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] Group 1: Key Tasks for High-Quality Development - Optimize the supply of affordable housing by establishing a multi-tiered housing security system, focusing on public rental housing and affordable rental housing to meet the basic housing needs of urban workers and disadvantaged families [2] - Promote the sustainable and healthy development of the real estate market by implementing housing development plans and establishing a mechanism that links population changes with housing demand, land supply, and financial resource allocation [3] - Reform and improve the systems for real estate development, financing, and sales, including establishing a main bank system for project financing and promoting the sale of existing homes to mitigate delivery risks [3][4] Group 2: Quality Improvement Initiatives - Implement housing quality enhancement projects to build safe, comfortable, green, and smart homes, while improving urban renewal efforts and addressing issues like elevator installation and parking [4] - Enhance property service quality by promoting community organization coordination and improving service standards, while expanding service coverage to meet diverse resident needs [4][5] Group 3: Safety Management Systems - Establish a comprehensive safety management system for the entire lifecycle of buildings, including safety inspections, management funds, and quality insurance to address safety risks in existing housing [5][6]

Group 1 - A-share market sees a rise in certain real estate stocks, with Da Ming City hitting the daily limit, followed by increases in Zhujiang Shares, Yunnan Chengtou, and China Merchants Shekou [1] - The central bank governor Pan Gongsheng emphasizes the need for a scientific and robust monetary policy system and comprehensive macro-prudential management to support the stable and healthy development of the real estate market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, advocates for reforms in real estate development, financing, and sales systems, promoting the sale of existing homes to fundamentally mitigate delivery risks [1]

Core Viewpoint - The article emphasizes the need for high-quality development in the real estate sector, focusing on reforms in sales, financing, and development systems to enhance market stability and protect consumer rights [1]. Group 1: Reform and Regulation - The article advocates for the implementation of a "current housing sales system" to ensure transparency and reduce delivery risks, allowing buyers to see what they are purchasing [2]. - It highlights the importance of regulating pre-sale funds to protect the legal rights of homebuyers [2]. Group 2: Key Tasks for High-Quality Development - The article outlines several key tasks for promoting high-quality development in real estate, including optimizing the supply of affordable housing and ensuring the sustainable health of the real estate market [3]. - It calls for reforms in real estate development, financing, and sales systems, as well as initiatives to improve housing quality and property service standards [3]. Group 3: Demand and Supply Management - The article stresses the need to align housing demand with population changes and to scientifically arrange land supply, creating a linkage mechanism among population, housing, land, and finance [4]. - It advocates for tailored policies based on local conditions, granting city governments the autonomy to adjust real estate policies accordingly [4]. - The article also emphasizes the importance of developing a regulated rental market and fostering professional rental enterprises to enhance industry oversight and service capabilities [4].

据证券时报，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，要全 面落实推动房地产高质量发展的重点任务：一是优化保障性住房供给；二是促进房地产市场持续健康发 展；三是改革完善房地产开发、融资、销售制度；四是实施房屋品质提升工程；五是实施物业服务质量 提升行动；六是建立房屋全生命周期安全管理制度。 ...

Core Viewpoint - The Ministry of Housing and Urban-Rural Development emphasizes the need to accelerate the construction of a new model for real estate development, focusing on optimizing the supply of affordable housing to meet the basic housing needs of urban workers and various disadvantaged families, thereby promoting high-quality development in the real estate sector [1][2]. Group 1: Affordable Housing Supply - The meeting highlighted the importance of optimizing the supply of affordable housing, which is crucial for high-quality development in the real estate market [1]. - During the 14th Five-Year Plan period, over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - The focus for the 15th Five-Year Plan period will be on further optimizing the supply of affordable housing, including aspects such as scale, regional distribution, product structure, and quality [1]. Group 2: Demand for Improved Housing - There is a shift in real estate market demand from "availability" to "quality," with a continuous increase in demand for improved housing [2]. - Data from the China Index Academy indicates that by the third quarter of 2025, the sales proportion of housing units sized between 120 to 144 square meters in 30 key cities will rise to 30%, indicating a trend towards larger units becoming mainstream in the new housing market [2]. - Experts believe that the 15th Five-Year Plan period will see a significant push for improved housing supply, which is essential for stabilizing and promoting the recovery of the real estate market [2][3]. Group 3: Structural Changes in Housing Demand - The demand for improved housing is a key focus due to significant changes in the housing supply-demand relationship [3]. - The potential for demand in improved housing is substantial, but actual demand may be influenced by factors such as income levels, market expectations, and the pace of buying and selling [3]. - Experts agree that high-quality development in real estate will play a vital role in promoting common prosperity, with policies focusing on new development models, optimizing affordable housing supply, and implementing urban renewal initiatives [3].

从上周四到本周三（10月23日-10月29日），哪些楼市动态值得重点关注？来看本周楼市周报。 每周四，封面天天见之"封面会买房"都会带来最新楼市资讯与行业观察，敬请关注。 一、土地市场 10月27日，据成公资土拍告(2025)59号，成都金牛区一宗约23.4亩的住兼商用地，将于11月21日出让，该地块靠近三环路，周边配套丰富，住宅部分起拍 价13900元/㎡。 | 宗地编号 | 地块位置 | 面积 | 起始价 成交价 | | 竞得人 | 用地性质 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亩) | 元/m² | 元/m² | | | | | PZ2025- | 彭州市天彭街道九峰北 路以南、龙塔北路以西 | 57.8 | 407万元/ 407万元/ | | 彭州市龙兴置业有限公 | 住宅 | 10. 24 | | 9 (070102) | (龙安社区3组、4组) | | 面 | 面 | 리 | | | | DY2025- 008 (252) | 大邑县安仁镇五星社区5 组（原安仁镇五星村八 、九社） | 60. 4 | ...

签约（重庆开发协会供图） 此前，璧山推出了《璧山区推动房地产高质量发展若干措施（试行）》，从土地出让、规划布局、配套建设、预售支持等11个方面提出支 持房地产行业具体举措。 10月27日，在2025年璧山区城市价值暨高品质建设用地推介会上，璧山11宗高品质地块，吸引了保利、金茂、龙湖、绿城、海成、新希望 等50余家品牌房企前来交流洽谈。 据介绍，本次推介会重点推出11宗优质地块，总面积834亩，涵盖居住、商业、文化设施等类型，均位于核心发展板块，区位优越、配套 成熟，具备巨大的发展潜力。玉泉湖活力核心区依托玉泉湖生态资源与多维度交通，适宜建设高端住宅及文化地标；枢纽TOD潜力区域凭 借轨交优势，打造"轨交上的品质居住区"；成熟板块商业明珠位于秀湖生态区，适合布局酒店、会议中心等商业配套；生命健康板块聚焦 康养住宅与复合型社区商业；科学城潜力板块与来凤文旅秘境则分别瞄准科创服务与文旅康养新需求。 活动现场（重庆开发协会供图） 推介会上，璧山高新区管委会、服务业发展区管委会与相关企业分别签订合作开发和投资开发协议。（来源：重庆开发协会） ...

Core Insights - The article emphasizes the clearer expression of real estate content demands in the 15th Five-Year Plan compared to the 14th Five-Year Plan, particularly regarding the removal of unreasonable restrictive measures and linking high-quality development and real estate risk mitigation to national security capabilities [1][2]. Group 1: Investment Recommendations - The recommendation to maintain an "overweight" rating is based on the expectation of a stable industry and an optimized blue-chip competitive landscape [2]. - 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 [2]. - The plan includes policies for revitalizing inefficient land use and managing land supply throughout the cycle, indicating a more specific approach to housing consumption promotion and market factor allocation [2]. Group 2: Urban Development and Renewal - The acceleration of urban village renovations and comprehensive urban renewal is anticipated, with the 15th Five-Year Plan emphasizing the legal utilization of idle land and housing [3]. - The plan aims to support the urbanization of agricultural migrant populations, suggesting that urbanization benefits will continue to be released over the next five years [3]. - The emphasis on "vigorous implementation" of urban renewal indicates a strong commitment to advancing urban development initiatives [3]. Group 3: High-Quality Development - The 15th Five-Year Plan introduces the topic of promoting high-quality development in real estate, outlining five actionable paths for improvement [4]. - Future efforts will focus on enhancing funding supervision, corporate financing, and existing housing sales to protect buyers' rights [4]. - The shift from an incremental to a stock model in the industry is expected, aligning housing supply with urban renewal and urbanization needs [4]. - The plan highlights the importance of quality in new housing products, focusing on location, amenities, layout, and functionality [4]. - The emphasis on maintenance of existing housing and the potential introduction of a housing pension system reflects a shift in focus towards sustainability and long-term care [4].

Core Viewpoint - The financial performance of Shoukai Co., Ltd. has shown significant improvement in the third quarter of 2025, with substantial growth in revenue and a notable recovery in profitability, indicating a strong foundation for high-quality development [1][2]. Financial Performance - In the first three quarters, the company achieved operating revenue of 23.186 billion yuan, representing a year-on-year increase of 60.31% [2]. - The net profit attributable to shareholders saw a significant reduction in losses, improving by over 1.1 billion yuan compared to the previous year [2]. - The gross profit margin increased by 4.12 percentage points to 11.03%, positioning the company at a leading level within the industry [2]. Cash Flow Improvement - The net cash flow from operating activities turned positive, reaching 5.049 billion yuan, marking a fundamental shift from significant outflows to positive inflows [3]. - This improvement in cash flow alleviates short-term liquidity pressures and provides a solid financial foundation for future project development and debt repayment [3]. Funding Support - The company benefits from strong support from its major shareholder, Shoukai Group, which plans to provide up to 3 billion yuan in perpetual bond financing [4]. - The company has also enhanced its financing capabilities, successfully issuing private bonds totaling 1.206 billion yuan at a low interest rate of 2.79% [4]. - The backing from state-owned enterprises and a solid operational foundation help the company withstand industry uncertainties [4]. Strategic Development - The company has made strategic land acquisitions, including a key plot in Beijing's Chaoyang District for 446 million yuan, which is expected to enhance its competitiveness in the high-end residential market [5]. - In the first three quarters, the company recorded a total of 847,000 square meters of project completion, with a balanced layout focusing on both Beijing and surrounding high-quality areas [6]. - The recent policy guidance from the 14th Five-Year Plan emphasizes high-quality development in the real estate sector, aligning with the company's strategic direction [6]. Future Outlook - With ongoing project advancements in core areas of Beijing and a favorable policy environment, the company is positioned to capitalize on market recovery and transition from stable recovery to high-quality growth [6].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4][13]. Core Insights - The "14th Five-Year Plan" has been more explicit in addressing the demand side of real estate, emphasizing the removal of unreasonable restrictive measures and linking high-quality development and risk mitigation in real estate to national security capabilities [2][4]. - The report is optimistic about the industry entering a stable phase, with a continuous optimization of the blue-chip competitive landscape [4]. Summary by Sections Investment Recommendations - The report recommends maintaining an "Overweight" rating, highlighting the clearer expression of demand-side content in the "15th Five-Year Plan" compared to the "14th Five-Year Plan" [4]. - Key recommended stocks include: 1. Development: A-shares - Vanke A, Poly Developments, China Merchants Shekou, JinDi Group; H-shares - China Overseas Development 2. Commercial and Residential: China Resources Land, Longfor Group 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, China Overseas Property, Poly Property, China Merchants Jiyu, New Dazheng 4. Cultural Tourism: Overseas Chinese Town A [4]. Policy Insights - The "15th Five-Year Plan" proposes the removal of unreasonable restrictions on consumption, including housing, and emphasizes the need for efficient land planning [4]. - It aims to enhance the management of land supply throughout the entire cycle and accelerate urban village renovations and urban renewal [4]. High-Quality Development - The report identifies five actionable paths for promoting high-quality development in real estate, including: 1. Strengthening fund supervision and enterprise financing to protect buyers' rights 2. Transitioning from an incremental to a stock model in housing supply 3. Focusing on improving housing supply to meet demand changes in key cities 4. Enhancing the quality of new housing products 5. Emphasizing maintenance of existing housing and advancing a housing pension system [4][6]. Risk Management - The report notes a shift in the central government's stance on real estate, focusing on preventing systemic risks while not reiterating the previous emphasis on housing as a place to live rather than a speculative asset [4][11].