什么样的房子是"好房子"？"好房子"应该具有安全、舒适、绿色、智慧的特征。 我国房地产市场发展已经进入新阶段，房地产市场供求关系发生重大变化，人民群众的住房需求正在 从"有没有"转向"好不好"。大家都希望住上"好房子"，建设"好房子"直接关系到人民群众的获得感、幸 福感。住房发展，归根到底就是要顺应人民群众的高品质居住需要，加快建设"好房子"。 建设"好房子"，正在成为很多企业的自觉选择。中国建筑集团近日发布了"好房子"营造体系，总结形成 了"六不六防三省三要"居民居住需求框架。"六不"是指不漏、不臭、不吵、不霉、不堵、不裂；"六 防"是指防灾、防盗、防火、防电、防摔、防撞；"三省"是省心、省钱、省地；"三要"是要实用、要健 康、要关怀。在细致了解居民"急难愁盼"问题的基础上，形成了以好集成、好标准、好设计、好材料、 好建造、好运维"六好"为手段来营造"好房子"的系统方法，为"好房子"全寿命周期建设服务提出了办 法，为建筑行业全产业链建设"好房子"提出了可行路径。 建设"好房子"应该是全方位的。建设"好房子"，不仅给新技术、新产品、新材料提供了广阔应用空间， 还能释放出扩内需、促消费的巨大潜能。倪虹表示，保障 ...

● 本报记者董添 近日，北京市住房和城乡建设委员会发布的《2025年北京市住房发展年度计划》提到，2025年供应商品 住房用地240公顷至300公顷，建设筹集保障性租赁住房5万套、竣工各类保障房8万套，加快"好房子"建 设步伐。 在此之前，广州、成都等地也发布了2025年住房发展计划。不少地方表示，要加快"好房子"建设。业内 人士表示，预计各地对"好房子"建设的细化指标将加快发布、落实。 热点城市发布住房发展计划 近期，多个热点城市陆续发布了住房发展计划。 《2025年北京市住房发展年度计划》明确了住房发展年度目标和重点任务，围绕优化住房用地供应、支 持合理住房需求、加强住房保障等八个方面，提出了具体任务、行动计划和工作举措，以巩固房地产市 场稳定态势，推进住房高质量发展，促进更高水平住有所居。合理控制新增房地产用地供应，盘活存量 用地。本年度安排商品住房用地240公顷至300公顷，保障性住房用地475公顷。根据保障性住房年度建 设计划，统筹安排各类保障性住房用地供应，稳步提升保障性住房空间供给质量。 中国证券报记者注意到，不少地方在2025年住房发展计划中提到，加快"好房子"建设。 北京市提出，加快"好房子 ...

地 / 产 / 首 / 席 / 财 / 经 / 融 / 媒 / 体 2025年5月12日星期- 太期12版总管2284期 定价,RMB5.00 HK$8 房企卷产品拼销售 "好房子"激发北京新房市场 活力 "汉九条"禅量政策精准发力 武汉楼市来访量成交量双突破 一手房认购量同比增长73% 广州楼市交易火热度延续 政府搭台助力 企业积极销售 成都楼市热度持续學升 >> 06 深度 黑龙江海伦一地产项目 违规乱象调查 张小丘反映的體足多數存在 但当地管理部门的回应和处理却 显得避重就轻,相应的处罚措施并 未真正落实。让人不得不质疑主管 部门的监管作用体现在哪里: >> 07 公司 首开股份陷"最冷财报季": 三年亏超 149 亿元 在原先占掘优势的北京房地 产市场上,曾开辟份已聞显相似。 2022年-2024年,首开殿份累计亏 提达149.41亿元,比2016年-2021年 这六年的盈利总和还多。 中交集团强化管控: 老将耿忠强"空降"绿城管理 耿患强是一位老中交人,自 1995年加入中交集团以采,其在 中交系内任职已有30年。他还有 一个身份是绿城中国执行董事, 执行总裁。 > 11 智库 新一轮增量政管 为稳 ...

Core Viewpoint - Beijing's Housing Development Annual Plan for 2025 aims to stabilize the real estate market while enhancing housing quality and increasing the supply of affordable housing [1][2][4]. Group 1: Housing Supply and Development - Beijing plans to allocate 240 to 300 hectares for commercial housing land and 475 hectares for affordable housing, prioritizing areas around transit stations and key functional zones [1]. - The supply of housing land will be determined by demand, with an emphasis on synchronizing commercial housing supply with municipal infrastructure [2]. - The plan includes revitalizing existing non-residential properties to support the construction of affordable housing [2]. Group 2: Quality and Safety Measures - The initiative emphasizes the construction of "good houses" and aims to improve community and neighborhood quality through high-standard residential projects [2]. - A "white list" mechanism for real estate development loans will be implemented to enhance risk management and regulatory oversight [2]. - The plan introduces quality control measures for affordable housing, focusing on sustainable construction standards and addressing common construction issues [2]. Group 3: Urban Renewal and Community Management - Beijing will undertake comprehensive renovations of 500 old residential communities and install 600 elevators in older buildings [3]. - The city aims to enhance property management by establishing 100 demonstration projects and recognizing exemplary property management personnel [3]. - A tiered approach to community improvement will be adopted, focusing on accessibility and resident engagement in decision-making [3]. Group 4: Housing Security and Rental Market - The plan includes the construction of 50,000 rental housing units and the completion of 80,000 various types of affordable housing, targeting new citizens and young people [4][5]. - A multi-tiered rental housing system will be developed to meet diverse rental needs, with regulations to curb illegal subletting and false advertising [4]. - By 2025, the goal is to increase the housing security rate for registered families to 85%, ensuring coverage for vulnerable groups [5].

证券研究报告 房地产 行业点评报告 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com hyzqdatemark 2025 年 05 月 08 日 公积金利率下调，稳楼市股市意义重大 投资评级： 看好（维持） ——国新办新闻发布会点评 本报告是机密文件，仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司客户。本报告是基于本公司认为可靠的已公开信 息撰写，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工具、意见及推测等只提供给客户作参考之用，并非作为或被视为 出售或购买证券或其他投资标的的邀请或向人作出邀请。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求， 在任何时候均不构成对任何人的个 ...

Core Viewpoint - The implementation of the national standard for "good houses" on May 1 marks a significant step towards enhancing residential quality, establishing clear benchmarks for safety, comfort, sustainability, and intelligence in construction [2][3]. Industry Overview - The real estate market is transitioning from expansion to optimization, creating a multi-trillion yuan market focused on improving living quality through design, construction, and urban renewal [2][3]. - The "good house" standard is a product of the integration of public demand, policy direction, and market trends, prompting leading construction companies to undergo transformation [3][6]. Company Insights - De Cai Decoration Co., Ltd. (德才股份) is leveraging its full industry chain advantages to explore innovative paths in "good house" construction, having launched a list of industrialized products that enhance residential performance through smart security, sound insulation, and energy efficiency [3][5]. - The company has a comprehensive architectural industry chain layout, holding 1 special grade and 34 first-grade qualifications, enabling it to provide integrated design and lifecycle services [5][6]. Technological Integration - The integration of Building Information Modeling (BIM) technology in the entire process of residential construction is emphasized, showcasing the technical capabilities of De Cai股份 in high-end residential projects [4][6]. - The company’s projects, such as the Qingdao City Investment Qingyun Jiujing project, incorporate "good house" standards in every detail, including smart and digital controls in living spaces [4][5]. Market Potential - There are approximately 220,000 old residential communities built before 2000 in China, with a renovation investment scale reaching trillions of yuan, indicating a significant market opportunity for "good house" standards [7]. - The combination of green technology, digital tools, and human-centered design is expected to create a new industrial ecosystem, addressing traditional housing issues and enhancing living experiences [7].

/ 首 / 席 / 财 / 经 / 融 / 媒 / 体 2025 年 4 月 28 日星 期 太期12版总第2283期 定价 · RMB5.00 HK$8 » 02 政经 土地收储等待"戈多" 地方专项债发行盼提速 目前,如同戏剧《崇待戈多》 中流浪汉等待一个随时会来、也 可能很久未至的"戈多"一样,各 个城市的士也收储也在等待基- 天才将到来的专面借"雨露"。在 机构人士丽计,2025年地方德罗 行高峰或发生在二三季度,届时 土地收储行动将加快落地。 » 03 政经 二手房成交量超新房接近32% 西安一二手房市场各领风骚 D 06 公司 珠江股份转型物企两年 被困对赌协议 虽然 2024年归属母公司净利 粗粗亏为盈,但珠江股份的未分 配利润为-616亿元,未弥补亏损 会躺超过宫的那大总题的三分之 一。诉讼包袱卸不掉,未分配利润 还是负数。 3月份,两安房价连涨60个 月后进入阶段性调整,没有出现 大跌也没有大涨。"从企业投资的 角度来看,稳就是一只'好股票'。 就值得长期持有。"一位房企人士 认为 > 05 公司 行业"新霸主"中国建筑 营收利润双下滑 中国建筑副总裁、财务总监督 杰表示,公司利润主要来源于 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report suggests that with the upcoming Politburo meeting in April and the introduction of "reciprocal tariffs," there may be an acceleration in the implementation of policies to stabilize the real estate market. The introduction of "good houses" in the government work report for 2025 and the definition of specific construction standards by the Ministry of Housing and Urban-Rural Development may lead to a new wave of demand for improved housing [3][4] - The report highlights potential investment opportunities in real estate companies with lighter historical burdens, optimized inventory structures, and strong product capabilities, such as China Overseas Development, China Resources Land, and Greentown China. It also suggests focusing on companies undergoing valuation recovery like Vanke A and Jindi Group [3][4] Policy Insights - The report indicates that the "reciprocal tariffs" policy has been introduced, and there is an expectation for further easing of real estate policies. This includes potential loosening of purchase restrictions in core cities, further interest rate cuts, and measures to expand housing demand [3][9] - The report notes that 17 housing-related policies were introduced in March 2025, primarily leaning towards easing measures, with a focus on stabilizing the market [8] Market Dynamics - In March, the average daily transaction volume of new homes in 50 key cities decreased by 1.1% year-on-year but increased by 52.5% month-on-month. The report anticipates gradual improvement in transactions as the supply of high-quality residential properties increases [3][22] - The average premium rate for land transactions in 100 cities reached a new high in nearly a year at 13.2%, indicating a concentration of land sales in core first- and second-tier cities [29][31] Company Performance - The report states that the sales amount of the top 100 real estate companies in March 2025 decreased by 12.1% year-on-year, with a cumulative decline of 7.3% for the first three months. The report emphasizes that future sales volume will largely depend on the supply of high-end quality residential properties [37][32] - The report highlights that the real estate sector's PE (TTM) is currently at 34.9 times, which is at the 90.2 percentile of the past five years, indicating a relatively high valuation [46]

Group 1 - The core theme of the conference is the construction of "good houses," focusing on design innovation, green low-carbon initiatives, and industrial upgrades [1][2] - The government work report emphasizes the need for safe, comfortable, green, and smart housing, marking the first time "good houses" has been included in such a report [1] - The conference aims to promote high-quality residential construction in urban areas through design empowerment and industrial collaboration [1][2] Group 2 - The term "good houses" has become a key focus in the housing construction sector, with a collective pursuit among real estate companies to build green, safe, smart, and comfortable homes [2] - Strategic partnerships were formed during the conference, including collaborations between Zhaolong Group and various design institutions, which will enhance industrial synergy and promote design innovation [2] - The establishment of the China Housing Supply Xinjiang Regional Service Center signifies a substantial step towards implementing the national strategy for "good houses" and improving urban quality in Urumqi [3]

Core Viewpoint - The concept of "good housing" has been officially recognized and included in the government work report for the first time, indicating a shift towards meeting the high-quality living needs of the public and promoting the construction of safe, comfortable, green, and smart homes [2][12][19]. Group 1: Background and Evolution of "Good Housing" - The term "good housing" was first mentioned by the Ministry of Housing and Urban-Rural Development in 2022, emphasizing the importance of providing quality housing for the public [7]. - The definition of "good housing" has evolved, with standards being established that include green, beautiful, healthy, and intelligent features [15][16]. - The construction of "good housing" is now a key focus for the Ministry, with multiple meetings highlighting its importance in urban planning and community development [9][10][11]. Group 2: Policy and Standard Development - The government is actively working on supportive measures for "good housing," with a focus on creating new standards and guidelines for residential projects [4][12]. - Recent revisions to the "Residential Project Specifications" include raising the minimum ceiling height to 3 meters, which is expected to enhance living conditions [25][27]. - The standards for "good housing" have been officially defined as safe, comfortable, green, and smart, which will apply to both commercial and affordable housing [19][21]. Group 3: Industry Implications and Opportunities - The emphasis on "good housing" is expected to create new opportunities for various industries, including furniture, appliances, and green technology, thereby stimulating economic growth [23][22]. - The construction of "good housing" is seen as a way to improve residents' sense of well-being and happiness, aligning with broader government initiatives to stabilize the real estate market [21][22]. - The ongoing development of standards and incentives for "good housing" is likely to lead to a more sustainable and high-quality real estate sector, benefiting companies that adapt to these new requirements [34][33].