（来源：大众新闻-大众日报） "着力稳定房地产市场。" 继2024年后，2025年中央经济工作会议再次强调"稳楼市"。 会议提出"因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保障性住房等"，这是基于对房地产市场发展趋势判断的针对性部署。 当前，中国城市发展格局已变，房地产已不是在"空白纸"上搞建设，而是在"现状图"上做更新。 2025年，房地产市场步入深度调整和结构重塑的关键阶段。 数据显示，截至10月末，全国商品房待售面积已连续8个月下降减少，但总量仍达75606万平方米。去库存，仍是当下"稳楼市"的关键。 未来如何去库存？主要在于"优存量、控增量"。 优存量方面，"鼓励收购存量商品房重点用于保障性住房等"，预计成为盘活存量的重要抓手，将不仅加快商品房去库存、改善供需关系，还有利于解决部 分群体的实际住房困难。 地方层面，广州等地已在持续推进收购存量商品房用作保障性住房等房源，并进一步加大收购力度。 存量商品房，正被激活为民生保障的有效供给。 盘活存量、加强保障。会议明确提出"深化住房公积金制度改革"，意在让住房公积金发挥更大作用，释放市场潜力。 据中指研究院监测，2025年以来全国各地出台的 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7]. Core Insights - The central economic work conference emphasizes the need to stabilize the real estate market, indicating that the task of "stabilizing the market" is ongoing and requires sustained efforts [2][3]. - Policies aimed at controlling new supply, reducing inventory, and optimizing supply will be further implemented in 2026, potentially supported by interest rate cuts [1][3]. - The report highlights the importance of product strength as a core competitive advantage for real estate companies to navigate through market cycles [1]. Summary by Sections Market Stability - The conference reiterates the importance of addressing issues in the real estate market as a key focus for risk mitigation in critical areas [2]. - The transition period for the real estate market is acknowledged, suggesting that stabilization will take time and require ongoing policy support [2]. Inventory Reduction - The conference introduces measures such as city-specific policies to control new supply and reduce inventory, encouraging the acquisition of existing properties for affordable housing [3]. - The concept of "inventory reduction" is highlighted as a significant focus, marking its first mention since 2016, and aligns with previous discussions on optimizing housing policies [3]. Housing Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to enhance the efficiency of fund utilization and lower housing costs [4]. - Over 260 policies related to housing provident funds have been introduced since 2025, focusing on expanding coverage and easing usage conditions [4]. Investment Recommendations - The report recommends real estate stocks with strong credit, location, and product quality, such as China Overseas Development and China Resources Land [5]. - Companies with robust operational capabilities that manage cash flow effectively during market adjustments are also highlighted, including Longfor Group and New Town Holdings [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties, are recommended [5]. - Property management companies with stable cash flow and dividend advantages, like Greentown Service and China Resources Vientiane Life, are also suggested [5]. Key Company Recommendations - The report lists specific companies with target prices and investment ratings, including: - Wanwu Cloud (Buy, target price 32.29 HKD) [9] - Longfor Group (Buy, target price 15.21 HKD) [9] - Greentown China (Buy, target price 13.69 HKD) [9] - China Overseas Development (Buy, target price 19.08 HKD) [9] - Greentown Service (Buy, target price 6.56 HKD) [9] - Link REIT (Buy, target price 50.59 HKD) [9] - China Resources Land (Buy, target price 36.45 HKD) [9] - New Town Holdings (Buy, target price 18.90 HKD) [9] - China Jinmao (Increase, target price 1.81 HKD) [9]

2026年房地产市场走向备受关注。 其中"制定实施城乡居民增收计划""扩大优质商品和服务供给""清理消费领域不合理限制措施""推动投资止跌回稳""优化地方政府专项债券用途管理""高质 量推进城市更新"等，将从不同维度积极影响房地产市场的发展。 出处：央视新闻 特别是城市更新领域，对比2024年和2025年的工作任务可见，城市更新工作从"大力实施"升维至"高质量推进"。 上海易居房地产研究院（下称易居研究院）认为，此次会议明确高质量推进城市更新，一方面，城市作为经济活动的重要载体和枢纽，其功能完善对促进 生产、分配、流通、消费各环节畅通循环意义重大，能为内需主导的发展格局提供有力支撑；另一方面，基于城市发展的新阶段，要把城市更新作为城市 高质量发展的重要抓手，并将其和社会经济发展、稳楼市等工作进行有力结合。 12月10日至11日在北京举行的中央经济工作会议对明年的房地产工作作出明确部署，要求"着力稳定房地产市场"。 2026年房地产工作怎么做？会议提出提振消费、城乡居民增收、高质量推进城市更新、积极稳妥化解风险、深化住房公积金制度改革、构建房地产发展新 模式等重要工作任务，从不同维度为房地产市场健康发展保驾护航 ...

——中央经济工作会议点评 周期/房地产 本次中央经济工作会议对房地产市场的定调从过去的"更大力度推动房地产市 场止跌回稳"变为"着力稳定房地产市场"。"高质量推进城市更新"、"深化 住房公积金制度改革"、"有序推动'好房子'建设"等表述值得关注，后续或 可关注专项债和专项借款等金融工具进一步支持城市更新，以及住房公积金贷 款利率进一步调降、额度进一步提高和住房公积金用途拓宽等可能性。 住房公积金贷款利率方面，今年 5 月 7 日，《中国人民银行关于下调个人 住房公积金贷款利率的通知》发布。根据《通知》，自 2025 年 5 月 8 日 起，下调个人住房公积金贷款利率 0.25 个百分点，5 年以下（含 5 年）和 证券研究报告 | 行业点评报告 2025 年 12 月 12 日 li 推荐（维持） 关注城市更新和住房公积金制度改革等的进一步变化 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 257 | 5.0 | | 总市值（十亿元） | 2943.0 | 2.8 | | 流通市值（十亿元） | 2800.2 | 2.9 | 行业指数 % 1m 6m 12m ...

记者丨李莎 编辑丨张星 中央经济工作会议12月10日至11日在北京举行，部署2026年经济工作，明确了八大重点任 务。 房地产仍是明年化解重点领域风险的重中之重。 "十五五"规划建议主要在民生保障领域部署 房地产工作，这次中央经济工作会议对房地产工作的部署，主要集中在"坚持守牢底线，积极 稳妥化解重点领域风险"这项重点任务中。 会议提出，着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重 点用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建设。加快构建房地产发 展新模式。 东方金诚首席宏观分析师王青向21世纪经济报道记者表示，总体上看，2026年房地产政策有两 个重点：继续推动房地产市场止跌回稳，以及加快构建房地产发展新模式，推动房地产高质量 发展。 其中在稳市场方面，王青认为，明年政策将进一步从供需两端发力，或涉及引导商业银行加大 对房企开发贷的投放力度，继续放松限购，更大力度收购商品房用作保障房，通过居民房贷定 向降息、财政补贴等方式加大居民购房支持力度，减免房地产交易税费等多个方面。 在推动房地产高质量发展方面，在王青看来，未来房地产行业要逐步形成以租售并举、建 设"好 ...

其中在稳市场方面，王青认为，明年政策将进一步从供需两端发力，或涉及引导商业银行加大对房企开 发贷的投放力度，继续放松限购，更大力度收购商品房用作保障房，通过居民房贷定向降息、财政补贴 等方式加大居民购房支持力度，减免房地产交易税费等多个方面。 在推动房地产高质量发展方面，在王青看来，未来房地产行业要逐步形成以租售并举、建设"好房子"、 回归房地产居住属性为核心的新发展模式。 会议提出，着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保 障性住房等。深化住房公积金制度改革，有序推动"好房子"建设。加快构建房地产发展新模式。 东方金诚首席宏观分析师王青向21世纪经济报道记者表示，总体上看，2026年房地产政策有两个重点： 继续推动房地产市场止跌回稳，以及加快构建房地产发展新模式，推动房地产高质量发展。 资料图房地产工作仍强调防风险 今年以来，各地区各部门加快出台实施各项房地产支持性政策，积极释放刚性和改善性住房需求，推动 房地产市场止跌回稳。政策成效还在继续显现，但房地产市场延续调整。 国家统计局数据显示，10月70个大中城市房价止跌回稳还面临一定压力，前10月房地产销售下降的形势 ...

Core Viewpoint - The new model for real estate development in China will focus on "de-inventory" and "stabilizing the housing market," with supply-side reforms emphasizing "controlling increments, de-inventory, and optimizing supply" [1][2] Group 1: Policy Directions - The Central Economic Work Conference highlighted the importance of stabilizing the real estate market as a key task for the upcoming year, emphasizing tailored policies for different cities [1] - The conference called for encouraging the acquisition of existing housing stock for use in affordable housing projects, indicating a shift towards utilizing existing inventory [2] - The focus on "de-inventory" reflects the ongoing pressure to reduce housing stock, with the current de-inventory cycle for 100 cities reaching a historical high of 27.4 months as of November [2] Group 2: Urban Renewal and Quality Development - High-quality urban renewal is identified as a new strategy for stabilizing the housing market, aiming to enhance living standards and improve urban aesthetics while ensuring sustainable business models [2][3] - The approach to urban renewal should prioritize systematic planning and phased implementation, focusing on optimizing urban structures and enhancing quality of life [3] - The government aims to integrate urban renewal with safety hazard elimination and housing market stabilization efforts [3] Group 3: Housing Fund Reforms - The housing provident fund system is recognized as a crucial financial tool in the real estate sector, with calls for reforms to enhance its effectiveness, particularly in cities with low loan uptake [4] - The need for institutional reforms is emphasized to support the dual model of rental and purchase housing, enhancing the role of the provident fund in this context [4] Group 4: Market Outlook - The real estate market is expected to exhibit characteristics of dual-track policy stability and market differentiation by 2026, with a focus on high-quality development and rational housing expectations [4] - Companies are advised to adapt to the new development model and focus on improving product quality, while buyers should prioritize high-quality housing in core cities [4]

12月10日至11日，中央经济工作会议在北京举行。"着力稳定房地产市场"被列入"坚持守牢底线，积极 稳妥化解重点领域风险"这一明年经济工作要抓好的重点任务中。 会议指出，着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保 障性住房等。深化住房公积金制度改革，有序推动"好房子"建设。加快构建房地产发展新模式。 "相较于去年9月份中央政治局会议中'严控增量、优化存量、提高质量'的提法，今年中央经济工作会议 在展望明年房地产工作中提出'控增量、去库存、优供给'。从'优化存量'到'去库存'，意味着在当地楼市 总体需求偏弱的背景下，去化压力仍然较大。明年需要以更大力度推动楼市去化，以实现房地产供求关 系形成新的平衡。"成都市城市建设发展研究院副院长冯波对第一财经表示。 上海易居房地产研究院副院长严跃进也认为，明年楼市政策的关键词是"去库存"。"从库存指标来看， 当前全国百城去库存周期处于历史新高，去库存压力非常大。易居研究院全国百城库存报告显示，11月 全国百城去库存周期已为27.4个月，为历史新高，且超过了去年高点。" 近一年来，多地在楼市去化过程中，将存量商品房收购与保障房建设相结合， ...

Core Insights - The Yantai government is enhancing its housing provident fund system to better serve flexible employment individuals and improve public services [1][2][3] Group 1: Housing Provident Fund Services - The Yantai Housing Provident Fund Management Center has completed 6,680 transactions for housing loan "one-stop service" from January to October, with a total loan issuance of 3.473 billion yuan [2] - Online services have been significantly improved, with a 146% increase in online processing rates compared to the end of the 13th Five-Year Plan, offering 24/7 access through various digital platforms [2] - Offline services have been optimized, allowing for city-wide processing of deposit and withdrawal services, and implementing convenient service options such as weekend operations and home visits [2] Group 2: Flexible Employment Participation - Over 30,000 flexible employment individuals have opened accounts to participate in the housing provident fund system, reflecting strong interest in the program [3] - A new policy for flexible employment individuals will be introduced in 2024, offering differentiated contributions and equal rights to benefits, with a subsidy of 1.2% on top of the existing 1.5% interest rate for those who contribute for over 12 months [3] - The Yantai center aims to expand participation among flexible employment groups, emphasizing the fairness and inclusivity of the housing provident fund system [3]

Core Viewpoint - Yulin City has introduced several supportive policies to enhance the inclusiveness and attractiveness of the housing provident fund system, particularly targeting flexible employment groups [1][2] Group 1: Policy Initiatives - Yulin City has launched the "Management Measures for Housing Provident Fund Contribution and Use for Flexible Employment Personnel" and the "Ten Beneficial Measures for Housing Provident Fund" [1] - The new policies aim to upgrade the housing provident fund service system by focusing on the needs of flexible employment groups [1] Group 2: Contribution and Subsidy Structure - The policies establish a framework consisting of "contribution support, subsidy incentives, loan increase, and withdrawal optimization" [1] - Flexible employment personnel can voluntarily contribute based on their circumstances, with contribution rates set between 10% and 24% [1] - An interest subsidy will be provided for contributions made after June 1, 2025, with an additional 0.6% annual interest rate for those who have contributed for 12 months without using loans or withdrawals [1] Group 3: Loan Policy Optimization - The calculation method for loan amounts has been adjusted to reflect longer contribution periods and higher contribution amounts [1] - The policies support flexible employment personnel in obtaining secondary housing provident fund loans and various loan combinations [1] Group 4: Rights Protection and Future Plans - Flexible employment personnel can change their employment status and continue their rights based on the new policies [2] - A new subsidy for recent university graduates has been established, and the housing provident fund withdrawal policy has been optimized [2] - Yulin City aims to simplify service processes through digital empowerment and hopes to create a replicable model known as the "Yulin Experience" for broader sharing of housing provident fund benefits [2]