中国商报（记者 马文博）2025年，房地产行业在政策"组合拳"持续发力下止跌回稳，整体延续调整态势，市场走向理性修复。政策层面的确定性成为破解 市场痛点、激活发展动能的关键支撑，"好房子"建设的提出则为行业转型指明了方向，模式转型成为房地产行业高质量发展的必由之路。 楼市继续调整 北京房产中介恩平（化名）告诉记者，2025年年底成交的商品房以"刚需上车"和家庭改善型住房为主，尤其是北京12月24日新政出台后，核心板块带看量迅 速上升、成交较快。"我手上有个客户原本打算观望到春节，结果新政出台后一周内就定房了，担心错过窗口期。" 2025年年底，楼市迎来重大利好政策。财政部、国家税务总局12月30日发布公告明确，个人（不含个体工商户中的一般纳税人，下同）将购买不足2年的住 房对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售的，免征增值税。 广东省城乡规划院住房政策研究中心首席研究员李宇嘉认为，此举将降低交易成本、减少交易摩擦，释放受交易税费成本影响的需求，同时促进二手房和新 房、刚需和改善的循环。 图为山西太原一处商品房小区的售楼部内，市民正在看房选房。（图片由CNSPHO ...

Core Viewpoint - The Shenzhen Real Estate Association (Shenzhen 房协) has been recognized as a "Outstanding Contribution Unit" at the recent Shenzhen Social Organization General Association meeting, highlighting its pivotal role during the deep transformation of the real estate industry in Shenzhen [1][3]. Group 1: Industry Challenges and Responses - The real estate market in China has experienced significant changes in supply and demand, leading to oversupply in certain projects and cities, which has negatively impacted sales and prices [3]. - In response to the shift from "scale expansion" to "quality improvement," the Shenzhen 房协 visited 972 enterprises and organized over 60 events to address industry pain points and enhance service delivery [3]. Group 2: Service and Training Initiatives - The association has established a comprehensive service system focusing on policy interpretation, technical empowerment, and quality enhancement, aiming to support the transition from "building houses" to "building lives" [3]. - Specialized training programs for industry professionals have been developed, creating a full-chain empowerment system that integrates compliance standards and service norms [4]. Group 3: Social Responsibility and Governance - The Shenzhen 房协 has been actively involved in industry governance and social responsibility, producing the "Shenzhen Real Estate Development Enterprises Social Responsibility and Comprehensive Strength Research Report" for 26 consecutive years, which aids in policy-making and social credit building [4]. - The association has also launched a new media credit platform to facilitate efficient communication between the government, enterprises, and society, while engaging in public welfare and low-carbon transition initiatives [4][5]. Group 4: Future Directions - The recognition as an "Outstanding Contribution Unit" serves as both an acknowledgment of past efforts and a motivation for future development, with plans to deepen collaboration with member units and enhance service systems [5][6]. - The association aims to leverage AI technology and continue promoting high-quality development in the real estate sector, contributing to the construction of a modern international metropolis in Shenzhen [6].

从"有房住"到"住好房"，房地产行业已进入追求人居品质的下半场。"十五五"最新规划明确提出，要 建设安全、舒适、绿色、智慧的"好房子"，更是将住宅品质提升到前所未有的政策高度。 本文字数：4000，阅读时长大约7分钟 作者 | 第一财经 马一凡 郑娜 孙梦凡 2026.01. 06 然而，在"好房子"政策目标下，现实与理想之间，仍横亘着不小的距离。近年来，很多楼盘陷入交付 即有业主维权的"魔咒"。渗水、空鼓、隔音差、外墙脱落、公区减配……不少购房者在满怀期待地收 房后，却迅速踏上了维权之路。 房企们宣称的"完美交付"并不完美，这让市场不禁疑惑，新房交付质量为何如此难以保证？到底是企 业管理不善、压降成本，还是存在行业系统性堵点？ 第一财经多方采访发现，在楼盘质量、交付瑕疵背后，存在着贯穿规划、建设、管理、销售等多环节 的问题。工程层层分包质量难把控、企业资金紧张材料减配、住宅建设依赖人工的不确定性，都对楼 盘"完美交付"构成了挑战。 "我家找了专业验房师，提示了很多问题，比如门缝很大、瓷砖没对齐等。但由于不会对居住产生大 影响，开发商没有进行处理，我们也没太追究。"小区业主刘莹（化名）向记者表示，"住进去后， ...

在"好房子"政策目标下，理想与现实之间，仍横亘着不小的距离。 从"有房住"到"住好房"，房地产行业已进入追求人居品质的下半场。"十五五"最新规划明确提出，要建设安全、舒适、绿色、智慧的"好房子"，更是将住宅 品质提升到前所未有的政策高度。 然而，在"好房子"政策目标下，现实与理想之间，仍横亘着不小的距离。近年来，很多楼盘陷入交付即有业主维权的"魔咒"。渗水、空鼓、隔音差、外墙脱 落、公区减配……不少购房者在满怀期待地收房后，却迅速踏上了维权之路。 房企们宣称的"完美交付"并不完美，这让市场不禁疑惑，新房交付质量为何如此难以保证？到底是企业管理不善、压降成本，还是存在行业系统性堵点？ 第一财经多方采访发现，在楼盘质量、交付瑕疵背后，存在着贯穿规划、建设、管理、销售等多环节的问题。工程层层分包质量难把控、企业资金紧张材料 减配、住宅建设依赖人工的不确定性，都对楼盘"完美交付"构成了挑战。 "带病交付"的新房 从一线到三四线城市，部分已交付一两年的楼盘，逐渐暴露出质量问题，外墙鼓包、隔音不达标、精装修瑕疵多、漏水问题频发……甚至一些新楼盘在交付 的前期阶段，便集中暴露出质量问题。 位于华东地区的正荣悦珑府，曾是当地 ...

在销售保持稳定的基础上，房企投资端同步回暖。中指研究院数据显示，2025年TOP100房企拿地总额 为9640亿元，同比增长3.9%。 "一方面，为稳定土地市场，多地推出利好政策，推地质量也不断提升，增加了房企拿地积极性；另一 方面，近年来房企拿地力度较弱，存量可开发土地已基本开发完毕，当前抓住利好时机积极补仓，以图 可持续发展。"中指研究院相关负责人表示，当前，民企拿地主要集中在一二线核心城市，且聚焦优势 区域深耕，例如滨江集团在杭州拿地、懋源地产在北京拿地。 从区域分布看，一二线核心城市成为房企重仓区域。2025年，杭州、上海、北京三地全年土地出让金均 超1400亿元。在业界看来，一二线核心城市人口流入大、产业基础强、需求更有韧性，因此更受房企青 睐。 头部房企新增货值继续向核心城市和优质项目集中 中指研究院日前发布的数据显示，2025年销售额超千亿元的房企共10家，头部企业销售规模保持韧性， 核心城市项目仍是主要支撑。 从销售结构看，头部房企优势依然明显。保利发展（600048）控股集团股份有限公司（以下简称"保利 发展"）、绿城中国控股有限公司、招商局蛇口工业区控股股份有限公司（以下简称"招商蛇口 （ ...

从销售结构看，头部房企优势依然明显。保利发展控股集团股份有限公司（以下简称"保利发展"）、绿 城中国控股有限公司、招商局蛇口工业区控股股份有限公司（以下简称"招商蛇口"）、杭州滨江房产集 团股份有限公司（以下简称"滨江集团"）等企业的销售额均超过千亿元。 中指研究院日前发布的数据显示，2025年销售额超千亿元的房企共10家，头部企业销售规模保持韧性， 核心城市项目仍是主要支撑。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，近年来，多地在供地端持续优化出让机 制，土地供应呈现出"控量提质"的特征。一方面，地方政府不断提升供地精准度，部分城市对配建公共 服务设施的项目给予容积率奖励，另有城市通过支持土地出让金分期缴纳，缓解房企资金压力。另一方 面，围绕"好房子"建设导向，各地加大低容积率、可开发性较强地块的投放力度，优质地块供应明显增 加，房企竞拍积极性提升，高溢价成交案例增多。 展望未来，严跃进表示，2026年住宅市场有望迎来一批在区位、品质和功能上更具竞争力的"好房子"项 目，核心城市新房产品结构将进一步优化，具备持续开发能力与稳健经营能力的头部房企，有望保持竞 争优势。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating for the real estate sector is "Outperform the Market" (maintained) [2][37] Core Insights - The real estate market is expected to continue its adjustment in 2025, with a projected 6% year-on-year decline in national sales for 2026. The overall transaction volume in 30 key cities is anticipated to decrease by 15% and 13% in terms of units and area, respectively, although the decline is expected to narrow compared to 2024 [4] - The report highlights that second-hand housing transactions are performing better than new housing, with a slight increase of 0.2% in transaction volume for the top ten cities, while new housing transactions are expected to decline by 19% [4] - Positive factors are accumulating, indicating a gradual recovery in the market, including a decrease in down payment ratios and mortgage rates, which are alleviating the financial burden on homebuyers [4] - The report emphasizes the importance of policy measures to stabilize the real estate market, with expectations for continued supportive policies in 2026 [4] Summary by Sections Market Outlook - The report anticipates a 6% decline in national real estate investment and sales in 2026, with an 8.5% drop in investment and a 6% drop in sales under a neutral scenario [4] - The article published in "Qiushi" discusses the need for sustained policy efforts to promote a healthy and stable real estate market [4] Policy Environment - Recent policy adjustments include a reduction in the value-added tax rate for personal housing sales and the issuance of guidelines for improving housing quality [10] - The report notes that the Ministry of Housing and Urban-Rural Development has set a goal for significant progress in housing quality improvement by 2030 [4][10] Market Performance - New housing transactions in 50 key cities saw a slight increase of 0.6% week-on-week, while second-hand housing transactions decreased by 33.7% [5][13] - As of January 2, 2026, the inventory of newly built homes in 16 cities decreased by 1.5%, with a de-stocking cycle of 21.1 months [5][16] Investment Recommendations - The report suggests focusing on three main lines of investment: 1. Real estate companies with low historical burdens and strong product capabilities, such as China Resources Land and China Overseas Development [4] 2. Hong Kong real estate firms benefiting from market stabilization, such as Sun Hung Kai Properties [4] 3. Companies with stable cash flow and dividends, including China Resources Vientiane Life and Poly Property [4]

2025，随着首次被写入政府工作报告，一个关于"好房子"的承诺，在中国落地生根。 立于时代潮头，智木艺墅以装配式木结构技术为依托，回应这份国家的号召与人民的向往。 这一年，我们深耕不辍，让"好房子"从蓝图生长为实景，在乡野间扎根，向公共空间延伸，于产品迭代中升级，以开放工程构建信任，收获市场与行业的多 重认可。 这份年度纪事，是足迹，是答卷，更是承诺的延续。 本文，谨以五个篇章，回顾智木艺墅这一年的深耕与收获。 乡墅产品规模化落地 作为一站式低碳健康乡墅服务商，智木艺墅持续以可靠的一站式交付能力，推动高端木结构自建房走进更多家庭。 2025年，智木艺墅以全国多地项目的快速落地与圆满交付，印证了"今年建，今年住"的承诺并非口号，而是可复制的现实。 从浙江杭州"光曜府"的开工到年中交付，到4月山东青岛"英伦经典"的落成入住——智木艺墅稳步向北拓展服务半径;再至金秋十月，浙江温州"栖云居"与江 苏溧阳"栖溪里"同步启动，并于岁末转入内装阶段，展现出多项目并行的协同施工能力。 至此，智木艺墅的足迹已遍布全国8省23市，累计为超百位业主筑就理想居所。 每一个项目的落地，不仅是建筑空间的营造，更是信任的累积与乡村人居升级 ...

Group 1 - The core viewpoint of the article emphasizes that understanding the Chinese economy requires looking beyond GDP growth rates, focusing instead on five key themes that will shape the economy leading into 2026, the start of the 15th Five-Year Plan [1] Group 2 - Keyword 1: Artificial Intelligence - AI is seen as a revolutionary technology that is becoming a universal efficiency amplifier across all industries, with significant advancements in manufacturing, logistics, healthcare, and governance. The complete industrial ecosystem around AI is being established, positioning it as a new infrastructure for China's economic growth over the next decade [2] - Keyword 2: Expanding Domestic Demand - The focus is on enhancing consumer willingness and capacity by addressing the entire production-distribution-保障 chain. The aim is to stabilize income and improve social security, making "expanding domestic demand" a critical task for economic work in 2026 [3] - Keyword 3: Investment in People - The shift from "investment in material" to "investment in people" highlights the importance of improving residents' income, social security systems, education, and healthcare. This represents a paradigm shift from a "Chinese economy" to a "people-centric economy" [4] - Keyword 4: Countering "Involution" Competition - The article discusses the need to move away from low-level repetitive competition that harms profits and innovation. The government aims to refocus competition on efficiency and value creation, indicating a structural adjustment in supply-side economics that may be painful in the short term but necessary for long-term stability [5] - Keyword 5: Quality Housing - The focus has shifted from merely having housing to ensuring the quality of housing, which should be safer, more energy-efficient, and better suited to real living needs. This indicates a return to the residential attributes of real estate, moving away from its financial characteristics [6]

Core Insights - The real estate market continues to show signs of bottoming out, with 10 companies achieving over 100 billion yuan in sales for the year [3] - 24 companies reported year-on-year growth in performance, with some experiencing significant recovery [3] - Central and state-owned enterprises performed well overall, with 42% of them reporting performance growth [3] - High-quality properties and urban renewal have become new focal points, prompting companies to enhance their internal capabilities [3] Company Performance - The top companies by operational amount include: - Greentown China: 251.9 billion yuan - China Overseas Land & Investment: 239.2 billion yuan - Poly Developments: 232.8 billion yuan - China Resources Land: 210.1 billion yuan - China Merchants Shekou: 185.8 billion yuan [5][6] - The top companies by operational area include: - Greentown China: 1,208 million square meters - Poly Developments: 1,126.2 million square meters - China Overseas Land & Investment: 1,044.2 million square meters - Vanke: 950.7 million square meters - China Merchants Shekou: 688 million square meters [5][6] Market Trends - The overall market is characterized by a continued bottoming trend, with a focus on quality properties and urban renewal as key areas for growth [3] - Companies are encouraged to strengthen their internal capabilities to adapt to changing market conditions [3]