房地产行业 行业研究 | 行业周报 1-2 月销售较去年全年降幅收窄，但较去年 年末降幅扩大 核心观点 投资建议与投资标的 国家/地区 中国 行业 房地产行业 报告发布日期 2025 年 03 月 26 日 看好（维持） | 赵旭翔 | zhaoxuxiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521070001 | | 李雪君 | 021-63325888*6069 | | | lixuejun@orientsec.com.cn | | | 执业证书编号：S0860517020001 | | | 香港证监会牌照：BSW124 | | sunyixuan@orientsec.com.cn | | --- | | 孙怡萱 | | 两会再提止跌回稳目标 | 2025-03-12 | | --- | --- | | 1-2 月百强房企拿地总额实现两位数增长 | 2025-03-04 | | 1 月一线城市房价环比继续上行 | 2025-02-24 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请 ...

Investment Rating - The industry investment rating is "Outperform the Market" [19] Core Views - In February 2025, the new home prices in 70 major cities decreased by 0.1% month-on-month, while second-hand home prices fell by 0.3% month-on-month. The number of cities with declining prices has increased [3][10] - The report indicates that the core theme of the real estate market remains "stabilizing after a decline," with the primary task being to stimulate demand. The effectiveness of policies to boost demand is diminishing, and the market's recovery will depend on further easing measures and the progress of monetized old renovations and land reserves [3][10] Summary by Sections Price Trends - In February 2025, 45 out of 70 cities saw new home prices decline, an increase of 3 cities from January. The average decline in new home prices was 0.31%, while 65 cities experienced a drop in second-hand home prices, with an average decline of 0.38% [3][10] - First-tier cities showed a month-on-month increase in new home prices of 0.1%, maintaining positive growth for three consecutive months. However, second-hand home prices in these cities turned negative, with an average decline of 0.1% [3][10] - Second-tier cities saw new home prices stabilize, while second-hand home prices fell by 0.4%, widening the decline compared to January [3][10] - Third-tier cities experienced a 0.3% decline in new home prices, with second-hand home prices also decreasing by 0.4% [3][10] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Greentown China and China Resources Land [3] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate [3] 3. Companies with operational or strategic changes benefiting from local government debt relief, such as Gemdale Corporation [3] 4. Real estate brokerage firms benefiting from the recovery in the second-hand housing market, including Beike and Wo Ai Wo Jia [3]

// 深圳楼市新政要点 // 对深圳市住房公积金贷款和利息补贴政策进行了调整优化，包括提高住房公积金贷款额度、降低公积金贷款最低首付款比例、取消异地住房公积金贷款的 户籍和首套房限制等，旨在进一步满足职工的住房需求，更好发挥住房公积金制度的保障作用。 主要要点如下： 一、住房公积金贷款最高额度提高至231万元 1、调整最高（基础）额度。个人申请最高额度从50万元提高至60万元；家庭申请最高额度从90万元提高至110万元。 2、调整最高额度上浮情形和比例。购买本市首套住房上浮比例从20%提高至40%。多子女家庭购房上浮比例从10%提高至50%。该政策适用于有两个及以 上子女的家庭，未成年和成年子女均计算在内。全国范围内有公积金贷款记录的成年子女不计入。新增购买本市保障性住房的上浮情形，上浮比例为 20%。 3、同时符合多种上浮情形可累加上浮比例，最高上浮110%，即个人最高可贷126万元，家庭最高可贷231万元。 二、调整最低首付款比例 1、职工使用住房公积金贷款购买本市首套或第二套住房的，最低首付款比例均为20%；职工使用住房公积金贷款购买本市保障性住房的，最低首付款比 例为15%。 3月16日，深圳市住房公 ...

房地产及建材行业 房地产-标配（维持） 行 业 建材材料-标配（维持） 2025 年 03 月 14 日 双 周 分析师：何敏仪 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 研 究 证 券 报 告 资料来源：iFind，东莞证券研究所 房地产及建材行业双周报（2024/02/28-2025/03/13） 政府工作报告维持"推动房地产止跌回稳" 行业基本面持续回暖 投资要点： SAC 执业证书编号： 房地产周观点：2025年政府工作报告中指出，"持续用力推动房地产市 场止跌回稳。因城施策调减限制性措施，加力实施城中村和危旧房改造， 充分释放刚性和改善性住房需求潜力"。政策延续"推动房地产止跌回 稳"，"收购存量商品房"，"发挥房地产融资协调机制"，"保交房" 以及"构建房地产发展新模式"，并且增加提出"因城施策调减限制性 措施"、"充分释放刚性和改善性住房需求潜力"以及建设"好房子" 等。后续房地产政策进一步加码优化可期。 报 行 业 申万房地产行业指数走势 国家统计局2月19日发布的70城价格指数显示，2025年首月，新房售价 上涨城市个数增至24个， ...