建商品住房期房和存量商品住房（指成套二手住房）。其中， 购买刚需型新建商品住房房源库（含现房和期房，以下简称"房源A库"）中的商品住房，并在2026年12 月31日前完成《商品房买卖合同》网签备案的，可获得购房款（以网签备案的《商品房买卖合同》所载 为准）的15%但不超过20万元的购房资助。购买存量商品住房房源库（以下简称"房源B库"）中的商品 住房，并在2026年12月31日前完成不动产转移登记的，可获得购房款（以网签备案的《存量房买卖合 同》所载为准）的15%但不超过18万元的购房资助。 二、吉林：加快建设符合实际的"好房子"，严禁违法违规建设豪华别墅和私家庄园。近日，中共吉林省 委、吉林省人民政府 ...

"推动房地产高质量发展是推进中国式现代化建设的客观需要。" 近期，高层密集表态推动房地产市场高质量发展。12月16日，住建部部长倪虹在 《人民日报》发表题 为《推动房地产高质量发展》的署名文章，并提出全面落实推动房地产高质量发展的六大重点任务；中 央财办有关负责同志详解2025年中央经济工作会议精神时指出，要客观分析、正确看待当前房地产形 势，以构建新模式为牵引推动房地产高质量发展，并重点要抓好三件大事。 中指研究院分析认为，《推动房地产高质量发展》一文从三大"客观需要"阐明了推动房地产高质量发展 的必然性，从锚定主要目标、把握长期与短期等五大关系，强化法律等四大支撑，健全多方协同机制等 方面搭建路径框架，并通过细化六大"重点任务"落地实践，推动房地产从规模扩张转向质效提升。 处理好 " 五大关系 " 中指研究院分析认为，文章提出的"处理好推动房地产高质量发展的主要关系"彰显了未来政策着力点。 对于全面落实推动房地产高质量发展，文章提出了六大重点任务，包括优化保障性住房供给、促进房地 产市场持续健康发展、改革完善房地产开发、融资、销售制度、实施房屋品质提升工程、实施物业服务 质量提升行动、建立房屋全生命周期安 ...

当前经济形势怎么看?"十五五" 开局之年,重点任务如何推进?问答中 的一些重点、亮点如下↓↓↓↓ 起来学习! 一问:经济形势怎么看? 中央经济工作会议指出, 2025 年是很不平凡的一年,我国经济顶压 前行、向新向优发展,展现强大韧旺 和活力。 预计全年经济增长5%左右、继 续位居世界主要经济体前列,经济 总量有望达到140万亿元左右。 我们要直面问题、正视挑战, 看到这些大多是发展中的、转型中 的问题,绕不开、躲不过,经过努 力是可以解决的。 ● 新华社权威速览 中央财办十问十答 新华社16日播发了八千多字的长篇 文章《中央财办有关负责同志详解2025 年中央经济工作会议精神》。十问十 答,详细解读中央经济工作会议传递出 的重要信号,干货满满,信息量很大。 I 活跃的要素流动和创新为发展 持续注入新动能,人流、物流、信 息流、资金流保持较快增长态势, 投资和消费增速明年有望恢复,产 业转型升级加快,科技和产业创新 进入成果集中爆发阶段,我国经济 发展前景是十分光明的。 三间:宏观政策如何发力? 根据中央经济工作会议部署,明 年我国继续实施更加积极有为的宏观 政策。在政策取向上,坚持稳中求 进、提质增效。 明 ...

记者丨李莎 编辑丨张星 房地产关联性强、涉及面广，社会上关注度很高。日前，中央财办有关负责同志接受媒体采访，深入解读当前房地产市场形势、中央经济工作 会议对房地产的部署。 该负责人表示，今年以来，我国新房和二手房交易总量基本稳定，今年二手房交易占比提高至45%，房价降幅持续收窄。从刚性需求、改善性 需求等多方面看，我国房地产高质量发展仍有较大空间。 该负责人明确，下一步，要重点抓好三方面工作：从供需两端发力稳市场，积极推动房地产企业转型发展，加快构建房地产发展新模式。 资料图 房地产高质量发展仍有较大空间 日前国家统计局发布数据显示，1—11月全国新建商品房销售面积78702万平方米，同比下降7.8%；新建商品房销售额75130亿元，下降 11.1%，降幅较1—10月均有所收窄。 另据克而瑞数据，11月重点城市新房消费成交持续走稳，其中广州、西安、合肥、惠州、徐州、珠海等地新房成交环比有不同程度增长。 11月70个大中城市商品住宅销售价格环比总体下降，其中新房上涨城市数量较10月有所增加，上海、沈阳、南京、合肥、重庆、贵阳、扬州、 襄阳这8个城市新房价格环比上涨。 纵观今年房地产销售市场，前述负责人表示，今年 ...

房地产关联性强、涉及面广，社会上关注度很高。日前，中央财办有关负责同志接受媒体采 访，深入解读当前房地产市场形势、中央经济工作会议对房地产的部署。 该负责人表示，今年以来，我国新房和二手房交易总量基本稳定，今年二手房交易占比提高至 45%，房价降幅持续收窄。从刚性需求、改善性需求等多方面看，我国房地产高质量发展仍有 较大空间。 记者丨 李莎 编辑丨张星 该负责人明确，下一步，要重点抓好三方面工作：从供需两端发力稳市场，积极推动房地产企 业转型发展，加快构建房地产发展新模式。 该负责人指出，房地产开发投资延续下降态势，这是各地消化库存、严控增量的结果，是房企 应对当前市场形势的理性选择，对此要客观分析、正确看待。 日前，住建部部长倪虹在《人民日报》上发文指出，党的十八大以来，我国房地产市场快速发 展，居民住房条件显著改善，城镇人均住房建筑面积超过40平方米，户均住房超过1.1套。 倪虹提出，当前，居民住房需求总体上已经从"有没有"转为"好不好"，而且，随着老龄化、少 子化、区域人口增减分化，人们的生产生活方式变化，住房需求更加个性化、多样化。 着眼未来，前述负责人判断，我国房地产高质量发展仍有较大空间，并进一步 ...