Core Insights - The report maintains a "stronger than market" rating for the real estate sector, indicating a positive outlook despite ongoing challenges in the market [1] - The real estate market in 2025 is characterized by an initial recovery followed by a decline, with high inventory levels and weak demand impacting overall performance [4][13] - The report anticipates that the supportive policies for the real estate market will continue into 2026, although market confidence will take time to recover [4][5] Market Review - In 2025, the national real estate market experienced a decline in sales, with a 9.6% year-on-year drop in sales amount from January to October, although the decline was less severe than in 2024 [13] - The second-hand housing market outperformed the new housing market, with a reported 8% increase in transactions for the top ten cities compared to a 10.5% decline in new homes [13][46] - The overall market remains in an adjustment phase, with supply-demand relationships still needing improvement [13] 2026 Outlook - Positive factors are expected to converge, leading to a gradual stabilization of the real estate market, particularly in core urban areas and quality housing [4][5] - The report predicts a 6% decline in sales area and an 8.5% decline in investment for 2026, reflecting ongoing market pressures [4][5] Investment Opportunities - The demand for "good houses" is projected to grow, with an average annual improvement demand of 590 million square meters from 2025 to 2030, representing 67% of total demand [4] - Quality real estate companies with strong land acquisition and product capabilities are expected to benefit first from the "good house" trend, with companies like China Overseas Development and China Resources Land highlighted as potential beneficiaries [5][6] - The Hong Kong real estate market is showing signs of stabilization, with a 20.3% year-on-year increase in transaction volume for the first ten months of 2025, presenting investment opportunities for Hong Kong-based real estate firms [4][5][52] Key Company Forecasts - The report includes earnings forecasts for several key companies, indicating a positive outlook for firms like Poly Developments and China Overseas Development, with expected earnings per share (EPS) growth over the next few years [6][7] - Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property, are also recommended for investment consideration [5][6]

越来越多城市针对"好房子"建设落地优化政策。 提升物业服务质量，也是"好房子"建设的重要内容之一。《措施》提出，新建"好房子"项目按照二星级 及以上智慧小区标准设计。强化数字赋能物业管理服务，系统集成智能化终端设施设备和智慧场景联动 应用，促进服务高效响应。强化日常清扫保洁、小区绿化、设备维修、秩序维护，推进物业服务公开透 明，提高业主满意度。 近日，重庆市住房和城乡建设委员会、市规划和自然资源局联合发布《重庆市支持"好房子"加快发展十 条措施》及《好房子技术导则（商品住房）》，为房地产发展新模式提供全周期技术指引。 近段时间以来，多地密集推出关于"好房子"建设的指引，结合区域发展特点，构建高品质住宅标准体 系，未来"好房子"建设将更有规范可依。记者在采访时发现，购房者对"好房子"的几个关键要素特别期 待：高度、亮度、厚度、梯户比以及得房率。 从土地供应上，《措施》提出，加大优质地块供应，中心城区新供土地原则上为"好房子"产品供地。中 心城区新出让未开工的优质商品住宅地块，鼓励按照"好房子"标准进行开发建设。严格执行商品住宅类 用地供应与周边基本设施建设挂钩机制，确保规划先行、基础先行、配套先行、生态先行和景 ...

Core Insights - The 2025 Greater Bay Area "Good Housing" Exchange Conference was held in Zhongshan, focusing on the theme "Towards Quality Living, Building a Vibrant Bay Area" [1] - The conference showcased differentiated explorations and common achievements in "Good Housing" construction across nine cities, aiming to promote a "quality revolution" in the living environment of the Greater Bay Area [1] Group 1: Conference Highlights - The conference released significant outcomes, including benchmark cases for "Good Housing" in 2025, the "Good Housing Development Report," and a "Good Housing" map for the Greater Bay Area [1][2] - The report provides insights into housing demand upgrades, industrial transformation directions, and urban functional iterations, serving as a decision-making reference for enhancing living quality and high-quality development in the real estate sector [2] Group 2: Market Trends - The real estate industry is shifting its focus from speed and scale to quality and standards, emphasizing the need for housing construction to transition from "scale expansion" to "quality enhancement" [1] - The conference gathered insights from various stakeholders to discuss how to seize opportunities and adapt to this market shift [1] Group 3: Research and Findings - A comprehensive survey was conducted to identify representative "Good Housing" projects across the Greater Bay Area, focusing on core standards of safety, comfort, green living, and intelligence [2] - The survey involved visits to over a hundred representative residential projects, leading to the creation of a benchmark case list to inspire quality improvement across the industry [2] Group 4: Policy and Tools - By November 2025, several cities in the Greater Bay Area, including Guangzhou, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing, have released design guidelines for "Good Housing" [3] - A "Good Housing" map was launched, serving as an authoritative guide and convenient tool for residents to select quality housing [3]

本报记者 张芗逸 建设安全、舒适、绿色、智慧的"好房子"是当前和今后一个时期推动房地产高质量发展的抓手之一。其中，融合应用大数 据、AI（人工智能）等新一代信息技术，提升住宅智能化水平，是推动"好房子"建设的重要发力方向。 严跃进认为，《行动方案》明确以全屋智能为核心，通过操作系统、芯片等基础技术突破，推动新建建筑与既有建筑改造 的智能化应用，为全国"好房子"建设提供了技术路径参考。 当前，深圳全屋智能试点项目落地见效，应用场景持续拓展。据悉，2025年，深圳市住房和建设局组织遴选深圳市第二批 全屋智能建筑应用试点项目，共计13个项目入选，覆盖住宅、商务公寓、保障性租赁住房、养老院、医院、学校等多种建筑类 型，全屋智能应用面积近100万平方米。 除深圳外，广州、海口等城市也在近期将推动智能家居等举措写入"好房子"相关政策文件。 广州市住房和城乡建设局10月份发布的《广州市推进"好房子"建设的工作指引（试行）》提出，宜通过智能网关和数字家 庭系统，统一管理家庭智能设备，并预留对接物业服务、社会化服务、政务服务等平台的数据接口。 海口市自然资源和规划局等部门10月份发布的《关于优化我市"好房子"规划建设管理的若干 ...

Core Viewpoint - The article discusses the evolution of real estate product evaluation in China, highlighting the shift towards a focus on quality and innovation in design, as well as the increasing recognition of domestic projects in international awards [2][3]. Group 1: International Awards and Domestic Recognition - The decline of international real estate awards is noted, attributed to the maturation of the domestic real estate industry, while these awards still hold value for their global perspective [2]. - The TITAN Real Estate Awards and MUSE Design Awards have announced their 2025 winners, showcasing several Chinese real estate projects that have gained significant attention [2]. Group 2: Product Evaluation Initiatives - In mid-September, the "2025 China Real Estate Product Evaluation" was launched, marking the eighth year of the initiative, aimed at promoting high-quality housing through a more professional and authoritative platform [3]. - The evaluation system includes assessments of corporate product strength, product series, top works, and delivery capabilities, with a new focus on "Good Houses" in response to national guidance [31]. Group 3: Landscape and Interior Design Trends - Recent award-winning designs emphasize originality, functionality, and artistry, particularly in landscape spaces that integrate local cultural elements with international aesthetics [5][16]. - The integration of art into residential design has become a trend, with projects like the Green City Fuzhou Zhilian Yuhua receiving multiple international awards for their artistic and culturally rich interiors [18][28]. Group 4: Notable Award-Winning Projects - The Green City Ningbo Fuxiang Garden and Suzhou Rose Garden both won the "2025 MUSE Platinum Award" for their innovative landscape designs that reflect local characteristics [5]. - The Deep Industry Group's Shenjia Shangfu project received accolades for its focus on urban elite needs and its unique "24+1 time zone" living philosophy [8]. - The China State Construction's Park project in Beijing won the "2025 MUSE Gold Award" for its garden city lifestyle, featuring extensive green spaces and a focus on relaxation [11]. Group 5: Upcoming Evaluation Timeline - The evaluation process for the 2025 China Real Estate Product Evaluation will include data mining, expert reviews, and online voting, with results expected to be published in early January 2026 [36][38].

Investment Rating - Industry investment rating: Real Estate Stronger than the Market (maintained) [1] Core Viewpoints - The report indicates that the sales decline in October and November is expanding due to the high base from the previous year, with a need for macro policies to stabilize residents' income expectations and enhance purchasing power. The report emphasizes the importance of improving residents' willingness and ability to buy homes to stabilize the housing market [2][3] - The report suggests that the key to the housing market's stabilization lies in the improvement of residents' purchasing power and willingness to buy homes, which will ultimately lead to an improvement in supply-demand dynamics [2] - The report highlights the necessity of reducing mortgage rates through measures such as interest rate cuts or government subsidies to enhance the attractiveness of home purchases [2] Summary by Sections Policy - The report discusses the promotion of high-quality development in real estate, emphasizing the "Good House" initiative during the 14th Five-Year Plan, which aims to improve housing standards, design, materials, construction, and maintenance [3][4][5] Financing - The report notes a year-on-year decrease in long-term loans to residents, with a significant drop in new long-term loans in October 2025, amounting to a reduction of 700 billion yuan, which is 1.8 trillion yuan less than the previous year [10][11] Real Estate Market - The report states that the average daily transaction volume of new homes in 50 key cities fell by 31.4% year-on-year in October and by 46.3% in November, while the second-hand housing market also saw significant declines [19][25] - The report indicates that the average land supply in 100 cities was 1.3 million square meters in October, a decrease of 17.2% month-on-month, while the average transaction area increased by 3.4% [26] Real Estate Companies - The report highlights that the sales amount of the top 100 real estate companies fell by 40.6% year-on-year in October, with a cumulative decline of 16.7% for the first ten months of 2025 [34][38] - The report mentions that the average land acquisition ratio for the top 50 real estate companies increased, indicating a rise in land acquisition activity despite the overall sales decline [38] Market Performance - The report notes that the real estate sector underperformed the broader market, with a decline of 2.37% in October, while the current price-to-earnings ratio (P/E) for the real estate sector is 62.32, significantly higher than the 13.92 for the broader market [42]

Core Insights - The event focused on "modular construction technology" as a key method for improving living standards and supporting the construction of quality housing [3][4] - The initiative aims to create a high-end platform for policy interpretation, technical sharing, and resource connection to promote the large-scale application of modular construction technology [3][4] Group 1: Event Overview - The "Modular Construction Technology Exchange and On-site Observation Activity" was successfully held in Beijing, organized by the Beijing Municipal Commission of Housing and Urban-Rural Development [1] - The event gathered industry leaders, experts, and representatives from enterprises to discuss the theme of modular construction and its impact on urban renewal and quality housing [3] Group 2: Key Statements - Officials emphasized that modular construction technology is crucial for the green, intelligent, and industrial transformation of the construction industry, significantly reducing the impact on residents' lives [3][4] - The event highlighted the importance of collaboration among policies, technology, and industry chains to transition modular construction from a "technical option" to a "strategic path" [5] Group 3: Practical Applications - The on-site observation included a project in Xicheng District that utilized a concrete modular construction system, showcasing the integration of digital platforms like BIM and MES [5] - This project serves as a reference for promoting modular technology and urban renewal across the country, demonstrating the synergy between industrialization and intelligent construction [5]

Core Insights - The renovation of old houses is becoming a key driver for growth in the home furnishing industry, with the market expected to reach 5.17 trillion yuan by 2028, significantly boosted by old house renovations [1][4][9] - The industrialized interior decoration model is seen as a systematic innovation over traditional renovation methods, addressing pain points in old house renovations and promoting high-quality urban renewal [1][6][9] Industry Growth and Market Dynamics - The home furnishing industry is projected to experience a compound annual growth rate of approximately 2.8% over the next five years, driven by policy guidance and market demand [4][5] - The shift in consumer demand from "housing for all" to "quality housing" is reshaping the industry's focus from expansion to quality enhancement [4][5] Policy and Urban Renewal - The urban renewal policy framework has been continuously improved since 2025, with significant initiatives such as the renovation of 25,000 old urban communities planned for the coming years [5] - As of September 2023, 24,300 old urban communities have already begun renovation, benefiting approximately 48 million households and over 120 million people [5] Industrialized Interior Decoration - Industrialized interior decoration is rapidly emerging as a solution to challenges in traditional renovation, offering advantages such as standardized production, high efficiency, and reduced material waste [6][7] - This method not only ensures stable quality but also significantly enhances construction efficiency while minimizing environmental impact [6][7] Challenges and Collaborative Solutions - Despite its advantages, the industrialized interior decoration sector faces challenges such as insufficient collaboration and the need for improved standards [8] - To overcome these challenges, a collaborative ecosystem is necessary, involving all parties in the supply chain to enhance efficiency and reduce costs [8] Future Outlook - The demand for industrialized interior decoration is expected to grow steadily alongside urban renewal strategies and the ongoing construction of quality housing [9] - The future success of industrialized interior decoration hinges on significant investments in production lines and the development of modular products tailored for old house renovations [9]

"尽管松榆里地块在环线位置和配套成熟度方面具备优势，但邻近的黄杉木店、三间房及十八里店等板 块均有多个新房项目入市，对客户形成分流。因此，该地块项目若想实现市场突破，关键在于通过提升 产品性价比，有效吸引来自下游板块及竞争项目的潜在客群。"张凯如是称。 相较核心区地块的竞争热度，房山广阳城地块则由北京城建以底价14.71亿元摘得，住宅部分成交楼面 价约1.81万元/平方米。 值得一提的是，房山区已经一年左右时间未在北京土拍市场"露面"。在业界看来，此次推出的地块具 备"地铁+商业+医疗"的复合场景潜力，但当前房山区房地产市场整体库存规模较大，需求端主要依赖 本地客群及丰台通勤刚需群体，市场去化压力突出。因此，该项目需通过差异化设计提升竞争力，并注 意平衡商业配套带来的便利与潜在噪音影响。 从近期各批次土拍情况看，北京土地市场继续呈现分化结构。上海易居房地产研究院副院长严跃进对 《证券日报》记者表示，核心区优质地块因供应稀缺、需求稳定，仍是房企重点关注的扩储方向。随 着"好房子"建设的持续深化，叠加城市更新加速推进，核心城市未来的土地供应或将进一步向改善型需 求聚集、向功能完善的重点区域倾斜。企业在参与土拍时， ...

图片来源：北京市人民政府网站 11月26日，《中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）发布，将房地产政策纳入"着力保障和改 善民生"重点任务，明确以"持续推进住有所居"为目标，推动房地产发展模式转型与品质升级。 中指研究院方面向《每日经济新闻》记者（以下简称"每经记者"）分析指出，《建议》提出了实现"持续推进住有所居"目标的八项举措，侧重新模式构建、 品质提升等，对比"十四五"规划建议，内容更加细化。另外，大力实施城市更新、促进人口与城市发展相适应等内容也与房地产密切相关。 推动站城融合，优先向轨道交通站点周边供应建设用地 每经记者注意到，《建议》明确提出"加快构建房地产发展新模式"，并将这一表述放在首位。 中指研究院指出，与"十四五"规划建议相比，北京"十五五"规划建议不再局限于"完善多主体供给、多渠道保障、租购并举的住房保障体系"，而是从更宏观 层面推动房地产行业转型；强调完善"市场+保障"的住房供应体系和租购并举的住房制度，表明未来北京将更加注重市场与保障的有机结合，既尊重市场规 律，又强化政府在对困难群体住房保障中的责任。 《建议》提出，推动站城融合发展 ...