Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][27]. Core Views - The "15th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and integrate real estate into the social security system [4][27]. - The report highlights a rebound in new home sales, with a week-on-week increase of 9.9% in 34 key cities, while second-hand home sales saw a slight decline [4][5]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate [4][27]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 2.835 million square meters, up 9.9% week-on-week, with first and second-tier cities increasing by 12.5% [4][5]. - Year-on-year, new home sales in October decreased by 26.8%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 41.2% [4][7]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 1.152 million square meters, down 1.1% week-on-week, and down 22.2% year-on-year for October [4][13]. Inventory and Supply - In 15 key cities, 770,000 square meters were launched for sale, with a sales-to-launch ratio of 1.59, indicating a healthy demand [4][22]. - The total available residential area in these cities was 89.296 million square meters, down 0.5% week-on-week [4][22]. Policy and News Tracking - The report notes that the Ministry of Commerce and other departments support the issuance of REITs for commercial real estate, providing long-term financing support [4][27]. - Various local governments have introduced measures to stimulate housing demand, including purchase subsidies and adjustments to rental withdrawal ratios [4][30]. Company Performance - Several real estate companies reported weaker performance in Q3 2025, with notable declines in net profits for companies like New Town Holdings and China Overseas Development [4][33]. - The report highlights the successful listing of China Overseas Development's commercial REIT, which raised 1.58 billion yuan [4][33].

来源：中国新闻网 编辑：董湘依 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 10月中国百城新建住宅均价同比涨2.67% 二手住宅均价下跌 中新社北京11月1日电 (记者 庞无忌)中指研究院1日发布的数据显示，10月份，中国主要城市仍维持新 建住宅价格总体上涨、二手住宅价格下跌态势。 数据显示，10月，中国100个城市新建住宅平均价格为每平方米16973元(人民币，下同)，环比上涨 0.28%，同比上涨2.67%。当月，100个城市二手住宅平均价格为每平方米13268元，环比下跌0.84%，同 比下跌7.60%。 从市场表现来看，新建住宅方面，10月，上海、成都、南京等核心城市保持较高的供应规模，多家房企 借助"十一"假期推出优质改善性住宅项目，带动百城新房价格环比结构性上涨。当月，杭州、合肥、成 都、上海等城市新房价格环比涨幅较大。二手住宅方面，在高挂牌量及预期偏弱影响下，各城市二手 房"以价换量"态势延续。 此前公布的"十五五"规划建议强调推动房地产高质量发展。中指研究院指数研究部总经理曹晶晶指出， 短期房地产政策预计将继续聚焦推动市场止跌回稳，长期则锚定推动行业向高质量发展转型。 ...

Group 1 - The core viewpoint emphasizes the promotion of high-quality development in the real estate sector, highlighting its role in improving people's livelihoods [1] - A new model for real estate development is being established, which includes the implementation of current housing sales, reducing the risk of paying mortgages before properties are completed [1] - The supply of affordable housing is being optimized to meet the basic housing needs of urban wage earners and various struggling families, expanding coverage beyond just low-income groups [1] - Policies will be tailored to increase the supply of improved housing, moving away from a one-size-fits-all approach to more targeted development [1] - The initiative aims to construct safe, comfortable, green, and smart homes, with a focus on enhancing housing quality and property service standards [1] Group 2 - Policies related to mergers, bankruptcies, and land use are being improved to activate low-efficiency land, idle properties, and existing infrastructure [3] - There is a push for the efficient use of rural collective construction land and the activation of idle land and housing to support rural development [3] - The promotion of consumption mechanisms is being refined, indicating potential easing of restrictions on housing and automobile purchases to stimulate market activity [3] - A coordinated approach is being taken to address risks in real estate, local government debt, and small financial institutions to prevent systemic risks [3] Group 3 - The focus is on advancing a people-centered new urbanization strategy, facilitating the integration of agricultural migrants into urban areas [4] - Efforts are being made to modernize governance in mega cities and promote coordinated development among cities and towns [4] - The initiative aims to enhance urban infrastructure and public services while promoting sustainable and resilient urban development [4] - There is a commitment to advancing border town construction as part of the urbanization strategy [4]

Group 1: Economic and Financial Strategy - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining systematic planning and strategic deployment for economic and social development during the 15th Five-Year period [1] - The article emphasizes the integration of technological and industrial innovation, enhancing the inclusiveness and adaptability of capital market systems, and expanding high-level opening-up [1][2] Group 2: Financial System Improvement - The article by Wang Jiang highlights seven key tasks for building a strong financial nation, including improving the central bank system and promoting healthy capital market development [2][3] - It stresses the need for financial institutions to focus on their main businesses and enhance governance, while also supporting state-owned financial institutions in serving the real economy [3][4] Group 3: Monetary Policy and Macro-Prudential Management - The People's Bank of China aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management framework to support high-quality financial development [6][7] - The article outlines the importance of adjusting monetary policy to match economic growth and price stability, emphasizing the need for a balanced approach to short-term and long-term economic goals [7][8] Group 4: International Financial Center Development - The article discusses the continuous development of various financial markets in Shanghai to enhance its global competitiveness and influence [4][5] - It calls for strengthening the cross-border payment and clearing system for the Renminbi and expanding institutional openness in the financial sector [4] Group 5: Trade and Investment Expansion - The article by Wang Wentao emphasizes the significance of expanding high-level opening-up, including promoting trade innovation and enhancing the quality of foreign trade [10][11] - It outlines tasks such as increasing market access in service sectors and optimizing the free trade zone strategy to boost innovation and development [11][12] Group 6: Real Estate Market Development - The article by Ni Hong focuses on promoting sustainable and healthy development in the real estate market through reforms in development, financing, and sales systems [14][15] - It highlights the need for a multi-level housing security system and emphasizes the importance of local governments in adjusting real estate policies based on specific city conditions [15][16]

Core Perspective - The "15th Five-Year Plan" marks a significant shift in China's real estate policy, moving from a focus on rapid expansion to prioritizing high-quality development and improving people's livelihoods [1][3]. Group 1: New Positioning - The real estate sector's role has been redefined from a driver of economic growth to a stabilizer for people's livelihoods, emphasizing the need for housing stability before quality [3]. - The new mechanism for high-quality development involves aligning housing supply with actual population demand, moving away from the previous rapid turnover model [3][4]. - The plan aims to dismantle unreasonable restrictions on housing consumption, indicating a more proactive approach to addressing housing needs [3][4]. Group 2: Supply Adjustments - The focus has shifted from merely increasing the quantity of affordable housing to enhancing its quality, with an emphasis on amenities and sustainability [4]. - The introduction of improvement housing in the plan reflects a response to real demand, with larger units becoming more prevalent in key cities [4][5]. - The strategy will involve tailored approaches to housing supply based on local demand, moving away from a one-size-fits-all model [4]. Group 3: New Operational Models - The plan emphasizes the need for a new development model, moving away from high-leverage land acquisition to a focus on operational efficiency [5]. - A new financing mechanism has been established to support reliable projects, with over 7 trillion yuan allocated for approved projects [5][6]. - The revitalization of existing properties and land through mergers and acquisitions is highlighted as a new growth area [5][6]. Group 4: Risk Management - The plan prioritizes risk management in real estate, establishing a comprehensive safety management system for properties throughout their lifecycle [6]. - Measures to ensure market stability include adjusting supply based on population trends and regulating the second-hand housing market to prevent price manipulation [6]. - The overarching goal is to return the industry to its fundamental purpose of addressing housing needs rather than speculative investment [6].

Core Viewpoint - The article discusses the future development of the real estate sector in China over the next five years, emphasizing the need for high-quality development as outlined in the "15th Five-Year Plan" [1][2]. Group 1: High-Quality Development - High-quality development is characterized by optimizing the supply of affordable housing and increasing the supply of improved housing based on local conditions [3][4]. - The focus on optimizing affordable housing supply aims to meet the basic housing needs of urban workers and various disadvantaged families [4][5]. - The "15th Five-Year Plan" aims to enhance the quality of housing supply by addressing scale, regional distribution, product structure, and quality [5]. Group 2: Institutional Improvement - The plan calls for the establishment of a new real estate development model and the improvement of basic systems for property development, financing, and sales [6][9]. - Specific measures include prohibiting investors from misappropriating funds before project delivery, establishing a financing coordination mechanism, and promoting the sale of existing homes [9]. Group 3: Quality Enhancement - The initiative aims to construct safe, comfortable, green, and smart homes, with a focus on improving housing quality and property service standards [10][11]. - Standards for new homes will be raised, including increasing ceiling heights and improving sound insulation performance [10]. - Property services will evolve to include a broader range of support for residents, addressing diverse living needs [11].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - Real estate sales remain sluggish, with a cumulative year-on-year decline of 5.5% in sales area and 7.9% in sales revenue for the first three quarters of 2025. The decline has widened compared to the end of August [3][26]. - The report highlights a shift in the real estate sector towards "quality, service, and sustainability," moving away from high leverage and high turnover models. It emphasizes the importance of urban renewal to unlock potential in existing stock [3][27]. - The building materials sector is expected to see a steady recovery in profitability, with a target of exceeding 300 billion yuan in revenue from green building materials by 2026 [3][51]. Summary by Sections Real Estate Sector Overview - As of October 30, 2025, the Shenwan Real Estate Index has increased by 0.31% over the past two weeks, underperforming the CSI 300 Index by 4.03 percentage points [13]. - In September 2025, new residential prices in first-tier cities fell by 0.3% month-on-month, while second-tier cities saw a 0.4% decline [24][26]. - The report identifies key companies to watch, including Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the current market environment [3][27]. Building Materials Sector Overview - The Shenwan Building Materials Index rose by 2.19% over the past two weeks, ranking 16th among 31 sectors [28]. - The report notes a significant decline in national cement production, down 5.2% year-on-year to 1.259 billion tons, marking the lowest level since 2010 [48][52]. - Companies such as Conch Cement, Taipai Group, and Huaxin Cement are highlighted for their strong fundamentals and high dividend yields [52]. Specific Material Insights - The glass and fiberglass sectors are facing pressure with low prices, but the report anticipates a long-term improvement in competition due to supply constraints [5][52]. - The report suggests that the photovoltaic glass industry is transitioning towards a model driven by technology and sustainability, which is expected to enhance profitability [5][52]. - Consumer building materials are seeing improved margins due to price increases and demand from urban renewal projects, with companies like North New Materials and Rabbit Baby recommended for attention [53].

近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中刊登 了住房和城乡建设部部长倪虹题为《推动房地产高质量发展》的署名文章。倪虹表示，要深刻认识推 动房地产高质量发展的重要意义，准确把握推动房地产高质量发展的总体要求，全面落实推动房地产 高质量发展的重点任务。 倪虹指出，要深刻认识推动房地产高质量发展的重要意义。推动房地产高质量发展是满足人民美好生活向往的 客观需要，是推进中国式现代化建设的客观需要，是促进房地产业转型发展的客观需要。推动房地产高质量发 展，必须牢牢抓住让人民群众安居这个基点，锚定推动房地产高质量发展的主要目标，处理好推动房地产高质 量发展的主要关系，强化推动房地产高质量发展的基础支撑，建立健全推动房地产高质量发展的保障机制。 倪虹表示，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"加快构建房地产发展 新模式，完善商品房开发、融资、销售等基础制度。优化保障性住房供给，满足城镇工薪群体和各类困难家庭 基本住房需求。因城施策增加改善性住房供给。建设安全舒适绿色智慧的'好房子'，实施房屋品质提升工程和 物业服务质量提升行动。建立房屋全生命周期安全 ...

Core Viewpoint - The article emphasizes the importance of promoting high-quality development in the real estate sector as a necessity for meeting people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [1][2]. Summary by Sections Importance of High-Quality Development - High-quality development in real estate is essential for satisfying the public's desire for better living conditions, supporting the modernization of China, and aiding the transformation of the real estate industry [1]. Key Tasks for High-Quality Development - The article outlines several key tasks, including optimizing the supply of affordable housing, promoting sustainable market development, reforming real estate development and financing systems, enhancing housing quality, improving property service quality, and establishing a comprehensive safety management system for housing [2][3][4][5]. Optimizing Affordable Housing Supply - A multi-tiered housing security system will be established, focusing on public rental housing, affordable rental housing, and shared ownership housing. Local governments are encouraged to increase the supply of affordable housing based on actual needs, ensuring fairness and transparency in the application and allocation processes [2]. Promoting Sustainable Market Development - The establishment of a linkage mechanism among population, housing, land, and finance is crucial. Policies will be tailored to local conditions, allowing city governments to adjust real estate policies as needed. The rental market will be regulated to foster professional housing rental enterprises [3]. Reforming Development, Financing, and Sales Systems - The article advocates for a project company system in real estate development, where project companies operate independently. A lead bank system will be implemented for financing, ensuring that project companies can meet their financing needs while sharing risks with banks. The promotion of a "sell what you see" approach in property sales aims to mitigate delivery risks [3]. Enhancing Housing Quality - Initiatives will focus on constructing safe, comfortable, green, and smart homes, improving standards across the entire housing lifecycle, and addressing urban renewal challenges [4]. Improving Property Service Quality - The article calls for enhanced coordination among community organizations and property service companies, promoting self-regulation within the property service industry to improve service quality and address residents' daily concerns [4]. Establishing a Safety Management System - A comprehensive safety management system for housing will be developed, including safety inspections, funding for repairs, and quality insurance to ensure the safety and longevity of existing housing stock [5].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [4][16][30]. Core Insights - The 15th Five-Year Plan presents clearer demand-side expressions for real estate compared to the 14th Five-Year Plan, emphasizing the removal of unreasonable restrictions and linking real estate risk resolution with national security [4][16][17]. - The industry is anticipated to stabilize, with an ongoing improvement in the blue-chip competitive landscape [4][16]. - Key recommendations include major developers such as China Vanke, Poly Developments, and China Merchants Shekou, among others, across various segments including residential, commercial, property management, and cultural tourism [4][16]. Summary by Sections Demand-Side Policies - The 15th Five-Year Plan proposes the removal of unreasonable restrictions on consumption, including housing, and aims for balanced development between finance, real estate, and the real economy [4][17]. - It emphasizes the need for improved policies on mergers, bankruptcies, and the activation of inefficient land and idle properties [4][17]. Urban Development - Urban village renovation is expected to accelerate, with a focus on the economical use of rural collective land and the activation of idle properties [4][18]. - The plan highlights the importance of urbanization for the agricultural transfer population, suggesting continued urbanization dividends over the next five years [4][18]. High-Quality Development - The report outlines five feasible paths for promoting high-quality real estate development, including improved fund supervision and enterprise financing [4][19][20]. - It indicates a shift from incremental to stock mode in the industry, aligning affordable housing construction with urban renewal and urbanization needs [4][19][20]. - The focus will also be on enhancing the quality of new housing products and maintaining existing housing [4][19][20].