Core Insights - China State Construction's subsidiary, Zhongjian Yipin, is actively expanding in major cities, securing key land parcels in Shanghai and Shenzhen, and achieving strong sales in Beijing, indicating a strategic focus on high-end urban living [1][3][4] Group 1: Strategic Positioning - Zhongjian Yipin's strategy emphasizes acquiring land in core urban areas, particularly in high-energy cities like Beijing, Shanghai, and Shenzhen, aligning with urban development trends and maximizing land resource value [3][4] - The company's dual-core strategy of "core location + core product" enhances the value potential of its projects, allowing them to serve not just as residences but as significant urban assets [4] Group 2: Delivery and Trust - Zhongjian Yipin has demonstrated a strong commitment to timely project delivery, achieving zero delays in 2025 with a high first-time visit acceptance rate of 90%, reinforcing trust with homeowners [5] - The company has a track record of early deliveries, with an average of 83 days ahead of contract timelines, showcasing its operational efficiency and quality control [5] Group 3: Service Enhancement - The "Happiness One+" customer service system aims to enhance the living experience by providing comprehensive support throughout the home buying process, from viewing to moving in [9] - This service model includes multiple quality assurances and a wide range of service touchpoints, ensuring a high level of customer satisfaction and engagement [9] Group 4: Product Innovation - The launch of the Yuanjing series, targeting high-net-worth individuals, reflects Zhongjian Yipin's commitment to high-quality living standards, with projects like Beijing's Haicheng Yuanjing achieving significant sales [11][14] - The upcoming Shanghai Bund Yuanjing project aims to blend historical architecture with modern design, further establishing the company's presence in the high-end market [13] Group 5: Market Performance - In Shenzhen, the Pengchen Yunzhu project has achieved remarkable sales, becoming a top performer in the residential market, indicating strong brand recognition and product appeal [16][18] - The acquisition of a prime land parcel in Shenzhen's Futian district is expected to align with the Yuanjing series, addressing the high-end housing demand in a market with limited supply [19]

行业定期报告 hyzqdatemark 2025 年 12 月 25 日 证券研究报告 房地产 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 住建部发文推动房地产高质量发展，11 月地产数据继续承压 投资评级： 看好（维持） ——房地产行业周报（25/12/13-25/12/19） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 0.0%、深证成指下跌 0.9%、创业板指下跌 2.3%、沪深 300 下 跌 0.3%、房地产（申万）下跌 0.4%。个股方面，涨跌幅前五的分别为：中天服务(+35.8%)、 华联控股(+15.8%)、三湘印象(+15.5%)、ST 中迪(+13.7%)、中国武夷(+11.2%)，涨跌幅后五 的分别为：财信发展(-13.2%)、首开股份(-11.3%)、海南高速(-10. ...

Group 1 - The core viewpoint of the articles emphasizes the significant changes in the supply-demand relationship of the real estate market during the "14th Five-Year Plan" period, with a focus on optimizing land supply and improving quality in accordance with national policies [2][3] - The Jinan Natural Resources and Planning Bureau has introduced 15 measures to optimize the land market, including innovative practices such as "land reserve with collateral," customized planning, and mixed-use land functions to stimulate market investment [2] - A total of 44,000 acres of residential land have been supplied, maintaining stable land prices and meeting both rigid and improved housing demands, with competitive bidding for residential and commercial plots reaching a maximum premium rate of 51.97% in 2025 [2] Group 2 - The city has developed "one case per land" disposal plans for idle land, completing the disposal of 21,300 acres of idle land and promoting the redevelopment of low-efficiency land as part of a national pilot program [3] - The Jinan Natural Resources and Planning Bureau aims to promote high-quality real estate development in the "15th Five-Year Plan," focusing on a demand-driven supply mechanism and ensuring that land supply aligns with real estate inventory, urban population, and industry conditions [3] - Plans include innovative land supply methods such as "comprehensive evaluation transfer" and "design scheme transfer," prioritizing the supply of affordable housing land and enhancing public service infrastructure [3]

Core Viewpoint - The national housing and urban construction work conference emphasizes the need to stabilize the real estate market through various measures, including optimizing policies and supporting reasonable financing for real estate companies [1][2] Group 1: Real Estate Market Stabilization - The conference highlights the importance of implementing a "white list" system for real estate projects to support reasonable financing needs of real estate companies [1] - Cities are encouraged to adjust and optimize real estate policies to support both rigid and improved housing demands, promoting a stable real estate market [1] - Strategies include controlling incremental supply, reducing inventory, and enhancing supply through urban renewal and the transformation of urban villages [1] Group 2: Housing Supply and Quality Improvement - The meeting calls for optimizing and precisely implementing the supply of affordable housing and enhancing the quality of housing through various initiatives [1][2] - There is a focus on the construction of "good houses" and the promotion of a new model for real estate development, including the establishment of a project company system [1] - The conference emphasizes the need for a shift towards selling existing homes to mitigate delivery risks and protect buyers' rights [1] Group 3: High-Quality Development and Market Dynamics - The conference recognizes the ongoing new urbanization and the potential for optimizing urban stock, indicating that the real estate market still has significant growth potential [2] - It stresses the importance of viewing the new and second-hand housing markets as a whole, acknowledging the rising proportion of second-hand transactions [2] - The need for a balanced approach to risk prevention and transformation is highlighted, focusing on market-oriented and legal principles to mitigate real estate company debt risks [2] Group 4: Social Welfare and Growth Stability - The conference emphasizes the importance of addressing housing needs for various vulnerable groups, including new citizens, youth, and low-income families [2] - It advocates for the renovation of old urban areas and villages to eliminate safety hazards and improve living conditions [2] - The role of housing provident funds is underscored in enhancing housing security and supporting the construction of high-quality housing [2]

转自：经济参考报 编辑：尹杨 房地产市场稳定发展成为核心任务之一。会议提出，着力稳定房地产市场，因城施策控增量、去库存、 优供给，结合城市更新、城中村改造盘活利用存量用地，推动收购存量商品房用作保障性住房、安置 房、宿舍、人才房等。进一步发挥房地产项目"白名单"制度作用，支持房地产企业合理融资需求。在商 品房销售上，推进现房销售制，实现"所见即所得"，从根本上防范交付风险。 在房地产高质量发展方面，会议要求，加快建筑业提质升级，扎实推动安全生产治本攻坚三年行动，建 立房屋全生命周期安全管理制度。夯实高质量发展基础支撑，提升数智化水平，加力推进城市信息模型 （CIM）建设，推进人工智能与住房城乡建设领域深度融合。 广东省城乡规划院住房政策研究中心首席研究员李宇嘉表示，2026年稳定房地产市场的关键在于加快构 建新模式，既要理顺市场与保障、租赁与购买等多重关系，促进"由租转买""新旧房联动"等良性循环， 也需要政策与制度改革协同发力。 58安居客研究院院长张波指出，2026年，通过政策合力，优化供需匹配，刚需与改善需求有望有序释 放，为市场止跌提供支撑。他建议，房企精准把握"好房子"建设推进与资金管理改革深化的双 ...

倪虹表示，在工作实践中，要抓好"两个统筹"。一方面，统筹防风险和促转型。坚持市场化、法治化原 则，防范化解房企债务风险，加强销售资金监管，切实维护购房人合法权益。完善商品房开发、融资、 销售等基础制度，编制实施住房发展规划和年度计划，推动建立"人房地钱"要素联动机制。优化保障性 住房供给，对城镇低保住房困难家庭兜底保障，因城施策、因地制宜满足新市民、青年人、城镇工薪群 体等各类困难群众基本住房需求。 另一方面，统筹惠民生和稳增长。稳步推进城镇老旧小区、城中村和危旧房改造，解决群众急难愁盼， 切实消除安全隐患。更好发挥住房公积金作用。围绕好标准、好设计、好材料、好建造、好运维建 设"好房子"，既把新房子建成"好房子"，也把老房子逐步改造成"好房子"，带动产业链升级，以高品质 供给满足人民群众多样化住房需求。 新华社电 住房城乡建设部部长倪虹近日表示，"十四五"期间，保交楼、保交房任务全面完成，加快构 建房地产发展新模式，"好房子"建设形成社会共识。"十五五"时期，要抓好"两个统筹"，推动房地产高 质量发展。 倪虹说，"十五五"时期推动房地产高质量发展，要准确把握房地产市场供求关系的重大变化，看到我国 新型城镇化 ...

● 本报记者王舒嫄 此外，会议提出，"十五五"时期推动房地产高质量发展，要准确把握房地产市场供求关系的重大变化， 看到我国新型城镇化仍在持续推进，城市存量优化调整也有广阔空间，人民群众对"好房子"形成新期 待，房地产仍有较大发展潜力。要充分认识二手房交易占比上升是今后一个时期的趋势，把新房市场和 二手房市场作为一个整体来看待。 会议要求，在工作实践中，要抓好"两个统筹"。一方面，统筹防风险和促转型。坚持市场化、法治化原 则，防范化解房企债务风险，加强销售资金监管，切实维护购房人合法权益。完善商品房开发、融资、 销售等基础制度，编制实施住房发展规划和年度计划，推动建立"人房地钱"要素联动机制。优化保障性 住房供给，对城镇低保住房困难家庭兜底保障，因城施策、因地制宜满足新市民、青年人、城镇工薪群 体等各类困难群众基本住房需求。 12月22日至23日，全国住房城乡建设工作会议在北京召开。会议提出，要进一步发挥房地产项目"白名 单"制度作用，支持房地产企业合理融资需求。城市政府要用足用好房地产调控自主权，适时调整优化 房地产政策，支持居民刚性和改善性住房需求，推动房地产市场平稳运行。 另一方面，统筹惠民生和稳增长。稳 ...

Core Viewpoint - The national housing and urban-rural construction work conference highlighted the focus on stabilizing the real estate market during the "14th Five-Year Plan" period, with an emphasis on high-quality development and addressing supply-demand relationships in the sector [1][3]. Group 1: Market Overview - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties are expected to be sold, with over 11 million units of various types of affordable housing and urban renewal projects completed, benefiting over 30 million people [3]. - The "15th Five-Year Plan" will focus on accurately understanding significant changes in the supply-demand relationship in the real estate market to promote high-quality development [3]. Group 2: Policy Directions - The Central Economic Work Conference emphasized the need to stabilize the real estate market through city-specific policies aimed at controlling new supply, reducing inventory, and optimizing supply [7]. - By 2026, efforts will be made to stabilize the real estate market through various measures including land supply and storage [7]. Group 3: Land and Housing Strategy - In cities with real estate surplus, new land acquisition for real estate development will be halted, focusing instead on urban renewal and utilizing existing land to promote affordable housing and other types of residential projects [9]. - The Minister of Housing and Urban-Rural Development indicated that the sales strategy will shift towards promoting the sale of existing homes, prioritizing the sale of completed properties for new land development projects [13]. Group 4: Development Model - The Minister emphasized the importance of balancing current and long-term strategies, top-level design, city-specific policies, market and security, rental and purchase, and the relationship between new and existing developments to ensure a smooth transition to new development models [11].

新华社北京12月23日电（记者王优玲）住房城乡建设部部长倪虹近日表示，"十四五"期间，保交楼、保 交房任务全面完成，加快构建房地产发展新模式，"好房子"建设形成社会共识。"十五五"时期，要抓 好"两个统筹"，推动房地产高质量发展。 倪虹说，"十五五"时期推动房地产高质量发展，要准确把握房地产市场供求关系的重大变化，看到我国 新型城镇化仍在持续推进，城市存量优化调整也有广阔空间，人民群众对"好房子"形成新期待，房地产 仍有较大发展潜力。要充分认识二手房交易占比上升是今后一个时期的趋势，把新房市场和二手房市场 作为一个整体来看待。 同时，要加快构建房地产发展新模式，牢牢抓住让人民群众安居这个基点，处理好当前和长远、顶层设 计和因城施策、市场和保障、租赁和购买、增量和存量、促发展和防风险的关系，坚持政策支持和改革 创新并举，确保新旧模式转换平稳有序。要坚持因城施策、精准施策、一城一策，城市政府要用好房地 产市场调控自主权，因地制宜调整优化房地产政策，促进房地产市场持续健康发展。 倪虹表示，在工作实践中，要抓好"两个统筹"。一方面，统筹防风险和促转型。坚持市场化、法治化原 则，防范化解房企债务风险，加强销售资金监管， ...

深化住房公积金制度改革 12月22日至23日，全国住房城乡建设工作会议在北京召开。 会议强调，明年工作的总体思路是：坚持稳中求进工作总基调，坚持想明白干实在，坚持专业敬业，坚 持因地制宜、分类指导，更好统筹投资于物和投资于人，更好统筹惠民生和稳增长，更好统筹防风险和 促转型，大力实施城市更新，着力提升城市治理水平，推动房地产高质量发展，加快建筑业提质升级， 系统推进好房子、好小区、好社区、好城区"四好"建设，建设创新、宜居、美丽、韧性、文明、智慧的 现代化人民城市，开创住房城乡建设事业高质量发展新局面，为实现"十五五"良好开局作出贡献。 要点概览： 编制实施"十五五"城市更新专项规划 进一步发挥房地产项目"白名单"制度作用，支持房地产企业合理融资需求 适时调整优化房地产政策 会议提出，着力稳定房地产市场，重点是：因城施策控增量、去库存、优供给，结合城市更新、城中村 改造盘活利用存量用地，推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等。优化和精准 实施保障性住房供应，实施房屋品质提升工程，有序推进"好房子"建设；进一步发挥房地产项目"白名 单"制度作用，支持房地产企业合理融资需求。城市政府要用足用好房 ...