Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The report emphasizes the need to stabilize the real estate market, focusing on inventory reduction and quality supply. The central economic work conference highlighted the importance of controlling new supply, reducing existing inventory, and encouraging the acquisition of existing residential properties for affordable housing [3][6]. - The construction of "good houses" is a continuing trend, with a push for high-quality development in the real estate sector. The report anticipates that companies with strong land acquisition capabilities and product quality will benefit from this trend [6]. - The reform of the housing provident fund system is a new focus, aiming to enhance the efficiency and flexibility of fund usage, which includes optimizing loan application conditions and supporting the purchase of affordable housing [6]. Summary by Sections Market Stability - The report notes that despite a decline in the inventory of unsold properties since March 2025, the absolute scale remains high at 760 million square meters as of October. This high inventory level and weak consumer sentiment are significant barriers to market recovery [6]. - The acquisition of existing properties is seen as an effective measure for inventory reduction, with expectations for continued progress in this area [6]. "Good House" Construction - The report outlines a commitment to promoting the construction of "good houses," which aligns with the 14th Five-Year Plan's goals for high-quality real estate development. This initiative is expected to be a medium-term trend benefiting companies with strong inventory structures and product capabilities [6]. Housing Provident Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to improve the conditions for converting commercial loans to public loans and enhance the withdrawal policies for housing provident funds. These reforms are expected to increase the efficiency of fund usage [6].

2026年房地产市场走向备受关注。 其中"制定实施城乡居民增收计划""扩大优质商品和服务供给""清理消费领域不合理限制措施""推动投资止跌回稳""优化地方政府专项债券用途管理""高质 量推进城市更新"等，将从不同维度积极影响房地产市场的发展。 出处：央视新闻 特别是城市更新领域，对比2024年和2025年的工作任务可见，城市更新工作从"大力实施"升维至"高质量推进"。 上海易居房地产研究院（下称易居研究院）认为，此次会议明确高质量推进城市更新，一方面，城市作为经济活动的重要载体和枢纽，其功能完善对促进 生产、分配、流通、消费各环节畅通循环意义重大，能为内需主导的发展格局提供有力支撑；另一方面，基于城市发展的新阶段，要把城市更新作为城市 高质量发展的重要抓手，并将其和社会经济发展、稳楼市等工作进行有力结合。 12月10日至11日在北京举行的中央经济工作会议对明年的房地产工作作出明确部署，要求"着力稳定房地产市场"。 2026年房地产工作怎么做？会议提出提振消费、城乡居民增收、高质量推进城市更新、积极稳妥化解风险、深化住房公积金制度改革、构建房地产发展新 模式等重要工作任务，从不同维度为房地产市场健康发展保驾护航 ...

Core Viewpoint - The recent Central Economic Work Conference has outlined specific requirements for the real estate sector in the upcoming year, emphasizing the need to stabilize the market while addressing risks in key areas [1][2]. Policy Objectives - The policy goal has shifted from "continuously promoting the stabilization of the real estate market" to "focusing on stabilizing the real estate market," indicating a core focus on maintaining stability [1]. - In the first eleven months, while development investment has declined, the housing market has entered a phase of stock management, with second-hand housing transactions accounting for 45% of total transaction volume, and the decline in housing prices is continuing to narrow [1]. Policy Directions - The previous emphasis on "reasonably controlling new land use" and "promoting the disposal of existing housing stock" has evolved to include "controlling quantity, reducing inventory, and optimizing supply" as core directions, with "optimizing supply" being a new term introduced [2]. - The new policy will be a coordinated "combination punch," requiring local governments to consider inventory issues before land supply, while also addressing "people's livelihood guarantees" and optimizing the structure of land supply [2]. Policy Tools - The reform of housing provident funds and the construction of "good houses" have been identified as new policy focuses for the coming year, with plans to expand the coverage of flexible employment personnel for housing provident fund contributions [2]. - This will allow individuals to withdraw funds for rental purposes even if they do not purchase a home, and increased loan limits will help alleviate payment pressures for first-time buyers and those seeking improvements [2]. Urban Renewal - The term "urban renewal" has been elevated in importance, moving from a secondary position to a primary focus in the agenda, indicating an increased emphasis and effort in promoting urban renewal initiatives [2].

Policy Objectives - The policy objective has shifted from "continuously promoting the stabilization of the real estate market" to "focusing on stabilizing the real estate market," indicating a stronger commitment to maintaining stability [1] - In the first eleven months, although development investment has declined, the housing market has entered a phase of stock, with second-hand housing transactions accounting for 45% of total transactions, and the decline in housing prices is narrowing [1] Policy Direction - The new policy emphasizes "controlling increment, reducing inventory, and optimizing supply" as core directions, with "optimizing supply" being a new term introduced, indicating a coordinated approach to address inventory issues while considering public welfare [2] Policy Tools - The reform of housing provident funds and the construction of "good houses" have been identified as new policy focuses, with plans to expand coverage for flexible employment individuals and increase loan limits to alleviate payment pressure for first-time buyers and those seeking improvements [3] - The orderly promotion of "good house" construction signifies a shift from quantity-driven housing products to quality-driven ones [3] Urban Renewal - The term "urban renewal" has been elevated in importance, moving from a secondary position to a primary focus in the context of domestic demand, indicating an increased emphasis and effort in urban renewal initiatives for the coming year [4]

Core Insights - The real estate industry in China is undergoing a critical phase of structural reshaping, with distinct market segmentation and increasing complexity [1] - Despite the overall sales market not yet showing positive growth, certain hotspot cities are demonstrating signs of stabilization due to solid fundamentals, precise policy support, and effective market supply [1] - The meeting emphasized the need for city-specific policies to control new supply, reduce inventory, and improve supply quality, while encouraging the acquisition of existing properties for affordable housing [1] Group 1 - The transition of urbanization in China has shifted from rapid growth to stable development, leading to significant changes in the supply-demand relationship in the real estate market [1] - The policies of "controlling new supply, reducing inventory, and improving supply" are crucial adjustments to adapt to this transformation [1] - There is a need to align new demand with new supply, focusing on the construction of safe, comfortable, green, and smart housing, which will create new growth points in the real estate sector [1] Group 2 - The meeting proposed accelerating the establishment of a new model for real estate development as a fundamental measure for stable and healthy market growth [2] - It is essential to reform and improve the basic systems of property development, financing, and sales to promote supply-demand balance and market stability [2] - Local governments are encouraged to respect market rules and implement city-specific strategies to effectively meet the public's aspirations for better living conditions [2]

Group 1 - The A-share market is experiencing a decline, with the Shanghai Composite Index down by 0.46%, the Shenzhen Component Index down by 0.36%, and the ChiNext Index down by 1.05% [1] - The Real Estate ETF (515060) has increased by 3.23%, with a latest price of 0.734 yuan and a turnover rate of 6.25% [1] - Among the constituent stocks, Shilianhang leads with a rise of 10.07%, followed closely by Vanke A at 10.06% and Hainan Expressway at 9.97% [1] - The Real Estate ETF's price hit a low of 0.705 yuan during the session, marking a new low in the past 10 days [1] Group 2 - Zhongyou Securities emphasizes the importance of "deeply implementing urban renewal actions" to stabilize the real estate market and eliminate safety hazards, with a deadline set for the completion of city-level urban renewal surveys by the end of 2026 [1] - The standards for "good housing" construction have been clarified, requiring new land supply to meet a minimum of 70% green building material application and 100% smart community facilities [1] - Various regions are issuing home purchase subsidies to optimize supply and demand, implementing policies tailored to specific cities to stabilize market expectations [1] Group 3 - Caixin Securities suggests that the expectation of policy easing due to further deterioration in the fundamentals may drive valuation recovery in the sector in the short term [2] - Long-term focus should be on leading companies with core city resources and real estate operational capabilities [2]

证券研究报告：房地产|行业周报 发布时间：2025-12-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2249.53 | | 52 周最高 | 2506.48 | | 52 周最低 | 1870.99 | 行业相对指数表现 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《有序推进现房销售试点 恢复居民购 房信心》 - 2025.12.03 房地产行业报告 （2025.12.1-2025.12.7） 推动高质量转型 多地"因城施策"稳预期 ⚫ 投资要点 国务院近期强调"深入实施城市更新行动"，将其与稳楼市、消除 安全隐患结合，要求 2026 年底前完成地市级城市更新专项调查，划 定保护底线。同时，"好房子"建设标准进一 ...

房地产 房地产 新房二手房成交面积同环比下降，扎实推进好房子建 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 房地产 沪深300 相关研究报告 《新房成交面积环比增长，支持城市 存 量 设 施 更 新 改 造 — 行 业 周 报 》 -2025.11.30 《新房成交面积环比增长，以高水平 安全保障城市高质量发展—行业周 报》-2025.11.23 《高基数下销售数据承压，开竣工面 积降幅扩大 — 行 业 点 评 报 告 》 -2025.11.16 | qidong@kysec.cn | | --- | | 证书编号：S0790522010002 | | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书 ...

"好房子"科技产业联盟在浙江鄞州成立 作为大会的一项重要成果，全国首部通识性"好房子"建设导则——《宁波市鄞州区好房子建设导则》正 式发布，当地与其配套的装配化装修试点补贴政策也同步对外披露。该导则构建了"分类指引、五维一 体"的标准体系，将复杂的建筑规范、技术参数，转化为每一位居民都能直观感受、清晰理解的数据标 准。 中新网宁波12月4日电 (张斌 王波 胡欣瑜)12月4日，"好房子"建设暨建材创新应用展在浙江宁波鄞州开 幕。当日，由中国建筑材料联合会、中国建筑科学研究院有限公司等多方单位组建的"好房子"科技产业 联盟签约成立，旨在搭建产学研平台，打通产业链壁垒，为"好房子"建设提供技术、资源与政策对接。 12月4日，活动现场。宁波鄞州官方 供图 数据显示，近两年宁波全市约21%的房屋销售面积位于鄞州，20%的宁波市民购房落户首选鄞州，60% 的中高端商品住宅集聚于此。鄞州区相关负责人表示，当地有责任，也有条件在"好房子"建设上先行先 试，探索可复制推广的经验。 作为浙江省"建筑之乡"，鄞州拥有扎实的产业基础，现有注册建筑业企业767家。目前，鄞州正着力打 造仇毕"好房子"科技产业园。该园区以"好房子"上下 ...

Core Viewpoint - The recent "14th Five-Year Plan" proposals from various provinces emphasize the need to accelerate the construction of a new development model for real estate, optimize the supply of affordable housing, and build safe, comfortable, green, and smart "good houses" [1][2] Group 1: High-Quality Development - High-quality development remains a core keyword, with local plans reflecting the central strategy of constructing a new development model for real estate [2][6] - The focus is on a dual supply system of "market + guarantee," emphasizing the construction of "good houses" and strengthening "lifecycle management" to achieve high-quality and sustainable development [2][8] Group 2: Regional Variations - Different regions have tailored their plans: Beijing focuses on improving the "market + guarantee" housing supply system and enhancing the supply of improved housing [3][4] - Tianjin links the new real estate development model with "high-quality urban renewal" and aims to revitalize existing resources [3][4] - Hebei emphasizes a demand-driven approach to construction and purchasing, increasing the supply of improved housing [3][4] - Fujian encourages the self-renovation of old housing and clarifies the implementation of housing quality improvement projects [3][4] - Zhejiang integrates real estate into the framework of building a modern city, highlighting risk monitoring and prevention [3][4] Group 3: Six Key Tasks - The six key tasks for promoting high-quality development include optimizing the supply of affordable housing, promoting sustainable market development, reforming real estate development and financing systems, implementing housing quality improvement projects, enhancing property service quality, and establishing a lifecycle safety management system for houses [7][6] Group 4: Market and Social Balance - The industry is transitioning from a high-turnover, high-debt model to a focus on high-quality development, with an emphasis on balancing supply and demand and mitigating risks [6][9] - The future will see urban renewal, old community renovations, and the revitalization of existing assets as core competitive areas for enterprises, redefining their core competencies [8][9] - The housing guarantee system will become more inclusive, ensuring that new citizens and low-income groups have access to housing [8][9]