Core Viewpoint - The Ministry of Housing and Urban-Rural Development emphasizes the need to accelerate the establishment of a new model for real estate development, focusing on ensuring housing for the people while promoting policy support and reform innovation [1] Group 1: Real Estate Development - The focus is on establishing a project company system where project companies exercise independent legal rights, and headquarters fulfill investor responsibilities, prohibiting any unauthorized fund transfers or early dividends before project delivery [1] - Ensuring closed management of project funds and dedicated use of funds is a priority [1] Group 2: Real Estate Financing - The implementation of a lead bank system is proposed, where one bank or a consortium is designated as the lead bank for each project, ensuring that all funds for development, construction, and sales are deposited with the lead bank to meet reasonable financing needs [1] Group 3: Property Sales - The promotion of a "current housing sales system" aims to allow buyers to see and receive what they purchase, fundamentally preventing delivery risks [1] - For projects that continue to use pre-sales, there will be regulations on the supervision of pre-sale funds to protect the legitimate rights and interests of homebuyers [1]

住房城乡建设部党组书记、部长倪虹表示，房地产高质量发展的关键，是加快转型升级。我们将重点抓 好两方面工作。 一是有序推动"好房子"建设。近几年，住房城乡建设部坚持政府、企业、社会多方协 同，从标准、设计、材料、建造、运维等五个方面，全链条推进"好房子"建设，这项工作已经起步成 势。去年，新版《住宅项目规范》颁布实施，有14项提升。近日印发的关于提升住房品质的意见对"好 房子"建设作出全面部署。住房城乡建设部将指导各地抓好落实，继续围绕好标准、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，以安全、舒适、绿色、智慧的"好房子"供给，满足人民群众多样化住房需求。 二是加快构建 房地产发展新模式。牢牢抓住让人民群众安居这个基点，坚持政策支持和改革创新并举，推动建 立"人、房、地、钱"要素联动机制，确保新旧模式转换平稳有序。下一步，重点是有序搭建房地产开 发、融资、销售等基础制度。 在房地产开发上，做实项目公司制，项目公司依法行使独立法人权利， 企业总部履行投资人责任，严禁企业总部在项目交付前违规抽挪项目公司资金、抽逃出资或提前分红， 确保项 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a new policy to adjust the minimum down payment ratio for commercial property loans in Guangdong Province (excluding Shenzhen) to no less than 30% to adapt to changes in the real estate market and support a new development model [1][3]. Group 1 - The minimum down payment ratio for commercial property loans, including "commercial-residential mixed-use properties," has been set to not less than 30% [1][3]. - Local commercial banks are allowed to determine the specific down payment ratio for each commercial property loan based on market principles, legal frameworks, and their operational conditions and customer risk profiles [1][3]. - The policy will take effect on January 21, 2026 [2][4].

2026 年 1 月 21 日 行业研究 2025 全年核心 30 城宅地成交建面同比-9%，成交均价同比+6% ——土地市场月度跟踪报告（2025 年 12 月） 要点 2025 年，百城宅地成交建面同比-14.2%，成交楼面均价同比+3.4%。 2025 年，百城成交住宅类用地建面为 3.20 亿平，累计同比-14.2%；成交楼面 均价为 5,605 元/平方米，累计同比+3.4%。分能级城市来看，2025 年全年， 一线城市：供应住宅类用地建面为 1,077 万平，累计同比-31.2%；成交建面 966 万平，累计同比-29.3%；成交楼面均价为 35,203 元/平方米，累计同比+18.6%。 二线城市：供应住宅类用地建面为 1.49 亿平，累计同比-4.5%；成交建面为 1.25 亿平，累计同比-1.0%；成交楼面均价为 6,420 元/平方米，累计同比+3.2%。 三线城市：供应住宅类用地建面为 2.15 亿平，累计同比-24.9%；成交建面为 1.85 亿平，累计同比-20.5%；成交楼面均价为 3,509 元/平方米，累计同比-1.6%。 2025 年，新增土储价值排名前三为中海地产、华润置地 ...

另外，根据近日国家统计局发布的2025年12月全国70城的房价指数，三亚新建商品住宅销售价格指数实 现0.1%的涨幅。 近几年，海南房地产市场与全国同步处于深度调整期，市场走势备受关注。在1月19日举行的海南自贸 港封关进展情况新闻发布会上，海南省住房和城乡建设厅副厅长吴刚说，2026年1月以来，海口新建商 品房销售均价同比增长2%、环比增长8%，呈现较好的修复趋势。 吴刚表示，海南省住房和城乡建设厅下一步将紧扣自贸港高质量发展主题，加快构建房地产发展新模 式，扎实推动房地产业转型升级，实现高质量发展。 原标题：今年1月以来海南新建商品房销售均价同比环比双增长 编辑：李宏伟 责编：邓萍 审核：赵蕾 "全岛封关为海南房地产市场加快筑底企稳和高质量发展提供了良好契机。"吴刚表示，海南自贸港封关 标志着海南改革开放发展迈入新阶段、迎来新机遇，相信随着一系列自贸港"利好"政策持续出台和红利 释放，海南必将不断集聚产业和人口，房地产作为支撑性产业将发挥重要作用，叠加前期政策效应持续 释放和近期市场平稳回暖等良好因素，"我们对2026年以及'十五五'期间全省房地产市场的发展充满信 心"。 近年来，海南房地产市场因城施策、 ...

Group 1 - The core viewpoint of the news is the introduction of a new land supply plan for urban renewal in Beijing, which aims to balance urban functions, population, and resources effectively [1][2] - The Beijing Municipal Planning and Natural Resources Commission and the Development and Reform Commission have jointly issued the 2026 land supply plan, which anticipates the implementation of approximately 3,240 to 3,740 hectares of construction land [1] - The plan emphasizes quality over quantity, adhering to three control lines: arable land, permanent basic farmland, and ecological protection boundaries [1] Group 2 - The new model for real estate development includes a precise supply of new real estate land, with 200 to 240 hectares allocated for commercial residential land, prioritizing areas near transit stations and densely populated employment regions [2] - A total of 350 hectares is designated for affordable housing, aimed at increasing supply for new citizens and urban service personnel [2] - The plan also allocates 480 to 540 hectares for industrial land, with at least 85% of high-tech industry land focused on key development areas and sectors, supporting Beijing's advantageous and future industries [2]

聚焦"七有"要求和"五性"需求，《供地计划》安排公共管理与服务用地650公顷，推动补充完善公共服 务设施短板，强化重点居住区域、重点产业园区配套设施用地协同配置；首次单列绿地与广场用地300 公顷，推动花园城市建设；安排交通运输用地950至1350公顷、水域及水利设施用地110公顷、特殊用地 100公顷，支持畅通道路微循环，加强区域交通联通，增强市政基础设施韧性。 《供地计划》鼓励片区更新，要逐步推动存量更新规模不低于新增供应规模，激活城市存量资源潜力， 加强空间资源统筹利用，推进新增土地供应与城市更新项目协同，引导生产生活用地优先投放在具有一 定建设基础的街区，提升土地综合效益。 为精准支撑保障发展新质生产力，《供地计划》安排产业用地480至540公顷，较2025年有所增加。其 中，按照不低于85%的比例推动高精尖产业用地向产业发展重点领域、重点功能区集聚，重点保障本市 优势产业、未来产业和相关新型基础设施产业用地需求；强化乡村产业发展要素保障，继续单列乡村产 业用地指标，支持乡村业态融合和空间复合利用。 《供地计划》以需定供，支持构建房地产发展新模式。据介绍，按照中央经济工作会议关于"因城施策 控增量、去 ...

五是以人为本，提升公共服务和基础设施保障水平。聚焦"七有"要求和"五性"需求，适应人口结构变 化，补充完善公共服务设施短板，强化重点居住区域、重点产业园区配套设施用地协同配置，安排公共 管理与服务用地650公顷，首次单列绿地与广场用地300公顷，推动花园城市建设。畅通道路微循环，加 强区域交通联通，增强市政基础设施韧性，安排交通运输用地950—1350公顷，水域及水利设施用地110 公顷，特殊用地100公顷。 在空间布局上，继续深入落实"一核一主一副、两轴多点一区"的城市空间结构，引导城市功能、人口与 资源在圈层间合理分布与高效配置，提升平原多点和副中心综合承载能力。 据介绍，2026年，《供地计划》突出五大实施导向，推动城市发展模式向内涵式提升转变。一是减量提 质，强化城市规划的管控和引导作用。严守耕地和永久基本农田、生态保护红线、城镇开发边界"三条 控制线"，2026年度全市安排城乡建设用地净减量任务500公顷，较2025年减少40公顷。 二是激活存量，大力实施城市更新。继续引导存量建设用地供应占比达到65%左右。首次单列城市更新 计划指标，逐步推动存量更新规模不低于新增供应规模，鼓励片区更新，激活城市存 ...

Core Viewpoint - Beijing's 2026 land supply plan aims to enhance urban development and optimize housing supply, particularly for new citizens and service personnel, while promoting sustainable urban growth and resource allocation [1][2][3][4] Group 1: Land Supply and Urban Development - The plan outlines a total construction land supply of approximately 3,240 to 3,740 hectares for 2026, with new land supply expected to be between 3,040 and 3,540 hectares [1] - The plan emphasizes a reduction in urban construction land by 500 hectares compared to 2025, reflecting a shift towards quality over quantity in urban planning [2] - The strategy includes a focus on activating existing land resources, with a target for urban renewal projects to match or exceed new land supply, aiming for 65% of land supply to come from existing resources [2] Group 2: Housing and Public Services - The plan allocates 350 hectares for affordable housing to better meet the rental needs of new citizens and urban service personnel, addressing the demand for "one bed" and "one room" [3] - A total of 650 hectares is designated for public management and service land, with an additional 300 hectares specifically for green spaces and squares, promoting the development of garden cities [4] - The transportation infrastructure will receive significant attention, with 950 to 1,350 hectares allocated for transport land, enhancing connectivity and resilience of municipal infrastructure [4] Group 3: Industry and Innovation - The plan includes 480 to 540 hectares for industrial land, representing an increase of 10 to 30 hectares from 2025, focusing on high-tech and emerging industries [3] - There is a commitment to ensure that at least 85% of new industrial land supports key sectors and infrastructure, reinforcing the integration of technology and industry [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - During the period from January 12th to January 18th, 2026, the issuance guidance rates announced by the National Association of Financial Market Institutional Investors all declined, with an overall change range of -8 BP to -1 BP. The issuance scale of credit bonds increased month - on - month, but the net financing amount decreased due to the increase in the maturity scale. In the secondary market, the trading volume of credit bonds increased month - on - month, and most of the yields declined. The credit spreads of medium - and short - term notes and urban investment bonds were differentiated, while those of enterprise bonds mostly narrowed. In the long run, the yields of credit bonds are still in a downward channel, but one should be cautious when chasing high, and can increase positions during adjustments. One can implement a coupon strategy through credit sinking and extending the duration, and pay attention to the coordination and transformation of allocation and trading strategies [1][53]. - The central and local governments are continuously optimizing real estate policies, which play a positive role in stabilizing the real estate market. As the market stabilizes, risk - preferring funds can consider early deployment in real estate bonds, focusing on enterprises with outstanding new financing and sales performance. The allocation focus is on central and state - owned enterprises with stable historical valuations and high - quality private enterprise bonds with strong guarantees [2][55]. - Under the principle of coordinating development and security, the probability of urban investment bond default is very low, and it can still be a key allocation variety for credit bonds. One can pay attention to the reform and transformation opportunities of "entity - type" financing platforms, and the allocation strategy can prioritize short - to - medium - term credit sinking, while the trading strategy can choose to extend the duration of medium - and high - grade bonds [3][55]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Situation 3.1.1 Issuance and Maturity Scale - From January 12th to January 18th, 2026, a total of 335 credit bonds were issued, with an issuance amount of 288.193 billion yuan, a month - on - month increase of 7.58%. The net financing amount was 34.34 billion yuan, a month - on - month decrease of 82.176 billion yuan. The issuance amounts of enterprise bonds, corporate bonds, and short - term financing bills increased, while those of medium - term notes and private placement notes decreased. The net financing amounts of all varieties decreased, with negative net financing for enterprise bonds, medium - term notes, and private placement notes, and positive net financing for corporate bonds and short - term financing bills [12]. 3.1.2 Issuance Interest Rates - The issuance guidance rates announced by the National Association of Financial Market Institutional Investors all declined, with an overall change range of -8 BP to -1 BP. By term, the 1 - year variety rate changed from -6 BP to -1 BP, the 3 - year variety from -8 BP to -1 BP, the 5 - year variety from -6 BP to -2 BP, and the 7 - year variety from -6 BP to -1 BP. By rating, the key AAA - grade and AAA - grade variety rates changed from -3 BP to -1 BP, the AA + - grade variety from -5 BP to -3 BP, the AA - grade variety from -6 BP to -3 BP, and the AA - - grade variety from -8 BP to -3 BP [13][15]. 3.2 Secondary Market Situation 3.2.1 Market Trading Volume - From January 12th to January 18th, 2026, the total trading volume of credit bonds was 931.702 billion yuan, a month - on - month increase of 9.52%. The trading volume of short - term financing bills decreased, while that of other varieties increased [16]. 3.2.2 Credit Spreads - For medium - and short - term notes, the credit spreads of each variety were differentiated. For enterprise bonds, most of the credit spreads narrowed. For urban investment bonds, the credit spreads were also differentiated [19][25][28]. 3.2.3 Term Spreads and Rating Spreads - For AA + medium - and short - term notes, the 3Y - 1Y, 5Y - 3Y, and 7Y - 3Y term spreads all narrowed, and most of the 3 - year rating spreads also narrowed. For AA + enterprise bonds, the term spreads mostly narrowed, and the 3 - year rating spreads all narrowed. For AA + urban investment bonds, the 3Y - 1Y and 7Y - 3Y term spreads narrowed, and the 3 - year rating spreads all narrowed [37][42][46]. 3.3 Credit Rating Adjustment and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - From January 12th to January 18th, 2026, there were no company rating (including outlook) adjustments [51]. 3.3.2 Default and Extended - Maturity Bond Statistics - During the same period, there were no defaults or extensions of credit bonds under any issuer [52]. 3.4 Investment Views - The overall view is consistent with the core viewpoints, emphasizing that credit bonds will continue the repair market, and one can implement a coupon strategy through credit sinking and extending the duration, while paying attention to the coordination of strategies and the impacts of policies, the equity market, and the supply - demand pattern [53].