12月22日至23日，全国住房城乡建设工作会议(以下简称"会议")在北京召开。会议全面盘点2025年工 作，系统总结"十四五"时期住房城乡建设事业发展成就，研究部署"十五五"时期和2026年重点任务。 会议强调，2026年是"十五五"开局之年，做好住房城乡建设工作意义重大。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。 广东省住房政策研究中心首席研究员李宇嘉在接受《证券日报》记者采访时表示，2025年是房地产新旧 模式、新旧动力转换的关键之年。2025年风险防范工作成效显著，保交房任务全面完成，标志着旧模式 正稳步出清。2026年，政策将更趋精细化、系统化，聚焦构建房地产发展新模式这一核心，着力稳定房 地产市场。 关于2026年住房城乡建设工作，会议明确要着力抓好四方面工作：推进现代化人民城市建设、着力稳定 房地产市场、加快建筑业提质升级、夯实高质量发展基础支撑。 在着力稳定房地产市场方面，会议要求"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 ...

Group 1: Core Economic Policies - The Central Economic Work Conference proposed significant measures to enhance enterprise development, including strengthening the innovation role of enterprises and expanding the supply of quality goods and services [1] - The conference emphasized the importance of innovation-driven growth and the establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2: Financial Support for Innovation - Financial support is crucial for enterprises to innovate; for instance, a company received a 90 million yuan loan from a bank to optimize its capital structure and respond to market demands [2] - As of September, the proportion of new technology loans accounted for 30.5% of total new loans, with a year-on-year increase of 22.3% in loans to technology-based SMEs [2] Group 3: Demand and Market Expansion - The conference prioritized domestic demand and the construction of a strong domestic market as key tasks for the upcoming year [2] - The focus on expanding the supply of quality goods and services is expected to enhance product adaptability and better meet consumer needs [3] Group 4: Urban Renewal and Investment - Urban renewal projects are expected to stimulate domestic demand and create new economic growth points, with significant investment opportunities in public services and infrastructure [4] Group 5: International Market Development - Companies are encouraged to integrate domestic and international trade, with one firm reporting a compound annual growth rate of over 35% due to its global operations [5] Group 6: Regulatory Environment and Competition - The conference highlighted the need to address irrational competition in key industries, with measures already showing results, such as the increase in polysilicon prices in the photovoltaic sector [6] - Efforts to improve the business environment include clearing government debts to enterprises and enhancing fair competition in the market [6]

12月22日至23日，全国住房城乡建设工作会议在北京召开。会议全面盘点2025年工作，研究部署"十五五"时期和2026年重点任务。 住房城乡建设部部长倪虹强调，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。 倪虹说，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。 加快构建房 地产发展新模式，有序搭建基础性制度，在房地产开发上，做实房地产开发项目公司制。在房地产融资上，推行主办银行制。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。继续实行预售的，规范预售资金监管，切实维护购房人合法权益。 会议还强调，"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" ...

自去年7月份发布危旧房改造办法以来，广州危旧房业主自住改造先后出现了花都集群街2号、越秀小石 集、海珠得胜岗等典型案例。对于广州当前的业主自住改造试点，住建部原副部长、国际欧亚科学院院 士仇保兴也表示，广州市场经济发达，业主最早具有自主活力和自主意识，这是广州试点业主自主改造 的最大优势之一。 仇保兴是在12月23日在广州举行的2025年（第十九届）城市发展与规划大会的老旧小区自主更新专题会 上作出上述表述的。 在他看来，在最近的中央城市工作会议提出城市发展从增量向存量转变之后，城市更新已经成为国内城 镇化发展的第二次机会，在增量时代建设的大量住宅商品房成为个人财产后，城市更新从政府包办更新 走向业主自住更新是必然的选择，而广州因为市场经济活跃，民间有活力，业主是国内最早具有自主能 力和自主意识的群体，为广州试点业主自住更新奠定了群众基础。 同时，广州政府部门也具有很强的协同能力，可以为业主自住改造发挥协助和兜底。目前广州新房和旧 房之间巨大的差价也为业主自住更新提供了经济基础，业主可以把老破小改造成好房子，既改善了居住 环境又实现了资产增值，金融机构也可以推出合适的金融产品，为业主自住改造提供融资支持。 广 ...

Core Insights - The establishment of a new renovation company by Shoukai Co. and Blue Intelligence Real Estate marks a significant entry into the home decoration market, driven by the dual engines of real estate and property management [1] - The home decoration industry is shifting from new home-driven to old renovation-driven paradigms, with a focus on customer retention and refined operations [5] - The old housing renovation market is projected to exceed 1.2 trillion yuan by 2025, with home consumption accounting for approximately 30% of this market [1][9] Industry Trends - The Ministry of Housing and Urban-Rural Development plans to renovate over 50,000 old urban communities by 2025, with a 22% year-on-year increase in central government subsidies [1][10] - The renovation market is evolving from basic repairs to functional reconstruction, incorporating features like elevators and smart security systems [1] - The entry of diverse capital into the home decoration sector is reshaping competition and development paths, with internet companies driving digital and intelligent transformations [6][7] Competitive Landscape - The collaboration between real estate companies and property management is breaking the traditional focus on new home decoration, allowing for better alignment with the needs of old community homeowners [6][7] - Major players like JD.com and Vanke are making significant moves into the home decoration space, indicating a trend towards integrated services [6][7] - The home decoration industry is experiencing a structural elimination of less competitive small enterprises, while leading companies are expanding through mergers and acquisitions [7][8] Market Potential - The home decoration market is expected to grow at a compound annual growth rate of 2.8%, reaching a market size of 5.17 trillion yuan by 2028 [9] - The demand for quality living spaces is shifting from mere housing to enhanced living conditions, driven by policy and consumer preferences [9][10] - The focus on old housing renovation is seen as a key driver for the home decoration industry, with significant potential in the 200 million existing homes in need of upgrades [9][10]

行业月报 ·建筑行业 推动投资止跌回稳,着力稳定房地产市场 核心观点 2025年12月23日 建筑行业 推荐 维持 分析师 龙天光 ☎：021-2025-2646 网：longtianguang_yj @chinastock.com.cn 分析师登记编码：S0130519060004 2025-12-22 相对沪深 300 表现图 -10% -20% 资料来源：中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 推动投资止跌回稳,高质量推进城市更新。1-11月,全国固定资产投资(不 0 含农户）444035 亿元,同比下降 2.6%,增速降幅较 1-10 月扩大 0.9pct。中 央经济工作会议 12 月 10 日至 11 日在北京举行。会议提出 2026 年要坚持内 需主导,建设强大国内市场。推动投资止跌回稳,适当增加中央预算内投资规 模,优化实施"两重"项目,优化地方政府专项债券用途管理,继续发挥新型 政策性金融工具作用,有效激发民间投资活力。高质量推进城市更新。我国城 镇化正从快速增长期转向稳定发展期,城市发展正从 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Guangdong Province plans to renovate a total of 11,000 old residential communities, benefiting 2.3 million households with a total investment of 27.3 billion yuan [1][3]. Group 1: Renovation Details - The renovation aims to address urgent issues faced by residents, including safety hazards, with 6.91 million meters of water supply and drainage pipelines and 700,000 meters of gas pipelines renovated [2][3]. - A total of 3,338 communities have added fire safety facilities, and 1,874 communities have enhanced security measures [2][3]. - The initiative has led to the demolition of 320,000 square meters of illegal constructions and the implementation of waste classification in 4,813 communities [2][3]. Group 2: Community Services and Infrastructure - The renovation has resulted in the improvement or addition of 189 community public service facilities, including kindergartens and elderly care centers [2][3]. - New children's activity spaces totaling 148,000 square meters have been created, and 1,936 communities have undergone barrier-free and age-friendly modifications [2][3]. Group 3: Cultural Preservation - The renovation process emphasizes cultural heritage, with 12 historical cultural districts and 56 historical buildings being restored [4]. - Projects like the Zhongshan Shanshanfang have utilized advanced cleaning techniques to preserve historical architecture, attracting new businesses and becoming cultural landmarks [4]. Group 4: Future Plans - The "15th Five-Year Plan" will continue to prioritize the renovation of old residential communities as a key aspect of urban renewal, promoting comprehensive and contiguous renovation models [4].

Core Viewpoint - The national housing and urban construction work conference held in Beijing from December 22 to 23 outlined the key tasks for 2026 and summarized the achievements during the "14th Five-Year Plan" period, emphasizing the importance of stabilizing the real estate market and promoting urban renewal [1][6]. Group 1: 2025 Goals and Achievements - The conference confirmed that the task of ensuring housing delivery will be fully completed by 2025, with over 240,000 old urban residential areas renovated, benefiting more than 41 million households and over 110 million people during the "14th Five-Year Plan" [1][3]. - The focus on stabilizing the real estate market has shifted from "continuing efforts to stop the decline" to "actively stabilizing the real estate market," indicating a change in priority [1][3]. Group 2: 2026 Key Initiatives - For 2026, the primary focus will be on advancing the construction of modern people-oriented cities, with high-quality urban renewal as a key task, including the implementation of a special urban renewal plan [5][6]. - The conference emphasized the need for a supply-side reform in real estate, including the introduction of a new "Residential Project Standards" and the promotion of innovative building materials through competitions [3][4]. Group 3: Policy Directions - The meeting highlighted the importance of stabilizing the real estate market through various measures, including controlling inventory, optimizing supply, and revitalizing existing land use [5][6]. - Local governments are expected to enhance their autonomy in real estate regulation, which may involve removing unreasonable restrictions, increasing home purchase subsidies, and improving housing fund loan support [6].

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 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Views - The report emphasizes the need to stabilize the real estate market and promote high-quality urban renewal, with a focus on increasing central budget investments and optimizing local government special bond usage [3][4] - It highlights a significant decline in fixed asset investment and real estate sales, with a year-on-year decrease of 15.9% in real estate investment and 7.8% in sales area from January to November 2025 [3][48] - The construction industry is expected to see a recovery in order volumes and market expectations, with the construction PMI rising to 49.6 in November 2025 [6][7] Summary by Sections 1. New Orders and Market Expectations in the Construction Industry - The construction PMI increased to 49.6 in November, indicating a slight recovery in industry sentiment [6][7] - The new orders index rose to 46.1, reflecting improved market expectations [7] 2. Fixed Asset Investment Growth Slows - Fixed asset investment from January to November 2025 totaled 444,035 billion yuan, down 2.6% year-on-year, with private investment declining by 5.3% [3][16] - Infrastructure investment (excluding power, heat, gas, and water) decreased by 1.1% year-on-year [16] 3. Infrastructure Investment Growth Continues to Decline - Broad infrastructure investment growth was recorded at 0.13%, a decrease of 1.38 percentage points from the previous month [27] - Specific sectors like transportation and public facilities saw declines, with water management investment down by 6.3% [31][29] 4. Real Estate Investment and Sales Area Growth Decline - Real estate investment fell by 15.9% year-on-year, with sales area down by 7.8% [48] - New housing starts decreased by 20.5%, and completion rates also fell, indicating ongoing challenges in the real estate sector [49][48] 5. Promoting Investment Stabilization - The report suggests that the construction industry is experiencing increased concentration and is currently valued at historical low levels, indicating potential for recovery [3][4] - It recommends focusing on urban renewal, infrastructure projects, and high-dividend stocks as key investment themes [3]