（作者为北京清华同衡规划设计研究院副总规划师，本报记者丁怡婷采访整理） （文章来源：人民日报） 因地制宜引入新业态进行城市更新，与居民的社会生活传统、城市的产业基础相关联，能够实现经济和 社会效益双赢。比如，江苏苏州根据老城生活性服务业聚集的特征，在平江路等历史文化街区引入多元 业态，留住老宅格局肌理，让游客感受老城生活方式；江西景德镇通过打造陶阳里历史文化街区等，重 现千年陶瓷文化，营造历史与现代并存、景观与居民共生的体验空间。 "十五五"时期，要坚持以人民为中心，坚持实事求是，在城市更新中持续提升公共空间品质，植入新业 态新功能，激发老旧街区活力，城市人居环境将明显改善，风貌特色将更加彰显，更好满足人民群众高 品质生活需要。 城市更新满足人民美好生活需要，但资金需求量较大，不能单纯靠政府投入，可持续的城市更新应做到 民生能改善、经济有账算。 ...

Group 1 - The core viewpoint of the articles indicates that the real estate market is undergoing a critical phase of inventory digestion, price confidence rebuilding, and demand transformation, with a shift from urbanization-driven growth to housing renewal and quality upgrades as the main demand drivers [21][22] - In November, the new housing price index decreased by 2.8% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month, while the number of cities where prices stabilized increased significantly to 11, up by 5 from the previous month [1][9] - The overall sales area of new homes in the first eleven months fell by 7.8% year-on-year, with the decline in November showing a slight narrowing to 17%, indicating a potential stabilization in the market [5][23] Group 2 - The industrial production showed stable growth, with the added value of the equipment manufacturing and high-tech manufacturing sectors growing by 7.7% and 8.4% year-on-year, respectively, outpacing the overall industrial growth [2] - The total retail sales of consumer goods reached 43.898 billion yuan in November, growing by 1.3% year-on-year, although the growth rate slowed by 1.6 percentage points compared to the previous month [2] - The fixed asset investment in the first eleven months decreased by 15.9% year-on-year, with a notable decline in November, reflecting a trend of aligning investment with sales in the real estate sector [16] Group 3 - The new housing construction area in the first eleven months was 5.3 million square meters, down 20.5% year-on-year, indicating a significant reduction in new projects, which helps alleviate inventory pressure [13] - The completion area of housing reached 3.9 million square meters in the first eleven months, down 18% year-on-year, but showing signs of cyclical recovery in November, reflecting ongoing efforts to ensure housing delivery [15] - The investment-sales gap is narrowing, with real estate development investment in the first eleven months exceeding new housing sales by 4.6%, indicating a shift towards a more rational development model [16][21]

投资销售比、土地成交/新房成交、新开工销售比、待售面积等指标持续改善 ◎ 文 / 马千里 12月15日上午，国家统计局如期发布2025年11月宏观经济和房地产数据。国民经济稳步增长，社零同比增速出现回落。地产 行业方面，因行业正处于转型发展的关键时期，再加之上年基数上升的影响，销售规模、房价、投资、国房景气指数均延续 调整。不过从具体城市和项目的角度来看，新房价格、项目去化率等方面仍存有结构性亮点，行业供求压力也在持续好转。 居民中长期贷款规模迎来止跌回升， 初步统计显示11月环比增长622亿元。当前房地产行业销售正处于调整关键期，中长期贷 款能够实现止跌，充分体现出行业运行的积极变化。近期央行行长发表署名文章明确，未来将强化房地产金融宏观审慎管 理，推动房地产市场平稳健康发展。而12月11日公布的经济工作会议报告也着重强调，要积极有序化解地方政府债务风险， 督促各地主动化债，坚决遏制新增隐性债务；同时优化债务重组与置换机制，通过多措并举化解地方政府融资平台经营性债 务风险。 展望未来，金融政策将更加聚焦行业风险管理，政策重心也将从侧重化解企业风险，进一步转向兼顾企业风险与地方债务风 险化解。这一调整将释放多 ...

NO.1|壹 成交数据亮眼：三宗地块细节全解析 根据铜陵市自然资源和规划局的公告，本次成交的三宗地块均位于西湖新区，土地用途为城镇住宅用地，出让年限70年。以下是基于公告内容的详细数据 拆解： | | | | 士地 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 用 | | | | | 宗地编号 | 土地位置 | 土地面积 | 途及 | 规划指标 | 受让方 | 成交价 成交日期 | | | | (m) | нн | 要求 | | (万元) | | | | | 让年 | | | | | | | | 限 | | | | | | | 规划用地面积12936 | | 容积率 | | | | 铜土储字〔202 铜陵市陵江大道以东、碎石 | | 1.3300m: | 70 | ≤1.8 | 铜陵市新西湖城市更 | 67915.000 2025年12 | | 5] 29号 | 岭加油站以北 | 土地出让面积12936 | | 建筑密度≤30%;绿 | 新运营有限公司 | 0 月11日 | | | | 1.3300㎡ | | 地率≥35% | | | ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The central economic work conference emphasized the importance of domestic demand and proposed measures to boost consumption, which is expected to positively impact the building materials industry [4] - The cement sector is anticipated to see a temporary price increase due to supply constraints from seasonal production policies, despite current weak demand [5] - The glass industry is facing ongoing demand challenges, with inventory levels remaining high and limited improvement in downstream demand [6] - The fiberglass sector is experiencing growth driven by AI-related demand, with expectations for continued price and volume increases [6] - The consumer building materials segment has reached a profitability bottom, with strong price increase demands from companies [7] Summary by Sections Cement - November saw a slight improvement in cement demand, with a production volume of 148 million tons, down 15.8% year-on-year [10] - Seasonal production policies are expected to lead to a temporary price increase, while demand remains in a weak recovery phase [10] Glass - The glass industry is under pressure with traditional Q4 demand not meeting expectations, and inventory levels are relatively high [16] - The supply-demand imbalance persists, and future policy changes are crucial for demand recovery [16] Fiberglass - The fiberglass sector is benefiting from price increases of 5%-10% due to strong demand in the AI industry, with expectations for continued growth [6] Consumer Building Materials - The sector has reached a profitability low point, with companies actively seeking price increases to improve margins [7]

转自：北京日报客户端 这里，曾是北京城车水马龙的"灰色环线" 如今，却化身成为在钢铁森林中 铺陈开来的"绿色动脉" 全线景观提升改造完成的环二环绿道 作为环二环绿道上的5个重要空间节点之一，西直门地铁站B口对空间环境的优化不仅仅体现在对电动 车的停车治理上。区园林绿化局利用现状墙体，结合提取了城门元素的拱形门，将空间自然分隔成为展 示西直门历史变迁的文化休闲场地和趣味儿童活动场地。地铁站外，简约大气的台阶座椅错落有致地分 布，供行人在都市生活的快节奏中得以放慢脚步，坐下小憩。放学后的孩子们敲起墙面上铺陈的木琴与 打击鼓，深厚的历史积淀与蓬勃的城市活力在此奏成一曲和谐的乐章。 作为一条融合了通勤、休闲、文化 与生态功能的慢行系统 正悄然改变着城市肌理与生活节奏 初冬清晨的第一缕阳光照亮环二环绿道，也照亮了跑者朝气满满的脸庞。在广内街道中国移动创新大楼 附近上班的跑步爱好者小李告诉记者，自从今年4月底环二环绿道主线贯通以来，这条线路就成了跑步 爱好者的热门打卡地，大家都觉得能用自己的脚步丈量二环是一件很有意义的事。记者注意到，绿道边 不仅有标识牌将沿途景点、驿站等场所指示清楚，地面上"北京绿道"与箭头的引导标识也 ...

消费、投资共同发力扩内需，消费升级推动建材高品质转型 消费端，中央经济工作会议提到，2026年要"深入实施提振消费专项行动，清理消费领域不合理限制措 施"，与十五五规划建议稿中提到的"清理汽车、住房等消费不合理"相呼应，预计26年各地区居民住房 限购政策将逐步放开，家装市场回暖预期增强，有望带动消费建材需求恢复。投资端，中央经济工作会 议提到"推动投资止跌回稳，优化实施'两重'项目"，与十五五规划建议稿对"扩大有效投资"的描述相契 合，水泥等传统建材需求与基建投资高度相关，"两重"项目建设将是缓解地产新开工疲软的主要对冲力 量，预计明年"两重"项目将托底传统建材市场需求。与此同时，近年我国居民消费水平不断提高，中央 经济工作会议提到"高质量推进城市更新"及"有序推动'好房子'建设"，在地产进入存量时代背景下，城 市更新及高品质建设成为建材市场重要抓手，一方面，随着明年城市更新工作的推进与落地，城市基础 设施建设及城市综合管廊建设等相关的建材产品需求有望加速释放；另一方面，消费升级趋势下，具备 品牌属性及品质优势的龙头企业有望受益。 深化推进"反内卷"，传统建材供需格局预期向好 中央经济工作会议提到"制定全国统 ...

Summary of Conference Call on Real Estate Market Industry Overview - The conference call primarily discusses the real estate market in China and Hong Kong, focusing on policy changes and market trends for 2025 and beyond [1][2]. Key Points and Arguments 1. Policy Direction and Stability - The Central Economic Work Conference emphasizes the need to stabilize the real estate market, indicating that the goal of stopping the decline in 2024 was not fully achieved. The focus has shifted to long-term stability strategies [2][3]. - Future policies will likely include city-specific measures, inventory reduction, and supply optimization to stabilize the market. This includes encouraging the purchase of existing properties for affordable housing [3][4]. 2. Potential Policy Measures - Possible measures may involve relaxing restrictions on home purchases and loans, as well as using monetary tools like interest rate cuts to lower mortgage costs [4][6]. - The implementation of a mortgage interest subsidy policy is anticipated, although not explicitly mentioned during the conference. This could help reduce home buying costs [6][7]. 3. Urban Renewal and Housing Fund Reforms - Urban renewal efforts will focus on high-quality improvements, enhancing living conditions, and transforming old neighborhoods into attractive communities [5]. - Reforms to the housing provident fund will expand coverage to flexible employment workers and allow funds to be used for renovations, improving accessibility and efficiency [5]. 4. Hong Kong Real Estate Market Trends - The Hong Kong real estate market is in a recovery phase, with private residential prices increasing by 0.4% month-on-month and 1.1% year-on-year in October. The market has seen a continuous rise for five months [8]. - Despite a 27% year-on-year decline in new residential transactions, the cumulative transaction volume for new and second-hand homes has increased by approximately 17% [8]. - Rental prices for private residences in Hong Kong have shown a year-on-year increase of 4%, with most residential properties generating positive cash flow due to rental yields exceeding mortgage rates [8]. 5. Economic Indicators and Future Outlook - Retail sales in Hong Kong grew by 7% year-on-year in October, indicating a gradual recovery in the retail sector [3][8]. - The future trajectory of the Hong Kong market is heavily dependent on the U.S. Federal Reserve's interest rate decisions, which could further influence mortgage rates and market recovery [8]. Additional Important Insights - The effectiveness of mortgage interest subsidies, such as those implemented in Changchun, shows that while they can boost transaction volumes, they may not significantly prevent price declines [7]. - The focus on urban renewal and housing fund reforms indicates a shift towards improving living standards and accessibility in the housing market, which could have long-term positive effects [5][6]. This summary encapsulates the key discussions and insights from the conference call regarding the real estate market, highlighting the anticipated policy changes and market trends for 2025.

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 新房：1-11月光大核心30城住宅成交面积同比-16%，成交均价同比+1% 1 ） 2025 年 11 月 ， 光 大 核 心 30 城 商 品 住 宅 ( 不 含 保 障 ) 成 交 面 积 为 872 万 ㎡ ， 同 比 -47.4% ， 环 比-15.9%；其中，北上广深杭蓉成交面积281万㎡，同比-52.0%，环比-3.5%，余下二线24城成交面 积591万㎡，同比-44.9%，环比-20.8%。 2）2025年1-11月，光大核心30城商品住宅(不含保障)成交面积为1.15亿㎡，同比-15.6%；其中，北 上广深杭蓉成交面积3,622万㎡，同比-12.7%，余下二线24城成交面积7,861万㎡，同比-16.8%。 3 ...

Group 1: Economic Development Goals - Major provinces such as Guangdong, Jiangsu, Shandong, Zhejiang, Shanghai, Hunan, and Beijing are expected to "shoulder the responsibility" for economic growth in 2024 and 2025[2] - Jiangsu's phrasing for next year's economic goals shifted from "higher positioning" to "scientifically and reasonably setting development goals," indicating a more cautious approach[3] - Hunan and Liaoning emphasize "adapting to local conditions" in their economic strategies, reflecting a tailored approach to development[3] Group 2: Unified Market Initiatives - The central economic work meetings for 2024 and 2025 outline plans for a unified national market, with 2024 focusing on "developing guidelines" and 2025 on "establishing regulations" for this market[4] - More provinces are highlighting their integration into the unified market, with Shandong and Jiangxi actively promoting their roles in this initiative[4] - The language around "in-depth rectification" of "involutionary competition" has become more specific, indicating a shift from general guidelines to actionable regulations[4] Group 3: Differentiated Provincial Strategies - Beijing and Shanghai are expanding their international technology innovation centers to enhance original innovation capabilities, aiming to become strategic hubs for technological advancement[4] - Guangdong and Henan are initiating pilot reforms for market-oriented allocation of resources, indicating a push towards more efficient economic structures[4] - The focus on high-quality development of the marine economy is highlighted by Shandong's commitment to becoming a modern marine economic hub[4]