Group 1 - The real estate sector experienced a strong rally on May 19, with stocks such as Huaxia Happiness, *ST Rongkong, and Jiuding Investment hitting the limit up [1] - Huaxia Happiness, a leading industrial new city operator, reported a stock price increase of 9.89% and a market capitalization of approximately 121.147 billion [2] - *ST Rongkong, primarily engaged in real estate development, saw a stock price rise of 5.02% with a market cap of around 9.87 billion [2] Group 2 - The National Bureau of Statistics indicated that the real estate market is stabilizing, with a narrowing decline in residential sales prices across various cities [3] - The land market has shown positive trends, particularly in key cities, with residential land premium rates reaching 19% in the first four months of the year, significantly higher than the 6% for the entire previous year [3] - The new residential project standards implemented on May 1 focus on safety, comfort, and sustainability, setting new construction benchmarks [4] Group 3 - Analysts suggest that the housing market is transitioning from quantity to quality, with expectations for more favorable fiscal and monetary policies to stimulate demand for better housing [5] - The emphasis on selling existing homes is expected to reduce risks for buyers and enhance market confidence, pushing developers to improve housing quality [6] - The current market phase indicates a recovery in land prices and new home prices in core cities, presenting good investment opportunities [6]

Core Viewpoint - The concept of "Good House" is becoming a significant trend in Beijing's real estate market, with government support accelerating its implementation and influencing market dynamics [1][22]. Group 1: Government and Policy Support - "Good House" was first mentioned in the government work report in March, and the Ministry of Housing and Urban-Rural Development released national standards for it, effective from May 1 [1]. - Beijing's housing authority emphasized the acceleration of "Good House" construction in its 2025 housing development plan [1]. - The initiative is currently piloted in suburban areas but is gradually impacting the core districts of Beijing [1]. Group 2: Project Highlights - The first "Good House" project in Shijingshan, Shougang Jingyue Chang'an, boasts a starting usable area ratio of 85%, potentially reaching 97%, significantly enhancing living space compared to traditional products [3][12]. - The project features innovative designs, such as a three-bedroom layout in an 85㎡ unit, catering to modern living habits [3]. - Shougang Jingyue Chang'an incorporates advanced design elements, including a 270° view window and a spacious kitchen, optimizing the use of space [5][11]. Group 3: Community and Lifestyle Enhancements - The project includes community features like an elevated public space, enhancing social interaction and providing recreational areas for residents [9][19]. - The design adheres to the new residential project standards, which require a minimum ceiling height of 3 meters, improving light and ventilation [11]. - Shougang Jingyue Chang'an integrates smart home solutions, enhancing the living experience through technology [11][12]. Group 4: Market Positioning and Future Trends - The emergence of "Good House" is expected to redefine the real estate market, creating a clear distinction between high-quality and lower-quality housing products [22][23]. - The project is positioned to offer high value at a competitive price, with expected unit prices between 60,000 to 65,000 yuan per square meter, appealing to buyers looking to upgrade their living conditions [20]. - The shift towards "Good House" products may lead to a decline in demand for older properties, as buyers seek modern, high-quality living spaces [22][24].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The property management industry is experiencing a slowdown in growth, with a focus on improving project quality as companies exit low-margin projects and enhance service quality [5][8] - The REITs market is expected to continue expanding, driven by policy support and the attractiveness of high-dividend assets in a declining interest rate environment [7][8] Summary by Sections Property Management Industry Overview - As of the end of 2024, the property management industry in China managed a total area of 314.1 billion square meters, reflecting a year-on-year growth of 4% [5][16] - The average growth rate of managed area for the top 100 property management companies has decreased to 2%, indicating a trend of slowing expansion [16][21] Performance and Financials - Revenue growth for the top property management companies remains steady but has declined to single digits, with profitability under pressure due to increased competition and declining real estate sales [44][46] - The average cash on hand for sample companies remains robust, with a stable dividend payout ratio, indicating financial resilience [58][60] Development Opportunities in 2025 - The industry is expected to benefit from three main directions: enhancing service quality under the "Good House, Good Service" concept, leveraging AI for operational efficiency, and capitalizing on urban renewal opportunities driven by housing pension policies [6][8][89] REITs Market Trends - The REITs market has shown significant structural differentiation, with anti-cyclical sectors performing well while cyclical sectors face challenges. Future growth is anticipated in areas supported by policy, such as elderly care and new infrastructure [7][8][20]

Group 1: Definition of a Good House - The standard of a "good house" should be multidimensional, catering to different age groups, regions, and individual needs while pursuing high-quality living [3][4] - A good house requires both hardware and software upgrades, including reasonable spatial layout, climate adaptability, and smart, ecological living experiences [4] - Different age demographics have varying needs; younger individuals prioritize technology and aesthetics, while older adults require age-friendly designs [4] Group 2: Characteristics of a Livable City - A livable city is characterized by developed infrastructure and public services, as well as attention to citizens' daily lives, integrating small yet significant life details into urban governance [5] - Chengdu is highlighted as an attractive livable city due to its pleasant climate and warm living atmosphere, which has led to increased population attraction [5][6] - Challenges such as traffic congestion and environmental pressure arise from urban expansion, necessitating central urban area decongestion and regional collaborative development [5] Group 3: Balancing New and Old Urban Development - The population growth in Chengdu is largely driven by external migration, particularly among young people, indicating the city's livability and cultural inclusiveness [6][7] - Recommendations for enhancing livability include reducing urban density through the development of new districts like the Sichuan Tianfu New Area, which aims to create a livable environment [7] - Urban renewal should focus on organic updates rather than simple demolition, preserving historical culture while transitioning industries, exemplified by the transformation of the Red Light Electronic Factory into a creative park [7]

日前，中共中央办公厅、国务院办公厅印发《关于持续推进城市更新行动的意见》（简称"《意 见》"），并提出，到2030年，城市更新行动实施取得重要进展，城市更新体制机制不断完善，城市开 发建设方式转型初见成效，安全发展基础更加牢固，服务效能不断提高，人居环境明显改善，经济业态 更加丰富，文化遗产有效保护，风貌特色更加彰显，城市成为人民群众高品质生活的空间。 上海易居房地产研究院副院长严跃进分析认为，在城市发展进程不断推进的当下，《意见》的发布充分 说明今年城市更新工作的重要性。 同策研究院联席院长宋红卫则指出，《意见》的发布有以下几点意义： 第一，本次城市更新行动意见具备系统性、全面性且可操作性的特点。 第二、随着我国房地产市场进入存量市场阶段，城市更新的急迫性凸显，但是城市更新涉及多个部门， 且需要协同推进，本次意见对于各个部门的职责有了明确指引。 第三、从城市更新的角度来看，很多方面需要政策的进一步突破，本次意见也是推动相关规划、金融等 制度的改革的窗口期。 第四、城市更新将对房地产行业止跌回稳起到积极作用，从长期来看，会提升居住和产品的品质，有利 于房地产行业持续健康发展。 契合时代发展需求 随着城镇化率稳 ...

Core Viewpoint - The implementation of the national standard "Residential Project Specification" marks a significant shift in the real estate industry, emphasizing the need for quality housing and setting new expectations for developers [1][24]. Group 1: Industry Changes - The new standards cover various aspects of residential projects, from height and sunlight to noise levels, indicating a comprehensive approach to improving living conditions [1]. - The demand for "good houses" is rapidly influencing supply, pushing developers to adapt to new consumer expectations and regulatory requirements [1][24]. Group 2: Company Innovations - Longfor's Dragon Smart Manufacturing has successfully delivered multiple residential projects, showcasing different interpretations of "good houses" through innovative construction techniques [2][3]. - The use of virtual construction and AI algorithms in projects like Chengdu Zhongtie Zhuozhu has led to a 20% acceleration in the construction cycle and a 90% reduction in change orders, translating cost savings into quality improvements [3][18]. Group 3: Market Dynamics - Despite overall market fluctuations, certain cities and projects have seen significant success, driven by strong product offerings that meet consumer needs [4][5]. - The launch of the Zhongyuan Song project in Zhengzhou, which sold out rapidly, demonstrates the effectiveness of tailored design and customer engagement in driving sales [5][7]. Group 4: Product Development - The concept of "fourth-generation housing" has gained traction, allowing for greater usable space and functionality within residential units, appealing to modern consumer preferences [8][10]. - Longfor's projects, such as Guangzhou Central Jing Song, have integrated innovative design elements that enhance living experiences, showcasing the company's commitment to quality and customer satisfaction [10][11]. Group 5: Strategic Positioning - Longfor has positioned itself as a leader in the "good house" movement, leveraging its extensive experience and innovative methodologies to meet evolving market demands [13][25]. - The company's approach combines advanced technology, data-driven insights, and a focus on sustainability, aligning with the broader industry trend towards higher living standards [25].

Group 1 - The seminar "Tomorrow's Good Housing" was successfully held in Shanghai, marking a significant event in the Yangtze River Delta since the concept of "Good Housing" was included in the government work report [1][8] - The Shanghai Housing Association initiated a collection of "Good Housing" case studies, with 45 projects signing the "Good Housing Initiative Commitment" during the seminar [5][8] - The focus of the seminar was on enhancing housing quality, emphasizing safety, comfort, green living, and customer service to improve residents' living experiences [5][8] Group 2 - The seminar featured various high-quality housing projects, including luxury residences and improvement projects, showcasing a diverse range of offerings in the real estate market [7][8] - The Secretary-General of the Shanghai Real Estate Association highlighted the shift in housing demand towards quality and experience, indicating the arrival of the "Good Housing" era [8] - Experts discussed the new national standard for residential projects, which emphasizes safety, comfort, and sustainability, and concluded that there should be no upper limit on the standards for "Good Housing" [14]

Core Viewpoint - The implementation of the new "Residential Project Standards" aims to enhance housing quality in China, focusing on safety, comfort, sustainability, and intelligence in residential construction [1][3]. Summary by Relevant Sections Objectives and Key Requirements - The primary goal of the new standards is to construct "safe, comfortable, green, and intelligent" homes [3]. - The standards encompass various construction requirements, including scale, layout, and functionality, providing a comprehensive framework for what constitutes a "good house" [3]. Specific Changes in Standards - The new standards set a minimum floor height of 3.0 meters for residential projects, with living and bedroom heights not less than 2.6 meters, aimed at improving living quality through better ventilation and lighting [5]. - The sound insulation performance of external windows has been increased from 30 decibels to 35 decibels, along with enhanced wall and floor sound insulation to address noise disturbances [7]. - The standards emphasize inclusivity, catering to the needs of all age groups, with specific provisions for children's activity areas and accessibility features for the elderly [7]. Implementation and Community Impact - The new standards apply to all new housing projects, including affordable housing, and allow for flexibility in existing structures during renovations [7]. - Local governments are actively working towards meeting the diverse housing needs of the population, reflecting a shift from merely providing shelter to offering quality living environments [9]. - The "Good House" design competition initiated by the Ministry of Housing and Urban-Rural Development aims to translate ideal housing concepts into practical community designs [11]. Urban Renewal and Technological Integration - Urban renewal efforts have seen significant progress, with nearly 280,000 old urban communities undergoing renovation since 2019, benefiting approximately 120 million people [15]. - Advanced construction techniques, such as modular building, are being employed in the renovation of older buildings to enhance living conditions while minimizing disruption [16][18]. Future Outlook - The definition of a "Good House" is evolving, with an emphasis on quality materials, construction, design, and service, requiring a collaborative effort across the housing construction sector [18]. - The ongoing digital and green transformation in the construction industry is expected to further improve housing quality and affordability for ordinary families [18].

21世纪经济报道记者唐韶葵上海报道 近年来，房子隔音差成为居民投诉比较高频的事件，住宅隔音问题成为影响居住品质的突出矛盾。楼板 撞击声引发的邻里纠纷、分户墙隔音不足导致的隐私泄露、交通干道旁住宅的噪声超标，以及电梯运行 产生的持续性干扰，均成为投诉焦点，甚至引发跨部门申诉。 住宅隔音，市场潜力巨大。闫国军透露，从市场规模看，我国每年新建住宅约6亿～7亿平方米，存量住 宅超400亿平方米，按《住宅项目规范》要求，新建项目需100%落实隔声措施，存量改造每年更新量达 10亿平方米，形成千亿级市场空间。 在住房消费从"有居"向"优居"转型升级的关键时期，"好房子"已成为我国住宅建设领域的核心命题。 2025年政府工作报告首次将"好房子"概念写入政策文本，明确提出建设安全、舒适、绿色、智慧的高品 质住宅。而住宅隔音性能作为衡量居住舒适度的核心指标，正倒逼行业掀起一场深刻的技术革新。伴随 《住宅项目规范》（GB 55038 - 2025）于5月1日起强制实施，我国住宅建设正式迈入"静音化"发展新阶 段。 中国建筑科学研究院声环境研究中心主任闫国军指出，房地产行业虽面临调整，但隔声市场逆势上扬， 政策刚性要求与居民改善需 ...

证券研究报告|行业定期报告 2025 年 05 月 12 日 降准降息推进稳楼市，"好房子"时代头部品牌受益 建材行业定期报告 中游制造/建材 本周（2025/5/5-2025/5/10）建材动态：水泥需求有所减弱，价格回落延续； 浮法玻璃市场价格下滑，出货普遍较弱；玻纤中，无碱粗纱市场价格调后暂 稳，电子纱市场稳价为主。周内降息释放积极信号，"好房子"建设要求利 好消费建材头部品牌。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 769.4 | 0.9 | | 流通市值（十亿 | 704.0 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 8.5 -6.1 0.6 相对表现 4.2 0.2 -4.4 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 May/24 Aug/24 Dec/24 Apr/25 (%) 建材 沪深300 相关报告 1、《建材行业定期报告—提振内需 预期加强，地产企稳助力估值修复》 2025-04-22 2、《建材行业定期报告—提振内需 预 ...